IFRS Foundation document issued for comments

IFRS Foundation document issued for comments: IFRS Taxonomy 2021-Proposed Update 3 Initial Application of IFRS 17 and IFRS 9-Comparative Information (Amendment to IFRS 17)

Since Indian Accounting Standards (Ind AS) are based on the IFRS Standards issued by the International Accounting Standards Board (IASB) of IFRS Foundation, the XBRL India (section 8 company of ICAI) also refers to the IFRS taxonomy while formulating/developing/amending Ind AS based XBRL Taxonomy in India.

IFRS Foundation, before issuing the updated IFRS Taxonomy, issues Exposure Draft of the proposed amendments seeking public comments from across the globe. XBRL India with the aim to provide an opportunity to the various stakeholders in India to raise their concerns at the initial IFRS Taxonomy updation stage it self, invites comments on the Exposure Drafts issued by the IFRS Foundation. It also helps the Indian stakeholders to be aware of the international developments.

Recently, IFRS Foundation has issued the following Exposure Draft for public comments:

IFRS Taxonomy 2021—Proposed Update 3 Initial Application of IFRS 17 and IFRS 9-Comparative Information (Amendment to IFRS 17)

This Exposure Draft proposes to add one text block element to the IFRS Taxonomy to reflect this new disclosure requirement in IFRS 17 (Issued by the IASB recently). The Exposure Draft can be found at the below link:

https://www.ifrs.org/news-and-events/news/2021/12/the-ifrs-foundation-proposes-changes-to-the-ifrs-taxonomy-to-reflect-an-amendment-to-ifrs-17/

Comments may be submitted through any of the following modes, which can reach us by January 10, 2021:

Announcement

Read More on ICAI