News

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Agenda for the March 2024 ASAF meeting

12 Mar 2024

The IFRS Foundation has released an agenda and meeting papers for the meeting of the Accounting Standards Advisory Forum (ASAF), which will be held in London on 25-26 March 2024.

A summary of the agenda is set out below:

Monday 25 March 2024 (10:15-17:30)

  • Agenda planning and feedback from previous ASAF meetings
  • Subsidiaries without public accountability: disclosures
  • Rate-regulated activities
  • Post-implementation review of IFRS 9 — impairment
  • Amendments to the classification and measurement of financial instruments

Tuesday 26 March 2024 (9:00-13:15)

  • Post-implementation review of IFRS 15 Revenue from Contract with Customers
  • Climate-related and other uncertainties in the financial statements
  • EFRAG project on variable consideration
  • Financial instruments with characteristics of equity

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

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C&S annual report reveals increase in sustainability policies

12 Mar 2024

Carrots & Sticks (C&S) has published the 2023 edition of its annual report, which presents a comprehensive assessment of environmental, social and governance (ESG) and sustainability policy worldwide. The report highlights the expanding nature of ESG and sustainability policies since 2020.

The report provides analyses over 2,463 policies from 132 countries, 76 international and regional organisations from 1897 to the present day. The report notes a steep rise in voluntary policies since the UN Sustainable Decelopment Goals (SDGs) were launched in 2015.

According to the report, there is a dominance of government entities as policy issuers and a prevalence of voluntary (over mandatory) policies. Most policies fall into the "low restrictiveness" category, which suggests limited power of enforcement.

The full report is available on the C&S website.

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Pre-meeting summaries for the March 2024 ISSB meeting

11 Mar 2024

The ISSB will meet in Frankfurt on 13 March 2024. We have posted our pre-meeting summaries for the meeting that allow you to follow the ISSB’s decision making more closely. We summarised the agenda papers made available by the ISSB staff and point out the main issues to be discussed by the ISSB and the staff recommendations.

The following topic is on the agenda:

ISSB consultation on agenda priorities: The ISSB will discuss the strategic direction of its activities. The staff recommends the following level of focus placed on each activity: a high level of focus on ‘supporting the implementation of IFRS S1 and IFRS S2’; a slightly lower, but equal level of focus on each ‘enhancing the SASB standards’ and ‘beginning new research and standard-setting projects’ when compared to ‘supporting the implementation of IFRS S1 and IFRS S2’; no specific level of focus on activities related to connectivity, interoperability and stakeholder engagement as these are all fundamental to the work the ISSB will perform in other activities; and reserved capacity for flexibility in the ISSB’s work to allow for the consideration of emerging issues and to support the IASB on projects/activities, as necessary.

Our pre-meeting summaries are available on our March meeting notes page and will be supplemented with our popular meeting notes after the meeting.

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IFRS Interpretations Committee holds March 2024 meeting

11 Mar 2024

The IFRS Interpretations Committee (IFRS IC) met in London on 5 March 2024. The IFRS IC discussed the finalisation of two agenda decisions and gave input into one IASB project.

Finalisation of agenda decision—IAS 37 Provisions, Contingent Liabilities and Contingent Assets—Climate-related Commitment: In its November 2023 meeting, the IFRS IC discussed a submission asking its views on how IAS 37 applies to climate-related commitments to a fact pattern where an entity, which is a manufacturer of household products, publicly states a net-zero transition commitment. The manufacturer published a detailed plan for the modification of the manufacturing method to achieve 60% reduction in emissions in nine years and to buy carbon credits to offset its remaining emissions after those nine years. The IFRS IC concluded that whether there is a constructive obligation depends on different facts and circumstances. The present obligation and probable outflow criteria are satisfied only after nine years and thereafter as the entity emits greenhouse gases. 43 comment letters were received and most of the respondents agreed with the technical analysis in the tentative agenda decision and agreed not to recommend that the IASB consider adding a standard-setting project to the work plan. The IFRS IC decided to finalise the agenda decision and suggested changes to the drafting of the agenda decision. 

