The podcast looks ahead to the ISSB’s three priorities for 2024:

• Supporting the implementation of the ISSB Standards;
• Working with jurisdictions on their adoption roadmaps; and
• Finalising the ISSB’s two-year work plan.

It also discusses recent progress on technical work, including the discussion at the January 2024 joint IASB-ISSB meeting, for which a dedicated podcast has been released.

Access the press release on the IFRS Foundation website.

Below is an analysis of all changes made to the work plan since our last analysis on December 18, 2023

Standard-setting projects

• Business combinations — Disclosures, goodwill and impairment— An exposure draft is now expected in March 2024 (previously Q1 2024)
• Disclosure initiative — Subsidiaries without public accountability: Disclosures — A final standard is now expected in April 2024 (previously Q2 2024)
• Dynamic risk management— An exposure draft is now expected in H1 2025 (previously 2025)
• Financial instruments with characteristics of equity— The exposure draft feedback will now be discussed in Q2 2024 (previously Q1 2024)
• Primary financial statements— A final standard is now expected in April 2024 (previously Q2 2024)

Maintenance projects

• test
  • test 2
• Annual Improvements to IFRS Accounting Standards — Feedback discussions on the exposure draft of the following projects will now begin in February 2024 (previously Q1 2024):
  • Cost Method (Amendments to IAS 7)
  • Derecognition of Lease Liabilities (Amendments to IFRS 9)
  • Determination of a ‘De Facto Agent’ (Amendments to IFRS 10)
  • Disclosure of Deferred Difference between Fair Value and Transaction Price (Amendments to Guidance on implementing IFRS 7)
  • Gain or Loss on Derecognition (Amendments to IFRS 7)
  • Hedge Accounting by a First-time Adopter (Amendments to IFRS 1)
  • Introduction and Credit Risk Disclosures (Amendments to Guidance on implementing IFRS 7)
  • Transaction Price (Amendments to IFRS 9)
• International applicability of the SASB standards— This project has been removed from the work plan since final amendments were published on December 19, 2023
• Updating the 'Subsidiaries without public accountability: Disclosures' standard — An exposure draft is now expected in Q2 2024 (previously H1 2024)

Research projects

• Post-implementation Review of IFRS 15 'Revenue from Contracts with Customers' — The IASB has concluded the discussion of the feedback receivedand will now publish a feedback statement as next step (expected in H2 2024)

Other projects

• IFRS Accounting Taxonomy Update — Amendments to IAS 12, IAS 21, IAS 7 and IFRS 7 — After discussing the feedback received on the proposed update, a final update will now be published in March 2024
• IFRS Accounting Taxonomy Update — Common practice (Financial instruments) and general improvements — After discussing the feedback received on the proposed update, a final update will now be published in March 2024

The above is a faithful comparison of the IASB and ISSB work plan on December 18, 2023 and January 29, 2024.

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

After reviewing the feedback gathered, AASB found it to be generally consistent with the main themes identified during the international standard's consultation. These include requests for enhanced guidance on relevant ethical requirements and quality management, clarification on the relationship between CSSA 5000 and ISAE 3410, further consideration and guidance on the entity's materiality process, greater detail on materiality, particularly for qualitative disclosures, more guidance on obtaining evidence for estimates and forward-looking information, additional requirements and guidance for group sustainability assurance engagements, and the need for first-time implementation guidance. Areas, where feedback gathered in Canada differed from that heard during the international consultation process, include how sufficiently the proposed standard addresses the concept of greenwashing and other types of washing (e.g., social washing) and requirements relating to using the work of a practitioner’s external expert or another practitioner.

Over the next few months, the AASB will be working to ensure Canadian feedback is considered by the International Auditing & Assurance Standards Board (IAASB) as the final standard is developed. The anticipated approval date for the final CSSA 5000 is December 2024.

Access the press release on the AASB’s website.

The IFRS Foundation issued a special joint podcast episode where IASB Vice-Chair Linda Mezon-Hutter and ISSB Vice-Chair Sue Lloyd shared insights into the discussion.

Key topics included feedback on integration in reporting projects and enhancing connectivity between the two boards. The podcast also discussed the IASB’s management commentary project and the role of the Integrated Reporting Framework.

Access the press release on IFRS Foundation’s website.

