September monthly News Summary
Please find below a brief summary of news and events from the IFRS®
Foundation over the past month:
IASB and ISSB Chairs speak at World Standard-setters Conference 2023
The annual World Standard-setters Conference in London on 25-26 September 2023,
gathering standard-setters from over 70 countries. In his speech, Chair of the
International Accounting Standards board (IASB) Andreas Barckow reflected on the
IASB’s heritage and the journey to a global accounting language. He also discussed
some of the IASB’s key projects and how the IASB works with the IFRS Interpretations
Committee. Read his speech or watch the recording of it.
Chair of the International Sustainability Standards Board (ISSB) Emmanuel Faber
discussed recent developments in the ISSB’s work, including the launch of the first
two ISSB Standards, the endorsement of the Standards by IOSCO, and engagement with
jurisdictions. Watch a recording of his session as well as the conference plenary
sessions.
ISSB Vice-Chair keynote speech on current agenda and cooperation with EU institutions
Sue Lloyd, ISSB Vice-Chair, delivered the keynote address at the Brussels BdB (Association
of German Banks) Courtyard Reception on 30 August 2023.
IASB issues final amendments to IFRS for SMEs Accounting Standard, related to international tax reform
The amendments to the IFRS for SMEs Accounting Standard respond to urgent
stakeholder feedback, and are based on the amendments to IAS 12
Income Taxes issued in May 2023. These amendments have resulted from the
introduction of the Organisation for Economic Co-operation and Development’s (OECD)
Pillar Two model rules.
IASB to explore ways to improve reporting of climate-related and other uncertainties in the financial statements
The (IASB) has decided to explore targeted actions to improve the reporting of climate-related and other
uncertainties in the financial statements.
As part of this project, which is named Climate-related and Other Uncertainties in the Financial
Statements, the IASB has brought together in one place all its
available materials supporting companies in their reporting of the effects of
climate-related and other uncertainties in the financial statements. The materials
can be found on the project page, and will include translations of educational
material published earlier in the year as they become available.
Proposed General Annual Improvements to IFRS Accounting Standards
The IASB has published proposed narrow-scope amendments to IFRS Accounting Standards and
accompanying guidance as part of its periodic maintenance of the
Accounting Standards.
The deadline for comments is 11 December 2023.
IFRS Foundation appoints Montreal and Asia-Oceania office directors
Transition Implementation Group (TIG) members announced
The TIG has been established to support implementation of IFRS S1 and IFRS
S2, with the objective of providing a public forum for any
stakeholder to share implementation questions with the ISSB and to follow the
discussion of those questions. These discussions will help the ISSB determine what,
if any, action will be needed to address the implementation questions. Possible
actions include providing supporting materials such as webinars, case studies and
other educational material.
ISSB congratulates Task Force on Nature-related Financial Disclosures (TNFD) on finalised recommendations
Consistent with the ISSB’s approach of building upon the work of market-led
initiatives grounded in current-best practice and thinking, the ISSB will look to
the TNFD recommendations—where it relates to meeting the information needs of
investors—in its future work.
IASB Update and podcast
The Update of the meeting held on 19-21 September is now
available.
ISSB Update and podcast
The ISSB Update of the meeting held on 14 September is now
available.