Finalisation of agenda decision—IFRS 3 Business Combinations—Payments Contingent on Continued Employment during Handover Periods: In its September 2023 meeting, the IFRS IC received a submission about how an entity accounts for payments (as part of the acquisition agreement) to the sellers of an acquired business. The payments and continued employment aim to ensure the appropriate transfer of knowledge from the sellers to the new management team. The sellers are remunerated for their services at a level comparable to other management executives, but some of the consideration for the shares is withheld until the handover is complete and is forfeited if the individual leaves employment before completion of the handover. The sellers are also entitled to additional payments that are contingent upon meeting a specified level of financial performance and the continued employment during a limited period. The IFRS IC concluded that the evidence it gathered did not indicate that there is significant diversity in the accounting treatment and entities apply the accounting described in the agenda decision published in January 2013. 11 comment letters were received and most of the respondents agreed with the technical analysis in the tentative agenda decision. The IFRS IC decided to finalise the agenda decision.

IFRS IC input to IASB projects—Post-implementation Review of IFRS 9 Financial Instruments—Impairment: IFRS IC members provided their input to the IASB’s post-implementation review (PIR) of the impairment requirements in IFRS 9—specifically, on application matters related to determining expected credit losses (ECL) for intragroup financial instruments, loan commitments, financial guarantee contracts and purchased or originated credit-impaired (POCI) financial assets.

More In­for­ma­tion

Please click to access the detailed notes taken by Deloitte observers.

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March 2024 IASB meeting agenda posted

08 Mar 2024

The IASB has posted the agenda for its next meeting, which will be held in its offices in London on 18–21 March 2024. There are 11 topics on the agenda.

The Board will discuss the following:

  • Work plan update
  • Post-implementation review of IFRS 9 — Impairment
  • Power purchase agreements
  • Second comprehensive review of the IFRS for SMEs Standard
  • Climate-related and other uncertainties in the financial statements
  • Maintenance and Consistent Application
  • Post-implementation review of IFRS 15 — Revenue from contracts with customers
  • Equity method
  • Management commentary — Project direction
  • Catch-up exposure draft of the 'Subsidiaries without Public Accountability Standard'
  • Rate-reg­u­lated ac­tiv­i­ties

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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New and revised pronouncements as at 31 March 2024

08 Mar 2024

Our popular summary of new and revised financial reporting requirements, updated for financial reporting periods ending on 31 March 2024. This listing can be used to perform a quick check that new financial reporting requirements such as new and revised accounting standards and interpretations, and amendments to standards and interpretations, have been fully considered in the reporting close process. The information below can also be used to assist with the disclosure requirements under paragraph 30 of IAS 8 'Accounting Policies, Changes in Accounting Estimates and Errors', which requires entities to disclose any new IFRSs that are in issue but not yet effective and which are likely to impact the entity.

Financial reporting considerations related to the Russia-Ukraine War
Below is our usual analysis of new and amended standards, however, we are also aware that many entities will have been impacted by Russia's invasion into Ukraine. Please see our IFRS in Focus — Financial reporting considerations related to the Russia-Ukraine War highlighting some of the key issues to be considered by the entities in preparing their financial statements.

This table can be used for all annual accounting periods. A 1st quarter ending on 31 March 2024 would mean that the annual reporting period began on 1 January 2024. Similarly, 2nd quarters ending on 31 March 2024 refer to annual periods that began on 1 October 2023, 3rd quarters ending on 31 March 2024 refer to annual periods that began on 1 July 2023, and 4th quarters ending on 31 March 2024 refer to annual periods that began on 1 April 2023.

