The International Accounting Standards Board (IASB) has published a proposed update to the IFRS Accounting Taxonomy 2024, integrating new and amended IFRS Standards finalized earlier this year. The taxonomy aims to standardize digital financial reporting under IFRS, enabling consistent XBRL tagging for disclosures.
Key Additions in the Proposed Taxonomy
The update incorporates technical mappings for:
- IFRS 19 Subsidiaries without Public Accountability: Disclosures (issued May 2024) – Streamlining disclosure requirements for eligible subsidiaries.
- Amendments to IFRS 9 Financial Instruments and IFRS 7 Financial Instruments: Disclosures (May 2024) – Reflecting updated classification, measurement, and disclosure rules.
- Annual Improvements to IFRS Standards (Volume 11) (July 2024) – Addressing narrow-scope amendments across multiple standards.
The revisions ensure the taxonomy aligns with new disclosure mandates, facilitating accurate machine-readable reporting. The IASB will review stakeholder feedback submitted by 28 October 2024 and finalize the taxonomy thereafter. Implementation is expected ahead of 2025 reporting cycles.
Source: IFRS, 29 August 2024