About the IFRS Taxonomy Consultative Group
The IFRS digital taxonomies help facilitate the digitalisation of general purpose financial reports prepared in accordance with IFRS Standards. By digitalising financial reports using the IFRS digital taxonomies, information in those reports becomes machine-readable, allowing users to extract, compare and analyse information efficiently.
The IFRS Taxonomy Consultative Group (ITCG) is an expert consultative group that advises the International Accounting Standards Board (IASB) and International Sustainability Standards Board (ISSB) on their respective digital taxonomies and related activities.
Members of the ITCG:
- review in depth the IFRS digital taxonomies and ensure that the taxonomies meet expected market standards and best practices from both a data content and architectural perspective;
- provide technical advice and strategic implementation guidance on matters relating to the IFRS digital taxonomies and digital financial reporting activities; and
- provide guidance to IFRS Foundation staff on matters relating to financial reporting ontology.
The ITCG was initially established in 2014 to advise the IASB on its activities related to the IFRS Accounting Taxonomy. The remit of the ITCG has been expanded to also advise the ISSB on its activities related to its IFRS sustainability disclosure taxonomy.
By having a single consultative group that advises both boards, the ISSB and IASB can optimise the expertise and experience of ITCG members.
The ITCG generally meets in person once a year, and virtually three times each year. The meetings of the ITCG are open to the public, and those interested in attending can register as an observer.
