IFRS Foundation Proposes Updates to The IFRS Accounting Taxonomy 2023

IFRS Foundation Proposes Updates to The IFRS Accounting Taxonomy 2023

By Prathamesh 17 November, 2023
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The IFRS Foundation has proposed updates to the IFRS Accounting Taxonomy 2023. This Proposed Update 2 addresses three key areas: common practice for financial instruments, general improvements, and technology updates.

One major focus of these changes is to ensure that financial institutions using IFRS Accounting Standards present financial instruments in digital financial statements according to common reporting practices. Additionally, the update incorporates general improvements to refine financial reporting processes. Technological enhancements are also on the agenda to modernise the IFRS Accounting Taxonomy.

The deadline for submitting comments on these updates is 5 January 2024.

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