This site uses cookies to provide you with a more responsive and personalised service. By using this site you agree to our use of cookies. Please read our cookie notice for more information on the cookies we use and how to delete or block them.
The full functionality of our site is not supported on your browser version, or you may have 'compatibility mode' selected. Please turn off compatibility mode, upgrade your browser to at least Internet Explorer 9, or try using another browser such as Google Chrome or Mozilla Firefox.


Leaf - sustainability (green) Image

Recent sustainability reporting developments

08 Jan 2018

A summary of recent developments at CDSB, GRI, SASB, CPA Canada, and ClientEarth.

The Climate Disclosure Standards Board (CDSB) has published a discussion paper looking at the application of materiality to climate-related financial disclosures, highlighting the main challenges and potential strategies for materiality determination. The press release on the CDSB website offers a summary of the main topics and access to the full paper.

The Global Reporting Initiative (GRI) notes that sustainability reporting can support companies’ contribution to poverty alleviation. A new paper by GRI explains how the impact of sustainability reporting can be maximised to help reach the Sustainable Development Goal (SDG) of no poverty by 2030 and outlines recommendations and specific disclosures that companies can apply. Please click to access Corporate Reporting on Poverty on the GRI website.

The United States Sustainability Accounting Standards Board (SASB) has released its second annual State of Disclosure Report – An analysis of the effectiveness of sustainability disclosure in SEC filings 2017, which highlights both improving trends as well as opportunities for improvement. The report features SASB's analysis of the top 10 companies in each of 79 industries, by revenue, for which the independent standards-setting organisation has developed standards. Please click to access the report on the SASB website.

Chartered Professional Accountants of Canada (CPA Canada), in collaboration with the University of Toronto’s Environmental Finance Advisory Committee (EFAC), hosted an expert panel session to discuss whether blockchain as a decentralised, peer-to-peer ledger technology could transform carbon markets by providing a transparent and reliable way to track carbon emissions and credits. Please click to access a short video and a report from the session on the CPA Canada website.

ClientEarth, a non-profit environmental law organisation, has published a report that highlights the findings of the Financial Stability Board’s Task Force on Climate-related Financial Disclosures (TCFD) and outlines how climate risk can impact the preparation of financial accounts and the potential professional indemnity risks to Auditors. While the focus of the legal analysis is on the responsibilities of auditors to consider climate-related risks during UK company audits highlights, many of the standards discussed are IFRS standards, and so may also be relevant elsewhere. Please click to access the analysis on the ClientEarth website.

IFRS IC meeting (blue) Image

Agenda and pre-meeting summaries for the January 2018 IFRS Interpretations Committee meeting

04 Jan 2018

The IASB's IFRS Interpretations Committee will be meeting by video conference call on 16 January 2018. The Committee will discuss one agenda decision to finalise and the Committee's work in progress.

The meeting starts at 12 noon London time and is scheduled to last 50 minutes. 

The staff are recommending that the Committee finalise a tentative decision not to add to its agenda a project to interpret how an entity accounts for a transaction in which it contributes property, plant and equipment to a newly-formed associate in exchange for shares in that associate.

The staff will also discuss work in progress relating to IFRS 15, IFRS 9, IAS 7, IAS 12, and IAS 37.

The full agenda for the meeting and our pre-meeting summaries can be found here. We will update this page for any changes to the agenda and our Deloitte observer notes from the meeting as they become available.

Event (blue) Image

Year in review — 2017

29 Dec 2017

2017 was another successful year for the IAS Plus family with over 15 million page views. We've devoted significant resources to bring you comprehensive coverage of all things IFRS and broader financial reporting and other relevant topics and are pleased that our readers appreciate our efforts.

Globe (lt blue) Image

Communiqué from latest China-Japan-Korea accounting standard-setters meeting

27 Dec 2017

A communiqué has been issued from a meeting of the standard-setters from China, Japan and the Republic of Korea held in Hangzhou on 27 November 2017.

Representatives were present from the China Accounting Standard Committee (CASC), the Accounting Standards Board of Japan (ASBJ), the Korea Accounting Standards Board (KASB), and the International Accounting Standards Board (IASB), together with guests from Hong Kong and Macao.

