Empowering digital clarity: ITCG

Posted on October 16, 2023 by Editor

A refreshed and reconstituted IFRS Taxonomy Consultative Group (ITCG) met yesterday and will continue to deliberate tomorrow at the IFRS offices in London.

The ITCG provides expert advice to the International Accounting Standards Board (IASB) and now the International Sustainability Standards Board in their work in digitising the IFRS standards through the development and management of the IFRS taxonomies.

The ITCG acts as an advisory and review forum, conducting ongoing evaluations of the IFRS Taxonomy and the work of the Foundation in this area. This includes offering technical advice, guidance on strategic implementation, and perspectives into the details of the design and improvement of the IFRS taxonomies.

This October the ITCG’s agenda covers a range of issues, including updates on digital reporting activities and the taxonomy work plan, insights into IFRS Accounting Taxonomy for Subsidiaries without public accountability, the proposed IFRS Sustainability Disclosure Taxonomy, and IFRS Accounting Taxonomy linked to IFRS 18. Work is ongoing in evaluating feedback on the draft ISSB taxonomy after the conclusion of the comment period in late September. Nevertheless there was significant discussion on questions associated with comparability and granularity in the climate disclosures.

XBRL International CEO John Turner was there yesterday and notes that “It was fantastic to see staff from the IFRS Foundation and from EFRAG exchange perspectives on climate disclosure taxonomy design at the meeting. Thanks to all involved! The other big news from the ITCG is the influx of a number of strong voices from leading data providers. All are keen to ensure that the IFRS taxonomies provide the digital foundations for high quality, traceable data flows from companies through to institutional investors. Not least because next generation AI will accelerate demand for structured data on corporate performance of all kinds.”

You can find the meeting papers here, with a webcast of proceedings.

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