This has come after consultation with companies raised concerns about imposing additional reporting requirements at this time. Instead, the Government has said that it will pursue options to reduce the burden of red tape on businesses through simplifying and streamlining existing reporting to ensure the UK is one of the best places in the world to do business.

The Government’s statement also says that it remains committed to wider audit and corporate governance reform, including establishing a new Audit, Reporting and Governance Authority (ARGA) to replace the existing Financial Reporting Council (FRC) and will bring forward legislation to deliver these reforms when Parliamentary time allows.

The full press release is available on the government website.

In May 2023, the IASB introduced new requirements to improve transparency in supplier finance arrangements which aimed to assist investors in evaluating changes in a company’s debt, whether they are cash-related or non-cash related, by providing more comprehensive and transparent information.

For more in­for­ma­tion, see the press release and Investor Per­spec­tives article on the IFRS Foundation’s website.

In addition, the current IFRS Foundation Trustees Masamichi Kono, Robert Pozen, Kenneth Robinson, and Erhard Schipporeit have been reappointed to serve a second three-year term.

As an exceptional step, Vice-Chair Teresa Ko has also been re-appointed for a further year in light of her role as Chair of the Due Process Oversight Committee and the need to provide continuity in the Committee’s work to reflect the establishment of the ISSB.

For more information, see the press release on the IFRS Foundation website.

The proposed changes reflect four recent amendments to IFRS Accounting Standards:

• International Tax Reform — Pillar Two Model Rules (Amendments to IAS 12),
• Supplier Finance Arrangements (Amendments to IAS 7 and IFRS 7),
• Lack of Exchangeability (Amendments to IAS 21), and
• International Tax Reform — Pillar Two Model Rules (Amendments to the 'IFRS for SMEs' Standard).

Details on the proposed changes are available in the press release on the IFRS Foundation website and in proposed update itself. Comments are requested by 4 December 2023.

The Trustees' meeting, held from 17 to 19 October, underscores Latin America's role in the global financial landscape. Discussions with local stakeholders and support for sustainability standards from the Superintendency of Banks of Panama affirm the region's commitment to transparency and sustainable finance. The Foundation's global reach and commitment to fostering sustainable practices were highlighted by key figures, including Chair Erkki Liikanen and Isabel Saint Malo, a Trustee and former Vice President of Panama. These meetings coincide with Latin Americas and the Caribbean Climate Week, where IFRS Foundation and ISSB representatives will actively participate.

For more information, see the press release on the IFRS Foundation's website.

The strategic objective of the IPSASB is stated as strengthening public financial management and sustainable development globally through increasing adoption and implementation of accrual IPSAS and International Public Sector Sustainability Reporting Standards.

The new work plan and strategy proposes rebalancing of the financial reporting work programme towards the maintenance of IPSAS by putting a post-implementation review process in place and by establishing an Application Panel to support current and future IPSAS users. The new strategy also assumes that the IPSASB moves ahead with its decision to develop International Public Sector Sustainability Reporting Standards

Please click to access the proposed strategy and work plan and supporting material on the IPSASB website. Comments are requested by 15 February 2024.

The proposed pronouncement includes minor improvements sourced from recent IFRS improvements and narrow scope projects. Comments are requested by 18 December 2023.

Please click for more information and access to the exposure draft on the IPSASB website.

This completes the limited scope project to improve the Conceptual Framework for Financial Reporting by Public Sector Entities, which also included updating the chapters on elements in financial statements and on the measurement of assets and liabilities. The updated chapters have been informed by the IPSASB’s experience using the conceptual framework since its approval in 2014, and by global developments, notably the International Accounting Standards Board’s publication of a revised conceptual framework in 2018. 

Please see the press release on the IPSASB website for additional information.

The main topics for the meeting were:

• Current state of global financial and sustainability reporting frameworks, standards, codes, and prospects for further harmonisation;
• Review of practical implementation and recent developments in sustainability reporting requirements;
• Facilitating the formalisation of micro and small businesses: accounting and reporting requirements, financial literacy, access to finance, and related issues and practical solutions; and
• Promoting gender balance in the accountancy profession.

The documents and presentations from the meeting can now be accessed online.

Specif­i­cally, the podcast discusses:

• Progress towards jurisdictional adoption of IFRS S1 and IFRS S2.
• Progress by partners.
• Update on capacity building and translations.
• Recent meetings with stakeholders.
• Update on October board week.
• Preliminary feedback on the agenda consultation.

For more information and access to the podcast, see the press release on the IFRS Foundation’s website.