The International Accounting Standards Board (IASB) has unanimously decided to move forward with finalising the revision of the IFRS Practice Statement 1 Management Commentary by making targeted refinements to its proposals in the Exposure Draft Management Commentary. The IASB’s project codifies innovations in reporting, including concepts from the #IntegratedReporting Framework, in a set of standard-like requirements for management commentary designed to support investor-focused best-practice. Finalising the project provides a stepping-stone towards greater integration in reporting in the future. In refining its proposals, the IASB will collaborate with the International Sustainability Standards Board (ISSB) and consult with the Integrated Reporting and Connectivity Council. Find out more: https://lnkd.in/enRkwgZb
Integrated Reporting’s Post
More Relevant Posts
-
Board Member, International Sustainability Standards Board, IFRS Foundation | Sustainability, Governance, Africa
#wegofurthertogether! I am grateful and excited to share with my colleagues on the #ISSB individually and collectively a wholehearted re-affirmed that we at the IFRS Foundation are fully committed to support and encourage integrated thinking and use of the Integrated Reporting Framework. During the Integrated Reporting #Advisory #Board meeting, we listened to updates from #IASB and #ISSB staff working together. I am so thrilled to share that in various countries - including #Turkey, #Nigeria and #SouthAfrica - we have been approached by #Integrated #Reporting communities who are starting to implement the #ISSB #Standards. In various jurisdictions and across #Africa, the International Sustainability Standards Board (ISSB) will work closely with the #IR communities as well as #Exchanges, #Regulators, #policy-makers, #preparers, #DFIs, #MDBs, and #investors to support capacity building initiatives and enable the #proportionate use of the #ISSB #Standards. I am super excited about this! We will publish an updated resource, ‘Transition to integrated reporting: A guide to getting started’ - designed to help companies that wish to apply both the Integrated Reporting Framework and the ISSB Standards #IFRS #S1 and #S2. Update on „Integration in Reporting“ Research Project below
To view or add a comment, sign in
-
Turning to sustainability reporting, a growing number of initiatives have been launched to help entities meet the new requirements, including the publication by #EFRAG of an initial series of answers to questions posed by stakeholders concerning the application of #ESRS. The #IFRS Foundation has just published a methodological guide on the use of Sustainability Accounting Standards Board (SASB) standards to meet the requirements of IFRS S1. Download our newsletter to know more: https://lnkd.in/gZ9YdbDG #Mazars #MazarsinHongKong #sustainability #accounting #europe #listedcompanies #ESG
Beyond the GAAP - February 2024 - Mazars - Hong Kong
mazars.hk
To view or add a comment, sign in
-
Protocols concerning the implementation of IFRS S1 and IFRS S2 are moving forward, for which today, September 14, 2023, the International Sustainability Standards Board (ISSB) has announced the members of its Transition Implementation Group (TIG). The 17-member TIG has been established to support the implementation of IFRS S1 and S2, with the objective of providing a public forum for any interested party to share implementation questions with the ISSB and follow the discussion of those questions. #sustainability #MoreActionLessRhetoric International Sustainability Standards Board (ISSB)
Members of Transition Implementation Group on IFRS S1 and IFRS S2 announced
ifrs.org
To view or add a comment, sign in
-
The #IASB work plan alone suggests that this new year will be a busy one on the accounting front. But the biggest new development in 2024 will be initial application of the European Sustainability Reporting Standards (#ESRS), for the first companies falling within the scope of the Corporate Sustainability Reporting Directive (#CSRD) – i.e. large undertakings that are public-interest entities and that have more than 500 employees, as per the Accounting Directive. Click here to learn more about the development: https://lnkd.in/gbneS3Hm #Mazars #MazarsinHongKong #EuropeanUnion #amendments #accounting #PIE #reporting #financial #audit #insights
Beyond the GAAP - December 2023 - Mazars - Hong Kong
mazars.hk
To view or add a comment, sign in
-
🎯 IFRS Foundation has published comprehensive guidance on using IFRS S1 and S2 in conjunction with the integrated reporting framework👇 Sustainability and climate-related reporting under IFRS S1 and S2 should be linked to companies' capacity to generate value. For this reason, the IFRS Foundation announced that it will use the integrated reporting framework for IFRS S1 and S2 reporting. With this guidance, the IFRS Foundation has published a clear explanation of how to use the items in IFRS S1 and S2 standards together with the integrated reporting topics. Entegre Raporlama Derneği Türkiye (ERTA) - Integrated Reporting Association Türkiye (ERTA) Guler Aras
To view or add a comment, sign in
-
Sustainability Reporting Update: Publication of IFRS Sustainability Disclosure Standards The International Sustainability Standards Board (ISSB) issued its first sustainability standards – IFRS S1 General Requirements for Disclosure of Sustainability-related Financial Information and IFRS S2 Climate-related Disclosures last June 26, 2023. Collectively referred to as the IFRS Sustainability Disclosure Standards, these Standards represent a significant turning point in the sustainability reporting landscape towards the creation of a global common language for sustainability reporting. In the Philippines, the Financial and Sustainability Reporting Standards Council (FSRSC) established the PSRC to evaluate the IFRS Sustainability Disclosure Standards for local use and to issue local interpretation and guidance. Learn more about the IFRS S1 and IFRS S2 here: https://lnkd.in/eu9zjxMf Learn more about PSRC here: https://lnkd.in/gaKuFarC
To view or add a comment, sign in
-
-
