Please find below a brief summary of news and events from the IFRS® Foundation over the past month:
Opening remarks by Erkki Liikanen, Chair of the IFRS Foundation Trustees
Erkki Liikanen, Chair of the IFRS Foundation Trustees, delivered his speech at the IFRS Foundation Trustees' stakeholder dinner in Madrid, Spain on 28 February 2024.
IFRS Sustainability Symposium 2024
Around 1,000 companies, investors, regulators and other key stakeholders from over 50 jurisdictions met at the IFRS Sustainability Symposium which took place in New York City on 22 February to exchange insights on the introduction of the ISSB (International Sustainability Standards Board) Standards globally.
IFRS Foundation publishes summary of national accounting standard-setters’ research on materiality judgement guidance
The IFRS Foundation has published a summary of evidence gathered by national standards-setters on the effects of guidance on materiality judgements in IFRS Accounting Standards and other materials.
A company must judge whether information is material—that is information could be reasonably expected to influence an investor’s decisions—when determining recognition, measurement, presentation and disclosure in its financial statements. Judgements about materiality are essential to the application of IFRS Accounting Standards.
Webcast: Overview of forthcoming IFRS Accounting Standard―IFRS 18
International Accounting Standards Board (IASB) Technical Staff members Nick Barlow and Juliane-Rebecca Upmeier introduce in this webcast IFRS 18 Presentation and Disclosure in Financial Statements, the forthcoming IFRS Accounting Standard, that will set out the overall requirements for presentation and disclosures in the financial statements. This new Standard responds to investors’ demand for better information about companies’ financial performance. It will affect all companies and all investors.
IFRS 18 is expected to be issued in April 2024.
Webcast series: Forthcoming IFRS Accounting Standard for Subsidiaries without Public Accountability
In the final episode of a three-part series on the forthcoming IFRS Accounting Standard for Subsidiaries without Public Accountability, Michael Stewart, Senior Expert of Financial Reporting at Huawei and IASB technical staff member, Özlem Arslan, discuss the expected benefits of the new IFRS Accounting Standard for the eligible companies.
The new IFRS Accounting Standard is expected to be issued in May 2024.
Webcast series: Proposals in Exposure Draft Financial Instruments with Characteristics of Equity
In this series of webcasts on proposals in the Exposure Draft Financial Instruments with Characteristics of Equity, IASB Technical Staff Member Angie Ah Kun explains the IASB’s proposals to address three common practice issues.
The deadline for comments is 29 March 2024.
IFRS Foundation webcast and educational material highlights importance of industry-specific disclosures to investors
The ISSB has published a webcast highlighting the importance of industry-specific disclosures to investors, as well as educational material designed to help companies using the SASB Standards to meet the requirements in IFRS S1 General Requirements for Disclosure of Sustainability-related Financial Information.
IASB Update and podcast
The IASB Update and podcast are now available.
ISSB Update and podcast
The ISSB Update and podcast are now available.
IFRS Advisory Council appointments from 1 January 2024
The Trustees of the IFRS Foundation have confirmed new appointments and reappointments to the IFRS Advisory Council (Advisory Council). All of the appointments are for three years starting on 1 January 2024.
The Advisory Council provides strategic advice to the IFRS Foundation Trustees, the IASB and the ISSB.
Call for members to IFRS Sustainability Reference Group
The purpose of the Sustainability Reference Group (SRG) is to provide technical input to the ISSB members and staff for research and standard-setting projects.
The IFRS Foundation intends to include a mix of geographic and industry coverage across SRG membership. Members will be selected based on their professional expertise and their practical, direct experience in preparing or using sustainability disclosures and/or general purpose financial reports. Members are appointed in their individual capacity.
The deadline for applications to the SRG is 20 April 2024.
IFRS Foundation publications translated
The IFRS Foundation has published the Japanese and Korean translation of IFRS S1 General Requirements for Disclosure of Sustainability-related Financial Information and IFRS S2 Climate-related Disclosures.
A host of other IFRS Foundation publications have also been translated into Azeri, Bosnian, Brazilian Portuguese, French, Hebrew, Macedonian, Russian, Spanish and Ukrainian.
