2023

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New and revised pronouncements as at 31 December 2023

15 Dec 2023

Our popular summary of new and revised financial and sustainability reporting requirements, updated for financial reporting periods ending on 31 December 2023. This listing can be used to perform a quick check that new financial and sustainability reporting requirements such as new and revised accounting and sustainability disclosure standards and interpretations, and amendments to standards and interpretations, have been fully considered in the reporting close process. The information below can also be used to assist with the disclosure requirements under paragraph 30 of IAS 8 'Accounting Policies, Changes in Accounting Estimates and Errors', which requires entities to disclose any new IFRSs that are in issue but not yet effective and which are likely to impact the entity.

Financial reporting considerations related to the Russia-Ukraine War
Below is our usual analysis of new and amended standards, however, we are also aware that many entities will have been impacted by Russia's invasion into Ukraine. Please see our IFRS in Focus — Financial reporting considerations related to the Russia-Ukraine War highlighting some of the key issues to be considered by the entities in preparing their financial statements.

This table can be used for all annual accounting periods. A 1st quarter ending on 31 December 2023 would mean that the annual reporting period began on 1 October 2023. Similarly, 2nd quarters ending on 31 December refer to annual periods that began on 1 July 2023, 3rd quarters ending on 31 December refer to annual periods that began on 1 April 2023, and 4th quarters ending on 31 December refer to annual periods that began on 1 January 2023.

The information below reflects developments to 20 December 2023 and will be updated through to March 2024 to reflect new and revised financial and sustainability reporting requirements that need to be considered for reporting periods ending on 31 December 2023. For accounts approved after December 2023, please also refer to subsequent versions of this document for any new and revised IFRSs that have additionally been issued that might require disclosure in the accounts under IAS 8:30.

The information below is organised as follows:

 

Summary

Pronouncements applicable to entities applying IFRSs at the IASB effective dates

The table below provides a summary of the pronouncements which will be mandatorily applied by entities for the first time at 31 December 2023, for various quarterly reporting periods:

Pronouncement Effective date* Mandatory at 31 December 2023?
1st qtrs 2nd qtrs 3rd qtrs Full yrs
STANDARDS
IFRS 17 Insurance Contracts 1 January 2023 Yes Yes Yes Yes
AMENDMENTS
Amendments to IFRS 17 1 January 2023 Yes Yes Yes Yes
Disclosure of Accounting Policies (Amendments to IAS 1 and IFRS Practice Statement 2) 1 January 2023 Yes Yes Yes Yes
Definition of Accounting Estimates (Amendments to IAS 8) 1 January 2023 Yes Yes Yes Yes
Deferred Tax related to Assets and Liabilities arising from a Single Transaction (Amendments to IAS 12) 1 January 2023 Yes Yes Yes Yes
Initial Application of IFRS 17 and IFRS 9 — Comparative Information (Amendment to IFRS 17) available on first application of IFRS 17 Optional Optional Optional Optional
International Tax Reform — Pillar Two Model Rules (Amendments to IAS 12) — Application of the exception and disclosure of that fact issued on 23 May 2023 with immediate effectiveness ** ** Yes Yes
International Tax Reform — Pillar Two Model Rules (Amendments to the 'IFRS for SMEs' Standard)  — Application of the exception and disclosure of that fact issued on 29 September 2023 with immediate effectiveness ** Yes Yes Yes

* Generally annual periods beginning on or after the date indicated, may only apply to first-time adopters in some limited cases (see the detailed information for each pronouncement below for full details).

** This pronouncement has already been implemented in previous periods by entities with this reporting date (where it applied to the entity).

More information about these pronouncements, and all new and revised pronouncements, is set out below.

