The International Accounting Standards Board (IASB) on 30 May launched a call for stakeholders’ feedback on its post-implementation review of the expected credit loss requirements in IFRS 9 Financial Instruments.
A post-implementation review is an opportunity for the IASB to assess whether the effects of applying the new requirements on users of financial statements, preparers, auditors and regulators are as intended when the IASB developed those new requirements.
The following are key aspects for investors to remember about IFRS 9:
The comment letter period is open until 27 September 2023.
The IASB calls for stakeholder feedback to inform its review of the IFRS Accounting Standard for revenue from contracts with customers, IFRS 15.
The Accounting Standard was developed jointly with the US Financial Accounting Standards Board and came into effect in 2018. It was created to improve the quality and comparability of revenue information provided to investors globally.
The following are key aspects for investors to remember about IFRS 15:
As part of the IASB’s usual post-implementation review (PIR) process for Accounting Standards, it will assess whether the requirements are working as intended.
A PIR of an Accounting Standard does not automatically lead to standard-setting. After reviewing stakeholder feedback and evidence from outreach and research activities, the IASB will determine whether and when to undertake standard-setting.
The Request for Information Post-implementation Review of IFRS 15 Revenue from Contracts with Customers is open for comment until 27 October 2023.
The International Sustainability Standards Board (ISSB) is seeking feedback on its priorities for its next two-year work plan, and has published the Request for Information Consultation on Agenda Priorities.
Based on research into the information needs of investors, the ISSB is seeking feedback on four potential projects:
How to respond to the Request for Information
Stakeholders can respond to the Request for Information by submitting a survey (preferred).
The questions in the survey are identical to the questions in the Request for Information. The ISSB encourages survey responses to increase the efficiency with which the ISSB can gather, analyse and draw conclusions from the feedback.
Before submitting the survey, stakeholders can view a PDF of the survey in its entirety. The purpose of this document is to provide stakeholders with an overview of the survey only; please do not submit this document in response to the Request for Information.
In lieu of a survey response, stakeholders may respond to the Request for Information by submitting a comment letter below.
Find out more about how to submit the most effective response to our consultation.
Feedback sought
The objective of the Request for Information is to ask all those interested in sustainability-related financial reporting for their views on:
The feedback provided will inform both the ISSB’s work plan and its approach to future projects.
Given the size of the potential projects which would limit the progress that could be made across all four projects in two years, the ISSB is seeking views on the relative priority of activities to determine potential trade-offs.
The ISSB has already committed to balance advancing new projects in a timely manner with its focus on delivering the comprehensive global baseline of sustainability-related disclosures, through its initial two Standards, is implemented effectively.
Please review the Request for Information for a detailed description of the ISSB’s activities and the four potential new research and standard-setting projects.
The Capital Markets Advisory Committee (CMAC) is seeking new candidates to join the CMAC from 1 January 2024 for a term of three years, renewable once for a further three years. The CMAC welcomes applications from analysts and investors from all over the world.
The IASB and Accounting & Finance journal have announced a call for research papers on the application and impact of hedge accounting requirements in IFRS 9 Financial Instruments and new disclosure requirements in IFRS 7 Financial Instruments: Disclosures related to this.
The IASB is seeking evidence about: whether the requirements are working as intended; any important or contentious issues that have come to the attention of the IASB; and any unexpected costs or implementation issues. It will consider when to begin a post-implementation review of IFRS 9 on hedge accounting in the second half of 2023.
Papers must be submitted via the online system by 1 September 2023.
The IASB has published a short video to remind stakeholders that IFRS 17 Insurance Contracts applies to companies with annual reporting periods beginning on or after 1 January 2023.
For supporting material to help with understanding and applying the new Accounting Standard, go to the IFRS 17 page in the Applying the Standards section.
The IASB published its project report and feedback statement concluding the Post-implementation Review (PIR) of the classification and measurement requirements in IFRS 9 Financial Instruments.
On 29 December 2022, the Trustees of the IFRS Foundation signed a Memorandum of Understanding (MoU) with the Ministry of Finance of China to establish a Beijing office of the IFRS Foundation. The MoU is effective for an initial three-year period.
