عرض العناصر حسب علامة : IFRS
الأربعاء, 23 مارس 2022 08:59
تحديث منهاج مؤهل محاسب دولي عربي قانوني معتمد (IFRS Expert)
تحديث منهاج مؤهل محاسب دولي عربي قانوني معتمد (IFRS Expert) وفقاً لأحدث التغييرات على المعايير الدولية لإعداد التقارير المالية الصادرة عن مؤسسة المعايير الدولية لإعداد التقارير المالية IFRS Foundation
نشر في
محاسبة و مراجعة
الإثنين, 29 نوفمبر 2021 17:46
تحديث مجلس معايير المحاسبة الدولية IASB لشهر نوفمبر 2021
يسلط تحديث IASB هذا الضوء على القرارات الأولية لمجلس معايير المحاسبة الدولية (IASB). يمكن الاطلاع على المشاريع المتأثرة بهذه القرارات في خطة العمل. يتم التصويت رسميًا على قرارات مجلس معايير المحاسبة الدولية (IASB) بشأن معايير IFRS وتعديلاتها وتفسيرات IFRIC على النحو المنصوص عليه في كتيب الإجراءات القانونية الواجبة لمؤسسة IFRS.
معلومات إضافية
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المحتوى بالإنجليزية
This IASB Update highlights preliminary decisions of the International Accounting Standards Board (IASB). Projects affected by these decisions can be found on the work plan. The IASB's final decisions on IFRS® Standards, Amendments and IFRIC® Interpretations are formally balloted as set out in the IFRS Foundation's Due Process Handbook.
The IASB met on 15–19 November 2021.
Related Information
IASB Update archive
Podcast summaries
Contents
Work plan overview
IASB work plan update (Agenda Paper 8)
Research and standard-setting
Dynamic Risk Management (Agenda Paper 4)
Post-implementation Review of IFRS 10 Consolidated Financial Statements, IFRS 11 Joint Arrangements and IFRS 12 Disclosure of Interests in Other Entities (Agenda Paper 7)
Rate-regulated Activities (Agenda Paper 9)
Goodwill and Impairment (Agenda Paper 18)
Primary Financial Statements (Agenda Paper 21)
Second Comprehensive Review of the IFRS for SMEs Standard (Agenda Paper 30)
Strategy and governance
Third Agenda Consultation (Agenda Paper 24)
Work plan overview
IASB work plan update (Agenda Paper 8)
Post-implementation Reviews
The IASB met on 16 November 2021 to consider the timing of Post-implementation Reviews (PIRs) of IFRS 15 Revenue from Contracts with Customers, IFRS 16 Leases and the impairment and hedge accounting requirements in IFRS 9 Financial Instruments.
The IASB decided that in the second half of 2022 it will:
begin the PIRs of IFRS 15 and the impairment requirements in IFRS 9; and
consider when to begin the PIRs of IFRS 16 and the hedge accounting requirements in IFRS 9.
All 12 IASB members agreed with these decisions.
Next step
The IASB will:
discuss a project plan for the PIRs of IFRS 15 and the impairment requirements in IFRS 9; and
consider in the second half of 2022 when to begin the PIRs of IFRS 16 and the hedge accounting requirements in IFRS 9.
Research and standard-setting
Dynamic Risk Management (Agenda Paper 4)
The IASB met on 19 November 2021 to discuss refinements to the Dynamic Risk Management model (DRM model) to address challenges identified during meetings with preparers.
Refinements to the DRM—Risk Limits (Agenda Paper 4A)
To enable an entity to better reflect its risk management strategy in the DRM model, the IASB tentatively decided:
to revise the definition of the target profile as the range (risk limits) within which the current net open risk position can vary while still being consistent with an entity’s risk management strategy;
to introduce to the DRM model a ‘risk mitigation intention’ element, representing the extent of risk an entity intends to mitigate using derivatives;
to revise the requirements for construction of benchmark derivatives so that the benchmark derivatives represent the risk mitigation intention; and
to introduce prospective assessments to ensure that an entity uses the DRM model to mitigate repricing risk due to changes in interest rates and achieve its target profile, as well as similar retrospective assessments to reflect misalignment arising from unexpected changes in the DRM model.
All 12 IASB members agreed with these decisions.
Designation of a portion of prepayable assets in the DRM model (Agenda Paper 4B)
The IASB tentatively decided not to make additional refinements in the DRM model to allow an entity to designate a portion of a portfolio of prepayable assets.
All 12 IASB members agreed with this decision.
Next step
The IASB will consider whether to take further action in relation to other topics identified from outreach feedback.
Post-implementation Review of IFRS 10 Consolidated Financial Statements, IFRS 11 Joint Arrangements and IFRS 12 Disclosure of Interests in Other Entities (Agenda Paper 7)
The IASB met on 16 November 2021 to decide:
whether to take further action on two topics arising from the Post-implementation Review of IFRS 10 Consolidated Financial Statements, IFRS 11 Joint Arrangements and IFRS 12 Disclosure of Interests in Other Entities; and
whether to conclude the Post-implementation Review.
Before deciding to take action on the topics arising from the Post-implementation Review of IFRS 10, IFRS 11 and IFRS 12 or concluding this Post-implementation Review, the IASB decided to develop further aspects of its strategy for deciding whether to take further action based on feedback from post-implementation reviews.
Next step
The IASB will discuss its strategy at a future meeting.
Rate-regulated Activities (Agenda Paper 9)
The IASB met on 15 November 2021 to complete its discussion of the feedback on its Exposure Draft Regulatory Assets and Regulatory Liabilities. (The Exposure Draft sets out the IASB’s proposals for a model to account for regulatory assets and regulatory liabilities. If issued as a new IFRS Standard, the proposals would replace IFRS 14 Regulatory Deferral Accounts.)
The IASB was not asked to make any decisions.
Next step
The IASB will discuss its plans for redeliberating the project proposals at a future meeting.
Goodwill and Impairment (Agenda Paper 18)
The IASB met on 16 November 2021 to redeliberate aspects of the IASB’s preliminary views on improving the disclosure requirements in IFRS 3 Business Combinations. (The Discussion Paper Business Combinations—Disclosures, Goodwill and Impairment sets out the IASB’s preliminary views on this matter.)
Expected synergies arising from a business combination (Agenda Paper 18A)
The IASB discussed aspects of the feedback on its preliminary view of requiring an entity to disclose (a) the estimated amount or range of amounts of the synergies, and (b) when the synergies are expected to be realised.
