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IFRS Taxonomy Update

Date recorded:

IFRS Taxonomy Update—IFRS 17 Insurance Contracts: Finalisation of the changes to the IFRS Taxonomy — Agenda paper 25

The Board exposed the Proposed IFRS Taxonomy Update relating to IFRS 17 Insurance Contracts for comment in May 2017. The comment period ended in September 2017. No comments were received.

In this meeting, the Staff sought the Board’s permission to ballot the update to the IFRS Taxonomy for IFRS 17 with the aim of publishing it and the related materials in November 2017.

Discussion

There was no substantive discussion in this session. The discussion centred around how to make the taxonomy more visible and how to increase the response rate. Several Board members noted that working through the Taxonomy helps demonstrate the disclosure requirements in a new Standard. Some Board members observed that the timing for seeking comments on the Taxonomy might not be ideal given that IFRS 17 is only effective in 2021. As entities have not yet started implementing the Standard, it is unlikely that they would bother focusing on its presentation and disclosure requirements.

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.