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  • Emmanuel Faber reappointed as ISSB Chair for second term

    04 Dec 2023

    The Trustees of the IFRS Foundation have announced that Emmanuel Faber has been reappointed for a second three-year term as Chair of the International Sustainability Standards Board (ISSB), when his current term ends in December 2024. Mr Faber’s second term will start on 1 January 2025 and end on 31 December 2027. 

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  • December 2023 IASB meeting agenda posted

    01 Dec 2023

    The IASB has posted the agenda for its next meeting, which will be held in its offices in London on 12–14 December 2023. There are ten topics on the agenda.

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  • IFRS Foundation launches knowledge hub to support the implementation of IFRS S1 and IFRS S2

    01 Dec 2023

    The IFRS Foundation has launched the IFRS Sustainability Knowledge Hub to support the implementation of IFRS S1 ‘General Requirements for Disclosure of Sustainability-related Financial Information’ and IFRS S2 ‘Climate-related Disclosures’. The hub is a tool in the capacity building programme for the new standards before they become effective for annual periods beginning on or after 1 January 2024.

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  • Multilateral development banks confirm support for work of the ISSB at COP28

    30 Nov 2023

    At COP 28, currently held in Dubai, United Arab Emirates, the Asian Infrastructure Investment Bank, the European Investment Bank, the Inter-American Development Bank and the European Bank for Reconstruction and Development have confirmed their support for the work of the International Sustainability Standards Board (ISSB).

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  • IASB publishes proposed amendments regarding financial instruments with characteristics of equity

    29 Nov 2023

    The International Accounting Standards Board (IASB) has published an exposure draft IASB/ED/2023/5 'Financial Instruments with Characteristics of Equity (Proposed amendments to IAS 32, IFRS 7 and IAS 1)'. It contains proposed amendments that aim at clarifying the classification requirements in IAS 32 'Financial Instruments: Presentation', including their underlying principles, to address known practice issues that arise in applying IAS 32. Comments are requested by 29 March 2024.

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  • IASB Research Forum 2023 Highlights

    22 Nov 2023

    On 2–4 November 2023, the IASB in collaboration with the European Accounting Association held a research forum which discussed the accounting for intangible assets.

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  • Declaration of support to advance the adoption or use of the ISSB’s climate-related reporting

    04 Dec 2023

    Almost 400 organisations from 64 jurisdictions have signed a declaration of support to advance the adoption or use of the climate-related reporting of the International Sustainability Standards Board (ISSB) at a global level. The declaration from companies, investors, stock exchanges, the accountancy profession, multilaterals, non-governmental organisations, universities, data analytics providers, corporate advisors and others was announced at COP28, currently taking place in Dubai, United Arab Emirates.

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  • Academic study on the costs and benefits of IFRS 15 adoption

    29 Nov 2023

    The European Financial Reporting Advisory Group (EFRAG) has published the results of academic study on the effects of the adoption of IFRS 15 'Revenue from Contracts with Customers' on preparers and users of financial statements.

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  • Summary of the October 2023 CMAC meeting

    27 Nov 2023

    Representatives from the International Accounting Standards Board (IASB) met with the Capital Markets Advisory Council (CMAC) in a hybrid meeting on 19 October 2023. Notes from the meeting have now been released.

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  • On the Radar — Noncontrolling interests

    published 01 Dec 2023

    This publication briefly summarizes key issues related to the accounting for noncontrolling interests — specifically, attribution of net income or loss, the treatment of redeemable noncontrolling interests, accounting for changes in a parent’s ownership interest, and presentation and disclosure.

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  • Roadmap: Revenue Recognition (2023)

    published 01 Dec 2023

    This Roadmap provides Deloitte’s insights into and interpretations of the guidance in ASC 606 on revenue from contracts with customers, the cost guidance in ASC 340-40, and the guidance in ASC 610-20 on gains and losses on transfers of nonfinancial and in-substance nonfinancial assets to noncustomers. The 2023 edition includes updated and expanded discussions as well as new sections and illustrative examples. Appendix F of the Roadmap highlights substantive revisions to previous content.

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  • Roadmap: Noncontrolling Interests (2023)

    published 01 Dec 2023

    This Roadmap provides Deloitte’s insights into and interpretations of the guidance on noncontrolling interests, primarily that in ASC 810-10 and ASC 480-10-S99-3A. The 2023 edition includes new and expanded discussions, including a new illustrative example related to an entity’s accounting for the issuance of share-based payment awards in the form of stock options that, once fully vested, are either exercised or forfeited. Appendix D of the Roadmap summarizes substantive revisions to previous content.

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  • On the Radar — Revenue recognition

    published 01 Dec 2023

    This publication briefly summarizes key issues related to the accounting for revenue from contracts with customers under ASC 606, including (1) the identification of performance obligations, (2) principal-versus-agent considerations, (3) the estimation and allocation of variable consideration, (4) licensing, and (5) financial statement disclosures. It also reflects recent developments related to the FASB’s postimplementation review process for evaluating whether the revenue standard is achieving its objective.

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  • On the Radar — Impairments and disposals of long-lived assets and discontinued operations (November 2023)

    published 27 Nov 2023

    Long-lived assets within the scope of ASC 360-10 are accounted for and tested for impairment differently depending on the entity’s intent regarding the assets. Long-lived assets that the entity intends to hold and use in its operations, including long-lived assets that the entity intends to abandon, distribute to owners, or exchange in a nonmonetary transaction accounted for at carrying amount, are tested for impairment when a triggering event occurs by performing a two-step recoverability test. By contrast, long-lived assets that the entity intends to sell are tested for impairment upon classification as held for sale and in each subsequent reporting period by comparing their carrying amount with their fair value less costs to sell.

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  • Roadmap: Impairments and Disposals of Long-Lived Assets and Discontinued Operations (2023)

    published 27 Nov 2023

    This Roadmap provides Deloitte’s insights into the guidance in ASC 360-10 and ASC 205-20. ASC 360-10 specifies the accounting and reporting for long-lived assets that are being held and used by an entity and for long-lived assets that the entity intends to sell or otherwise dispose of. ASC 205-20 further provides guidance on when a component, or group of components, of an entity that is classified as held for sale or disposed of must be reported as a discontinued operation. The 2023 edition of this publication includes updated and expanded guidance on these topics.

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