Consideration of comments received on exposureThe comments and suggestions received as a result of exposure are considered at an IAASB meeting, which is IAASB Standards open to the public, and the exposure draft is revised as appropriate. The Standards are also intended to be decision-usefulproviding the right information, in the right way, to support investor decision-making and facilitate international comparability to attract capital. This helps guide our content strategy to provide better, more informative content for our users. Any forthcoming standard-setting project will also consider the findings of the Post-implementation Review of IFRS 9Impairment. There are increasing calls for companies to provide high-quality, globally comparable information on sustainability-related risks and opportunities, as indicated by feedback from many consultations with market participants. IFRS Accounting Standards and IFRS Sustainability Disclosure Standards are developed using the same rigorous, inclusive and transparent due process. Essential cookies are required for the website to function, and therefore cannot be switched off. All legal information The IASB met on 18 and 21 July 2022 to redeliberate the proposals in its Exposure Draft Regulatory Assets and Regulatory Liabilities on total allowed compensation. Why have global accounting and sustainability standards? We undertake various activities to support the consistent application of IFRS Standards, which includes implementation support for recently issued Standards. All 10 IASB members agreed with this decision. Discover more about the adoptionprocess for IFRS Accounting Standards, and whichjurisdictions haveadopted them and require their use. amortised cost measurement and the effective interest method (Agenda Paper 3B). Some cookies are essential to the functioning of the site. Background The IFRS Foundation's logo and theIFRS for SMEslogo, the IASBlogo, the Hexagon Device, eIFRS, IAS, IASB, IFRIC, IFRS,IFRS for SMEs,IFRS Foundation, International Accounting Standards, International Financial Reporting Standards, ISSB,NIIFand SICare registered trade marks of the IFRS Foundation, further details of which are available from the IFRS Foundation on request. Discover more about the adoptionprocess for IFRS Accounting Standards, and whichjurisdictions haveadopted them and require their use. Partnership Framework for capacity building, IFRS S1 General Requirements for Disclosure of Sustainability-related Financial Information, Consistent application of IFRS Accounting Standards, International Applicability of the SASB Standards, General Sustainability-related Disclosures, AP3: Contractual cash flow characteristicsPrioritising PIR findings, AP9A: Features of different regulatory schemes, AP9B: Consultative Group for Rate Regulation meetings, AP9C: Total allowed compensationOverview, AP9E: ScopeFinancial instruments within the scope of IFRS 9, AP11A: Feedback summaryGuidance for the Board, AP11B: Feedback summaryIFRS 13 Fair Value Measurement, AP11C: Feedback summaryIAS 19 Employee Benefits, AP12: Principal versus Agent: Software Reseller (IFRS 15)Finalisation of agenda decision, AP18A: Estimating the useful life of goodwill, AP18B: Potential consequences of transitioning to an amortisation-based model, AP21: Cover note and summary of feedback and redeliberations, AP21A: Management performance measuresDisclosure of tax and NCI, AP21B: Unusual income expenses (income and expenses with limited recurrence), AP21C: Income and expenses with limited recurrenceDisclosure, AP21D: Investments accounted for using the equity method, AP30A: Towards an Exposure DraftScope and name of the IFRS for SMEs Accounting Standard, AP30B: Towards an Exposure DraftDefinition of public accountability, AP30C: Towards an Exposure DraftReview for inconsistencies between revised Section 2 and other Sections of the IFRS for SMEs Accounting Standard, AP30D: Towards an Exposure DraftSweep issues, AP30E: Towards an Exposure DraftIFRS for SMEs Accounting Standard transition requirements for alignment with new IFRS Accounting Standards, AP30F: Towards an Exposure DraftEffective date, AP31A: Proposed scope of the draft Standard. The IASB expects to receive the next update on its work plan by September 2022. Why do we need a global baseline for capital markets? Accessibility Income and expenses have limited recurrence when it is reasonable to expect that income or expenses that are similar in type and amount will cease, and once ceased will not arise again, before the end of the assessment period. International Auditing and Assurance Standards Board, International Organization of Supreme Audit Institutions, International Public Sector Accounting Standards, "International Auditing and Assurance Standards Board (IAASB)", "Knowledge guide to International Standards on Auditing (ISA)", Institute of Chartered Accountants in England and Wales, "Global Overseer of Auditing Rules Is Born", https://en.wikipedia.org/w/index.php?title=International_Auditing_and_Assurance_Standards_Board&oldid=1085771332, Short description is different from Wikidata, Official website different in Wikidata and Wikipedia, Creative Commons Attribution-ShareAlike License 4.0, Increase the emphasis on emerging issues to ensure that the IAASB International Standards provide a foundation for high-quality audit, assurance and related services engagements, Innovate the IAASBs ways of working to strengthen and broaden our agility, capabilities, and capacity to do the right work at the right time, Maintain and deepen relationships with stakeholders to achieve globally relevant, progressive and operable standards, This page was last edited on 2 May 2022, at 10:02. At a future meeting, the IASB will discuss the detailed project proposal, setting out the specific areas for deliberation and potential time line. Consistent with the approach taken for IFRS Accounting Standards issued by the IASB, it is for jurisdictional authorities to decide whether to mandate use of