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

IFRS Foundation publishes 2023 Annual Report

The IFRS Foundation has published its annual report and audited financial statements for the year ended 31 December 2023, reinforcing the Foundation’s guiding principle that better information leads to better decisions.

Emphasising the fundamental role of transparent and comparable accounting and sustainability-related information in the world’s capital markets, the report highlights how IFRS Accounting Standards and IFRS Sustainability Disclosure Standards—collectively referred to as IFRS Standards—support efficient capital allocation by helping investors to identify opportunities and risks globally.

IASB publishes IFRS 18

The International Accounting Standards Board (IASB) completed its work to improve the usefulness of information presented and disclosed in financial statements. The new Standard, IFRS 18 Presentation and Disclosure in Financial Statements, will give investors more transparent and comparable information about companies’ financial performance, thereby enabling better investment decisions. It will affect all companies using IFRS Accounting Standards.

Videos introducing the new IFRS Accounting Standard are available in the following languages: Chinese, English, French, Japanese, Portuguese and Spanish.

IASB launches comprehensive review of accounting for intangibles

The project will assess whether the requirements of IAS 38 Intangible Assets remain relevant and continue to fairly reflect current business models or whether the IASB should improve the requirements.

ISSB to commence research projects about risks and opportunities related to nature and human capital

The International Sustainability Standards Board’s (ISSB) research projects will focus on the common information needs of investors in assessing whether and how these risks and opportunities could reasonably be expected to affect a company’s prospects.

As with the approach to the ISSB’s inaugural Standards, the ISSB will look at how it might build from relevant pre-existing initiatives. This includes those already under its purview—the SASB Standards and CDSB guidance—and, additionally, relevant aspects of the work of the Task Force on Nature-related Financial Disclosures (TNFD).

ISSB publishes its digital sustainability taxonomy, helping investors analyse sustainability disclosures efficiently

The ISSB has published the IFRS Sustainability Disclosure Taxonomy, fulfilling its promise to enable investors and other capital providers to analyse sustainability-related financial disclosures efficiently.

Progress towards adoption of ISSB Standards as jurisdictions consult

Canada, Japan and Singapore are consulting on the introduction of sustainability-related disclosures in their respective regulatory frameworks through the adoption or other use of the IFRS Sustainability Disclosure Standards (ISSB Standards). Further jurisdictions—such as Australia and Malaysia—have recently closed similar consultations.

IASB concludes project on Business Combinations under Common Control

The IASB has published a project summary for its project on Business Combinations under Common Control (BCUCC).

The project summary explains the reasons behind the IASB’s decision in November 2023 not to develop requirements for reporting BCUCCs.

What is digital financial reporting?

The IFRS Foundation has published an introductory article Digital financial reporting—Facilitating digital comparability and analysis of financial reports explaining what digital financial reports are and how they are created; the benefits of digital financial reporting for investors, companies and regulators; and the importance of the IFRS digital taxonomies.

A video which explains what IFRS digital taxonomies are has also been published.

Emmanuelle Guyomard joins Global Preparers Forum

Ms Guyomard has been the Head of Corporate Technical Accounting at Sanofi since 2017. Her responsibilities include providing IFRS technical accounting support to subsidiaries and definition of accounting treatments, guidance and policies across the pharmaceutical group. She also serves as Secretary of Sanofi’s Audit Committee and as a board member of the French accounting standard-setter Autorité des normes comptables.

Accounting Standards Advisory Forum—call for candidates

The IFRS Foundation is seeking suitable candidates for membership of the Accounting Standards Advisory Forum for the three-year period from January 2025 to December 2027. National standard-setters and regional bodies may nominate themselves or another eligible organisation.

New ISSB Implementation Insights podcast

The first episode of a new IFRS Foundation podcast series—the ISSB Implementation Insights podcast—is now available.

This new podcast series is designed to share insights from Transition Implementation Group meetings, reflecting on questions from preparers and those using the ISSB Standards.

IASB Update and podcast

The IASB Update and podcast are now available.

ISSB Update and podcast

The ISSB Update and podcast are now available.

Q1 2024 IFRS Interpretations Committee podcast

Bruce Mackenzie, Chair of the Committee and International Accounting Standards Board Member, talks about the decisions made at the IFRS Interpretations Committee meeting held on 5 March.

Other meeting updates, papers and summaries