The proposed changes include:

• line-item modelling for conveying category information (such as, operating, investing, financing) for the statement of profit or loss; and
• dimensional modelling for tagging disclosures on management-defined performance measures and specified expenses by nature, as these link to information in the statement of profit or loss.

The press release on the IFRS Foundation website offers access to the proposed update and an explanatory video overview. It also contains details on a fieldwork exercise the IASB is planning to conduct during the consultation period. Comments are requested by 3 September 2024.

The statement calls for commitment from relevant authorities across jurisdictions to adopt IFRS S1 and IFRS S2 on an economy-wide basis by 2025. In the signatories' view, ensuring that disclosure frameworks use or incorporate the ISSB standards is a natural next step to build on existing progress and prompt entities to report material information on climate and other sustainability-related risks and opportunities.

The signatories expect that this will bring significant benefits to economies. Providing consistent sustainability information will help entities attract international capital, as the financial sector increasingly integrates sustainability into investment and financing strategies. For the many entities that operate across multiple jurisdictions, having consistent disclosure standards internationally will reduce their overall reporting burden.

Please click to access the statement on the PRI website.

The following topics were discussed:

SASB standards maintenance: The ISSB decided to continue to group entities into industries based on shared sustainability-related risks and opportunities that could reasonably be expected to affect an entity’s prospects, as represented by the Sustainable Industry Classification System, for the ISSB’s next two-year work plan. The ISSB also decided to consider enhancing the industry groupings when it enhances the SASB standards.

ISSB consultation on agenda priorities: ISSB members reviewed a summary of all decisions made during the agenda consultation and the resulting two-year work plan commencing June 2024. No decisions were made.

Supporting the implementation of IFRS S1 and IFRS S2: The ISSB were given the opportunity to make comments or ask questions on the summary of the March 2024 TIG meeting. No decisions were made.

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

The webcasts are hosted by ISSB Vice-Chair Sue Lloyd and ISSB staff member Gabriel Benedict.

The first webcast provides an overview of the overarching requirements and focuses on requirements related to disclosing information about the financial effects in the current reporting period.

The second webcast focuses on the requirements related to disclosing information about the financial effects over the short, medium and long term—including the judgement needed for such disclosures—and requirements in the ISSB standards that support application, including proportionality mechanisms.

Please click to access the webcasts via the press release on the IFRS Foundation website.

The 15-minute webcast discusses the IASB’s proposals that aim to ensure that financial statements more faithfully reflect the effects that renewable electricity contracts have on a company.

Please click to access the webcast on the IFRS Foundation website.

The one-hour webinar was dedicated to subtotals and categories in the statement of profit or loss and covered the introduction of three defined categories for income and expenses under IFRS 18 (operating, investing, and financing). It provided insights into the improved structure of income statements and the requirement to provide new defined subtotals, including operating profit.

A recording of the webinar is available on YouTube (please note that the webinar itself only begins after slightly more than two minutes of the recording).

The SCC discussed the Inaugural Jurisdictional Guide for the Adoption and other use of ISSB Standards. The ISSB staff outlined the significance and nuances of how the guide facilitates the adoption and other use of the ISSB standards across jurisdictions, highlighting detailed concepts including jurisdiction profiles, necessary modifications and various provisions including transition reliefs. 

The SCC also received an update on the ISSB's consultation on agenda priorities. The ISSB staff reflected on the extensive feedback received as part of the public consultation. This included prioritising the implementation of IFRS S1 and IFRS S2, enhancing the SASB standards, and launching two new research projects focusing on biodiversity, ecosystems and ecosystem services, and human capital. 

Please click to access the summary on the IFRS Foundation website.

According to the press release, the webinars are designed to support preparers and other market participants in exploring topics connected to sustainability and disclosure. The series will engage new and experienced preparers each month in expert presentations and discussions supported by organisations in the IFRS Foundation’s Partnership Framework.

The first episode is titled 'The business case for early adoption' and will explain the benefits of early adoption of IFRS S1 and IFRS S2 for entities and investors as well as for global capital markets.

The IFRS Foundation has set up a separate subsite that offers information on all planned episodes, registration for upcoming webcasts and access to recordings of past episodes. 

The podcast discusses the following:

• Recent publications which are key milestones for the ISSB, including:
  • the IFRS Sustainability Disclosure Taxonomy; and
  • the ESRS–ISSB Standards Interoperability Guidance.
• The opening of the new ISSB office in Montreal.
• Upcoming publications, including:
  • new webcasts on current and anticipated financial effects;
  • the inaugural jurisdictional guide for the adoption or other use of ISSB standards; and
  • the ISSB’s agenda consultation feedback statement.
• Forthcoming meetings and events such as:
  • the IOSCO Annual Meetings in Athens;
  • the Trustees of the IFRS Foundation meeting in Singapore;
  • the Sustainability Standards Conference 2024 in Frankfurt; and
  • the IFRS Foundation Conference 2024 in London.

To access the podcast, please see the press release on the IFRS Foundation website.

The DPOC discussed a possible shortened comment period for the IASB exposure draft on power purchase agreements that was published in May 2024. During the meeting, the IASB explained its reasons for suggesting a shortened comment period. The DPOC followed the reasoning of the IASB and agreed to a shortened comment period of 90 days.

Please click to access the summary on the IFRS Foundation website.