The International Accounting Standards Board (IASB) has published a proposed update to the IFRS Taxonomy 2021 amending a number of IFRS standards
The proposed IFRS Taxonomy Update includes changes to the IFRS Taxonomy elements to reflect the new and amended disclosure requirements introduced by the amendments, issued by the IASB in February 2021.
This will affect Disclosure of Accounting Policies, which amended IAS 1 and IFRS Practice Statement 2; and Definition of Accounting Estimates, which amended IAS 8.
Disclosure of Accounting Policies amended IAS 1 and IFRS Practice Statement 2 to require entities to disclose their material accounting policy information instead of their significant accounting policies.
Definition of Accounting Estimates amended IAS 8 to introduce a definition of ‘accounting estimates’ and provide other clarifications to help entities distinguish accounting policies from accounting estimates.
All the amendments apply to annual reporting periods beginning on or after 1 January 2023. Early adoption is permitted.
The deadline for submitting comments is 21 June 2021.