IFRS Taxonomy due process (Agenda Paper 25)

This paper seeks the IASB’s permission to shorten the comment period for the Proposed IFRS Accounting Taxonomy Update for the amendments arising from:

• Lease Liability in a Sale and Leaseback, which amends IFRS 16
• Non-current Liabilities with Covenants, which amends IAS 1

The staff has prepared one Proposed IFRS Accounting Taxonomy Update for these amendments because these are narrow-scope amendments and there is no significant impact on the Taxonomy arising from these amendments.

Staff recommendation

The staff recommends a 30-day comment period for the Proposed IFRS Accounting Taxonomy Update for Lease Liability in a Sale and Leaseback and Non-current Liabilities with Covenants because:

• A short comment period will enable the staff to publish the final IFRS Accounting Taxonomy Update and incorporate the changes in the IFRS Accounting Taxonomy 2023—the annual IFRS Accounting Taxonomy reflects the IFRS Accounting Standards issued as at 1 January of the relevant year, and is scheduled to be issued around March each year
• The changes are narrow in scope—the Proposed IFRS Accounting Taxonomy Update will propose elements to the IFRS Accounting Taxonomy that would not require extensive consultation