An updated version of the Due Process Handbook has been published by the trustees of the IFRS Foundation to include the development and maintenance of the IFRS Taxonomy, including giving the International Accounting Standards Board (IASB) a role in the review and approval
The main changes to the IFRS Taxonomy due process include:
- the board will review and approve IFRS Taxonomy content where it reflects new or amended IFRS Standards;
- a newly established IFRS Taxonomy review panel, of three-to-five Board members, will review IFRS Taxonomy common practice content;
- the drafting and approval of each proposed IFRS Taxonomy update will take place at the same time that the related IFRS Standard is finalised; and
- the role of the IFRS Taxonomy consultative group will be formalised within the due process.
The handbook sets out the due process principles that apply to the International Accounting Standards Board, the IFRS Interpretations Committee and the IFRS Taxonomy.
The Due Process Handbook is available here