 

Financial statement considerations in adopting new and revised pronouncements

Where new and revised pronouncements are applied for the first time, there can be consequential impacts on annual financial statements, including:

  • Updates to accounting policies. The terminology and substance of disclosed accounting policies may need to be updated to reflect new recognition, measurement and other requirements, e.g. IAS 19 Employee Benefits may impact the measurement of certain employee benefits.
  • Impact of transitional provisions. IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors contains a general requirement that changes in accounting policies are retrospectively applied, but this does not apply to the extent an individual pronouncement has specific transitional provisions.
  • Disclosures about changes in accounting policies. Where an entity changes its accounting policy as a result of the initial application of an IFRS and it has an effect on the current period or any prior period, IAS 8 requires the disclosure of a number of matters, e.g. the title of the IFRS, the nature of the change in accounting policy, a description of the transitional provisions, and the amount of the adjustment for each financial statement line item affected
  • Third statement of financial position. IAS 1 Presentation of Financial Statements requires the presentation of a third statement of financial position as at the beginning of the preceding period in addition to the minimum comparative financial statements in a number of situations, including if an entity applies an accounting policy retrospectively and the retrospective application has a material effect on the information in the statement of financial position at the beginning of the preceding period
  • Earnings per share (EPS). Where applicable to the entity, IAS 33 Earnings Per Share requires basic and diluted EPS to be adjusted for the impacts of adjustments result from changes in accounting policies accounted for retrospectively and IAS 8 requires the disclosure of the amount of any such adjustments.

Whilst disclosures associated with changes in accounting policies resulting from the initial application of new and revised pronouncements are less in interim financial reports under IAS 34 Interim Financial Reporting, some disclosures are required, e.g. description of the nature and effect of any change in accounting policies and methods of computation.

 

New or revised standards

IFRS 17 Insurance Contracts

IFRS 17 requires insurance liabilities to be measured at a current fulfillment value and provides a more uniform measurement and presentation approach for all insurance contracts. These requirements are designed to achieve the goal of a consistent, principle-based accounting for insurance contracts. IFRS 17 supersedes IFRS 4 Insurance Contracts as of 1 January 2023.

Issued: 18 May 2017

Effective date:

Applicable to annual reporting periods beginning on or after 1 January 2023
Endorsed for use in the EU, albeit with an optional exemption from applying the annual cohort requirement.

First quarters ending 31 December 2023:

Mandatory

Second quarters ending 31 December 2023:

Mandatory

Third quarters ending 31 December 2023:

Mandatory

Annual periods ending 31 December 2023:

Mandatory

IFRS S1 General Requirements for Disclosure of Sustainability-related Financial Information

IFRS S1 sets out overall requirements for sustainability-related financial disclosures with the objective to require an entity to disclose information about its sustainability-related risks and opportunities that is useful to primary users of general purpose financial reports in making decisions relating to providing resources to the entity.

Issued: 26 June 2023 

Effective date:

Applicable to annual reporting periods beginning on or after 1 January 2024
Will not be endorsed for use in the EU

First quarters ending 31 December 2023:

Optional

Second quarters ending 31 December 2023:

Optional

Third quarters ending 31 December 2023:

Optional

Annual periods ending 31 December 2023:

Optional

IFRS S2 Climate-related Disclosures

IFRS S2 sets out the requirements for identifying, measuring and disclosing information about climate-related risks and opportunities that is useful to primary users of general purpose financial reports in making decisions relating to providing resources to the entity.

Issued: 26 June 2023 

Effective date:

Applicable to annual reporting periods beginning on or after 1 January 2024
Will not be endorsed for use in the EU

First quarters ending 31 December 2023:

Optional

Second quarters ending 31 December 2023:

Optional

Third quarters ending 31 December 2023:

Optional

Annual periods ending 31 December 2023:

Optional

 

 

Amendments

Classification of Liabilities as Current or Non-Current (Amendments to IAS 1)

The amendments aim to promote consistency in applying the requirements by helping companies determine whether, in the statement of financial position, debt and other liabilities with an uncertain settlement date should be classified as current (due or potentially due to be settled within one year) or non-current.

