March monthly News Summary
Please find below a brief summary of news and events from the IFRS® Foundation over the past month:
IFRS Foundation leaders meet with the Japanese Prime Minister
The Chair of the IFRS Foundation Trustees, Erkki Liikanen; Chair of the International Sustainability Standards Board (ISSB), Emmanuel Faber; and Chair of the International Accounting Standards Board (IASB), Andreas Barckow, met with Prime Minister Fumio Kishida of Japan.
The Prime Minister also spoke at an event co-hosted by the IFRS Foundation and the Japanese Financial Services Agency (FSA) on sustainability disclosure.
MoU signing and meetings held with Japanese standard-setters
The Trustees of the IFRS Foundation signed a Memorandum of Understanding (MoU) with the Financial Accounting Standards Foundation (FASF) of Japan. The MoU extends for a further five years the FASF’s long-term financial commitment to the IFRS Foundation and its Asia-Oceania office, located in Tokyo.
The IASB and the Accounting Standards Board of Japan held a bilateral meeting in Tokyo, where they provided updates on their respective activities and discussed issues related to the international tax reform (the Pillar Two model rules); Business Combinations—Disclosures, Goodwill and Impairment; and Primary Financial Statements.
The ISSB and the Sustainability Standards Board of Japan held an inaugural meeting where they provided updates on their respective activities and discussed issues related to the implementation of IFRS Sustainability Disclosure Standards.
IASB initiates project on climate-related risk in the financial statements
This project responds to feedback received from the IASB’s recent Agenda Consultation for the IASB to enhance the reporting of climate-related risks in the financial statements.
In undertaking the project, the IASB will consider the work of the ISSB to ensure any proposals work well with IFRS Sustainability Disclosure Standards and that any information required by the two boards would be complementary. Read our article for further information about how the IASB and ISSB’s work on climate-related disclosures is connected.
A separate article about connectivity between the IASB and ISSB in terms of what it means and what it delivers, can be found here.
IASB proposes amendments to classification and measurement requirements for financial instruments
The proposed amendments respond to feedback received from a post-implementation review of the classification and measurement requirements in IFRS 9, which concluded in December 2022. Feedback from that review indicated that most stakeholders believed those requirements achieved their intended purpose, whilst identifying specific areas for further enhancement or clarification. The exposure draft that has now been published responds to these points.
IFRS Accounting Taxonomy 2023 published
The IFRS Accounting Taxonomy enables digital reporting of financial information prepared in accordance with IFRS Accounting Standards. Preparers can use the IFRS Accounting Taxonomy to tag disclosures, making them easily accessible to investors who prefer to receive financial information digitally.
The IFRS Accounting Taxonomy 2023 includes changes to the IFRS Accounting Taxonomy 2022 to reflect new or amended presentation and disclosure requirements.
IASB concludes Targeted Standards-level Review project
The IASB has concluded its project on improving its approach to developing and drafting disclosure requirements. The improved approach is designed to help the IASB develop IFRS Accounting Standards that would enable companies to make better judgements about which information is material and should be disclosed, thereby providing more useful information to investors.
ISSB supplementary meeting to be held in April
At the supplementary meeting on 4 April, the ISSB will discuss a further enhancement to its planned package of transitional reliefs to support companies applying its initial two Standards—S1 and S2.
Call for nominations to the SME Implementation Group
The mission of the SMEIG is to support the international adoption, implementation and application of the IFRS for SMEs® Accounting Standard. The deadline for applications is Thursday 6 April.
The latest IFRS for SMEs Accounting Standard Update is also now available.
Seven key takeaways from the IFRS Sustainability Symposium
More than 1,000 people from 45 countries convened in Montreal and online to discuss what’s next for investor-focused sustainability disclosure.
Translations now available of IFRS Foundation publications
A variety of IFRS Foundation publications are now available in the following languages: Albanian, Arabic, simplified Chinese, French, Hebrew, Japanese, Kyrgyz, Romanian, Spanish and Uzbek.
IASB Update and podcast
The March 2023 Update is now available to read.
You can also listen to the podcast.
ISSB Update and podcast
The March 2023 Update and podcast are now available.