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

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

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

The annual IFRS Accounting Taxonomy is a compilation of updates to the IFRS Accounting Taxonomy published throughout the year. The IFRS Foundation usually publishes the annual IFRS Accounting 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 Accounting Taxonomy.

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