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    IASB Sets Out Priorities for Next Five years

    August 01, 2022

    The International Financial Reporting Standards (IFRS) Foundation announced completion of the consolidation of the Value Reporting Foundation into the IFRS Foundation while the International Accounting Standards Board (IASB) published its priorities for the next five years.

    Consolidation of Value Reporting Foundation into IFRS Foundation

    The Sustainability Accounting Standards Board (SASB) Standards of Value Reporting Foundation serve as a key starting point for development of the IFRS Sustainability Disclosure Standards, while the Integrated Reporting Framework provides connectivity between financial statements and sustainability-related financial disclosures. The International Sustainability Standards Board (ISSB), which now governs the SASB Standards, is embedding the industry-based approach of the SASB Standards into its standard-setting process as well as addressing the international applicability of the SASB Standards as a priority. IASB and ISSB now assume joint responsibility for the Integrated Reporting Framework and are working together to agree on how to build on and integrate the Integrated Reporting Framework into their standard-setting projects and requirements. The consolidation of Value Reporting Foundation into IFRS Foundation follows the commitment made at COP26 to consolidate staff and resources of leading global sustainability disclosure initiatives to support the work of ISSB to develop a comprehensive global baseline of sustainability disclosures for the capital markets. The consolidation delivers on market demand for simplification of the sustainability disclosure landscape and follows the consolidation of the Climate Disclosure Standards Board (CDSB) into the IFRS Foundation earlier this year. 

    IASB Priorities for 2022 to 2026

    IASB published a feedback statement that provides an overview of the IASB agenda consultation, summarizes the consultation feedback., and sets out the IASB response to that feedback. The agenda consultation took place from March to September 2021 and then, from November 2021 to April 2022, IASB considered the feedback and set its priorities for 2022 to 2026. The key priorities include the following:

    • New Accounting Standards and major amendments to the Accounting Standards. IASB plans to continue to progress research and standard-setting projects on the IASB’s current work plan, and to complete the required PIR of IFRS 9 on financial instruments.
    • Maintenance and consistent application of the Accounting Standards. IASB plans to continue to monitor the consistent application of the Accounting Standards, to work on narrow-scope amendments to the Accounting Standards, to use transition resource groups to support the implementation of new Accounting Standards, as needed, and to support regulators and national standard-setters in their efforts to support consistent application of the Accounting Standards. IASB also plans to start a new, narrow-scope project to determine whether and, if so, what further actions might be needed to improve the accounting for climate-related risks in the financial statements.
    • IFRS for Accounting Standard on small and medium-size enterprises (SMEs). IASB, together with the SME Implementation Group, plans to complete the second comprehensive review of the IFRS for SMEs Accounting Standard and to publish educational materials to help preparers understand and apply the IFRS for SMEs Accounting Standard.
    • Digital financial reporting. IASB plans to consider the implications of increased consumption of digital financial information for Accounting Standards, to continue to improve the IFRS Accounting Taxonomy, and to engage further with its partners in the digital ecosystem. IASB also intends to work with ISSB, for example, to develop consistent approaches and concepts for the IFRS Accounting Taxonomy and the to-be-developed IFRS Sustainability Disclosure Taxonomy, to develop technological compatibility, and to engage jointly with the digital reporting ecosystem to facilitate the consumption of digital information.

     

     

     

     

    Keywords: International, Banking, Securities, Accounting, Integrated Reporting Framework, Reporting, Disclosures, Climate Change Risk, ESG, IFRS 9, SMEs, Value Reporting Foundation, IFRS, SASB, ISSB, IASB

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