The information below reflects developments to 9 April 2024 and will be updated through to June 2024 to reflect new and revised financial and sustainability reporting requirements that need to be considered for reporting periods ending on 31 March 2024. For accounts approved after March 2024, please also refer to subsequent versions of this document for any new and revised IFRSs that have additionally been issued that might require disclosure in the accounts under IAS 8:30.

The information below is organised as follows:

 

Summary

Pronouncements applicable to entities applying IFRSs at the IASB effective dates

The table below provides a summary of the pronouncements which will be mandatorily applied by entities for the first time at 31 March 2024, for various quarterly reporting periods:

Pronouncement Effective date* Mandatory at 31 March 2024?
1st qtrs 2nd qtrs 3rd qtrs Full yrs
STANDARDS
IFRS 17 Insurance Contracts 1 January 2023 ** Yes Yes Yes
IFRS S1 General Requirements for Disclosure of Sustainability-related Financial Information 1 January 2024 Yes - - -
IFRS S2 Climate-related Disclosures 1 January 2024 Yes - - -
AMENDMENTS
Amendments to IFRS 17 1 January 2023 ** Yes Yes Yes
Disclosure of Accounting Policies (Amendments to IAS 1 and IFRS Practice Statement 2) 1 January 2023 ** Yes Yes Yes
Definition of Accounting Estimates (Amendments to IAS 8) 1 January 2023 ** Yes Yes Yes
Deferred Tax related to Assets and Liabilities arising from a Single Transaction (Amendments to IAS 12) 1 January 2023 ** Yes Yes Yes
Initial Application of IFRS 17 and IFRS 9 — Comparative Information (Amendment to IFRS 17) available on first application of IFRS 17 Optional Optional Optional Optional
International Tax Reform — Pillar Two Model Rules (Amendments to IAS 12) — Application of the exception and disclosure of that fact issued on 23 May 2023 with immediate effectiveness ** ** ** Yes
International Tax Reform — Pillar Two Model Rules (Amendments to the 'IFRS for SMEs' Standard)  — Application of the exception and disclosure of that fact issued on 29 September 2023 with immediate effectiveness ** ** Yes Yes
Classification of Liabilities as Current or Non-Current (Amendments to IAS 1) 1 January 2024 Yes - - -
Lease Liability in a Sale and Leaseback (Amendments to IFRS 16) 1 January 2024 Yes - - -
Non-current Liabilities with Covenants (Amendments to IAS 1) 1 January 2024 Yes - - -
Supplier Finance Arrangements (Amendments to IAS 7 and IFRS 7) 1 January 2024 Yes - - -

* Generally annual periods beginning on or after the date indicated, may only apply to first-time adopters in some limited cases (see the detailed information for each pronouncement below for full details).

** This pronouncement has already been implemented in previous periods by entities with this reporting date (where it applied to the entity).

More information about these pronouncements, and all new and revised pronouncements, is set out below.

 

Financial statement considerations in adopting new and revised pronouncements

Where new and revised pronouncements are applied for the first time, there can be consequential impacts on annual financial statements, including:

  • Updates to accounting policies. The terminology and substance of disclosed accounting policies may need to be updated to reflect new recognition, measurement and other requirements, e.g. IAS 19 Employee Benefits may impact the measurement of certain employee benefits.
  • Impact of transitional provisions. IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors contains a general requirement that changes in accounting policies are retrospectively applied, but this does not apply to the extent an individual pronouncement has specific transitional provisions.
  • Disclosures about changes in accounting policies. Where an entity changes its accounting policy as a result of the initial application of an IFRS and it has an effect on the current period or any prior period, IAS 8 requires the disclosure of a number of matters, e.g. the title of the IFRS, the nature of the change in accounting policy, a description of the transitional provisions, and the amount of the adjustment for each financial statement line item affected
  • Third statement of financial position. IAS 1 Presentation of Financial Statements requires the presentation of a third statement of financial position as at the beginning of the preceding period in addition to the minimum comparative financial statements in a number of situations, including if an entity applies an accounting policy retrospectively and the retrospective application has a material effect on the information in the statement of financial position at the beginning of the preceding period
  • Earnings per share (EPS). Where applicable to the entity, IAS 33 Earnings Per Share requires basic and diluted EPS to be adjusted for the impacts of adjustments result from changes in accounting policies accounted for retrospectively and IAS 8 requires the disclosure of the amount of any such adjustments.

