IFRS Foundation publishes proposed general improvements to the IFRS Taxonomy
06 Dec, 2018
The IFRS Foundation has published 'IFRS Taxonomy 2018 — Proposed Update 2 'General Improvements''.
The proposed changes aim to improve the quality of tagged data and to make the IFRS Taxonomy easier to use by
- introducing implementation notes that explain how to use specific IFRS Taxonomy elements and avoid tagging errors;
- introducing the duration element type for reporting information about a period of time to achieve more consistent tagging; and
- removing entry points without documentation labels to make it easier to access the IFRS Taxonomy.
For more information, see the press release and proposed update on the IASB’s website. Comments are requested by 4 February 2019.
