In particular, the G20 discussed that “globally consistent data are needed in order to effectively address climate-related financial risks” and are looking “forward to the finalization of standards by the International Sustainability Standards Board (ISSB) in support of globally consistent, comparable and reliable climate-related financial disclosures, and its work beyond climate.” In addition, the G20 welcomes “the efforts to achieve interoperability across disclosure frameworks.”

For more information, see the full final declaration.

During the meeting, par­tic­i­pants provided an update on the progress of sustainability-related reporting in their jurisdictions and gave observations to the agenda papers for the October 2022 ISSB meeting. The ISSB and IFRS Foundation Trustees will be evaluating the future role of the JWG considering the establishment of the Sustainability Standards Advisory Forum.

See the full summary on the IFRS Foundation website.

The proposed changes aim to improve the quality of tagged data and to make the IFRS Accounting Taxonomy easier to use.

Details on the proposed changes are available in the press release on the IFRS Foundation website and in proposed update itself. Comments are requested by 16 December 2022.

The Financial Reporting Board (FRB) will be chaired by Wolf Klinz, former Member of the European Parliament; the Sustainability Reporting Board (SRB) will be chaired by Patrick de Cambourg, former President of the French accounting standard setter Autorité des normes comptables (ANC). The Chair and Vice Chair of the Administrative Board were already announced in February 2022.

Please click to access the press release on the EFRAG website.

The statement lists the following factors affecting current economic conditions that should be considered:

• supply chain challenges;
• on-going impacts of the COVID-19 pandemic;
• evolving impacts of the conflict in Ukraine;
• escalating energy supply shortages and costs;
• labor shortages;
• inflationary pressures;
• volatility in currency exchange rates;
• rising interest rates;
• changes in monetary and fiscal policies; and
• other responses from central banks and other government authorities.

Considering these factors might lead to financial statement considerations, going concern considerations, considerations around events after the reporting period, updating and assessing significant judgments, estimates and estimation uncertainty, cybersecurity risk consideration, and considerations around non-GAAP financial measures.

The IOSCO concludes:

We encourage issuers, external auditors, as well as audit committees [...] to be particularly vigilant in times of economic uncertainty in their consideration of how risks and uncertainties that could affect or have affected an issuer’s operations, financial condition, cash flows and prospects can be transparently communicated to investors.

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

A summary of the agenda is set out below:

Agenda papers for the meeting are available on the IFRS Foun­da­tion website.

The SMEIG discussed the following topics related to the second comprehensive review of the IFRS for SMEs Standard:

• Objective of the second comprehensive review
• Concepts and basic principles
• Fair value measurement
• Financial instruments
• Business combinations
• Consolidation package
• Revenue
• Other topics

Please click to access the report on the IFRS Foundation website.

The Board will discuss the following:

• Post implementation of IFRS 9 — Classification and Measurement
• Dynamic risk management
• Rate-regulated activities
• Maintenance and consistent application
• Amendments to the Classification and Measurement of Financial Instruments
• Goodwill and impairment
• Business combinations under common control
• Disclosure initiative — Subsidiaries without public accountability: 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.

The podcast covers:

• ISSB announcements made at COP27;
• support for scalability and proportionality and collaboration on capacity building;
• preparedness of the global south in adopting standards;
• discussion of the importance of African jurisdictions in establishing the global baseline; and
• expectations over the next 12 months.

Please click to access the 15 minute podcast on the IFRS Foundation website.

In particular, research papers are welcomed (but not limited to) the following research areas of interest:

• Recognition and measurement
• Disclosure in financial statements
• Other information sources (i.e., management commentary and sustainability report)
• Pollutant pricing mechanisms and cryptocurrencies

Research papers are requested by 31 March 2023.

For more information, see the press release and call for papers document on the IFRS Foundation website.