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Call for papers – 2024 IASB Research Forum

22 May, 2023

The IFRS Foundation has announced that it will host the 2024 IASB Research Forum in Sydney in early November 2024 and are seeking research papers to help inform the IASB’s standard-setting activities.

In particular, research papers are welcomed on the following research areas of interest:

  • Intangible assets
  • Statement of cash flows and related items
  • Impact of IFRS 17 Insurance Contracts
  • Disclosure in financial reports, including
    • guidance for developing and drafting disclosure requirements in IFRS Accounting Standards;
    • segment reporting;
    • climate-related risks in the financial statements;
    • connectivity between the financial statements and sustainability-related financial disclosures; and
    • management commentary and integrated reporting
  • Any other topics on the IASB’s work plan

Research papers are requested by 31 March 2024.

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

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G7 underlines commitment to global sustainability disclosures

22 May, 2023

Following the G7 Leaders' Summit 2023, a joint declaration has been published that stresses the need for globally interoperable sustainability disclosure frameworks.

The declaration mentions the work and progress of the International Sustainability Standards Board (ISSB) and highlights the need of sustainability disclosures for mobilising private sector finance to support the transition to a sustainable economy. It notes:

We underline our commitment to consistent, comparable and reliable disclosure of information on sustainability including climate. We support the International Sustainability Standards Board (ISSB) finalizing the standards for general reporting on sustainability and for climate-related disclosures and working toward achieving globally interoperable sustainability disclosure frameworks. We also look forward to the ISSB’s future work on disclosure on biodiversity and human capital, in line with its work plan consultation.

Please click to access the full statement on the website of the Ministry of Foreign Affairs of Japan.

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ISSB issues podcast on latest Board developments (May 2023)

19 May, 2023

The IFRS Foundation has released a podcast discussing highlights from the May 2023 ISSB meeting. The podcast is hosted by ISSB Chair Emmanuel Faber and Vice-Chair Sue Lloyd.

High­lights of the podcast include dis­cus­sions on:

  • Ratification of consequential amendments to the SASB Standards;
  • Consultation on the ISSB’s agenda priorities and international applicability of the SASB Standards;
  • Stakeholder engagements;
  • Upcoming publication of S1 and S2 in June 2023.

The podcast can be accessed through the press release on the IFRS Foun­da­tion’s website.

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Pre-meeting summaries for the May 2023 IASB meeting

18 May, 2023

The IASB will meet in London from 22-24 May 2023. We have posted our pre-meeting summaries for the meeting that allow you to follow the IASB’s decision making more closely. We summarised the agenda papers made available by the IASB staff and point out the main issues to be discussed by the IASB and the staff recommendations.

The following topics are on the agenda:

Business Combinations—Disclosures, Goodwill and Impairment: The staff recommend that the IASB not proceed with its preliminary view to remove the requirement to perform a quantitative impairment test each year and should retain the requirement for an entity to perform an annual impairment test. The staff also recommend that the IASB maintain its preliminary view that it is infeasible to design a different impairment test that is significantly more effective at a reasonable cost.

IASB work plan update: The staff will provide an update on the IASB’s work plan since its last update in March 2023.

Post-implementation review (PIR) of IFRS 15: The IASB will be asked to approve the publication of a Request for Information (RFI) for the PIR of IFRS 15 and whether it agrees with a comment period of 120 days. The publication of the RFI is expected for the end of June 2023.

Maintenance and consistent application: The IASB will discuss further potential annual improvements as well as their effective date and whether early application should be permitted. The staff are asking for approval to begin the balloting process for the upcoming Exposure Draft.

Primary Financial Statements: The IASB will discuss staff recommendations about investments in associates and joint ventures accounted for using the equity method. The IASB will also discuss issues related to management performance measures and IFRS 8.

Subsidiaries without Public Accountability: The IASB will make decisions on whether to retain the disclosure requirements proposed in the draft Standard, after making some targeted changes. The IASB will also discuss the paragraph in the draft Standard that addresses materiality of disclosure requirements as well as disclosure requirements about transition in other IFRS Accounting Standards. Furthermore, the staff will ask the IASB whether disclosure requirements in IFRS Accounting Standards that have been issued since the draft Standard was developed should apply to eligible subsidiaries applying the new Standard.

Management Commentary: The staff will hold an educational session on the comparison between the Management Commentary Exposure Draft and the Integrated Reporting Framework.

Dynamic Risk Management (DRM): The IASB will discuss potential illustrative examples of the application of the current DRM model to support stakeholders in their analysis of the model requirements.

Financial Instruments with Characteristics of Equity (FICE): The staff recommend consequential amendments resulting from the forthcoming FICE Exposure Draft (ED) to the forthcoming Subsidiaries without Public Accountability Standard. The staff will also ask for permission to begin the balloting process for the ED.

