In December 2018, the IFRS Foundation 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. The proposed update:

  • 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.

The deadline for submitting comments is Monday 4 February 2019.

Access the proposed update and supporting materials here.