To understand better the practical concerns raised by respondents the IASB is testing examples with stakeholders. For the purpose of testing those examples the IASB decided that the examples should illustrate disclosure of information about:
total expected synergies disaggregated by nature; for example, total revenue, total cost and totals for other types of synergies; and
when the benefits expected from the synergies are expected to start and how long they will last (which would require an entity to identify whether those synergies are expected to be one-off or recurring).
Eleven of 12 IASB members agreed with these decisions.
The IASB also tentatively decided:
not to define ‘synergies’.
not to make changes to its preliminary view as a result of feedback on other specific aspects of its preliminary view.
Eleven of 12 IASB members agreed with these tentative decisions.
Contribution of the acquired business (Agenda Paper 18B)
The IASB tentatively decided:
to retain the requirement in paragraph B64(q) of IFRS 3.
to explain the objective of the requirement in paragraph B64(q)(ii) of IFRS 3 but not to provide guidance on how the information required by paragraph B64(q)(ii) should be prepared.
Eleven of 12 IASB members agreed with these tentative decisions. One member was absent.
The IASB tentatively decided to specify in paragraph B64(q)(ii) of IFRS 3 that the basis that an entity applies in preparing the information required by that paragraph is an accounting policy. Nine of 12 IASB members agreed with this tentative decision. One member was absent.
The IASB tentatively decided to replace the term ‘profit or loss’ in paragraph B64(q) of IFRS 3 with ‘operating profit or loss’. ‘Operating profit or loss’ will be as defined in the IASB’s Primary Financial Statements project. Eleven of 12 IASB members agreed with this tentative decision. One member was absent.
The IASB tentatively decided not to add a requirement to disclose information about cash flows arising from operating activities. Ten of 12 IASB members agreed with this tentative decision. One member was absent.
Liabilities arising from financing activities and defined benefit pension liabilities (Agenda Paper 18C)
The IASB discussed feedback on its preliminary view on developing proposals to specify that liabilities arising from financing activities and defined benefit pension liabilities are major classes of liabilities. The IASB tentatively decided to achieve the objective of its preliminary view by not specifying that these liabilities are major classes of liabilities but instead by proposing to amend:
paragraph B64(i) of IFRS 3 to remove the term ‘major’; and
paragraph IE72 of the Illustrative Examples accompanying IFRS 3 to illustrate liabilities arising from financing activities and defined benefit pension liabilities as classes of liabilities assumed.
All 12 IASB members agreed with this tentative decision.
Next step
The IASB will continue redeliberating its preliminary views that it should improve the disclosure requirements in IFRS 3 at future meetings.
Primary Financial Statements (Agenda Paper 21)
The IASB met on 16 and 19 November 2021 to redeliberate some of the proposals in the Exposure Draft General Presentation and Disclosures relating to management performance measures by:
continuing to discuss the definition of management performance measures, focusing on:
management’s view of an aspect of performance—Agenda Paper 21A; and
public communications outside financial statements—Agenda Paper 21B; and
discussing the requirement for management performance measures to faithfully represent aspects of financial performance to users of financial statements—Agenda Paper 21C.
Management performance measures—management’s view of an aspect of performance (Agenda Paper 21A)
The IASB tentatively decided:
to retain ‘providing management’s view of an aspect of an entity’s financial performance’ as the objective of management performance measures. Ten of 12 IASB members agreed with this decision.
to also retain ‘communicate to users of financial statements management’s view of an aspect of an entity’s financial performance’ in the definition of management performance measures. Eleven of 12 IASB members agreed with this decision.
to establish a rebuttable presumption that a subtotal of income and expenses included in public communications outside financial statements represents management’s view of an aspect of the entity’s financial performance. All 12 IASB members agreed with this decision.
to allow an entity to rebut the presumption in paragraph (c) only when the entity has reasonable and supportable information demonstrating that a subtotal of income and expenses does not represent management’s view of an aspect of performance. All 12 IASB members agreed with this decision.
to provide high-level application guidance on how to assess whether the entity has reasonable and supportable information to support the rebuttal. The guidance would include an explanation that the assessment of whether a subtotal of income and expenses is a management performance measure is made for the subtotal as a whole. All 12 IASB members agreed with this decision.
Management performance measures and the scope of public communications (Agenda Paper 21B)
The IASB tentatively decided to narrow the scope of public communications considered for the purposes of applying the definition of management performance measures, by excluding oral communications, transcripts and social media posts.
Eleven of 12 IASB members agreed with this decision.
Management performance measures—faithful representation (Agenda Paper 21C)
The IASB tentatively decided:
to add application guidance on how an entity could apply the requirement to describe a management performance measure in a clear and understandable manner that would not mislead users. The guidance would address the need for an entity to be transparent about the meaning of the terms used and the methods applied, in particular when they differ from those used when applying IFRS Accounting Standards.
given the general requirement for information in financial statements to give a faithful representation, there is no need to repeat that requirement in the specific requirements for management performance measures.
All 12 IASB members agreed with these decisions.
Next step
The IASB will continue to redeliberate the project proposals at future meetings.
Second Comprehensive Review of the IFRS for SMEs Standard (Agenda Paper 30)
The IASB met on 19 November 2021 to discuss whether and, if so, how to propose amendments to the IFRS for SMEs Standard.
Towards an exposure draft—IFRS 16 Leases (Agenda Papers 30A–30B)
The IASB tentatively decided:
to retain Section 20 Leases of the IFRS for SMEs Standard unchanged; and
to consider amending the IFRS for SMEs Standard to align with IFRS 16 Leases in a future review of the Standard.
Seven of 12 IASB members agreed with these decisions.
not to pursue improving disclosure requirements for operating leases without changing the recognition and measurement requirements in Section 20 Leases of the IFRS for SMEs Standard.
All 12 IASB members agreed with this decision.
Towards an exposure draft—IAS 19 Employee Benefits (2011) (Agenda Paper 30C)
The IASB tentatively decided:
to propose amendments to the IFRS for SMEs Standard to align the recognition requirements for termination benefits in Section 28 of the IFRS for SMEs Standard with the 2011 amendments to IAS 19 Employee Benefits.
All 12 IASB members agreed with this decision.
to retain the accounting policy option in paragraph 28.24 of the IFRS for SMEs Standard.
Ten of 12 IASB members agreed with this decision.
Towards an exposure draft—simplifications permitted by paragraph 28.19 (Agenda Paper 30D)
The IASB tentatively decided:
to propose removing paragraph 28.19 of the IFRS for SMEs Standard.
All 12 IASB members agreed with this decision.
to include in the Invitation to Comment an alternative proposal clarifying how to apply paragraph 28.19 of the IFRS for SMEs Standard, if stakeholders do not agree to remove paragraph 28.19.
Ten of 12 IASB members agreed with this decision.
