November monthly News Summary
Please find below a brief summary of news and events from the IFRS®
Foundation over the past month:
IASB votes to retain impairment-only model for goodwill accounting
After deliberations on whether there is sufficient evidence to
reintroduce the amortisation model for accounting for goodwill, as if the accounting
requirements were newly introduced, the IASB decided to retain the current model.
IASB proposes accelerated narrow-scope amendments to income taxes Accounting Standard
The IASB has added a project to its workplan proposing narrow-scope amendments to IAS 12 Income Taxes in response to
the OECD’s Pillar Two tax rules that comes into effect next
year.
ISSB at COP 27
At COP 27, it was announced that the CDP will incorporate the ISSB Climate-related Disclosures Standard into its
global environmental disclosure platform.
The Financial Reporting Council of Nigeria committed to adopting IFRS
Sustainability Disclosure Standards when they are issued next
year.
To celebrate its first anniversary, the ISSB produced a video ahead of COP 27 to remind viewers of
its objective and the milestones it has already hit. The ISSB also made some
key announcements towards the implementation of climate-related disclosure
standards in 2023.
ISSB confirms requirement to use climate-related scenario analysis
Also at its supplementary meeting, the ISSB progressed discussions on reference to other standards to support
increased interoperability.
Integrated Reporting and Connectivity Council launched
The new advisory body will provide guidance on how reporting required by the
International Accounting Standards Board and the International Sustainability
Standards Board could be integrated, and how the IASB and the ISSB could consider
applying principles and concepts from the Integrated Reporting Framework to their
projects. It had its inaugural meeting on 10 November.
Compilation of Agenda Decisions─Volume 7
The IFRS Foundation’s seventh Compilation of Agenda Decisions
brings together agenda decisions published by the IFRS Interpretations Committee
from May 2022 to October 2022.
Taxonomy consultations
The deadline for submitting comments to the Proposed Update 1 General Improvements and Common
Practice, which amends the IFRS Accounting Taxonomy 2022, is
16 December.
The deadline for submitting comments to the IFRS Accounting Taxonomy 2022─Proposed Update 2 Lease Liability in a Sale
and Leaseback and Non-current Liabilities with Covenants
is 28 December.
IFRS for SMEs Accounting Standard Update
This newsletter explains how the IASB has responded to feedback from users of SMEs’ financial
statements and describes the proposals the IASB published in the
Exposure Draft.
Access a more readable format of the business combination proposals in the
consultation currently out for comment here. The deadline for
comments to the Exposure Draft is 7 March 2023.
Investor Update
The November 2022 update is now available. It includes a
profile of Enitan Adebonojo, Senior Forensic Equity Analyst and Executive Director
at CFRA, who is also a member of the Capital Markets Advisory Committee.
2023 IASB Research Forum
Next year’s forum will be hosted in Paris, 2-3 November, it was
announced at the ‘Accounting for and Ever-Changing World’ conference in New York
earlier this month.
Trustees’ meeting summary
The Trustees of the IFRS Foundation held its meeting in Seoul, South Korea, 25-27
October. The meeting summary is now available.
IASB Update
The Update from the meeting held 22-24 November is now
available.
ISSB Update and podcast
The Update from the meeting held 15-16 November in
Frankfurt is now available.
The Update from the supplementary meeting held 1-3
November is now available.