Proposed taxonomy updates reflecting new reporting standards and amendments to standards have been released by the IFRS Foundation.
The updates are designed to allow organizations wishing to report electronically using the latest International Accounting Standards Board (IASB) standards to do so without the need for those organizations to create their own taxonomy concepts, according to a news release.
The proposed taxonomy updates are for entities engaged in information technology, media, chemicals, and utilities. Proposed new elements for general reporting also are included.
The deadline to comment on the proposed updates is Oct. 30. Comments can be made at go.ifrs.org/comment.
—Neil Amato (firstname.lastname@example.org) is a JofA senior editor.