On 1 March 2023, the Trustees of the IFRS Foundation signed a MoU with the Financial Accounting Standards Foundation (FASF) of Japan. The MoU extends for a further five years the FASF’s long-term financial commitment to the IFRS Foundation and its Asia-Oceania office, located in Tokyo.
The IASB has today concluded its project on improving its approach to developing and drafting disclosure requirements. The improved approach is designed to help the IASB develop Accounting Standards that would enable companies to make better judgements about which information is material and should be disclosed, thereby providing more useful information to investors.
The improved approach is summarised in guidance that the IASB has published, alongside a Project Summary and Feedback Statement, as part of the IASB’s Targeted Standards-level Review of Disclosures project.
The IASB has published an exposure draft proposing amendments to the classification and measurement requirements in IFRS 9 Financial Instruments.
The IASB has added a project to its work plan to explore whether and how companies can provide better information about climate-related risks in their financial statements.
The initiation of the project responds to feedback received from the IASB’s recent Agenda Consultation for the IASB to enhance the reporting of climate-related risks in the financial statements.
The IFRS Foundation has published its annual report and audited financial statements for the year ended 31 December 2022.
The IASB has moved its Equity Method project from the research programme to the standard-setting work plan.
The International Accounting Standards Board (IASB) has issued disclosure requirements to enhance the transparency of supplier finance arrangements and their effects on a company’s liabilities, cash flows and exposure to liquidity risk.
The IASB has issued amendments to IAS 12 Income Taxes. The amendments give companies temporary relief from accounting for deferred taxes arising from the Organisation for Economic Co-operation and Development’s (OECD) international tax reform.
The Trustees of the IFRS Foundation (Trustees) have approved the reappointments of Tadeu Cendon and Rika Suzuki to serve a second five-year term, starting on 1 July 2024, as members of the IASB.
The ISSB has issued its inaugural standards—IFRS S1 and IFRS S2 —ushering in a new era of sustainability-related disclosures in capital markets worldwide. The Standards will help to improve trust and confidence in company disclosures about sustainability to inform investment decisions.
Following the publication of the inaugural ISSB Standards—IFRS S1 and IFRS S2—the Financial Stability Board has asked the IFRS Foundation to take over the monitoring of the progress on companies’ climate-related disclosures from the Task Force on Climate-related Financial Disclosures (TCFD).
The IFRS for SMEs Accounting Standard Update is a staff summary of news, events and other information about the IFRS for SMEs® Accounting Standard and related SME activities. The staff summary has not been reviewed by the IASB.
This edition of the IFRS for SMEs Accounting Standard Update includes:
In this Investor Perspectives publication, IASB Member Zach Gast explains what information companies may have to provide about supplier finance arrangements and how investors helped shape the new requirements.
An ‘In Brief’ article has been published by the IASB to explain two major decisions that have been made in the Business Combinations—Disclosures, Goodwill and Impairment project.
In this article, IASB Chair Andreas Barckow takes a closer look at the IASB’s Climate-related Risks in the Financial Statements project and how it relates to the work of the ISSB.
IASB technical staff have produced two new webcasts on developments and tentative decisions made by the IASB in the Dynamic Risk Management (DRM) project.
The IASB issued Supplier Finance Arrangements, which amends IAS 7 Statement of Cash Flows and IFRS 7 Financial Instruments: Disclosures.
In the webcast, IASB Member Zach Gast and IASB Technical Staff Members Jenifer Minke-Girard and Dennis Deysel explain how the IASB’s new disclosure requirements aim to enhance the transparency of supplier finance arrangements.
In May 2023, IASB produced a webcast to further explain the Equity Method project’s objective and approach; the IASB’s tentative decisions; and the project’s next steps.
The IFRS Foundation has published an updated version of its educational material developed to help companies determine how to consider climate-related matters when preparing their financial statements applying IFRS Accounting Standards.
The IFRS Foundation has published educational material to illustrate how the IFRS for SMEs Accounting Standard requires companies to consider climate-related matters that have a material effect on the financial statements.
All IASB Updates can be found here and podcasts are available here, on YouTube or any podcast platform.