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The IFRS Foundation has today published an updated guide to using the IFRS Taxonomy, to help companies with the electronic tagging of their financial statements.

The IFRS Taxonomy facilitates the creation and use of IFRS financial statements in an electronic format by defining specific codes, or elements, that companies can use to tag information. Such tagged information enables investors to find, process and analyse data quickly and cost-effectively.

Using the IFRS Taxonomy—A preparer’s guide helps preparers of financial statements to understand the IFRS Taxonomy content, improving the quality and consistency of the tags applied to information included in those financial statements.

The updates to the preparer’s guide come in response to requests for clarifications from stakeholders and include:

  • a new section that provides more detail on how to communicate company-specific information;
  • new examples illustrating how to find the correct element when tagging the primary financial statements; and
  • other clarifications and improvements.

This guide forms part of a set of documents produced by the IFRS Foundation to support the use of the IFRS Taxonomy around the world by regulators, companies and users of financial information.