Considering the digital reporting implications of cross-references in management commentary
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.
Read more here.
