[Global Financial Insights] IASB Proposes an Update to IFRS Accounting Taxonomy for IFRS 18
- Blog|News|Account & Audit|
- < 1 minute
- By Taxmann
- |
- Last Updated on 10 June, 2024
Latest from Taxmann
Global Financial Insights is a weekly feature for the Accounts and Audit Module subscribers of Taxmann.com. It provides you with the latest updates on financial reporting, and auditing practices from across the globe. Here is this week’s financial update.
1. IASB proposes an update to the IFRS Accounting Taxonomy for IFRS 18
IFRS 18 (Presentation and Disclosure in Financial Statements) aims to improve financial reporting through adequate disclosure and provide better communication of financial performance to investors. The International Accounting Standards Board (IASB) proposes to amendthe IFRS Accounting Taxonomy for the presentation and disclosure requirement in IFRS 18. Since the comparability of information plays a pivotal role in investors’ understanding of financial performance, IASB proposes amendments to facilitate the comparability and analysis of tagged information.
The proposed changes include the following:
- Line-item modelling for conveying category information (such as operating, investing, financing) for the statement of profit or loss; and
- Dimensional modelling for tagging disclosures on management-defined performance measures (MPMs) and specified expenses by nature, as these link to information in the statement of profit or loss.
The comments on this proposal can be sent by 3rd September 2024.
Source: IFRS Foundation
Click Here To Read The Full Article
Disclaimer: The content/information published on the website is only for general information of the user and shall not be construed as legal advice. While the Taxmann has exercised reasonable efforts to ensure the veracity of information/content published, Taxmann shall be under no liability in any manner whatsoever for incorrect information, if any.
Taxmann Publications has a dedicated in-house Research & Editorial Team. This team consists of a team of Chartered Accountants, Company Secretaries, and Lawyers. This team works under the guidance and supervision of editor-in-chief Mr Rakesh Bhargava.
The Research and Editorial Team is responsible for developing reliable and accurate content for the readers. The team follows the six-sigma approach to achieve the benchmark of zero error in its publications and research platforms. The team ensures that the following publication guidelines are thoroughly followed while developing the content:
- The statutory material is obtained only from the authorized and reliable sources
- All the latest developments in the judicial and legislative fields are covered
- Prepare the analytical write-ups on current, controversial, and important issues to help the readers to understand the concept and its implications
- Every content published by Taxmann is complete, accurate and lucid
- All evidence-based statements are supported with proper reference to Section, Circular No., Notification No. or citations
- The golden rules of grammar, style and consistency are thoroughly followed
- Font and size that’s easy to read and remain consistent across all imprint and digital publications are applied
Sign Up
To subscribe to our weekly newsletter please log in/register on Taxmann.com
Latest Books
Everything on Tax and Corporate Laws of India
To subscribe to our weekly newsletter please log in/register on Taxmann.com
CA | CS | CMA
