IBOR reform: IASB updates IFRS Taxonomy

On 14 October 2019, the IASB published a proposed update to the IFRS Taxonomy to reflect the publication of Interest Rate Benchmark Reform: Amendments to IFRS 9, IAS 39 and IFRS 7.

Keywords: Mazars, Thailand, IFRS, IBOR, IASB, IFRS 9, IAS 39, IFRS 7, GAAP, XBRL

19 December 2019

As is often the case for amendments to IFRSs, they introduced new financial reporting requirements (for more details, see our feature report in Beyond the GAAP no. 137 – June 2019).

The proposed update is available on the IASB’s website.

The comment period is open until 13 December 2019.

Readers will remember that the IFRS Taxonomy is a classification system for IFRS requirements on the presentation and content of financial reporting, and common practice disclosures. It uses XBRL (eXtensible Business Reporting Language) to facilitate the standardised exchange of business information.

The IFRS Foundation has published the following documents on its website: