Your Guide to the 2025 IFRS Taxonomy Update

With the EDGAR^® system updated as of June 16, 2025, to support the 2025 International Financial Reporting Standards (IFRS) taxonomy, let's go through what's new, including element updates and modeling changes.

Element and modeling updates

The IFRS Foundation continues to enhance the taxonomy to address new or amended presentation and disclosure requirements arising from IFRS Accounting Standards issued, common reporting practices, general taxonomy improvements, and technology updates. Key updates for the 2025 IFRS taxonomy are related to the below topics.

IFRS Accounting Standard updates

The 2025 IFRS taxonomy includes updates related to multiple accounting standard updates (see below for IFRS accounting standards impacting the taxonomy). New elements were added to the taxonomy for these disclosure requirements.

• Filer Action: Filers should evaluate new concepts that may be applicable to their reporting scenarios

Introduction of new entry points

The 2025 IFRS taxonomy includes two entry points to account for the replacement of IAS 1 Presentation of Financial Statements by IFRS 18 Presentation and Disclosures in Financial Statements:

• Full IFRS Accounting Standards Entry Point-for filers continuing to follow IAS 1
• Early Application of IFRS 18 Entry Point-for filers that have early adopted IFRS 18

To support this change, the Early Application of IFRS 18 Entry Point taxonomy includes updates to existing elements as well as new elements aligned with IFRS 18 requirements.

• Filer Action: Filers that have early adopted IFRS 18 should use the Early Application of IFRS 18 entry point and review their current XBRL® modeling against the new standard and revised elements. All other filers should use the Full IFRS Accounting Standards entry point

How should IFRS filers approach taxonomy migration this year?

This year's new taxonomy focused on IFRS accounting standard updates, common practice updates, general improvements, and technology updates. We recommend filers not only focus on deprecated elements but also review new elements, modified labels, and definitions.

To provide guidance to filers, the IFRS Foundation offers a number of resources on their website:

• IFRS Accounting Taxonomy 2025

• Update 1-IFRS 18 Presentation and Disclosure in Financial Statements

  • IFRS 18 Taxonomy webcast series

• Update 2-Contracts Referencing Nature-dependent Electricity

• Update 3-IFRS 19 Subsidiaries without Public Accountability: Disclosures, Amendments to the Classification and Measurement of Financial Instruments and Annual Improvements

• IFRS Accounting Taxonomy Illustrative Examples

For learning opportunities, watch the Workiva calendar of events for upcoming webinars and workshops on filing best practices, XBRL tagging, and more.

Last, but not least, please keep in mind that companies are encouraged to use the most recent taxonomy release for their XBRL filing. Even though the SEC still accepts the 2024 IFRS taxonomy, we recommend filers consider moving to the 2025 IFRS taxonomy. Your service providers can also help you on your path to a successful migration this year.

If you need assistance with migration, XBRL tagging, or learning more about how Workiva can help, please reach out, and we will get back to you shortly.

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