Review the report on our global website.

The review was undertaken to understand the current disclosure requirements in relation to executive remuneration that extend beyond disclosures of the total remuneration of key management personnel required under IAS 24, Related Party Disclosures. Australian executive remuneration disclosure requirements were compared to eight overseas jurisdictions for for-profit (listed), not-for-profit and public sector entities to provide further input into the public discussion on this topic.

The research shows that a large number of similarities exist across the jurisdictions, as well as a number of significant differences in the breadth and depth of the information required to be disclosed. Only two jurisdictions (Australia and Germany) currently require the disclosed remuneration information to be audited and only two countries (Australia and South Africa) require the remuneration information presented outside financial statements to be measured in accordance with the relevant accounting standards.

Review the full paper on the AASB's website.

The AcSB’s letter generally supports the proposed accounting model for business combinations under common control as it will increase the usefulness, understandability, and comparability of an entity’s financial statements. The letter provides suggestions in certain areas to ease concerns with applying the proposals.

Review the letter on the IASB's website.

The AcSB’s letter focuses on the most significant financial reporting issues and makes recommendations that will seek to narrow differences in financial reporting outcomes globally.

Review the letter.

Mr. Barckow, who is the former president of the German standard setter ASCG, noted that his previous role had prepared him well for the new job as "technical issues are technical issues, wherever you sit". However, he also noted that working for a global standard setter means building consensus and creating standards that work globally, which would be more difficult given the wider variety of economic backgrounds and reporting challenges. Concluding his remarks on his experience in his new role, Mr. Barckow noted that as IASB Chair he would surely want to "make my mark, set out my ideas and pursue my priorities", but he noted that given the enduring pandemic and its consequences on everybody's lives he counted as one of the first big successes of his chairmanship that the changeover from his predecessor Hans Hoogervorst has been effective, seamless and quiet.

Mr. Barckow then turned to the IASB's agenda for the coming years and in this context noted the IASB agenda consultation and consultations and changes in general, the interaction with the new possible sister board ISSB, and intangibles. On the agenda consultation, he noted, while the Board was seeking feedback on areas of focus, on criteria for new projects and on possible new projects themselves, the IASB has an ongoing work plan based on feedback to the previous agenda consultation and also needs to allocate resources to undertake post-implementation reviews of major standards. Mr. Barckow also noted that the IASB has to be mindful of how many consultations and how much change it imposes on stakeholders.

Working with a sister board, the proposed International Sustainability Standards Board (ISSB) would also require resources, as Mr. Barckow explained. The necessary connectivity and joined-up standard-setting would mean that each Board commits resources and at the same time benefits from the other Board’s expertise and resources while while acknowledging each other’s independence. Mr. Barckow stressed that working together and developing requirements from joint principles and concepts was, in fact, one of the key selling points for having both Boards in the same organization.

Turning to intangibles, Mr. Barckow noted that IAS 38 Intangible Assets is more than 20 years old and has never been revisited other than for consequential changes resulting from other projects while the significance of intangibles, especially self-generated intangibles, has increased substantially over the last two decades. Therefore, he stated, he would like the IASB to explore what can be done to increase transparency in this area.

Concluding his speech, Mr. Barckow commented on the relationship between the IASB and national standard setters. He noted that as a result of his previous role as national standard setter he could step back and look at the IASB’s work from the perspective of a national standard setter and to identify what is working well and where the IASB can get better. And he had learned in recent years what national standard setters are able to do. Mr Barckow mentioned the many examples of excellent research and outreach by national standard setters he had seen and that he was keen to explore whether the IASB can tap into those capabilities even more. He noted:

National standard-setters are essentially the eyes and ears of the IASB. They also have valuable expertise. You will always be closer to local stakeholders, especially investors, than the IASB can ever be, no matter how much outreach we do. Furthermore, you are more likely to see issues arising in your jurisdiction far sooner and help us to resolve them before they boil up in other jurisdictions as well. You provide a very helpful interface when it comes to the IASB liaising with stakeholders from your jurisdiction — whether in conducting outreach, addressing agenda item requests that have come to the IFRS Interpretations Committee or developing educational material, to name but a few.

And this was, Mr. Barckow concluded, why the relationship with national standard setters will always be an important cornerstone in the IASB's work.

Review the transcript of Mr. Barckow's full speech on the IASB's website.

Specifically, this issue features insight into the proposed approach and discusses some of the changes that investors would see in the financial statements since investors have been calling for better disclosures in financial statements.

Review the press release and Investor Perspectives article on the IASB’s website.

The post-implementation review process for IFRS 9 was officially taken up in October 2020. While the IASB intends to conduct a post-implementation review (PIR) of all parts of IFRS 9, the IASB decided to separate the PIR of the IFRS 9 classification and measurement requirements (including FVOCI equity instruments) from the PIR of the rest of IFRS 9 in order to start the PIR on classification and measurement as soon as possible. The Board intends to take up the PIR of the other sections (impairment and hedge accounting requirements) when more information is available about how the requirements in those sections work in practice.

After discussing feedback from outreach, the Board decided in July 2021 to examine further certain aspects of the following matters:

• Business model assessment for financial assets
• Contractual cash flow characteristics assessment for financial assets
• Option for equity instruments to present fair value changes in other comprehensive income
• Financial liabilities designated as fair value through profit or loss
• Modifications to contractual cash flows
• Transition to IFRS 9

In addition, the IFRS Interpretations Committee received a question on amortized cost and the effective interest method that the Committee suggested to include in the PIR as the question is relevant in a wider context.

Accordingly, the RFI is structured into nine sections:

Review the press release and request for information on the IASB's website.

In order to achieve the goal of a more sustainable, inclusive, and prosperous economy and society, IFAC describes four areas the G20 should focus on:

1. Accelerate sustainability and inclusiveness
2. Recommit to global collaboration
3. Resist regulatory fragmentation
4. Focus on public sector transparency and integrity

IFAC comments that delivering on these will take a concerted effort from policymakers, businesses, other organizations, investors and individuals.

IFAC believes these priorities require two actions to be taken urgently:

• Support the IFRS Foundation initiative on sustainability standards and
• Champion public financial management.

On the first point, the press release states:

Momentum is growing around developing a global baseline of sustainability standards, with the IFRS Foundation poised to deliver. IFAC strongly supports this crucial work.

Review the Call to Action on the IFAC's website.

In order to support public discussion on this topic, the IVSC is publishing a multi-part article series exploring certain fundamental questions in this area.

Review the first article The Case for Realigning Reporting Standards with Modern Value Creation on the IVSC's website.

The 2022 draft release updates all standard SEC-maintained taxonomies for acceptance in EDGAR, as part of the Commission’s annual review process. In addition, the draft 2021Q4 release makes modifications to the Document and Entity Information (DEI) taxonomy and the new proposed Closed-End Fund (CEF) taxonomy. It removes certain document- and entity-related concepts from the CEF taxonomy that are already found in the DEI taxonomy, while for the DEI taxonomy it updates certain references and adds concepts for tagging auditor information.

Review the press release on the SEC's website.