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IFRS Advisory Council membership update

19 Feb, 2024

The Trustees of the IFRS Foundation have announced appointments and re-appointments to the IFRS Advisory Council effective 1 January 2024.

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.

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Pre-meeting summaries for the February 2024 ISSB meeting

19 Feb, 2024

The ISSB will meet in New York on 21 February 2024. We have posted our pre-meeting summaries for the meeting that allow you to follow the ISSB’s decision making more closely. We summarised the agenda papers made available by the ISSB staff and point out the main issues to be discussed by the ISSB and the staff recommendations.

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.

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Agenda papers available for the UKEB Public Board Meeting on 23 February 2024

19 Feb, 2024

The meeting agenda and papers for the UK Endorsement Board (UKEB) public Board meeting on 23 February 2024 are available.

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.

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Agenda for the March 2024 GPF meeting

19 Feb, 2024

Representatives from the International Accounting Standards Board (IASB) and the International Sustainability Standards Board (ISSB) will meet with the Global Preparers Forum (GPF) in a hybrid meeting on 1 March 2024. The agenda for the meeting has been released.

The full agenda for the meeting is summarised below:

Friday, 1 March 2024 (9:30-13:45)

  • Welcome and introductions
  • General IASB and IFRS Interpretations Committee update
    • Update on climate-related and other uncertainties in the financial statements
    • Update on Business combinations — Disclosures, goodwill and impairment
    • Other IASB update
    • IFRS Interpretations Committee update
  • Financial instruments with characteristics of equity
  • ISSB update
    • Update on recent deliberations and discussions of the ISSB

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

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GRI concludes series 2 of its SDGs podcasts with an episode on sustainability reporting

16 Feb, 2024

The Global Reporting Initiative (GRI) has concluded series 2 of its 'The SDG Insider' podcast, which endeavours to bridge the gap between corporate reporting and the UN Sustainable Development Goals (SDGs). The final episode in the series is titled 'Navigating sustainability reporting in the age of regulatory revolution'.

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. 

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VBA and IFVI publish methodology exposure drafts for valuing social and environmental impacts

15 Feb, 2024

The Value Balancing Alliance (VBA), together with the International Foundation for Valuing Impacts (IFVI), has published exposure drafts 'Environmental Methodology 1 — Greenhouse Gas Emissions — Topic Methodology' and 'Social Methodology 1 — Adequate Wages'.

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:

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EFRAG survey on IFRS 16

13 Feb, 2024

The European Financial Reporting Advisory Group (EFRAG) has launched a survey to seek input from preparers, auditors, regulators, and national standard setters on the effects of IFRS 16 on the accounting for leases.

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 15 April 2024.

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

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IASB agenda changed

13 Feb, 2024

The agenda for the IASB meeting next week has been changed to include Monday as an additional day for discussions. A Board work plan update slot has been added and the discussions on equity method and on power purchase agreements have been moved forward to other days.

The updated agenda for the meeting can be found here.

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UKEB publishes its draft comment letter on the IASB’s ED on Financial Instruments with Characteristics of Equity: Proposed Amendments to IAS 32, IFRS 7 and IAS 1

10 Feb, 2024

The UK Endorsement Board (UKEB) has published its draft comment letter relating to the International Accounting Standards Board's (IASB's) Exposure Draft (ED) 2023/5 'Financial Instruments with Characteristics of Equity: Proposed amendments to IAS 32, IFRS 7 and IAS 1' ("the Amendments").

ED/2023/5 was published by the IASB in November 2023.

      The UKEB supports the IASB’s objectives in developing the Amendments and is broadly supportive of the proposals. Whilst supporting the proposals in the ED, the UKEB highlights the importance of providing clarity and minimising the risk of diversity in accounting practice in this complex area.  As such, the draft comment letter sets out a number of observations and recommendations to enhance the proposals which have been identified from analysis and outreach with stakeholders.

      Comments on the draft comment letter are requested by 8 March 2024.

      The draft comment letter and the invitation to comment are available on the UKEB website.

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      February 2024 IASB meeting agenda posted

      09 Feb, 2024

      The IASB has posted the agenda for its next meeting, which will be held in its offices in London on 20–22 February 2024. There are eight topics on the agenda.

      The Board will discuss the following:

      • Second comprehensive review of the IFRS for SMEs Standard
      • Maintenance and consistent application
      • PIR of IFRS 9
      • PIR of IFRS 15
      • Equity Method
      • Amendments to classification and measurement
      • Rate-regulated activities
      • Power purchase agreements

      The full agenda for the meeting can be found here. We will post any updates to the agenda, our comprehensive pre-meeting summaries, as well as observer notes from the meeting on this page as they become available.

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