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The IFRS Foundation has today published the IFRS Taxonomy 2021 based on IFRS Standards as at 1 January 2021, including those issued but not yet effective.
The IFRS Taxonomy 2021 includes changes to the IFRS Taxonomy 2020 reflecting amended IFRS Standards:
- Covid-19-Related Rent Concessions (Amendment to IFRS 16 Leases), issued by the Board in May 2020 (IFRS Taxonomy 2020—Update 1);
- Property, Plant and Equipment—Proceeds before Intended Use (Amendments to IAS 16 Property, Plant and Equipment), issued in May 2020 (IFRS Taxonomy 2020—Update 3);
- Amendments to IFRS 17 Insurance Contracts and Extension of the Temporary Exemption from Applying IFRS 9 (Amendments to IFRS 4), issued in June 2020 (IFRS Taxonomy 2020–Update 3); and
- Interest Rate Benchmark Reform—Phase 2 (Amendments to IFRS 9 Financial Instruments, IAS 39 Financial Instruments: Recognition and Measurement, IFRS 7 Financial Instruments: Disclosures, IFRS 4 Insurance Contracts and IFRS 16 Leases), issued in August 2020 (IFRS Taxonomy 2020—Update 2).
The IFRS Taxonomy 2021 also includes new common practice elements and general taxonomy improvements to support high-quality tagging of:
- disclosures related to IAS 19 Employee Benefits (IFRS Taxonomy 2020—Update 5); and
- information presented in the primary financial statements (IFRS Taxonomy 2020—Update 4).
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