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On 3 November 2021, at COP26, the IFRS Foundation Trustees announced the creation of the International Sustainability Standards Board (ISSB).
The ISSB will deliver a global baseline of sustainability disclosures to meet capital market needs.
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This project assessed whether the Board should replace IAS 21 or undertake some narrower-scope improvements to IAS 21—including the accounting for long-term payables and receivables when a currency is thinly traded and volatile.
Following feedback from the 2015 Agenda Consultation and a review of the research findings, the Board decided:
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