The IFRS Taxonomy 2021 is here!
The International Financial Reporting Standards (IFRS) Foundation has published the IFRS Taxonomy 2021.
This year’s changes include three IFRS Updates that reflect amended IFRS Standards to support changes in reporting around specific issues. These include rent concessions due to Covid-19, the IBOR transition, and changes to insurance contracts.
The 2021 Taxonomy also incorporates two IFRS Updates that capture general taxonomy improvements to support high-quality tagging, as well as new common reporting practices observed by the Foundation in analyses of over 400 digital financial statements. These relate to information presented in primary financial statements and disclosures around employee benefits. In all, more than 100 tags have been added to the IFRS Taxonomy.
The IFRS Foundation has produced a useful short video, including more on the rationale behind the updates, benefits and implications for filers.
Watch the video or read more here.