IFRS Foundation set to publish second digital taxonomy this month

Posted on April 27, 2024 by Editor

With the second IFRS digital taxonomy planned for publication on 30 April, this week the IFRS Foundation unveiled a short video designed to demystify the concept of IFRS digital taxonomies and illustrate how they empower companies to present information in compliance with IFRS Standards in a structured, machine-readable format.

Regular readers of this newsletter will know that we are enthusiastic about ensuring that sustainability standards are accompanied by digital taxonomies to make sure that they useful and comparable. This video gives a great, concise explanation as to why.

The video explains that once information is structured in this manner, investors can efficiently compare and analyse it digitally, enhancing transparency and facilitating data-driven decision-making.

The Foundation currently maintains two digital taxonomies: the IFRS Accounting Taxonomy and the forthcoming IFRS Sustainability Disclosure Taxonomy. While the former is already available, the latter is set for release in just a few days.

Stay tuned for the release of the inaugural IFRS Sustainability Disclosure Taxonomy, and watch the video to learn more about why this is so significant for ensuring that sustainability disclosures are as useful as possible