Everyone at the IFRS Foundation wishes you season’s greetings and best wishes for 2024.
Please find below a brief summary of news and events from the IFRS® Foundation over the past month:
As world leaders gathered for COP28 to advance action for addressing climate risks, Erkki Liikanen, Chair of the IFRS Foundation Trustees, addressed delegates to reflect on progress since the IFRS Foundation announced the decision to establish the International Sustainability Standards Board (ISSB) at COP26.
Also at COP28, a group of major Multilateral Development Banks confirmed their support for the work of the ISSB.
The IFRS Foundation and the International Organization for Standardization (ISO) have also confirmed their shared commitment to cooperate to support efficient and resilient global economies.
Other ISSB news announced at COP28 included that close to 400 organisations from 64 jurisdictions have committed to advancing the adoption or use of the ISSB’s climate-related reporting at a global level.
The IFRS Sustainability knowledge hub was launched to support the use of the ISSB Standards from next year.
During the summit, the IFRS Foundation Trustees announced that Emmanuel Faber, Chair of the ISSB, will serve a second three-year term from 1 January 2025.
Ahead of the ISSB Standards—IFRS S1 and IFRS S2—coming into effect in January 2024, the ISSB is providing new and updated resources to help companies apply the Standards.
The International Accounting Standards Board (IASB) has published a summary of its project on extractive activities, which considered whether to amend or replace IFRS 6 Exploration for and Evaluation of Mineral Resources. The IASB issued IFRS 6 as an interim step in the accounting for extractive activities.
The document explains the reasons for the IASB taking on the project, the work done and the key decisions made, including the reasons for deciding to retain IFRS 6.
The IASB has published the second webcast of a three-part series that provides insight into the forthcoming IFRS Accounting Standard for subsidiaries.
In this episode, William Biese, Member of the Mexican Financial Reporting Standard Setting Board, joined IASB Technical Staff member, Özlem Arslan, to discuss the possible effects of this new IFRS Accounting Standard.
These amendments are intended to help preparers apply the SASB Standards regardless of the jurisdiction in which they operate or the type of generally accepted accounting principles (GAAP) they use without substantially altering the SASB Standards’ structure or intent. The SASB Standards facilitate the implementation and application of IFRS S1 for preparers.
The files for the IFRS Accounting Taxonomy 2023—together with the IFRS Taxonomy Illustrated (ITI)—are now available in Ukrainian and Spanish.
The IFRS Sustainability Symposium 2024 will take place on Thursday 22 February 2024, at the Javits Center, New York City. This will be an in-person event with the option available for virtual attendance.
The Symposium is already the premier destination for not only investors, corporates and their advisors, but also dozens of regulators and policymakers from around the world. The 2024 edition is designed to be a meeting ground for learning from others’ experience, gaining practical takeaways and gathering insight into the future landscape of sustainability-related financial disclosures.
The IASB has announced that it is partnering with the Review of Accounting Studies (RAST) academic journal for a joint 2026 IASB-RAST Conference.
The topic for research will focus on investors’ information needs, looking at the trends and challenges in this area.
Andre Besson, Karen Higgins and Vijay Kumar have been appointed to serve a second term starting on 1 July 2024.
The IFRS Foundation Trustees have also launched a call for new members to join the Committee starting on 1 July 2024. The Committee consists of 14 members and a non-voting Chair.
Candidates are being sought to join the IFRS Taxonomy Consultative Group (ITCG) from 1 April 2024.
The ITCG is an expert consultative group that advises both the IASB and ISSB on their digital taxonomies and related activities (for example promoting consistent adoption and implementation of the IFRS digital taxonomies).
The Capital Markets Advisory Committee (CMAC) has appointed three new members: Diego Salvador Barrero, Meghan Clark and Michael Thom to start on 1 January 2024 for three-year terms.
The IASB’s Global Preparers Forum (GPF) has appointed Keshni Kuni as a new member for an initial five-year term.
Ms Kuni is the Executive Head of IFRS Reporting & Advisory, Tax Accounting & Reporting at the Standard Bank Group in South Africa.
The December 2023 IASB Update is available here.
The IASB podcast is also available here.
A full summary of the December 2023 ISSB’s meeting is available in the ISSB Update, and you can also listen to Chair Emmanuel Faber and Vice-Chair Sue Lloyd in the latest episode of the ISSB podcast.