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The IFRS Foundation has published IFRS Accounting Taxonomy 2022—Proposed Update 1 General Improvements and Common Practice.  

The proposed changes aim to improve the quality of tagged data and to make the IFRS Accounting Taxonomy easier to use.

The proposed changes include:  

  • a change in the practice for deprecation of elements;
  • new common practice elements for antidilutive instruments, other comprehensive income, property, plant and equipment including right-of use assets and for reconciliation of the denominator used in calculating basic and diluted earnings per share;
  • deprecation of a duplicate element for right-of-use assets; and
  • replacing of broad text block elements with abstract elements and amended labels of other text block elements to clarify their intended use.

The deadline for submitting comments was 16 December 2022.