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On 3 November 2021, at COP26, the IFRS Foundation Trustees announced the creation of the International Sustainability Standards Board (ISSB).
On 26 June 2023 the ISSB issued its inaugural standards—IFRS S1 and IFRS S2—ushering in a new era of sustainability-related disclosures in capital markets worldwide.
In this month’s podcast, Vice-Chair and Member of the International Accounting Standards Board (Board) Sue Lloyd and Darrel Scott join Technical Staff Member Matt Tilling to provide a summary of the most recent IASB meeting as well as other key developments.
Darrel gives a broad overview of the IFRS 17 Insurance Contracts discussion that took place during the November meeting and explains the rationale behind the Board’s unanimous decision to propose a one-year deferral to the effective date of the Standard.
He also talks about the associated temporary exemption for insurance companies from applying IFRS 9 Financial Instruments and the thought process behind it.
Sue summarises the Board discussion on the Primary Financial Statements project and whether or not an earnings before interest, tax, depreciation and amortisation (EBITDA) like figure should be required.
Other topics raised during the podcast are the objectives of management commentary and the guidance supporting these objectives, the classification of liabilities in relation to IAS 1, the Rate-regulated Activities project and the accounting model being developed for activities subject to ‘defined rate regulation’, implementation issues the IFRS Interpretations Committee is considering and the reasons why the Board decided not to add a project on cryptocurrencies to its work plan.
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