IFRS Foundation Releases Common Practice Guide.
In August, 2016, the IFRS Foundation released a guide to the common practice content to the IFRS Taxonomy. The guide is directed to help users and those who comment on the taxonomy updates to gain a better understanding of the nature of that content and the objectives of the periodic updates. This guide is of particular interest to Canadian companies and organizations that may have to use the IFRS Taxonomy and are monitoring its developing content.
The Guide to Common Practice Content helps readers make informed contributions to the IFRS Taxonomy consultation process. The guide clarifies:
- IFRS Taxonomy common practice content;
- why the IFRS Taxonomy includes common practice content;
- the process followed to identify common practice elements; and
- the criteria used to propose identified common practice elements for inclusion in the IFRS Taxonomy.