Summary of the discussions at the second ITCG meeting

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

20 Nov, 2014

The IASB's IFRS Taxonomy Consultative Group (ITCG) held its second meeting on 28 October 2014. The IASB has now published on its website meeting notes from that meeting.

Topics discussed were:

  • Overview of current and future activities
    Activities in the next six months will mainly focus on taxonomy updates for new standards, additional common practice and translations of element labels, trials of the IFRS Taxonomy due process, review of the licensing terms, continued work on the IFRS Taxonomy jurisdictional profiles, and additional education material.
  • Use of the IFRS Taxonomy
    The staff plans to publish a new set of materials covering how to best use the IFRS Taxonomy.
  • Management of entity-specific disclosures
    The staff is assessing whether amendments to the IFRS Taxonomy or supporting materials can be made that would result in better handling of entity specific disclosures.
  • Content review
    The ITCG reviewed proposed amendments to the IFRS Taxonomy in connection with the disclosure initative exposure draft expected to tbe published soon as well as changes to the IFRS Taxonomy resulting from amendments to IFRS 9 and related amendments to IFRS 7.
  • Common practice
    The ITCG members discussed the 2014 Common Practice project, especially common elements that do not fit into the IFRS Taxonomy structure and general or specific elements and undefined terms.
  • Use of the Versioning 1.0 Specification
    The staff reported that specific Versioning 1.0 Specification functionalities such as ‘assignment categories’ and ‘versioning dimensions’ are currently not being used within the IFRS Taxonomy and asked members of the ITCG for their views on the costs and benefits of new functionalities.
  • Updates from ITCG members and observers
    There were reports from ESMA, the SEC, the FASB and on developments in South America, China and Indonesia.

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

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