April monthly News Summary
Please find below a brief summary of news and events from the IFRS®
Foundation over the past month:
IASB supplementary meeting on international tax reform and SME Accounting Standard
The International Accounting Standards Board (IASB) will hold a supplementary meeting on Wednesday 3 May 2023 to
discuss a new project to help companies that apply the IFRS for SMEs Accounting
Standard to respond to new tax rules set by the Organization for
Economic Cooperation and Development (OECD).
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During 2022 the IFRS Foundation transformed from an organisation with a single
standard-setting board to an organisation with two boards―the International
Accounting Standards Board (IASB) and the new International Sustainability Standards
Board (ISSB). We also announced the consolidation with the Value Reporting
Foundation (VRF) and the Climate Disclosure Standards Board (CDSB).
Since then, we have been publishing sustainability disclosure information alongside
our accounting information on ifrs.org, and we want to ensure that we are meeting the information needs of as many of our
website users as possible.
IFRS Foundation 2022 Annual Report published
Marking a transformative year for the IFRS Foundation, the report highlights significant accomplishments by its two boards, the
International Accounting Standards Board (IASB) and the International
Sustainability Standards Board (ISSB).
ISSB decides to prioritise climate-related disclosures to support initial application
The ISSB decided that it will complement its package of transitional reliefs to support companies applying
the ISSB’s first two Standards—S1 (general requirements) and S2
(climate).
The relief will enable companies to focus initial efforts on ensuring they meet
investor information needs around climate change.
IASB confirms temporary relief from deferred tax accounting following OECD Pillar Two tax reform
The amendments, approved in a special supplementary meeting, will provide
temporary relief for companies from having to account for deferred taxes arising
from the implementation of the Pillar Two model rules.
ISSB to consult on agenda priorities and amendments to SASB Standards
In May 2023, the ISSB plans to publish a request for information about its agenda priorities
for the next two years.
The ISSB will also open a 90-day consultation on its proposed methodology for
revising the SASB Standards to improve their international applicability. The
project affects approximately 20% of the metrics included in the SASB Standards,
meaning most of the metrics will remain untouched.
Call for members to the IFRS Taxonomy Consultative Group
The group now advises both the IASB and ISSB on their digital taxonomies and related
activities.
ITCG members play an important role in reviewing IFRS Taxonomy publications and files
as part of the IFRS Foundation’s due process. Members will also help to develop an
IFRS sustainability disclosure taxonomy.
Call for members to the Transition Implementation Group on IFRS S1 and IFRS S2
The International Sustainability Standards Board (ISSB) is seeking nomination of suitable candidates for membership of the Transition
Implementation Group on IFRS S1 and IFRS S2 (TIG).
The deadline for applications is 30 June 2023.
New chair and member appointed to the Islamic Finance Consultative Group
IFRS Interpretations Committee member reappointments
Appointments made to the SME Implementation Group
Developments in the Dynamic Risk Management project
Two new webcasts have been produced to give an update on
developments and tentative decisions that have been made on the current net open
risk position, and the IASB’s redeliberation on the performance assessment.
Q1 2023 IFRS Interpretations Committee podcast
The topics discussed include Definition of a Lease—Substitution
Rights (IFRS 16 Leases) and a question relating to Premiums Receivable from
an Intermediary (IFRS 17 Insurance Contracts and IFRS 9 Financial
Instruments).
IASB supplementary meeting Update
The Update from the supplementary meeting that was held
on 11 April is now available.
ISSB Update and podcast
The ISSB Update and podcast for the meeting held on 19 April is now available
The Update for the supplementary meeting held on 4 April
is also available.