The event will have a dual focus:

• on profit or loss and the role of other comprehensive income (OCI) and other elements of the proposed IASB Conceptual Framework; and
• on insurance industry accounting.

A detailed invitation and programme will be published in the first half of September. Please click for more information on the event on the EFRAG website.

Currently, each IPSAS includes a statement that it does not apply to commercially-oriented public sector entities. To address constituents’ concerns about the application of IPSASs to public sector entities, the IPSASB now proposes to:

• Revise the Preface to International Public Sector Accounting Standards to provide the characteristics of public sector entities for which IPSASs are intended;
• delete the definition of Government Business Enterprises (GBEs) in IPSAS 1 Presentation of Financial Statements; and
• Amend the scope section of each IPSAS and Recommended Practice Guideline (RPG) by removing the paragraph that states that these pronouncements do not apply to GBEs.

Please click to access the press release and the exposure draft on the IPSASB website. Comments are requested by 30 November 2015.

The IPSASB's proposals partly overlap with questions asked in the Request for Views published by the Trustees of the IFRS Foundation in July 2015. Among other topics, the Trustees are consulting on the relevance of IFRSs which also might include extending the IASB's remit beyond the current focus of the organisation, either in terms of the types of entity covered or the types of reporting.

The International Integrated Reporting Council (IIRC) has released a draft matrix of competencies that it sees as essential for anyone working within an integrated reporting environment.

The Global Reporting Initiative (GRI) has established a new Knowledge Unit, which is intended to mobilise the knowledge gained during nearly 20 years of reporting practice, four versions of the Guidelines, over 25,000 reports registered on the Sustainability Disclosure Database, and tens of thousands of practitioners and experts actively engaged in reporting and transparency. More information is available in the press release on the GRI website.

The Global Sustainability Standards Board (GSSB) has issued its first interpretation on the meaning of 'in accordance' with the GRI Guidelines. The GSSB is mandated to use such authoritative pronouncements to refine and clarify disclosures and concepts in the standards and original GRI guidelines. Please click to access the press release announcing the new interpretation.

The World Federation of Exchanges (WFE) has issued the results of the its Sustainability Working Group report and survey on exchanges and ESG initiatives. Exchanges are playing an ever more significant role in promoting non-financial reporting The full report is available on the WFE website.

At the meeting, the IASB had tentatively decided to follow a staff recommendation to amend IFRS 4 Insurance Contracts to address the consequences of different effective dates of IFRS 9 Financial Instruments and the new insurance contracts standard expected to be published in 2016.

Please click to access the podcast on the IASB website.

The questionnaire was carried out by EFRAG and the partner National Standard Setters (ANC, ASCG, FRC and the OIC) from the end of November 2014 until the end of March 2015 and was intended to identify whether any issues identified by constituents in earlier field tests remained after the publication of the final IFRS 9 in July 2014. 

Input from the pre-endorsement questionnaire was used by EFRAG in developing its draft endorsement advice to the European Commission for the use of IFRS 9 in the EU.  A total of 24 companies participated in the questionnaire of which 11 were from the banking industry, four from the insurance industry and nine from other industries.

The feedback report covers the following areas:

• classification and measurement (including the interaction between IFRS 9 and the insurance contracts standard);
• expected credit losses (including costs related to the implementation of the impairment model);
• general hedge accounting; and
• overall assessment of IFRS 9.

The press release and full feedback report are available on the EFRAG website.

• Call for EFRAG TEG Chairman and CEO
• Call for EFRAG TEG applicants

The IIRC indicates that the competence matrix is “intended to provide clear guidance in the market as to the skills and experience necessary to be an effective practitioner in <IR>”.

The draft matrix sets out two competence levels – introductory and practitioner.  The introductory level “reflects the competence requirements for individuals who need to understand the benefits which Integrated Reporting can bring to an organisation, but who are not directly involved in the preparation of the integrated report".  The practitioner level “builds directly on the introductory level and reflects the competence requirements for individuals who are directly involved in Integrated Reporting within an organisation, including preparation of the integrated report”.

Four competence areas are included within the draft matrix:

• integrated reporting – the vision for better corporate reporting;
• integrated thinking – creating value over time;
• preparing the integrated report – communicating value creation; and
• implementing integrated reporting – from financial management to value management.

Each competence area is then broken down further into subject areas and related learning outcomes.

The draft matrix of competencies is available on the IIRC website.