April monthly News Summary
Please find below a brief summary of news and events from the IFRS®
Foundation over the past month:
IFRS Foundation publishes 2023 Annual Report
The IFRS Foundation has published its annual report and audited financial statements for the year ended
31 December 2023, reinforcing the Foundation’s guiding principle
that better information leads to better decisions.
Emphasising the fundamental role of transparent and comparable accounting and
sustainability-related information in the world’s capital markets, the report
highlights how IFRS Accounting Standards and IFRS Sustainability Disclosure
Standards—collectively referred to as IFRS Standards—support efficient capital
allocation by helping investors to identify opportunities and risks globally.
IASB publishes IFRS 18
The International Accounting Standards Board (IASB) completed its work to improve the usefulness of information presented and
disclosed in financial statements. The new Standard, IFRS 18
Presentation and Disclosure in Financial Statements, will give investors
more transparent and comparable information about companies’ financial performance,
thereby enabling better investment decisions. It will affect all companies using
IFRS Accounting Standards.
Videos introducing the new IFRS Accounting Standard are
available in the following languages: Chinese, English, French, Japanese, Portuguese
and Spanish.
IASB launches comprehensive review of accounting for intangibles
The project will assess whether the requirements of IAS 38 Intangible Assets remain relevant and continue to
fairly reflect current business models or whether the IASB
should improve the requirements.
ISSB to commence research projects about risks and opportunities related to nature and human capital
The International Sustainability Standards Board’s (ISSB) research
projects will focus on the common information needs of investors
in assessing whether and how these risks and opportunities could reasonably be
expected to affect a company’s prospects.
As with the approach to the ISSB’s inaugural Standards, the ISSB will look at how it
might build from relevant pre-existing initiatives. This includes those already
under its purview—the SASB Standards and CDSB guidance—and, additionally, relevant
aspects of the work of the Task Force on Nature-related Financial Disclosures
(TNFD).
ISSB publishes its digital sustainability taxonomy, helping investors analyse sustainability disclosures efficiently
The ISSB has published the IFRS Sustainability Disclosure Taxonomy, fulfilling its promise
to enable investors and other capital providers to analyse sustainability-related
financial disclosures efficiently.
Progress towards adoption of ISSB Standards as jurisdictions consult
Canada, Japan and Singapore are consulting on the introduction of
sustainability-related disclosures in their respective regulatory frameworks through
the adoption or other use of the IFRS Sustainability Disclosure Standards (ISSB
Standards). Further jurisdictions—such as Australia and
Malaysia—have recently closed similar consultations.
IASB concludes project on Business Combinations under Common Control
The IASB has published a project summary for its project on Business Combinations under Common Control
(BCUCC).
The project summary explains the reasons behind the IASB’s decision in November 2023
not to develop requirements for reporting BCUCCs.
What is digital financial reporting?
The IFRS Foundation has published an introductory article Digital financial reporting—Facilitating digital comparability and
analysis of financial reports explaining what digital
financial reports are and how they are created; the benefits of digital financial
reporting for investors, companies and regulators; and the importance of the IFRS
digital taxonomies.
A video which explains what IFRS digital taxonomies are has also
been published.
Emmanuelle Guyomard joins Global Preparers Forum
Ms Guyomard has been the Head of Corporate Technical Accounting at Sanofi since
2017. Her responsibilities include providing IFRS technical
accounting support to subsidiaries and definition of accounting treatments, guidance
and policies across the pharmaceutical group. She also serves as Secretary of
Sanofi’s Audit Committee and as a board member of the French accounting
standard-setter Autorité des normes comptables.
Accounting Standards Advisory Forum—call for candidates
The IFRS Foundation is seeking suitable candidates for membership of the Accounting Standards Advisory
Forum for the three-year period from January 2025 to December
2027. National standard-setters and regional bodies may nominate themselves or
another eligible organisation.
New ISSB Implementation Insights podcast
The first episode of a new IFRS Foundation podcast series—the ISSB Implementation Insights podcast—is now available.
This new podcast series is designed to share insights from Transition Implementation
Group meetings, reflecting on questions from preparers and those using the ISSB
Standards.
IASB Update and podcast
The IASB Update and podcast are now available.
ISSB Update and podcast
The ISSB Update and podcast are now available.
Q1 2024 IFRS Interpretations Committee podcast
Bruce Mackenzie, Chair of the Committee and International Accounting Standards Board
Member, talks about the decisions made at the IFRS Interpretations Committee meeting held on 5
March.