The CMA has called on listed entities to disclose their IFRS transition progress in three phases.

By 1 September 2016, the companies need to disclose the following information on the Saudi Stock Exchange "Tadawul" website:

• Whether an IFRS transition plan has been prepared;
• If no transition plan has been prepared yet, the target date for preparing the plan;
• Whether an IFRS experienced and specialised external consultant has been hired;
• If no consultant has been hired, the point of time when this will be done or the reasons for deciding against hiring an external consultant;
• Whether an entity's internal team responsible for the IFRS transition plan and its implementation has been formed;
• If no team has been formed, the reasons for not doing so;
• IFRS transition process difficulties the entity may be facing;
• The target date for the preparation of the first set of IFRS financial statements and the periods covered by such financial statements.

By 30 October 2016, listed entities need to make the following disclosures:

• Phase one disclosures updates;
• Whether the accounting policies necessary for the preparation of IFRS financial statements have been approved;
• If the accounting policies have not been approved yet, the target date for approving the accounting policies;
• Where the entity is ready to implement IFRS, it would be exempted from these disclosures but would need to disclose that it has readily available IFRS financial statements and the significant effects of implementing IFRS.

By 31 January 2017, listed entities need to make the following disclosures:

• Phase one and two disclosures updates;
• Whether IFRS financial statements have been prepared and the periods covered by these financial statements;
• If no IFRS financial statements have been prepared yet, the reasons for not doing so and the target date for preparing them;
• The significant effects on the entity as a result of implementing IFRS (if the effects of implementing IFRS are immaterial this would also need to be disclosed);
• Any hindrances that might affect the listed entity ability to prepare IFRS financial statements;
• The extent of the listed entity's readiness to prepare IFRS financial statements for the first quarter of 2017 within the applicable regulatory period.

The CMA also notes that it might request additional disclosures it finds to be necessary in relation to the IFRS transition plan. Please click for access to the announcement on the CMA website.

In its Final Report on the Review of the IFRS Foundation’s Governance published in February 2012, the Monitoring Board announced that it wants to expand its membership to include up to four members, primarily from major emerging markets. In January 2014, the Brazilian Securities Commission (CVM) and the Financial Services Commission of Korea (FSC) were appointed as members. The application from China triggered an extended screening, however, it was found that the China MOF fulfils the revised membership criteria approved by the Monitoring Board in February 2016. The United States Securities and Exchange Commission (SEC) abstained from the final vote on the membership. Please click for the press announcement on the IASB website.

The International Integrated Reporting Council (IIRC), the International Association for Accounting Education and Research (IAAER), and the Association of Chartered Certified Accountants (ACCA) have published two jointly commissioned research reports on integrated reporting:

• The first report, Meeting users’ information needs: The use and usefulness of Integrated Reporting, explores how providers of financial capital perceive integrated reporting and its potential for providing decision-useful information through interviews with senior capital market participants and other significant reports users. The report highlights investors’ information needs and identifies the key challenges to widespread adoption of integrated reporting. It is available here on the ACCA website.
• The second report, Factors affecting preparers’ and auditors’ judgements about materiality and conciseness in Integrated Reporting, explores the issues of materiality and conciseness in integrated reporting from the perspectives of corporate report preparers, company auditors and users of reports. Evidence was gathered about current practices and issues faced by practitioners in determining materiality and conciseness in integrated reporting. The report can be accessed here on the ACCA website.

The International Auditing and Assurance Standards Board (IAASB)’s Integrated Reporting Working Group, dedicated to exploring emerging forms of external reporting, has released a Discussion Paper, Supporting Credibility and Trust in Emerging Forms of External Reporting: Ten Key Challenges for Assurance Engagements. The paper explores the factors that can enhance credibility and trust, internally and externally, in relation to emerging forms of external reports, the types of professional services most relevant to these reports, the key challenges in relation to assurance engagements, and the type of guidance that might be helpful in this context. The paper and several supporting documents are available on the IAASB website.