The revised GRI biodiversity standard delivers:

• full transparency throughout the supply chain; 
• location-specific reporting on impacts; 
• new disclosures on the direct drivers of biodiversity loss; and 
• requirements for reporting impacts on society.

It builds on the most important global biodiversity developments, such as the UN Kunming-Montreal Global Biodiversity Framework (GBF), the Science Based Target Network (SBTN) and the Taskforce on Nature-related Financial Disclosures (TNFD).

The GRI cooperated and liaised with the European Financial Reporting Advisory Group (EFRAG), which developed European Sustainability Reporting Standard (ESRS) 4 Biodiversity and ecosystems, and other key organizations in the biodiversity field to support global alignment of the revised standard.

Access the press release on GRI’s website.

This study, an annual benchmark that now includes 2022 data, also found the use of varying sustainability standards and frameworks, continues to make it difficult for investors, lenders, and other stakeholders to find consistent and comparable sustainability information.

Key findings revealed a surge in companies reporting sustainability information, with 98% doing so in 2022 compared to 91% in 2019. However, standalone sustainability reports have declined, indicating a shift towards integrated reporting. While there is an increase in companies seeking assurance on sustainability disclosures, the scope remains limited. Additionally, accounting firms dominate assurance engagements, reflecting growing recognition of their reliability in ensuring sustainability disclosure consistency.

Access the report on IFAC’s website.

The primary objectives of the proposals are to provide greater regulatory clarity on permitted crypto asset investment activities, to prohibit the use of crypto assets in securities lending and (reverse) repurchase transactions and to confirm custodial expectations.

The most significant updates to the existing public crypto asset fund practices include:

• explicit limitations on Non-Fungible Tokens ;
• mandates for investing solely in crypto assets (or derivatives with crypto asset underliers) that are traded on recognized exchanges while continuing to allow purchases on crypto asset trading platforms;
• requiring crypto custodians to obtain, and deliver to public crypto asset funds, SOC 2 Type 2-like reports

The Notice represents the second phase of the CSA’s ongoing effort to establish a comprehensive regulatory framework for public crypto asset funds in Canada. Following their initial guidance document (CSA Staff Notice 81-336 Guidance on Crypto Asset Investment Funds), these amendments aim to further clarify existing securities regulations and refine expectations for how such funds operate under National Instrument 81-102 Investment Funds.

Access the notice on Ontario Securities Commission’s website.

This document illustrates the areas of interoperability between GRI 305: Emissions 2016 (GRI 305) and IFRS S2 Climate-related Disclosures (IFRS S2) that a company should consider when measuring and disclosing Scope 1, Scope 2 and Scope 3 greenhouse gas (GHG) emissions in accordance with both Standards

The press release states that the requirements in GRI 305 and IFRS S2 are highly aligned as, for example, both standards draw on the GHG Protocol. The high degree of alignment will help entities that already disclose Scope 1, 2 and 3 GHG emissions using the GRI standards to report information about GHG emissions in accordance with IFRS S2. Entities can also align other GHG emissions disclosures, depending on the choices they make in applying GRI 305 and IFRS S2.

Access the press release on the IFRS Foundation website.

The SSE’s mission is to provide a global platform for exploring how exchanges, in collaboration with investors, companies (issuers), regulators, policymakers and relevant international organizations, can enhance performance on ESG (environmental, social and corporate governance) issues and encourage sustainable investment, including the financing of the UN Sustainable Development Goals.

According to the press release, the toolkit covers the following:

• Model guidance on sustainability-related financial disclosures
• Transition plans training tool
• Gap analysis checklist
• Climate metrics training tool

The SSE has advised that additional guidance and tools will be released as required.

Access the press release  and the toolkit on the SSE website.

Among the notable changes introduced by the International Professional Practices Framework (IPPF) Evolution project are:

• Strengthening governance frameworks to improve organizations’ responsiveness to rapidly changing business environments.
• Specific guidance to assist internal auditors in the public sector and for small internal audit functions.
• A more flexible framework that can adapt to the unique challenges faced by auditors in different parts of the world.
• Specific guidance and standards on critical areas like cybersecurity.

The Standards provide internal audit principles, requirements, and considerations for implementation in a streamlined format. They help elevate the quality of internal auditing and enhance the internal audit function’s role as an essential business partner to boards and senior management.

Access the press release on the IIA’s website.