The proposed IFRS Taxonomy update includes changes to the IFRS Accounting Taxonomy to reflect the new and amended disclosure requirements introduced in three standards.

The revision is required due to the introduction of IFRS 19 Subsidiaries without Public Accountability: Disclosures, which was issued in May 2024 and amendments to IFRS 9 Financial Instruments and IFRS 7 Financial Instruments: Disclosures.

It will also reflect annual improvements to IFRS accounting standards confirmed in July 2024.

The biggest change will see IASB add references to IFRS 19 to over a thousand existing elements in their current locations in the taxonomy.