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

    EBA Publishes Final Regulatory Standards on STS Securitizations

    The European Banking Authority (EBA) published the final draft regulatory technical standards specifying and, where relevant, calibrating the minimum performance-related triggers for simple.

    September 20, 2022 WebPage Regulatory News
    News

    ECB Further Reviews Costs and Benefits Associated with IReF

    The European Central Bank (ECB) is undertaking the integrated reporting framework (IReF) project to integrate statistical requirements for banks into a standardized reporting framework that would be applicable across the euro area and adopted by authorities in other EU member states.

    September 15, 2022 WebPage Regulatory News
    News

    BCBS to Finalize Crypto Rules by End-2022; US to Propose Basel 3 Rules

    The Basel Committee on Banking Supervision met, shortly after a gathering of the Group of Central Bank Governors and Heads of Supervision (GHOS), the oversight body of BCBS.

    September 15, 2022 WebPage Regulatory News
    News

    IOSCO Welcomes Work on Sustainability-Related Corporate Reporting

    The International Organization of Securities Commissions (IOSCO) welcomed the work of the international audit and assurance standard setters—the International Auditing and Assurance Standards Board (IAASB)

    September 15, 2022 WebPage Regulatory News
    News

    EBA Publishes Funding Plans Report, Receives EMAS Certification

    The European Banking Authority (EBA) has been awarded the top European Standard for its environmental performance under the European Eco-Management and Audit Scheme (EMAS).

    September 15, 2022 WebPage Regulatory News
    News

    MAS Launches SaaS Solution to Simplify Listed Entity ESG Disclosures

    The Monetary Authority of Singapore (MAS) set out the Financial Services Industry Transformation Map 2025 and, in collaboration with the SGX Group, launched ESGenome.

    September 15, 2022 WebPage Regulatory News
    News

    BoE Allows One-Day Delay in Statistical Data Submissions by Banks

    The Bank of England (BoE) published a Statistical Notice (2022/18), which informs that due to the Bank Holiday granted for Her Majesty Queen Elizabeth II’s State Funeral on Monday September 19, 2022.

    September 14, 2022 WebPage Regulatory News
    News

    ACPR Amends Reporting Module Timelines Under EBA Framework 3.2

    The French Prudential Control and Resolution Authority (ACPR) announced that the European Banking Authority (EBA) has updated its filing rules and the implementation dates for certain modules of the EBA reporting framework 3.2.

    September 14, 2022 WebPage Regulatory News
    News

    ECB Paper Discusses Disclosure of Climate Risks by Credit Agencies

    The European Central Bank (ECB) published a paper that examines how credit rating agencies accepted by the Eurosystem, as part of the Eurosystem Credit Assessment Framework (ECAF)

    September 13, 2022 WebPage Regulatory News
    News

    APRA to Modernize Prudential Architecture, Reduces Liquidity Facility

    The Australian Prudential Regulation Authority (APRA) announced reduction in the aggregate Committed Liquidity Facility (CLF) for authorized deposit-taking entities to ~USD 33 billion on September 01, 2022.

    September 12, 2022 WebPage Regulatory News
    RESULTS 1 - 10 OF 8514