April 2023

The International Accounting Standards Board (IASB) will hold a supplementary meeting on Wednesday 3 May 2023 to discuss a new project to help companies that apply the IFRS for SMEs Accounting Standard to respond to new tax rules set by the Organization for Economic Cooperation and Development (OECD).

During 2022 the IFRS Foundation transformed from an organisation with a single standard-setting board to an organisation with two boards―the International Accounting Standards Board (IASB) and the new International Sustainability Standards Board (ISSB). We also announced the consolidation with the Value Reporting Foundation (VRF) and the Climate Disclosure Standards Board (CDSB).

Marking a transformative year for the IFRS Foundation, the report highlights significant accomplishments by its two boards, the International Accounting Standards Board (IASB) and the International Sustainability Standards Board (ISSB).

The ISSB decided that it will complement its package of transitional reliefs to support companies applying the ISSB’s first two Standards—S1 (general requirements) and S2 (climate).

The IASB has agreed to finalise amendments to IAS 12 Income Taxes following the Pillar Two model rules published by the Organisation for Economic Co-operation and Development (OECD).

In May 2023, the ISSB plans to publish a request for information about its agenda priorities for the next two years.

The group now advises both the IASB and ISSB on their digital taxonomies and related activities.

The International Sustainability Standards Board (ISSB) is seeking nomination of suitable candidates for membership of the Transition Implementation Group on IFRS S1 and IFRS S2 (TIG).

Ashruff Jamall has been appointed as a new member to the group, and Bruce Mackenzie, IASB Member, has been appointed as the new Chair.

Renata Bandeira, Sophie Massol, Jon Nelson and Donné Sephton start their second three-year terms on 1 July.

Four new members have been appointed from the Americas region; and 13 members have been reappointed for a second three-year term starting on 1 July.

Two new webcasts have been produced to give an update on developments and tentative decisions that have been made on the current net open risk position, and the IASB’s redeliberation on the performance assessment.

The topics discussed include Definition of a Lease—Substitution Rights (IFRS 16 Leases) and a question relating to Premiums Receivable from an Intermediary (IFRS 17 Insurance Contracts and IFRS 9 Financial Instruments).

The Update from the supplementary meeting that was held on 11 April is now available.

The ISSB Update and podcast for the meeting held on 19 April is now available