IFRS Foundation Unveils 2024 Taxonomy for Enhanced Financial Reporting

IFRS Foundation Unveils 2024 Taxonomy for Enhanced Financial Reporting

By Prathamesh 2 April, 2024
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The IFRS Foundation has released the 2024 IFRS Accounting Taxonomy, offering a comprehensive framework for digital reporting of financial information in line with IFRS Accounting Standards. This update enables companies to efficiently tag disclosures, improving accessibility for investors.

The taxonomy incorporates all standards effective as of January 2024, including those not yet in force, and subscribers can access the 2024 Issued Standards layer in the IFRS Accounting Standards Navigator.

Key enhancements address recent amendments and new requirements, such as those related to International Tax Reform, Supplier Finance Arrangements, and Lack of Exchangeability. Additionally, the taxonomy includes general improvements and technological updates, such as Extensible Enumerations 2.0 and boolean indicators, aiding users in screening, filtering, and categorizing disclosures effectively.

To find out more details please visit : https://www.ifrs.org/