Issued: 23 January 2020

Effective date:

Annual reporting periods beginning on or after 1 January 2024 

First quarters ending 31 December 2023:

Optional

Second quarters ending 31 December 2023:

Optional

Third quarters ending 31 December 2023:

Optional

Annual periods ending 31 December 2023:

Optional

Amendments to IFRS 17

Amends IFRS 17 to address concerns and implementation challenges that were identified after IFRS 17 Insurance Contracts was published in 2017. The main changes are:

  • Deferral of the date of initial application of IFRS 17 by two years to annual periods beginning on or after 1 January 2023
  • Additional scope exclusion for credit card contracts and similar contracts that provide insurance coverage as well as optional scope exclusion for loan contracts that transfer significant insurance risk
  • Recognition of insurance acquisition cash flows relating to expected contract renewals, including transition provisions and guidance for insurance acquisition cash flows recognised in a business acquired in a business combination
  • Clarification of the application of IFRS 17 in interim financial statements allowing an accounting policy choice at a reporting entity level
  • Clarification of the application of contractual service margin (CSM) attributable to investment-return service and investment-related service and changes to the corresponding disclosure requirements
  • Extension of the risk mitigation option to include reinsurance contracts held and non-financial derivatives
  • Amendments to require an entity that at initial recognition recognises losses on onerous insurance contracts issued to also recognise a gain on reinsurance contracts held
  • Simplified presentation of insurance contracts in the statement of financial position so that entities would present insurance contract assets and liabilities in the statement of financial position determined using portfolios of insurance contracts rather than groups of insurance contracts
  • Additional transition relief for business combinations and additional transition relief for the date of application of the risk mitigation option and the use of the fair value transition approach

Issued: 25 June 2020

Effective date:

Annual reporting periods beginning on or after 1 January 2023

First quarters ending 31 December 2023:

Mandatory

Second quarters ending 31 December 2023:

Mandatory

Third quarters ending 31 December 2023:

Mandatory

Annual periods ending 31 December 2023:

Mandatory

Classification of Liabilities as Current or Non-current — Deferral of Effective Date (Amendment to IAS 1)

The amendment defers the effective date of the January 2020 amendments by one year, so that entities would be required to apply the amendment for annual periods beginning on or after 1 January 2024
Not yet endorsed for use in the EU

Issued: 15 July 2020 

Effective date:

Immediately available.

First quarters ending 31 December 2023:

Optional

Second quarters ending 31 December 2023:

Optional

Third quarters ending 31 December 2023:

Optional

Annual periods ending 31 December 2023:

Optional

Disclosure of Accounting Policies (Amendments to IAS 1 and IFRS Practice Statement 2)

The amendments require that an entity discloses its material accounting policies, instead of its significant accounting policies. Further amendments explain how an entity can identify a material accounting policy. Examples of when an accounting policy is likely to be material are added. To support the amendment, the Board has also developed guidance and examples to explain and demonstrate the application of the ‘four-step materiality process’ described in IFRS Practice Statement 2.

Issued: 12 February 2021

Effective date:

Annual reporting periods beginning on or after 1 January 2023
Endorsed for use in the EU, however, as practice statements are not endorsed for application in the European Union, the amendments to IFRS Practice Statement 2 have not been endorsed.

First quarters ending 31 December 2023:

Mandatory

Second quarters ending 31 December 2023:

Mandatory

Third quarters ending 31 December 2023:

Mandatory

Annual periods ending 31 December 2023:

Mandatory

Definition of Accounting Estimates (Amendments to IAS 8)

The amendments replace the definition of a change in accounting estimates with a definition of accounting estimates. Under the new definition, accounting estimates are “monetary amounts in financial statements that are subject to measurement uncertainty”. Entities develop accounting estimates if accounting policies require items in financial statements to be measured in a way that involves measurement uncertainty. The amendments clarify that a change in accounting estimate that results from new information or new developments is not the correction of an error.

