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    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

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