Topics of discussion will include:

• an overview of the revenue model;
• an update on recent implementation activities, including standard-setting and the Transition Resource Group for Revenue Recognition;
• resources available to help with implementation questions;
• disclosures; and
• an audience question-and-answer session.

Please click for more information and registration for the webcast on the IASB website.

The proposed changes address how to group individual recognised items into line items and subtotals and clarify the relationships among assets, liabilities, and equity, along with the effects of related changes on comprehensive income and cash flows.

Originally, the IASB and the FASB decided to review and revise their conceptual frameworks together, however, changed priorities and the slow progress in the project led to the project being abandoned in 2010. In 2012, the IASB reactivated the conceptual framework project as an IASB only project given the multitude of open conceptual issues it is facing in many of its current projects. In May 2015, the IASB published an exposure draft of a new Conceptual Framework in which Chapter 7 Presentation and disclosure discussed concepts that determine what information is included in the financial statements and how that information should be presented and disclosed. In parallel, the IASB is conducting a primary financial statements project examining possible changes to the structure and content of the primary financial statements. The project is in the stage of early research and was last discussed in May 2016.

For more in­for­ma­tion on the new FASB exposure draft, see the press release, a FASB in Focus newsletter, and the ED on the FASB’s website.

This volume (nicknamed the "Green Book") will include the full text of the Standards and In­ter­pre­ta­tions and ac­com­pa­ny­ing documents (such as the Basis for Con­clu­sions) issued by the IASB as at 1 July 2016 with extensive cross-ref­er­ences and other an­no­ta­tions. This edition does not contain documents that are being replaced or su­per­seded but remain ap­plic­a­ble if a reporting entity chooses not to adopt the newer versions early.

The new re­quire­ments since 1 July 2015 include:

• The new IFRS 16 standard.
• Amend­ments to: IFRS 15, IFRS 2, IAS 7, and IAS 12.

The Green Book will sell for £98 plus shipping for the two book set. More in­for­ma­tion and ordering details are available on the IASB's eIFRS website.

• Field work — Round IV of testing to assist the staff in identifying any sweep issues.
• Feedback statement — IASB comments on the feedback received on its ED.
• Effect of board redeliberations — Discusses areas in the ED that would change due to tentative decisions reach by the IASB.

For more information, see the insurance project page on the IASB’s website.

The webinar serves as an education session in the context of the IPSASB’s current project to update its suite of IPSAS pronouncements on financial instruments (IPSAS 29 Financial Instruments: Recognition and Measurement, IPSAS 28 Financial Instruments: Presentation, and IPSAS 30 Financial Instruments: Disclosures), and provides an overview of the key changes introduced by IFRS 9 Financial Instruments as issued by the IASB.

The webinar can be accessed through the IPSASB website.

The Global Sustainability Standards Board (GSSB) of the Global Reporting Initiative (GRI) has published a draft of its future work programme for public consultation, and invites feedback from all stakeholders to help determine priorities for the next three years. The public consultation period for the draft work programme will remain open until 28 September 2016. For a comprehensive view of the work areas outlined, and to give your input, please see the draft GSSB Work Program on the GRI website.

The public comment period for the draft GRI Standards has ended and the GRI Standards Division and the GSSB are analysing the feedback and considering how it will influence the final standards. A first overview of the feedback received is available on the GRI website.

The United States Sustainability Accounting Standards Board (SASB) has released a video recoding featuring a simple overview of the SASB's work and mission and pointing out tools and resources available. The recording can be accessed on YouTube.

The Carbon Disclosure Project (CDP) reports that a record number of cities are now measuring and disclosing environmental data on an annual basis in order to manage emissions, build resilience, and protect themselves from the growing impacts of climate change. The press release on the CDP website offers an overview of how the total 70% increase from 2015 numbers translates into regional developments.