Towards an exposure draft—other topics with no amendments recommended (Agenda Paper 30E)
The IASB tentatively decided to retain unchanged the IFRS for SMEs Standard for the topics identified in Agenda Paper 30E, considering the feedback on the Request for Information Comprehensive Review of the IFRS for SMEs Standard, except for the recognition and measurement of developments costs. Agenda Paper 30E discusses feedback on topics not addressed by the IFRS for SMEs Standard and topics respondents have brought to the IASB’s attention relating to the IFRS for SMEs Standard.
All 12 IASB members agreed with this decision.
The IASB decided to explore possible changes to the recognition and measurement of developments costs in the IFRS for SMEs Standard at a future meeting.
Eight of 12 IASB members agreed with this decision.
Next step
The IASB will continue to develop the project proposals at a future meeting.
Strategy and governance
Third Agenda Consultation (Agenda Paper 24)
The IASB met on 15 November 2021 to discuss feedback on its Request for Information Third Agenda Consultation. The Request for Information sought feedback on:
the strategic direction and balance of the IASB’s activities;
the criteria for assessing the priority of financial reporting issues that could be added to the work plan for 2022 to 2026; and
new financial reporting issues that could be given priority in the IASB’s work plan for 2022 to 2026.
The IASB was not asked to make any decisions.
Next step
At future meetings, the IASB will continue discussing feedback on the Request for Information and make decisions on the matters raised in it. - البلد الأردن
نشر في
محاسبة و مراجعة
الخميس, 25 نوفمبر 2021 13:34
رسالة ماجستير: دراسة العلاقة بين تطبيق المعايير الدولية لإعداد التقارير المالية IFRS for SME's للمشروعات الصغيرة والمتوسطة المصرية وجودة التقارير والمعلومات المالية والمحاسبية لتحقيق أهداف التنمية المستدامة في جمهورية مصر العربية
هدفت هذه الدراسة إلى دراسة العلاقة بين تطبيق المعايير الدولية لإعداد التقارير المالية (IFRS for SME's) للمشروعات الصغيرة والمتوسطة المصرية وجودة التقارير والمعلومات المالية والمحاسبية لتحقيق أهداف التنمية المستدامة في جمهورية مصر العربية
معلومات إضافية
- البلد مصر
نشر في
رسائل ماجستير و دكتوراة
الأحد, 14 نوفمبر 2021 08:06
مؤسسة IFRS تشكل مجلس معايير الاستدامة الدولية، وتدمج مؤسسة الإبلاغ عن القيمة VRF ومجلس معايير الإفصاح عن المناخ CDSB
أطلقت مؤسسة المعايير الدولية لإعداد التقارير المالية رسمياً مجلس معايير الاستدامة الدولية يوم الأربعاء الماضي وأعلنت عن خطط لتوحيد مؤسسة الإبلاغ عن القيمة -المجموعة المدمجة حديثًا التي توحد مجلس معايير محاسبة الاستدامة مع المجلس الدولي للإبلاغ المتكامل -بالإضافة إلى مجلس معايير الإفصاح عن المناخ، وهو مبادرة من مشروع الافصاح عن الكربون بحلول يونيو 2022.
معلومات إضافية
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المحتوى بالإنجليزية
IFRS Foundation forms International Sustainability Standards Board, consolidates VRF and CDSB
By Michael Cohn
November 03, 2021, 6:45 a.m. EDT
17 Min Read
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The International Financial Reporting Standards Foundation formally launched the International Sustainability Standards Board on Wednesday and announced plans to consolidate the Value Reporting Foundation — the recently merged group uniting the Sustainability Accounting Standards Board with the International Integrated Reporting Council — as well as the Climate Disclosure Standards Board, an initiative of the Carbon Disclosure Project, by June 2022.
The move to merge together the VRF, SASB, the IIRC and the CDSB within one sustainability standard-setter comes in response to demands from financial regulators at the International Organization of Securities Commissions and investors for more alignment between the sometimes competing standards and frameworks for environmental, social and governance reporting, to avoid greenwashing by companies. The formal launch was timed to coincide with the United Nations’ COP26 climate change conference in Glasgow, Scotland, where world leaders are meeting to talk about how to curb the accelerating pace of rising temperatures and natural disasters across the planet. The new International Sustainability Standards Board is expected to develop a comprehensive global baseline of high-quality sustainability disclosure standards to meet investors’ information needs.
Last year, SASB and the IIRC announced plans to merge to form the Value Reporting Foundation, with the possibility of the CDSB joining them as well. The three groups, along with the Carbon Disclosure Project and the Global Reporting Initiative, all agreed to further align their standards, but the IFRS Foundation, which also oversees the International Accounting Standards Board, soon announced its own plans to explore the creation of an International Sustainability Standards Board that it would oversee alongside the IASB (see story). Most of the other standard-setters had agreed to participate in a Technical Readiness Working Group for the proposed ISSB, but now it appears most of them will be absorbed into the new ISSB. The GRI, however, is still expected to remain independent after the ISSB is formed.
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“Sustainability, and particularly climate change, is the defining issue of our time,” said IFRS Foundation chair Erkki Liikanen in a statement. “To properly assess related opportunities and risks, investors require high-quality, transparent and globally comparable sustainability disclosures that are compatible with the financial statements. Establishing the ISSB and building on the innovation and expertise of the CDSB, the Value Reporting Foundation and others will provide the foundations to achieve this goal.”
They are also publishing prototypes of climate and general disclosure requirements developed by the Technical Readiness Working Group, a group formed by the IFRS Foundation Trustees to undertake preparatory work for the ISSB. The prototypes are the result of six months of joint work by representatives of the CDSB, the IASB, the Financial Stability Board’s Task Force on Climate-related Financial Disclosures (TCFD), the VRF and the World Economic Forum, supported by the International Organization of Securities Commissions (IOSCO) and its Technical Expert Group of securities regulators. The TRWG has consolidated some aspects of these organizations’ content into a unified set of recommendations for consideration by the ISSB.
The ISSB will sit alongside and work in close cooperation with the IASB to provide connectivity and compatibility between IFRS accounting standards and the ISSB’s standards, which will be called IFRS Sustainability Disclosure Standards. Both boards will be overseen by the IFRS Foundation trustees, who in turn will be accountable to a Monitoring Board of capital market authorities responsible for corporate reporting in their jurisdictions. The ISSB and the IASB will be independent, and their standards will complement each other to provide comprehensive information to investors and other providers of capital.
‘Development of the ISSB’s global baseline will deliver transformative change in sustainability disclosures for the financial markets,” Mary Schapiro, former chair of the Securities and Exchange Commission, and current head of the TCFD Secretariat, said in a statement. “The TCFD welcomes the formation of the ISSB, which builds upon the foundation of the globally-accepted TCFD framework and the work of an alliance of sustainability standard setters. The ISSB represents a major step forward in establishing consistent, comparable global reporting standards.”