Issued: 12 February 2021

Effective date:

Annual reporting periods beginning on or after 1 January 2023

First quarters ending 31 December 2023:

Mandatory

Second quarters ending 31 December 2023:

Mandatory

Third quarters ending 31 December 2023:

Mandatory

Annual periods ending 31 December 2023:

Mandatory

Deferred Tax related to Assets and Liabilities arising from a Single Transaction (Amendments to IAS 12)

The amendments clarify that the initial recognition exemption does not apply to transactions in which equal amounts of deductible and taxable temporary differences arise on initial recognition.

Issued: 7 May 2021 

Effective date:

Annual reporting periods beginning on or after 1 January 2023

First quarters ending 31 December 2023:

Mandatory

Second quarters ending 31 December 2023:

Mandatory

Third quarters ending 31 December 2023:

Mandatory

Annual periods ending 31 December 2023:

Mandatory

Initial Application of IFRS 17 and IFRS 9 — Comparative Information (Amendment to IFRS 17)

The amendment permits entities that first apply IFRS 17 and IFRS 9 at the same time to present comparative information about a financial asset as if the classification and measurement requirements of IFRS 9 had been applied to that financial asset before.

Issued: 9 December 2021

Effective date:

An entity that elects to apply the amendment applies it when it first applies IFRS 17

First quarters ending 31 December 2023:

Optional

Second quarters ending 31 December 2023:

Optional

Third quarters ending 31 December 2023:

Optional

Annual periods ending 31 December 2023:

Optional

Lease Liability in a Sale and Leaseback (Amendments to IFRS 16)

The amendment clarifies how a seller-lessee subsequently measures sale and leaseback transactions that satisfy the requirements in IFRS 15 to be accounted for as a sale.

Issued: 22 September 2022

Effective date:

Annual reporting periods beginning on or after 1 January 2024

First quarters ending 31 December 2023:

Optional

Second quarters ending 31 December 2023:

Optional

Third quarters ending 31 December 2023:

Optional

Annual periods ending 31 December 2023:

Optional

Non-current Liabilities with Covenants (Amendments to IAS 1)

The amendment clarifies how conditions with which an entity must comply within twelve months after the reporting period affect the classification of a liability.

Issued: 31 October 2022

Effective date:

Annual reporting periods beginning on or after 1 January 2024

First quarters ending 31 December 2023:

Optional

Second quarters ending 31 December 2023:

Optional

Third quarters ending 31 December 2023:

Optional

Annual periods ending 31 December 2023:

Optional

International Tax Reform — Pillar Two Model Rules (Amendments to IAS 12)

The amendments provide a temporary exception to the requirements regarding deferred tax assets and liabilities related to pillar two income taxes.

Issued: 23 May 2023

Effective date:

The application of the exception and disclosure of that fact is effective immediately, the other disclosure requirements are effective for annual reporting periods beginning on or after 1 January 2023, but not required in any interim financial statements for 2023

First quarters ending 31 December 2023:

[Note 1]

Second quarters ending 31 December 2023:

[Note 1]

Third quarters ending 31 December 2023:

Mandatory (exception)

Annual periods ending 31 December 2023:

Mandatory (exception)

Supplier Finance Arrangements (Amendments to IAS 7 and IFRS 7)

The amendments add disclosure requirements, and ‘signposts’ within existing disclosure requirements, that ask entities to provide qualitative and quantitative information about supplier finance arrangements.

Issued: 25 May 2023

Effective date:

Annual reporting periods beginning on or after 1 January 2024
Not yet endorsed for use in the EU

First quarters ending 31 December 2023:

Optional

Second quarters ending 31 December 2023:

Optional

Third quarters ending 31 December 2023:

Optional

Annual periods ending 31 December 2023:

Optional

Lack of Exchangeability (Amendments to IAS 21)

The amendments contain guidance to specify when a currency is exchangeable and how to determine the exchange rate when it is not.

