Board update: Proposed IFRS Taxonomy Update 2021/1 (Agenda Paper 25)

The Board published the Proposed IFRS Taxonomy Update PTU/2021/1 Disclosure of Accounting Policies and Definition of Accounting Estimates on 21 April 2021. The 60-day comment letter period closed on 21 June 2021. The PTU included proposals for changes in the IFRS Taxonomy to reflect the following amendments to IFRS Standards:

• Disclosure of Accounting Policies (Amendments to IAS 1 and IFRS Practice Statement 2)
• Definition of Accounting Estimates (Amendments to IAS 8)

The Board received five comment letters on the PTU. No significant concerns were raised about the proposals in the PTU. However, there was one comment that sought more clarification regarding a specific proposal in the PTU. The IFRS Taxonomy Update will be balloted with more explanation to address that comment and no changes to the Board’s proposals. The staff plan to issue the final IFRS Taxonomy Update along with the final taxonomy files in Q4 of 2021.

No decisions were asked of the Board and no comments were made by Board members.