IFRS Foundation proposes update to IFRS Taxonomy 2024
23 May 2024
The IFRS Foundation has issued a proposed IFRS Taxonomy Update, 'IFRS Accounting Taxonomy 2024 — Proposed Update 1 'IFRS 18 'Presentation and Disclosure in Financial Statements''.
The proposed changes include:
- line-item modelling for conveying category information (such as, operating, investing, financing) for the statement of profit or loss; and
- dimensional modelling for tagging disclosures on management-defined performance measures and specified expenses by nature, as these link to information in the statement of profit or loss.
The press release on the IFRS Foundation website offers access to the proposed update and an explanatory video overview. It also contains details on a fieldwork exercise the IASB is planning to conduct during the consultation period. Comments are requested by 3 September 2024.
Note: On 3 June 2024, the IASB released a video explaining about the importance of the fieldwork exercise.
