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  • IFAC Applauds Release of ISSB's First Two Sustainability Standards

    New York, New York English

    As the global voice of the accountancy profession, IFAC has long supported the establishment of the International Sustainability Standards Board (ISSB) to develop a comprehensive global baseline of sustainability disclosures, endorsed by IOSCO, and used around the world. The goal is a global system for consistent, comparable, reliable, and assurable sustainability information that can be complemented by local standards or broader public policy needs.  

    With today’s release of its first two standards, the ISSB has answered stakeholders’ calls to move with pace, to focus on the needs of investors and capital markets, and to build upon existing and respected frameworks and standards.   

    IFAC CEO Kevin Dancey said, “In one sense, the finalization of S1 and S2 by the ISSB marks the beginning of the work to be done by the accountancy profession.  All professional accountants—whether working in business, as preparers or auditors, or serving as leaders of professional accountancy organizations—must now advocate for and implement these standards so that high-quality corporate reporting of sustainability-related information becomes a reality.   The ongoing work of the IAASB and IESBA will bring trust and confidence through high-quality—and hopefully mandatory—assurance.”  

    “To that end, IFAC calls on the global accountancy profession to work with local regulators and stakeholders to support the adoption of ISSB standards, to help build capacity for their implementation alongside any local complementary reporting requirements, and to continue to contribute our expertise and feedback to the ISSB as its important standard setting work continues.”   

    About IFAC 
    IFAC is the global organization for the accountancy profession dedicated to serving the public interest by strengthening the profession and contributing to the development of strong international economies. IFAC is comprised of 180 members and associates in 135 countries and jurisdictions, representing more than 3 million accountants in public practice, education, government service, industry, and commerce. 

    Issues urgent call for global accountancy profession to drive adoption and use of standards

  • IPSASB eNews: June 2023

    English

    The IPSASB held its quarterly meeting from June 13-16, 2023.

    Sustainability Reporting - Climate-Related Disclosures

    The IPSASB decided to move forward with the development of a public sector specific Climate-Related Disclosures standard and approved a project brief related to this major initiative. The IPSASB hopes to be able to initiate other sustainability-related projects in the coming months, subject to funding and resource availability. See the recent announcement for further information on how to get involved and support this critical initiative.

    Conceptual Framework–Limited Scope Update–Next Stage (Chapter 3)

    The IPSASB approved the updated Chapter 3, Qualitative Characteristics, which clarifies the role of prudence in public sector financial reporting and updates the guidance on materiality to better serve the users of financial information. The updated chapter is expected to be published in July 2023, and the project to revise the IPSASB’s Conceptual Framework is now complete.

    Natural Resources

    The IPSASB revised the project timelines to develop by March 2024 two EDs:

    • One to propose IPSAS guidance on natural resources; and
    • Another to propose an aligned IPSAS with IFRS 6, Exploration for and Evaluation of Mineral Resources.

    The IPSASB intends to refine the definition and guidance on the accounting for natural resources to reflect the recognition challenges raised by constituents in comment letters to the 2022 Consultation Paper, Natural Resources.

    Other Lease–Type Arrangements

    The IPSASB undertook a first review of the responses to ED 84, Concessionary Leases and Right-of-Use Assets In-kind. The IPSASB agreed that the ED 84 proposals received strong support on balance, and that it should undertake a detailed review of the issues highlighted in the comments letters starting at the September 2023 meeting.

    Measurement–Application Phase
    The IPSASB agreed current operational value is not an applicable measurement basis for IPSAS 16, Investment Property; IPSAS 26, Impairment of Cash-Generating Assets; IPSAS 27, Agriculture; IPSAS 36, Investments in Associates and Joint Ventures; IPSAS 37, Joint Arrangements; and IPSAS 41, Financial Instruments. The IPSASB also decided the scope of its IPSAS 21, Impairment of Non-Cash-Generating Assets update should focus on the definition and components of ‘recoverable service amount’.
    Retirement Benefit Plans

    The IPSASB decided to update the disclosure requirements in [draft] IPSAS 49, Retirement Benefit Plans and clarify the objective and scope, by highlighting the requirements are only applicable to retirement benefit plans in the public sector. The IPSASB agreed this clarification would address concerns identified by respondents related to definitions and consolidation. The IPSASB plans to approve this new IPSAS at its September 2023 meeting.

    Presentation of Financial Statements
    The IPSASB decided the scope of the project is to replace IPSAS 1, Presentation of Financial Statements with a new IPSAS. The IPSASB further decided that because of the complexity of the topic, the use of a consultation paper is warranted to obtain stakeholder input to support the development of an ED. The IPSASB will further consider a draft project brief at the September 2023 meeting.  
    Differential Reporting

    The IPSASB reflected on the findings and constituent input from the research and scoping activities, and how to best address the public needs that gave rise to a call for an international differential reporting model. The IPSASB agreed the development of other forms of guidance, rather than a standard-setting solution, may be more feasible and better address the public interest needs. The IPSASB will consider the types of guidance and the future approach for this project at its September 2023 meeting.
    First-Time Adoption of Accrual Basis IPSASs

    The IPSASB discussed feedback from jurisdictions with experience applying IPSAS 33. The IPSASB agreed steps should be taken to better enable the use of IPSAS 33 in practice. The IPSASB decided to consider alternatives on how it could improve IPSAS 33 at its September 2023 meeting.
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