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VBA and IFVI publish conceptual framework for impact accounting

23 Feb, 2024

The Value Balancing Alliance (VBA), together with the International Foundation for Valuing Impacts (IFVI), has published 'General Methodology 1: Conceptual Framework for Impact Accounting'.

The document, which is the first methodology statement for the impact accounting methodology, sets out the objectives of impact accounting, defines key terms and concepts, and clarifies how impact accounting is connected to topics such as materiality assessments.

The impact accounting methodology will be developed through a system of interrelated statements: general methodologies, topic methodologies and industry-specific methodologies.

Please click to access the document on the VBA website.

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Summary of the January 2024 ASAF meeting now available

22 Feb, 2024

The IASB staff have published a summary of the Accounting Standards Advisory Forum (ASAF) meeting held via video conference call on 29 January 2024.

During the meeting, the ASAF discusses power purchase agreements (PPAs). Specifically, the ASAF members provided feedback on potential amendments to IFRS 9 related to own-use requirements to physical PPAs and hedge accounting requirements to both physical and virtual PPAs.

full summary of the meeting is available on the IFRS Foundation's website.

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Guide for the adoption or other use of ISSB standards

22 Feb, 2024

The International Sustainability Standards Board (ISSB) has released a preview version of a guide that is intended to support jurisdictions on their journey to adopt the ISSB standards. At the same time, the ISSB has published a summary of ongoing and completed jurisdictional consultations.

The objective of the publication titled The jurisdictional journey towards globally comparable information for capital markets — Preview of the Inaugural Jurisdictional Guide for the adoption or other use of ISSB Standards is to support jurisdictions by providing information that they may find helpful as they design and plan their journey to the adoption or other use of ISSB standards. It also aims at supporting transparency to capital markets, regulators, other relevant authorities and other stakeholders on the progress towards the provision of comparable information about sustainability-related risks and opportunities for global capital markets by setting out the features considered when describing and summarising jurisdictional approaches towards the adoption or other use of ISSB standards.

The preview uses the term "adoption or other use of ISSB standards" to describe the range of approaches that jurisdictions may take to adopt, apply or otherwise be informed by ISSB standards when introducing sustainability-related disclosure requirements in their legal and regulatory frameworks. This range includes approaches that involve the adoption or other use of IFRS S1 and IFRS S2 directly, as well as the introduction of local sustainability-related disclosure requirements (or standards) designed to deliver functionally aligned outcomes to those resulting from the application of IFRS S1 and IFRS S2.

The preview can be accessed here on the website of the IFRS Foundation. The final guide is expected in the first half of 2024.

At the same time, the IFRS Foundation has published an overview of ongoing and completed jurisdictional consultations on sustainability-related disclosures. The overview can be accessed here.

To access our IAS Plus coverage of the adoption of ISSB standards, please click the button "Adoption of ISSB standards" below.

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Summary of the February 2024 ITCG meeting

22 Feb, 2024

The IFRS Foundation has published a summary of the IFRS Taxonomy Consultative Group (ITCG) meeting held on 1 February 2024.

The ITCG discussed the following topics:

  • Feedback on IFRS Accounting Taxonomy 2023 Proposed Update 2
  • Seeking feedback on proposed topics for the IFRS Accounting Taxonomy Update 2024 — Common Practice and General Improvements
  • IFRS Accounting Taxonomy 2024 Proposed Update 1 — IFRS 18 Presentation and Disclosure in Financial Statements
  • Evaluating the IFRS Taxonomy formula linkbase
  • Updating the IFRS Digital Taxonomies regulator’s guide
  • UK FRC Investor use of digital reports in XBRL survey results
  • Proposed IFRS Sustainability Disclosure Taxonomy

The meeting summary is available on the IFRS Foundation website.

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EFRAG survey on IFRS 16 — user perspective

22 Feb, 2024

The European Financial Reporting Advisory Group (EFRAG) has launched the second part of its survey on IFRS 16 to seek input from users on whether the standard has improved the reporting on lease activities.

