July monthly News Summary
Please find below a brief summary of news and events from the IFRS®
Foundation over the past month:
European Commission, EFRAG and ISSB confirm high degree of climate-disclosure alignment
The European Commission has issued the European Sustainability Reporting Standards
(ESRS) which come into effect in 2024.
To coincide with the publication, the European Commission, EFRAG and the
International Sustainability Standards Board (ISSB) are providing an update on their discussions around alignment and interoperability between ESRS
and the ISSB Standards.
IFRS Sustainability Disclosure Standards endorsed by international securities regulators
The International Organization of Securities Commissions (IOSCO) has announced its
endorsement of the International Sustainability Standards Board’s (ISSB)
Standards following its comprehensive review of the
Standards.
IFRS Foundation Trustees’ Chair Erkki Liikanen’s comments are also available here.
IFRS Foundation welcomes culmination of TCFD work and transfer of TCFD monitoring responsibilities to ISSB from 2024
The Financial Stability Board has asked the IFRS Foundation to take over the monitoring of the progress on companies’
climate-related disclosures from the Task Force on Climate-related Financial
Disclosures (TCFD).
IFRS Foundation publishes comparison of IFRS S2 with the TCFD recommendations
Following the Financial Stability Board’s announcement that the work of the TCFD has
been completed—with the ISSB Standards marking the 'culmination of the work of the
TCFD'—the IFRS Foundation has published a comparison of the requirements in IFRS S2 Climate-related
Disclosures and the TCFD recommendations.
IASB completes technical work on two new IFRS Accounting Standards
The International Accounting Standards Board (IASB) has concluded its decision-making on two projects—its final steps
before drafting and balloting two new IFRS Accounting Standards relating to the
Primary Financial Statements, and Subsidiaries without Public Accountability:
Disclosures projects.
Webcast on connections between accounting and sustainability disclosures
Linda Mezon-Hutter, IASB Vice-Chair and Sue Lloyd, ISSB Vice-Chair, discuss progress
made in facilitating connections between financial statements and
sustainability-related financial disclosures and in the work of the two
boards.
Stakeholders reminded of IFRS Accounting requirements for climate-related matters in the financial statements
The IFRS Foundation has published an updated version of its educational material
developed to help companies determine how to consider climate-related matters when
preparing their financial statements applying IFRS Accounting Standards.
ISSB consults on proposed digital taxonomy to improve global accessibility and comparability of sustainability information
The ISSB has published the Proposed IFRS Sustainability Disclosure Taxonomy for
public comment. The proposals reflect the disclosure
requirements in the ISSB’s first two Standards—IFRS S1 and IFRS S2.
The consultation is open for comment until 26 September 2023.
Feedback wanted on development of ISSB Knowledge Hub
The
ISSB Knowledge Hub will be a free online resource for preparers,
designed to help them understand and get ready for applying IFRS S1 and IFRS S2.
IASB Update and podcast
The Update and podcast about the meeting on 25-27 July
is now available.
IFRS Interpretations Committee Q2 podcast
The latest IFRS Interpretations Committee (Committee) podcast
features Bruce Mackenzie, Chair of the Interpretations Committee; and Committee
members Karen Higgins and Donné Sephton.
They discussed the decisions of the Committee to refer two matters to the IASB for
narrow-scope standard setting.
Join the Advisory Council
The Trustees of the IFRS Foundation are looking for seven new members to join the Advisory Council at
the end of December 2023, for a three-year term.
Call for new members in Africa to join the Global Preparers Forum in November 2023
The Global Preparers Forum (GPF) is seeking new members to join the GPF from 1
November 2023. Given the current composition of the GPF and
upcoming vacancies, the GPF Nominations Committee is particularly interested to hear
from candidates based in Africa.