Issued: 15 August 2023

Effective date:

Annual reporting periods beginning on or after 1 January 2025
Not yet endorsed for use in the EU

First quarters ending 31 December 2023:

Optional

Second quarters ending 31 December 2023:

Optional

Third quarters ending 31 December 2023:

Optional

Annual periods ending 31 December 2023:

Optional

International Tax Reform — Pillar Two Model Rules (Amendments to the 'IFRS for SMEs' Standard)

The amendments align the standard's requirements with similar amendments to IAS 12 Income Taxes issued in May 2023.

Issued: 29 September 2023

Effective date:

The application of the exception and disclosure of that fact is effective immediately, the other disclosure requirements are effective for annual reporting periods beginning on or after 1 January 2023, but not required in any interim financial statements for 2023
Will not be endorsed for use in the EU

First quarters ending 31 December 2023:

[Note 1]

Second quarters ending 31 December 2023:

Mandatory (exception)

Third quarters ending 31 December 2023:

Mandatory (exception)

Annual periods ending 31 December 2023:

Mandatory (exception)

Amendments to the SASB standards to enhance their international applicability

The amendments remove and replace jurisdiction-specific references and definitions in the SASB standards, without substantially altering industries, topics or metrics

Issued: 19 December 2023 

Effective date:

Annual reporting periods beginning on or after 1 January 2025
Will not be endorsed for use in the EU

First quarters ending 31 December 2023:

Optional

Second quarters ending 31 December 2023:

Optional

Third quarters ending 31 December 2023:

Optional

Annual periods ending 31 December 2023:

Optional

Editorial Corrections (various)

The IASB periodically issues Editorial Corrections and changes to IFRSs and other pronouncements. Since the beginning of calendar 2021, such corrections have been made in June 2021, October 2021, December 2021, January 2022, July 2022, October 2022, August 2023, and September 2023.

Note: For details of these editorial corrections, see our IASB editorial corrections page.

Effective date:

As minor editorial corrections, these changes are effectively immediately applicable under IFRS

 

 

ISSB (International Sustainability Standards Board) (blue) Image

IFRS Foundation publishes educational material on IFRS S2

14 Dec 2023

The IFRS Foundation has published educational material on IFRS S2 ‘Climate-related Disclosures’ that is intended to help entities to consider nature and social aspects of climate-related risks and opportunities when applying the standard.

The educational material has been developed to help entities apply IFRS S2 and includes three examples that help illustrate how entities might approach nature and social aspects of their climate-related disclosures. The material does not affect any of the requirements within the standards. 

The publication follows the launch of the IFRS sustainability knowledge hub, which the press release describes as a core component of the IFRS Foundation’s focus on capacity building initiatives. 

Please click to access the educational material on the IFRS Foundation website. 

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IASB continues webcast series on the forthcoming standard for subsidiaries

13 Dec 2023

The IASB has released the second in a series of webcasts explaining the requirements in the forthcoming reduced-disclosure standard for subsidiaries of parent companies that apply IFRSs.

This second webcast discusses the benefits and impact of the forthcoming new accounting standard from a regulatory perspective.

Please click to access all webcasts in the series so far on the IFRS Foundation website.

  • Part one gives an overview of the new standard (9 minutes)
  • Part two discusses the standard from a regulatory perspective (8 minutes)
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Pre-meeting summaries for the December 2023 ISSB meeting

12 Dec 2023

The ISSB will meet in Frankfurt on 13-14 December 2023. We have posted our pre-meeting summaries for the meeting that allow you to follow the ISSB’s decision making more closely. We summarised the agenda papers made available by the ISSB staff and point out the main issues to be discussed by the ISSB and the staff recommendations.

The following topics are on the agenda:

ISSB consultation on agenda priorities: ISSB members will review of the summary of feedback on the ISSB’s request for information (RFI) from users of general-purpose financial reporting who self-identified as an ‘investor” when submitting their response to the RFI.

