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Summary of the discussions at the first ITCG meeting

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Jun 25, 2014

The IASB's IFRS Taxonomy Consultative Group (ITCG) held its inaugral meeting on May 29, 2014. The IASB has published the meeting notes to its Web site.

The ITCG discussed current and possible future activities in relation to the IFRS Taxonomy, which currently focus mainly on the maintenance and further development of the content of the IFRS Taxonomy. One of the planned projects is to publish jurisdictional profiles on the use of the IFRS Taxonomy around the world.

The group also discussed the proposals for the new IFRS Taxonomy due process, including optional steps, resources, and the process for common practice additions. The IGCT also considered IASB review and approval of new due process documents.

Regarding the objectives and working practices of the ITCG, the members discussed agenda setting, taxonomy review, and meeting frequency. They found that the main topic for further review is the formalization of the interaction between the ITCG and the IFRS Advisory Council, which is expected to provide strategic guidance on the IFRS Taxonomy.

The main content topics discussed were the 2014 common practice project and amendments to the IFRS Taxonomy resulting from IFRS 15, Revenue from Contracts with Customers. One of the points was convergence with the U.S. GAAP taxonomy, since IFRS 15 is a converged standard.

The meeting concluded with an update on a joint trial project with the FASB, consisting of the development of a data model for IFRS 13, Fair Value Measurement, and updates on the use of the IFRS Taxonomy within members' jurisdictions.

The meeting notes are available on the IASB's Web site.

Related Topics

Correction list for hyphenation

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