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Welcome to our newsletter dedicated to keeping you up to date on the activities of the IFRS Foundation.

In this edition

2024 World Standard-setters Conference in London

World Standard-setters Conference 2024 will take place in London on 23–24 September at Hilton London Canary Wharf, South Quay, Marsh Wall, London, E14 9SH.

The conference will provide national standard-setters with the opportunity to receive an update on and discuss the IFRS Foundation’s activities. It will also offer interactive Q&A sessions—where you can ask presenters questions—panel discussions and networking opportunities with fellow delegates, IFRS Foundation staff and members of the Foundation’s two standard-setting boards—the IASB and the ISSB.

Find out more about previous World Standard-setters conferences.

The World Standard-setters Conference is open to all national standard-setters. The IFRS Foundation will invite two representatives from each national standard-setter to attend the conference in person and information about how to register will be emailed to you in May 2024. In the meantime, if you have any questions about the conference, please do not hesitate to email wssmeeting@ifrs.org.

IASB recent highlights

The IASB has made significant progress on its project Business Combinations—Disclosures, Goodwill and Impairment, with the publication of an Exposure Draft on 14 March.

The package of proposals aims to enhance the information companies provide to investors about acquisitions at a reasonable cost.

The proposals in the Exposure Draft respond to stakeholder feedback that reporting on acquisitions poses difficulties for both investors and companies:

  • Investors lack sufficient and timely information about acquisitions and post-acquisition performance.
  • Companies see risks and costs in providing some information, particularly commercially sensitive information that could be used by competitors.

Stakeholders have also expressed concern about the effectiveness and complexity of the impairment test for cash-generating units containing goodwill.

The IASB is proposing amendments to IFRS 3 Business Combinations and IAS 36 Impairment of Assets. The proposed amendments to IFRS 3 would require companies to report the key objectives and related targets of their most important acquisitions, and whether these are met in subsequent years. Companies would also be required to provide information about expected synergies for all material acquisitions. However, companies would not be required to disclose some items of information if it could compromise the acquisition objectives.

The proposed amendments targeted IAS 36 Impairment of Assets relate to the calculation of value in use, the allocation of goodwill to cash-generating units and the disclosure requirements.

Watch this short video explaining the IASB’s package of proposals.

The deadline for comments is 15 July 2024.

ISSB recent highlights

Publication of the Preview of the Inaugural Jurisdictional Guide for the adoption or other use of ISSB Standards

On 22 February, the IFRS Foundation published the Preview of the Inaugural Adoption Guide for the adoption or other use of ISSB Standards. It is an evolution of the Adoption Guide Overview document that was published in July 2023.

The Preview provides early insight into the contents of the forthcoming Inaugural Jurisdictional Guide for the adoption or other use of ISSB Standards (Jurisdictional Guide) that the IFRS Foundation plans to finalise in the first half of 2024.

The Preview aims:

  • to support jurisdictional regulators and other competent authorities (such as national standard-setters) by providing information they may find helpful as they design and plan their journey to the adoption or other use of ISSB Standards; and
  • to support transparency to capital markets, regulators, other relevant authorities and other stakeholders on the progression towards providing comparable information about sustainability-related risks and opportunities for global capital markets by setting out the features considered when describing and summarising jurisdictional approaches to the adoption or other use of ISSB Standards.

The ultimate objective of the final Jurisdictional Guide will be to promote globally consistent and comparable sustainability-related disclosures for capital markets through the adoption or other use of ISSB Standards internationally, with ISSB Standards being introduced in a way that takes into account jurisdictional considerations.

The Foundation does not anticipate significant changes to the content of the Preview, although the final Jurisdictional Guide may include additional material. It will focus on IFRS S1 General Requirements for Disclosure of Sustainability-related Financial Information and IFRS S2 Climate-related Disclosures and will be refined and updated in three years to consider the development of ISSB Standards beyond IFRS S1 and IFRS S2 and as jurisdictional approaches become evident over time.

If you would like to discuss developments related to adoption or other use of ISSB Standards in your jurisdiction, please contact regulatoryaffairs@ifrs.org.

Materials published to support the application of IFRS S1 and IFRS S2

Since IFRS S1 and IFRS S2 were issued in June 2023, the IFRS Foundation has published the following educational materials that are relevant to preparers, investors and regulatory authorities to support the adoption and implementation of IFRS S1 and IFRS S2:

Overview webcast: IFRS S1 General Requirements for Disclosure of Sustainability-related Financial Information

Focuses on IFRS S1 and how IFRS S1 and IFRS S2 work together, with IFRS S1 setting out the way companies should approach reporting. The presentation can be accessed in Arabic, Chinese, Japanese, Korean and Portuguese.

Overview webcast: IFRS S2 Climate-related Disclosures

Focuses on IFRS S2 and its requirements for disclosure of material information about climate-related risks and opportunities, including physical and transition risks. The presentation can be accessed in Arabic, Chinese, Japanese, Korean and Portuguese.

An in-depth explainer: IFRS S1 General Requirements for Disclosure of Sustainability-related Financial Information

Delivers a detailed overview of IFRS S1. 

