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
The ISSB unanimously voted to confirm that companies are required to use climate-related scenario analysis to report on climate resilience and to identify climate-related risks and opportunities to support their disclosures.
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.
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.
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.
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.