Please find below a brief summary of news and events from the IFRS® Foundation over the past month:
The annual World Standard-setters Conference in London on 25-26 September 2023, gathering standard-setters from over 70 countries. In his speech, Chair of the International Accounting Standards board (IASB) Andreas Barckow reflected on the IASB’s heritage and the journey to a global accounting language. He also discussed some of the IASB’s key projects and how the IASB works with the IFRS Interpretations Committee. Read his speech or watch the recording of it.
Chair of the International Sustainability Standards Board (ISSB) Emmanuel Faber discussed recent developments in the ISSB’s work, including the launch of the first two ISSB Standards, the endorsement of the Standards by IOSCO, and engagement with jurisdictions. Watch a recording of his session as well as the conference plenary sessions.
Sue Lloyd, ISSB Vice-Chair, delivered the keynote address at the Brussels BdB (Association of German Banks) Courtyard Reception on 30 August 2023.
The amendments to the IFRS for SMEs Accounting Standard respond to urgent stakeholder feedback, and are based on the amendments to IAS 12 Income Taxes issued in May 2023. These amendments have resulted from the introduction of the Organisation for Economic Co-operation and Development’s (OECD) Pillar Two model rules.
As part of this project, which is named Climate-related and Other Uncertainties in the Financial Statements, the IASB has brought together in one place all its available materials supporting companies in their reporting of the effects of climate-related and other uncertainties in the financial statements. The materials can be found on the project page, and will include translations of educational material published earlier in the year as they become available.
The IASB has published proposed narrow-scope amendments to IFRS Accounting Standards and accompanying guidance as part of its periodic maintenance of the Accounting Standards.
The deadline for comments is 11 December 2023.
The TIG has been established to support implementation of IFRS S1 and IFRS S2, with the objective of providing a public forum for any stakeholder to share implementation questions with the ISSB and to follow the discussion of those questions. These discussions will help the ISSB determine what, if any, action will be needed to address the implementation questions. Possible actions include providing supporting materials such as webinars, case studies and other educational material.
Consistent with the ISSB’s approach of building upon the work of market-led initiatives grounded in current-best practice and thinking, the ISSB will look to the TNFD recommendations—where it relates to meeting the information needs of investors—in its future work.
The Update of the meeting held on 19-21 September is now available
The ISSB Update of the meeting held on 14 September is now available.