Whilst disclosures associated with changes in accounting policies resulting from the initial application of new and revised pronouncements are less in interim financial reports under IAS 34 Interim Financial Reporting, some disclosures are required, e.g. description of the nature and effect of any change in accounting policies and methods of computation.

 

New or revised standards

IFRS 17 Insurance Contracts

IFRS 17 requires insurance liabilities to be measured at a current fulfillment value and provides a more uniform measurement and presentation approach for all insurance contracts. These requirements are designed to achieve the goal of a consistent, principle-based accounting for insurance contracts. IFRS 17 supersedes IFRS 4 Insurance Contracts as of 1 January 2023.

Issued: 18 May 2017

Effective date:

Applicable to annual reporting periods beginning on or after 1 January 2023
Endorsed for use in the EU, albeit with an optional exemption from applying the annual cohort requirement.

First quarters ending 31 March 2024:

[Note 1]

Second quarters ending 31 March 2024:

Mandatory

Third quarters ending 31 March 2024:

Mandatory

Annual periods ending 31 March 2024:

Mandatory

IFRS S1 General Requirements for Disclosure of Sustainability-related Financial Information

IFRS S1 sets out overall requirements for sustainability-related financial disclosures with the objective to require an entity to disclose information about its sustainability-related risks and opportunities that is useful to primary users of general purpose financial reports in making decisions relating to providing resources to the entity.

Issued: 26 June 2023 

Effective date:

Applicable to annual reporting periods beginning on or after 1 January 2024
Will not be endorsed for use in the EU

First quarters ending 31 March 2024:

Mandatory

Second quarters ending 31 March 2024:

Optional

Third quarters ending 31 March 2024:

Optional

Annual periods ending 31 March 2024:

Optional

IFRS S2 Climate-related Disclosures

IFRS S2 sets out the requirements for identifying, measuring and disclosing information about climate-related risks and opportunities that is useful to primary users of general purpose financial reports in making decisions relating to providing resources to the entity.

Issued: 26 June 2023 

Effective date:

Applicable to annual reporting periods beginning on or after 1 January 2024
Will not be endorsed for use in the EU

First quarters ending 31 March 2024:

Mandatory

Second quarters ending 31 March 2024:

Optional

Third quarters ending 31 March 2024:

Optional

Annual periods ending 31 March 2024:

Optional

IFRS 18 Presentation and Disclosures in Financial Statements

IFRS 18 includes requirements for all entities applying IFRS for the presentation and disclosure of information in financial statements.

Issued: 9 April 2024 

Effective date:

Applicable to annual reporting periods beginning on or after 1 January 2027
Not yet endorsed for use in the EU

First quarters ending 31 March 2024:

Optional

Second quarters ending 31 March 2024:

Optional

Third quarters ending 31 March 2024:

Optional

Annual periods ending 31 March 2024:

Optional

 

 

Amendments

Classification of Liabilities as Current or Non-Current (Amendments to IAS 1)

The amendments aim to promote consistency in applying the requirements by helping companies determine whether, in the statement of financial position, debt and other liabilities with an uncertain settlement date should be classified as current (due or potentially due to be settled within one year) or non-current.

