G20 Leaders support upcoming ISSB Standards

17 Nov 2022

The G20 has issued final declaration following the G20 Leaders meeting held in Bali on 15–16 November 2022.

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.

Summary of the Jurisdictional Working Group October 2022 meeting

16 Nov 2022

The IFRS Foundation has posted the meeting summary of the Jurisdictional Working Group meeting held on 17 October 2022.

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.

IFRS Foundation proposes update to IFRS Taxonomy 2022

16 Nov 2022

The IFRS Foundation has issued a proposed IFRS Taxonomy Update, 'IFRS Accounting Taxonomy 2022 Proposed Update 1 — General Improvements and Common Practice'.

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.

Chairs of EFRAG FRB and EFRAG SRB announced

16 Nov 2022

The European Financial Reporting Advisory Group (EFRAG) has completed the move to its new structure by announcing the Chairs of the two new reporting Boards working side-by-side under the new Administrative Board.

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.

IOSCO statement on financial reporting and disclosure during economic uncertainty

15 Nov 2022

The International Organization for Securities Commissions (IOSCO) has released a statement emphasizing issuers’ need for fair, transparent and timely disclosure about impacts of economic uncertainty.

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.

Agenda for the December 2022 ASAF meeting

14 Nov 2022

The International Accounting Standards Board (IASB) has released an agenda and meeting papers for the meeting of the Accounting Standards Advisory Forum (ASAF), which is to be held in the IASB's offices in London on 8–9 December 2022.

A summary of the agenda is set out below:

Thursday 8 December 2022 (9:45-16:30)

  • Agenda planning and feedback from previous ASAF meetings
  • Primary Financial Statements
  • Post-implementation Review of IFRS 15
    • Identifying matters to be examined
  • Variable and contingent consideration
    • EFRAG Discussion Paper — Accounting for variable consideration
  • Business Combinations Under Common Control
    • Initial views: Principle and exceptions

Friday 9 December 2022 (9:00-12:15)

  • Provisions — Targeted Improvements
    • Discount rates — non-performance risk
  • Equity Method
    • Project update and transactions between an investor and its associate–an acknowledged inconsistency between the requirements of IFRS 10 and IAS 28
    • Transactions between an investor and its associate–an acknowledged inconsistency between the requirements of IFRS 10 and IAS 28

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

Report of the October 2022 SME Implementation Group meeting

14 Nov 2022

The IASB has issued a report on the SME Implementation Group (SMEIG) meeting held on 13 October 2022.

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.

November 2022 IASB meeting agenda posted

11 Nov 2022

The IASB has posted the agenda for its next meeting, which will be held in its office in London on 22–24 November 2022. There are eight topics on the agenda.

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.

COP27 ISSB podcast

11 Nov 2022

The ISSB has released a podcast about highlights from COP27.

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.

Call for papers – 2023 IASB Research Forum

10 Nov 2022

The IFRS Foundation has announced that it will host the 2023 IASB Research Forum in early November 2023 and are seeking research papers to help inform the IASB’s standard-setting activities related to intangible assets.

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.

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