In its draft comment letter, EFRAG notes a number of issues that are considered to be prevalent in Europe and might deserve standard-setting activities. EFRAG believes the following issues should be of highest priority:

• the application of the SPPI test to sustainable finance products,
• the absence of recycling for FVOCI equity instruments,
• the treatment of equity-type instruments, and
• reporting on reverse factoring.

Comments on EFRAG's draft comment letter are requested by 14 January 2022. For more information, see the press release and the draft comment letter on the EFRAG website.

Please click for more information on the EFRAG website.

View the updated agenda.

A summary of the agenda is set out below:

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

The topics covered during the meeting were the following (numbers in brackets are ref­er­ences to the cor­re­spond­ing para­graphs of the summary):

• Equity method (1–17): The ASAF members were provided with an update on the equity method research project and discussed the application question on changes in an investor’s interest in an associate without change in significant influence and application question that have recurrent themes outside the scope of the project.
• Management commentary (18–26): The ASAF members discussed the IASB’s outreach on the Exposure Draft Management Commentary and provided feedback on the proposal’s objective-based approach, long-term prospects, intangible resources and relationships and environmental, social and governance (ESG) matters, qualified and unqualified statements of compliance, and the interaction between the proposals and local reporting requirements and practices.
• Primary financial statement (27–50): The ASAF members were presented with an update on the Exposure Draft General Presentation and Disclosures and discussed subtotals and categories, disaggregation, management performance measures, and other comments
• Rate-reg­u­lated ac­tiv­i­ties (51): ASAF members were presented with an overview of the feedback on Exposure Draft Reg­u­la­tory Assets and Reg­u­la­tory Li­a­bil­i­ties.
• Agenda planning (52): The ASAF members discussed topics for the December 2021 ASAF meeting.

A full summary of the meeting is available on the IASB's website.

Key themes and topics of the webinar will be:

• Production processes and disclosure modes of intangibles – traditional accounting and non-financial/narrative information;
• The desired "consumption" processes of intangibles information by users; and
• Critical characteristics for corporate production/disclosure and consumption processes, and the authors suggestions for policy makers and standard setters to address them.

Please click for more information and registration on the ICAS website.

Highlights of the podcast include discussions on:

• Goodwill and impairment;
• Primary financial statements;
• Post-implementation review of IFRS 10, IFRS 11 and IFRS 12;
• Rate-regulated activities;
• Second comprehensive review of the IFRS for SMEs;
• Pension benefits that depend on asset returns;
• Equity method;
• Narrow scope amendment to IFRS 17; and
• Ratification of tentative agenda decisions of the Interpretations Committee.

The podcast can be accessed through the press release on the IASB website.

Please click to view the detailed notes taken by Deloitte observers for the IASB meeting.

The Board will discuss the following:

• Rate-regulated activities
• Dynamic risk management
• Second comprehensive review of the IFRS for SMEs Standard
• Goodwill and impairment
• Primary financial statements
• Board work plan — Timing of PIRs
• Post-implementation review of IRS 10–12
• Third agenda consultation

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 Chair of the IOSCO Sustainable Finance Task Force, Erik Thedéen, noted that IOSCO identified the IFRS Foundation as the vehicle to develop a global baseline for investor-oriented sustainability standards given its well-tested governance structure, its best-in-class reputation in setting international reporting standards and its proven record of transparent and inclusive due process. He stressed:

The ISSB global standards are the right tool to respond to the existing ‘alphabet soup’ of voluntary sustainability disclosures. They can drive much-needed international consistency and comparability in sustainability-related information, laying the groundwork towards high quality mandatory reporting.

Ashley Alder, Chair of the IOSCO Board, gave the keynote speech at the summit. He stressed that the new board under the IFRS Foundation umbrella offers the most credible mechanism for creating a baseline of disclosure standards, enabling a confusing picture to be superseded by a properly aligned global approach. He commented:

Crucially, the ISSB will develop a comprehensive global baseline of corporate climate disclosure standards which meet the information needs of investors. They will enable investors to align their investment strategies with the global transition to net zero and will also mitigate the ever-present risk of greenwashing. [...] The baseline disclosure standard can also cut a clear pathway to the adoption of a mandatory standard if jurisdictions choose to take that route. This is important because, in order to hold corporates properly accountable, the standard should be sufficiently enforceable. It is also crucial that it is an open standard which allows jurisdictions to build on the baseline to accommodate their own sustainability needs and circumstances.

Both speakers also stressed that IOSCO plans to thoroughly assess the ISSB proposals to ensure they meet the needs of investors before deciding whether IOSCO can endorse them. If IOSCO's expectations are met, the IOSCO Board would then endorse the new standards for over 130 market regulators.

Please click to access the two speeches on the IOSCO website:

• Keynote speech by Ashley Alder
• Remarks by Erik Thedéen

Earlier, IOSCO also released a statement welcoming the creation of the ISSB.

The new resource provides direct access to the standards developed by the International Audit and Assurance Standards Board (IAASB), the International Ethics Standards Board for Accountants (IESBA), and the International Public Sector Accounting Standards Board (IPSASB).

Please click for more information and access to the platform on the IFAC website.