The first webcast (approx. 2 minutes) provides background information about reverse factoring and other supplier finance arrangements. The second webcast (approx. 9 minutes) illustrates how the IASB’s proposals aim to enhance the transparency of supplier finance arrangements.

Both webcast can be accessed through the press release on the IFRS Foundation website.

Key takeaways from the interview include:

• Mr Faber places sustainability at the core of business strategy and believes the development of ‘high-quality global standards for disclosing sustainability information will significantly reduce greenwashing ‘noise’ and help companies and investors have meaningful conversations about what really matters to them and the concrete steps taken to implement sustainability commitments’.
• He commented that way of viewing the linear economic system is coming to an end and focus needs to be put in addressing volatilities associated with climate change in order to manage and mitigate its effect.
• Previous role as Chair of Danone provided him with experience in leadership and working with stakeholders from all over the world.
• Mr Faber looks forward to getting to know his new colleagues, working out the details of the prototypes developed by the Technical Readiness Working Group, and engaging with stakeholders.
• Some challenges he noted were getting the ISSB up and running which includes the appointment of a diverse group of ISSB members. In addition, the creation of a timeline that meets the need to quickly produce these standards while making sure stakeholders have enough time to provide feedback. Success in the first year will be measured by accomplishing the goals set out by the IFRS Foundation Trustees and overcoming the challenges noted.
• ISSB will learn for the standard-setting process already established by the IASB. The two organisations will collaborate as much as needed during the process.
• A public consultation on the future work plan is being developed. The work plan will assist the ISSB on which topics it should focus on first.
• Sustainability disclosures will play an important role to reach the objectives set in the Paris Agreement. He commented that ‘helping build a globally accepted language about these emissions that will be a foundation for effective dialogue and decision making among all the stakeholder groups of the Paris Agreement’.

The full interview is available on the IFRS Foundation’s website.

Exposure Draft (ED) 81 proposals include:

• Clarifying the role of prudence in public sector financial reporting;
• Revised definitions of an asset and a liability;
• Clarifying what constitutes a transfer of resources when determining whether an entity has a liability; and
• Restructuring guidance on liabilities to improve clarity for users of the Framework.

Comments on the ED are requested by 31 May 2022.

The following additional information is available on the IPSASB website:

• Press release
• Access to the exposure draft and an At a Glance summary

Participants at the meeting, which was chaired by IASB member Tadeu Cendon, discussed subsidiaries without public accountability, the equity method of accounting, the post-implementation review of IFRS 9. In addition, the EEG received an update on sustainability reporting as well as a general update on IASB projects.

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

The corrections relate to IFRS 9 Financial Instruments and IAS 24 Related Party Disclosures. The same corrections also apply to subsequent IFRS publications.

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.

IPSAS 43 Leases contains a model that is aligned with IFRS 16 Leases for lease accounting in the public sector. For lessees, IPSAS 43 introduces a right-of-use model that will replace the risks and rewards incidental to ownership model in IPSAS 13 Leases. For lessors, IPSAS 43 substantially carries forward the risks and rewards incidental to ownership model in IPSAS 13.

IPSAS 43 has an effective date of 1 January 2025 as a three-year period to apply IPSAS 43 provides public sector entities time to prepare for the new requirements and allows for learning to be drawn from the private sector experience in applying IFRS 16.

The publication of IPSAS 43 completes the IPSASB’s first phase of work on leases. The IPSASB will continue its work by considering additional public sector specific issues in a separate project on other lease-type arrangements.

The following additional information is available on the IPSASB website:

• Press release
• Access to the new standard, introductory webinar and At a Glance summary

The IFCG discussed the following:

• Post-implementation of IFRS 9
• IFRS 17 and Takaful
• IASB Technical Update

For more in­for­ma­tion, see the summary on the IASB’s website.

This marks the completion of the first of two organisations to consolidate into the IFRS Foundation with the other, Value Reporting Foundation, expected to consolidate by June 2022. Also noted was that the CDSB Framework, recent technical guidance on water, biodiversity and social disclosures, and other resources will remain applicable until the ISSB publishes its IFRS Sustainability Disclosure Standards.

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

The meeting focused on ISSB nominations. The Trustees received a report related to the recently completed search for a Vice-Chair of the ISSB and the search for ISSB members. The Chair of the ISSB also provided an update on appointments planned for the role of Special Advisor to the ISSB Chair.

For more in­for­ma­tion, see the full summary on the IFRS Foun­da­tion Trustees’ meeting on the IASB’s website.

The ED would permit eligible subsidiaries that are small and medium-sized entities (SMEs) to apply IFRSs but with reduced disclosure requirements.

We agree with the objective of the draft Standard which responds to requests from stakeholders and expect that the draft Standard will significantly reduce the cost of preparing financial statements applying IFRS Standards for subsidiaries of parents that report using these standards.  We agree that the Standard should only be available to subsidiaries that do not have public accountability. However, in addition to the requirement to meet the definition of an entity without public accountability proposed in the draft Standard, we suggest that an entity would be permitted to apply the draft Standard only if all of its owners, including those not otherwise entitled to vote, and outsiders for which the entity holds assets in a fiduciary capacity have been informed about, and do not object to, the entity applying the draft Standard. We also agree with the proposal to limit the scope to subsidiaries of a parent that produces consolidated

financial statements available for public use that comply with IFRS Standards and with the approach taken to developing the proposed disclosure requirements using the IFRS for SMEs Standard as a starting point and generally agree with the proposed disclosures that result from the application of this approach.

Please click to download our full comment letter.