The meeting saw a discussion of applications of IFRSs and the developments of local accounting standards in the respective jurisdictions. Participants also had in-depth discussions of the IASB’s major projects.

Delegates agreed to have more frequent communication among the three countries to contribute to the development of IFRSs and to play a leading role in the Asia-Oceania region and to increase the prominence of the Asian-Oceanian Standard Setters Group (AOSSG) in the global accounting standard-setting community.

The next meeting will be held in Seoul in October 2018. Please click for the full communiqué (link to ASBJ website).

Globe (green) Image
Islamic accounting (dk gray) Image

Free download of Sharia'a standards, new exposure draft on risk reserves

27 Dec 2017

The Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI) announces that the Arabic and English online versions of AAOIFI’s Sharia’a Standards have been made freely available on the AAOIFI website. In addition, the AAOIFI has published an exposure draft of a Financial Accounting Standard “Risk Reserves” and invites opinion from the Islamic finance industry.

The Saudi-British Bank (SABB) in Riyadh has signed an agreement with the AAOIFI whereby the content of all Sharia’a standards in issue at November 2017 in both, Arabic and English, will be accessible and downloadable for personal use through AAOIFI’s website and social media portals. The SABB sponsorship also includes any yet to-be issued, reviewed or updated Sharia’a standards, in both languages, up to 1 January 2020. Please click for more information and access to the standards on the AAOIFI website.

The proposed AAOIFI accounting standard on risk reserves intends to define the accounting principles for risk reserves maintained for the benefit of participatory stakeholders such as investment account holders and Sukuk-holders. It is intended to encourage a financial reporting environment that is risk averse and transparent but that also ensures better safeguarding of the interest of such stakeholders and providing better stability to the Islamic finance industry. Please click for more information and access to the exposure draft on the AAOIFI website.

Christmas tree (dk green) Image
2017 New Year (asterisk green) Image

Season's greetings

22 Dec 2017

We wish all our readers a peaceful holiday and all the best for the New Year.

We look forward to seeing you again after the holidays and to continue to be your preferred accounting website in 2018.

IASB podcast (blue) Image

IASB issues podcast on latest Board developments

22 Dec 2017

The IASB has released a podcast featuring Chair Hans Hoogervorst, Board member Amaro Gomes, and education director Matt Tilling to discuss the deliberations at the December 2017 IASB meeting and take a brief look back at the year as a whole.

The 20 minute podcast features discussions of the following topics:

  • Primary financial statements
  • Rate-regulated activities
  • Business combinations under common control
  • Goodwill and impairment
  • IFRS implementation issues
  • Disclosure initiative: Principles of disclosure
  • Highlights of 2017

The podcast can be accessed through the press release on the IASB website. More information on the topics discussed is available through our comprehensive notes taken by Deloitte observers of the December 2017 Meeting.

Leaf - sustainability (green) Image

Recent sustainability and integrated reporting developments

22 Dec 2017

A summary of recent developments at WBCSD, GRI, TCFD/CDSB, IRC, and NZX.

The World Business Council for Sustainable Development (WBCSD) released the CEO Guide to climate-related financial disclosures. The new guide, written in partnership with the CEOs of 25 WBCSD member-companies, sets out clear actions that CEOs can take to align their organisations with the recommendations of the Taskforce for Climate-related Financial Disclosure (TCFD). The guide can be accessed through the press release on the WBCSD website.

​The Global Reporting Initiative (GRI) has published a short series of articles that looks back at GRI’s efforts in 2017 and at what 2018 has in store. The articles are (all links to the GRI website):

The Climate Disclosure Standards Board (CDSB) is working with the TCFD to develop a knowledge hub to better support companies interested in implementing the TCFD recommendations. The Hub will go live in the first quarter of 2018 and will be available via Please see the press release on the CDSB website announcing the cooperation.

The Integrated Reporting Committee (IRC) of South Africa has developed a Information Paper to assist organisations in the disclosure of information that shows how governance supports the organisation’s value creation process. Disclosure of Governance Information in the Integrated Report is available on the IRC website.

