IASB Updates: IFRS Taxonomy

This IASB Update highlights preliminary decisions of the International Accounting Standards Board (Board). Projects affected by these decisions can be found on the work plan. The Board’s final decisions on IFRS^® Standards, Amendments and IFRIC^® Interpretations are formally balloted as set out in the IFRS Foundation’s Due Process Handbook.  

The Board met remotely on 20–21 July 2021. 

In addition, the IASB held a remote joint meeting with the Financial Accounting Standards Board (FASB) on 23 July 2021. Read the joint Update below. 

IFRIC Update (Agenda Paper 12C)  

The Board received an update on the Committee’s June 2021 meeting. Details of this meeting were published in IFRIC Update June 2021.  

The Board was not asked to make any decisions. 

Taxonomy 

IFRS Taxonomy (Agenda Paper 25) 

The Board met on 21 July 2021 to receive an update on:  

1. feedback on the Proposed IFRS Taxonomy Update for:  

1. Disclosure of Accounting Policies, which amends IAS 1 Presentation of Financial Statements and IFRS Practice Statement 2 Making Materiality Judgements; and 

2. Definition of Accounting Estimates, which amends IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors; and  

2. the next steps for finalising the IFRS Taxonomy Update for Disclosure of Accounting Policies and Definition of Accounting Estimates.  

The Board was not asked to make any decisions.  

Next step 

The Board will begin the balloting process and expects to issue IFRS Taxonomy 2021—Update 1 Disclosure of Accounting Policies and Definition of Accounting Estimates in the fourth quarter of 2021.  

Projects discussed at joint IASB—FASB meeting 

Discussion points 

The Board and the Financial Accounting Standards Board (the boards) met on 23 July 2021 for an educational session to discuss:  

3. the IASB project on Goodwill and Impairment (the FASB project on Identifiable Intangible Assets and Subsequent Accounting for Goodwill)—Agenda Paper 18; 

4. the IASB’s Third Agenda Consultation (the FASB’s Agenda Consultation)—Agenda Paper 24; and  

5. the IASB project on Supplier Finance Arrangements (the FASB project on Disclosure of supplier finance programs involving trade payables)—Agenda Paper 27.   

The boards were not asked to make any decisions. 

Source: ifrs.org