Summary of the discussions at the first ITCG meeting

  • ITCG (IFRS Taxonomy Consultative Group) (mid blue) Image

25 Jun, 2014

The IASB's IFRS Taxonomy Consultative Group (ITCG) held its inaugural meeting on 29 May 2014. The IASB has now published on its website meeting notes from that meeting.

The ITCG discussed current and possible future activities in relation to the IFRS Taxonomy which currently focus mainly on the maintenance and further development of the content of the IFRS Taxonomy. One of the planned projects is to publish jurisdictional profiles on the use of the IFRS Taxonomy around the world.

The group also discussed the proposals for the new IFRS Taxonomy due process including optional steps, resources and the process for common practice additions. The ITCG also considered IASB review and approval of new due process documents.

Regarding the objectives and working practices of the ITCG, the members discussed agenda-setting, taxonomy review and meeting frequency. They found that the main topic for further review is the formalisation of the interaction between the ITCG and the IFRS Advisory Council which is expected to provide strategic guidance on the IFRS Taxonomy.

The main content topics discussed were the 2014 common practice project and amendments to the IFRS Taxonomy resulting from IFRS 15 Revenue from Contracts with Customers. One of the points was convergence with the US GAAP taxonomy, as IFRS 15 is a converged standard.

The meeting concluded with an update on a joint trial project with the FASB, consisting of the development of a data model for IFRS 13 Fair Value Measurement and updates on the use of the IFRS Taxonomy within members' jurisdictions.

Please click for access to the meeting notes on the IASB website.

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