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News

IIRC (International Integrated Reporting Committee) (green) Image

IIRC launches a new <IR> Academic Database

14 Aug 2018

The International Integrated Reporting Council (IIRC) has launched a new <IR> Academic Database. The database highlights potential positive benefits of adopting integrated reporting (<IR>) and emerging best practice based on academic studies.

The <IR> Academic Database is run on a voluntary basis by the<IR> Academic Network; a network that provides a space for connecting theory and practice by bridging academia to those who directly prepare and benefit from integrated reports.

Over 1,600 companies in 65 countries are using integrated reporting. Research included in the database concludes that integrated reporting leads to increased stock liquidity, better performance, higher market valuation and a longer-term investor base for the businesses that adopt it.

The database, which represents the most comprehensive collection of scholarly investigation into the impact of integrated reporting in the world, will be the focal point for academic research on integrated reporting in the future and provides opportunity for further study, complementing the IIRC’s global <IR> Academic Network.

The press release and the database, a freely available resource, can be found on the integrated reporting website.

IFRS for SMEs (mid blue) Image

IFRS Foundation issues seven educational modules on IFRS for SMEs

14 Aug 2018

The IFRS Foundation has issued seven new stand-alone educational modules which support the learning, application, and reading of financial statements prepared with the IFRS for SMEs Standard.

The IFRS Foundation expects to issue stand-alone modules for each section of the 2015 IFRS for SMEs Standard (35 in total). This is the second batch of modules released by the Foundation; the first three modules were posted in April 2018. The seven new modules issued cover the following topics:

  • Statement of comprehensive income and income statement.
  • Statement of changes in equity and statement of income and retained earnings.
  • Statement of cash flows.
  • Basic financial instruments.
  • Other financial instrument issues.
  • Inventories.
  • Events after the end of the reporting period.

For more information, access the IFRS for SMEs modules (free registration required) and see the press release on the IASB’s website.

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IASB releases fifth FICE DP webast

13 Aug 2018

The IASB has released its fifth webcast in a series of web presentations related to Discussion Paper, “Financial Instruments With Characteristics of Equity.”

This webcast discusses the Board’s preferred approach to presenting equity instruments.

The next and final webcast in the series will cover the pre­sen­ta­tion of financial li­a­bil­i­ties.

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

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Agenda for the September 2018 IFRS Advisory Council meeting

09 Aug 2018

An agenda has been released for the upcoming meeting of the IFRS Advisory Council, which is being held in London on 4–5 September 2018.

A summary of the agenda is set out below:

Tuesday 4 September 2018

Morning session (09:00-13:00)

  • Welcome and Chair's preview
  • Tee-up strategic trends
    • Breakout session on strategic trends
  • Tee-up due process review
  • Tee up addressing perceptions about timeliness
    • Breakout session on addressing perceptions about timeliness

Afternoon session (14:00-17:45)

  • Tee-up comment letters
    • Breakout session on comment letters
  • Feedback session on addressing perceptions about timeliness
  • Update on the Board and the Foundation
  • Feedback session on comment letters

Wednesday 5 September 2018

Morning session (9:00-12:00)

  • Tee-up strategic trends and the Foundation
    • Breakout session on strategic trends and the Foundation
  • Tee-up IFRS Taxonomy
    • Breakout session on IFRS Taxonomy

Afternoon session (13:15-14:50)

  • Recap on observed strategic trends
  • Feedback session on IFRS Taxonomy
  • Summary of advice received on the Due Process review
  • Sum up meeting

Agenda papers for the meeting are available on the IASB website.

IFRS Foundation (blue) Image

IFRS Foundation moves London office

07 Aug 2018

The IFRS Foundation has relocated its offices within London. The new address for the IFRS Foundation — including the IASB — is 7 Westferry Circus, Canary Wharf, London. All email addresses and phone numbers will remain the same.

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

EFRAG (European Financial Reporting Advisory Group) (dk green) Image

EFRAG seeks TEG Chairman and CEO

02 Aug 2018

The European Financial Reporting Advisory Group (EFRAG) is searching for candidates to fill the position of Chairman and CEO for its Technical Expert Group (TEG). Current Chairman and CEO, Andrew Watchman, is not eligible for reappointment due to his UK nationality.