Issued: 23 January 2020

Effective date:

Annual reporting periods beginning on or after 1 January 2024 

First quarters ending 31 March 2024:

Mandatory

Second quarters ending 31 March 2024:

Optional

Third quarters ending 31 March 2024:

Optional

Annual periods ending 31 March 2024:

Optional

Amendments to IFRS 17

Amends IFRS 17 to address concerns and implementation challenges that were identified after IFRS 17 Insurance Contracts was published in 2017. The main changes are:

  • Deferral of the date of initial application of IFRS 17 by two years to annual periods beginning on or after 1 January 2023
  • Additional scope exclusion for credit card contracts and similar contracts that provide insurance coverage as well as optional scope exclusion for loan contracts that transfer significant insurance risk
  • Recognition of insurance acquisition cash flows relating to expected contract renewals, including transition provisions and guidance for insurance acquisition cash flows recognised in a business acquired in a business combination
  • Clarification of the application of IFRS 17 in interim financial statements allowing an accounting policy choice at a reporting entity level
  • Clarification of the application of contractual service margin (CSM) attributable to investment-return service and investment-related service and changes to the corresponding disclosure requirements
  • Extension of the risk mitigation option to include reinsurance contracts held and non-financial derivatives
  • Amendments to require an entity that at initial recognition recognises losses on onerous insurance contracts issued to also recognise a gain on reinsurance contracts held
  • Simplified presentation of insurance contracts in the statement of financial position so that entities would present insurance contract assets and liabilities in the statement of financial position determined using portfolios of insurance contracts rather than groups of insurance contracts
  • Additional transition relief for business combinations and additional transition relief for the date of application of the risk mitigation option and the use of the fair value transition approach

Issued: 25 June 2020

Effective date:

Annual reporting periods beginning on or after 1 January 2023

First quarters ending 31 March 2024:

[Note 1]

Second quarters ending 31 March 2024:

Mandatory

Third quarters ending 31 March 2024:

Mandatory

Annual periods ending 31 March 2024:

Mandatory

Disclosure of Accounting Policies (Amendments to IAS 1 and IFRS Practice Statement 2)

The amendments require that an entity discloses its material accounting policies, instead of its significant accounting policies. Further amendments explain how an entity can identify a material accounting policy. Examples of when an accounting policy is likely to be material are added. To support the amendment, the Board has also developed guidance and examples to explain and demonstrate the application of the ‘four-step materiality process’ described in IFRS Practice Statement 2.

Issued: 12 February 2021

Effective date:

Annual reporting periods beginning on or after 1 January 2023
Endorsed for use in the EU, however, as practice statements are not endorsed for application in the European Union, the amendments to IFRS Practice Statement 2 have not been endorsed.

First quarters ending 31 March 2024:

[Note 1]

Second quarters ending 31 March 2024:

Mandatory

Third quarters ending 31 March 2024:

Mandatory

Annual periods ending 31 March 2024:

Mandatory

Definition of Accounting Estimates (Amendments to IAS 8)

The amendments replace the definition of a change in accounting estimates with a definition of accounting estimates. Under the new definition, accounting estimates are “monetary amounts in financial statements that are subject to measurement uncertainty”. Entities develop accounting estimates if accounting policies require items in financial statements to be measured in a way that involves measurement uncertainty. The amendments clarify that a change in accounting estimate that results from new information or new developments is not the correction of an error.

Issued: 12 February 2021

Effective date:

Annual reporting periods beginning on or after 1 January 2023

First quarters ending 31 March 2024:

[Note 1]

Second quarters ending 31 March 2024:

Mandatory

Third quarters ending 31 March 2024:

Mandatory

Annual periods ending 31 March 2024:

Mandatory

Deferred Tax related to Assets and Liabilities arising from a Single Transaction (Amendments to IAS 12)

The amendments clarify that the initial recognition exemption does not apply to transactions in which equal amounts of deductible and taxable temporary differences arise on initial recognition.

Issued: 7 May 2021 

Effective date:

Annual reporting periods beginning on or after 1 January 2023

First quarters ending 31 March 2024:

[Note 1]

Second quarters ending 31 March 2024:

Mandatory

Third quarters ending 31 March 2024:

Mandatory

Annual periods ending 31 March 2024:

Mandatory

Initial Application of IFRS 17 and IFRS 9 — Comparative Information (Amendment to IFRS 17)

The amendment permits entities that first apply IFRS 17 and IFRS 9 at the same time to present comparative information about a financial asset as if the classification and measurement requirements of IFRS 9 had been applied to that financial asset before.

