The AcSB expressed overall support for the IASB's proposed disclosure and financial statement presentation requirements in the Exposure Draft. They believe these proposals, which respond to the feedback from the June 2018 Discussion Paper "Financial Instruments with Characteristics of Equity," will offer more decisive and helpful information to financial statement users about complex financial instruments, thus enhancing comparability.

However, the AcSB believes that IASB's current Exposure Draft should have concentrated solely on disclosures and financial statement presentation as the specific classification and measurement proposals do not fulfill the IASB's objectives for this project. Nonetheless, should the IASB proceed with these classification and measurement proposals, the AcSB recommends additional modifications and clarifications.

Access the comment letter on the IFRS’s website.

Covering double materiality, due diligence, and the Corporate Sustainability Reporting Directive (CSRD), each publication emphasizes the pertinence of the topic and the significant role played by the globally adopted GRI Standards in helping address them: 

• Double materiality: The interconnectedness of a company's impacts on society and the environment with its financial performance. GRI reporting prepares companies for double materiality, given that impacts are the basis for determining associated financial risks and opportunities.  
• Due diligence: How a business prevents, mitigates and accounts for its impacts. Due diligence is integrated into the GRI Standards, with reporting requirements aligned with authoritative intergovernmental instruments. 
• CSRD: The benefits for policymakers in harmonizing their sustainability disclosure regulations with the EU. The GRI Standards are closely aligned with the new European Sustainability Reporting Standards (ESRS), with collaboration continuing to ensure they remain so in the future. 

Access the press release on the GRI’s website.

The podcast highlights some of the projects that were discussed during the meeting, including:

• climate-related and other uncertainties in the financial statements
• management commentary
• power purchase agreements

The podcast can be accessed here on the IFRS Foundation website

The IASB is soliciting feedback on proposed amendments to IFRS 3 Business Combinations. These amendments would necessitate companies to divulge the objective and associated performance targets of their most significant acquisitions, along with whether these targets are achieved in subsequent years.

Further, companies must furnish details regarding anticipated synergies for all substantial acquisitions. Nevertheless, the proposals ensure that companies need not disclose information that could jeopardize their acquisition objectives. Additionally, the IASB suggests complementary adjustments to IAS 36 Impairment of Assets to refine the impairment test. Interested parties have until July 15, 2024, to provide their comments on the ED.

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

This feedback will help the Board to evaluate if the standard meets its objectives and assess the nature and extent of the implementation challenges.

 Section PS 3430 came into effect beginning on or after April 1, 2018, and based on PSAB’s Due Process Manual, and there is a two-year period before the Board decides if a post-implementation review (PIR) is needed.

PSAB assesses the need for a PIR on a case-by-case basis to determine the appropriate number of years before beginning a review and decides at its discretion.

The deadline for the feedback is May 24, 2024.

Access the news on the PSAB’s website.

The guidance contains the following sections:

• Section 1 discusses the general reporting requirements in the ISSB standards and ESRS and explains the extent to which the standards are compatible with each other in terms of materiality, presentation and disclosures on non-climate-related sustainability topics.
• Section 2 provides a paragraph-by-paragraph analysis of the climate-related disclosure requirements of the ISSB standards and the ESRS in a tabular format.
• Section 3 lists reporting elements and areas for which ESRS preparers may need to provide additional disclosures in order to comply with the climate-related disclosure requirements in the ISSB standards.
• Section 4 lists reporting elements and areas for which IFRS preparers may need to provide additional disclosures in order to comply with the climate-related disclosure requirements in ESRS.

Access the press release on the IFRS’s website.

The guidance contains the following sections:

• Section 1 discusses the general reporting requirements in the ISSB standards and ESRS and explains the extent to which the standards are compatible with each other in terms of materiality, presentation and disclosures on non-climate-related sustainability topics
• Section 2 provides a paragraph-by-paragraph analysis of the climate-related disclosure requirements of the ISSB standards and the ESRS in a tabular format
• Section 3 lists reporting elements and areas for which ESRS preparers may need to provide additional disclosures in order to comply with the climate-related disclosure requirements in the ISSB standards
• Section 4 lists reporting elements and areas for which IFRS preparers may need to provide additional disclosures in order to comply with the climate-related disclosure requirements in ESRS

Access the press release on the IFRS’s website.

The purpose of the session is to inform academics involved in teaching financial reporting modules on the new requirements in IFRS 18 coming into effect on January 1, 2027. The session also aims to stimulate academic discussion and research that will be useful for the post-implementation review of IFRS 18.

The workshop will be structured in three sections: 1) New defined subtotals in the statement of profit or loss; 2) Requirements for aggregation and disaggregation, and 3) Management-defined performance measures.

Access the registration details on the EAA’s website.

The 2024 IFRS Accounting Taxonomy is consistent with IFRSs issued by the IASB on January 1, 2024, including those issued but still not effective. The 2024 IFRS Taxonomy also incorporates the changes made to the IFRS Taxonomy in 2023, reflecting amended IFRSs and standard reporting practices by companies that apply IFRS Accounting Standards and general taxonomy improvements.

Access the press release on the IFRS’s website.

Below is an analysis of all changes made to the work plan since our last analysis on February 29, 2024

Standard-setting projects

• Business combinations — Disclosures, goodwill and impairment— Following the publication of the exposure draft on March 14, 2024, the next expected project step is now the discussion of the feedback received expected to begin in H2 2024 
• Financial instruments with characteristics of equity — Discussion of the feedback received on the exposure draft is now expected to begin in May 2024 (previously Q2 2024)

Maintenance projects

• Amendments to the classification and measurement of financial instruments — Final amendments are now expected to be published in May 2024 (previously Q2 2024)

IASB publications expected in March

•  IFRS Accounting Taxonomy Update — Amendments to IAS 12, IAS 21, IAS 7 and IFRS 7— as part of the IFRS Accounting Taxonomy 2024
• IFRS Accounting Taxonomy Update — Common practice (Financial instruments) and general improvements— as part of the IFRS Accounting Taxonomy 2024

The above is a faithful comparison of the IASB and ISSB work plan on 29 February 2024 and 26 March 2024.

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