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  • UN issues statement on ISSB exposure drafts

    29 Jun 2022

    Several United Nations (UN) organisations have responded with a joint statement to the proposed standards of the International Sustainability Standards Board (ISSB).

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  • Memorandum of understanding signed to establish ISSB presence in Montreal

    28 Jun 2022

    During the meeting of the Trustees of the IFRS Foundation currently taking place in Montreal, Canada, the Trustees have signed a memorandum of understanding to obtain the financial support of the Government of Canada and the Government of Quebec for the International Sustainability Standards Board (ISSB).

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  • Speech of the Chair of the Board of IOSCO at the IFRS Foundation Conference

    28 Jun 2022

    On 23 June 2022, Mr Ashley Alder, Chief Executive Officer of the Securities and Futures Commission (SFC) of Hong Kong and Chair of the Board of the International Organization of Securities Commissions (IOSCO) outlined in a speech at the IFRS Foundation Conference the path forward for the endorsement of future standards of the International Sustainability Standards Board (ISSB) by IOSCO. A comprehensive summary of the speech is now available on the SFC website.

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    ISSB (International Sustainability Standards Board) (blue) Image
  • Updated IASB and ISSB work plan — Analysis (June 2022)

    27 Jun 2022

    Following the IASB's June 2022 meeting, we have analysed the work plan on the IFRS Foundation website to see what changes have resulted from the meeting and other developments since the work plan was last revised in May 2022. Some clarifications now also relate to ISSB projects.

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  • June 2022 IASB meeting notes posted

    24 Jun 2022

    The IASB met in London over three days, from Monday 20 to Wednesday 22 June 2022. We have posted our comprehensive Deloitte observer notes for all projects discussed during the meeting.

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  • IASB Chair discusses the IASB work plan

    24 Jun 2022

    At the IFRS Foundation Conference currently held in London, IASB Chair Andreas Barckow discussed the IASB’s decisions on its work plan as a result of the outcomes of the IASB's third agenda consultation and the rationale for these decisions.

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  • Future collaboration between ISSB and GRI

    23 Jun 2022

    In March 2022, the International Sustainability Standards Board (ISSB) and the Global Reporting Initiative (GRI) announced a Memorandum of Unterstanding that aims at coordinating the work programmes and standard-setting activities of the two organisations. More detailed ideas of how this could be achieved have now been published.

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  • New and revised pronouncements as at 30 June 2022

    24 Jun 2022

    Our popular summary of new and revised financial reporting requirements, updated for financial reporting periods ending on 30 June 2022. This listing can be used to perform a quick check that new financial reporting requirements such as new and revised accounting standards and interpretations, and amendments to standards and interpretations, have been fully considered in the reporting close process. The information below can also be used to assist with the disclosure requirements under paragraph 30 of IAS 8 'Accounting Policies, Changes in Accounting Estimates and Errors', which requires entities to disclose any new IFRSs that are in issue but not yet effective and which are likely to impact the entity.

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  • Agenda for June 2022 joint CMAC-GPF meeting

    09 Jun 2022

    Representatives from the International Accounting Standards Board (IASB) will meet with both the Capital Markets Advisory Council (CMAC) and Global Preparers Forum (GPF) in a hybrid meeting on 16–17 June 2022. The agenda for the joint meeting has been released.

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  • ESRS outreach event focused on financial institutions

    03 Jun 2022

    On 22 June 2022, the European Financial Reporting Advisory Group (EFRAG) and several of its member organisations will hold a joint outreach event in Brussels to discuss the draft European Sustainability Reporting Standards (ESRS) published in April. The event will have a special financial institutions focus.

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  • Second IVSC perspectives paper on intangible assets

    01 Jun 2022

    The International Valuation Standards Council (IVSC) is publishing a series of perspectives papers 'Time to get Tangible about Intangible Assets' that notes that despite the importance of intangible assets to the capital markets, only a small percentage are recognised on balance sheets.

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  • UKEB adopts IFRS 17

    17 May 2022

    The UK Endorsement Board (UKEB) has announced the adoption of IFRS 17 'Insurance Contracts' for use in the UK.

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  • ESMA publishes 26th enforcement decisions report

    17 May 2022

    The European Securities and Markets Authority (ESMA) has published further extracts from its confidential database of enforcement decisions taken by European national enforcers. This batch deals with decisions in relation to IFRS 9, IAS 2 (two decisions), IFRS 15 (three decisions), IFRS 16/IAS 36, IAS 36 (two decisions), IFRS 8 and IAS 7/IAS 8.

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  • EITF Snapshot — June 2022

    published 20 Jun 2022

    At its June 16, 2022, meeting, the Emerging Issues Task Force discussed Issue No. 21-A, “Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method.”

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  • IAS 34 compliance checklist 2022

    published 10 Jun 2022

    This checklist summarises the requirements set out in IAS 34 Interim Financial Reporting in issue as of 31 December 2021. This workbook may be used to assist in considering compliance with IAS 34. Although this workbook may be used to assist generally in considering compliance with the requirements of IAS 34, it is not a substitute for your understanding of IAS 34 and the exercise of your judgement.

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  • IFRS on Point — May 2022

    published 02 Jun 2022

    IFRS on Point highlights critical financial reporting developments and main IFRS-related news stories of the previous month.

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  • On the Radar — Statement of cash flows

    published 31 May 2022

    Because ASC 230 is largely principles-based, financial statement preparers must exercise significant judgment when classifying certain cash receipts and payments in their statement of cash flows. Given the lack of prescriptive rules, cash flow presentation continues to challenge financial statement preparers. While the FASB has issued two ASUs in the past few years to assist financial statement preparers and to reduce the diversity in practice regarding cash flow presentation, registrants continue to receive comments from the SEC staff regarding the statement of cash flows. In addition, while the guidance on cash flow presentation of government assistance is not new, certain financial statement preparers may need to brush up on how to present cash flows associated with government grants stemming from the Coronavirus Aid, Relief, and Economic Security Act.

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  • Roadmap: Statement of Cash Flows (2022)

    published 31 May 2022

    This Roadmap provides Deloitte’s insights into and interpretations of the accounting guidance on the statement of cash flows, primarily that in ASC 230. The 2022 edition of this Roadmap includes several new discussions as well as some modifications to previously expressed views. Also new to this year’s update are several short videos that provide additional insight into certain aspects of the presentation of cash flows.

  • Heads Up — #DeloitteESGNow — The Disclosure Heat Is On — The Move Toward International Standardization of Sustainability and Climate Reporting Image
  • Heads Up — #DeloitteESGNow — The Disclosure Heat Is On — The Move Toward International Standardization of Sustainability and Climate Reporting

    published 31 May 2022

    This issue summarizes and compares key provisions of (1) the SEC’s March 2022 proposed rule on climate-related disclosure, (2) the International Sustainability Standards Board’s March 2022 proposed standards on general sustainability and climate reporting, and (3) the European Financial Reporting Advisory Group’s April 2022 proposed European Sustainability Reporting Standards developed in accordance with the European Commission’s proposed Corporate Sustainability Reporting Directive. The newsletter also discusses considerations for companies as they take action to prepare for the changing disclosure landscape.

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