Issued: 9 December 2021

Effective date:

An entity that elects to apply the amendment applies it when it first applies IFRS 17

First quarters ending 31 March 2024:

Optional

Second quarters ending 31 March 2024:

Optional

Third quarters ending 31 March 2024:

Optional

Annual periods ending 31 March 2024:

Optional

Lease Liability in a Sale and Leaseback (Amendments to IFRS 16)

The amendment clarifies how a seller-lessee subsequently measures sale and leaseback transactions that satisfy the requirements in IFRS 15 to be accounted for as a sale.

Issued: 22 September 2022

Effective date:

Annual reporting periods beginning on or after 1 January 2024

First quarters ending 31 March 2024:

Mandatory

Second quarters ending 31 March 2024:

Optional

Third quarters ending 31 March 2024:

Optional

Annual periods ending 31 March 2024:

Optional

Non-current Liabilities with Covenants (Amendments to IAS 1)

The amendment clarifies how conditions with which an entity must comply within twelve months after the reporting period affect the classification of a liability.

Issued: 31 October 2022

Effective date:

Annual reporting periods beginning on or after 1 January 2024

First quarters ending 31 March 2024:

Mandatory

Second quarters ending 31 March 2024:

Optional

Third quarters ending 31 March 2024:

Optional

Annual periods ending 31 March 2024:

Optional

International Tax Reform — Pillar Two Model Rules (Amendments to IAS 12)

The amendments provide a temporary exception to the requirements regarding deferred tax assets and liabilities related to pillar two income taxes.

Issued: 23 May 2023

Effective date:

The application of the exception and disclosure of that fact is effective immediately, the other disclosure requirements are effective for annual reporting periods beginning on or after 1 January 2023, but not required in any interim financial statements for 2023

First quarters ending 31 March 2024:

[Note 1]

Second quarters ending 31 March 2024:

[Note 1]

Third quarters ending 31 March 2024:

[Note 1]

Annual periods ending 31 March 2024:

Mandatory (exception)

Supplier Finance Arrangements (Amendments to IAS 7 and IFRS 7)

The amendments add disclosure requirements, and ‘signposts’ within existing disclosure requirements, that ask entities to provide qualitative and quantitative information about supplier finance arrangements.

Issued: 25 May 2023

Effective date:

Annual reporting periods beginning on or after 1 January 2024
Not yet endorsed for use in the EU

First quarters ending 31 March 2024:

Mandatory

Second quarters ending 31 March 2024:

Optional

Third quarters ending 31 March 2024:

Optional

Annual periods ending 31 March 2024:

Optional

Lack of Exchangeability (Amendments to IAS 21)

The amendments contain guidance to specify when a currency is exchangeable and how to determine the exchange rate when it is not.

Issued: 15 August 2023

Effective date:

Annual reporting periods beginning on or after 1 January 2025
Not yet endorsed for use in the EU

First quarters ending 31 March 2024:

Optional

Second quarters ending 31 March 2024:

Optional

Third quarters ending 31 March 2024:

Optional

Annual periods ending 31 March 2024:

Optional

International Tax Reform — Pillar Two Model Rules (Amendments to the 'IFRS for SMEs' Standard)

The amendments align the standard's requirements with similar amendments to IAS 12 Income Taxes issued in May 2023.

