Five Major Changes In The New IFRS Taxonomy The International Accounting Standards Board (IASB) has finalized the new IFRS Taxonomy, which was released in December 2018. This taxonomy will replace the existing one in 2021 when it goes into effect in all countries that use IFRS accounting standards. The IASB released this taxonomy in response to feedback from stakeholders, who wanted to see greater consistency across IFRS and US GAAP taxonomies, along with other improvements in the area of accounting standards disclosures.
Read on to learn about five significant changes coming with the new taxonomy.
1) Covid-19-Related Rent Concessions There is a new lease accounting standard that will impact disclosures for tenants that are negotiating rents. Effective January 1, 2020, the