IFRS sustainability disclosure taxonomy: The ISSB will be asked to confirm the principle for creating elements for narrative information and asked if they support targeted amendments to the modelling of specific taxonomy elements to refine and enhance the Taxonomy as well as minimising the gap in how similar requirements in IFRS S2 and ESRS E1 are modelled (specifically with regards to granularity and data type).

International applicability of the SASB Standards: The staff will seek ratification by the ISSB of amendments to the SASB Standards; seek ratification of the related updates to the digital SASB Standards Taxonomy; and ask the ISSB to confirm it is satisfied that it has complied with the applicable due process requirements to publish the updated SASB Standards.

Our pre-meet­ing summaries are available on our December meeting notes page and will be sup­ple­mented with our popular meeting notes after the meeting.

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Turkey implements mandatory sustainability reporting applying ISSB standards

11 Dec 2023

The national standard-setter of Turkey, Kamu Gözetimi, Muhasebe ve Denetim Standartları Kurumu (KGK), has announced at COP28 that Turkey will introduce mandatory sustainability reporting for reporting periods from 2024. The sustainability reporting will be based on ISSB standards.

The following timeline has been announced:

  • December 2023: publication of the Turkish standard for sustainability reporting and determination of the scope
  • 2024: first reporting period
  • 2025: publication of the first sustainability reports
  • 2026: start of mandatory assurance on sustainability reports

The announcement at COP28 can be accessed here in the Turkish language on the KGK website. The standard has been published in the Turkish Official Gazette on 20 December 2023. Further guidance has been published on 5 January 2024. 

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Call for candidates: IFRS Taxonomy Consultative Group

11 Dec 2023

The IASB and ISSB are seeking candidates for membership of the IFRS Taxonomy Consultative Group. The group provides an advisory and review forum for members to actively assist the IASB and ISSB in the maintenance and development of their taxonomies and related activities.

The Boards are keen to appoint members with experience in the preparation or consumption of digital financial reports or from emerging economies. Applications are requested by 26 January 2024. For more information, please see the press release on the IFRS Foundation website.

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Pre-meeting summaries for the December 2023 IASB meeting

08 Dec 2023

The IASB will meet in London on 12-14 December 2023. We have posted our pre-meeting summaries for the meeting that allow you to follow the IASB’s decision making more closely. We summarised the agenda papers made available by the IASB staff and point out the main issues to be discussed by the IASB and the staff recommendations.

The following topics are on the agenda:

Power Purchase Agreements: In this meeting, the staff will present the research on how to address accounting issues related to power purchase agreements. Based on the findings of the research and other input received from stakeholders the staff recommends that the IASB undertake narrow-scope standard-setting to amend IFRS 9 to better reflect power purchase agreements in the financial statements with the next project milestone to be an exposure draft and explore an approach to this standard-setting that includes amending the ‘own use’ and hedge accounting requirements in IFRS 9.

Work plan: The IASB will receive an update on its work plan. In addition, the IASB will make decisions about the timing of the post-implementation reviews of IFRS 16 and the hedge accounting requirements in IFRS 9.

Rate-regulated Activities: The IASB will make decisions on the proposals in the Exposure Draft Regulatory Assets and Regulatory Liabilities, in particular with regard to unit of account and offsetting, presentation and items affecting regulated rates only when related cash is paid or received.

Maintenance and consistent application: The IASB will discuss potential amendments to IAS 21 to require an entity to translate all items (assets, liabilities, equity items, income and expenses, including comparatives) at the most recent closing rate if the entity has a non-hyperinflationary functional currency and presents its financial statements in a hyperinflationary presentation currency; or translates the results and financial position of a foreign operation that has a non-hyperinflationary functional currency into a hyperinflationary presentation currency.

Climate-related and Other Uncertainties in Financial Statements: The staff will inform the IASB about current initiatives in progress to address issues related to the reporting of climate-related and other uncertainties in financial statements, including their status and upcoming steps

Management Commentary: The IASB will receive an update on the project. Potential next steps could include collaborating with the ISSB in advancing the project; proceeding with the IASB project and drawing on input from the ISSB where necessary; or pausing the project until the new reporting landscape becomes more settled.

