While GRI, SASB, CDP and CDSB set the frameworks and standards for sustainability disclosure, including climate-related reporting, along with the TCFD recommendations, the IIRC provides the integrated reporting framework that connects sustainability disclosure to reporting on financial and other capitals.

These organisations have now declared their intent to provide:

• joint market guidance on how the frameworks and standards can be applied in a complementary and additive way;
• a joint vision of how these elements could complement financial generally accepted accounting principles (financial GAAP) and serve as a natural starting point for progress towards a more coherent, comprehensive corporate reporting system; and
• joint commitment to drive toward this goal, through an ongoing programme of deeper collaboration between them, and a stated willingness to engage closely with other interested stakeholders.

The “big picture” view of the relationship between the standards and frameworks, including their relationship to the IASB and FASB standards, foresees an approach to standard-setting that results in a globally agreed set of sustainability topics and related disclosure requirements under a rigorous and ongoing standard-setting due processes that will result in high-quality global standards.

The comprehensive corporate reporting system the paper envisions would then see three nested sets of reporting:

• Reporting on matters that reflect the organisation’s significant impacts on the economy, environment and people;
• reporting on the sub-set of sustainability topics that are material for enterprise value creation; and
• reporting that is already reflected in the financial accounts.

Reporting already reflected in the annual accounts would continue to be the remit of IASB and FASB and the subset of sustainability topics that are material for enterprise value creation would be covered by CDSB and SASB. Both sets would be connected by an overarching integrated reporting framework. GRI Standards would enable companies to report sustainability information that describes their significant impacts on the economy, environment, or people, and hence their contributions towards sustainable development and could also be used to describe impacts on the company. CDP would fill the crucial role of technology in reporting and enable access for all stakeholders to corporate performance on sustainability topics. The standards rsulting from this comprehensive reporting system would enable companies to collect information about performance on a given sustainability topic once but provide relevant information to different users through appropriate communication channels.

Please click to access the joint press release and statement of intent (external link).

In addition, see Deloitte's Purpose-driven Business Reporting in Focus — Progress towards a comprehensive corporate reporting system.

IFRS 10 Consolidated Financial Statements and IFRS 16 Leases—Sale and Leaseback in a Corporate Wrapper: The Committee received a submission asking about the applicability of the sale and leaseback requirements in IFRS 16 to a transaction in which an entity sells its equity interest in a subsidiary that holds only a real estate asset and then leases that real estate asset back. The submitter asked as to how the gain or loss on disposal should be recognised. The staff concluded that the principles and requirements in IFRS 10 and IFRS 16 provide an adequate basis to determine that the transaction is a sale and leaseback and that the requirements in IFRS 16 apply. On that basis the staff recommend that the Committee not add the matter to its agenda.

IAS 12 Income Taxes—Deferred Tax arising from a Single Transaction: In July 2019, the Board published Exposure Draft ED/2019/5 Deferred Tax related to Assets and Liabilities arising from a Single Transaction (Amendments to IAS 12).The staff analysed the respondents' feedback to the ED and will present the preliminary proposed recommendations to the Committee for advice.

Work in progress: The staff are analysing requests related to the hedge of variability in cash flows in real terms and configuration or customisation costs in a cloud computing arrangement.

The full agenda for the meeting can be found here. We will update this page for any changes to the agenda and our Deloitte pre-meeting summaries for the meeting as they become available.

The Board achieved consensus on all issues with the exception of annual cohorts, with nine Board members voting in favour of the cohorts meeting the endorsement criteria and seven members disagreeing. The actual letter containing the DEA is not expected until October as questions to constituents still need to be agreed. Stakeholders will be given four months to comment on the DEA. A final advice will be aimed for by the end of March 2021.

Participants of the field-test were asked to apply the IASB's proposals to their financial statements and answer a questionnaire from EFRAG and the IASB. The results were then discussed in the workshop.

Please click for additional information and the report from the workshop on the EFRAG website.

Results from a similar workshop with corporates were released in August 2020.

The task force will be chaired by Patrick de Cambourg, President of the French standard-setter ANC.

Please click for a list of all members in the press release on the EFRAG website.

The full agenda for the meeting is summarised below.

The Committee will discuss the following:

• Administrative matters
• IFRS 10 and IFRS 16 — Sale and leaseback in a corporate wrapper
• IAS 12 — Deferred tax related to assets and liabilities arising from a single transaction
• Work in progress

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.

The agenda for the meeting is sum­marised below:

For more in­for­ma­tion, please see the agenda and meeting papers on the IASB's website.

The publication explores where and how an organisation should show the impacts of the pandemic and the uncertainties that lie ahead in its integrated report.

Please click to access FAQ – Reporting in a time of crisis on the IRC website.

The IRC also offers a dedicated website with publications, resources and examples of COVID-19 reporting in integrated reports.

The revisions are designed to further clarify and explain the SASB’s approach to standard-setting, including its principles, processes, and practices. One of the reasons the SASB decided to revise these documents is that the Board is of the view that the existing documents do not reflect the global perspective of the SASB. The documents also contain an outdated mission statement as well as outdated assumptions, definitions, and data.

Comments are requested by 30 November 2020.

Please click for more information and access to the consultation documents on the SASB website.