Proposed IFRS taxonomy updates released

By Neil Amato

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 (namato@aicpa.org) is a JofA senior editor.

SPONSORED REPORT

Get your clients ready for tax season

These year-end tax planning strategies address recent tax law changes enacted to help taxpayers deal with the pandemic, such as tax credits for sick leave and family leave and new rules for retirement plan distributions, as well as techniques for putting your clients in the best possible tax position.

RESOURCES

Keeping you informed and prepared amid the coronavirus crisis

We’re gathering the latest news stories along with relevant columns, tips, podcasts, and videos on this page, along with curated items from our archives to help with uncertainty and disruption.