The IFRS Foundation has today published IFRS Taxonomy 2020—Proposed Update 4 General Improvements and Common Practice—Presentation of information in primary financial statements.
The proposed changes aim to support the high-quality tagging of information presented in primary financial statements and include:
- new elements reflecting common reporting practice, for example new line items for disclosures related to earnings per share and the transition to new IFRS Standards; and
- new and amended labels to clarify the accounting meaning and intended use of some existing elements.
The deadline for submitting comments is 5 January 2021.