News

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Agenda for the March 2024 TIG meeting

06 Mar 2024

The IFRS Foundation has released an agenda and meeting papers for the meeting of the Transition Implementation Group on IFRS S1 and IFRS S2 (TIG), which will be held in Frankfurt, Germany on 15 March 2024.

A summary of the agenda is set out below:

Friday 15 March 2024 (9:30-14:00)

  • Application of paragraph 29(b)-(c) of IFRS S2, using ISSB Standards and
    related materials
  • Revision of preceding period estimated amounts

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

IFRS Foundation (blue) Image

IFRS Foundation conference announced

06 Mar 2024

The IFRS Foundation has announced its annual IFRS Foundation conference, which is to be held on 24–25 June 2024. The conference with include discussions and speeches on both, IASB and ISSB developments. It will be held in London.

Day 1 of the conference will feature:

  • speeches by the Chairs of the IASB and the ISSB;
  • a guest keynote address;
  • a joint IASB and ISSB update; and
  • a first round of breakout sessions.

Day 2 will feature:

  • an introduction to IFRS 18 Presentation and Disclosure in Financial Statements;
  • a second round of breakout sessions;
  • a third round of breakout sessions; and
  • an interactive Q&A session with leaders from the IASB and the ISSB.

Breakout sessions to choose from will include:

  • Insights into the adoption strategy for the ISSB Standards;
  • Consistent application of IFRS Accounting Standards: hot topics;
  • Financial instruments update;
  • Business combinations — Disclosures, goodwill and impairment;
  • IFRS 18 Presentation and Disclosure in Financial Statements;
  • Implementation of IFRS S1 and IFRS S2; and
  • the ISSB’s work plan.

      Please click for more information on the conference page on the IFRS Foundation website.

      MB (Monitoring Board) (blue) Image

      MB discusses the ongoing activities of the IFRS Foundation

      05 Mar 2024

      The IFRS Foundation Monitoring Board (MB) has released a report on the meeting with the IFRS Trustees and the leadership of the International Accounting Standards Board (IASB) and International Sustainability Standards Board (ISSB) in Madrid, Spain.

      The MB was informed of the ongoing activities of the IFRS Foundation and reiterated its expectations on:

      • connectivity between the financial statements and sustainability-related disclosures, while ensuring mutual independence and balanced resource allocation for the standard-setting process;
      • further exploration of effective functioning of the multi-location model to maximise the potentials of the two boards under the leadership of the Trustees of the IFRS Foundation; and
      • stable and diversified funding to support the work of the two boards.

      In addition, the MB recognised the efforts made by the IFRS Foundation to support the implementation of the ISSB standards and welcomed the consideration of the strategic direction of each board.

      The MB also emphasised that a robust due process is the 'core function' of the IFRS Foundation and encouraged continued efforts in this area.

      Please click to access the full report on the IOSCO website.

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      Chair of the IFRS Foundation Trustees reappointed

      04 Mar 2024

      Erkki Liikanen has been reappointed to serve as Chair of the IFRS Foundation Trustees, extending his tenure until September 2027.

      The decision by the Trustees ensures continuity and stability in the leadership of the organization as it continues to develop and implement accounting standards for global capital markets. The reappointment follows a period of transformative change within the IFRS Foundation, marked by the creation of the ISSB and the consolidation of various reporting bodies under its umbrella.

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

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      Central Bank of India publishes draft disclosure framework for climate-related financial risks

      04 Mar 2024

      India's Central Bank, the Reserve Bank of India (RBI), has published a draft disclosure framework for regulated banks on climate-related financial risks. The comment period for the draft framework ends on 30 April 2024.

      The Disclosure Framework on Climate-related Financial Risks, 2024 will require entities in scope of the draft framework to disclose information about their climate-related financial risks and opportunities for the users of financial statements. 

      The draft framework applies to the following entities:

      • All scheduled commercial banks (excluding local area banks, payments banks and regional rural banks)
      • All tier IV primary (urban) co-operative banks 
      • All all-India financial institutions
      • All top and upper layer non-banking financial companies 

      The disclosure requirements are structured using the four pillars that are also used in IFRS S1: governance, strategy, risk management, and metrics and targets.

