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

    US Agencies Issue Several Regulatory and Reporting Updates

    The Board of Governors of the Federal Reserve System (FED) adopted the final rule on Adjustable Interest Rate (LIBOR) Act.

    January 04, 2023 WebPage Regulatory News

    ECB Issues Multiple Reports and Regulatory Updates for Banks

    The European Central Bank (ECB) published an updated list of supervised entities, a report on the supervision of less significant institutions (LSIs), a statement on macro-prudential policy.

    January 01, 2023 WebPage Regulatory News

    HKMA Keeps List of D-SIBs Unchanged, Makes Other Announcements

    The Hong Kong Monetary Authority (HKMA) published a circular on the prudential treatment of crypto-asset exposures, an update on the status of transition to new interest rate benchmarks.

    December 30, 2022 WebPage Regulatory News

    EU Issues FAQs on Taxonomy Regulation, Rules Under CRD, FICOD and SFDR

    The European Commission (EC) adopted the standards addressing supervisory reporting of risk concentrations and intra-group transactions, benchmarking of internal approaches, and authorization of credit institutions.

    December 29, 2022 WebPage Regulatory News

    CBIRC Revises Measures on Corporate Governance Supervision

    The China Banking and Insurance Regulatory Commission (CBIRC) issued rules to manage the risk of off-balance sheet business of commercial banks and rules on corporate governance of financial institutions.

    December 29, 2022 WebPage Regulatory News

    HKMA Publications Address Sustainability Issues in Financial Sector

    The Hong Kong Monetary Authority (HKMA) made announcements to address sustainability issues in the financial sector.

    December 23, 2022 WebPage Regulatory News

    EBA Updates Address Basel and NPL Requirements for Banks

    The European Banking Authority (EBA) published regulatory standards on identification of a group of connected clients (GCC) as well as updated the lists of identified financial conglomerates.

    December 22, 2022 WebPage Regulatory News

    ESMA Publishes 2022 ESEF XBRL Taxonomy and Conformance Suite

    The General Board of the European Systemic Risk Board (ESRB), at its December meeting, issued an updated risk assessment via the quarterly risk dashboard and held discussions on key policy priorities to address the systemic risks in the European Union.

    December 22, 2022 WebPage Regulatory News

    FCA Sets up ESG Committee, Imposes Penalties, and Issues Other Updates

    The Financial Conduct Authority (FCA) is seeking comments, until December 21, 2022, on the draft guidance for firms to support existing mortgage borrowers.

    December 20, 2022 WebPage Regulatory News

    FSB Reports Assess NBFI Sector and Progress on LIBOR Transition

    The Financial Stability Board (FSB) published a report that assesses progress on the transition from the Interbank Offered Rates, or IBORs, to overnight risk-free rates as well as a report that assesses global trends in the non-bank financial intermediation (NBFI) sector.

    December 20, 2022 WebPage Regulatory News
    RESULTS 1 - 10 OF 8697