Please find below a brief summary of news and events from the IFRS® Foundation over the past month:
Erkki Liikanen reappointed to serve as Chair of the IFRS Foundation Trustees until September 2027
The Trustees of the IFRS Foundation have reappointed Erkki Liikanen to serve a third term as Chair of the IFRS Foundation Trustees, ensuring continuity and stability in the organisation’s leadership as it institutionalises the International Sustainability Standards Board’s (ISSB) work and strengthens the International Accounting Standards Board’s (IASB) IFRS Accounting Standards.
The Trustees are seeking nominations for new Trustees to join from 2025. They are also calling for new members from Asia-Oceania to join the IASB when two current board members’ terms end in 2025.
ISSB Chair meets with leaders in Kenya, Nigeria and South Africa
ISSB Chair Emmanuel Faber and ISSB Member Ndidi Nnoli-Edozien have met with the Presidents of Kenya and Nigeria and government ministers in South Africa—as well as regulators and other stakeholders—to discuss the work of the ISSB.
IFRS 18 coming soon
IFRS 18 Presentation and Disclosure in Financial Statements is expected to be issued by the IASB on 9 April 2024.
IASB consults on proposals to improve reporting of acquisitions
The IASB has published a package of proposals aimed at enhancing the information companies provide to investors about acquisitions.
Acquisitions continue to play a significant role in the global economy, with deals totalling US$3.2 trillion announced in 2023, according to data from Bain & Company. Investors need to understand the management decisions behind important acquisitions.
Zach Gast, IASB Member, has also written an Investor Perspectives article about the Exposure Draft.
Call for fieldwork participants and supplementary consultation in IFRS for SMEs review
The IASB has published for public comment the Addendum to the Exposure Draft Third edition of the IFRS for SMEs Accounting Standard, which supplements the exposure draft published in September 2022. The deadline for comments is 31 July.
Fieldwork is also being conducted to explore the potential effects of the IASB’s tentative decisions from its January IASB meeting. The aim is for the questionnaires and follow-up calls to participants to be completed by end of April 2024.
IFRS Foundation publishes IFRS Accounting Taxonomy 2024
The IFRS Accounting Taxonomy enables the digital reporting of financial information prepared in accordance with IFRS Accounting Standards. Companies can use the IFRS Accounting Taxonomy to tag disclosures, making them easily accessible to investors who prefer to receive financial information digitally.
The IFRS Accounting Taxonomy 2024 is based on IFRS Accounting Standards as at 1 January 2024, including Standards issued but not yet effective.
New ITCG members appointed
Several appointments and reappointments have been made to the IFRS Taxonomy Consultative Group (ITCG).
The ITCG is an expert consultative group that advises both the International Accounting Standards Board (IASB) and the International Sustainability Standards Board (ISSB) on their digital taxonomies and related activities.
IASB Update and podcast
The IASB Update and podcast are now available.
ISSB Update and podcast
The ISSB Update and podcast are now available.
