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The IFRS Foundation has today published IFRS Taxonomy 2018—Proposed Update 2 General Improvements for public consultation. The proposed changes aim to improve the quality of tagged data and to make the IFRS Taxonomy easier to use.

General improvements include changes to the content and technical structure of the IFRS Taxonomy. These changes respond to feedback from stakeholders.

Proposed IFRS Taxonomy Update 2/2018:

  • introduces implementation notes that explain how to use specific IFRS Taxonomy elements and avoid tagging errors;
  • introduces the duration element type for reporting information about a period of time to achieve more consistent tagging;
  • removes entry points without documentation labels to make it easier to access the IFRS Taxonomy.

Proposed IFRS Taxonomy Update 2/2018 is open for comment until 4 February 2019.

Access the Proposed IFRS Taxonomy Update 2/2018 and supporting materials here.