We have submitted our responses to the IFRS Foundation’s consultation on proposed improvements to the IFRS Taxonomy.
As well we support the proposed changes, which aim to improve consistency, clarity and the structure of taxonomy elements.
Key points from our responses:
• Supports clearer text block types and amended documentation levels to improve tagging consistency
• Highlights the potential compliance time and cost burden for SMEs and smaller practices
• Calls for clear guidance and relevant worked examples to support implementation
• Supports improvements to narrative elements and alignment between the IFRS Accounting Taxonomy and IFRS Sustainability Disclosure Taxonomy
• Supports broader taxonomy improvements that reduce complexity and reflect stakeholder feedback
Read the full reply here.