Summary of the IFRS TAXONOMY (ITCG) October Discussions now available

The IASB’s Taxonomy Consultative Group (ITCG) held a face-to-face meeting on 25 October 2016.

Topics discussed were:

1. an update on activities;
2. priniciple-based reporting and the technological world;
3. the progress made by the entity-specific disclosures task force;
4. IFRS Taxonomy content and other areas;
5. the UK Financial Reporting Lab’s project on digital future; and
6. IFRS Technology and the ITCG.

IASB has made available the Ukrainian and Japanese label linkbase files for the IFRS Taxonomy 2016. You can download it here.

Taxonomy is a term that is getting an increasing amount of attention. IFRS taxonomy means a system of classifying something-allowing it to be structured.

The International Accounting Standards Board (the Board) has decided to improve the communication effectiveness of financial statements, including their format. Developing the IFRS Taxonomy™ is a part of that work.
For some, it is still a technical and difficult-to-grasp concept. However, IFRS Taxonomy doesn’t have to be taxing.

In this webcast, Board member Stephen Cooper explains the IFRS Taxonomy and its benefits. He also tells how people can find out more about and get involved in developing the IFRS Taxonomy.

This webcast is also available on YouTube to view, share and embed.

Watch the webcast here.