The International Accounting Standards Board (IASB) will hold a supplementary meeting on Wednesday 3 May 2023 to discuss a new project to help companies that apply the IFRS for SMEs Accounting Standard to respond to new tax rules set by the Organization for Economic Cooperation and Development (OECD).
During 2022 the IFRS Foundation transformed from an organisation with a single standard-setting board to an organisation with two boards―the International Accounting Standards Board (IASB) and the new International Sustainability Standards Board (ISSB). We also announced the consolidation with the Value Reporting Foundation (VRF) and the Climate Disclosure Standards Board (CDSB).
Since then, we have been publishing sustainability disclosure information alongside our accounting information on ifrs.org, and we want to ensure that we are meeting the information needs of as many of our website users as possible.
Marking a transformative year for the IFRS Foundation, the report highlights significant accomplishments by its two boards, the International Accounting Standards Board (IASB) and the International Sustainability Standards Board (ISSB).
The relief will enable companies to focus initial efforts on ensuring they meet investor information needs around climate change.
The amendments, approved in a special supplementary meeting, will provide temporary relief for companies from having to account for deferred taxes arising from the implementation of the Pillar Two model rules.
The ISSB will also open a 90-day consultation on its proposed methodology for revising the SASB Standards to improve their international applicability. The project affects approximately 20% of the metrics included in the SASB Standards, meaning most of the metrics will remain untouched.
The group now advises both the IASB and ISSB on their digital taxonomies and related activities.
ITCG members play an important role in reviewing IFRS Taxonomy publications and files as part of the IFRS Foundation’s due process. Members will also help to develop an IFRS sustainability disclosure taxonomy.
The International Sustainability Standards Board (ISSB) is seeking nomination of suitable candidates for membership of the Transition Implementation Group on IFRS S1 and IFRS S2 (TIG).
The deadline for applications is 30 June 2023.
Two new webcasts have been produced to give an update on developments and tentative decisions that have been made on the current net open risk position, and the IASB’s redeliberation on the performance assessment.
The topics discussed include Definition of a Lease—Substitution Rights (IFRS 16 Leases) and a question relating to Premiums Receivable from an Intermediary (IFRS 17 Insurance Contracts and IFRS 9 Financial Instruments).
The Update from the supplementary meeting that was held on 11 April is now available.
The Update for the supplementary meeting held on 4 April is also available.