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

Tax reform changes are now in effect

With all the recent tax law changes, this year it’s more important than ever to make sure your clients’ tax situations are squared away before year end. This report provides necessary guidance to ensure 2019 starts without a hitch.

PODCAST

Using drones to enhance audits

Hermann Sidhu, CPA, global assurance digital leader at EY, walks us through EY’s exciting new project to use drones to help audit large warehouses and outdoor inventories.