IFRS Foundation publishes Proposed IFRS Taxonomy Update to the IFRS Taxonomy 2016 for Common Practice
The IFRS Foundation published today for public comment the Proposed Update to the IFRS Taxonomy 2016—Common Practice.
IFRS Taxonomy Updates reflect new IFRS Standards and amendments to Standards issued by the International Accounting Standards Board (the Board), thereby allowing entities wishing to report electronically using the latest Standards to do so without the need for these entities to create their own taxonomy concepts. They may also contain technical updates, new common practice elements or general taxonomy improvements.
The Proposed IFRS Taxonomy Update sets out the proposed additions to the IFRS Taxonomy for entities engaged in:
- franchises; and
The proposed additions are the result of the empirical analysis of recently published IFRS financial statements of entities engaged in these activities. This Proposed Update also includes new elements discovered during the analysis of these activities that have a more general reporting scope.
Furthermore, this document includes additional proposed common practice elements for financial institutions. These elements result from a review of the empirical data collected for common practice projects, based on feedback from users of the IFRS Taxonomy.
For XBRL files, the IFRS Taxonomy Illustrated, versioning reports, element definitions in Excel and other supporting materials, click here.
Comment letter deadline
The Proposed IFRS Taxonomy Update comment period ends on 15 February 2017.
All comment letters should be submitted via the online upload page below. Please refrain from sending comment letters to IASB or IFRS Foundation individuals, because this risks duplication and may cause delays in the posting of letters onto the ifrs.org website. Board and staff members have access to all comment letters submitted via the online upload page. You must be a registered eIFRS user to submit a comment letter. Registration is free, and you can register here (registration is free).
Submit a comment letter for the Proposed Update to the IFRS Taxonomy 2016—Common Practice.
View the comment letters for the Proposed Update to the IFRS Taxonomy 2016—Common Practice.