Please find below a brief summary of news and events from the IFRS® Foundation over the past month:
Erkki Liikanen, Chair of the IFRS Foundation Trustees, delivered his speech at the welcome reception for the European Accounting Association Conference in Dipoli, Finland. He spoke about the history of the IFRS Foundation, and the need for global accounting standards to meet with global sustainability disclosures.
The International Accounting Standards Board (IASB) has issued disclosure requirements to enhance the transparency of supplier finance arrangements and their effects on a company’s liabilities, cash flows and exposure to liquidity risk.
The IASB has issued amendments to IAS 12 Income Taxes. The amendments give companies temporary relief from accounting for deferred taxes arising from the Organisation for Economic Co-operation and Development’s international tax reform.
The IASB launched a call for stakeholders’ feedback on its post-implementation review of the expected credit loss requirements in IFRS 9 Financial Instruments.
IFRS 9 was developed in response to the global financial crisis, following calls from the G20 and other bodies for more timely recognition of loan losses and a forward-looking impairment model.
The IASB, the European Accounting Association and the European Financial Reporting Advisory Group will hold a virtual research workshop on the Post-implementation Review of IFRS 9─Impairment and IFRS 7 Financial Instruments: Disclosures on 30 June 2023, 12.00–14.00 CET.
The ISSB is seeking feedback on its priorities for its next two-year work plan. The Request for Information Consultation on Agenda Priorities is open for comments until 1 September 2023.
The International Sustainability Standards Board (ISSB) is seeking feedback on its proposed methodology for enhancing the international applicability of the SASB Standards.
The consultation is open for comments until Wednesday 9 August 2023.
The IFRS Foundation Trustees and the IFRS Foundation Monitoring Board agreed to an updated Memorandum of Understanding . The updates to the 2009 MoU reflect developments in the work of the IFRS Foundation, most notably the establishment of the ISSB as a sister board to the IASB.
The IASB is partnering with Abacus to call for research papers to be presented at the IASB Research Forum in 2024. The deadline for submitting papers is 31 March 2024. The Forum will be held in Sydney, Australia, 4-5 November 2024.
The webcast explains the project’s objective and approach; the IASB’s tentative decisions; and the project’s next steps. The IASB moved the project to the standard-setting work plan in April. A consultation will be published in 2024.
Educational material has been published to illustrate how the IFRS for SMEs Accounting Standard requires companies to consider climate-related matters that have a material effect on the financial statements.
The IFRS Foundation has published its eighth Compilation of Agenda Decisions by the IFRS Interpretations Committee (Interpretations Committee) from November 2022 to April 2023.
Agenda decisions report the Interpretations Committee’s decision and, in many cases, also include material that explains how the relevant principles and requirements in IFRS Accounting Standards apply to the issue described in the agenda decision.
The files for the IFRS Accounting Taxonomy 2022—together with the IFRS Taxonomy Illustrated—are now available in Korean, Japanese, Spanish and Ukrainian.
The May IASB meeting summary and podcast are now available.
A supplementary IASB meeting was held on 3 May to discuss the project on proposed amendments to the IFRS for SMEs Accounting Standard relating to international tax reform.