In the webcast, ISSB member Elizabeth Seeger discusses with global investors the main reasons why investors rely on industry-specific information in their analysis and decision-making.

The educational material explains how entities can meet the requirement in IFRS S1 to disclose material information about all sustainability-related risks and opportunities that could reasonably be expected to affect an entity's cash flows, its access to finance or cost of capital over the short, medium or long term. IFRS S1 includes a reference to the SASB standards as a source of guidance for sustainability-related risks and opportunities beyond climate (which is addressed through IFRS S2). 

The educational material states that the SASB standards can be a useful source of guidance in applying IFRS S1 because they:

• are designed to provide investors, creditors and other lenders with information that is decision-useful and comparable with peers;
• are tailored to specific industries, allowing companies to quickly access guidance that is relevant to their business activities; and
• provide guidance on sustainability-related topics beyond climate, including human capital and nature.

Please click for the following on the IFRS Foundation website:

• Press release
• Access to the webcast on the importance of of industry-specific disclosures to investors
• Access to the educational material Using the SASB Standards to meet the requirements in IFRS S1 

The Advisory Council is the formal advisory body to the Trustees, the IASB, and the ISSB. It advises the IFRS Foundation on its strategic direction, technical work plan and priorities.

The Advisory Council currently has more than 50 members with interests in international corporate reporting and diverse functional and geographical backgrounds. They offer a broad range of accounting and sustainability experience. Among the newly appointed organisations is the Pan African Federation of Accountants (PAFA).

Please see the press release on the IFRS Foundation website for more information. A full list of current members is available here.

The following topics are on the agenda:

Supporting implementation of IFRS S1 and IFRS S2: The ISSB will discuss focus areas for educational material that the staff is currently developing to support the implementation of IFRS S1 and IFRS S2. The focus areas for the discussion are: using ISSB standards to prepare sustainability-related financial disclosures; definition of material information; sustainability-related risks and opportunities; and information that is material might change over time.

ISSB consultation on agenda priorities: ISSB members will discuss the staff’s analysis and recommendations on the criteria for assessing the priority of new research and standard-setting projects that could be added to the ISSB’s work plan. The staff recommends proceeding with the list of criteria outlined in the request for information Consultation on Agenda Priorities without amendments or additions.

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

The agenda items for dis­cus­sion are as follows:

• Primary Financial Statements – Project Initiation Plan
• UKEB letter to IASB on connectivity matters  
• IASB General Update
• Draft Report – Accounting for Intangibles: A Quantitative Analysis
• IFRS Interpretations Committee – Tentative Agenda Decision

The meeting agenda and papers and details of how to re­gister are avail­able on the UKEB website.

Update 27 February - The recording of the February 2024 UKEB's public board meeting is available here.

The full agenda for the meeting is summarised below:

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

The 2024 code was issued by FRC on 22 January 2024. The podcast covers the key revisions in the 2024 code including its focus on internal controls and responses received so far after its publication.

The podcast is available on the FRC website.

The following topics are on the agenda:

Equity method: The IASB will be asked to clarify several matters arising from its tentative decisions and decide whether to propose amendments to IFRS Accounting Standards; and consider which, if any, of the disclosure requirements to be proposed in the future exposure draft should also be proposed as amendments to the forthcoming IFRS Accounting Standard Subsidiaries without Public Accountability: Disclosures.

Second comprehensive review of the IFRS for SMEs standard: The IASB will consider feedback on the proposals in the ED on Section 9 Consolidated and Separate Financial Statements, Section 19 Business Combinations and Goodwill and Section 23 Revenue from Contracts with Customers.

Maintenance and consistent application: The IASB will discuss the staff’s analysis of feedback received in response to exposure draft Annual Improvements to IFRS Accounting Standards—Volume 11; and its project on use of a hyperinflationary presentation currency by a non-hyperinflationary entity (IAS 21), in particular the disclosure and transition requirements, as well as the due process requirements.

PIR of IFRS 9—impairment: In this meeting, the IASB will deliberate the feedback received in response to its request for information Post-implementation Review—IFRS 9 Financial Instruments—Impairment. The deliberation will be focused on the two overarching areas of the impairment requirements—the general approach to recognition of the expected credit loss (ECL) and determining significant increases in credit risk (SICR).

PIR of IFRS 15 Revenue from Contracts with Customers: The IASB will discuss feedback received in response to its request for information Post-implementation Review—IFRS 15 Revenue from Contracts with Customers, in particular with regard to identifying performance obligations in a contract, principal versus agent considerations and licensing.

Power purchase agreements: The staff will provide an update on the project and outline the next steps for the project.

IFRS 9 amendments to classification and measurement: The staff will present its analysis and recommendations relating to feedback on the disclosure requirements relating to contractual terms that could change the contractual cash flows of financial assets and financial liabilities not measured at fair value through profit or loss; and the effective date and transition requirements for the final amendments. The staff will also request permission to begin the balloting process for the final amendments and considers which of the new or amended disclosure requirements should apply to subsidiaries without public accountability.

Rate-regulated activities: The IASB will continue to redeliberate the proposals in the exposure draft Regulatory Assets and Regulatory Liabilities, in particular the boundary of a regulatory agreement, amendments to IAS 36 and disclosure.

In addition, the Board will receive a short oral update on changes to its work plan.

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

In the episode, speakers from various organisations explore how companies can better adapt to regulatory changes, with a focus on the challenges and opportunities of sustainability data and links with the SDGs.

The podcast can be accessed via the podcast page on the GRI website. 

The exposure drafts propose a globally applicable and comprehensive open-source methodology for valuing organisational social and environmental impact that is designed for incorporation into financial analysis and organisational planning and decision-making. The comment period ends on 8 April 2024.

The exposure drafts can be accessed on the VBA website:

• Environmental Methodology 1 — Greenhouse Gas Emissions
• Social Methodology 1 — Adequate Wages

EFRAG is undertaking preparatory work in anticipation of the IASB's request for information related to the post-implementation review of IFRS 16 Leases that is expected to commence in Q4 2024. In order to develop a preliminary list of application issues arising from applying IFRS 16, EFRAG has launched the survey to collect input about the overall assessment of and experience with IFRS 16. EFRAG is also interested in understanding whether there is new evidence suggesting the need for a change in the standard.

Please click to access the survey on the EFRAG website. Comments are requested by 22 April 2024.

A separate user survey will be published in the near future.