The 2017 IFRS taxonomy is identical to the one issued by the IFRS Foundation on 9 March 2017 and is consistent with IFRSs issued by the IASB as of 1 January 2017.

For more in­for­ma­tion, see the an­nounce­ment on the SEC’s Web site.

The webcast is available on the IFRS 9 im­ple­men­ta­tion page on the IASB’s website.

To complicate matters, the effective date for the adoption of the new IFRS financial reporting framework (SG-IFRS) also coincides with the effective dates of two major accounting standards, SG-IFRS 15 Revenue from Contracts with Customers and SG-IFRS 9 Financial Instruments. Therefore, the ISCA has developed a roadmap to provide guidance on how to navigate the maze of accounting change that the IFRS convergence requires. It also highlights key considerations for entities converging to SG-IFRS.

Please click to download the roadmap here.

The International Integrated Reporting Council (IIRC) and the Institute of Chartered Accountants of Scotland (ICAS) have published a new report describing how businesses can achieve Sustainable Development Goals (SDGs). The report argues that corporate reporting frameworks can play a critical role in enhancing corporate contribution to the SDGs. Please click to download the report from the IIRC website.

The World Business Council for Sustainable Development (WBCSD) has launched the Reporting Exchange, a free, online platform designed to help businesses find trustworthy, up to date and accessible sustainability-related information – making it easier for businesses to know what, when and how to report. The Reporting Exchange can be accessed here.

The Sustainability Accounting Standards Board (SASB) has opened its full suite of sustainability reporting guidelines to public comment. The exposure drafts, which impact 79 industries, are open for a 90-day public comment period. They can be accessed through the press release on the SASB website.

The SASB and the Climate Disclosure Standards Board (CDSB) have released a paper outlining how the two organisations are aligning with the G20 Task Force on Climate-related Financial Disclosures' (TCFD) recommendations. Converging on Climate Risk: CDSB, the SASB, and the TCFD can be downloaded from the CDSB website.

Japan's Ministry of Economy, Trade and Industry (METI) has formulated guidance for integrated corporate disclosure to encourage ESG integration and non-financial information disclosure and investment in intangibles. The English language guidance is available through the press release on the METI website.

The Global Reporting Initiative (GRI) celebrates its 20th anniversary and has created a special 20th Anniversary hub with more information about GRI's role in driving global change over the past two decades. Please click to access the hub.

This webcast is hosted by IASB Board member Darrel Scott and address four implementation questions raised by stakeholders.

The webcast is available on the IFRS 16 im­ple­men­ta­tion page on the IASB’s website.

EFRAG supports the IASB proposals as regards aligning the definition of 'material' in the Conceptual Framework and in the IFRSs and as regards replacing the threshold ‘could influence’ with ‘could reasonably be expected to influence’. However, EFRAG suggests defining 'material' information more directly as information that can reasonably be expected to influence the economic decisions that the primary users of financial statements make.

Comments on EFRAG's draft comment letter are requested by 5 January 2018. For more information, see the press release and the draft comment letter on the EFRAG website.

The research outlines the principal elements of the 28 Member States’ laws, and will provide insight on the direction non-financial reporting is headed in Europe. The 22 November event will address how the implementation of the Directive can positively contribute to the integration of sustainability factors into companies.

Please click for more information and registration on the Accountancy Europe website.

We do not agree with the proposed amendment to IAS 16 and share many of the concerns expressed in the Alternative View on the exposure draft and believe that the proposed amendments will likely have an effect primarily on entities in the energy and extractives industries, where construction of an asset can be a lengthy and complex process with many costs (including those of testing) attributable to bringing the asset to the condition necessary for it to be capable of operating in the manner intended by management.

We recommend that a thorough consideration of the issues arising from such activities (for example, the unit of account for property, plant and equipment relating to a large mining development and the point at which such an asset is determined to be available for use) and similar issues arising in other industries is necessary prior to making amendments to specific IFRSs as a very limited scope amendment such as the one proposed in the exposure draft cannot address those issues and carries the risk of unintended consequences. 

Please click to access the full comment letter.

The podcast features dis­cus­sions of the following topics:

• Ma­te­ri­al­ity practice statement.
• Primary financial statements project.
• Education sessions on rate-reg­u­lated ac­tiv­i­ties, business combinations under common control and dynamic risk management.
• Conceptual framework.
• Maintenance of IFRSs by the IFRS Interpretation Committee.
• Upcoming events.

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 September 2017 Meeting.

The conference will feature a keynote address from Sir David Tweedie, Chairman of the Board of Trustees of the International Valuation Standards Council, as well as speakers from the IASB and other organisations.

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