An in-depth explainer: IFRS S2 Climate-related Disclosures

Delivers a detailed overview of IFRS S2. 

The evolution of the SASB Standards—A conversation with Jeff Hales

Explores the ISSB’s commitment to maintaining, enhancing and evolving the SASB Standards. 

Webcast on connections between accounting and sustainability disclosures

Discusses progress made in facilitating connections between financial statements and sustainability-related financial disclosures and gives examples of connected and complementary work between the two boards.

Interoperability considerations for GHG emissions when applying GRI Standards and ISSB Standards

Illustrates the areas of interoperability between GRI 305: Emissions 2016 (GRI 305) and IFRS S2 that a company should consider when measuring and disclosing Scope 1, Scope 2 and Scope 3 greenhouse gas (GHG) emissions in accordance with both Standards.

Nature and social aspects of climate-related risks and opportunities

Comprises three examples, explains and illustrates how entities might apply requirements in IFRS S2 and IFRS S1 related to ‘nature and social aspects’ of climate-related risks and opportunities. 

Comparison—IFRS S2 with the TCFD Recommendations [updated November 2024]

Summarises some differences between the core content requirements in IFRS S2, including associated application guidance, and the TCFD’s core recommendations, recommended disclosures and guidance. 

How to apply the Integrated Reporting Framework with IFRS S1 and IFRS S2: A mapping tool

This table maps IFRS S1 and IFRS S2 core content disclosure requirements to the Integrated Reporting Framework content elements, showing one possible way to incorporate IFRS S1 and IFRS S2 disclosures within an integrated report. 

The Fundamentals of Sustainability Accounting (FSA) Credential

Designed for all professionals who would benefit from understanding the link between sustainability and financial performance.

Webcast on the importance of industry-specific disclosures to investors

Educational material explains how companies can use the SASB Standards to meet the requirements in IFRS S1.

National standard-setters are encouraged to link to these materials from their websites to raise awareness among their stakeholders (please note: the FSA Credential is a paid course).

News for national standard-setters

IFRS Foundation updates

  • The Trustees of the IFRS Foundation have confirmed new appointments and reappointments to the IFRS Advisory Council. All of the appointments are for three years starting on 1 January 2024. The Advisory Council comprises representatives from more than 50 organisations with interests in international corporate reporting and diverse functional and geographical backgrounds. Erkki Liikanen has been reappointed to serve as Chair of the IFRS Foundation Trustees until September 2027. These appointments bring a broad range of accounting and sustainability experience that will benefit the Advisory Council and IFRS Foundation stakeholders.
  • The joint IASB-ISSB meeting took place on 25 January in London, during which the feedback on the ISSB Consultation on Agenda Priorities was discussed. The recordings are available from the meeting page. The IFRS Foundation also published a special IASB-ISSB podcast episode where IASB Vice-Chair Linda Mezon-Hutter and ISSB Vice-Chair Sue Lloyd share their reflections on the inaugural joint IASB-ISSB technical meeting.
  • The IFRS Foundation’s annual conference will be held 24–25 June 2024 in London. Delegates will hear first-hand from a range of experts in financial reporting, both in accounting and sustainability disclosures; regulators and standard-setters.
  • Read a summary of new translations published by the IFRS Foundation. This includes translations of IFRS S1 and IFRS S1 in Spanish, French, Korean and Japanese. The IFRS Foundation would like to express our gratitude to the national standard-setters who work closely with the Foundation to produce official IFRS translations. If you would like to translate any materials that are not yet translated or into a language that is not yet available, please get in touch with us at tac@ifrs.org. Please note, permission from the IFRS Foundation is required before any translations can be produced.
  • The IFRS Foundation’s Due Process Oversight Committee met 27–29 February. The agenda and meeting papers are available from the meeting page.