EFRAG is undertaking preparatory work in anticipation of the IASB's request for information related to the post-implementation review of IFRS 16 Leases that is expected to commence in Q4 2024. With this second survey, EFRAG invites users of financial statements to provide their views on the usefulness of information as a result of the implementation of IFRS 16. The survey feedback will complement the feedback received from preparers, auditors, regulators, and national standard setters.

Please click to access the survey on the EFRAG website. Comments are requested by 22 April 2024.

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Research workshop on FICE

21 Feb, 2024

The International Accounting Standards Board (IASB) in conjunction with the European Accounting Association (EAA) and the European Financial Reporting Advisory Group (EFRAG) will hold a virtual research workshop on the IASB’s exposure draft 'Financial Instruments with Characteristics of Equity' on 11 March 2024.

The purpose of the workshop is to discuss academic evidence relevant to the exposure draft and identify areas where further academic evidence would be helpful. 

Please click for more information and registration on the EAA website.

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Updated IPSAS-IFRS alignment dashboard (March 2024)

21 Feb, 2024

The International Public Sector Accounting Standards Board (IPSASB), which develops the International Public Sector Accounting Standards (IPSAS) for financial reporting by governments and other public sector entities, has released an updated IPSAS-IFRS alignment dashboard showing how far individual IPSAS are aligned with corresponding IFRSs.

Please click to access the updated alignment dashboard prepared for the March 2024 IPSASB meeting on the IPSASB website.

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IFRS Foundation seeks SRG members

20 Feb, 2024

The IFRS Foundation is calling for applicants from different geographies and industries to become members of its IFRS Sustainability Reference Group (SRG).

The SRG is a diverse group of subject matter experts on sustainability and general purpose financial reports, as well as disclosure. The purpose of the SRG is to provide technical input to members of the International Sustainability Standards Board (ISSB) and its staff for research and standard-setting projects.

The SRG will be comprised of approximately 150 members, who should have professional competence, and practical preparer, user or related experience of sustainability disclosures and/or general purpose financial reports. 

The closing date for applications is 20 April 2024.

Please click for more information in the press release on the IFRS Foundation website.

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ISSB publishes webcast and educational material on industry-specific disclosures

19 Feb, 2024

The International Sustainability Standards Board (ISSB) has released a 14-minute webcast on the importance of industry-specific disclosures to investors. At the same time, the ISSB has published educational material explaining how entities can refer to and consider the content in the SASB standards to meet the requirements in IFRS S1.

In the webcast, ISSB member Elizabeth Seeger discusses with global investors the main reasons why investors rely on industry-specific information in their analysis and decision-making.

The educational material explains how entities can meet the requirement in IFRS S1 to disclose material information about all sustainability-related risks and opportunities that could reasonably be expected to affect an entity's cash flows, its access to finance or cost of capital over the short, medium or long term. IFRS S1 includes a reference to the SASB standards as a source of guidance for sustainability-related risks and opportunities beyond climate (which is addressed through IFRS S2). 

The educational material states that the SASB standards can be a useful source of guidance in applying IFRS S1 because they:

  • are designed to provide investors, creditors and other lenders with information that is decision-useful and comparable with peers;
  • are tailored to specific industries, allowing companies to quickly access guidance that is relevant to their business activities; and
  • provide guidance on sustainability-related topics beyond climate, including human capital and nature.

Please click for the following on the IFRS Foundation website:

  • Press release
  • Access to the webcast on the importance of of industry-specific disclosures to investors
  • Access to the educational material Using the SASB Standards to meet the requirements in IFRS S1 
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IFRS Advisory Council membership update

19 Feb, 2024

The Trustees of the IFRS Foundation have announced appointments and re-appointments to the IFRS Advisory Council effective 1 January 2024.

The Advisory Council is the formal advisory body to the Trustees, the IASB, and the ISSB. It advises the IFRS Foundation on its strategic direction, technical work plan and priorities.

The Advisory Council currently has more than 50 members with interests in international corporate reporting and diverse functional and geographical backgrounds. They offer a broad range of accounting and sustainability experience. Among the newly appointed organisations is the Pan African Federation of Accountants (PAFA).

Please see the press release on the IFRS Foundation website for more information. A full list of current members is available here.

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