3. February 2016
Today, the ASCG submitted its comment letter to the IFRS Foundation on the Trustees’ Invitation to Comment on the IFRS Taxonomy™ Due Process, published 4 November 2015.
In the ASCG’s view, it is consistent to propose that the IASB and IFRS Interpretations Committee Due Process Handbook be extended to incorporate the IFRS Taxonomy due process and to concentrate on the structure rather than the technology. However, a taxonomy’s requirements should not be the key driver for developing standards and interpretations.
The ASCG has mixed views on the way how the new due process requirements provide for a specific role for the IASB and thinks that an evaluation about the Trustees’ proposal is dependent on the role that taxonomies will play in financial reporting in general. If the IFRS Taxonomy became a standard-setting instrument to authoritatively illustrate presentation and disclosure requirements, it may be reasonable that the IASB assume a formal responsibility for taxonomy-related matters. (Comment letter to IFRSF/ to EFRAG)