| description | The IFRS Taxonomy 2021 reflects the presentation and disclosure requirements of the IFRS Standards as issued by the International Accounting Standards Board (Board) at 1 January 2021, the IFRS for SMEs Standard as issued by the Board in December 2015 and Practice Statement 1 Management Commentary as issued by the Board in December 2010. The IFRS Taxonomy also includes elements that reflect common reporting practice by entities that apply IFRS Standards (common practice).
The IFRS Taxonomy 2021 includes amendments made to the IFRS Taxonomy 2020 resulting from: Covid-19-Related Rent Concessions (Amendment to IFRS 16 Leases), issued by the Board in May 2020; Property, Plant and Equipment-Proceeds before Intended Use (Amendments to IAS 16), issued in May 2020; Amendments to IFRS 17 Insurance Contracts and Extension of the Temporary Exemption from Applying IFRS 9 (Amendments to IFRS 4), issued in June 2020; 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.
The IFRS Taxonomy 2021 also includes new common practice and general taxonomy improvements relating to disclosure requirements in IAS 19 Employee Benefits, and to support high-quality tagging of information presented in the primary financial statements. |
|---|
