The publication mainly consists of a non-exhaustive list of examples illustrating when IFRS Standards may require companies to consider the effects of climate-related matters in applying the principles in a number of standards.

The examples in the list refer to the following standards:

• IAS 1 Presentation of Financial Statements
• IAS 2 Inventories
• IAS 12 Income Taxes
• IAS 16 Property, Plant and Equipment and IAS 38 Intangible Assets
• IAS 36 Impairment of Assets
• IAS 37 Provisions, Contingent Liabilities and Contingent Assets and IFRIC 21 Levies
• IFRS 7 Financial Instruments: Disclosures
• IFRS 9 Financial Instruments
• IFRS 13 Fair Value Measurement
• IFRS 17 Insurance Contracts

Access the material on the IASB website.

The information is limited to companies that already provide segment information to the chief operating decision maker, an accounting designation used by the FASB and its international counterpart, the International Accounting Standards Board. Businesses that don’t currently share this information with their chief executive, chief operating officer or their board’s executive committee won’t have to disclose it to investors. These businesses will have to state in their disclosure that their senior executives don’t receive this data. Companies with only one business segment will also have to report their significant expenses.

Review the news release on the WSJ website.

Highlights of the podcast include discussions on:

• discussions on the primary financial statements project;
• decisions made in the equity method project;
• developments on the project on subsidiaries without public accountability;
• progress in the rate-regulated activities project; and
• key takeaways from the discussion on the second comprehensive review of the IFRS for SMEs Accounting Standard.

Access the podcast on the IFRS Foundation website.

The new standard will result from the primary financial statements project and will supersede IAS 1 Presentation of Financial Statements.

The IASB expects to issue this new standard in the first half of 2024=; it will be effective for annual reporting periods beginning on or after January 1, 2027.

Re­ad the announcement on the IFRS Foundation website.

The Financial Stability Board (FSB), which oversees the TCFD, acknowledged that the ISSB standards mark the culmination of the TCFD’s work since its establishment in 2017. The FSB has now requested the IFRS Foundation to take over monitoring companies’ progress in disclosing climate-related information, a responsibility previously held by the TCFD.

The Financial Stability Board (FSB), which oversees the TCFD, acknowledged that the ISSB standards mark the culmination of the TCFD’s work since its establishment in 2017. The FSB has now requested the IFRS Foundation to take over monitoring companies’ progress in disclosing climate-related information, a responsibility previously held by the TCFD.

Access the news release on the IFRS Foundation website.

The Pillar Two documents released were:

• Tax Challenges Arising from the Digitalization of the Economy – Administrative Guidance on the Global Anti-Base Erosion Model Rules (Pillar Two), July 2023 (“July AG”).
• Tax Challenges Arising from the Digitalization of the Economy – GloBE Information Return (Pillar Two); and
• Tax Challenges Arising from the Digitalization of the Economy – Subject to Tax Rule (Pillar Two).

Re­view the July AG on the OECD website.

The report provides an update on the work of the OECD/G20 Inclusive Framework on BEPS on a “two-pillar” approach to address the tax challenges arising from the digitalization and globalization of the economy, including the publication of an outcome statement dated July 11, 2023 on nexus and profit allocation challenges (Pillar One) and global minimum tax rules (Pillar Two) that was agreed by 138 of the 143 members of the inclusive framework.

Re­view tax report on the OECD website.

Below is an analysis of all changes made to the work plan since our last analysis on June 27, 2023.

Standard-setting projects

• Amendments to climate-related SASB Standards — This project has been removed from the work plan since the final amendments were included when IFRS S2 was issued.
• Equity Method — An exposure draft is now expected in H2 2024 (previously 2024).
• International applicability of the SASB standards — Feedback on the exposure draft will now be discussed in September 2023 (previously Q3 2023).
• Management commentary — A decision on the project’s direction is expected in Q4 2023 (previously H2 2023).

Maintenance projects

• Amendments to the classification and measurement of financial instruments — Feedback on the exposure draft is now expected to be discussed in September 2023 (previously Q3 2023).
• Annual Improvements to IFRS Accounting Standards — Exposure draft for the following is now expected in September 2023 (previously Q3 2023):
• Cost Method (Amendments to IAS 7)
• Credit Risk Disclosures (Amendments to Illustrative Examples accompanying IFRS 7)
• Determination of a ‘De Facto Agent’ (Amendments to IFRS 10)
• Disclosure of Deferred Difference Between Fair Value and Transaction Price (Amendments to Illustrative Guidance accompanying IFRS 7)
• Gain or Loss on Derecognition (Amendments to IFRS 7)
• Hedge Accounting by a First-time Adopter (Amendments to IFRS 1
• Lessee Derecognition of Lease Liabilities (Amendments to IFRS 9)
• Transaction Price (Amendments to IFRS 9)
• Climate-related risks in the financial statements — the research review is expected in September 2023 (previously Q3 2023).
• Provisions — Targeted Improvements — A decision on the project’s direction is expected in Q4 2023 (previously H2 2023).

Research projects

• Business combinations under common control — A decision on the project’s direction is expected in September 2023 (previously Q3 2023).
• Extractive activities — A decision on the project’s direction is expected in September 2023 (previously Q3 2023).
• Post-implementation review of IFRS 15: Revenue from Contracts with Customers — After publishing the request for information on June 29, 2023, the next expected project step will now be the discussion of the feedback received (expected in H1 2024).

Strategy and Governance

• ISSB consultation on agenda priorities — Feedback on the request for information is expected in Q4 2023 (previously H2 2023).

Other projects

• IFRS Accounting Taxonomy Update — Amendments to IAS 12, IAS 21, IAS 7 and IFRS 7 — The proposed IFRS Taxonomy update is expected in September 2023 (previously Q3 2023).
• IFRS Sustainability Disclosure Taxonomy — After publishing the proposed taxonomy on 27 July 2023, the next expected project step will now be the discussion of the feedback received (expected in Q4 2023).

The above is a faithful comparison of the IASB and ISSB work plan on June 27, 2023 and July 28, 2023.

For access to the current work plan at any time, please click here.