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Agenda for the February 2024 DPOC meeting

26 Feb 2024

The Due Process Oversight Committee (DPOC) will meet on 27 February 2024 in Madrid, Spain.

The agenda for the DPOC meeting is sum­marised below.

Tuesday, 27 February 2024

  • In­tro­duc­tion
  • Monitoring compliance with due process
    • IASB technical activities
    • Due process lifecycle review of the development of IFRS 19
    • ISSB technical activities
    • Report on material to support the application of ISSB Standards
  • Other DPOC matters
    • Proposed composition of the IFRS Taxonomy
      Consultative Group
    • DPOC correspondence — update since papers distributed
    • Summary

Agenda papers for the meeting are available on the IFRS Foun­da­tion's website.

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IFAC and AICPA & CIMA study observes more detail in sustainability reporting

23 Feb 2024

The International Federation of Accountants (IFAC), together with AICPA & CIMA, has published an update to its study on the sustainability reporting and assurance practices of the largest global companies. The study reveals that there is now more detail and breadth in these companies' sustainability reporting.

The study, which is an annual benchmark that has now been updated for 2022 data, also shows that the companies included in the study are obtaining a greater scope of assurance on their sustainability disclosures. In detail, the study finds that 98% of companies reported some level of detail on sustainability with 69% obtaining assurance on at least some of their sustainability disclosures.

The study also found that companies are still using a mix of reporting standards, which, according to the press release, makes it challenging for investors, lenders and other stakeholders to find consistent and comparable sustainability information. The study therefore identifies a need for entities worldwide to move toward a global system of sustainability disclosure requirements.

For more information, including access to the study, please see the press release on the IFAC website.

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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 S1 and IFRS S2 available in Japanese and Korean

20 Feb 2024

The IFRS Foundation has issued a Japanese and a Korean translation of IFRS S1 'General Requirements for Disclosure of Sustainability-related Financial Information' and IFRS S2 'Climate-related Disclosures'.

IFRS S1 sets out overall requirements with the objective to require an entity to disclose information about its sustainability-related risks and opportunities that is useful to the primary users of general purpose financial reports in making decisions relating to providing resources to the entity.

IFRS S2 sets out the requirements for identifying, measuring and disclosing information about climate-related risks and opportunities that is useful to primary users of general purpose financial reports in making decisions relating to providing resources to the entity.

Please click to access the standards on the IFRS Foundation website:

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