IFRS Foundation proposes update to IFRS Taxonomy 2023
05 Oct, 2023
The IFRS Foundation has issued a proposed IFRS Taxonomy Update, 'IFRS Accounting Taxonomy 2023 — Proposed Update 1 'International Tax Reform—Pillar Two Model Rules', 'Supplier Finance Arrangements' and 'Lack of Exchangeability''.
The proposed changes reflect four recent amendments to IFRS Accounting Standards:
- International Tax Reform — Pillar Two Model Rules (Amendments to IAS 12),
- Supplier Finance Arrangements (Amendments to IAS 7 and IFRS 7),
- Lack of Exchangeability (Amendments to IAS 21), and
- International Tax Reform — Pillar Two Model Rules (Amendments to the 'IFRS for SMEs' Standard).
Details on the proposed changes are available in the press release on the IFRS Foundation website and in proposed update itself. Comments are requested by 4 December 2023.
