The IASB published proposed amendments to the IFRS Accounting Taxonomy to “reflect the new presentation and disclosure requirements” introduced in IFRS 18, Presentation and Disclosure in Financial Statements, a news release said. The proposed update intends to facilitate comparability and analysis of tagged information.
“IFRS 18 enhances the structure of the statement of profit or loss and improves comparability of information about companies’ financial performance,” the release said, “alongside introducing specific disclosure requirements for management-defined performance measures and specified expenses by nature.”
According to the release, the proposed changes include:
- Line-item modelling for conveying category information (such as, operating, investing, and financing) for the statement of profit or loss; and
- Dimensional modelling for tagging disclosures on management-defined performance measures and specified expenses by nature, as these link to information in the statement of profit or loss.
The IASB seeks feedback on these proposals by 3 September. Comments can be submitted online or by email to commentletters@ifrs.org.
The board will also conduct a fieldwork exercise during the consultation period and is seeking participants, particularly stakeholders, who are involved in tagging and using digital financial statements, the release continued. The IASB asks interested participants to express their interest by 14 June. To request more information or register your interest, email jrupmeier@ifrs.org or kenny.ng@ifrs.org.
GRI aims to make CSRD regulation more accessible
A new publication from the Global Reporting Initiative (GRI) addresses key themes on the implementation of the Corporate Sustainability Reporting Directive (CSRD), a news release said, which aims to simplify key aspects of the new directive for companies.
The legislation was adopted by the European Union in December 2022 and is now in effect. The publication, CSRD Essentials, intends to provide guidance for policymakers and sustainability reporters, encapsulating 11 core briefings that explain the CSRD in accessible language.
According to the release, it covers:
- Scope, timing, and interactions with existing standards: “The CSRD expands requirements [for] the number of companies included [and] broadens the scope for sustainability disclosure while outlining inclusion and implementation criteria for companies.”
- Reporting format: “The CSRD integrates sustainability within annual reporting, combining financial and nonfinancial data,” the release said. “It also promotes digital reporting to ensure consistency and accessibility.”
- Legal interconnections, auditing rules, and internal supervision: “The CSRD integrates with existing EU regulations — including the European Climate Law and the Corporate Sustainability Due Diligence Directive,” the release said. “It also mandates third-party sustainability assurance, emphasises materiality assessment, and requires audit roles to be assigned.”
- Small- and medium-size enterprises (SMEs), implementation procedures, and penalties: “The directive extends reporting to SMEs, easing compliance through transition periods and simplified standards,” the release said.
— To comment on this article or to suggest an idea for another article, contact Steph Brown at Stephanie.Brown@aicpa-cima.com.
