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The IFRS Taxonomy improves communication between preparers and users of financial statements that comply with IFRS Standards. Preparers can use the IFRS Taxonomy's elements to tag required disclosures, making them more easily accessible to users of electronic reports.

The IFRS Taxonomy reflects the presentation and disclosure requirements of IFRS Standards and includes elements from the accompanying materials to the IFRS Standards such as implementation guidance and illustrative examples. In addition, it contains elements for disclosures not specifically required by IFRS Standards but commonly reported in practice.

Updates to the IFRS Taxonomy are released when the International Accounting Standards Board (Board) issues new or amended Standards that affect IFRS Taxonomy content. Updates may also be released after an analysis of disclosures commonly reported in practice or to reflect improvements to the IFRS Taxonomy's general content or technology.  IFRS Taxonomy updates are subject to public consultation.

The annual IFRS Taxonomy is a compilation of updates to the IFRS Taxonomy published throughout the year. The IFRS Foundation usually publishes the annual IFRS Taxonomy in the first quarter of each year.

The Foundation also publishes educational guides and supporting material to aid understanding and use of the IFRS Taxonomy.

The IFRS Taxonomy Consultative Group reviews updates to the IFRS Taxonomy prior to public consultation and provides advice on IFRS Taxonomy-related issues.