Following the IASB's exposure draft on renewable energy contracts, the board proposed to update the IFRS Accounting Taxonomy 2024 to reflect the proposed disclosure requirements.
To ensure timely integration with the IFRS Accounting Taxonomy 2025, scheduled to be published in March, the IASB obtained permission from the Due Process Oversight Committee to publish the proposed update, the release said. "This approach means that, in the first year of implementation, companies would not have to create custom elements to capture information disclosed under the new requirements."
The proposed amendments to IFRS 9, Financial Instruments, and IFRS 7, Financial Instruments: Disclosures, might change in response to stakeholder feedback, the release added, and the proposals in the board's update would change to reflect the amendments issued.
The IASB is inviting feedback on the proposals by 14 October. Stakeholders can respond online through a comment letter or survey.
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