The International Accounting Standards Board (IASB) has published their Proposed Update 1 to the IFRS taxonomy. These updates pertain to IFRS 17 Insurance Contracts. A public comment period has begun and will end on September 18th, 2017.
The proposed updates contend with recent changes to the International Financial Reporting Standards, elements of the taxonomy, and elements in common practice. These updates occur throughout the year, and after a comment period, the taxonomy update is issued. The annual IFRS Taxonomy, which is a compilation of these periodic taxonomy updates throughout the year, is then published in the first quarter of each calendar year. Because this cumulative update has no comment period, these individual comment periods are a vital opportunity for the public to express opinions on the changes.
Only the annual compilations of updates to the IFRS Taxonomy that are specified on the SEC’s website may be used in XBRL submissions. The SEC encourages filers, analysts, investors, XBRL developers, software providers, and other parties to submit their comments directly to IASB for review. Public input can help improve the process for creating and using XBRL in financial statements.
Visit the IASB’s website for more information about the Proposed Update. You must register and/or login to the IASB to submit a comment letter, but comments can be read without an account.
Sources
Proposed IFRS Taxonomy Update 2017 and comment letters - IFRS 17 Insurance Contracts (www.ifrs.org)
Proposed Update to the IFRS Taxonomy 2017 (sec.gov)
