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Final stage

In March 2021, the IFRS Foundation issued IFRS Taxonomy 2020—Update 4 General Improvements and Common Practice—Presentation of information in primary financial statements.

The Update introduces:

  • elements reflecting common reporting practice, for example 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 elements.

The changes are designed to support the high-quality tagging of information presented in primary financial statements.