Accounting updates

  • IFRS 18 Presentation and Disclosure in Financial Statements is expected to be issued in April 2024. The forthcoming IFRS Accounting Standard will set out the overall requirements for presentation and disclosures in the financial statements. The new Standard responds to investors’ demand for better information about companies’ financial performance. It will affect all companies and all investors. Watch the webcast Overview of the forthcoming IFRS Accounting Standard—IFRS 18.
  • IFRS 19 Subsidiaries without Public Accountability: Disclosures is expected to be issued in May 2024. IFRS 19 will enable subsidiaries to apply IFRS Accounting Standards with reduced disclosure requirements. A series of webcasts introduce the new Standard and discuss the expected benefits from a preparer’s and a national standard-setter’s perspectives.
  • The IFRS Foundation published a summary of evidence gathered by national standard-setters on the effects of guidance on materiality judgements in IFRS Accounting Standards and other materials. In 2017 and 2018 the IASB clarified its definition of material and published guidance to make it easier for companies to make materiality judgements which are essential to the application of IFRS Accounting Standards. The research national standard-setters carried out responds to the IASB’s 2022 call for research to assess the effect of these initiatives on investors, companies, auditors and regulators. The research showed there is a good understanding of the concept of materiality. Use of the guidance published in 2017 and 2018 varies across jurisdictions; where in use, the guidance has been found helpful. The research also suggested it would be beneficial to continue raising awareness among stakeholders about the guidance. The national standard-setters taking part in the research initiative, working in partnership with academics from their jurisdictions, are from Australia, Botswana, China, Malaysia, Mexico and New Zealand.
  • The IASB is considering feedback on its proposals in the Exposure Draft Third edition of the IFRS for SMEs Accounting Standard. The IASB is undertaking further fieldwork on its proposal to introduce an expected credit loss model for the impairment of financial assets. The IASB is inviting accounting practitioners involved in the preparation of SMEs’ financial statements and users of SMEs’ financial statements to take part in fieldwork aimed to explore the potential effects of the IASB’s tentative decisions. The results of the fieldwork will be considered by the IASB as part of its redeliberation of the proposals in the Exposure Draft.
  • The Capital Markets Advisory Committee (CMAC) is seeking new candidates to join as members from 2025 to help shape the work of the IASB.
  • Emerging Economies Group (EEG) meeting took place 30–31 October in Cape Town. EEG members discussed the IASB’s standard-setting projects and accounting issues topical in their jurisdictions. You can watch the meeting recordings from the meeting page.
  • The Accounting Standards Advisory Forum (ASAF) meeting took place on 4 December 2023 in London. ASAF members discussed several standard-setting issues, primarily on the IASB’s work plan. You can watch the meeting recordings from the meeting page.
  • An ad-hoc ASAF meeting took place on 29 January 2024 in London. ASAF members discussed IASB’s project Power Purchase Agreements. You can watch the meeting recordings from the meeting page.
  • The IASB Research Forum 2023 focused on accounting for intangible assets. In partnership with the European Accounting Association and its journals Accounting in Europe and European Accounting Review, the Forum hosted 85 participants at the IESEG Management School in Paris 2–4 November. Read key highlights and recordings from the 2023 IASB Research Forum.

The IASB Research Forum 2024 will be held at the University of Sydney in Australia, 4–5 November 2024. The Forum will be hosted in partnership with the university’s journal Abacus. Find out more about what research topics are of interest for submissions to the 2024 IASB Research Forum by watching this webcast. The deadline for submitting papers is 31 March 2024.

Sustainability updates

  • The IFRS Foundation has launched the IFRS Sustainability Knowledge Hub—a free online resource for preparers, designed to help them understand and get ready to apply IFRS S1 and IFRS S2.
  • To assist ISSB stakeholders, the IFRS Foundation is maintaining a compilation of ongoing and completed jurisdictional consultations concerning sustainability-related disclosures. If you would like your jurisdictional consultation listed here, please contact the regulatory affairs team from the jurisdictional consultation page.
  • The ISSB has established a Transition Implementation Group (TIG) to support the implementation of IFRS S1 and IFRS S2. Details about the TIG, including terms of reference and submission guidelines for stakeholder questions, can be found on the TIG page. Read the agenda and meeting papers for the first TIG meeting on 15 March 2024.
  • Around 1,000 companies, investors, regulators and other key stakeholders from over 50 jurisdictions met in February at the IFRS Sustainability Symposium that took place in New York City to exchange insights on the introduction of the ISSB Standards globally.
  • The IFRS Foundation is seeking members to join the IFRS Sustainability Reference Group (SRG) from 2024. The purpose of the SRG is to provide technical input to the ISSB members and staff for research and standard-setting projects. Read the criteria and terms of reference. The application deadline is 20 April 2024.
  • In December 2023, the ISSB published amendments to the SASB Standards to enhance their international applicability. These amendments were intended to help preparers apply the SASB Standards regardless of the jurisdiction in which they operate or the type of generally accepted accounting principles (GAAP) they use without substantially altering the SASB Standards’ structure or intent. The SASB Standards facilitate the implementation and application of IFRS S1 for preparers.
  • The Sustainability Standards Advisory Forum (SSAF) took place on 23 October 2023. SSAF members discussed several standard-setting issues, including Digital Reporting Taxonomy and Supporting Implementation of IFRS S1 and IFRS S2. The agenda papers and recording are available from the meeting page.
  • The Chair of the IFRS Foundation Trustees Erkki Liikanen addressed COP28, reflecting on progress made since the announced the decision to establish the International Sustainability Standards Board at COP26. Mr Liikanen confirmed three further commitments in the efforts to support efficient and resilient capital markets through robust sustainability-related financial disclosures. Furthermore, he announced the re-appointment of ISSB Chair Emmanuel Faber for a second term, giving clarity to the market about stability and continuity of the ISSB’s leadership. Mr Faber’s second term will start on 1 January 2025 and end on 31 December 2027. 
  • A reminder that all ISSB board meetings are summarised in monthly podcasts and ISSB Updates.

Open for comment

Accounting consultations

If you have any questions regarding the cooperation of the IFRS Foundation with national standard-setters, please reach out to Elena Kostina, IASB Technical Staff via the contact us button below.