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IASB supplementary meeting on international tax reform and SME Accounting Standard

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).

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During 2022 the IFRS Foundation transformed from an organisation with a single standard-setting board to an organisation with two boards―the International Accounting Standards Board (IASB) and the new International Sustainability Standards Board (ISSB). We also announced the consolidation with the Value Reporting Foundation (VRF) and the Climate Disclosure Standards Board (CDSB).

Since then, we have been publishing sustainability disclosure information alongside our accounting information on, and we want to ensure that we are meeting the information needs of as many of our website users as possible.

IFRS Foundation 2022 Annual Report published

Marking a transformative year for the IFRS Foundation, the report highlights significant accomplishments by its two boards, the International Accounting Standards Board (IASB) and the International Sustainability Standards Board (ISSB).

ISSB decides to prioritise climate-related disclosures to support initial application

The ISSB decided that it will complement its package of transitional reliefs to support companies applying the ISSB’s first two Standards—S1 (general requirements) and S2 (climate).

The relief will enable companies to focus initial efforts on ensuring they meet investor information needs around climate change.

IASB confirms temporary relief from deferred tax accounting following OECD Pillar Two tax reform

The IASB has agreed to finalise amendments to IAS 12 Income Taxes following the Pillar Two model rules published by the Organisation for Economic Co-operation and Development (OECD).

The amendments, approved in a special supplementary meeting, will provide temporary relief for companies from having to account for deferred taxes arising from the implementation of the Pillar Two model rules.

ISSB to consult on agenda priorities and amendments to SASB Standards

In May 2023, the ISSB plans to publish a request for information about its agenda priorities for the next two years.

The ISSB will also open a 90-day consultation on its proposed methodology for revising the SASB Standards to improve their international applicability. The project affects approximately 20% of the metrics included in the SASB Standards, meaning most of the metrics will remain untouched.

Call for members to the IFRS Taxonomy Consultative Group

The group now advises both the IASB and ISSB on their digital taxonomies and related activities.

ITCG members play an important role in reviewing IFRS Taxonomy publications and files as part of the IFRS Foundation’s due process. Members will also help to develop an IFRS sustainability disclosure taxonomy.

The deadline for applications is 26 May 2023.

Call for members to the Transition Implementation Group on IFRS S1 and IFRS S2

The International Sustainability Standards Board (ISSB) is seeking nomination of suitable candidates for membership of the Transition Implementation Group on IFRS S1 and IFRS S2 (TIG).

The deadline for applications is 30 June 2023.

New chair and member appointed to the Islamic Finance Consultative Group

Ashruff Jamall has been appointed as a new member to the group, and Bruce Mackenzie, IASB Member, has been appointed as the new Chair.

IFRS Interpretations Committee member reappointments

Renata Bandeira, Sophie Massol, Jon Nelson and Donné Sephton start their second three-year terms on 1 July.

Appointments made to the SME Implementation Group

Four new members have been appointed from the Americas region; and 13 members have been reappointed for a second three-year term starting on 1 July.

Developments in the Dynamic Risk Management project

Two new webcasts have been produced to give an update on developments and tentative decisions that have been made on the current net open risk position, and the IASB’s redeliberation on the performance assessment.

Q1 2023 IFRS Interpretations Committee podcast

The topics discussed include Definition of a Lease—Substitution Rights (IFRS 16 Leases) and a question relating to Premiums Receivable from an Intermediary (IFRS 17 Insurance Contracts and IFRS 9 Financial Instruments).

IASB supplementary meeting Update

The Update from the supplementary meeting that was held on 11 April is now available.

ISSB Update and podcast

The ISSB Update and podcast for the meeting held on 19 April is now available

The Update for the supplementary meeting held on 4 April is also available.

Other meeting updates, papers and summaries