In that context the CFA Institute published a consultation paper that defines ESG-related features as components or capabilities of investment products that can be combined in different ways to meet different investor needs. It identifies the following six ESG-related features:

• ESG integration;
• ESG-related exclusions;
• Best-in-class;
• ESG-related thematic focus;
• Impact objective; and
• Proxy voting, engagement and stewardship.

The features are expected to serve as a backbone of the standard in that they are a mechanism to connect investor needs and disclosure requirements.

The CFA Institute seeks input on the consultation paper from the wider investment community to help shape an exposure draft, which is expected to be released in May 2021.

Responses on the consultation paper are requested by 19 October 2020. The paper, a response form for providing comments, and volunteer opportunities in connection with developing the new standard are available on the CFA Institute website.

This Taxonomy update includes elements to reflect the new disclosure requirements introduced by the recently-issued amendment to IFRS 16.

For more information, see the press release and Taxonomy update on the IASB’s website.

The ITCG discussed the following:

• IFRS Taxonomy content — Tagging comparative information reported in accordance with a superseded IFRS Standard.
• Technical updates to the IFRS Taxonomy.

For more information, see the summary on the IASB’s website.

The report notes that:

• Digital financial reporting presents significant advantages for preparers, auditors, regulators, users and analysts;
• Through a unified labeling system, reports can be tailored to the needs of users; and
• With simple access to detailed information, accountants can focus on advice and assurance.

The report is accompanied by a 25 minute interview with IASB Board member Ann Tarca, who recently delivered a speech discussing the benefits and costs of digital reporting.

Both, the report and the interview, can be accessed through the press release on the CAANZ website.

In the article In Brief: Second comprehensive review of the IFRS for SMEs Standard What does alignment mean?, Mr Scott discusses the latest comprehensive review of the IFRS for SMEs Standard and provides additional context around the ‘alignment with full IFRS Standards’ debate — that is, whether, how and when to reflect changes to IFRS Standards in the IFRS for SMEs Standard.

Mr Scott outlines two possible approaches, which he likens to "the two ends two ends of a continuum":

• Simplified IFRS Standard approach — This requires that the IFRS for SMEs Standard is treated as a condensed version of full IFRS Standards. Also referred to as the 'top-down' approach.
• Independent Standard approach — This requires that the IFRS for SMEs Standard be viewed as an independent text. Also referred to as the 'bottom-up' approach.

He discusses each approach in full, but notes that the Board's preferred approach is the simplified IFRS Standard approach, or the 'top-down' approach.

Please click to access the article on the IASB website.

Below is an analysis of all changes made to the work plan since our last analysis on 25 July 2020.

Research projects

• Dynamic Risk Management — Core model outreach is now expected in October 2020 (previously Q4 2020).

Other projects

• IFRS Taxonomy Update — 2020 General Improvements and Common Practice — A proposed IFRS Taxonomy Update is now expected in October 2020 (previously Q4 2020).
• IFRS Taxonomy Update — Common Practice (IAS 19 Employee Benefits) — The timing of a proposed IFRS Taxonomy Update is now expected in October 2020 (previously Q4 2020).

The above is a faithful comparison of the IASB work plan at 25 July 2020 and 11 August 2020. For access to the current IASB work plan at any time, please click here.

For more in­for­ma­tion, see the press release on the IASB’s website.

The Foundation has been holding all meetings remotely since March and will continue with videoconference meetings through December 2020.

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

The fourth and final webinar in this series will be held on 21 August 2020. It will explain the Board’s detailed proposals for management performance measures. The webinar will last approximately 60 minutes and will include a question-and-answer session. More information is available here.

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