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IFRS Foundation updates its Due Process Handbook for IFRS Taxonomy

  • IFRS Foundation (blue) Image

23 Jun 2016

The IFRS Foundation trustees have issued an updated Due Process Handbook which incorporates the due process for developing and maintaining the IFRS Taxonomy.

Specifically, the changes to the IFRS Taxonomy due process are:

  • “[T]he Board will review and approve IFRS Taxonomy content where it reflects new or amended IFRS Standards.”
  • “[A] newly established IFRS Taxonomy Review Panel of three-to-five Board members will review the IFRS Taxonomy common practice content.”
  • “[T]he drafting and approval of each Proposed IFRS Taxonomy Update will take place at the same time that the related IFRS Standard is finalized.”
  • “[T]he role of the IFRS Taxonomy Consultative Group will be formalised within the due process.”

The updated Due Process Handbook also incorporates an amendment approved by the DPOC to extend the interval between the Board’s Agenda Consultations from three-to-five years, a change proposed by the Board as part of its 2015 Agenda Consultation.

For more information, see the press release, feedback statement, and Due Process Handbook page on the IASB’s Web site.

Correction list for hyphenation

These words serve as exceptions. Once entered, they are only hyphenated at the specified hyphenation points. Each word should be on a separate line.