The virtual events will allow participants to learn and interact with experts and previous winners from around the world, who will be sharing their experience and insights. The virtual events will also be an opportunity for participants to understand how finance can play a crucial role in shaping a sustainable and resilient recovery.

The three events are:

• Driving change in the finance community - how education can reshape the future of finance – 13:00-14:30 GMT, 7 December 2020.
• Authentic integrated thinking - connecting purpose, people, planet and profit within everyday decision making – 13:00-14:30 GMT, 8 December 2020.
• Moving financial markets - how can we accelerate financial markets to drive a green and fair recovery? – 12:30-13:30 GMT, 9 December 2020.

The Finance for the Future Awards programme will be back in 2021 and aligned with the rescheduled COP26.

Further information and details of how to register is available on the ICAEW website.

The error identified first occurred in Interest Rate Benchmark Reform (Amendments to IFRS 9, IAS 39 and IFRS 7) published in September 2019 and was later reproduced in the Red Book and the annotated Red Book 2020 as well as the Blue Book and the annotated Blue Book 2020.

Editorial corrections do not change the meaning or application of pronouncements, but instead correct inadvertent errors. The editorial corrections can be viewed on the editorial corrections page of the IASB's website.

The endorsement advice relates to the following narrow scope amendments to (the amendments):

• IAS 37 Provisions, Contingent Liabilities and Contingent Assets, Onerous Contracts — Cost of Fulfilling a Contract;
• IFRS 3 Business Combinations, Reference to the Conceptual Framework;
• IAS 16 Property, Plant and Equipment, Proceeds before Intended Use; and
• Annual Improvements to IFRS Standards 2018–2020, which amends IAS 41, IFRS 16, IFRS 1 and IFRS 9.

EFRAG recommends the endorsement of the Amendments. EFRAG’s assessment is that the Amendments meet all the technical endorsement criteria of the IAS Regulation and are conducive to the European public good.

A press release and the endorsement advice letters to the European Commission are available on the EFRAG website. EFRAG has also updated its endorsement status report.

The consultation is intended to assess demand for global sustainability standards and what role the Foundation might play in the development of such standards.

For the convenience of participants from different time zones, there will be two sessions of the webinar both discussing the same topics:

• Tuesday 17 November 2020, 10:00–11:00 GMT and
• Tuesday 17 November 2020, 15:00–16:00 GMT.

Each session will last a maximum of 60 minutes and include a moderated question-and-answer session. Questions can be submitted in advance.

Please click for more information, registration, and submitting questions in the press release on the IASB website.

The proposed update includes elements to reflect common reporting practice and new and amended labels to clarify the accounting meaning and intended use of some existing elements.

For more information, see the press release and proposed update on the IASB’s website. Comments are requested by 5 January 2021.

In his response, Mr Thedéen repeats the April 2020 IOSCO statement that IOSCO is looking to play an important role in the area of sustainability reporting. Commenting once more on the IFRS Foundation sustainability reporting consultation and the statement of intent of CDP, CDSB, GRI, IIRC, and SASB, he notes again that while these initiatives are currently running in parallel, IOSCO is keen to see them come together.

On IOSCO's role and the path forward, Mr Thedéen reconfirms that IOSCO stands ready to offer support and help. He writes:

As noted, we agree that there is an urgent need to improve the completeness, consistency and comparability of sustainability reporting. Together your joint initiative and that of the IFRS Foundation [...] can set the foundations of a global system architecture that will deliver a more coherent and comprehensive corporate reporting system. [...] We believe that IOSCO is in a unique position to help in this process - just as we did 20 years ago when we endorsed IFRS for use in cross-border offerings and listings and set the foundations of the current three-tier governance structure that the IFRS Foundation enjoys today. We look forward to continuing and deepening our collaboration with your organisations and the IFRS Foundation.

Please click to access the full letter on the IOSCO website.

In his response, Mr Thedéen repeats the April 2020 IOSCO statement that IOSCO is looking to play an important role in the area of sustainability reporting. Commenting once more on the IFRS Foundation sustainability reporting consultation and the statement of intent of CDP, CDSB, GRI, IIRC, and SASB, he notes again that while these initiatives are currently running in parallel, IOSCO is keen to see them come together.

On IOSCO's role and the path forward, Mr Thedéen reconfirms that IOSCO stands ready to offer support and help. He writes:

As noted, we agree that there is an urgent need to improve the completeness, consistency and comparability of sustainability reporting. Together your joint initiative and that of the IFRS Foundation [...] can set the foundations of a global system architecture that will deliver a more coherent and comprehensive corporate reporting system. [...] We believe that IOSCO is in a unique position to help in this process - just as we did 20 years ago when we endorsed IFRS for use in cross-border offerings and listings and set the foundations of the current three-tier governance structure that the IFRS Foundation enjoys today. We look forward to continuing and deepening our collaboration with your organisations and the IFRS Foundation.

Please click to access the full letter on the IOSCO website.

The TCFD surveyed disclosures of around 1,700 firms from diverse sectors with broad geographical representation (69 countries). It found that:

The report also notes that expert users find the impact of climate change on a company’s business and strategy as the “most useful” for decision-making, an insight which might provide a road map for preparers.

The TCFD also published guidance on climate-related scenario analysis for non-financial firms and on integrating climate-related risks into existing risk management processes. Additionally, the TCFD published a public consultation on forward-looking climate metrics for financial firms (with responses due by 27 January 2021).

Please click for the following additional information on the FSB website:

• Press release
• Status report 2020
• Guidance on scenario analysis for non-financial firms
• Guidance on risk management integration and disclosure
• Consultation on forward-looking financial sector metrics

The article builds on a panel discussion at the IFRS Foundation Virtual Conference on 28 September 2020, which focused on what entities need to consider when developing assumptions in preparing financial statements in times of heightened uncertainty and what information to disclose about the assumptions used.

Please click to access In Brief: Applying IFRS Standards in 2020 — impact of covid-19 on the IASB website.

The common enforcement priorities related to 2020 IFRS financial statements include:

• the application of IAS 1 Presentation of Financial Statements with a focus on going concern, significant judgements and estimation uncertainty and the presentation of COVID-related items in the financial statements;
• the application of IAS 36 Impairment of Assets, where the recoverable amount of goodwill, intangible assets and tangible assets may be impacted by the deterioration of the economic outlook of various sectors;
• the application of IFRS 9 Financial Instruments and IFRS 7 Financial Instruments: Disclosures, including general considerations relating to risks arising from financial instruments, focusing on liquidity risk, and specific considerations related to the application of IFRS 9 for credit institutions when measuring expected credit losses; and
• specific issues related to the application of IFRS 16 Leases, including explicit disclosures by lessees which have applied the IASB’s amendment providing relief to lessees when accounting for rent concessions.

ESMA also highlights key non-financial information issues and alternative performance measures with regard to the impact of COVID-19, social and employee matters, business model and value creation, and risks relating to climate change.

ESMA also highlights the importance of disclosures analysing the possible impacts of the decision of the United Kingdom to leave the European Union.

ESMA and European national enforcers will monitor and supervise the application of the IFRS requirements outlined in the priorities, with national authorities incorporating them into their reviews and taking corrective actions where appropriate. ESMA will collect data on how European listed entities have applied the priorities and will publish its findings in a separate report.

Please click for the following documents on the ESMA website:

• Press release
• Public statement on enforcement priorities, providing more background on each of the focus areas