Richard Sexton and Robert K. Steel, co-chairs of the Value Reporting Foundation Board, backed the move to consolidate their organization within the new ISSB. “Today’s announcement is a reflection of the changed world we live in — a world in which sustainability and long-term thinking are increasingly at the heart of business and investor decision-making,” they said in a joint statement. “This is a transformation that both the IIRC and SASB helped lead, made possible by the many thousands of stakeholders who volunteered time and offered resources to develop the Integrated Thinking Principles, Integrated Reporting Framework and SASB Standards that are today used by businesses and investors around the world. The Value Reporting Foundation Board believes the consolidation announced today will help deliver effective disclosures to drive global sustainability performance. We count on your continued collaboration as we embark on this exciting next step.”
CDSB chairman Richard Samans and CDP CEO Paul Simpson also issued a joint statement of support. “CDP pioneered environmental disclosure 20 years ago and has hosted CDSB since its formation in 2007,” they stated. “CDSB’s global partnership of business and environmental organizations supported by the international accounting community was formed to create a generally-accepted framework for corporate reporting of material climate, environmental and social information to investors and regulators.”
The ISSB plans to develop IFRS Sustainability Disclosure Standards, including disclosure requirements to address companies’ impacts on sustainability matters relevant to assessing enterprise value and making investment decisions. The ISSB standards will be developed to facilitate compatibility with requirements that are jurisdiction specific or aimed at a wider group of stakeholders (such as the European Union’s planned Corporate Sustainability Reporting Directive as well as initiatives in the Americas and Asia-Oceania).
The G20 Finance Ministers and Central Bank Governors and the Financial Stability Board both welcomed the IFRS Foundation’s work program to develop global baseline standards for sustainability disclosures.
The IFRS Foundation reached commitments with the CDSB, whose secretariat is hosted by CDP, and the VRF to consolidate their technical expertise, content, staff and other resources with the IFRS Foundation. The technical standards and frameworks of the CDSB and the VRF, along with those of the TCFD and the Forum Stakeholder Capitalism Metrics, will provide a basis for the technical work of the new board.
“We become part of the IFRS Foundation,” said Neil Stewart, director of corporate outreach at the Value Reporting Foundation. “We become the foundation of the ISSB. What’s really great is that this is not just a matter of us handing over our standards and riding off into the sunset. This is really consolidating our people, our relationships, our IP. We’re bringing over a decade of work, of partners, of all those networks and relationships that have gone into the creation of the SASB standards and the integrated reporting framework. We’re bringing that into the ISSB. Don’t just look at this as a set of standards and a framework that they pick up and run with. It’s a whole ecosystem that now is kind of like a chrysalis coming out and hatching into the ISSB.”
Recognizing the urgency and the desire to provide the ISSB with a solid foundation on which to start its work, the trustees created the TRWG, which includes representatives from the CDSB, TCFD, IASB, VRF and the World Economic Forum, to provide recommendations to the ISSB. The TRWG has concluded its work on two prototype documents that were published Wednesday, one focusing on climate-related disclosures that build on the TCFD’s recommendations, and include industry-specific disclosures, and a second setting out general sustainability disclosures. The intention is for the ISSB to consider the prototypes as part of its initial work program.
The ISSB will also draw upon expertise from several advisory groups. Technical advice on sustainability matters will be provided to the ISSB by a new Sustainability Consultative Committee, whose members will include the International Monetary Fund, the Organization for Economic Cooperation and Development, the United Nations, the World Bank and other experts drawn from public, private and nongovernmental organizations.
The remit and expertise of the IFRS Advisory Council will be extended to provide strategic sustainability-related advice and counsel to the ISSB, as well as the IFRS Foundation trustees and the IASB. Finally, the trustees have formed a working group to create a mechanism for formal engagement on standard-setting between the ISSB and jurisdictional representatives, including from emerging markets (similar to the Accounting Standards Advisory Forum, which plays this role for the IASB).
The IFRS Foundation said it intends to leverage the existing CDSB and VRF advisory groups, which include investors and other experts who have demonstrated long-standing support for improved sustainability disclosure. In addition, the World Economic Forum’s private sector coalition will be engaged. The IFRS Foundation intends to use the International Integrated Reporting Council to give it advice on establishing connectivity between the work of the IASB and the ISSB through the fundamental concepts and guiding principles of integrated reporting.
The ISSB will have a global and multi-location presence. All regions of the world — the Americas, Asia-Oceania and EMEA (Europe, the Middle-East and Africa) — will be covered. Engagement with developing and emerging economies will also be a big priority.
The IRS Foundation Trustees are currently in advanced stages in appointing a chair and vice-chair(s) to the ISSB. They have also begun to search for additional board members up to the full complement of 14 members .
The ISSB’s work is expected to begin as soon as the chair and vice-chairs have been appointed and to begin with public consultations to inform the ISSB’s work plan and on proposals informed by recommendations from the TRWG. Following these consultations, the ISSB’s work will follow the IFRS Foundation’s due process, including public discussions by the ISSB of feedback received in response to consultations and possible improvements to the proposals prior to their finalization as standards. The entire process will be overseen by the IFRS Foundation trustees’ Due Process Oversight Committee.
It’s unclear what will happen to the ongoing work of the Value Reporting Foundation and its SASB Standards Board, as well as the new board members that the VRF named only last week, but Stewart said they would continue to meet and work on their new standards until the merger closes next June. The VRF and SASB Standards Board had been working on other initiatives besides climate change issues, in the areas of human capital, diversity, mining industry tailings management, internet content moderation and other projects.
“It’s important for us not to preempt the work of the ISSB,” said Stewart. “The chair, vice chair and board members haven’t been named. The very first thing that has to happen is for the ISSB to go out on a public consultation, not only on the climate disclosure standard, which should be the first order of business because of the urgency of climate change, they will be consulting too on what will be their priority issues. The ISSB will need to follow a very rigorous due process, which the IFRS Foundation is uniquely positioned to steer because of their history with the IASB. I would never say that here is the ISSB’s research agenda and it includes all of these research projects because it doesn’t exist yet. They have to do that public rigorous process, but those projects won’t stop in their tracks tomorrow. The SASB standards will continue to be maintained and used in the near future and the near and median term as the ISSB gets set up and they go through the initial process with the climate disclosure standard and get up and running. The merger won’t close for another eight months, and in the meantime everything keeps running.”
