The IFRS Foundation has published ‘Proposed Update to the IFRS Taxonomy 2016 – Common Practice’ for public comment.

The taxonomy updates contain additional taxonomy concepts that reflect new IFRSs and improvements to IFRSs, technical updates, and corrections. This update includes taxonomy elements for entities in agriculture, leisure, franchises, and retail.

Comments on the proposed update to the IFRS taxonomy are due by 15 February 2017. For more information, see the press release on the IASB’s website.