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

IASB issues narrow-scope amendments to classification and measurement requirements for financial instruments

The IASB issued amendments to the classification and measurement requirements in IFRS 9 Financial Instruments. The amendments will address diversity in accounting practice by making the requirements more understandable and consistent.

IFRS Foundation and African Development Bank to join forces to promote sustainability-related financial disclosures

The African Development Bank and the IFRS Foundation will seek to work closely on advancing sustainability-related disclosure practices in Africa. The two organisations signed a letter of intent on the sidelines of the Bank Group’s Annual Meetings, which took place in Nairobi.

Jurisdictions representing over half the global economy by GDP take steps towards ISSB Standards

The IFRS Foundation released the Inaugural Jurisdictional Guide for the adoption or other use of ISSB Standards at the IOSCO Annual Meeting to support regulators. Jurisdictions representing over half the global economy by gross domestic product (GDP) have announced steps to use the ISSB Standards or to fully align their sustainability disclosure standards with those of the ISSB.

IFRS Foundation Trustees seek new Chair and new members of the IFRS Advisory Council

The IFRS Foundation Trustees are seeking a new Chair and eight new members of the IFRS Advisory Council—the strategic advisory body to the Trustees and the Foundation’s two standard-setting boards. The new Chair will succeed existing Chair Bill Coen when his term ends. Applications were due 30 June 2024. The eight new members will succeed members whose terms end on 31 December 2024. The deadline for nominations is 30 August 2024.

GRI and IFRS Foundation collaboration to deliver full interoperability that enables seamless sustainability reporting

In response to market demand, the IFRS Foundation and the Global Reporting Initiative (GRI) are deepening their working relationship, building upon the Memorandum of Understanding signed in 2022. The two organisations will work together to optimise how GRI and ISSB Standards can be used together.

Keynote address from Andreas Barckow, IASB Chair, at the EAA Annual Congress: ‘Let’s stay connected’

IASB Chair Andreas Barckow delivered a keynote address on the topic of connectivity at the European Accounting Association Annual Congress on 15 May 2024.

IASB proposes IFRS Accounting Taxonomy update for IFRS 18

The IASB has published proposals to amend the IFRS Accounting Taxonomy to reflect the new presentation and disclosure requirements introduced in IFRS 18 Presentation and Disclosure in Financial Statements. The IASB is inviting feedback on these proposals to amend the IFRS Accounting Taxonomy. The deadline for submitting comments is 3 September 2024.

Watch new webcasts explaining ISSB disclosure requirements on current and anticipated financial effects

The IFRS Foundation has published two new webcasts to help explain the ISSB disclosure requirements related to the current and anticipated effects of sustainability-related risks and opportunities on a company’s financial position, financial performance and cash flows.

IFRS Foundation launches new webinar series ‘Perspectives on sustainability disclosure’

The IFRS Foundation has launched a monthly webinar series ‘Perspectives on sustainability disclosure’ designed to support preparers and other market participants in exploring topics connected to sustainability and disclosure. Webinar events will be open for anyone to join live or to play back afterwards on demand.

ISSB opens permanent Montreal office, celebrating progress and collaboration with Canadian stakeholders

The ISSB has cemented its presence in Montreal with the opening of a permanent office.

Webcast: Introducing the ISSB Taxonomy

View this webcast to learn about the IFRS Sustainability Disclosure Taxonomy, its key features and the benefits for investors, companies and regulators presented by ISSB Vice-Chair Sue Lloyd and ISSB Technical Staff Tim Kasim.

Webcast series: Proposals in Exposure Draft Business Combinations—Disclosures, Goodwill and Impairment

The IASB is consulting on a package of proposals to help improve the information companies provide about acquisitions, at a reasonable cost (consultation closes 15 July).

In a webcast series, IASB members and technical staff take a detailed look into the proposed improvements to the disclosure requirements about acquisitions and the impairment testing of cash-generating units containing goodwill.

IASB simplifies financial reporting for eligible subsidiary companies with new IFRS Accounting Standard

The IASB issued a new IFRS Accounting Standard for subsidiaries. IFRS 19 Subsidiaries without Public Accountability: Disclosures permits eligible subsidiaries to use IFRS Accounting Standards with reduced disclosures. Applying IFRS 19 will reduce costs for companies while continuing to provide decision-useful information.

IASB proposes amendments for renewable electricity contracts

The IASB published an Exposure Draft proposing narrow-scope amendments to ensure that financial statements more faithfully reflect the effects that renewable electricity contracts have on a company. The proposals amend IFRS 9 Financial Instruments and IFRS 7 Financial Instruments: Disclosures. View a short webcast in which IASB Technical Staff Members discuss the IASB’s proposals. The IASB is inviting feedback on the proposed amendments until 7 August 2024

ISSB Standards now available in Simplified Chinese

The IFRS Foundation has published the Simplified Chinese translation of IFRS S1 General Requirements for Disclosure of Sustainability-related Financial Informationand IFRS S2 Climate-related Disclosures. Documents accompanying IFRS S1 and IFRS S2 have also been translated into Simplified Chinese.

IFRS Foundation and EFRAG publish interoperability guidance

The IFRS Foundation and EFRAG have published guidance material to illustrate the high level of alignment achieved between the IFRS Sustainability Disclosure Standards and the European Sustainability Reporting Standards and how a company can apply both sets of standards, including detailed analysis of the alignment in climate-related disclosures.

Compilation of Agenda Decisions—Volume 10 published

The IFRS Foundation has published its 10th Compilation of Agenda Decisions by the IFRS Interpretations Committee (Committee), covering the period from November 2023 to April 2024. The announcement lists the three agenda decisions in the Compilation, describes ways to view them and provides further insights into the Committee’s work.

IASB, ISSB and IFRS Interpretations Committee Updates and podcasts

Other meeting papers, summaries and recordings

May meeting papers, summaries and recordings

June meeting papers

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