Reactions
Another ESG standard-setter, the Global Reporting Initiative, has not announced plans to become part of the ISSB, but expressed its readiness to engage with the group.
“GRI is pleased that the IFRS Foundation has recognized the merits of incorporating sustainability considerations into financial disclosures, through the creation of a sustainability standards board,” said GRI interim CEO Eric Hespenheide in a statement. “We also welcome that the reporting organizations with a core focus on investors needs are to come together under one house. We advocate for a comprehensive corporate reporting system, with a two-pillar structure in which robust sustainability and financial reporting are on an equal footing. The sustainability pillar, under which GRI sits, addresses a company’s external impacts on society and the environment, while the financial pillar needs to reflect sustainability risks to a company’s value. Today’s announcement marks a significant step toward strengthening that second pillar. Disclosure on a company’s financially material sustainability topics — while important from the context of helping markets to assess opportunities and risks — is not sufficient to deliver full transparency on sustainability impacts, as envisioned by the GRI standards and embraced by the EU. Corporate transparency that meets the needs of all stakeholders requires improved connectivity between sustainability and financial reporting. I therefore reiterate once again that GRI stands ready to engage with the IFRS Foundation in support of this aim. We look forward to hearing more about the remit and scope of their new ventures, as well as inputting to the development of the proposed climate standard.”
KPMG welcomed the new group. “Today’s announcement by the IFRS Foundation is a watershed moment for sustainability disclosure standards and an important step that will help harness our capital markets to secure a sustainable future,” said KPMG global chairman and CEO Bill Thomas in a statement. “You can’t change what you can’t measure, and the creation of globally consistent and transparent sustainability disclosure standards will strengthen our capital markets by helping investors and business leaders make better decisions and refocus their dynamism on long-term value creation. We all need to recognize that we have a role to play in helping solve society’s biggest challenges. The IFRS Foundation is a key ally and I am proud that KPMG has supported them on this important initiative, including through our work on Stakeholder Capitalism Metrics with the World Economic Forum.”
The Association of Chartered Certified Accountants also expressed its support. “This development means we now have a once in a lifetime opportunity to help shape global reporting standards for the benefit of investors, economies and the public good,” said Helen Brand, chief executive of ACCA and co vice-chair of the Value Reporting Foundation board, in a statement. “In December 2020, we expressed strong support for the creation of the ISSB. This is needed to address the scale of global environmental and social challenges today, accelerate the necessary reallocation of capital, and drive positive changes in corporate decision-making. With the global reach of the International Integrated Reporting Framework and the SASB Standards, the VRF can help the ISSB to achieve much-needed consistency in reporting across the world. The IFRS Foundation’s commitment to build connectivity between financial and sustainability reporting using the principles of integrated reporting is particularly welcome. We believe that this is vital to high-quality connected corporate reporting.’
ACCA also published Wednesday a policy paper, Principles for connected corporate reporting standard setting, which calls for a consistent and connected set of global reporting standards and aligns with much of what the ISSB and the VRF will be doing.
The International Federation of Accountants, which had called last year for the creation of the ISSB along with the International Organization of Securities Commissions, also pledged its support. IFAC also welcomed the commitments to combine the CDSB and Value Reporting Foundation with the IFRS Foundation to provide much needed consolidation and contributing support and resources toward the success of the new ISSB.
“Now is the time for policymakers around the world to focus on how to capitalize on the forthcoming work of the ISSB,” said IFAC CEO Kevin Dancey in a statement. “As with the success of IFRS Standards for financial reporting, IOSCO’s support is key. Jurisdictions around the world need to take the next step—deciding to use, implement, and enforce IFRS Sustainability Disclosure Standards as part of a Building Blocks Approach that will deliver the global baseline for sustainability-related reporting needed for investors and capital markets.”
The International Public Sector Accounting Standards Board also praised the formation of the ISSB. “Climate change is an issue that is increasingly important to us all,” said IPSASB chair Ian Carruthers in a statement. “Urgent public sector action will be critical to successfully addressing climate change, through the combination of its central roles as policy setter, regulator, funder and in service delivery. Strong governance, effective implementation, and accountability for the use of public sector resources will all be essential if governments are to play their parts in addressing climate change and sustainability more broadly.”
KPMG's U.S. firm also offered its support for ISSB. “Today’s announcement by the IFRS Foundation advances the march toward ESG engagement on a more global scale,” said KPMG audit vice chair Scott Flynn in a statement. “At KPMG, we support the development of a baseline global ESG reporting standard to reduce complexity and achieve greater relevance, consistency, reliability, and comparability in ESG reporting. This announcement serves the capital markets by helping investors achieve their ESG goals that will power global solutions to societal challenges. It also underscores the need for companies to prepare now. Embedding ESG engagement throughout one’s organization and transformation requires scenario planning, materiality assessments, strategy, operations, assurance, and more. It demands an all-hands mentality to meet this all-hands moment.”
“At KPMG, we believe ESG engagement makes business better,” said KPMG Impact leader Rob Fisher in a statement. “The announcement today by the IFRS Foundation is a big step forward in the development of a baseline global ESG reporting standard that can accelerate the financing of private-sector solutions to society’s most pressing problems. It will also help many companies seeking to go from ‘why’ to ‘how’ when it comes to ESG engagement by reducing complexity in reporting and helping them tell their ESG story to investors. Deep engagement on strategy, operations, and reporting has the potential to create a virtuous circle or ‘flywheel effect,’ powering transformation that drives measurable profitability and sustainability today and tomorrow. Today’s announcement has flywheels spinning faster.”
The Center for Audit Quality also applauded the move.
“Investors are clear that climate and other ESG-related disclosures are integral to their investment decisions,” said CAQ CEO Julie Bell Lindsay in a statement. “Today’s ISSB announcement is a positive step forward to providing a global baseline to deliver consistent and comparable sustainability standards.”
