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IFRS Foundation requests comments on proposed amendments to IFRS taxonomy due process

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Nov 04, 2015

The IFRS Foundation trustees have published an invitation to comment that requests feedback on proposed amendments to the due process for the development and maintenance of the IFRS taxonomy, which would give the IASB greater involvement and responsibility.

The main proposed amendments would require:

  • The IASB to approve IFRS content that reflects new or amended standards.
  • Three to five IASB members to review content that reflects common practice.
  • Formalization of the enhancements that were implemented in January 2014 (creation of the IFRS taxonomy consultative group and establishment of a process in which public consultation is sought on IFRS taxonomy updates that are released during the year).
  • Inclusion of enhancements that reflect current practices and processes but are not documented in the Due Process Handbook for XBRL Activities.

Comments are due by February 3, 2016. For more information, see the press release and invitation to comment 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.