IASB issues amendments to the classification and measurement requirements in IFRS 9
Financial Reporting | 30 May 2024
The International Accounting Standard Board (IASB) has issued narrow-scope amendments to the classification and measurement requirements in IFRS 9 Financial Instruments. The amendments aim to make requirements more understandable and consistent and include clarifying how contractual cash flows on financial assets with environmental, social and corporate governance (ESG) should be assessed. The amendments are effective for annual reporting periods beginning on or after 1 January 2026.
IFRS Foundation and AfDB to team up to advance sustainability-related disclosure practices in Africa
Financial Reporting | 28 May 2024
The IFRS Foundation and The African Development Bank (AfDB) have signed a letter of intent laying out their plans to develop the knowledge and capabilities for effective sustainability disclosure to support investor decision-making. The Bank Group’s African Financial Alliance on Climate Change (AFAC) and the IFRS Foundation’s International Sustainability Standards Board (ISSB) will lead on the partnership.
Jurisdictions representing over half the global economy progress towards ISSB Standards
Financial Reporting | 28 May 2024
Jurisdictions representing almost 55% of the global economy by GDP have announced steps to use or align themselves with the International Sustainability Standards Board’s (ISSB) Standards. This comes as the IFRS Foundation releases a guide to help jurisdictions design and plan their journey towards ISSB Standards adoption.
IASB proposes IFRS Accounting Taxonomy update for IFRS 18
Financial Reporting | 23 May 2024
The International Accounting Standard Board (IASB) has published proposals to update the IFRS Accounting Taxonomy to reflect the new requirements introduced in IFRS 18 Presentation and Disclosure in Financial Statements. The proposed amendment intends to facilitate comparability and analysis of tagged information. The IASB is seeking fieldwork participants with experience with digital financial statements during the consultation period. Stakeholders are asked to express their interest by 14 June 2024. The deadline for comments is 3 September 2024.
FRC welcomes new Chair of Technical Advisory Committee
Financial Reporting | 16 May 2024
The Financial Reporting Council (FRC) has welcomed the appointment of Sally Duckworth as Chair of the new UK Sustainability Disclosure Technical Advisory Committee which aims to facilitate the development of a robust framework for sustainability reporting standards in the UK that are aligned internationally.
PCAOB adopts new Quality Control Standard
Audit and assurance | 13 May 2024
The Public Company Accounting Oversight Board (PCAOB) has adopted a new standard requiring all PCAOB registered firms to identify their specific risks and design a quality control system to guard against those risks. Taking effect on 15 December 2025, those firms would be required to annually evaluate their quality control system and report the results to the PCAOB.
PCAOB adopts new Auditing Standard on general responsibilities of the auditor
Audit and assurance | 13 May 2024
The Public Company Accounting Oversight Board (PCAOB) has adopted AS 1000 General Responsibilities of the Auditor in Conducting an Audit. The new auditing standard enhances and consolidates a group of standards that were adopted on an interim basis in 2003, modernising, clarifying and streamlining the general principles and responsibilities of auditors. The new standard will take effect for audits of financial statements for fiscal years beginning on or after 15 December 2024.
New IFRS Accounting Standard issued by IASB to simplify financial reporting for subsidiary companies
Financial Reporting | 9 May 2024
The International Accounting Standards Board (IASB) has issued IFRS 19 Subsidiaries without Public Accountability: Disclosures which permits reduced disclosure and simplified maintenance of accounting records for eligible subsidiaries who apply the IFRS Accounting Standards.
IASB proposes amendments for renewable electricity contracts
Financial Reporting | 8 May 2024
The International Accounting Standards Board (IASB) has launched a consultation on proposed narrow-scope amendments to IFRS 9 Financial Instruments and IFRS 7 Financial Instruments: Disclosures to ensure that the effects of renewable electricity contracts on a company are more faithfully reflected in the financial statements. The deadline for comments is 7 August 2024.
FRC invites stakeholders to sustainability assurance roundtables
Audit and Assurance | 3 May 2024
Following the launch of a market study into the market for the assurance of sustainability assurance on 21 March 2024, the Financial Reporting Council (FRC) has invited stakeholders to participate in focused roundtables taking place in June 2024. The FRC seeks to understand the functions and development of the sustainability assurance market. Those who wish to should register their interest in attending via email.
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