The Institute of Management Accountants also released a statement of support for the ISSB. “As described, this ISSB will work in close cooperation with the International Accounting Standards Board under the Foundation’s governance structure,” said the group. “IMA is also pleased to observe the commitments to combine the Value Reporting Foundation and the Climate Disclosures Standards Board into the foundation of the ISSB. This week, with the endorsement of its Sustainable Business Management Global Task Force, IMA released its Statement of Position on Sustainable Business Information and Management and observes that the IFRS Foundation’s measure aligns with several of the articulated principles such as reducing fragmentation in ESG reporting, reflecting existing precedent around materiality with respect to investors and the securities markets, and focusing holistically on value creation. It also signals alignment with our principles related to supporting small and medium sized enterprises, internal controls, and the use of technology, particularly digital reporting. Management is a critical information user and stakeholder, and we encourage additional steps to ensure that the new accounting paradigm promotes trust, builds value and facilitates action.” - البلد عالمي
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محاسبة و مراجعة
الأربعاء, 17 نوفمبر 2021 11:01
دراسة ماجستير: قياس أثر تبني المعايير الدولية لإعداد التقارير المالية IFRS على العلاقة بين القدرة الإدارية وتقعد التقارير المالية في الشركات المتداولة بالبورصة المصرية
معلومات إضافية
- البلد مصر
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رسائل ماجستير و دكتوراة
الخميس, 28 أكتوبر 2021 12:30
تجميع قرارات جدول الأعمال -تم نشر المجلد 5 من قبل لجنة تفسيرات IFRS
تجمع المجموعة الخامسة لقرارات جدول الأعمال الصادرة عن مؤسسة المعايير الدولية لإعداد التقارير المالية قرارات جدول الأعمال التي نشرتها لجنة تفسيرات المعايير الدولية لإعداد التقارير المالية من أبريل إلى أكتوبر 2021.
معلومات إضافية
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المحتوى بالإنجليزية
The IFRS Foundation’s fifth Compilation of Agenda Decisions brings together agenda decisions published by the IFRS Interpretations Committee (Committee) from April to October 2021.
The agenda decisions included in this compilation relate to:
IFRS 9 Financial Instruments;
IFRS 16 Leases;
IAS 2 Inventories;
IAS 10 Events after the Reporting Period;
IAS 19 Employee Benefits; and
IAS 32 Financial Instruments: Presentation.
The agenda decisions are organised by the IFRS Standards to which they relate. The document is intended to make the already published work of the Committee more accessible.
The role of the Committee is to work with the International Accounting Standards Board in supporting the consistent application of IFRS Standards.
The Committee publishes an agenda decision when, following consultation, it concludes that a standard-setting project should not be added to the work plan to address a question received about the application of IFRS Standards.
Agenda decisions report the Committee’s decision and, in many cases, also include material that explains how the applicable principles and requirements in IFRS Standards apply to the transaction or fact pattern described in the agenda decision.
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محاسبة و مراجعة
موسومة تحت
الإثنين, 27 سبتمبر 2021 20:28
تحديث لجنة تفسيرات المعايير الدولية لإعداد التقارير المالية IFRIC لشهر سبتمبر 2021
تحديث IFRIC هو ملخص للقرارات التي توصلت إليها لجنة تفسيرات المعايير الدولية لإعداد التقارير المالية في اجتماعاتها العامة.
معلومات إضافية
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المحتوى بالإنجليزية
Committee's tentative agenda decisions
The Committee discussed the following matters and tentatively decided not to add standard-setting projects to the work plan. The Committee will reconsider these tentative decisions, including the reasons for not adding standard-setting projects, at a future meeting. The Committee invites comments on the tentative agenda decisions. Interested parties may submit comments on the open for comment page. All comments will be on the public record and posted on our website unless a respondent requests confidentiality and we grant that request. We do not normally grant such requests unless they are supported by a good reason, for example, commercial confidence. The Committee will consider all comments received in writing up to and including the closing date; comments received after that date will not be analysed in agenda papers considered by the Committee.
Demand Deposits with Restrictions on Use (IAS 7 Statement of Cash Flows)—Agenda Paper 5
The Committee received a request about whether an entity includes a demand deposit as a component of cash and cash equivalents in its statements of cash flows and financial position when the demand deposit is subject to contractual restrictions on use agreed with a third party. In the fact pattern described in the request, the entity:
holds a demand deposit whose terms and conditions do not prevent the entity from accessing the amounts held in it (that is, were the entity to request any amount from the deposit, it would receive that amount on demand).
has a contractual obligation with a third party to keep a specified amount of cash in that separate demand deposit and to use the cash only for specified purposes. If the entity were to use the amounts held in the demand deposit for purposes other than those agreed with the third party, the entity would be in breach of its contractual obligation.
Cash and cash equivalents in the statement of cash flows
Paragraph 6 of IAS 7 defines ‘cash’ by stating that it ‘comprises cash on hand and demand deposits.’ IAS 7 includes no other requirements on whether an item qualifies as cash beyond the definition itself.
IAS 7 and IAS 1 Presentation of Financial Statements indicate that amounts included in cash and cash equivalents may be subject to restrictions. Namely:
paragraph 48 of IAS 7 requires an entity to disclose information about ‘significant cash and cash equivalent balances held by the entity that are not available for use by the group’; and
paragraph 66(d) of IAS 1 requires an entity to classify as current an asset that is ‘cash or a cash equivalent (as defined in IAS 7) unless the asset is restricted from being exchanged or used to settle a liability for at least twelve months after the reporting period’.
The Committee concluded that restrictions on use of a demand deposit arising from a contract with a third party do not result in the deposit no longer being cash, unless those restrictions change the nature of the deposit in a way that it would no longer meet the definition of cash in IAS 7.
In the fact pattern described in the request, the contractual restrictions on use of the amounts held in the demand deposit do not change the nature of the deposit—the entity can access those amounts on demand. The Committee therefore concluded that the entity includes the demand deposit as a component of ‘cash and cash equivalents’ in its statement of cash flows.
Presentation in the statement of financial position
Paragraph 54(i) of IAS 1 requires an entity to include a line item in its statement of financial position that presents the amount of ‘cash and cash equivalents’. Paragraph 55 of IAS 1 states ‘an entity shall present additional line items (including by disaggregating the line items listed in paragraph 54) … in the statement of financial position when such presentation is relevant to an understanding of the entity’s financial position’.
The Committee therefore concluded that, in the fact pattern described in the request, the entity presents the demand deposit as cash and cash equivalents in its statement of financial position. When relevant to an understanding of its financial position, the entity would disaggregate the cash and cash equivalents line item and present the demand deposit subject to contractual restrictions on use separately in an additional line item.
An entity that presents assets as current or non-current would, applying paragraph 66(d) of IAS 1, classify the demand deposit as current unless the deposit is ‘restricted from being exchanged or used to settle a liability for at least twelve months after the reporting period’.
Disclosures
Paragraph 45 of IAS 7 states that ‘an entity shall disclose the components of cash and cash equivalents…’, and paragraph 48 of IAS 7 requires an entity to disclose, together with commentary by management, ‘the amount of significant cash and cash equivalent balances held by the entity that are not available for use by the group’. Applying those requirements, the entity discloses the demand deposit subject to contractual restrictions on use as a component of cash and cash equivalents and the amount of significant cash and cash equivalent balances unavailable for use by the group, as well as information about that amount. The entity also considers whether to disclose additional information:
in the context of the requirements in IFRS 7 Financial Instruments: Disclosures about liquidity risk arising from financial instruments and how an entity manages that risk; and
if the information it provides applying the disclosure requirements in IAS 7 and IFRS 7 is insufficient to enable users of financial statements to understand the impact of the restrictions on the entity’s financial position (paragraph 31 of IAS 1).
