The International Accounting Standards Board (IASB) has proposed amendments to the IFRS Accounting Taxonomy 2025.
The changes are intended to support structured digital reporting under IFRS 20, recent amendments to IAS 21 and the revised disclosure requirements in IFRS 19.
Financial reporting and assurance impacts
- IFRS 20—Regulatory Assets and Regulatory Liabilities: New taxonomy elements would enable entities subject to rate regulation to digitally tag the presentation and disclosure information introduced by IFRS 20.
- IAS 21—Foreign currency translation: The proposals address digital reporting requirements arising from the November 2025 amendments concerning translation into a hyperinflationary presentation currency.
- IFRS 19—Reduced disclosures: Revised taxonomy content would reflect the August 2025 amendments to IFRS 19 for eligible subsidiaries without public accountability.
- No change to recognition or measurement requirements: The taxonomy proposal concerns the digital representation of information reported under IFRS Accounting Standards. It does not, by itself, amend the underlying accounting requirements.
- Improved data comparability: Consistent taxonomy elements should make reported information easier for investors, regulators and other users to search, extract and compare across entities.
- Assurance implications: Where digitally tagged financial statements are subject to assurance or regulatory review, audit teams may need to evaluate whether tags accurately represent the underlying disclosures and whether the entity’s controls over digital reporting are appropriately designed and operated.
Practical issues
- Entities should determine which proposed changes are relevant to their reporting obligations and effective dates.
- Reporting software, disclosure-management platforms and tagging tools may require updates after the taxonomy amendments are finalised.
- Finance and reporting teams will need to map new or revised taxonomy elements to financial statement captions, notes and source-system data.
- Preparers should minimise unnecessary entity-specific extensions where a suitable standard taxonomy element is available. Where extensions are required, their meaning and relationship to standard elements should be documented.
- Judgement may be needed when selecting tags for entity-specific disclosures or information presented at a different level of aggregation from the taxonomy.
- Controls should cover tag selection, completeness, calculation relationships, sign conventions, units, periods and consistency with the human-readable financial statements.
- Groups applying IFRS 19 should confirm that their digital reporting templates reflect the reduced-disclosure framework while retaining any additional information required by local law or regulators.
- Early coordination among accounting, tax, regulatory-reporting, IT and assurance teams may help avoid late changes during the reporting cycle.
Recommended actions
Entities that prepare or use digitally tagged IFRS financial statements should assess the draft taxonomy and consider testing it against representative disclosures. Software providers, preparers, auditors and data users may submit comments to the IASB by 14 September 2026.
Further details are available in the official IFRS Foundation notice.
Source: IFRS, 15 July 2026.