The purpose of the workshop is to obtain feedback from academics on some of the proposals in the exposure draft and to discuss relevant academic evidence.

Please click for more information and registration on the EAA website.

The topics discussed at the meeting included:

• General IASB and IFRS Interpretations Committee update
  • Update on climate-related and other uncertainties in the financial statements
  • Update on Business combinations — Disclosures, goodwill and impairment
  • Other IASB update
  • IFRS Interpretations Committee update
• Financial instruments with characteristics of equity
• ISSB update
  • Update on recent deliberations and discussions of the ISSB

For more information, see the meeting summary on the IFRS Foundation website.

The full agenda for the meeting is summarised below.

The topics discussed at the meeting included:

• IASB and ISSB update
• Financial Instruments with Characteristics of Equity
• Post-Implementation Review of IFRS 9 — Impairment

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

The report focuses on IFRS Accounting Standards and does not consider sustainability reporting standards such as the European Sustainability Reporting Standards (ESRSs) or standards issued by the International Sustainability Standards Board (ISSB).

According to the report, minor amendments in the following areas would have positive implications for financial stability:

• The application of the materiality principle in IAS 1 may need to be enhanced, as even if the transaction involved is immaterial in quantitative terms, user expectations or peer practice may justify information on it
• The addition of climate factors to the list of indicators of impairment of non-financial assets in IAS 36
• How provisions and contingent liabilities should be recognised according to IAS 37 in view of climate-related risks
• Additional disclosure requirements, examples and guidance on how climate-related risks should be incorporated into the estimation of expected credit losses and the fair value of financial instruments.

In addition, the ESRB recommends that the IASB prioritise the work on pollutant pricing mechanisms. This project is currently on the IASB's reserve list.

For access to the full report, please see the ESRB website.

The IFRS Accounting Standards 2024 — Issued publication contains the Standards as approved by the International Accounting Standards Board for issue up to 31 December 2023. These Standards include changes that are not yet required at 1 January 2024. The IFRS Accounting Standards 2024 — Issued Annotated includes the same content as IFRS Accounting Standards 2024, but with additional annotations containing extensive cross-references, explanatory notes and IFRS Interpretations Committee agenda decisions.

The books are available in electronic format to IFRS Digital subscribers through the IFRS Accounting Standards Navigator. Printed copies of the books are available for sale through the IFRS Foundation's web shop.

The podcast is hosted by IFRS IC Chair and IASB member Bruce Mackenzie. Topics discussed include two finalised agenda decisions about climate-related commitments (IAS 37) and payments contingent on continued employment during handover periods (IFRS 3).

The IASB has also published a short video that explains how the IFRS IC helps maintain and support consistent application of IFRSs, what happens when the IFRS IC receives an application question; and how it works with the International Accounting Standards Board (IASB).

Please click to access the podcast and the video via the press release on the IFRS Foundation website.

ASAF was set up in 2013 to formalise and streamline the relationships between the IFRS Foundation and IASB with representatives from across the standard-setting community, in order to bring important regional perspectives to the IASB's technical work and to offer feedback on the most important issues of the day.

The ASAF was originally comprised of 12 members and a non-voting chair (being the IASB chair or vice-chair). The number of members will now be increased to 12-16 members given the more widespread knowledge about and application of IFRS accounting standards. They will be sourced from the following geographical regions:

• Africa: 1 member
• Americas (North and South): 3 members
• Asia/Oceania: 3 members
• Europe (including non-EU): 3 members
• World at large*: up to 6 members

* subject to maintaining overall geographical balance.

Membership of the ASAF is open to all recognised accounting standard-setters of jurisdictions and regional bodies. Existing ASAF members are eligible for reappointment.

The closing date for applications is 30 June 2024. 

Please click for more information in the press release on the IFRS Foundation website.

ED 88 Arrangements Conveying Rights over Assets proposes amendments to IPSAS 47 Revenue and IPSAS 48 Transfer Expenses. The proposed amendments to IPSAS 47 are consistent with the principles already exposed in ED 84 Concessionary Leases and Right-of-Use Assets In-kind (Amendments to IPSAS 43 and IPSAS 23) that were strongly supported by stakeholders. Additionally, ED 88 proposes illustrative examples to accompany IPSAS 47 and IPSAS 48 on other types of arrangements conveying rights over assets that are common in the public sector. Feedback to both ED 88 and ED 84 will inform the final pronouncement on other lease-type arrangements.

Comments on the exposure draft are requested by 31 May 2024. Please click for additional information and access to the drafts in the press release on the IPSASB website.

The exposure drafts are titled as follows:

• Universal Sustainability Disclosure Standard Exposure Draft “Application of the Sustainability Disclosure Standards”
• Theme-based Sustainability Disclosure Standard Exposure Draft No. 1 “General Disclosures”
• Theme-based Sustainability Disclosure Standard Exposure Draft No. 2 “Climate-related Disclosures”

In a deviation from the ISSB's approach, the SSBJ decided to split the content of IFRS S1 General Requirements for Disclosure of Sustainability-related Financial Information into two standards: The requirements of IFRS S1 other than those included in the “core content” section were included in the proposed Application of the Sustainability Disclosure Standards standard, and the requirements in the “core content” section in IFRS S1 were included in the proposed General Disclosures standard. 

At this time, the exposure drafts are available in Japanese only.

Please click to access the exposure drafts via the press release on the SSBJ website.

Note: After publication of the exposure drafts, the Secretariat of the SSBJ has released the following documents in English:

• Summary of Differences between IFRS Sustainability Disclosure Standards and the SSBJ Exposure Drafts
• Table of Concordance between IFRS Sustainability Disclosure Standards and the SSBJ Exposure Drafts