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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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IFRS Foundation and Value Reporting Foundation consolidation delayed by one month
29 Jun 2022
The consolidation of the Value Reporting Foundation (VRF) into the IFRS Foundation just approved last week has been delayed by one month. The consolidation will now become effective on 1 August 2022.
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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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G7 welcomes ISSB’s progress on global baseline of sustainability disclosures
28 Jun 2022
Following the G7 Leaders' Summit 2022, a joint declaration has been published that stresses the need for a transition of the whole economy towards sustainability, net-zero and nature-positive outcomes to achieve a sustainable planet.
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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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IFRS Foundation announces two additional ISSB members
24 Jun 2022
The Trustees of the IFRS Foundation have announced the appointment of Jeffrey Hales and Michael Jantzi as ISSB Board members. Their appointments mean that the ISSB is now quorate.
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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 Understanding 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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ESRS outreach event focused on SMEs
30 Jun 2022
On 8 July 2022, the European Financial Reporting Advisory Group (EFRAG) will host a joint outreach event in Brussels to discuss the draft European Sustainability Reporting Standards (ESRS) published in April. The event will have a special focus on small and medium-sized entities (SMEs).
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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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EFRAG publishes bases for conclusions on draft sustainability standards
01 Jun 2022
The European Financial Reporting Advisory Group (EFRAG) has released the bases for conclusions for its draft European Sustainability Reporting Standards (ESRS) published in April.
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Staff seeks feedback on future on a future IFRS sustainability disclosure taxonomy for digital reporting
25 May 2022
The staff of the International Sustainability Standards Board (ISSB) is looking for feedback that would inform the development of a taxonomy to enable digital consumption of sustainability disclosures prepared using the ISSB's IFRS Sustainability Disclosure Standards.
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We comment on four IFRS Interpretations Committee tentative agenda decisions
25 May 2022
We have published our comment letters on IFRS Interpretations Committee tentative agenda decisions related to IFRS 9/IFRS 16, IFRS 17 and IAS 32, as published in the March 2022 'IFRIC Update'.
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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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FRC publishes thematic review findings on discount rates
17 May 2022
The UK Financial Reporting Council (FRC) has published a thematic review on discount rates used under IFRSs.
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Accounting alert – Quarterly update – What’s new in financial reporting for June 2022?
published 29 Jun 2022
This updated 'What's new' publication from Deloitte (New Zealand) provides a high level overview of new and revised financial reporting requirements that need to be considered by for-profit entities for annual and interim financial reporting periods ending on 30 June 2022.
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Accounting Spotlight — The Metaverse: Accounting considerations related to nonfungible tokens
published 21 Jun 2022
This Accounting Spotlight discusses accounting implications of the evolving metaverse, an immersive digital environment that allows users to interact with their surroundings and one another in a shared space.
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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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Quarterly Accounting Roundup: Second quarter — 2022
published 14 Jun 2022
This issue of Quarterly Accounting Roundup discusses financial reporting developments that occurred in the second quarter of 2022.
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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 compliance, presentation and disclosure checklist 2022
published 10 Jun 2022
The checklist summarises the recognition, measurement, presentation and disclosure requirements set out in IFRSs in issue as of 31 December 2021.
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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.
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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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IASB Meeting — 20–22 June 2022
Start: 20 Jun 2022 - End: 22 Jun 2022
The IASB met in London on 20–22 June 2022.
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IFRS Interpretations Committee meeting — 14–15 June 2022
Start: 14 Jun 2022 - End: 15 Jun 2022
The IFRS Interpretations Committee met on 14–15 June 2022 to discuss six topics.
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IASB Meeting — 23–27 May 2022
Start: 23 May 2022 - End: 27 May 2022
The IASB met via video conference on 23–27 May 2022.
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IASB Meeting — 25–28 April 2022
Start: 25 Apr 2022 - End: 28 Apr 2022
The IASB met via video conference on 25–28 April 2022.
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IFRS Interpretations Committee meeting — 20 April 2022
Start: 20 Apr 2022 - End: 20 Apr 2022
The IFRS Interpretations Committee met via video conference on 20 April 2022 to discuss one topic.
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IASB Meeting — 22–24 March 2022
Start: 22 Mar 2022 - End: 24 Mar 2022
The IASB met in its offices in London on 22–24 March 2022.
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IFRS Interpretations Committee meeting — 15-16 March
Start: 15 Mar 2022 - End: 16 Mar 2022
The IFRS Interpretations Committee met via video conference on 15 and 16 March 2022 to discuss five topics.
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IASB Meeting — 21–24 February 2022
Start: 21 Feb 2022 - End: 24 Feb 2022
The IASB met in its offices in London on 21–24 February 2022.
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IFRS Interpretations Committee meeting — 1 February
Start: 01 Feb 2022 - End: 01 Feb 2022
The IFRS Interpretations Committee met via video conference on 1 February 2022 to discuss four topics.
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IASB Meeting — 25 January 2022
Start: 25 Jan 2022 - End: 25 Jan 2022
The IASB met in its offices in London on 25 January 2022.