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The International Accounting Standards Board (IASB) published proposals to amend the IFRS Accounting Taxonomy to reflect the new presentation and disclosure requirements introduced in IFRS 18 Presentation and Disclosure in Financial Statements.
IFRS 18 enhances the structure of the statement of profit or loss and improves comparability of information about companies’ financial performance—alongside introducing specific disclosure requirements for management-defined performance measures and specified expenses by nature. The proposed update intends to facilitate comparability and analysis of tagged information.
The proposed changes include:
- 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 deadline for submission of comments is 3 September 2024.
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