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 ended on 15 February 2017.
View the comment letters for the Proposed Update to the IFRS Taxonomy 2016—Common Practice.