The guide covers new common practice content including background on disclosures entities commonly provide in practice when applying International Financial Reporting Standards (IFRS) standards. These disclosures are not explicitly referred to in the standards or their accompanying materials. I talso explains the process of developing new taxonomy and how the board interacts with key stakeholders.

The IFRS Taxonomy is a structured classification system of IFRS disclosures, which provides guidelines on the consistent tagging of IFRS information designed to improve transparency and consistency in reporting in a structured electronic format.

The Guide to Common Practice Content covers:

• IFRS Taxonomy common practice content;
• why the IFRS Taxonomy includes common practice content;
• the process followed to identify common practice elements; and
• the criteria used to propose identified common practice elements for inclusion in the IFRS Taxonomy.

The Foundation stresses that the IFRS Taxonomy common practice content is not an exhaustive list of all potential disclosures that entities could report when applying the standards.

For example, IFRS disclosures that are frequently reported only within a particular country or region (local practices) or that are not commonly reported across entities (entity specific practices) are not included in the IFRS Taxonomy.

The IFRS Taxonomy Guide to Common Practice Content is available here