Global Standards for the world economy

Thursday 23 March 2017

Banner graphic

 IFRS Taxonomy Due Process


The IFRS Taxonomy™ is developed through a formal process designed to protect the integrity of the IFRS Taxonomy content and the technology used to express and deliver this content. The due process involves broad public consultation as well as reviews by an external group, the IFRS Taxonomy Consultative Group (ITCG).

The due process governs IFRS Taxonomy updates:

  • showing changes in content reflecting new or amended IFRS Standards;
  • showing changes in content reflecting common practice; and
  • showing changes in the technology used to deliver and express the taxonomy content

The IFRS Foundation Due Process Handbook describes in detail each of the due process steps followed. The due process followed for content changes is illustrated below.

A Proposed IFRS Taxonomy Update is the document used to describe and consult on proposed updates to the IFRS Taxonomy. An IFRS Taxonomy Update is published for the final changes to the IFRS Taxonomy, The annual IFRS Taxonomy, published in the first quarter of each calendar year, is a compilation of taxonomy updates released during the year. No public consultation takes place on the annual IFRS Taxonomy.

The Board approves the Proposed IFRS Taxonomy Update document and the IFRS Taxonomy Update documents for taxonomy content changes reflecting new or amended IFRS Standards (including the accompanying materials to the IFRS Standards). A Proposed Taxonomy Update is released at the same time or shortly after the final Standard is published.

IFRS Taxonomy common practice content is identified based on an empirical analysis of IFRS financial statements. The new taxonomy elements identified are subject to review-but not approval-by the IFRS Taxonomy Review Panel. These changes are normally not discussed or reviewed by the Board.


Changes affecting solely the technology of the IFRS Taxonomy are not approved or reviewed by either the Board or the IFRS Taxonomy Review Panel, but are assessed by the IFRS Taxonomy Consultative Group.





Related information

Contact us

IFRS Taxonomy Team 
email: taxonomy@ifrs.org