IFRS Taxonomy Update—Interest Rate Benchmark Reform—Phase 2

When the International Accounting Standards Board (Board) issues new IFRS Standards or amendments to existing IFRS Standards, it also updates the IFRS Taxonomy to reflect new or amended presentation and disclosure requirements. These updates ensure that the IFRS Taxonomy accurately reflects IFRS Standards.

The IFRS Taxonomy team works with project teams to prepare proposed changes to the IFRS Taxonomy. The Board approves publication of proposed IFRS Taxonomy updates via ballot at the same time, or shortly after it approves the new Standard or amendment.

Proposed changes to the IFRS Taxonomy are subject to public consultation. The Board reviews feedback before it issues the final IFRS Taxonomy update.