The Amendments specify how a seller-lessee subsequently measures sale and leaseback transactions that satisfy the requirements in IFRS 15 Revenue from Contracts with Customers to be accounted for as a sale.

EFRAG recommends the endorsement of the Amendments. EFRAG’s initial assessment is that the Amendments meet the technical requirements of the Regulation (EC) No 1606/2002 of the European Parliament and of the Council on the application of international accounting standards.

Comments are requested by 9 January 2023.

For more information, see the press release, the draft endorsement advice letter and the invitation to comment on the EFRAG website.  EFRAG has also updated its endorsement status report to reflect the draft endorsement advice.

A summary of the agenda is set out below:

Agenda papers for the meeting are available on the IFRS Foun­da­tion website.

The SMEIG discussed the following topics related to the second comprehensive review of the IFRS for SMEs Standard:

• Objective of the second comprehensive review
• Concepts and basic principles
• Fair value measurement
• Financial instruments
• Business combinations
• Consolidation package
• Revenue
• Other topics

Please click to access the report on the IFRS Foundation website.

The agenda items to be discussed are as follows: 

The webinar, to be held on 24 November 2022, will cover the FRC's regulatory standards, corporate reporting and supervision activities and findings, as well as providing an update on the transformation journey to the Audit, Reporting and Governance Authority (ARGA) and its approach to regulation.

Details of how to register for the webinar, and further information, is available on the FRC website.

The Board will discuss the following:

• Post implementation of IFRS 9 — Classification and Measurement
• Dynamic risk management
• Rate-regulated activities
• Maintenance and consistent application
• Amendments to the Classification and Measurement of Financial Instruments
• Goodwill and impairment
• Business combinations under common control
• Disclosure initiative — Subsidiaries without public accountability: Disclosures

The full agenda for the meeting can be found here. We will post any updates to the agenda, our com­pre­hen­sive pre-meet­ing summaries, as well as observer notes from the meeting on this page as they become available.

The podcast covers:

• ISSB announcements made at COP27;
• support for scalability and proportionality and collaboration on capacity building;
• preparedness of the global south in adopting standards;
• discussion of the importance of African jurisdictions in establishing the global baseline; and
• expectations over the next 12 months.

Please click to access the 15 minute podcast on the IFRS Foundation website.

In particular, research papers are welcomed (but not limited to) the following research areas of interest:

• Recognition and measurement
• Disclosure in financial statements
• Other information sources (i.e., management commentary and sustainability report)
• Pollutant pricing mechanisms and cryptocurrencies

Research papers are requested by 31 March 2023.

For more information, see the press release and call for papers document on the IFRS Foundation website.

The CSRD, adopted with 525 votes in favour, 60 votes against and 28 abstentions, will make businesses more publicly accountable by obliging them to regularly disclose information on their societal and environmental impact.

According to the European Parliament's communication, the Council of the European Union is expected to adopt the proposal on 28 November 2022.

It is also expected that the directive will enter into force at the beginning of next year at the latest.

The text of the CSRD adopted by the EU Parliament can be accessed here. There are no substantial changes compared to the text we analysed in our newsletter on the political agreement on the CSRD in June 2022.

General Sustainability-related Disclosures

The staff recommend that the ISSB clarify that the requirement to revise comparative information to reflect updated estimates applies to current period estimates that were disclosed in prior periods (historic estimates), and does not apply to forward-looking estimates. The staff also recommend that the ISSB confirm the proposed requirement for an entity to report its sustainability-related financial disclosures at the same time as its related financial statements but introduce transitional relief for a limited period of time to permit an entity to report sustainability-related financial disclosures up to three months after the publication of its financial statements. The staff will not ask the ISSB to make a decision at this meeting on how long the transitional relief should last.

Climate-related Disclosures

At this meeting, the ISSB will consider the proposed requirements for an entity to disclose information on strategy and decision-making (including transition planning) and climate-related targets. The staff recommend that the ISSB confirm, but clarify, that an entity would be required to disclose Information about its strategy and decision-making and information about its climate-related targets. The staff also recommend that the ISSB introduce additional disclosure requirements about the assumptions made, and dependencies identified, by the entity in developing its transition plan and the implications for the entity’s transition plan if the assumptions are not met. Furthermore, they also recommend the Standard include requirements to disclose information about the scope of the target to enable users to understand whether the target applies to the entity in its entirety or to only a part of the entity (for example, specific business units or specific geographic regions).

Cross-cutting

The proposed requirements in paragraph 22 of Exposure Draft IFRS S1 General Requirements for Disclosure of Sustainability-related Financial Information ([draft] S1) and the equivalent requirements in paragraph 14 of Exposure Draft IFRS S2 Climate-Related Disclosures ([draft] S2) would require entities to disclose the effects of its sustainability-related risks and opportunities on its financial position, financial performance and cash flows for the reporting period and the anticipated effects. The staff will present a summary of the feedback received and asks the ISSB to provide feedback on some illustrative examples they have prepared. 

ISSB Taxonomy

In May 2022, the IFRS Foundation published a staff draft of a taxonomy for digital reporting representing the disclosure proposals in the two ISSB exposure drafts. The staff draft was accompanied by a Request for Feedback soliciting public feedback on staff recommendations on fundamental matters that need to be considered early to enable the ISSB to develop a Taxonomy. The purpose of this meeting is to provide a summary of the feedback obtained during the feedback period.

Our pre-meet­ing summaries is available on our November meeting notes page and will be sup­ple­mented with our popular meeting notes after the meeting.