The New Zealand Stock Exchange (NZX) has published a guidance note for issuers on environmental, social and governance (ESG) reporting, designed to accompany the updated New Zealand Corporate Governance Code which includes voluntary reporting on ESG information.  As a partner exchange of the Sustainable Stock Exchanges (SSE) initiative, NZX committed to produce guidance on ESG reporting in early 2017. Please click to access the guidance note on the NZX website.

ESMA (European Securities and Markets Authority) (dark gray) Image

ESMA publishes guidance setting out the new European Single Electronic Format

19 Dec 2017

One of the requirements of the amended European Transparency Directive is that issuers listed on regulated markets in the EU must prepare their annual financial reports in a European Single Electronic Format (ESEF) from 1 January 2020. The European Securities and Markets Authority (ESMA) has now published the final regulatory technical standards (RTS) on the ESEF together with some other helpful guidance.

To allow for structured electronic reporting using XBRL, ESEF uses an extension of the IFRS Taxonomy, issued by the IFRS Foundation. Where the annual financial report of an entity contains IFRS consolidated financial statements, these shall be labelled with XBRL tags which make the labelled disclosures structured and machine-readable. This allows for instance the analysis of large amounts of financial information without extensive and burdensome manual processing. Furthermore, as XBRL taxonomies can contain labels in several languages, users can compare numeric information in the financial statements across issuers even though the issuers prepare their financial statements in different languages.

Please click for the following items on the ESMA website:

The publication of the RTS is accompanied by the launch of a new webpage on the ESEF.

IASB (International Accounting Standards Board) (blue) Image

Updated IASB work plan — Analysis

18 Dec 2017

Following the IASB's December 2017 meeting, we have analysed the IASB work plan to see what changes have resulted from the meeting and other developments in December. Changes are numerous.

Below is an analysis of all changes made to the work plan since our last analysis on 17 November 2017.

Maintenance projects

  • Accounting policies and accounting estimates (amendments to IAS 8) — exposure draft feedback is now expected March 2018 (previously set to Q1 2018).
  • Accounting policy changes (amendments to IAS 8) — an exposure draft is now expected March 2018 (previously set to Q1 2018).
  • Property, plant and equipment: proceeds before intended use (amendments to IAS 16) — next milestone is now an IFRS amendment. No expected date provided.

Standard-setting projects

  • Conceptual framework — issuance is now expected March 2018 (previously set to Q1 2018).
  • Definition of material (amendments to IAS 1 and IAS 8) — Discussions on feedback of the exposure draft are now expected March 2018 (previously set to February 2018).
  • Rate-regulated activities — a discussion paper or exposure draft is now expected in 2019 (previously set to H1 2018).

Research projects

  • Dynamic risk management — discussion paper pushed to 2019 (previously set to H2 2018).
  • Post-implementation review of IFRS 13 Fair Value Measurement — request for information feedback is now expected in January 2018 (previously set to December 2017).
  • Principles of disclosure — Discussions on feedback of the discussion paper are now expected March 2018 (previously set to Q1 2018).

Other projects

  • IFRS Taxonomy Update — 2017 Annual Improvements — issued the proposed update in November 2017. The project is now in the feedback stage with comments due by 29 January 2018. Discussions on feedback of the exposure draft are expected in February 2018
  • IFRS Taxonomy Update — IFRS 17 Insurance contracts — final update is now expected in January 2018 (previously December 2017).
  • IFRS Taxonomy Update — Prepayment features with negative compensation (amendment to IFRS 9) — Discussions on feedback of the proposed update are now expected February 2018 (previously set to Q1 2018).

The IASB has also added two new projects to its website as a result of discussions at its December meeting, although these don't show in the work plan yet:

In addition, changes to the work plan due to the issuance of the Annual Improvements to IFRS Standards 2015–2017 include the roll-off of (1) borrowing costs eligible for capitalisation, (2) income tax consequences of payments on instruments classified as equity (amendments to IAS 12), and (3) previously held interests in a joint operation (amendments to IFRS 3 and IFRS 11).

The above is a faithful comparison of the IASB work plan at 17 November 2017 and at 18 December 2017. For access to the current IASB work plan at any time, please click here.

Correction list for hyphenation

These words serve as exceptions. Once entered, they are only hyphenated at the specified hyphenation points. Each word should be on a separate line.