Mr. Watchman's term expires on 31 March 2019; the new Chairman and CEO would begin as of 1 April 2019. The EFRAG notes that eligible candidates should apply by 8 October 2018.

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

 

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Summary of the July 2018 ITCG meeting

02 Aug 2018

The IASB has published the summary to the IFRS Taxonomy Consultative Group (ITCG) meeting held via conference call on 11 July 2018.

The ITCG discussed the following:

  • Common reporting practice analysis of the disclosure requirements in IFRS 13 Fair Value Measurement.
  • Update on IFRS Taxonomy activities.

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

IASB podcast (blue) Image

IASB issues podcast on latest Board developments

31 Jul 2018

The IASB has released a podcast featuring Chair Hans Hoogervorst, Vice-Chair Sue Lloyd, and education director Matt Tilling to discuss the deliberations at the July 2018 IASB meeting.

The podcast features dis­cus­sions of the following topics:

  • Goodwill and impairment.
  • Composition of the Management Commentary Consultative Group.
  • Transaction involving commodities and cryptocurrencies.
  • Rate-regulated activities.
  • Narrow-scope amendments to IAS 37.

The podcast can be accessed through the press release on the IASB website. More in­for­ma­tion on the topics discussed is available through our com­pre­hen­sive notes taken by Deloitte observers of the July 2018 meeting.

IASB webcast Image

IASB releases additional FICE DP webcasts

30 Jul 2018

The IASB has released two additional webcast in a series of web presentations related to Discussion Paper, ‘Financial Instruments With Characteristics of Equity’.

The webcasts discuss the Board’s preferred approach when addressing the classification of (1) de­riv­a­tive on own equity and (2) the classification of compound instruments and redemption obligation arrangements.

Future webcasts in the series will cover:

  • Pre­sen­ta­tion of equity in­stru­ments.
  • Pre­sen­ta­tion of financial li­a­bil­i­ties.

For more in­for­ma­tion, see the following:

  • Press release for classification of derivatives on own equity on the IASB’s website and the webcast on the IFRS Foundation’s YouTube channel.
  • Press release for classification of compound instruments and redemption obligation arrangements on the IASB's website and the webcast on the IFRS Foundation's YouTube channel.
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Recent sustainability reporting developments

25 Jul 2018

A summary of recent developments at the UNEP FI, WBCSD, GRI/PRI/UN Global Compact, CDSB, and UK BEIS.

Sixteen leading banks convened by the UN Environment Finance Initiative (UNEP FI) have released new methodologies that aim to help the banking industry to understand and manage the physical risks and opportunities of climate change in their loan portfolios. The methodologies are designed to enable banks to be more transparent about their exposure to climate-related risks and opportunities, in line with the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD). Navigating a New Climate can be downloaded here from the UNEP FI website.

The World Business Council for Sustainable Development (WBCSD) has released Climate-related financial disclosure by oil and gas companies: implementing the TCFD recommendations. The report provides an in-depth description of the current state of climate-related financial disclosure and effective disclosure practices among leading oil and gas companies. It is available here on the WBCSD website.

The Global Reporting Initiative (GRI), Principles for Responsible Investment (PRI) and the United Nations Global Compact have released ten recommendations intended to provide guidance to businesses on how to better ensure their disclosures in relation to the Sustainable Development Goals (SDGs) are useful for investors. In Focus: Addressing Investor Needs in Business Reporting on the SDGs is available here on the GRI website.

The Climate Disclosure Standards Board (CDSB) announces that two months after the launch of the TCFD Knowledge Hub 400 resources have by now been uploaded to the platform, providing additional guidance and insights into climate-related financial disclosures. In the next few months, the platform will also be expanded to include two new sections on case studies and on upcoming events. Please click for more information on the CDSB website.

The UK Department for Business, Energy and Industrial Strategy (BEIS) has published a response to its consultation on a streamlined and more effective energy and carbon reporting framework (SECR) for the UK. The reporting framework will apply to all quoted companies and large UK incorporated unquoted companies and is expected to be put in place from April 2019. The companies will have to provide the information in their annual reports in line with the TCFD recommendation to include climate-related disclosures as part of mainstream financial filings. The full set of Government proposals and a final impact assessment can be found on the BEIS website.

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