Summary of the April 2015 ITCG meeting

  • ITCG meeting (mid blue) Image

15 May, 2015

The IASB's IFRS Taxonomy Consultative Group (ITCG) held its meeting on 21 April 2015. The IASB has now published on its website meeting notes from that meeting.

Topics discussed include:

  • IASB’s disclosure initiative including the IFRS Taxonomy — The ITCG was updated on (1) the significant impact tn the content of IFRS Taxomony from upcoming publication, (2) IFRS Taxonomy due process trials, and (3) the June launch of the IFRS Taxonomy jurisdictional profiles.
  • Update by regulators — The ITCG received updates from ESMA, SEC, ASIC, and the Ministry of Finance of China related to the IFRS Taxonomy.
  • IFRS Taxonomy roadmap and strategy — The ITCG received an outlook of planned activities for the next six months and provided views on common practice and activities to support regulators.
  • Management of entity-specific disclosures — The ITCG discussed proposed actions that focused on the IFRS Taxonomy review, preparer documentation and guidance, technical mechanisms connecting entity-specific disclosures with IFRS Taxonomy items, IFRS Taxonomy navigation, and a paper on entity-specific disclosures that includes the staff’s views on improvements.
  • Regulator updates of the IFRS Taxonomy — Break-out sessions discussed factors of providing regular updates to the IFRS Taxonomy.

In addition, updates were given on the XII activities, technology, and content areas for review.

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

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