In its response, IFAC supports corporate reporting that better addresses a company’s ability to create long-term value and is decision useful for investors and other stakeholders. IFAC welcomes the European Sustainability Reporting Standards (ESRS) while noting significant concerns regarding the need for interoperability that supports a global system for reporting. IFAC notes that all international and regional approaches must align key concepts, terminologies, and metrics to avoid regulatory fragmentation, especially on matters of materiality.

The response notes that implementation by companies and enforcement by regulators of the new standards are essential to ESRS success. Therefore, IFAC urges additional transitional reliefs to allow companies sufficient time to implement governance, processes, reporting capacity, and internal controls.

Access the full response on the European Commission website.

The committee’s stated objective is to seek stakeholder responses to specific questions on a host of issues related to digital asset taxation.

Re­view the open letter on US Finance Senate 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 guidance provides an overview of public crypto asset funds operating in Canada and describes related oversight initiatives by CSA members. The notice also covers:

• Market characteristics of crypto assets that could impact their viability as investments for public crypto asset funds
• Expectations concerning custody of crypto assets held on behalf of a fund
• Issues relating to yield-generating activities, like staking, by public crypto asset funds
• Know-your-client, know-your product and suitability obligations with respect to public crypto asset funds.

Re­view the news release on CSA's website.

The CSA commended the ISSB for developing a global framework for investor-focused disclosure that is responsive to market demand for more consistent and comparable disclosures. The CSA is also encouraged by the ISSB’s proposed capacity building efforts to support adoption of the ISSB Standards.

Re­view the news release on CSA's website.

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.

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.

Following the first paper The Case for Realigning Reporting Standards with Modern Value Creation published in September 2021, the second paper Human Capital Introspective published in June 2022, the third paper Rethinking Brand Value published in September 2022, a fourth paper Deciphering Technology can now be accessed through the press release on the IVSC website.

Re­view the latest paper on the IVSC website.

IFRS 15 specifies how and when an IFRS reporter will recognize revenue as well as requiring such entities to provide users of financial statements with more informative, relevant disclosures. The standard provides a single, principles based five-step model to be applied to all contracts with customers.

In the post-implementation review of the standard the IASB wants to assess:

• whether there are fundamental questions (fatal flaws) about the clarity and suitability of the core objectives or principles in the new requirements;
• whether the benefits to users of financial statements of the information arising from applying the new requirements are significantly lower than expected; and
• whether the costs of applying the new requirements and auditing and enforcing their application are significantly greater than expected.

Comments on the RFI are requested by October 27, 2023.

Review the press release and the Request for Information on the IFRS Foundation website.

Once finalized, ISSA 5000 will serve as a comprehensive, stand-alone standard suitable for limited and reasonable sustainability assurance engagements. It will apply to sustainability information reported across any sustainability topic and prepared under multiple frameworks. Moreover, the standard will be profession-agnostic, enabling its use by professional accountants and other professionals performing sustainability assurance engagements.

Access the news release on the IAASB website.