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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.
The International Accounting Standards Board (IASB) will hold a supplementary meeting on Wednesday 3 May 2023 to discuss a new project to help companies that apply the IFRS for SMEs Accounting Standard to respond to new tax rules set by the Organization for Economic Cooperation and Development (OECD).
The meeting is being held to accelerate progress on the project, which will result in proposed amendments to the Standard.
The IASB initiated the project after gathering feedback on its project to amend IFRS Accounting Standards in response to international tax reform. The feedback suggested that large private companies and subsidiaries of multi-national companies that apply the IFRS for SMEs Accounting Standard may be affected by the OECD’s Pillar Two model rules.
The exposure draft on proposed amendments to the IFRS for SMEs Accounting Standard is expected to be published in Q2 2023.
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