The project’s objective is to identify changes to the IFRS Accounting Taxonomy to improve the quality of tagged data and to make the IFRS Accounting Taxonomy easier to use.
In November 2022, the IFRS Foundation published for public comment the IFRS Accounting Taxonomy 2022—Proposed Update 1 General Improvements and Common Practice.
The proposed changes include:
The deadline for submitting comments is 16 December 2022.
Proposed IFRS Taxonomy Update Feedback
IFRS Taxonomy Consultative Group July 2022