IFRS Foundation proposes taxonomy changes to enhance data and improve usability

The proposed changes are in response to feedback from users and preparers of tagged financial statements.

The IFRS Foundation has published General Improvements and Common Practice, which proposes to amend the IFRS Accounting Taxonomy 2022, in response to feedback and the results of its empirical review of taxonomy elements (extensions) created by entities for use in their filings.

The changes set out in the report aim to improve the quality of tagged data and to make the IFRS Accounting Taxonomy easier to use, the IFRS said in a news release.

The proposed changes include:

  • A change in the practice for deprecation of elements.
  • New common practice elements for antidilutive instruments, other comprehensive income, property, plant, and equipment including right-of use assets and for reconciliation of the denominator used in calculating basic and diluted earnings per share.
  • Deprecation of a duplicate element for right-of-use assets.
  • Replacing of broad text block elements with abstract elements and amended labels of other text block elements to clarify their intended use.

The IFRS Foundation invites comments on the proposed Taxonomy update. The deadline for comments is 16 December 2022.

Comments can be submitted online or by email at

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