This week the IFRS Foundation published the IFRS Taxonomy 2020, based on the latest IFRS Standards. It incorporates an update designed to help data users understand how uncertainty relating to interest rate benchmark reform affects an entity’s hedging relationships. The publication is accompanied by the updated IFRS Taxonomy Formula Linkbase 2020 which can help validate […]
Recent IFRS speeches indicate a new willingness to better integrate IFRS reporting with additional non-financial reporting metrics that have developed out of changing investor needs. Technology means we have seen a dramatic shift in the importance of intangible assets, reducing the relevance of the traditional balance sheet. Demand from investors for sustainability reporting is on […]
ESMA Chair Steven Maijoor’s speech underlined the importance of IFRS going forward and described the expected impact of structured (ESEF) data in Inline XBRL for users and regulators alike. He also urged policy makers to focus on standardisation of ESG disclosures.
The files for the 2018 IFRS Taxonomy are now available in Turkish. To provide support to Turkish speakers, the IFRS Taxonomy Illustrated (ITI) has also been translated. This provides a simplified guide to the IFRS Taxonomy in an easy-to-read visual format that does not require knowledge of XBRL. Furthermore, the IFRS Taxonomy versioning information, which […]
Following the recent update to the IFRS standards in advance of the transition away from discredited interest rate benchmarks such as LIBOR, the IASB have proposed corresponding updates to the IFRS Taxonomy 2019. The Proposed IFRS Taxonomy updates include new elements that reflect the disclosure requirements introduced by the recent amendments to IFRS 9, IAS 39 and […]
After an accelerated response period, the IASB have finalised the proposed changes to the IFRS standards in advance of the move away from discredited interest rate benchmarks such as LIBOR. The changes amend some of the requirements for hedge accounting to ensure companies can still report useful information during the period of uncertainty caused by […]
With the 2021 switch away from widely discredited interest rate benchmarks such as LIBOR, the mechanics of that transition was again on the agenda for the IASB this summer. Earlier this year IASB proposed changes to IFRS financial instruments standards IAS 39 and IFRS 9 that will allow hedge accounting to continue during the IBOR reforms. […]
Would you like to help shape the future of the IFRS Taxonomy? Join the International Accounting Standards Board’s IFRS Taxonomy Consultative group to contribute and advise on the Taxonomy’s development. The board is keen to appoint new members from a variety of business and geographical backgrounds to advise the IFRS foundation on the content and […]
The IFRS Taxonomy formula linkbase 2019 (the technical term for the business rules published as part of the IFRS taxonomy) is now available to download. The 2019 version includes updates reflecting a range of changes made to the IFRS Taxonomy this year. These business rules can help preparers increase the accuracy of their reports by helping validate the […]
Dr Nicolas Peter, Chief Financial Officer of BMW AG, gave a keynote address outlining BMW’s own experiences with standardised reporting at a stakeholder event in Munich on 26 June 2019, hosted by the IFRS Foundation and the Deutsche Rechnungslegungs Standards Committee (DRSC). Dr Peter demonstrated how the development of global, uniform accounting, underpinned by the […]
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