Provisions—Targeted Improvements: The IASB will discuss the direction of the project. The staff recommend that the IASB continue developing proposed amendments to IAS 37 and make the next project milestone the publication of an exposure draft for stakeholder comment.

Addendum to the Exposure Draft Third edition of the IFRS for SMEs Accounting Standard: The IASB will discuss the staff recommendation to publish an addendum exposure draft that proposes amendments to the IFRS for SMEs Standard to align Section 7 Statement of Cash Flows with Supplier Finance Arrangements (Amendments to IAS 7 and IFRS 7) and Section 30 Foreign Currency Translation with Lack of Exchangeability (Amendments to IAS 21).

Second Comprehensive Review of the IFRS for SMEs Accounting Standard: In this session, the IASB will continue the redeliberation of its proposals in the Exposure Draft Third edition of the IFRS for SMEs Accounting Standard. The staff recommends that the IASB should finalise the proposals for the new Section 12 Fair Value Measurement without significant amendments to its overall content. The staff further recommends that the IASB does not amend Section 9 Consolidated and Separate Financial Statements to include requirements for investment entities and to remove the requirement from Section 22 Liabilities and Equity to present the amount receivable as an offset to equity in its statement of financial position if the equity instruments are issued before the entity receives the cash or other resources.

Disclosure Initiative—Subsidiaries without Public Accountability: Disclosures: The IASB will decide whether to update the Exposure Draft Subsidiaries without Public Accountability: Disclosures for disclosure requirements in the forthcoming IFRS 18 Presentation and Disclosure in Financial Statements.

Our pre-meet­ing summaries is available on our December meeting notes page and will be sup­ple­mented with our popular meeting notes after the meeting.

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Accountancy Europe and EFRAG webinar on supporting ESRS implementation

08 Dec 2023

On 12 December 2023, Accountancy Europe and EFRAG will organise a 2-hour joint webinar titled "Supporting high-quality ESRS implementation".

The webinar is intended to:

  • Examine challenges that arise when implementing ESRS reporting and how they can be overcome; and
  • Share perspectives on the draft materiality assessment implementation guidance and the draft value chain implementation guidance.

The programme includes a keynote address from European Commissioner Tom Dodd and a panel discussion with representatives from the organisers, a preparer and two accounting firms.

Please click to access the full programme and registration information on the Accountancy Europe website.

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New CMAC members

08 Dec 2023

The IASB's Capital Markets Advisory Committee (CMAC) announces that three new members have been appointed.

Diego Salvador Barrero, Meghan Clark and Michael Thom will join the CMAC for a three-year term beginning 1 January 2024, renewable once for an additional three-year term.

Additional information, including information on the backgrounds of the new members, is available on the IFRS Foundation website.

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IASB completes project on extractives by publishing project summary

07 Dec 2023

The International Accounting Standards Board (IASB) has published a project summary regarding its project on extractive activities, which the IASB decided not to pursue any further.

The IASB issued IFRS 6 Exploration for and Evaluation of Mineral Resources in December 2004 as a result of a project taken over from the IASC. The standard was meant to be an interim step in the accounting for extractive activities.

In April 2010, the IASB published a discussion paper prepared by a project team of national standard-setters from Australia, Canada, Norway and South Africa and subsequently analysed the feedback. In December 2012, the IASB deactivated the project, but in 2019 reactivated to project to see whether changes to IFRSs and other documents, and other developments since the discussion paper was published had affected the issues and conclusions in the discussion paper. 

Based on evidence collected since reactivating the project, the IASB concluded at its September 2023 meeting that there is no compelling evidence that standard-setting would be necessary. While there is diversity in practice regarding the accounting for extractive activities, feedback from investors and other users of financial statements suggested that those diverse accounting policies were not a significant concern.

The project summary published today, therefore, concludes the project. Please see the press release and the project summary on the IFRS Foundation website.

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