Rate-regulated Activities: The IASB will discuss the staff analysis and recommendations on the proposals relating to initial recognition of regulatory assets and liabilities in the Exposure Draft Regulatory Assets and Regulatory Liabilities.

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

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We comment on three IFRS Interpretations Committee tentative agenda decisions

18 May, 2023

We have published our comment letters on IFRS Interpretations Committee tentative agenda decisions related to IFRS 9, IFRS 17, and home and home loans to employees, as published in the March 2023 'IFRIC Update'.

More in­for­ma­tion about the issues is set out below:


Agenda decision supported?

More in­for­ma­tion

Guarantee over a Derivative Contract (IFRS 9)


Deloitte comment letter

Committee dis­cus­sion

Homes and Home Loans Provided to Employees


Deloitte comment letter

Committee dis­cus­sion

Premiums Receivable from an Intermediary (IFRS 17 and IFRS 9)

Yes. However, we would suggest that the penultimate sentence of the tentative agenda decision, which states why the request was not added to Committee’s agenda, should be more closely aligned with the criteria established in paragraph 5.16 of the IFRS Foundation Due Process Handbook.

Deloitte comment letter

Committee dis­cus­sion

Click to access all our comment letters to the IASB, IFRS Foun­da­tion, and IFRS In­ter­pre­ta­tions Committee.

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Updated IPSAS-IFRS alignment dashboard

17 May, 2023

The International Public Sector Accounting Standards Board (IPSASB), which develops the International Public Sector Accounting Standards (IPSAS) for financial reporting by governments and other public sector entities, has released an updated IPSAS-IFRS alignment dashboard showing how far individual IPSAS are aligned with corresponding IFRSs.

Please click to access the updated alignment dashboard prepared for the June 2023 IPSASB meeting on the IPSASB website.

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UKEB adopts Lease Liability in a Sale and Leaseback — Amendments to IFRS 16

16 May, 2023

The UK Endorsement Board (UKEB) has adopted 'Lease Liability in a Sale and Leaseback — Amendments to IFRS 16' which was issued by the International Accounting Standards Board (IASB) in September 2022.

The Amendments clarify how a seller-lessee subsequently measures sale and leaseback transactions that satisfy the requirements in IFRS 15 to be accounted for as a sale.  The Amendments have an effective date of 1 January 2024, with earlier application permitted.

The Endorsement Criteria Assessment and Adoption Statement are available on the UKEB website. 

The UKEB has also updated its adoption statement report which is available on its website here.

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Educational material on applying the IFRS for SMEs to climate-related matters

16 May, 2023

The IFRS Foundation has released a publication that shows how existing requirements in the IFRS for SMEs require companies to consider climate-related matters when their effect is material to the financial statements.

The publication is based on similar educational material regarding full IFRSs published by the IFRS Foundation in November 2020 and also considers feedback received on the September 2022 Exposure Draft IASB/ED/2022/1 Third edition of the IFRS for SMEs Accounting Standard

The publication mainly consists of a non-exhaustive list of examples illustrating when the IFRS for SMEs may require companies to consider the effects of climate-related matters in applying the principles in a number of sections.

The examples in the list refer to the following sections:

  • Section 3 Financial Statement Presentation
  • Section 8 Notes to the Financial Statements
  • Section 11 Basic Financial Instruments
  • Section 17 Property, Plant and Equipment and Section 18 Intangible Assets other than Goodwill
  • Section 21 Provisions and Contingencies
  • Section 27 Impairment of Assets
  • Section 29 Income Tax

The publication also notes that in addition to the specific requirements outlined in the table, Section 3 contains some overarching requirements that could be relevant when considering climate-related matters.

Please click to access Effects of climate-related matters on financial statements prepared in accordance with the 'IFRS for SMEs' Accounting Standard on the IFRS Foundation website.

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Summary of the March 2023 CMAC meeting

16 May, 2023

Representatives from the International Accounting Standards Board (IASB) met with the Capital Markets Advisory Council (CMAC) in a hybrid meeting on 9 March 2023. Notes from the meeting have now been released.

The topics discussed at the meeting included:

  • IASB and ISSB update
  • Primary financial statements
  • Business Combinations — Disclosures, goodwill and impairment
  • Equity method

The meeting summary is available on the IASB website.

The next CMAC meeting will be a joint meeting with the Global Preparers Forum on 15-16 June 2023.

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Webcast on the equity method project

16 May, 2023

Following its recent decision to move the equity method of accounting project from the research agenda to the standard-setting agenda, the IASB has released a webcast offering some background on the project.

The webcast offers insights into the project’s objective and approach, the IASB’s tentative decisions, and the project’s next steps.

Please click to access the webcast (approx. 12 minutes) on the IFRS Foundation website.

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