October monthly News Summary
Please find below a brief summary of news and events from the IFRS® Foundation over the past month:
G7 and G20 welcomes ISSB’s work on global baseline
The G7 Finance Ministers and Central Bank Governors have issued a statement on climate issues in which they reiterate their commitment to move towards mandatory climate-related financial disclosures and welcome the International Sustainability Standards Board’s (ISSB) work to develop a truly global baseline of sustainability disclosures to inform investment decisions.
The G20 also noted the need for globally consistent data to effectively address climate risk and welcomed the efforts of the ISSB to achieve an interoperable global baseline.
Ken Shibusawa appointed as Special Adviser to the ISSB Chair
Ken Shibusawa will provide strategic counsel to the Chair of the ISSB Emmanuel Faber, with a specific focus on jurisdictional matters in relation to the adoption of IFRS Sustainability Disclosure Standards in Japan.
Mr Shibusawa also serves as steering group member of UNDP (United Nations Development Programme) SDG Impact, and as director of Keizai Doyukai (the Japan Association of Corporate Executives).
IFRS Foundation call for nominations of Trustee positions
Candidates are being sought from the Asia-Oceania region, the Americas, Europe and the At Large category for positions starting on 1 January 2024. Applications from the relevant regions will be given full and comprehensive consideration. The deadline for application is 15 December 2022.
IFRS Sustainability Symposium
Registration for the inaugural IFRS Sustainability Symposium─being held on 17 February 2023 in Montreal, Canada─is now open.
It will bring together global businesses, investors and policymakers to discuss progress towards a global baseline of sustainability disclosures to inform investment decisions.
Key decisions made on refining proposed sustainability-related disclosure standards
IASB amends IAS 1 to improve information about long-term debt with covenants
IASB add narrow-scope project to work plan on possible amendments to IFRS 9
The aim of the proposed amendments is to respond to stakeholders’ feedback on the Request for Information published in September 2021 as part of the Post-implementation Review of IFRS 9─Classification and Measurement.
IFRS for SMEs Accounting Standards consultation
The IASB has now made available an optional response document that stakeholders can use to provide comments on the proposals to update the IFRS for SMEs Accounting Standard.
The deadline for comments is 7 March 2023.
New members join the Global Preparers Forum
Lily Hu, Patrick Matos and Feifei Wang have been appointed to the Global Preparers Forum for a five-year term.
Digital financial reporting webinar─18 November
The online session, on 18 November 11:00–13:00 GMT, will be held by the IASB in conjunction with the European Accounting Association and the European Financial Reporting Advisory Group. The session will discuss topics on what digital reporting is; the IFRS Accounting Taxonomy; and digital reporting and standard-setting.
IASB project update videos
Key decisions have been made in the redeliberations of the exposure draft on the Primary Financial Statements project. Here is a webinar recording, which was held on 14 October, discussing these decisions.
IASB technical staff have also produced a series of eight webcasts to explain the Dynamic Risk Management project based on the IASB’s tentative decisions to date.
IASB publishes 2023 dates for in-person and online student visits
University student groups studying IFRS Accounting Standards are once again being welcomed by the IASB to learn more about the IFRS Foundation, the IASB’s work, current projects and technical matters.
Meeting update and podcasts from the IASB
Meeting update and podcast from the ISSB
IFRS Interpretations Committee podcast
Committee Chair and IASB member Bruce Mackenzie, and Technical Staff Member Patrina Buchanan, discuss activities to support the consistent application of IFRS Accounting Standards in the third quarter of 2022.