04 November 2015
The
Trustees of the IFRS Foundation have today published for public comment
a proposed enhanced due process for the development and maintenance of
the IFRS Taxonomy. The proposed changes entail giving the International
Accounting Standards Board (IASB) a role in reviewing and approving the
content of the IFRS Taxonomy.
The development and maintenance of the IFRS Taxonomy, which enables
accurate and consistent electronic reporting of IFRS financial
statements, was a supporting activity under the IFRS Foundation until
2011, when it became part of the IASB’s work. The Trustees, which are
responsible for the oversight and strategy of the IASB, now propose to
give the IASB wider responsibilities in the development of the IFRS
Taxonomy.
Some of the proposals put forward in the consultation document formalise
enhancements that have already been implemented in practice, such as
the introduction of public consultations on proposed updates to the IFRS
Taxonomy released during the year and the process by which content
reflecting IFRS disclosures commonly used in practice is incorporated
into the IFRS Taxonomy.
The IFRS Taxonomy due process consultation document can be accessed here. Comments are due by 3 February 2016.