IFRS Taxonomy certainly isn't new—it's been around
since 2016—but it's made a comeback as the mandatory
adoption date creeps closer.
If you're out of the loop, the date for public companies to
prepare consolidated financial statements under IFRS is 1 January
2020. From this date on, all financial reports must comply with the
European Single Electronic Format (ESEF Taxonomy) which essentially
corresponds to the IFRS Taxonomy.
If you need an ESEF refresher, check out my blog
here.
What is the IFRS Taxonomy exactly?
The IFRS Taxonomy is essentially a list of specific codes
(elements) that preparers can use to identify (by XBRL tagging)
information disclosed in IFRS financial statements. For example,
the element "Cost of Sales" is listed under the element
label "Cost of Sales", including a reference to the
specific IAS standard and a definition of the element.
