New “In Sync” updates from the IASB
New “In Sync” updates from the IASB – The International Accounting Standards Board (IASB) has published for public comment the Exposure Draft Disclosure Initiative (Proposed amendments to IAS 7). This Exposure Draft includes proposed changes to the IFRS Taxonomy to reflect the effect of the proposed amendments to IAS 7. This is the first time that proposed changes to the IFRS Taxonomy have been included in an Exposure Draft. The IASB plans to assess the form, content and timing of the proposed IFRS Taxonomy Update on the basis of feedback received on these proposals.
If your organisation comments on IASB standards (and many large corporates and accounting firms do), now would be a great time to think about the need to incorporate feedback on taxonomy changes at the same time as providing feedback on the accounting standards themselves. See our website for links to the proposal and to comment. Learn more and comment.