The Committee concluded that the principles and requirements in IFRS Standards provide an adequate basis for an entity to determine whether to include demand deposits subject to contractual restrictions on use agreed with a third party as a component of cash and cash equivalents in its statements of cash flows and financial position. Consequently, the Committee [decided] not to add a standard-setting project to the work plan.
Cash Received via Electronic Transfer as Settlement for a Financial Asset (IFRS 9 Financial Instruments)—Agenda Paper 6
The Committee received a request about the recognition of cash received via an electronic transfer system as settlement for a financial asset. In the fact pattern described in the request:
the electronic transfer system has an automated settlement process that takes three working days to settle a cash transfer. All cash transfers made via the system are therefore settled (deposited in the recipient’s bank account) two working days after they are initiated by the payer.
an entity has a trade receivable with a customer. At the entity’s reporting date, the customer has initiated a cash transfer via the electronic transfer system to settle the trade receivable. The entity receives the cash in its bank account two days after its reporting date.
The request asked whether the entity can derecognise the trade receivable and recognise cash on the date the cash transfer is initiated (its reporting date), rather than on the date the cash transfer is settled (after its reporting date).
The applicable requirements in IFRS 9
The fact pattern described in the request involves the receipt of cash as settlement for a trade receivable. Both the trade receivable, and the cash the entity receives, are financial assets within the scope of IFRS 9. The entity therefore applies paragraph 3.2.3 of IFRS 9 in determining the date on which to derecognise the trade receivable and paragraph 3.1.1 of IFRS 9 in determining the date on which to recognise the cash as a financial asset.
The Committee observed that, in the fact pattern described in the request, the entity is neither purchasing nor selling a financial asset. Therefore, paragraph 3.1.2 of IFRS 9—which specifies requirements for a regular way purchase or sale of a financial asset—is not applicable.
Derecognition of the trade receivable
Except when an entity transfers a financial asset, paragraph 3.2.3 of IFRS 9 requires an entity to derecognise a financial asset when, and only when, ‘the contractual rights to the cash flows from the financial asset expire’. In the fact pattern described in the request, the entity therefore derecognises the trade receivable on the date on which its contractual rights to the cash flows from the trade receivable expire.
Determining the date on which the entity’s contractual rights to those cash flows expire is a legal matter, which would depend on the specific facts and circumstances including the applicable laws and regulations and the characteristics of the electronic transfer system. In the fact pattern described in the request, if the entity’s contractual right to receive cash from the customer expires only when the cash is received, the entity would derecognise the trade receivable on the transfer settlement date (the date it receives the cash in its bank account).
Recognition of cash (or another financial asset)
Paragraph 3.1.1 of IFRS 9 requires an entity to recognise a financial asset when, and only when, ‘the entity becomes party to the contractual provisions of the instrument’. In the fact pattern described in the request, the entity is party to the contractual provisions of an instrument—its bank account—under which it has the contractual right to obtain cash from the bank for amounts it has deposited with that bank. In the fact pattern described in the request, it is therefore only when cash is deposited in its bank account that the entity would have a right to obtain cash from the bank. Consequently, the entity recognises cash as a financial asset on the transfer settlement date, and not before.
The Committee observed that, if an entity’s contractual rights to the cash flows from the trade receivable expire before the transfer settlement date, the entity would recognise any financial asset received as settlement for the trade receivable (for example, a right to receive cash from the customer’s bank) on that same date. An entity would not however recognise cash (or another financial asset) received as settlement for a trade receivable before it derecognises the trade receivable.
Conclusion
In the fact pattern described in the request, the Committee concluded that, applying paragraphs 3.2.3 and 3.1.1 of IFRS 9, the entity:
derecognises the trade receivable on the date on which its contractual rights to the cash flows from the trade receivable expire; and
recognises the cash (or another financial asset) received as settlement for that trade receivable on the same date.
The Committee concluded that the principles and requirements in IFRS Standards provide an adequate basis for an entity to determine when to derecognise a trade receivable and recognise cash received via an electronic transfer system as settlement for that receivable. Consequently, the Committee [decided] not to add a standard-setting project to the work plan.
Agenda decisions for the Board's consideration
Non-refundable Value Added Tax on Lease Payments (IFRS 16 Leases)—Agenda Paper 2
The Committee considered feedback on the tentative agenda decision published in the March 2021 IFRIC Update about how a lessee accounts for any non-refundable value added tax (VAT) charged on lease payments.
The Committee reached its conclusions on that agenda decision. In accordance with paragraph 8.7 of the IFRS Foundation’s Due Process Handbook, the International Accounting Standards Board (Board) will consider this agenda decision at its October 2021 meeting. If the Board does not object to the agenda decision, it will be published in October 2021 in an addendum to this IFRIC Update.
Accounting for Warrants that are Classified as Financial Liabilities on Initial Recognition (IAS 32 Financial Instruments: Presentation)—Agenda Paper 3
The Committee considered feedback on the tentative agenda decision published in the March 2021 IFRIC Update about the application of IAS 32 in relation to the reclassification of warrants.
The Committee reached its conclusions on that agenda decision. In accordance with paragraph 8.7 of the IFRS Foundation’s Due Process Handbook, the Board will consider this agenda decision at its October 2021 meeting. If the Board does not object to the agenda decision, it will be published in October 2021 in an addendum to this IFRIC Update.
Other matters
Lease Liability in a Sale and Leaseback—Agenda Paper 4
The Committee discussed the Board’s Lease Liability in a Sale and Leaseback project. Committee members provided advice on the project’s direction after considering the feedback on the related exposure draft.
The Board will consider the Committee’s advice when it discusses the matter at a future meeting.
Work in Progress—Agenda Paper 7
The Committee received an update on the current status of open matters not discussed at its meeting in September 2021.
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محاسبة و مراجعة
موسومة تحت
الخميس, 16 سبتمبر 2021 08:10
خمسة مجالات لمحو الأمية المناخية للمحاسبين
وجهة نظر الاتحاد الدولي للمحاسبين بشأن العمل المناخي تحدد التأثير الهائل للمنظمات الأعضاء البالغ عددها 180 في الاتحاد الدولي للمحاسبين وما يزيد عن 3.5 مليون محاسب مهني في دفع التحول والتكيف مع تغير المناخ.
