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 […]
All files for the IFRS Taxonomy 2018 are now available in Ukrainian. In addition, supporting materials to support Ukrainian-speaking users of the Taxonomy are also available. These include the IFRS Taxonomy Illustrated, a simplified, visual version of the Taxonomy that doesn’t require XBRL knowledge. IFRS Taxonomy versioning information, which shows the changes between the IFRS […]
The implementation costs for digitising almost any aspect of society are easy to calculate, but what about the productivity benefits? In a speech at Eurofiling Conference 2019 Erkki Liikanen, Chair of the Trustees of the IFRS Foundation, discussed whether digitisation will eventually deliver increased productivity for the global economy. With the economic benefits of globalisation […]
After over four years of preparations, multiple draft proposals and a mammoth effort translating the IFRS standards into all official EU languages, the European Single Electronic Format (ESEF) became law this week on May 29. The mandate is due to take effect for all IFRS based annual reports issued by public companies and PIEs for […]
The International Financial Reporting Standards (IFRS) Foundation has published a webinar on improving the comparability of international financial reporting. Standards aim to promote accountability, transparency and efficiency in financial markets around the world – and one key way they do that is through facilitating the comparison of reports. Comparable financial reporting leads to better analysis […]
On 27 March the IFRS Foundation published the IFRS Taxonomy 2019 files. The new taxonomy includes a general improvement update and an update to common practice.
This week the IFRS published a feature reflecting on the changes they have made to the concept of materiality in light of the IASB’s recent finalised revised definition of ‘material’. At the crux of business disclosure is the question: what gets reported? For preparers, too much irrelevant information can be a burden, whereas for investors, more […]
Right at the end of 2018 the European Commission endorsed the technical standards (RTS) requiring Inline XBRL filings for IFRS annual reports for public companies from 2020.
Just in time for the end of the year, the European Commission this week endorsed technical standards requiring Inline XBRL filings for IFRS annual reports for public companies. The RTS that has been transmitted to the European Council and European Parliament includes a complete translation of the IFRS taxonomy into all 23 official languages used […]