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:
- 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 is 16 December 2022.