The Trustees of the IFRS Foundation have published an updated version of the Due Process Handbook to include an enhanced due process for the development and maintenance of the IFRS Taxonomy. It includes giving the International Accounting Standards Board (the Board) a role in the review and approval of IFRS Taxonomy content.
The Due Process Handbook sets out the principles followed by the Board and the IFRS Interpretations Committee in the standard-setting process. The IFRS Taxonomy is published by the IFRS Foundation to support the accurate and globally consistent tagging of electronic IFRS financial statements.
The main changes to the IFRS Taxonomy due process include:
- the Board will review and approve IFRS Taxonomy content where it reflects new or amended IFRS Standards;
- a newly established IFRS Taxonomy Review Panel of three-to-five Board members will review the IFRS Taxonomy common practice content;
- the drafting and approval of each Proposed IFRS Taxonomy Update will take place at the same time that the related IFRS Standard is finalised; and
- the role of the IFRS Taxonomy Consultative Group will be formalised within the due process.
Following a consultative process, the amendments to the Due Process Handbook were approved by the Due Process Oversight Committee (DPOC), a subcommittee of the IFRS Foundation Trustees. The updated Due Process Handbook replaces the former Due Process Handbook for XBRL Activities, which has now been withdrawn.
The updated Due Process Handbook also incorporates an amendment approved by the DPOC to extend the interval between the Board’s Agenda Consultations from three to five years, a change proposed by the Board as part of its 2015 Agenda Consultation.
To access the Due Process Handbook and a Feedback Statement which summarises the IFRS Taxonomy consultation process, please use the links on the right hand side or click here.