IFRS Foundation publishes Proposed IFRS Taxonomy Update to the IFRS Taxonomy 2016 for Common Practice

 15 December 2016

The IFRS Taxonomy consists of elements required to be reported under IFRS Standards and elements that are not required but are commonly used by companies that use the IFRS Taxonomy for their electronic reporting. The Proposed Update sets out the proposed additions to the IFRS Taxonomy for entities engaged in:  

• agriculture;
• leisure;
• franchises; and;
• retail.

The proposed additions are the result of the empirical analysis of recently published IFRS financial statements of entities engaged in these activities. This Proposed Update also includes new elements discovered during the analysis of these activities that have a more general reporting scope. 

Furthermore, this Proposed Update includes additional proposed common practice elements for financial institutions.

View and download the update here.