Considering the digital reporting implications of cross-references in management commentary
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September’s meeting of the International Financial Reporting Standards (IFRS) Foundation’s IFRS Taxonomy Consultative Group (ITCG) looked at the digital reporting implications of the proposed new, broader framework for preparing management commentaries. A second agenda paper for the 29 November meeting will continue this analysis, considering in particular the implications related to cross-references.
The proposals would allow material information to be included in management commentary by cross-reference to another report, with that information becoming part of the management commentary. Current IFRS Standards allow cross-referencing in a limited number of cases, but the practice may become more extensive. “We need to consider an approach to tagging that would provide the same access to information in a digital format regardless of the location of information in a paper report. Such approaches will require collaboration with various stakeholders,” says the agenda paper, which goes on to offer a staff analysis of possible solutions and their likely costs and benefits.
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