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The International Accounting Standards Board (IASB) is considering changes to the IFRS Accounting Taxonomy resulting from the following amendments:

  • International Tax Reform—Pillar Two Model Rules (Amendments to IAS 12), issued in May 2023;
  • International Tax Reform—Pillar Two Model Rules (Amendments to Section 29 of the IFRS for SMEs Standard), issued in September 2023;
  • Supplier Finance Arrangements (Amendments to IAS 7 and IFRS 7), issued in May 2023; and
  • Lack of Exchangeability (Amendments to IAS 21), issued in August 2023.

A proposed update to the IFRS Accounting Taxonomy reflecting the amendments to disclosure requirements was published for public comment on 5 October 2023.

The deadline for submitting comments is 4 December 2023.

IASB® and Joint IASB-ISSB Update January 2024

The IASB met on 23 January 2024 to consider:

  • feedback on the IFRS Accounting Taxonomy 2023—Proposed Update 1 International Tax Reform—Pillar Two Model Rules, Supplier Finance Arrangements and Lack of Exchangeability; and
  • the next steps in the project.

The Proposed IFRS Taxonomy Update 1/2023 proposes changes to the IFRS Accounting Taxonomy to reflect disclosure requirements arising from:

  1. International Tax Reform—Pillar Two Model Rules, which amended IAS 12 Income Taxes;
  2. International Tax Reform—Pillar Two Model Rules—Amendments to the IFRS for SMEs Standard, which amended the IFRS for SMEs Accounting Standard;
  3. Supplier Finance Arrangements, which amended IAS 7 Statement of Cash Flows and IFRS 7 Financial Instruments: Disclosures; and 
  4. Lack of Exchangeability, which amended IAS 21 The Effects of Changes in Foreign Exchange Rates.

The IASB was not asked to make any decisions.

Next milestone

IFRS Taxonomy Update