The IFRS Foundation has launched a comprehensive two-part webcast series designed to guide stakeholders through the significant updates to the IFRS Accounting Taxonomy resulting from the introduction of IFRS 18 “Presentation and Disclosure in Financial Statements”.
This technical resource provides essential guidance for preparers, auditors, regulators, and software developers involved in digital financial reporting using XBRL.
Key Details of the Webcast Series:
- Webcast 1: Statement of Profit or Loss Restructuring:
- Focuses on taxonomy changes reflecting IFRS 18’s overhaul of the income statement.
- Explains the implementation of new, mandated subtotals (like “Operating Profit”) and revised categories within the statement.
- Details the necessary tagging structures to accurately represent the redefined presentation under the new standard.
- Webcast 2: Enhanced Disclosure Requirements:
- Addresses taxonomy updates for IFRS 18’s new disclosure mandates.
- Specifically demonstrates how to tag management-defined performance measures (MPMs), a key area of enhanced transparency under IFRS 18.
- Guides users on tagging expenses classified by nature using the updated taxonomy elements and structures.
- Highlights the use of revised taxonomy tools to facilitate these critical disclosures.
These webcasts are critical technical resources ensuring stakeholders can correctly apply the taxonomy updates mandated by IFRS 18, promoting consistency, comparability, and machine-readability in financial reporting globally. Understanding these taxonomy changes is vital for successful implementation and compliance with IFRS 18’s presentation and disclosure requirements.
Source: IFRS, 20 May 2025.