IFRS Taxonomy Group Discusses Enhancements and Investor Analytics

IFRS Taxonomy Group Discusses Enhancements and Investor Analytics

By Prathamesh 6 February, 2024
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The IFRS Taxonomy Consultative Group (ITCG) recently held a meeting discussing various topics, including the IFRS Foundation’s plans for its taxonomy to support the upcoming IFRS 18 standard on primary financial statements. The group also discussed the finalisation of the ISSB taxonomy for sustainability disclosures and encouraged the production of Inline XBRL examples.

Findings from the UK’s FRC lab on investor use of ESEF data were presented, revealing that over 30% of investors use XBRL formatted data at least occasionally. However, 89% of these users still manually copy-paste information from PDF files, highlighting the need for education about the availability and content of existing and expanding XBRL data repositories worldwide. The importance of data quality was also emphasized.

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