IFRS Foundation Publishes IFRS Taxonomy 2018

The IFRS Foundation recently has published the latest version of IFRS Taxonomy, which covers various updates and changes made to the IFRS Taxonomy 2017 which aids in facilitating the reporting of financial statements using the online electronic medium, which reflects compliance to IFRS standards.

IFRS Taxonomy updates are released annually with the aim to highlight the changes made to IFRS standards, reporting practices adopted by entities that apply the IFRS standards, developments and improvements in relation to IFRS taxonomy. The latest version of IFRS Taxonomy also includes updates regarding the IFRS 17 Insurance Contracts.

The IFRS Taxonomy incorporates elements and components that reflect all those common practices with regards to reporting which entities adopt so that to comply with the requirements of the IFRS Standards.

This 2018 version includes changes to the 2017 version of the Taxonomy like application of IFRS 9 Financial Instruments in combination with IFRS 4 Insurance Contracts that was issued by the IASB in September of the year 2016, IFRS 17 Insurance Contracts that was issued by the board in May of the year 2017 and Prepayment Features involving Negative Compensation (changes made to IFRS 9) that was issued in October of the year 2017.

The Foundation also released annual improvements Taxonomy update along with an update that covers prepayment features with negative compensation. In a nutshell, the Taxonomy 2018 includes and highlights all the changes that have been incorporated in the above mentioned two updates.