Summary of the June 2015 ITCG meeting
14 Jul, 2015
The IASB's IFRS Taxonomy Consultative Group (ITCG) held its meeting on 17 June 2015. The IASB has now published on its website meeting notes from that meeting.
Topics discussed include:
- ITCG taxonomy review: IFRS for SMEs — The ITCG was updated on recent developments involving the review of the IFRS for SMEs and was provided a description of the main data modelling decisions related to investment property.
- Regulator’s Guide to using the IFRS Taxonomy — The ITCG was notified that the guide is now publicly available and will be updated whenever new best practices emerge. In addition, the ITCG expressed concern for modifications to the IFRS Taxonomy by regulators and plan to prohibit modification in the future revised Terms and Conditions.
- IFRS Taxonomy Due Process: Analysis of comments — The ITCG received an update on the current status and outlook of planned activities. It anticipates formal recommendations and the Invitation to Comment on the IFRS Taxonomy due process to occur in October 2015.
Please click for access to the meeting notes on the IASB website.