The agenda for the DPOC meeting is sum­marised below.

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

The following topic is on the agenda:

International Tax Reform—Pillar Two Model Rules: In this meeting, the IASB will consider an amendment to the IFRS for SMEs Accounting Standard resulting from the upcoming amendment to IAS 12 titled International Tax Reform—Pillar Two Model Rules. The staff recommend amending Section 29 Income Tax of the IFRS for SMEs Accounting Standard with consequential amendments to Section 35 Transition to the IFRS for SMEs. The staff also recommend asking approval from the IFRS Foundation Due Process Oversight Committee for a shortened comment period of 45 days.

Our pre-meeting summary is available on the May supplementary meeting notes page and will be supplemented with our popular meeting notes after the meeting.

The foundation said that it is keen to ensure it meets the information needs of as many of its users as possible. The anonymous survey will be open until 14 May 2023, and respondents will be able to indicate their interest in participating in follow-up interviews.

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

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 TIG informs the ISSB about potential implementation questions that could arise when companies implement the new standards IFRS S1 General Requirements for Disclosure of Sustainability-related Financial Information and IFRS S2 Climate-related Disclosures.

The purpose of the TIG is to solicit, analyse and discuss stakeholder questions arising from implementation of the new standards, to inform the ISSB about those implementation questions, which will help the ISSB determine what, if any, action will be needed to address those questions, and to provide a public forum for stakeholders to learn about the new Standards from others involved with implementation.

Please click for more information on the IFRS Foundation website.

The conference will offer an opportunity for participants to learn about the latest progress in integrated thinking and academic research, as well as the systems and processes that organisations are implementing to manage and understand these issues. It will include a showcase of the efforts of the ISSB in embedding the principles and concepts of the Integrated Reporting Framework within its standards.

The conference is free-of-charge. For more information, see the press release on the IFRS Foundation’s web site.

Mr Servais welcomed the efforts of the standard setters that are likely to result in both sustainability-related disclosure standards and related assurance standards to be ready for use by corporates for their end-2024 accounts and noted that this was in response to significant investor demand for high quality and reliable sustainability disclosures.

He stressed that a global language for sustainability disclosures is needed in order to promote greater consistency and comparability of disclosures and highlighted that IOSCO, therefore, welcomes the ISSB's commitment to publishing its global standards for climate disclosures and general requirements in Q2.

Once they have been released, IOSCO responsibility to consider potential endorsement of the ISSB standards. A potential endorsement should be a game changer and give impetus for the adoption or use of the first global and inclusive framework for sustainability-related disclosures by corporates. Mr Servais stated:

Three factors will be key to achieving global uptake. First, maximising interoperability between the global framework and jurisdictional frameworks will be an important factor. Second, IOSCO will be receptive to the mechanisms designed to allow for a sufficient degree of proportionality to ensure all jurisdictions can get on board. Third, we see merit in building in limited flexibility for some disclosure requirements, in order to alleviate legitimate concerns relating to data availability and the preparedness of companies to comply in a timely manner. This takes into account the reality that, while the direction of travel is the same, we may not all travel at the same speed.

Please click to read the full text of the speech on the IOSCO website.

The debate over the valuation and reporting of intangibles, and whether a compelling case exists for a change in the way they are reflected in corporate reporting, has grown within the global economy and an increasing focus has been placed on the intangible drivers of value within companies and how these act as indicators of the future prospects and underlying value of a business.

The research now made available used case-study based surveys and workshops to:

• Analyse the production processes and the disclosure approach for intangibles by a representative sample of European preparers;
• investigate and understand the “consumption” processes of information on intangibles by the main capital market participants in European countries; and
• understand the reasons behind those classes of professionals (preparers or users) not wanting intangibles recognised.

The press release on the ICAS website offers a summary of the finding and access to the full research report.

The Boards are keen to appoint members with experience in the preparation, consumption or regulation of digital financial reports, with experience in digitalised sustainability disclosures, or from emerging economies. Applications are requested by 26 May 2023. For more information, see the press release on the IFRS Foundation website.

Highlights of the podcast include discussions on:

• update on foundational work;
• decisions made at the ISSB’s supplementary April 2023 meeting;
• decisions made at the April 2023 ISSB meeting;
• inaugural Sustainability Standards Advisory Forum meeting;
• Jurisdictional Working Group;
• work with the Frankfurt Consortium; and
• statement from the G7.

The podcast (14 minutes) can be accessed on the IFRS Foundation website.