IFRS Accounting Taxonomy Update—2021 Technology Update

This IFRS Accounting Taxonomy update sets out changes to the IFRS Accounting Taxonomy’s technology.

The changes set out in this project are introduced in order to reflect developments in the technology (in its more general sense) that underlies or relates to the IFRS Accounting Taxonomy. The changes are also necessary, or beneficial, in order to reflect developments in standards and practices, and in the usage of the IFRS Accounting Taxonomy or comparable taxonomies in various regulatory environments.

IFRS Accounting Taxonomy due process

Changes to the IFRS Accounting Taxonomy technology, of the kind proposed in this project, may affect the way in which the IFRS Accounting Taxonomy can be implemented by its users. However, in accordance with the IFRS Accounting Taxonomy due process, as the proposed changes only affect the technology of the IFRS Accounting Taxonomy, the IFRS Taxonomy Consultative Group reviewed the proposed changes, but has not approved them.

The IASB’s IFRS Taxonomy Consultative Group (ITCG) operates under the general principles set out for consultative groups and has terms of reference that set out its objectives and its workings. The technical staff consults the ITCG during the development of IFRS Accounting Taxonomy changes.