Issued: 29 September 2023

Effective date:

The application of the exception and disclosure of that fact is effective immediately, the other disclosure requirements are effective for annual reporting periods beginning on or after 1 January 2023, but not required in any interim financial statements for 2023
Will not be endorsed for use in the EU

First quarters ending 31 March 2024:

[Note 1]

Second quarters ending 31 March 2024:

[Note 1]

Third quarters ending 31 March 2024:

Mandatory (exception)

Annual periods ending 31 March 2024:

Mandatory (exception)

Amendments to the SASB standards to enhance their international applicability

The amendments remove and replace jurisdiction-specific references and definitions in the SASB standards, without substantially altering industries, topics or metrics

Issued: 19 December 2023 

Effective date:

Annual reporting periods beginning on or after 1 January 2025
Will not be endorsed for use in the EU

First quarters ending 31 March 2024:

Optional

Second quarters ending 31 March 2024:

Optional

Third quarters ending 31 March 2024:

Optional

Annual periods ending 31 March 2024:

Optional

Editorial Corrections (various)

The IASB periodically issues Editorial Corrections and changes to IFRSs and other pronouncements. Since the beginning of calendar 2021, such corrections have been made in June 2021, October 2021, December 2021, January 2022, July 2022, October 2022, August 2023, and September 2023.

Note: For details of these editorial corrections, see our IASB editorial corrections page.

Effective date:

As minor editorial corrections, these changes are effectively immediately applicable under IFRS

 

 

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Singapore consults on incorporation of ISSB standards

07 Mar 2024

The Singapore Exchange Regulation (SGX RegCo) has published a consultation paper titled 'Sustainability Reporting: Enhancing Consistency and Comparability'. The consultation period is open until 5 April 2024.

With the paper, SGX RegCo solicits feedback from the market on how the standards of the International Sustainability Standards Board (ISSB) should be incorporated into the reporting requirements for climate-related disclosures. This follows a recommendation of the Sustainability Reporting Advisory Committee announced in February 2024.

SGX RegCo proposes to amend its listing rules and its Sustainability Guide Compass. According to the press release, the amendments would include the following: 

  • From FY 2025, issuers should refer to both IFRS S1 and IFRS S2 in preparing climate-related disclosures, including any (permanent) structural and (temporary) transition reliefs;
  • From FY 2025, issuers should disclose Scope 1 and Scope 2 greenhouse gas (GHG) emissions and the measurement approach;
  • From FY 2026, issuers should disclose applicable categories of Scope 3 GHG emissions;
  • Issuers should disclose industry-based metrics and cross-industry metric categories relevant for climate-related disclosures;
  • From FY 2025, the sustainability report should be issued according to current timelines; and
  • From FY 2026, the sustainability report should be issued together with the annual report.

Please click to access the press release and the consultation paper on the SGX RegCo website.

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SEC adopts rule that will require entities to disclose climate-related information

06 Mar 2024

In a public meeting held today, the US Securities and Exchange Commission (SEC) has voted to adopt a rule titled 'The Enhancement and Standardization of Climate-Related Disclosures for Investors'.

In the meeting, the SEC voted to finalise the proposed rule published in March 2022. According to a fact sheet posted by the SEC, the final rule will require a registrant to disclose, among other things:

  • material climate-related risks;
  • activities to mitigate or adapt to such risks;
  • information about the registrant's board of directors' oversight of climate-related risks and management’s role in managing material climate-related risks; and
  • information on any climate-related targets or goals that are material to the registrant's business, results of operations, or financial condition.

In a major change to the proposed rule, the SEC has decided to remove the requirement to disclose Scope 3 greenhouse gas (GHG) emissions and only require disclosure of Scope 1 and/or Scope 2 GHG emissions on a phased-in basis by certain larger registrants when those emissions are material.

The final rule will become effective 60 days after publication in the Federal Register, and compliance will be phased in from 2025 to 2033.

For more information, please see the following:

 

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March 2024 ISSB meeting agenda posted

06 Mar 2024

The International Sustainability Standards Board (ISSB) has posted the agenda for its meeting, which will be held in Frankfurt on 13 March 2024. The ISSB will discuss its consultation on agenda priorities — strategic direction and balance of the ISSB’s activities.

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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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.

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