News

ISSB meeting Image

Pre-meeting summaries for the July 2024 ISSB meeting

19 Jul 2024

The IASB will meet in Montreal on 24-25 July 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 have the opportunity to ask questions or make comments on the summary of the June 2024 meeting of the Transition Implementation Group on IFRS S1 and IFRS S2.

Work plan: The ISSB will discuss how to embed interoperability in the ISSB’s ongoing activities and will receive an overview of the design and approach for the new research projects on biodiversity, ecosystems and ecosystem services, and human capital.

Maintenance of the Sustainability Accounting Standards Board (SASB) standards: The staff will set out the overall approach to enhancing the SASB standards during the next two years.

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

DPOC meeting (mid blue) Image

Summary of the May 2024 DPOC meeting

19 Jul 2024

The Due Process Oversight Committee (DPOC) met via video conference call on 29 May 2024. A summary of the meeting is now available.

The DPOC discussed the ISSB’s Consultation on Agenda Priorities and covered the agenda consultation process, the methodology of the Request for Information, feedback from stakeholders and the ISSB’s responses, and a review of the due process done.

Please click to access the summary on the IFRS Foun­da­tion website.

IASB meeting (blue) Image

Pre-meeting summaries for the July 2024 IASB meeting

19 Jul 2024

The IASB will meet in London on 22-24 July 2024. 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:

Post-implementation review (PIR) of IFRS 15: The IASB will be asked to make the final decisions with regard to the PIR of IFRS 15 and determine the next steps.

Second comprehensive review of the IFRS for SMEs Accounting Standard: The IASB will make decisions on impairment of financial instruments, financial guarantee contracts and sweep issues. The staff is asking the IASB to give permission for balloting the final standard.

Rate-regulated activities: The staff will ask that the IASB make decisions on extending the measurement proposals on items affecting regulated rates on a cash basis to other items, transition requirements and the effective date of the new standard. They also ask the IASB to give permission to ballot the final standard.

Dynamic risk management (DRM): The IASB will discuss applicable risk management activities for the DRM model. The staff also recommend that application of the model is optional.

Financial instruments with characteristics of equity: The staff will present a summary of the feedback received from users of financial statements in response to the exposure draft and will set out a project plan for the amendments to IAS 32. No decisions will be asked of the IASB.

Maintenance and consistent application: IASB members will be asked whether they object to an agenda decision of the IFRS Interpretations Committee on disclosure of revenues and expenses for reportable segments (IFRS 8).

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

IASB document (blue) Image

IASB finalises volume 11 of annual improvements

18 Jul 2024

The International Accounting Standards Board (IASB) has published 'Annual Improvements to IFRS Accounting Standards — Volume 11'. It contains amendments to five standards as result of the IASB's annual improvements project. The amendments are effective for annual reporting periods beginning on or after 1 January 2026.

The IASB uses the annual improvements process to make necessary, but non-urgent, amendments to IFRSs that will not be included as part of another major project.

The pronouncement comprises the following amendments:

Standard Subject of amendment
IFRS 1 First-time Adoption of International Financial Reporting Standards Hedge accounting by a first-time adopter. The amendment addresses a potential confusion arising from an inconsistency in wording between paragraph B6 of IFRS 1 and requirements for hedge accounting in IFRS 9 Financial Instruments.
IFRS 7 Financial Instruments: Disclosures Gain or loss on derecognition. The amendment addresses a potential confusion in paragraph B38 of IFRS 7 arising from an obsolete reference to a paragraph that was deleted from the standard when IFRS 13 Fair Value Measurement was issued.
IFRS 7 Financial Instruments: Disclosures (implementation guidance only)
Disclosure of deferred difference between fair value and transaction price. The amendment addresses an inconsistency between paragraph 28 of IFRS 7 and its accompanying implementation guidance that arose when a consequential amendment resulting  from the issuance  of IFRS 13 was made to paragraph 28, but not to the corresponding paragraph in the implementation guidance.
IFRS 7 Financial Instruments: Disclosures (implementation guidance only) Introduction and credit risk disclosures. The amendment addresses a potential confusion by clarifying in paragraph IG1 that the guidance does not necessarily illustrate all the requirements in the referenced paragraphs of IFRS 7 and by simplifying some explanations.
IFRS 9 Financial Instruments Lessee derecognition of lease liabilities. The amendment addresses a potential lack of clarity in the application of the requirements in IFRS 9 to account for an extinguishment of a lessee’s lease liability that arises because paragraph 2.1(b)(ii) of IFRS 9 includes a cross-reference to paragraph 3.3.1, but not also to paragraph 3.3.3 of IFRS 9.
IFRS 9 Financial Instruments Transaction price. The amendment addresses a potential confusion arising from a reference in Appendix A to IFRS 9 to the definition of ‘transaction price’ in IFRS 15 Revenue from Contracts with Customers while term ‘transaction price’ is used in particular paragraphs of IFRS 9 with a meaning that is not necessarily consistent with the definition of that term in IFRS 15.
IFRS 10 Consolidated Financial Statements Determination of a ‘de facto agent’. The amendment addresses a potential confusion arising from an inconsistency between paragraphs B73 and B74 of IFRS 10 related to an investor determining whether another party is acting on its behalf by aligning the language in both paragraphs.
IAS 7 Statement of Cash Flows Cost method. The amendment addresses a potential confusion in applying paragraph 37 of IAS 7 that arises from the use of the term ‘cost method’ that is no longer defined in IFRS Accounting Standards.

