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.

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.

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.

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.

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.

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.

The full agenda for the meeting is sum­marised below:

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

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.

Reflecting on the Foundation’s journey, Chair Liikanen outlined its inception in response to the challenges of fragmented accounting standards in the late 20^th century. With the endorsement of international accounting standards by market regulators in 2000, the IFRS Foundation emerged under the leadership of Paul Volcker. Today, over 140 countries adhere to IFRS Standards, fostering global financial language and facilitating cross-border investment. Further, Chair Liikanen addressed the Foundation’s recent strides in sustainability reporting, including the establishment of the International Sustainability Standards Board (ISSB) and the publication of inaugural Sustainability Disclosure Standards. He noted ongoing efforts to align with existing standards and engage stakeholders globally in advancing sustainability disclosure. Additionally, he highlighted the forthcoming overhaul of Primary Financial Statements by the IASB in 2024, signaling continued evolution in corporate reporting under the Foundation’s purview.

The full transcript of the speech is available on the IFRS Foundation’s website.

A summary of the agenda is set out below:

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