Proposed Amendments to the IFRS Taxonomy due process 2015
On 5 November 2015, the Trustees of the IFRS Foundation, the oversight body of the International Accounting Standards Board (IASB), published for public comments a proposed enhanced due process for the development and maintenance of the IFRS Taxonomy. The proposed changes entail giving the IASB a role in reviewing and approving the content of the IFRS Taxonomy.
At the moment, the IFRS Taxonomy due process is covered by a separate Due Process Handbook for XBRL Activities. It was published and approved by the Trustees of the IFRS Foundation in October 2009. This Invitation to Comment introduces a significant rewrite and review of the IFRS Taxonomy due process.
The main proposed revisions are:
- that the IASB approves IFRS content reflecting new or amended Standards;
- that IFRS Taxonomy content reflecting common practice is subject to review by three to five members of the IASB (‘the IFRS Taxonomy Review Panel’);
- the formalisation of enhancements that were implemented in January 2014, namely the creation of the IFRS Taxonomy Consultative Group and the establishment of a process whereby public consultation is sought on IFRS Taxonomy updates that are released during the year; and
- the inclusion of enhancements that reflect current practices and processes, but are not documented in the Due Process Handbook for XBRL Activities.
The proposals also factor in the feedback received on the Exposure Draft Disclosure Initiative (Amendments to IAS 7). Although not constituting a formal public consultation of the IFRS Taxonomy due process, this Exposure Draft included a question seeking views of respondents on a proposal to fully align the IFRS Taxonomy and the standard-setting due processes.
The IFRS Foundation sought comments on the proposed amendments to the IFRS Taxonomy Due Process by 3 February 2016. The comment letters are now being analysed.
View the comment letters.