The announcement was contained in a communication sent to the Chairman of the International Sustainability Standards Board (ISSB) and stated that FRC is working in collaboration with the Federal Ministry of Finance and other relevant regulators and professional accounting organisations, to develop a strategy to raise awareness, engage stakeholders around the standards and develop a roadmap for timely implementation in the Nigerian market.

Please click for the announcement on the FRC website and a press release on the IFRS Foundation website welcoming the decision.

The topics discussed at the meeting included:

• IASB Update
• Primary financial statements
• Provisions — Targeted improvements
• Post-implementation review of IFRS 9 — Impairment
• Post-implementation review of IFRS 15

The meeting summary is available on the IASB website.

The next CMAC meeting will be held on 9 March 2023.

The meeting focused on the interaction between the IASB’s tentative decision on regulatory returns on an asset not yet available for use and an entity’s capitalization of its borrowing costs and how the IASB might respond to feedback on the proposed treatment of the inflation adjustment to the regulatory capital base, as set out in the IASB’s Exposure Draft Regulatory Assets and Regulatory Liabilities.

The meeting summary is available on the IFRS Foun­da­tion’s website.

The topics covered during the meeting were the following (numbers in brackets are ref­er­ences to the cor­re­spond­ing para­graphs of the summary):

• Agenda planning and feedback from previous ASAF meeting (1–3): The ASAF members discussed proposals for its next meeting on 8–9 December 2022.
• Subsidiaries without public accountability: Disclosures (4–17): The ASAF members were updated on the Disclosure Initiative — Subsidiaries without Public Accountability: Disclosures project and provided views on (1) parent’s consolidated financial statements be ‘available for public use’, (2) disclosure requirements, and (3) structure.
• Post-im­ple­men­ta­tion Review of IFRS 9 (18–23): The ASAF members provided views on applying the impairment requirements in IFRS 9 and decided which topics to include as part of the post-implementation review.
• Rate-regulated activities (24–31): The ASAF members were provided an update on feedback to Exposure Draft Regulatory Assets and Regulatory Liabilities and expressed their views on the IASB’s tentative decisions on scope and total allowed compensation.
• UKEB research on goodwill (32–35): The ASAF members presented with the UK Endorsement Board’s research on subsequent accounting for goodwill.

A full summary of the meeting is available on the IASB's website.

Details on the new Partnership Framework, which is designed to support preparers, investors and other capital market stakeholders as they prepare to use IFRS Sustainability Disclosure Standards, are already available on the IFRS Foundation website, including a timeline for the five-year, three-phase effort.

The announcement that CDP and the ISSB have agreed that CDP will incorporate the IFRS S2 requirements into its disclosure platform means that CDP’s 17,000+ voluntary users will disclose data structured to IFRS S2 in the 2024 disclosure cycle as a step towards delivering a global baseline for capital markets through the adoption of ISSB standards.

The Board will discuss the following:

• Sustainability disclosure taxonomy
• General requirements  
  
  • Comparative information and updated estimates
  • Timing of reporting
• Climate-related disclosures
  • Strategy and decision-making and climate-related targets
• Cross-cutting issues

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.

As reported earlier, among the topics discussed at the meeting were the UKEB research on goodwill subsequent measurement and jurisdictional perspectives on sustainability reporting.

The full list of topics discussed at the meeting was:

• Overview of research on goodwill subsequent measurement (UKEB)
• Financial instruments
  • Post-implementation review of classification and measurement (AASB)
  • ESG-linked financial instruments (FASB)
  • FVOCI recycling and impairment (OIC)
• Break-out sessions on how to improve cash flow reporting
• Post-implementation review of IFRS 15 (IASB and EFRAG)
• Jurisdictional perspectives on sustainability reporting: Climate-related risk
  
  • ESRS E1 Climate Change (EFRAG)
  • Consultation Advancing Public Sector Sustainability Reporting (IPSASB)
  • Proposed rule on climate-related risk (SEC)
  • Panel discussion moderated by the ISSB Vice-Chair with panel members from AASB, FRC, ICPAK, KASB, and SSBJ
• Looking ahead – What’s next after climate? (TNFD)
• Digital assets
  • Panel discussion of key developments and implications with members from AcSB, ASBJ, EFRAG, and FASB
• Second comprehensive review of the IFRS for SMEs
  • Introduction by IASB
  • Introduction by IFR4NPO
  • Panel discussion with members from IASB, Argentina, PAFA, Sri Lanka, and FRC

The next meeting will be a virtual interim meeting which is to be held on 12 January 2023.

Please click for the full report from the meeting.

ED 83 Reporting Sustainability Program Information — RPGs 1 and 3: Additional Non-Authoritative Guidance aims to demonstrate how RPG 1 Reporting on the Long-Term Sustainability of an Entity’s Finances and RPG 3 Reporting Service Performance Information can be immediately applied to report on sustainability programme information. Additional implementation guidance is proposed, along with illustrative examples on such key topics as green bonds, carbon taxes, tax expenditures, and other programmes developed to mitigate the effects of climate change and achieve the UN’s Sustainable Development Goals.

Comments on the ED are requested by 16 January 2023. Please click for additional information and access to the ED in the press release on the IPSASB website.

The decisions in this compilation relate to IFRS 2/IAS 32, IFRS 9/IFRS 16, IFRS 15, IFRS 17, IFRS 17/IAS 21, IAS 32, and IAS 37.

The IFRS Foundation initiated the compilation series in October 2019 and will continue it by publishing new volumes biannually in April and October. For more information, see the press release and compilation on the IASB website.

On Thursday this week, ISSB members will discuss sources of guidance to identify sustainability-related risks and opportunities and disclosures. The additional paper to be discussed is available on the IFRS Foundation website.