Financial Reporting
European Commission published the draft first set of European Sustainability Reporting Standard
9 June 2023
The European Commission (EC) has published the draft delegated act with the first set of European Sustainability Reporting Standards (ESRS). This included a note on the main changes to EFRAG’s Draft ESRS in areas such as materiality, additional phasing in, more flexibility or voluntary disclosures, coherence with EU legal framework, interoperability with global standard-setting initiatives and other editorial changes. Deadline for comment 7 July 2023.
IASB consultation on proposed amendments to IFRS for SMEs Accounting Standard related to international tax reform
1 June 2023
The International Accounting Standards Board (IASB) has proposed amendments to the IFRS for SMEs Accounting Standard to help small and medium sizes entities (SMEs) respond to international tax reform. The proposed amendment would provide the same relief as the amendments to IAS 12 Income Taxes issued in May 2023, and are in response to the Organisation for Economic Co-operation and Development’s (OECD) international tax reform.
IFAC announce memorandum of understanding between legal and accounting professions
31 May 2023
The International Federation of Accountants (IFAC) and The International Bar Association (IBA) have announced a Memorandum of understanding (MoU) that formalises and demonstrates a commitment to closer cooperation between the two organisations and the legal and accountancy professions as a whole. The MoU has a particular focus on anti-corruption and how the professions can work more closely together to fight against money-laundering and economic crime.
IFAC releases guidance to help deliver robust greenhouse gas reporting
30 May 2023
The International Federation of Accountants (IFAC) has released new guidance to help professional accountants and finance professionals deliver robust greenhouse gas (GHG) reporting, in partnership with other professional bodies. It aims to guide CFOs, accountants, and finance professionals to build on existing systems and processes in order to undertake or enhance cost-effective and investor-grade GHG reporting.
IASB begins planned review of IFRS 9 Financial instruments
30 May 2023
The International Accounting Standards Board (IASB) has launched a call for stakeholders’ feedback on its post-implementation review of the expected credit loss requirements in IFRS 9 Financial Instruments. Deadline for comments 27 September 2023.
IASB increases transparency of companies’ supplier finance
25 May 2023
The International Accounting Standards Board (IASB) has issued disclosure requirements to enhance the transparency of supplier finance arrangements and their effects on a company’s liabilities, cash flows and exposure to liquidity risk. The amendments, which affect IAS 7 Statement of Cash Flows, and IFRS 7 Financial Instruments: Disclosures, will become effective for annual reporting periods beginning on or after 1 January 2024.
IFAC releases new placemat to guide audit committees to oversee sustainability-related disclosure
24 May 2023
The International Federation of Accountants (IFAC) has released Key Questions for Audit Committees Overseeing Sustainability-Related Disclosure to prepare audit committees with effective questions to ask when overseeing sustainability and ESG related disclosures.
IASB amends tax accounting requirements to help companies respond to international tax reform
23 May 2023
The International Accounting Standards Board (IASB) has issued amendments to IAS 12 Income Taxes. The amendments give companies temporary relief from accounting for deferred taxes arising from the Organisation for Economic Co-operation and Development’s (OECD) international tax reform.
Audit and Assurance
PCAOB issues proposal to increase auditor vigilance against fraud
6 June 2023
The Public Company Accounting Oversight Board (PCAOB) issued for public comment a proposal that would amend PCAOB auditing standards related to the auditor’s responsibility for considering a company’s non-compliance with laws and regulations, including fraud. If adopted, the proposal would strengthen auditor requirements to identify, evaluate and communicate possible or actual non-compliance with laws and regulation. Deadline for comment 7 August 2023.