The IFRS Foundation has today published IFRS Accounting Taxonomy 2023—Proposed Update 2 Common Practice for Financial Instruments, General Improvements and Technology Update.
The proposed update aims to support high-quality digital tagging of information and includes proposed changes to the IFRS Accounting Taxonomy to reflect:
- common reporting practice relating to the presentation of financial instruments in digital financial statements prepared by banking institutions using IFRS Accounting Standards;
- general improvements; and
- updates to the IFRS Accounting Taxonomy’s technology.
The deadline for submitting comments is 5 January 2024.
