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Please find below a brief summary of news and events from the IFRS® Foundation over the past month:

European Commission, EFRAG and ISSB confirm high degree of climate-disclosure alignment

The European Commission has issued the European Sustainability Reporting Standards (ESRS) which come into effect in 2024.

To coincide with the publication, the European Commission, EFRAG and the International Sustainability Standards Board (ISSB) are providing an update on their discussions around alignment and interoperability between ESRS and the ISSB Standards.

IFRS Sustainability Disclosure Standards endorsed by international securities regulators

The International Organization of Securities Commissions (IOSCO) has announced its endorsement of the International Sustainability Standards Board’s (ISSB) Standards following its comprehensive review of the Standards.

IFRS Foundation Trustees’ Chair Erkki Liikanen’s comments are also available here.

IFRS Foundation welcomes culmination of TCFD work and transfer of TCFD monitoring responsibilities to ISSB from 2024

The Financial Stability Board has asked the IFRS Foundation to take over the monitoring of the progress on companies’ climate-related disclosures from the Task Force on Climate-related Financial Disclosures (TCFD).

IFRS Foundation publishes comparison of IFRS S2 with the TCFD recommendations

Following the Financial Stability Board’s announcement that the work of the TCFD has been completed—with the ISSB Standards marking the 'culmination of the work of the TCFD'—the IFRS Foundation has published a comparison of the requirements in IFRS S2 Climate-related Disclosures and the TCFD recommendations.

IASB completes technical work on two new IFRS Accounting Standards

The International Accounting Standards Board (IASB) has concluded its decision-making on two projects—its final steps before drafting and balloting two new IFRS Accounting Standards relating to the Primary Financial Statements, and Subsidiaries without Public Accountability: Disclosures projects.

Webcast on connections between accounting and sustainability disclosures

Linda Mezon-Hutter, IASB Vice-Chair and Sue Lloyd, ISSB Vice-Chair, discuss progress made in facilitating connections between financial statements and sustainability-related financial disclosures and in the work of the two boards.

Stakeholders reminded of IFRS Accounting requirements for climate-related matters in the financial statements

The IFRS Foundation has published an updated version of its educational material developed to help companies determine how to consider climate-related matters when preparing their financial statements applying IFRS Accounting Standards.

ISSB consults on proposed digital taxonomy to improve global accessibility and comparability of sustainability information

The ISSB has published the Proposed IFRS Sustainability Disclosure Taxonomy for public comment. The proposals reflect the disclosure requirements in the ISSB’s first two Standards—IFRS S1 and IFRS S2.

The consultation is open for comment until 26 September 2023.

IASB Update and podcast

The Update and podcast about the meeting on 25-27 July is now available. 

ISSB Update and podcast

The Update and podcast from the meeting held on 27 July is now available.

IFRS Interpretations Committee Q2 podcast

The latest IFRS Interpretations Committee (Committee) podcast features Bruce Mackenzie, Chair of the Interpretations Committee; and Committee members Karen Higgins and Donné Sephton.

They discussed the decisions of the Committee to refer two matters to the IASB for narrow-scope standard setting.

Join the Advisory Council

The Trustees of the IFRS Foundation are looking for seven new members to join the Advisory Council at the end of December 2023, for a three-year term.

Call for new members in Africa to join the Global Preparers Forum in November 2023

The Global Preparers Forum (GPF) is seeking new members to join the GPF from 1 November 2023. Given the current composition of the GPF and upcoming vacancies, the GPF Nominations Committee is particularly interested to hear from candidates based in Africa.

Other meeting updates, papers and summaries