June monthly News Summary
Please find below a brief summary of news and events from the IFRS®
Foundation over the past month:
ISSB issues inaugural global sustainability disclosure standards
The International Sustainability Standards Board (ISSB) has issued its
inaugural standards—IFRS S1 and IFRS S2—ushering in a new era of
sustainability-related disclosures in capital markets worldwide. The Standards will
help to improve trust and confidence in company disclosures about sustainability to
inform investment decisions.
Here is an article on 10 things to know about the first ISSB Standards. Sue Lloyd,
ISSB Vice-Chair, gives a high level overview of the new sustainability disclosure standards in two
webcasts.
London Stock Exchange CEO speaks at IFRS Foundation Conference
Julia Hoggett joined the London Stock Exchange plc in 2021 and has had an extensive
career in the finance and banking industries. She spoke at the IFRS Foundation
Conference that was held on 26-27 June in London.
A recording of the keynote address by Andreas Barckow, Chair of the International Accounting
Standards Board (IASB), and his written speech, is published
here.
Delegates who attended the IFRS Foundation Conference both in person and online, will
have access to recordings from the other sessions in the coming weeks via the
conference platform.
World Economic Forum and ISSB partner to compile learnings on early sustainability reporting efforts
The World Economic Forum announced that it is to form an ISSB Preparers
Group comprising corporate leaders with diverse expertise in
sustainability reporting. The group will offer insights and corporate perspectives
to the International Sustainability Standards Board (ISSB) following the release of
its first sustainability standards.
IFRS Foundation opens ISSB office in Beijing
The opening of the office in China follows the signing of a
memorandum of understanding between the IFRS Foundation and the Ministry of Finance
of China in December 2022.
IASB seeks input for review of Accounting Standard on revenue
The IASB calls for stakeholder feedback to inform its review of the IFRS Accounting
Standard for revenue from contracts with customers, IFRS 15. The
deadline for comments is 27 October 2023.
IASB consults on proposed amendments to IFRS for SMEs Accounting Standard related to international tax reform
The proposed amendments to the income tax section of the Accounting
Standard would provide the same relief as the amendments to IAS
12 Income Taxes issued in May 2023, and come in response to the Organisation
for Economic Co-operation and Development’s (OECD) Pillar Two model rules.
EY IFRS Kongress 2023—registration now open
Webcast on ISSB’s Agenda Priorities consultation
The International Sustainability Standards Board (ISSB) technical staff
has produced a webcast on the consultation on the ISSB's next two-year work
plan. The Request for Information is open for comments until 1
September 2023.
This and another ISSB consultation are now available in the following languages:
French, Japanese, Simplified Chinese and Spanish.
Tadeu Cendon and Rika Suzuki reappointed as IASB members
The Trustees of the IFRS Foundation have approved the reappointments of Tadeu Cendon and Rika Suzuki to serve a second
five-year term, starting on 1 July 2024.
The appointments were made following completion of the reappointment process by the
Trustees.
New members appointed to SME Implementation Group
Eight new members have been appointed to the SME Implementation Group
(SMEIG) following the March 2023 invitation for nominations and
applications for SMEIG membership. These new members will start their three-year
terms on 1 July 2023, replacing seven members who will step down on 30 June
2023.
IASB Update and podcast
Here is a summary of the meeting that was held on 20-22 June.
ISSB Update podcast
In the June podcast Sue Lloyd and Emmanuel Faber discuss the
launch of the ISSB's first two Standards, IFRS S1 and IFRS S2, upcoming launch
events and recent stakeholder engagements.