June

Second IASB agenda consultation to be launched on 30 July

02 Jun 2015

Among the papers for the upcoming meeting of the IFRS Advisory Council is a paper offering a revised timetable for the Agenda consultation 2015. The paper notes that a request for views will be issued on 30 July 2015 with comments requested by 30 November 2015.

Originally, the IASB had intended to launch its second agenda consultation in December 2015. However, the paper argues that:

  • the 2011-12 agenda consultation process had been the first of its kind; the second consultation will profit from the lessons learnt;
  • as a result of the 2011-12 agenda consultation, the IASB's current agenda is very full and the IASB's ability to consult is constrained by the current commitments in its work programme;
  • the Trustees of the IFRS Foundation intend to review the IASB’s structure and effectiveness through public consultation in the third quarter of 2015 and the IASB believes that the agenda consultation process should be closely aligned with that as there are questions that interlink the two consultations.

Therefore, the IASB has concluded that it can - and should - launch the agenda consultation by publishing a request for views on 30 July 2015. During the comment period, the IASB intends to conduct further outreach. The IASB will discuss all feedback received at its January 2016 meeting and intends to publish a feedback statement on 29 February 2016. The time period expected to be affected by the results of the consultation would be the IASB work programme from mid-2016 to mid-2020.

Please click to access the agenda paper for the IFRS Advisory Council meeting on the IASB website. It also offers a draft of the request for views to be published in July.

GRI publishes analysis on sustainability and reporting trends in 2025

01 Jun 2015

The Global Reporting Initiative (GRI) has published a first Analysis Paper resulting from its Reporting 2025 Project that is designed to promote an international discussion about the purpose of sustainability reporting and disclosures looking ahead to 2025.

As part of the project, thought leaders in various fields are interviewed on subjects ranging from data technology to society and business development scenarios, with the aim of identifying main issues that will – or should be – at the center of companies' agendas and their public reports. The insights presented in the first paper provide result from the analysis of the first nine interviews. A second paper with more interviews will follow in September this year, a final report in January 2016.

The insights gained so far are:

  • Companies will be held accountable, more than ever before.
  • Business decision makers will take sustainability issues into account more profoundly.
  • Technology will enable companies and stakeholders to access, collate, check, analyse and correlate data.
  • Technology will enable companies to operate and report in a highly integrated way.
  • Ethical values, reputation and risk management will guide decision makers.
  • New indicators will emerge.
  • Reports will result both from regulated and voluntary processes.
  • Sustainability data will be digital and occurring in real-time instead of annually.

Please click to access the full report on the GRI website.

We comment on a tentative agenda decision of the IFRS Interpretations Committee

01 Jun 2015

We have published our comment letter on the tentative IFRS Interpretations Committee agenda decision on IFRIC 14 as published in the March 2015 IFRIC Update.

After thorough analysis, the IFRS Interpretations Committee tentatively concluded not to take onto its agenda a request to clarify whether the future minimum funding requirement for contributions to cover future service would apply for only the minimum fixed period under certain circumstances.

We agree with the IFRS Interpretations Committee’s analysis and decision not to add this item to its agenda for the reasons set out in the tentative agenda decision.

Please click to download the full comment letter here.

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