The IFRS Foundation has today published the IFRS Taxonomy 2020.
The IFRS Taxonomy enables electronic reporting of financial information prepared in accordance with IFRS Standards. Preparers can use the IFRS Taxonomy to tag disclosures, making them easily accessible to investors who prefer to receive financial information electronically.
The IFRS Taxonomy 2020 is based on IFRS Standards as at 1 January 2020, including those issued but not yet effective.
The IFRS Taxonomy 2020 incorporates changes resulting from IFRS Taxonomy 2019—Update 1 Interest Rate Benchmark Reform (Amendments to IFRS 9, IAS 39 and IFRS 7), which is also published today. This update includes new elements to enable users of financial statements reported electronically to understand how the uncertainty arising from interest rate benchmark reform affects an entity’s hedging relationships.
The IFRS Taxonomy formula linkbase 2020 accompanies the IFRS Taxonomy 2020 and can help to validate disclosures reported using the IFRS Taxonomy and the XBRL technical format. For example, it can help preparers to avoid reporting negative values for IFRS Taxonomy elements where positive values are expected. The linkbase has been updated from the IFRS Taxonomy formula linkbase 2019, mainly to reflect changes in the IFRS Taxonomy 2020 content.
