The report takes stock of progress by standard-setting bodies and other international organisations on the actions coordinated through the 2021 roadmap, outlines areas for further attention, and provides updates where needed to the detailed roadmap actions.

The report notes that encouraging progress has been made across all four blocks of the roadmap. On firm-level disclosures it states:

A milestone has been the publication by the newly established International Sustainability Standards Board (ISSB) of two Exposure Drafts, on climate and general sustainability-related disclosure standards. The timely issuance of a final global baseline climate reporting standard ready for market adoption is critical given the global market demand for consistent, comparable and decision-useful disclosures on climate-related risks and opportunities. Alongside a global baseline reporting standard on climate, there is also a growing recognition of the importance of global assurance standards to drive reliability of disclosures.

The FSB stresses that the International Organization of Securities Commissions (IOSCO) is providing important support reviewing the ISSB standards, with the objective to consider endorsement for domestic and cross-border use by member market authorities across jurisdictions.

The report also mentions other initiatives such as in the United States and in the European Union but notes that the FSB and other bodies are continuing to promote consistent approaches among national and regional climate disclosure initiatives.

Regarding the future areas of attention, the FSB notes that early action on the possible adoption of the ISSB standards is required by jurisdiction:

The work of the ISSB on the finalisation of its standards, IOSCO’s work on endorsement and jurisdictions’ work on implementation are important near-term priorities for disclosures. If IOSCO issues an endorsement of the ISSB standards, jurisdictions should take early action to consider the final global baseline reporting standards for use. IOSCO will seek to assist jurisdictions through a broad capacity building programme, working closely with the ISSB.

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

The Board will discuss the following:

• Financial instruments with characteristics of equity
• Rate-regulated activities
• Disclosure initiative — Targeted standards-level review of disclosures
• Post-implementation review of IFRS 9 — Classification and measurement
• Post-implementation review of IFRS 9 — Impairment
• Primary financial statements
• Dynamic risk management
• Maintenance and consistent application
• Management commentary
• Contractual cash flow characteristics
• Goodwill and Impairment

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 Board will discuss the following:

• Consultation on agenda priorities
• Climate-related Disclosures and General Sustainability-related Disclosures

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.

Highlights of the podcast include discussions on:

• the ongoing discussions on Business Combinations under Common Control and Primary Financial Statements;
• the tentative decision made on Equity Method;
• a consideration of the three possible approaches put forward by the technical staff for the Financial Instruments with Characteristics of Equity project;
• the continuing analysis of stakeholder feedback received on the Post-implementation Review of IFRS 9 — Classification and Measurement;
• the decisions made for the forthcoming Second Comprehensive Review of the IFRS for SMEs Accounting Standard; and
• the decisions made on the direction of the Disclosure Initiative — Subsidiaries without Public Accountability: Disclosures and the Non-current Liabilities with Covenants projects following stakeholder feedback.

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.

An analysis of how the IASB's work plan has been affected by decisions made at the meeting can be found here.

Please click for more information and registration in the press release on the EFRAG website.

Following the publication of the first paper in the series in November 2020, the second paper explores some of the issues in more detail, especially whether social value can be a basis of value, the difference between social value and the social component of ESG, and whether the existing valuation principle of highest and best use can apply to social assets and social value.

Please click to access the paper on the IVSC website.

The ITCG will discuss the following topics:

• Staff draft of the IFRS Sustainability Disclosure Taxonomy
  • Taxonomy structure
  • Relationships and connections
  • Narrative disclosures in the taxonomy
  • Information related to metrics and targets
• IFRS Accounting Taxonomy: Update on Activities

The agenda papers for this meeting are available on the IASB website.

As reported earlier, the conference saw speeches by

• Chair of the IFRS Foundation Trustees, Erkki Liikanen;
• Chair of the Board of the International Organization of Securities Commissions (IOSCO), Ashley Alder; and
• Chair of the IASB, Andreas Barckow.

Please click for the short summary of the whole conference on the IFRS Foundation website.

The MB welcomed the strong momentum towards establishing IFRS Sustainability Disclosure standards and strongly encouraged all stakeholders to continue engaging with the ISSB and to respond to their consultation. They noted:

We welcome that the ISSB is particularly interested in obtaining feedback from a variety of stakeholders to understand whether the proposals will provide useful information to investors and are capable of being applied and accepted globally, including by smaller companies and those in emerging markets.

The MB also encouraged the ISSB to continue their outreach with preparers from different industries and sizes.

As regards global adoption of the final standards, the MB noted that the outreach program that the ISSB has embarked on during the consultation period was a positive step to putting into practice an effective building blocks approach to the interoperability of the ISSB global baseline. In that context, the report notes, the MB strongly supports the ISSB’s ongoing engagement with a wide variety of stakeholders, including through the formation of the Jurisdictional Working Group.

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