July 2022

IFRS 17 Matters for Non-insurance Entities

Jul 28, 2022

Did you know that IFRS 17, Insurance Contracts, can apply to insurance contracts issued by non-insurance entities? With the effective date of this standard fast approaching, non-insurance entities are encouraged to review their contracts to determine whether they are in scope of IFRS 17.

Review the press release and publications on the AcSB's website.

MB discusses the ongoing activities of the ISSB

Jul 01, 2022

The IFRS Foun­da­tion Mon­i­tor­ing Board (MB) has released a short report on the meeting with the IFRS Trustees and the lead­er­ship of the International Accounting Standards Board (IASB) and International Sus­tain­abil­ity Standards Board (ISSB) in Montreal. Given current de­vel­op­ments, much of the meeting was devoted to the ongoing public con­sul­ta­tion by the ISSB on the draft standards.

The MB welcomed the strong momentum towards es­tab­lish­ing IFRS Sus­tain­abil­ity Dis­clo­sure standards and strongly en­cour­aged all stake­hold­ers to continue engaging with the ISSB and to respond to their con­sul­ta­tion. They noted:

We welcome that the ISSB is par­tic­u­larly in­ter­ested in obtaining feedback from a variety of stake­hold­ers to un­der­stand whether the proposals will provide useful in­for­ma­tion to investors and are capable of being applied and accepted globally, including by smaller companies and those in emerging markets.

The MB also en­cour­aged the ISSB to continue their outreach with preparers from different in­dus­tries and sizes.

As regards global adoption of the final standards, the MB noted that the outreach program that the ISSB has embarked on during the con­sul­ta­tion period was a positive step to putting into practice an effective building blocks approach to the in­ter­op­er­abil­ity of the ISSB global baseline. In that context, the report notes, the MB strongly supports the ISSB’s ongoing en­gage­ment with a wide variety of stake­hold­ers, including through the formation of the Ju­ris­dic­tional Working Group.

Please click to access the full report on the IOSCO website.

Short summary of the IFRS Foundation Conference 2022

Jul 01, 2022

The IFRS Foun­da­tion Con­fer­ence 2022 was held on June 23/24. 2022, split into one sus­tain­abil­ity day and one accounting day. The IFRS Foun­da­tion has now published a short summary of the con­fer­ence on its website.

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

Jul 25, 2022

On July 25, 2022, the International Accounting Standards Board (the Board) and the International Sustainability Standards Board (ISSB) updated its work plan following its July 2022 meeting. Two new projects have been added to the work plan.

Below is an analysis of all changes made to the work plan since our last analysis on June 27, 2022.

Standard-setting projects

Maintenance projects

Research projects

Other projects

  • ISSB consultation on agenda priorities — An initial discussion of this project took place during the ISSB's July meeting; the next expected project step is a request for information to be published in Q4 2022
  • Third agenda consultation — no changes, the work plan still notes "July 2022" for the feedback statement to be published — this would mean later this week

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

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