Please find below a brief summary of news and events from the IFRS® Foundation over the past month:
Lee White will leave the IFRS Foundation in February 2024, following six years of service as Managing Director. He has accepted the role of Chief Executive Officer at the International Federation of Accountants (IFAC), effective March 2024.
IAS 32 Financial Instruments: Presentation works well for most financial instruments. However, the instruments have evolved since this IFRS Accounting Standard was initially issued—they are more complex and present new reporting challenges for companies. Companies’ solutions to the reporting challenges differ, resulting in diverse accounting practices that make it difficult for investors to assess and compare companies’ financial position and performance. Investors are calling for better information, particularly about equity instruments.
The International Accounting Standards Board (IASB) has produced a new webcast to explains the requirements in the forthcoming reduced-disclosure IFRS Accounting Standard for subsidiaries of parent companies that apply IFRS Accounting Standards.
This is the first in a series of webcasts about the new Accounting Standard.
The IFRS Foundation has published a short video that explains how the IFRS Interpretations Committee (Committee) helps maintain and support consistent application of IFRS Accounting Standards; what happens when the Committee receives an application question; and how it works with the IASB.
Global Reporting Initiative (GRI) has announced the launch of the Sustainability Innovation Lab (SIL), in partnership with the IFRS Foundation as its Convening Partner. The SIL is being established to enable companies to meet their evolving sustainability disclosure requirements, fostering professional development, training, practical solutions and innovative thinking.
The SIL will bring together global and local partners to advance capabilities for reporting using the GRI Standards and the IFRS Sustainability Disclosure Standards.
Ann Tarca, IASB member, explains proposals in the IFRS Accounting Taxonomy currently out for consultation. The proposals include introducing new elements for better comparison of narrative information, and new elements for financial instruments based on common reporting practice. The deadline for comments is 5 January 2024.
The International Sustainability Standards Board (ISSB) discussed feedback on two recent consultations. Firstly, on the proposed IFRS Sustainability Disclosure Taxonomy and secondly on the ISSB’s recent consultation on its agenda priorities. This feedback will inform both the ISSB’s two-year work plan and its approach to future projects.
The IASB Research Forum gives academics, practitioners and standard-setters a platform for discussing academic papers with relevance to standard-setting.
Academics’ work is vital to informing the IASB’s current projects, and its research pipeline.
The focus at this year’s Forum was accounting for intangible assets.
The IFRS Foundation has published its ninth Compilation of Agenda Decisions by the IFRS Interpretations Committee (Interpretations Committee) from May 2023 to October 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 documents that have been translated range from educational material on the effects of climate-related matters on financial statements; to exposure drafts, requests for information, and presentation slides for the IFRS Sustainability Disclosure Standards.
The visits are for student groups studying IFRS Accounting Standards and provide an excellent opportunity for students to interact with a member of the IASB and a member of the technical staff on the work of the IASB.
The IASB Update of the meeting held 13-15 November is now available.
As world leaders gather for COP28 to advance action for addressing climate risks, a group of major Multilateral Development Banks have confirmed their support for the work of the International Sustainability Standards Board (ISSB).