Important Notice: Our web hosting provider recently started charging us for additional visits, which was unexpected. In response, we're seeking donations. Depending on the situation, we may explore different monetization options for our Community and Expert Contributors. It's crucial to provide more returns for their expertise and offer more Expert Validated Answers or AI Validated Answers. Learn more about our hosting issue here.

If the taxonomy upgradation takes place, re-tagging of financials is required?

April 26, 2017takes taxonomy upgradation

0

Posted

If the taxonomy upgradation takes place, re-tagging of financials is required?

1 Answer

0

Posted

When the taxonomy is upgraded, it might introduce entirely new elements or it may deprecate the previous ones and introduce newer ones which are better representation of the previous ones. So, while tagging one only needs to ensure that he does not use the deprecated concepts/elements.