Technology updates to IFRS Taxonomy 2021 out for consultation
The International Financial Reporting Standards (IFRS) Foundation yesterday published its ‘IFRS Taxonomy 2021—Proposed Update 2 Technology Update’. The IFRS Taxonomy allows financial reports using the IFRS standards to be digitally tagged using XBRL. It defines tags, their properties and their interrelationships, providing consistent, machine-readable meanings that allow the data to be analysed and compared.
These latest amendments “aim to reflect developments in the technology that underlies or relates to the IFRS Taxonomy,” notably including updates to the XBRL standard. The IFRS Foundation states that the proposals “consider variation in standards and practices and will support the usage of the IFRS Taxonomy or comparable taxonomies in different regulatory environments.”
The changes incorporate two XBRL Specifications updates: Data Type Registry 1.1 and Transformation Registry 4. They note that adopting these latest specifications has two principal benefits: “First, doing so would ensure that the IFRS Taxonomy technology is up to date with evolving XBRL specifications; and, second, their adoption would minimise the costs to software providers who might otherwise need to support a range of specification versions.”
Also included are additional entry points for the IFRS Taxonomy and changes to titles for definition linkbase roles. The use of HTTPS (rather than HTTP) addresses for the IFRS Taxonomy XBRL files is suggested, alongside changes to reference URI links. The Foundation invites comments on the proposals, by a deadline of 3 January 2022 – so don’t miss it if you’ll be taking time off over the holiday period!
Read more here.