The amendments are effective for annual reporting periods beginning on or after 1 January 2026 with earlier application permitted.

The amendments do not include transition requirements, other than that an entity is required to apply the amendment to IFRS 9:2.1(b)(ii) to lease liabilities that are extinguished on or after the beginning of the annual reporting period in which the entity first applies that amendment.

Please click for the following additional information:

IFRS Trustees meeting (blue) Image

IFRS Foundation Trustees hold June 2024 meeting

17 Jul 2024

The IFRS Foundation Trustees met by video conference on 24 June 2024.

Meeting ac­tiv­i­ties included the following:

  • Appointment of the IFRS Foundation Managing Director— The Trustees appointed Michel Madelain as Managing Director.
  • Trustee-level NED Oversight Committee— The Trustees decided to establish a Trustee-level NED Oversight Committee which will monitor the mitigation steps and ensure compliance with them and the Foundation’s guidelines during transitions.

For more in­for­ma­tion, see the full summary on the IFRS Foun­da­tion Trustees’ meeting on the IASB’s website.

ISSB document (blue) Image

IFRS S1 and IFRS S2 available in Arabic

17 Jul 2024

The IFRS Foundation has issued Arabic translations of IFRS S1 'General Requirements for Disclosure of Sustainability-related Financial Information' and IFRS S2 'Climate-related Disclosures'.

IFRS S1 sets out overall requirements with the objective to require an entity to disclose information about its sustainability-related risks and opportunities that is useful to the primary users of general purpose financial reports in making decisions relating to providing resources to the entity.

IFRS S2 sets out the requirements for identifying, measuring and disclosing information about climate-related risks and opportunities that is useful to primary users of general purpose financial reports in making decisions relating to providing resources to the entity.

Please click to access the standards on the IFRS Foundation website:

GRI (Global Reporting Initiative) (green) Image

GRI updates analysis tool on the SDGs and underlying targets

15 Jul 2024

The Global Reporting Initiative (GRI) has updated its analysis tool on the UN Sustainable Development Goals (SDGs) and underlying targets.

The tool, titled Business reporting on the SDGs: An analysis of the Goals and Targets, is designed to enable entities to improve reporting on global goals. It includes a comprehensive inventory of potential disclosures at the targets level for each of the SDGs.

It was first launched in September 2017 and has been updated to include a wide range of disclosures, based on recognised international frameworks and standards. It also has new research options and will be regularly revised to ensure up-to-date information.

Please click to access the tool via the press release on the GRI website.

EEG meeting (mid blue) Image

Report of the May 2024 Emerging Economies Group meeting

12 Jul 2024

The 27th meeting of the IASB's Emerging Economies Group (EEG) was held on 28–29 May 2024. The IASB has published a full report of the meeting.

Par­tic­i­pants at the meeting, which was chaired by IASB member Tadeu Cendon, discussed the following:

  • Climate-related and Other Uncertainties in the Financial Statements
  • Power Purchase Agreements
  • Provisions—Targeted Improvements
  • Amendments to the Classification and Measurement of Financial Instruments
  • Pollutant Pricing Mechanisms
  • Accounting for Data Resources
  • Going Concern Uncertainties
  • Country profile — Nepal
  • Update on IASB activities
  • Post-implementation Reviews of IFRS 15 and IFRS 9
  • Business Combinations — Disclosures, Goodwill and Impairment

Please click for access to the full report on the IFRS Foun­da­tion's website.

ISSB meeting Image

July 2024 ISSB meeting agenda posted

12 Jul 2024

The International Sustainability Standards Board (ISSB) has posted the agenda for its meeting, which will be held in its offices in Montreal on 24-25 July 2024. There are three topics on the agenda.

The ISSB will discuss the following:

  • Supporting implementation of IFRS S1 and IFRS S2
  • Work plan, including new research projects
  • SASB standards maintenance

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.

IASB meeting (blue) Image

July 2024 IASB meeting agenda posted

12 Jul 2024

The IASB has posted the agenda for its next meeting, which will be held in its offices in London on 22–24 July 2024. There are six topics on the agenda.

The Board will discuss the following:

  • Post-im­ple­men­ta­tion of IFRS 15
  • Second Comprehensive Review of the IFRS for SMEs Standard
  • Rate Regulated Activities
  • Dynamic Risk Management
  • Financial Instruments with Characteristics of Equity
  • Maintenance and Consistent Application

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.

Correction list for hyphenation

These words serve as exceptions. Once entered, they are only hyphenated at the specified hyphenation points. Each word should be on a separate line.