Ann Tarca, IASB member, explains the rationale behind the proposals to amend the IFRS Accounting Taxonomy to reflect the new presentation and disclosure requirements introduced in IFRS 18 Presentation and Disclosure in Financial Statements.
The deadline for submissions to the consultation is 3 September 2024; stakeholders can respond to the Proposed Taxonomy Update by submitting a comment letter or a survey.
The IASB will also conduct a fieldwork exercise during the consultation period. The IASB is seeking participants who are involved in tagging and using digital financial statements.
