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The International Accounting Standards Board (IASB) is considering changes to the IFRS Accounting Taxonomy resulting from the following new and amended IFRS Accounting Standards:

  • IFRS 19 Subsidiaries without Public Accountability: Disclosures, issued in May 2024;
  • Amendments to the Classification and Measurement of Financial Instruments (Amendments to IFRS 9 and IFRS 7), issued in May 2024; and
  • Annual Improvements to IFRS Accounting Standards—Volume 11, issued in July 2024.

A proposed update to the IFRS Accounting Taxonomy reflecting new and amended disclosure requirements was published for public comments on 29 August 2024.

The deadline for submitting comments is 28 October 2024.

IASB® Update December 2024

The IASB met on 9 December 2024 to discuss the feedback on and the potential changes to:

  • IFRS Accounting Taxonomy 2024—Proposed Update 2 Contracts for Renewable Electricity (Proposed Update 2); and
  • IFRS Accounting Taxonomy 2024—Proposed Update 3 IFRS 19 Subsidiaries without Public Accountability: Disclosures, Amendments to the Classification and Measurement of Financial Instruments and Annual Improvements (Proposed Update 3).

IFRS Accounting Taxonomy 2024—Proposed Update 2 Contracts for Renewable Electricity (Agenda Paper 25A)

The IASB discussed:

  1. the feedback on Proposed Update 2;
  2. the potential changes to the taxonomy modelling proposals set out in Proposed Update 2, which would reflect the updated disclosure requirements in Contracts Referencing Nature-dependent Electricity; and
  3. the next steps in the project.

The IASB was not asked to make any decisions.

IFRS Accounting Taxonomy 2024—Proposed Update 3 IFRS 19 Subsidiaries without Public Accountability: Disclosures, Amendments to the Classification and Measurement of Financial Instruments and Annual Improvements (Agenda Paper 25B)

The IASB discussed:

  1. the feedback on Proposed Update 3; and
  2. the next steps in the project.

The IASB was not asked to make any decisions.

Next milestone

IFRS Taxonomy Update