The International Sustainability Standards Board (ISSB) issued IFRS S1 General Requirements for Disclosure of Sustainability-Related Financial Information and IFRS S2 Climate Related Disclosures in June 2023 with adoption of the standards being effective for annual reporting periods beginning on or after 1 January 2024. However, adopting the standards is dependent on local jurisdictions, so the first application date might be different for companies around the world. With that being noted, the National Board of Accountants and Auditors NBAA launched the Sustainability Reporting on 18th October 2023 in Dar es Salaam, Tanzania. This meant the start of the journey to implement IFRS Sustainability Reporting Standards issued by the ISSB. In addition, Para 26 of the TFRS 1 requires private and public sector entities to comply with all applicable sustainability standards and guidelines issued by the by the ISSB and IPSASB respectively. Hence, it is expected that the private sector entities will incorporate the requirements of sustainability reporting standards in the financial statements for the year ending 31 December 2024, and public sector entities for the year ending 30 June 2025. NBAA is in the process of issuing a circular requiring the ‘Declaration of Head of Finance’ to state that the sustainability disclosures are in compliance with applicable standards as in line with Par 72 of IFRS S1 which requires that an entity whose sustainability-related financial disclosures comply with all the requirements of IFRS Sustainability Disclosure Standards shall make an explicit and unreserved statement of compliance. Auditors will have a responsibility to consider the adequacy of the ‘explicit and unreserved statement of compliance’ with IFRS sustainability disclosure standards, if included in the report by those charged with governance. They will also be expected to consider the reasonability of the plans that Those Charged with Governance have to ensure that the entity being governed comply with IFRS Sustainability Disclosure Standards. #ESG #Sustainability #ISSB #NBAA #SDG #Compliance
To view or add a comment, sign in
-
On 26 June 2023, the ISSB issued its first Sustainability Disclosure Standards, ushering in a new era in international corporate reporting. The International Sustainability Standards Board (ISSB) has issued its first two IFRS Sustainability Disclosure Standards: IFRS S1 General Requirements for Disclosure of Sustainability-related Financial Information (IFRS S1) and IFRS S2 Climate-related Disclosures (IFRS S2). Both IFRS S1 and IFRS S2 are effective for annual reporting periods beginning on or after 1 January 2024. A ‘climate first’ transition option is available, which allows an entity to provide only climate-related disclosures in its first year of applying IFRS S1 and IFRS S2. Mandatory application of IFRS Sustainability Disclosure Standards depends on each jurisdiction’s endorsement or regulatory processes. The application of IFRS Sustainability Disclosure Standards is not linked to the application of IFRS Accounting Standards.
To view or add a comment, sign in
-
Reflecting on a Milestone in Sustainability Reporting: Insights from the IFRS Foundation Training In June 2023, the International Financial Reporting Standards Foundation (IFRS) made a groundbreaking stride towards enhancing sustainability-related disclosure in capital markets globally with the introduction of IFRS S1, "General Requirements for Sustainability-related Financial Information" and IFRS S2 "Climate-related Disclosures." These standards, crafted by the International Sustainability Standards Board (ISSB), mark a significant step forward in our journey towards a sustainable future. I recently had the privilege to attend a comprehensive training program offered by the IFRS Foundation, in partnership with the UN SSE and IFC. This program is designed to equip capital market participants with the necessary tools to effectively implement these new standards and foster a global, consistent uptake. The training shed light on the critical aspects of IFRS S1 and S2, emphasizing the importance of transparency and accountability in reporting sustainability-related financial information and climate-related disclosures. It was an enlightening experience that highlighted the pivotal role of these standards in guiding organizations towards more sustainable practices and decision-making. The partnership between the IFRS Foundation, UN SSE, and IFC in providing this training free-of-charge underscores a shared commitment to sustainability and the empowerment of professionals and organizations worldwide. This initiative is a testament to the collaborative effort required to address the pressing challenges of our time. For my fellow professionals and organizations navigating the complexities of sustainability reporting, I highly recommend exploring this training program. It offers invaluable insights and guidance on aligning with these essential standards, thereby contributing to a more sustainable and transparent global market. #IFRS #SustainabilityReporting #ClimateAction #ProfessionalDevelopment #SustainableFinance #sustainablestockexchangeinitiative #internationalfinancecorporation #unsse
To view or add a comment, sign in
-
In June 2023, the International Financial Reporting Standards Foundation (IFRS) ushered in a new era of corporate sustainability-related disclosure to capital markets worldwide with the launch of IFRS S1, “General Requirements for Sustainability-related Financial Information” and IFRS S2 “Climate-related Disclosures.” The International Sustainability Standards Board (ISSB) worked tirelessly to develop these standards, with an aim of bringing more transparency and clarity to how companies report on sustainability issues. Realizing the importance of helping businesses and professionals adapt to these new standards, Garnet Partners teamed up with Rubicola Consulting and the Kigali International Financial Centre to equip industry leaders including board members, CEOs, CFOs, accountants, and risk managers, with knowledge and skills needed to understand and implement these standards effectively. During the training, participants will dive into the nitty-gritty of the IFRS Sustainability Standards. They will learn about the practical implications for corporate reporting and gain hands-on experience to ensure they could meet the requirements and enhance sustainability disclosures. To join the training, call +250 788 666 700 or email to [email protected]. #BeDifferent #FinancialReporting #ClimateRisk #Sustainability #ProfessionalDevelopment #GlobalStandards #Accounting #Finance #ISSB #ISSBChallenge #IFRS #IFRSS1 #IFRSS2 #ASRS #ESRS #CSRD #CSDS #IFRSFoundation #ESG #Greenrevolution
To view or add a comment, sign in
-