IFRS Sustainability Disclosure Standards issued by the ISSB. What is the IFRS Foundation and how does it serve the public interest? helping entities to identify differences in timing instead of specifying the components of total allowed compensation; and. The IASB considered the feedback from a discussion of unusual income and expenses at the joint meeting of the Capital Markets Advisory Committee and Global Preparers Forum in June 2022 and the Accounting Standards Advisory Forum in July 2022. Terms and Conditions The IFRS Foundation is a not-for-profit, public interest organisation established to develop high-quality, understandable, enforceable and globally accepted accounting and sustainability disclosure standards. Projects affected by these decisions can be found on thework plan. What benefits do theybring to the worldeconomy? The ISSB comprises 14 members from across the world with a mix of professional perspectives, including investors and preparers. The IFRS Advisory Council provides strategic support, and comprises individuals and organisations with an interest in international financial reporting. The IASB, noting that its tentative decision means that the approach in (b)(i) is effectively a backstop, asked the staff to consider whether it is possible to maintain this backstop while allowing entities to use a wider range of approaches that would improve the balance between costs and benefits. The IASB: The IASB will continue to discuss potential clarifications to the requirements. Access our Standards, Interpretations and related materials here. to confirm the proposed accounting policy choice for an entity for classifying income and expenses from liabilities that arise from transactions that involve only the raising of finance. We use analytics cookies to generate aggregated information about the usage of our website. None of this information can be tracked to individual users. other topics within the scope of the project. its plans for redeliberating specific topics relating to the proposals on total allowed compensation (Agenda Paper 9C). On 26 June 2023 the ISSB issued its inaugural standardsIFRS S1 and S2ushering in a new era of sustainability-related disclosures in capital markets worldwide. The sum total of these things is a 961-page handbook. Companies that are new to sustainability disclosure should use 2023 to prepare for the future application of IFRS Sustainability Disclosure Standards by: It isnt only regulatory adoption that should encourage the use of the Sustainability Disclosure Standards. If you register with us for a free acccount, you can access HTML and PDF files of this year's consolidated IFRS Accounting Standards, IFRIC Interpretations, theConceptual Framework for Financial Reporting andIFRS Practice Statements,as well as available translations of Standards. Encouraging key stakeholders to explore ways to improve audit quality. This is the case even when: The IASB will continue to redeliberate the project proposals at future meetings. This work benefits companies by improving reporting efficiency and reducing the risks of confusion for those using the information. In particular, the IASB discussed: components of total allowed compensation (Agenda Paper 9A); and. entities with specified main business activities; disclosures relating to operating expenses by nature; and. Subject to finalising the draft Standard, the IASB tentatively decided to: Nine of 10 IASB members agreed with this decision. Accessibility ISQM 1 strengthens firms' systems of quality management through a robust, proactive and effective approach to quality management. not to exclude from the scope of the Standard regulatory assets or regulatory liabilities related to financial instruments within the scope of IFRS 9. to explain in the Basis for Conclusions on the Standard that the regulation of interest rates is typically limited to setting a cap or floor on interest rates. It also helps us ensure that the website is functioning correctly and that it is available as widely as possible. the International Ethics Standards Board for Accountants (IESBA or the Board) in June 2008 and resulted from the Board's project to improve the drafting conventions of the Code, (the "drafting conventions project"). The IASB met on 23 May 2022 to receive an update on itswork plan. For example, cookies allow us to manage registrations, meaning you can watch meetings and submit comment letters. The ISSBs work is backed by the G7, the G20, IOSCO, the Financial Stability Board, African Finance Ministers and by Finance Ministers and Central Bank Governors from over 40 jurisdictions. to amend the definition proposed in the Exposure Draft to include income and expenses that are expected to recur for a few annual reporting periods. Other cookies are optional. Public consultations are a key part of all our projects and are indicated on the work plan. The IASB met on 18 July 2022 to discuss the accounting for financial instruments containing obligations for an entity to redeem its own equity instruments, including written put options on non-controlling interests (Agenda Paper 5A). Further, in relation to the draft Standard Subsidiaries without Public Accountability: Disclosures, the IASB tentatively decided, if the draft Standard is finalised: The IASB tentatively decided to propose amendments to Section 19 Business Combinations and Goodwill of the Standard: The IASB also tentatively decided to propose amendments to Section 10 Accounting Policies, Estimates and Errors of the Standard to align it with the definition of accounting estimates as set out in IAS8 Accounting Policies, Changes in Accounting Estimates and Errors (as amended in February 2021). Subject: International Auditing and Assurance Standards Board (IAASB) December 2007 Exposure Draft: ISA 265, Communicating Deficiencies in Internal Control and Related Conforming Amendments to Other ISAs This letter provides the U.S. Government Accountability Office's (GAO) comments on the IAASB's proposed ISA 265.