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IFRS Taxonomy

Date recorded:

Proposed IFRS Taxonomy Update — 2015/2016 Common practice project – Agenda paper 25

Background

This was an education session aimed to inform the Board of the upcoming publication of the IFRS Taxonomy Update for the 2015/2016 common practice project. The 2015/2016 common practice project analysed activities including agriculture, leisure, franchises, retail, and financial institutions.

The Board will be asked to raise any comments that they may have on the proposed IFRS Taxonomy Update.

Discussion

The Staff reported that net debt and operating profits were amongst the most notable alternative performance measures proposed to be added to the Taxonomy. The Staff also noted that they would carry out a taxonomy update for IFRS 17 (insurance) when it comes out (the last update on the insurance and banking industries was done a few years ago with not much common practice identified for insurers as IFRS 4 allowed insurers to carry on with past practice. The Staff had no immediate plans to focus on these two industries in the near future).

A few Board members discussed whether and how the taxonomy update could interact with other Board projects, e.g. the Primary Financial Statements project.

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.