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IFRS Foundation launches Technical Readiness Working Group webpage

Jun 21, 2021

On June 21, 2021, the IFRS Foun­da­tion launched a new webpage on its site which contains in­for­ma­tion and meeting summaries related to the Technical Readiness Working Group (TRWG).

The TRWG is chaired by the IFRS Foun­da­tion and includes par­tic­i­pants from the Climate Dis­clo­sure Standard Board, Financial Stability Board's Task Force on Cli­mate-re­lated Financial Dis­clo­sures, IASB, Value Reporting Foun­da­tion, and World Economic Forum. The IOSCO and IPSASB are observers of meetings related to review of technical ob­ser­va­tions and proposals. In addition, the TRWG works with the Global Reporting Ini­tia­tive and CDP on technical matters.

The TRWG will hold three types of meetings: strategic, op­er­a­tional and technical, and working level. The meeting summaries of its May 5, 2021, May 17, 2021, and June 9, 2021 strategic meetings are now available.

For more in­for­ma­tion, see the TRWG page on the IASB’s website.

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AMF 2020-2021 Enforcement Report published - Positive results amid the pandemic

Jun 17, 2021

On June 17, 2021, the Au­torité des marchés fi­nanciers (AMF) pub­lished its Enforcement Report for the 2020-2021 fiscal year. Despite the pandemic, the AMF reports that its inspection, investigation and prosecution teams were very proactive and able to maintain their operations remotely, achieving more-than satisfactory progress and results.

During the period, the AMF instituted a large number of prosecutions and obtained important rulings that sent deterrent messages. Throughout 2020-2021, the AMF also continued its offensive on the crypto asset front and initiated major proceedings when investigations found a number of offences being committed via virtual spaces in the crypto asset ecosystem.

The inspection team was very busy, particularly as it had to integrate mortgage brokerage into its inspection activities and oversee registrants’ management of the pandemic.

Fiscal 2020-2021 was also a landmark year with the rollout of major projects such as electronic evidence management (AÉP) and the Market Analysis Platform (MAP). These projects have now been completed, and the tools developed under them are being used daily by the AMF’s market surveillance specialists, intelligence analysts, data science experts, investigators, and prosecutors.

Re­view the press re­lease and re­port on the AMF's web­site.

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IESBA Global Webinars on the Non-Assurance Services and Fee-related Provisions to the IESBA Code

Jun 17, 2021

On June 17, 2021, the International Ethics Standards Board for Accountants (IESBA) released recordings of two global webinars focused on the recently released revisions to the Non-Assurance Services (NAS) and Fee-related provisions of the International Code of Ethics for Professional Accountants (including International Independence Standards) (the Code).

Listen to both 60-minute webinars:

  • Fees Webinar – featuring Mr. Ian McPhee, IESBA Member and Fees Task Force Chair and Ms. Caroline Lee, IESBA Deputy Chair and Fees Task Force Member
  • NAS Webinar – featuring Mr. Richard Fleck, NAS Task Force Chair and Ms. Kim Gibson, IESBA Member and NAS Task Force member.

During each webinar, the IESBA Representatives explain key provisions of the revised NAS and fee-related independence standards that will come into effect in December 2022.

Review the press release on the IESBA's website.

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New quality management implementation guides

Jun 14, 2021

On June 14, 2021, the International Auditing and Assurance Standards Board (IAASB) released two guides to help stakeholders implement its suite of quality management standards.

The guides will help stakeholders understand the standards and properly implement the requirements in the manner intended:

The IAASB will also issue an implementation guide for International Standard on Auditing 220 (Revised), Quality Management for an Audit of Financial Statements, in Q3. The suite of quality management standards come into effect on December 15, 2022.

Review the press release on the IAASB's website.

IIRC (International Integrated Reporting Committee) Image
SASB (Sustainability Accounting Standards Board) Image

IIRC and SASB officially merge

Jun 09, 2021

On June 9, 2021, the International Integrated Reporting Council (IIRC) and the Sustainability Accounting Standards Board (SASB) officially announced their merger to form the Value Reporting Foundation (VRF).

The VRF supports business and investor decision-making with three key resources:

  • Integrated Thinking Principles,
  • Integrated Reporting Framework, and
  • SASB Standards.

These tools are intended to enable organizations to move from buy-in to action. By more closely aligning the Integrated Reporting Framework and the SASB Standards, the VRF will make it easier for businesses to communicate their long-term strategy and provide a more comprehensive view of business performance to investors and other providers of capital.

The VRF is also committed to the delivery of a more coherent corporate reporting system by working closely with the IFRS Foundation and other leading framework providers and standard-setters around the world.

