IFRS Foundation develops Guide to Common Practice Content

The IFRS Foundation, responsible for the governance and oversight of the International Accounting Standards Board, has developed a guide to explain IFRS Taxonomy common practice content in more depth.

Proposed IFRS Taxonomy Updates give the public an opportunity to comment on IFRS Taxonomy content. The Updates relate to new IFRS Standards as well as to amendments to existing Standards. The Updates also relate to new common practice content, which reflects disclosures entities commonly provide in practice when applying IFRS Standards. These disclosures are not explicitly referred to in the Standards or their accompanying materials.

The Guide to Common Practice Content helps readers make informed contributions to the IFRS Taxonomy consultation process. The guide clarifies:

• IFRS Taxonomy common practice content;
• why the IFRS Taxonomy includes common practice content;
• the process followed to identify common practice elements; and
• the criteria used to propose identified common practice elements for inclusion in the IFRS Taxonomy.

The Guide to Common Practice Content can be accessed here.