Updates to the IFRS Taxonomy are released during the year to reflect changes to IFRS standards, common reporting practice by companies that apply IFRS standards, general improvements to the IFRS taxonomy or technology changes. The IFRS Taxonomy 2018 incorporates the IFRS taxonomy update for IFRS 17 Insurance Contracts published in January 2018.

The IFRS Taxonomy 2018 reflects the presentation and disclosure requirements of the IFRS standards as issued by the International Accounting Standards Board(IASB) at 1 January 2018, the IFRS for SMEs standard as issued by the board in December 2015 and practice statement 1 Management Commentary as issued by the board in December 2010.

The IFRS Taxonomy also includes elements that reflect common reporting practice by entities that apply IFRS Standards.

The latest version includes amendments made to the IFRS Taxonomy 2017 such as: Applying IFRS 9 Financial Instruments with IFRS 4 Insurance Contracts (Amendments to IFRS 4) issued by the board in September 2016, IFRS 17 Insurance Contracts issued in May 2017 and Prepayment Features with Negative Compensation (Amendments to IFRS 9) issued by the Board in October 2017.

In addition, it includes annual improvements to the IFRS Taxonomy such as an enhanced data model for reporting relating to continuing and discontinued operations, changes to better reflect disclosures in IAS 19 Employee Benefits and disclosures in IFRS 7 Financial Instruments: Disclosures.

The IFRS Foundation has also published the IFRS taxonomy update – annual improvements and another update covering prepayments features with negative compensation (amendments to IFRS 9). The IFRS Taxonomy 2018 incorporates the changes resulting from these two updates.

The IFRS Taxonomy 2018 files and supporting information are here.

Report by Pat Sweet