Review the press release and the new VRF website for more information and a list of statements from business leaders.

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TCFD consults on updates to its 2017 recommendations

Jun 08, 2021

The Task Force on Climate-related Financial Disclosures (TCFD) set up by the Financial Stability Board (FSB) to develop voluntary, consistent climate-related financial risk disclosures for use by companies in providing information to lenders, insurers, investors and other stakeholders is consulting on updates to its final recommendations on climate-related financial disclosures as disclosure practices and the use of disclosures by financial and non-financial organizations have continued to progress since 2017.

The introduction to the consultation notes that when the Task Force issued its final recommendations, "it was aware of the limitations of reporting certain metrics as well as the nascency of climate-related reporting at the time, and anticipated that metric disclosure would evolve as climate-related financial reporting matured". The developments especially noted are around global standard convergence:

In response to these developments, progress around certain metrics and newly identified areas warranting additional guidance, the TCFD has developed its Proposed Guidance on Climate-related Metrics, Targets, and Transition Plans to serve two purposes:

  • to provide general guidance for organizations seeking to establish relevant metrics, targets, and transition plans around their climate-related risks and opportunities, and
  • to propose specific changes to the guidance for all sectors and supplemental guidance in the 2017 final report and in the guidance on implementing the recommendations.

Comments on the proposed guidance, which comes with an associated Measuring Portfolio Alignment: Technical Supplement, are requested by July 7, 2021.

The Task Force will take the consultation responses into consideration when releasing final guidance in the fall of 2021.

Review both documents on the TCFD's website.


Second webinar in series on disclosure requirements in IFRS Standards

Jun 08, 2021

On June 8, 2021, the IFRS Foundation announced its second webinar in a series of webinars on the IASB exposure draft "Disclosure Requirements in IFRS Standards — A Pilot Approach". The webinar will be held on June 17, 2021.

The second webinar will explore in more detail the proposed new approach to developing disclosure requirements in IFRS Standards and will include a discussion of the Board’s views on comparability, enforceability and electronic reporting.

For the convenience of participants from different time zones, there will be two sessions of the webinar both discussing the same topics:

  • Thursday 17 June 2021, 09:00–10:00 BST and
  • Thursday 17 June 2021, 15:00–16:00 BST.

Each session will include a moderated question-and-answer session.

Review the press release on the IASB’s website.

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Eminent Persons Group to advise Trustees on their sustainability initiative

Jun 07, 2021

On June 7, 2021, the IFRS Foundation Trustees announced the establishment of an Eminent Persons Group to provide strategic advice and counsel to the Trustees regarding the proposed formation of the International Sustainability Standards Board (ISSB). The group will also advise on the connectivity with jurisdictional initiatives.

The Eminent Persons Group is chaired by Jean-Claude Trichet, former President of the European Central Bank. Additional members are Sheila Bair, former Chair of the US Federal Deposit Insurance Corporation, Nandan Nilekani, Chair and co-founder of Infosys, Guillermo Ortiz, former Governor of Banco de Mexico and former Chair of the Bank of International Settlements, and Min Zhu, former Deputy Managing Director of the International Monetary Fund. The group has held its first meeting and will have regular engagement with the Trustees.

The Trustees now have four groups they work with in the context of their sustainability initiative:

  • The Trustees’ Steering Committee provides strategic direction and project oversight and makes recommendations on key decisions for endorsement by all Trustees.
  • The Eminent Persons Group provides strategic advice and counsel to the Trustees.
  • The Technical Readiness Working Group is working on providing the ISSB with a ‘running start’.
  • The Multilateral Working Group does preparatory work for a building-blocks approach and facilitates interaction with other international/jurisdictional initiatives.

Review the press release on the IASB's website.

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New Taskforce on Nature-related Financial Disclosures launched

Jun 07, 2021

The Taskforce on Nature-related Financial Disclosures (TNFD) is a new global market-led initiative which aims to provide financial institutions and corporates with a complete picture of their environmental risks and opportunities. The TNFD will deliver a framework for organizations to report and act on evolving nature-related risks, building on the success of the Task Force on Climate-related Financial Disclosures (TCFD).

As part of the launch, two publications have been published on the TNFD website:

Review the press release on the TNFD website announcing the launch as well as a letter by the two newly appointed Co-Chairs.



Recording of EAA-IASB workshop on the Third Agenda Consultation

Jun 07, 2021

On June 7, 2021, the International Accounting Standards Board (IASB) released the recordings of a virtual workshop it held in conjunction with the European Accounting Association (EAA). The workshop provided an overview of the IASB’s Third Agenda Consultation and an update on the Board’s current projects.

Listen to the recording of the presentations and access the slide decks on the IASB website.

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