Update on the IFRS Taxonomy -...
Transcript of Update on the IFRS Taxonomy -...
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The views expressed in this presentation are those of the presenter,
not necessarily those of the International Accounting Standards Board (the Board) or
IFRS Foundation.
Copyright © IFRS Foundation. All rights reserved
IFRS® Foundation
Update on the IFRS Taxonomy
June 2017
Rita Clijmans – Senior technical manager
Wladek Krawiec - IT project manager
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Agenda
• Better Communication in Financial Reporting
• Introduction to the IFRS Taxonomy—scope, consultation, and
areas of focus in the next 12 months
• Supporting preparers in their use of the IFRS Taxonomy
• Get involved
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IFRS Foundation
Better Communication in Financial Reporting
Copyright © IFRS Foundation. All rights reserved
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IASB work plan—central theme
Enhanced communication effectiveness of financial statements
Primary
Financial
Statements
Disclosure
Initiative
IFRS
Taxonomy
Better Communication
Content and organisation of the content Content delivery
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Disclosure Initiative—Principles of Disclosure Discussion Paper (March 2017)
• Suggests principles to make disclosures in
financial statements more effective
• Please comment by 2 October 2017
• We are interested in hearing whether you
think the suggested principles also apply to
digital reporting, considering the impact of
XBRL, AI and other technologies.
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Principles of Disclosure—example
2.21. Some formats can make particular types of information
disclosed in the financial statements easier to read, analyse
and understand. …. Advances in technology might create
further ways in which to present and disclose information in
financial statements. … Structured electronic data may use
other features to facilitate understanding of the information.
Such features may include a taxonomy data model or the use
of formulae to express data relationships.
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Primary Financial Statements—objectives
• The project aims to enhance understandability, effectiveness,
and accessibility of information in the primary financial
statements by exploring:
– content improvements—for example, requirements to add
more disaggregation or minimum line items; and
– improvements in content organisation—for example
requirements for key subtotals in the statement(s) of
financial performance.
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IFRS Foundation
Introduction to the IFRS Taxonomy
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The IFRS Taxonomy content 9
What is found in the IFRS
Standards
IFRS reporting
practice
Presentation and
disclosure
requirements
Illustrative
examples and
implementation
guidance
Common practice
Board approval of the content Board Panel review of the
content
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Taxonomy
Updates
10Development time line
APRIL-DECEMBER
ANNUAL
IFRS
TAXONOMY*
End of annual taxonomy
development cycle
Proposed
Taxonomy
Updates
MARCH APRIL-DECEMBER
The annual IFRS Taxonomy combines all Taxonomy Updates published during the year. We
do not consult with the public before publishing the IFRS Taxonomy because the underlying
documents have already received feedback.
Common
Practice
New /
amended
IFRS
New development cycle
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Areas of focus
Content developmentMaking the taxonomy work for
principle-based reporting
Accurate tagging—support for preparers
Consistent implementation—support for regulators
IFRS Taxonomy Strategy
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Content—releases in the last six months 12
TopicTaxonomy due
process stage Publication date
Applying IFRS 9 Financial Instruments with IFRS 4
Insurance Contracts (Amendments to IFRS 4)Final Update Q4 2016
Common Practice (agriculture, leisure, franchises,
retail and financial institutions)Final Update Q1 2017
Annual IFRS Taxonomy 2017 N/A Q1 2017
IFRS 17 Insurance Contracts Proposed UpdateQ2 2017 (comment period ends 18
September 2017)
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Statistics – number of elements 13
Number of taxonomy items
IFRS
Taxonomy
2017
IFRS
Taxonomy
2016
IFRS
Taxonomy
2015
IFRS
Taxonomy
2014
TOTAL 5,821 5,654 5,426 5,044
Full IFRS Standards with Management Commentary,
including:4,610 4,432 4,284 3,902
—Disclosure (part A of the Bound Volume) 2,505 2,450 2,382 2,172
—Examples (part B of the Bound Volume) 552 540 515 417
—Common Practice 1,009 926 884 862
IFRS for SMEs® Standard 1,211 1,222 1,142 1,142
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International Financial Reporting StandardsIFRS Foundation
Support for preparers
Copyright © IFRS Foundation. All rights reserved
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The IFRS Taxonomy content 15
• Elements—references to the IFRS Standards and documentation labels
• xIFRS
• Illustrative examples
Support—now
• Preparer’s guide to understanding the IFRS Taxonomy (expected within 6 months)
• Implementation notes for IFRS Taxonomy elements (research stage)
Support—in progress
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Documentation labels and references 16
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xIFRS – IAS 16.37 17
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Illustrative examples 18
• 16 illustrative examples are currently available, covering most of the
presentation and disclosure examples in the IFRS Bound Volume
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IFRS Taxonomy support – illustrative examples 19
• Illustrative examples are available in XBRL format for users who work with
XBRL software
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IFRS Taxonomy support – illustrative examples 20
• Illustrative examples are also available in html format (inline XBRL) for users
who find this format more accessible
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International Financial Reporting StandardsIFRS Foundation
Get involved
Copyright © IFRS Foundation. All rights reserved
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Get involved
• Comment on a Proposed Taxonomy Update
• Become a member or observe a meeting of the IFRS Taxonomy Consultative
Group.
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Contact us
Keep up to date
IFRS Foundation
go.ifrs.org
IFRS Foundation
@IFRSFoundation
Comment on our work
go.ifrs.org/comment
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