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IFRS Foundation seeks new SMEIG members

07 Mar 2023

The IFRS Foundation Trustees are currently seeking nominations for membership of the SME Implementation Group (SMEIG), which supports the international adoption of the 'International Financial Reporting Standards for Small and Medium-sized Entities' (IFRS for SMEs) and monitors its implementation.

The Trustees are inviting applications from all geographical regions. They encourage applications from candidates who use the financial statements of small and medium-sized entities (investors and providers of finance).

Nominations for membership of the SMEIG close on 6 April 2023. Please click for more information in the press release on the IFRS Foundation website.

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Agenda for the March 2023 ASAF meeting

07 Mar 2023

The International Accounting Standards Board (IASB) has released an agenda and meeting papers for the meeting of the Accounting Standards Advisory Forum (ASAF), which is to be held in the IASB's offices in London on 27–28 March 2023.

A summary of the agenda is set out below:

Monday 27 March 2023 (9:45-17:00)

  • Agenda planning and feedback from previous ASAF meetings
  • Equity method — Project update
  • Rate-regulated activities
    • Scope and total allotted compensation
  • Disclosure initiative — Subsidiaries without public accountability: Disclosures
    • Effects analysis
  • IASB and ISSB connectivity

Tuesday 28 March 2023 (9:00-12:45)

  • Primary financial statements
    • Effects analysis: transition period and effective date
  • Business combinations — Disclosures, goodwill and impairment
    • Possible changes to the impairment test of cash-generating units containing goodwill

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

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IFRS Sustainability Symposium’s key takeaways

06 Mar 2023

On 17 February, the International Sustainability Standards Board (ISSB) hosted a Sustainability Symposium in Montreal where more than 1,000 people from 45 countries gathered to discuss what’s next for investor-focused sustainability disclosure. Seven key takeaways from the symposium stood out.

The key takeaways include:

  1. The ISSB Standards are nearing issuance (expected by Q2 2023).
  2. SASB Standards are a practical tool to implement S1 and S2 and will be supported for at least four years.
  3. Global comparability remains paramount.
  4. Jurisdictions are actively considering the ISSB Standards.
  5. Capacity building is critical to the ISSB’s success. The ISSB has pledged to publish guidance recognizing that companies have different levels of preparedness and capability to apply S1 and S2.
  6. Work to advance integrated reporting remains underway.
  7. There is growing support for sustainability disclosures in the private sector.

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

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March 2023 ISSB meeting agenda posted

06 Mar 2023

The ISSB has posted the agenda for its meeting, which will be held via video conference call on 16 March 2023. The Board will discuss topics related to the ISSB consultation on agenda priorities and international applicability of the SASB Standards.

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.

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EFRAG series of videos on the first set of draft ESRS

06 Mar 2023

On 22 November 2022, the European Financial Reporting Advisory Group (EFRAG) submitted its first set of draft European Sustainability Reporting Standards (ESRS) to the European Commission.

EFRAG has now produced a series of 20 educational videos dedicated to the first set of draft ESRS. Ten of them, the "Glimpses", offer an overview of the standards and the other ten, the "Educational sessions" cover the draft standards in more details.

Click to access the videos on the EFRAG website.

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Updated IPSAS-IFRS alignment dashboard

06 Mar 2023

The International Public Sector Accounting Standards Board (IPSASB), which develops the International Public Sector Accounting Standards (IPSAS) for financial reporting by governments and other public sector entities, has released an updated IPSAS-IFRS alignment dashboard showing how far individual IPSAS are aligned with corresponding IFRSs.

Please click to access the updated alignment dashboard prepared for the March 2023 IPSASB meeting on the IPSASB website.

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Summary of the February 2023 ASAF meeting now available

03 Mar 2023

The IASB staff have published a summary of the Accounting Standards Advisory Forum (ASAF) meeting held on 10 February 2023.

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

  • International Tax Reform — Pillar Two Model Rules (1–6): The ASAF members were provided with an overview of the Exposure Draft International Tax Reform — Pillar Two Model Rules and discussed where jurisdictions are expected to implement the Pillar Two model rules and the current status of implementation.

full summary of the meeting is available on the IFRS Foundation's website.

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March 2023 IFRS Interpretations Committee meeting agenda posted

03 Mar 2023

The IFRS Interpretations Committee has posted the agenda for its next meeting, which will be held on 14–15 March 2023.

The Committee will discuss the following:

  • IFRS 16 Leases: Definition of a lease — Substitution rights
  • IFRS 9 Financial Instruments: Guarantee over a derivative contract
  • IFRS 17 Insurance Contracts and IFRS 9 Financial Instruments: Premiums receivable from an intermediary
  • Homes and home loans provided to employees
  • Administrative matters
  • Potential annual improvements to IFRS Accounting Standards
  • Business Combinations — Disclosures, Goodwill and Impairment

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.

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Report on the January 2023 interim IFASS meeting

02 Mar 2023

A report has been issued summarising the discussions at the interim meeting of the International Forum of Accounting Standard Setters (IFASS) held by remote participation on 12 January 2023.

The topics discussed at the meeting were:

  • IASB and ISSB update (IASB and ISSB)
  • Connection between financial and sustainability reporting (UKEB and EFRAG)
  • IAS 12 temporary exception amendment (IASB)
  • IFRS 16 research (ANC) Transition relief and ongoing practical expedients in IFRS 16 Leases (AASB and MASB)

The next meeting will be the regular spring meeting which is to be held on 19-21 April 2023 in Norwalk.

Please click for the full report from the meeting.

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IFRS Foundation Boards meet with Japanese counterparts

02 Mar 2023

Representatives of the IASB and the ISSB have met with the ASBJ and the SSBJ, respectively.

While the Accounting Standards Board of Japan (ASBJ) is a long-established standard setter that has worked closely with the IASB for many years, the Sustainability Standards Board of Japan (SSBJ) has only recently been set up. It is working on its own set of sustainability disclosure standards with exposure drafts to be issued no later than 31 March 2024 and final standards to be issued no later than 31 March 2025. The SSBJ plans to incorporate ISSB Standards into the Japanese requirements.

There are press releases on both meetings on the IFRS Foundation website:


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