In our April podcast, Chair and Vice-Chair of the International Accounting Standards Board (Board) Hans Hoogervorst and Sue Lloyd join Technical Staff Member Matt Tilling to provide an update on the Board's latest meeting as well as on other developments and events that have taken place this month.
Hans begins with a review of his speech on sustainability reporting during the Climate-Related Financial Reporting Conference organised by the University of Cambridge. He suggests that by helping investors understand how companies are affected by sustainability issues, reporting offers a promising step forward. He also explains the role the Board intends to play and its work to update the Management Commentary Practice Statement. He cautions against exaggerated expectations for sustainability reporting as a catalyst for change in the absence of policy and political intervention. At the same time, Hans urges companies to report on what is strategically important to them, including how remuneration policies align with their long-term objectives and the environmental, social and governance (ESG) factors that underpin the companies’ long-term success.
Sue provides a summary of the latest meeting of the Transition Resource Group (TRG) for IFRS 17 Insurance Contracts. She also summarises the Board discussions on IFRS 17. The Board has substantially completed the technical discussions on possible amendments to the Standard and has given the technical staff permission to develop the Exposure Draft on proposed amendments.
Hans takes us through the Board’s discussion on clarifications to the Primary Financial Statements project and this month’s decision to further enhance the transparency and discipline of management performance measures. Sue follows with an update on the research on Business Combinations Under Common Control.
Other projects discussed during the podcast are:
- Goodwill and Impairment
- Dynamic Risk Management
- Amendments to IAS 1 Presentation of Financial Statements and IFRS Practice Statement 2 Making Materiality Judgements
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