In addition to the four new appointments, 15 members of the IFRS Advisory Council are up for reappointments. As reappointments are not guaranteed, and given the broadened remit of the Advisory Council following the establishment of the ISSB, member organisations whose individual representative is eligible to serve a second term will be considered alongside any new applications and/or nominations received.

Please click for more information in the press release on the IFRS Foundation website.

Below is an analysis of all changes made to the work plan since our last analysis on 27 June 2022.

Standard-setting projects

• Disclosure initiative — Targeted standards-level review of disclosures — The IASB will now decide on the project direction in Q4 2022 (previously Q3 2022)

Maintenance projects

• Lease liability in a sale and leaseback — A final amendment is now expected in September 2022 (previously Q3 2022)
• Supplier finance arrangements — After discussion the feedback on the exposure draft, a decision on the project direction is now listed as the next project step (no date given)

Research projects

• Extractive activities — A decision on the project direction is now expected in September 2022 (previously July 2022)
• Post-implementation of IFRS 9 — Impairment — An initial discussion of this project took place during the IASB's July meeting; the next expected project step is a request for information to be published in H1 2023

Other projects

• ISSB consultation on agenda priorities — An initial discussion of this project took place during the ISSB's July meeting; the next expected project step is a request for information to be published in Q4 2022
• Third agenda consultation — no changes, the work plan still notes "July 2022" for the feedback statement to be published — this would mean later this week

The above is a faithful comparison of the IASB and ISSB work plan at 27 June 2022 and 25 July 2022. For access to the current work plan at any time, please click here.

Trustees meeting

Meeting ac­tiv­i­ties included the following:

• Report of the Chair of the Trustees and the Executive Director 
• Report of the Chair of the IASB
• Managing the challenges of maintaining convergence with US GAAP
• Report of the Chair of the IFRS Advisory Council
• Report of the Chair of the ISSB
• IFRS Foundation’s sustainability strategy and approach
• Organisational culture
• Reports from the Trustee Committee meetings
• Stakeholder engagements

DPOC meeting

Meeting activities included the following:

• IASB-related matters
• ISSB-related matters

For more in­for­ma­tion, see the full summary on the IFRS Foun­da­tion Trustees’ and DPOC meetings on the IFRS Foundation’s website.

We support the proposals in ED/2022/S1 and believe it should facilitate consistent, comparable and timely sustainability information for the capital markets. Given the urgency of addressing climate change and other sustainability matters, we encourage the ISSB to finalise and issue its first standards at the earliest opportunity. Please click to download our full comment letter here.

We also strongly support the proposals in ED/2022/S2. In particular, we welcome that they build on the Task Force on Climate-related Financial Disclosures (TCFD) recommendations. This builds on the success of the TCFD, leverages the SASB Standards to incorporate industry-specific disclosure requirements and responds to the investors’ call for standards that facilitate consistent and comparable information on climate-related risks and opportunities. Please click to download our full comment letter here.

The additional session will take place on Thursday 21 July 2022 from 09:00 to 09:45 and will continue the discussion on total allowed compensation — regulatory returns on an asset not yet available for use. The timing of other sessions planned for Thursday have also been adjusted.

Please click to access the updated agenda paper on the IASB website. A detailed summary of the new paper has been added to our meeting note page.

Among other topics, participants also discussed sustainability aspects of financial stability. The summary notes:

We look forward to the finalization of standards by the International Sustainability Standards Board (ISSB) for globally consistent, comparable and reliable climate-related financial disclosures.

Please click to access the full summary on the G20 website.

The topics discussed at the meeting included:

• IASB and IFRS In­ter­pre­ta­tions Committee update
• Primary financial state­ments — Operating expenses and unusual income/expense
• Post-implementation review of IFRS 9 — Classification and Measurement
• Goodwill and impairment
• ISSB update and ISSB exposure drafts

The next GPF meeting will be held on 11 November 2022; the next CMAC meeting will take place on 6 October 2022.

For more in­for­ma­tion, see the meeting page and the meeting summary on the IASB's website.

Participants at the meeting, which was chaired by IASB member Tadeu Cendon, discussed an update on the ISSB work, the ISSB exposure drafts on general requirements and on climate, lack of exchangeability, IAS 41 Agriculture, and an update on IASB and IFRS Interpretations Committee activities.

Please click for access to the full report on the IASB website.

The corrections relate to the IFRS Foundation Constitution as reproduced in the Red Book and the annotated Red Book 2022.

Editorial corrections do not change the meaning or application of pronouncements, but instead correct inadvertent errors. The editorial corrections can be viewed on the editorial corrections page of the IASB's website.

The podcast is hosted by IFRS In­ter­pre­ta­tions Committee Chair and IASB member Bruce Mackenzie and Technical Staff member Patrina Buchanan and focuses on:

• Principal versus agent: software reseller.
• Negative low emission vehicle credits.
• Cash received via electronic transfer as settlement for a financial asset, transfer of insurance coverage under a group of annuity contracts.
• SPACs: classification of public shares as financial liabilities.
• Consolidation of a non-hyperinflationary subsidiary by a hyperinflationary parent.
• Multi-currency groups of insurance contracts.

For more in­for­ma­tion, see the press release on the IFRS Foundation’s website.