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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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Erkki Liikanen speaks on progress and priorities to advance global sustainability disclosures
04 Dec 2023
The Chair of the IFRS Foundation Trustees, Erkki Liikanen, held a speech at COP28, currently held in Dubai, United Arab Emirates, to reflect on the progress that has been made since the IFRS Foundation announced the decision to establish the International Sustainability Standards Board (ISSB) at COP26.
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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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IFRS Foundation video on proposed changes to IFRS Accounting Taxonomy 2023
28 Nov 2023
The IFRS Foundation has issued a video featuring IASB Member Ann Tarca who provides an explanation of the proposed changes to the IFRS Accounting Taxonomy for 2023.
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Pre-meeting summaries for the November 2023 IFRS Interpretations Committee meeting
27 Nov 2023
The IFRS Interpretations Committee (Committee) meets on 28-29 November 2023. The IFRS IC will discuss two new items, finalisation of one agenda decision and input to three International Accounting Standards Board (IASB)’s projects.
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IASB begins webcast series on the forthcoming standard for subsidiaries
23 Nov 2023
The IASB has released the first in a series of webcasts explaining the requirements in the forthcoming reduced-disclosure standard for subsidiaries of parent companies that apply IFRSs.
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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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IFRS Foundation and ISO commit to future cooperation towards effective communication about sustainability-related risks and opportunities
04 Dec 2023
The IFRS Foundation and the International Organization for Standardization (ISO) have confirmed their shared commitment to cooperate to support efficient and resilient global economies at COP28, currently held in Dubai, United Arab Emirates. Both organisations recognise that working together in areas of common interest is in the public interest.
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Agenda for the SMEIG December meeting
01 Dec 2023
The next meeting of the SME Implementation Group (SMEIG) will be held on 5 December 2023.
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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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A4S publishes third edition of introduction to sustainability-related reporting
28 Nov 2023
Accounting for Sustainability (A4S) has published the third edition of 'Navigating the Reporting Landscape'.
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Report of the October 2023 Emerging Economies Group meeting
27 Nov 2023
The 26th meeting of the IASB's Emerging Economies Group (EEG) was held on 30–31 October 2023. The IASB has published a full report of the meeting.
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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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Climate-related matters in financial statements
23 Nov 2023
The New Zealand External Reporting Board (XRB) has published staff guidance on climate-related matters in financial statements.
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Agenda for the November 2023 Consultative Group for Rate Regulation meeting
22 Nov 2023
The Consultative Group for Rate Regulation will hold its next meeting virtually on 30 November 2023.
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European Union formally adopts amendments to IFRS 16
21 Nov 2023
The European Union has published a Commission Regulation endorsing 'Lease Liability in a Sale and Leaseback (Amendments to IFRS 16)' issued by the IASB in September 2022.
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iGAAP in Focus — Financial reporting: IASB publishes Exposure Draft 'Financial Instruments with Characteristics of Equity'
published 04 Dec 2023
This iGAAP in Focus outlines the proposed amendments to IAS 32 'Financial Instruments: Presentation', IFRS 7 'Financial Instruments: Disclosures' and IAS 1 'Presentation of Financial Statements' set out in Exposure Draft (ED) 'Financial Instruments with Characteristics of Equity', published by the IASB in November 2023.
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Renewables Spotlight — Update on Renewable Power Issues (December 1, 2023)
published 01 Dec 2023
This Renewables Spotlight examines the accounting for battery energy storage systems and for land lease costs during construction.
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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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Heads Up — FASB Issues Final Standard on Improvements to Reportable Segment Disclosures
published 30 Nov 2023
This Heads Up discusses the FASB’s recently issued Accounting Standards Update (ASU) No. 2023-07, Improvements to Reportable Segment Disclosures. The ASU’s amendments “improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses.”
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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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Deloitte comment letter on the proposed annual improvements (volume 11)
published 26 Nov 2023
We agree with the amendments proposed in the exposure draft and have no specific comments.
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IASB Meeting — 12–14 December 2023
Start: 12 Dec 2023 - End: 14 Dec 2023
The IASB will meet in its offices in London on 12–14 December 2023.
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IFRS Interpretations Committee meeting — 28–29 November 2023
Start: 28 Nov 2023 - End: 29 Nov 2023
The IFRS Interpretations Committee will meet on 28–29 November 2023.
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ISSB Meeting — 15–16 November 2023
Start: 15 Nov 2023 - End: 16 Nov 2023
The ISSB met in Beijing on 15–16 November 2023.
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IASB Meeting — 13–15 November 2023
Start: 13 Nov 2023 - End: 15 Nov 2023
The IASB met in its offices in London on 13–15 November 2023.
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IASB Meeting — 25–26 October 2023
Start: 25 Oct 2023 - End: 26 Oct 2023
The IASB met in its offices in London on 25–26 October 2023.
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ISSB Meeting — 24–25 October 2023
Start: 24 Oct 2023 - End: 25 Oct 2023
The ISSB met virtually on 24–25 October 2023.
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IASB-FASB Joint Education Meeting — 29 September 2023
Start: 29 Sep 2023 - End: 29 Sep 2023
The IASB and FASB met in London on 29 September 2023.
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IASB Meeting — 19–21 September 2023
Start: 19 Sep 2023 - End: 21 Sep 2023
The IASB met in its offices in London on 19-21 September 2023.
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ISSB Meeting — 14 September 2023
Start: 14 Sep 2023 - End: 14 Sep 2023
The ISSB met on 14 September 2023 in Montreal, Canada.
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IFRS Interpretations Committee meeting — 12 September 2023
Start: 12 Sep 2023 - End: 12 Sep 2023
The IFRS Interpretations Committee met on 12 September 2023.