November 2022

IOSCO statement on financial reporting and disclosure during economic uncertainty

Nov 14, 2022

On November 14, 2022, the International Organization for Securities Commissions (IOSCO) released a statement emphasizing issuers’ need for fair, transparent and timely disclosure about impacts of economic uncertainty.

The statement lists the following factors affecting current economic conditions that should be considered:

  • supply chain challenges;
  • on-going impacts of the COVID-19 pandemic;
  • evolving impacts of the conflict in Ukraine;
  • escalating energy supply shortages and costs;
  • labor shortages;
  • inflationary pressures;
  • volatility in currency exchange rates;
  • rising interest rates;
  • changes in monetary and fiscal policies; and
  • other responses from central banks and other government authorities.

Considering these factors might lead to financial statement considerations, going concern considerations, considerations around events after the reporting period, updating and assessing significant judgments, estimates and estimation uncertainty, cybersecurity risk consideration, and considerations around non-GAAP financial measures.

The IOSCO concludes:

We encourage issuers, external auditors, as well as audit committees [...] to be particularly vigilant in times of economic uncertainty in their consideration of how risks and uncertainties that could affect or have affected an issuer’s operations, financial condition, cash flows and prospects can be transparently communicated to investors.

Review the full statement on the IOSCO's website.

Updated IASB and ISSB work plan — Analysis (November 2022)

Nov 28, 2022

On November 28, 2022, the International Accounting Standards Board (the Board) and the International Sustainability Standards Board (ISSB) updated its work plan following its November 2022 meeting.

Below is an analysis of all changes made to the work plan since our last analysis on October 25, 2022.

Stan­dard-set­ting projects

Main­te­nance projects

Strategy & governance projects

Research projects

Other projects

The revised IASB and ISSB work plan is available on the Board's website.

 

Updated IPSAS-IFRS alignment dashboard

Nov 21, 2022

In November 2022, the International Public Sector Accounting Standards Board (IPSASB), which develops the International Public Sector Accounting Standards (IPSAS) for financial reporting by governments and other public sector entities, released an updated IPSAS-IFRS alignment dashboard showing how far individual IPSAS are aligned with corresponding IFRS standards.

Review the updated alignment dashboard prepared for the December 2022 IPSASB meeting on the IPSASB's website.

Correction list for hyphenation

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