      Entities in scope of the draft framework will be required to report information on governance, strategy and risk management from FY 2025-2026 onwards. Information on metrics and targets will be required from FY 2027-2028 onwards. For tier IV primary (urban) co-operative banks, the requirements will apply one year later.

      These disclosures apply in addition to the disclosures that are already required by the Business Responsibility and Sustainability (BRSR) framework of the Securities and Exchange Board of India (SEBI).

      For more information, including access to the draft framework, please see the press release on the RBI website.

      IVSC (International Valuation Standards Council) (lt green) Image

      Fifth IVSC perspectives paper on intangible assets

      04 Mar 2024

      The International Valuation Standards Council (IVSC) is publishing a series of perspectives papers 'Time to get Tangible about Intangible Assets' that notes that despite the importance of intangible assets to the capital markets, only a small percentage are recognised on balance sheets.

      The series on perspectives papers is now as follows:

      • The Case for Realigning Reporting Standards with Modern Value Creation (September 2021)
      • Human Capital Introspective (June 2022)
      • Rethinking Brand Value (September 2022)
      • Deciphering Technology (July 2023)
      • Data and Valuation (March 2024)

      The new paper can be accessed through the press release on the IVSC website.

      IASB (International Accounting Standards Board) (blue) Image

      Call for volunteers: Fieldwork on impairment of SMEs' financial assets

      01 Mar 2024

      The IASB is seeking volunteers for fieldwork to investigate the potential impacts of proposed changes regarding the impairment of financial assets for Small and medium-sized Enterprises (SMEs).

      Following discussions held during the January 2024 IASB meeting, the board tentatively decided to introduce an expected credit loss model for SMEs engaged in providing financing to customers as one of their primary businesses, while SMEs not involved in financing will continue using the incurred loss model. 

      Participation is open to accounting practitioners involved in SMEs' financial statement preparation and users of SMEs' financial statements. Volunteers will be asked to complete a questionnaire and engage in discussions with the SMEs project team to share insights. The aim is to have questionnaires and follow-up discussions completed by the end of April 2024. 

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

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      EFRAG publishes second set of technical explanations on ESRSs

      01 Mar 2024

      EFRAG (formerly European Financial Reporting Advisory Group) has published the second set of technical explanations to assist stakeholders in the implementation of the European Sustainability Reporting Standards (ESRSs).

      The technical explanations comprise of 12 items and are grouped in chapters according to their nature (cross-cutting, environment, social and other). 

      The explanations are provided as part of EFRAG's role as technical advisor to the European Commission to provide a practical and timely support for preparers and others in the implementation of ESRSs. They have been added to the ESRS Q&A platform launched in October 2023 that entities can use to submit ESRS implementation questions to EFRAG.

      To facilitate accessibility, EFRAG plans to publish at the end of each quarter a collection of all explanations published during the quarter.

      For more information, including access to the technical explanations and the Q&A platform, please see the press release on the EFRAG website. 

      The first set of technical explanations is available here.

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      Agenda for March 2024 CMAC meeting

      29 Feb 2024

      Representatives from the International Accounting Standards Board (IASB) will meet with both the Capital Markets Advisory Council (CMAC) in a hybrid conference on 8 March 2024. The agenda for the meeting has been released.

      The full agenda for the meeting is sum­marised below:

      Friday, 8 March 2024 (08:55-12:15)

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

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

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      IASB announces webcast series on forthcoming IFRS Accounting Standard for Subsidiaries without Public Accountability

      29 Feb 2024

      In anticipation of the forthcoming IFRS Accounting Standard for Subsidiaries Without Public Accountability, a series of informative webcasts have been made available. These webcasts offer key insights into the upcoming standard and aim to provide a comprehensive understanding of the standard from various perspectives and shed light on its implications for eligible companies.

      The webcast series comprises of three sessions: (1) preparer's perspective, (2) regulator's perspective, and (3) overview of the forthcoming IFRS Accounting Standard.

      The webcasts are available on the IFRS Foundation's website.

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