Featured Product

    IFRS Outlines Work Priorities, Establishes Montreal Center of ISSB

    April 06, 2022

    The International Financial Reporting Standards (IFRS) Foundation published its annual report and, in conjunction with the Chartered Professional Accountants of Canada (CPA Canada), announced an agreement to establish the Montreal center of the International Sustainability Standards Board (ISSB).

    The ISSB, established at the COP26 climate conference in November 2021, states that it will operate a multi-location model to deliver consistent and comparable global standards for reporting on environmental, social, and governance (ESG) matters. The Montreal agreement, a private sector memorandum of understanding, calls on CPA Canada to work collectively with the broad array of stakeholders to help fund and lend support to the ISSB and the Montreal center. The five-year agreement states that Montreal will host significant standard-setting responsibilities and associated functions, including a share of board meetings, leadership, and resources that reflect the Montreal's importance to the ISSB. The Montreal center will host key functions on behalf of the ISSB, including the coordination of activity across the Americas and will work in close cooperation with the San Francisco office (headquarters of the Value Reporting Foundation (VRF), which is expected to be consolidated into the IFRS Foundation by June 30, 2022).

    The IFRS Foundation also published its annual report and audited financial statements for the year ended December 31, 2021. In 2021, IFRS, among its other activities, enhanced widespread stakeholder engagement on strategic priorities on sustainability-related disclosures and conducted early exploratory work and provided input on the digital reporting strategy for the ISSB. The report discusses not only the performance during the year but also the following work priorities for 2022 and beyond:

    • Implement multi-location model for the ISSB, establish operations and decision-making processes, engage with ISSB advisory groups
    • Publish exposure drafts and proposed taxonomy corresponding with the proposed climate and general disclosure requirements standards for public consultation
    • Work in close cooperation with the IASB and ISSB to ensure alignment and compatibility between IFRS Accounting Standards and IFRS Sustainability Disclosure Standards
    • Publish a feedback statement and finalize the IASB’s priorities for 2022 to 2026 in response to the Third Agenda Consultation
    • Publish an exposure draft proposing amendments to the IFRS for SMEs Accounting Standard, informed by feedback to the comprehensive review
    • Support and develop IFRS Accounting Standards and Taxonomy
    • Complete post-implementation review of IFRS 9 and other standards

     

    Keywords: International, Accounting, Banking, Reporting, ESG, Climate Change Risk, IFRS 9, Annual Report, ISSB, Disclosures, IFRS Taxonomy, IASB, IFRS for SMEs, IFRS

    Featured Experts
    Related Articles
    News

    EU Agencies Update LCR Rule and Macro-Prudential Policy Recommendation

    The European Commission (EC) published the Delegated Regulation 2022/786 with regard to the liquidity coverage requirements for credit institutions under the Capital Requirements Regulation (CRR).

    May 23, 2022 WebPage Regulatory News
    News

    EBA Publishes Regulatory Standards to Identify Shadow Banking Entities

    The European Banking Authority (EBA) published the final draft regulatory technical standards specifying the criteria to identify shadow banking entities for the purposes of reporting large exposures.

    May 23, 2022 WebPage Regulatory News
    News

    EIOPA Examines Physical Climate Risk Exposure, SII Non-Compliance

    The European Insurance and Occupational Pensions Authority (EIOPA) published a report assessing insurers' exposure to physical climate change risks

    May 20, 2022 WebPage Regulatory News
    News

    EC Publishes Results on Review of Web Accessibility Directive

    The European Commission (EC) published the results of a public consultation, held in October 2021, on the review of the Web Accessibility Directive.

    May 19, 2022 WebPage Regulatory News
    News

    NGFS Report Explores Quantification of Climate Risk Differentials

    The Network for Greening the Financial System (NGFS) published two reports to aid central banks and regulators in their oversight of the financial sector and in their central bank operations

    May 19, 2022 WebPage Regulatory News
    News

    MAS Consults on Adjustment Spreads for Conversion of SOR Contracts

    The Monetary Authority of Singapore (MAS) and the SC-STS are jointly consulting, until June 10, 2022, on setting adjustment spreads for the conversion of legacy SOR contracts to SORA reference rate.

    May 18, 2022 WebPage Regulatory News
    News

    OSFI Discusses Benchmark Rate Transition, Sets Out Work Priorities

    The Office of the Superintendent of Financial Institutions (OSFI) published the strategic plan for 2022-2025 and the departmental plan for 2022-23.

    May 17, 2022 WebPage Regulatory News
    News

    EBA Proposes Standards to Support Secondary NPL Markets

    The European Banking Authority (EBA) is consulting, until August 31, 2022, on the draft implementing technical standards specifying requirements for the information that sellers of non-performing loans (NPLs) shall provide to prospective buyers.

    May 17, 2022 WebPage Regulatory News
    News

    EU Confirms Agreement on Rules on Cybersecurity and Banking Resolution

    The European Council and the Parliament reached an agreement on the revised Directive on security of network and information systems (NIS2 Directive).

    May 13, 2022 WebPage Regulatory News
    News

    EBA Issues Standards for Crowdfunding Service Providers Under ECSPR

    The European Banking Authority (EBA) published the final draft regulatory technical standards specifying information that crowdfunding service providers shall provide to investors on the calculation of credit scores and prices of crowdfunding offers.

    May 13, 2022 WebPage Regulatory News
    RESULTS 1 - 10 OF 8206