update on the ifrs taxonomy -...

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

2

IFRS Foundation

Better Communication in Financial Reporting


3

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

4

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

8

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

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

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

International Financial Reporting StandardsIFRS Foundation

Support for preparers


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

Documentation labels and references 16

xIFRS – IAS 16.37 17

Illustrative examples 18

• 16 illustrative examples are currently available, covering most of the

presentation and disclosure examples in the IFRS Bound Volume

IFRS Taxonomy support – illustrative examples 19

• Illustrative examples are available in XBRL format for users who work with

XBRL software

IFRS Taxonomy support – illustrative examples 20

• Illustrative examples are also available in html format (inline XBRL) for users

who find this format more accessible

International Financial Reporting StandardsIFRS Foundation

Get involved


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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update on the ifrs taxonomy -...

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