معلومات إضافية
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المحتوى بالإنجليزية
IFAC’s Point of View on climate action outlines the enormous influence IFAC’s 180 member organizations and the over 3.5 million professional accountants yield in driving climate change transition and adaptation.
As Mark Carney, COP26 Finance Adviser and UN Special Envoy, put it at the 2020 IFAC/ACCA Climate Week event, the accountancy profession is essential in achieving a low-carbon transition. The contribution of an individual accountant will of course depend on their role but there are few roles that accountants undertake which do not require thinking about climate impacts and their financial consequences.
The transition to a below 2-degree Celsius Net-Zero world really needs climate-literate accountants who can take a climate-conscious approach to
advising their clients and employers on the risks, liability and reputational damage arising from corporate activity that negatively contributes to climate change;
supporting the strategic, operational and financial assessment of climate change and steering an organization toward the opportunities that decarbonization brings; and
providing investors the information they need to understand the current and prospective impact of climate-related matters on an organization and its financial position and prospects.
Becoming climate-literate isn’t a nice to do aspirational goal. A low-carbon transition is underway and will change how economies operate creating both uncertainty and significant opportunities. Politicians, regulators, and institutional investors, and asset managers have all elevated their game.
Governments and businesses are setting Net Zero emissions targets with about 120 governments and a fifth of the world’s 2,000 biggest listed companies having made Net Zero commitments. More than 40 asset managers including Vanguard and BlackRock, signed up to the Net Zero Asset Managers Initiative pledging to make their portfolios Net Zero by 2050 or earlier. The CEO of BlackRock, Larry Fink’s annual letter calls on all companies “to disclose a plan for how their business model will be compatible with a net-zero economy”.
Net Zero emissions commitments are a clear signal of the intent to achieving the Paris Agreement. About 60% of global emissions are now subject to such targets. Undoubtedly there is significant work to be done to meet such long-term ambitions not least companies putting in place clear strategies and robust short- and medium-term targets, and ensuring where possible future investments are clearly aligned. Climate Action 100+ has put in place a Net Zero company benchmark to help track business alignment with the Paris Agreement.
The significant threat of climate-related stranded assets is also driving central banks and financial supervisors to assess their role in ensuring the resiliency of the financial system and solvency of financial institutions (see Adapting Central Bank Operations to a Hotter World).
Capital markets have started to make decisions about the transition to renewable and sustainable energy with the cost of capital for fossil fuel options increasing. However, climate risk disclosure globally is inadequate. For climate risk to be fully reflected in company valuations every company, every bank, every insurer and investor needs to disclose their climate-related risks on a standardized basis.
Step-in accountants who need to acquire climate literacy in these five areas to provide relevant insights and analysis, reporting, and assurance to help organizations and their stakeholders make informed decisions to ensure business resilience.
Climate finance: Understanding the nature and magnitude of domestic and international climate finance and how climate finance flows and investments can support climate adaptation and mitigation actions.
Climate finance is the key to unlocking resource mobilization and capex decisions to finance low-carbon investments and products such as electric fleets or renewable energy generation. Mobilizing equity or debt finance to support new technologies and processes is usually critical to changing business models and supply chains. Options for green finance have significantly increased over recent years, through green bonds and sustainability-linked loans, for example, Virgin Money has launched sustainability-linked loans in Europe.
Decarbonization strategies and business models: Being aware of decarbonization strategies and plans where they exist, and the opportunities and challenges around different approaches to achieving Net Zero emissions reduction.
It is important to be familiar with various options for permanent carbon reduction and removal and their associated cost and benefits. Investments in low-carbon and novel solutions can often appear economically unviable because of high up-front capital costs so measuring economic returns, and other potential benefits over a longer period become important. Investments in R&D and innovation can be directed at enabling greater resource and energy efficiency, migration to circular business models, and avoiding the use or production of virgin materials (e.g., using bio-based raw materials like mycelium leather), and diversification into other energy forms.
It is also important to know your sector as decarbonization pathways are typically sectoral with approaches and technology options being unique to different sectors such as energy, transport, agriculture, manufacturing, and financial services. Also, be aware of carbon markets and policy and regulatory approaches and instruments for emissions abatement, and how carbon offsets can be an option for bridging the gap where technologies and resources to achieve zero emissions are not within reach.
Climate scenarios and risk assessments: Understanding climate scenarios and risk assessments and how they help to drive strategic decisions and support the assessment of investment/capex options as well as business cases for new products or mergers and acquisitions.
A comprehensive understanding of climate risk assessments and scenario modeling is necessary to support robust analysis of opportunities and risks in relation to different transition pathways. Scenario analysis is a critical element in bridging risk management and strategy and provides useful insights into how resilient strategies and business models are in the context of physical and transition risks. Risk assessments also support robust and useful disclosure by helping to quantify climate impacts and their potential financial impact in relation to revenues, expenditures, assets and liabilities under various climate scenarios.
Climate performance and data management: Being cognizant of climate science to establish relevant targets to reduce greenhouse gas (GHG) emissions, and establishing KPIs to assess performance against targets and strategic goals. Providing objective and reliable data and insights to help set and achieve appropriate emissions and other climate-related targets is also critical. Targets set by management drive actions to mitigate or adapt to climate risks and opportunities, It is important to be comfortable with
Metrics used to measure and manage risks and opportunities such as the current carbon price or range of prices used for assessing climate risks and making investment and strategic decisions
Metrics that reflect the impact of risks on financial performance.
Relevant climate-related KPIs need to be integrated into performance scorecards and alignment to incentives at different levels in the organization. It is also important to integrate climate-related information into existing financial and data management systems and internal control processes to ensure data supporting decision-making and reporting is reliable and verifiable.
Incorporating climate change into reporting and disclosure: Both preparers and auditors need to be attuned to the implications of climate-related matters as part of their financial and integrated reporting, and auditing and assurance responsibilities. It is important to be familiar with The Financial Stability Board’s Taskforce on Climate-related Financial Disclosures (TCFD) recommendations that are a catalyst for improving management processes for managing climate-related risk as well as enhancing financial-related disclosure. The TCFD recommendations are being used as the basis of tougher climate-related disclosure requirements in various countries.
Significantly better disclosure on climate risks is needed both for management and risk reporting and understanding the impact on key accounting estimates and judgements in assessing and reporting on financial position and performance.
Material climate risks for the current reporting period need to be incorporated in financial accounts where they have a financial effect such as impairment of assets and impact on results and cash flows. The Climate Disclosure Standards Board (CDSB), has issued guidance on the disclosure of the financial effects of climate-related issues on a company’s financial statements under existing IFRS Standards. Where the financial effects of climate risk are uncertain, it is necessary to include in the management or “front half” of the annual report forecasting of climate risks together with management assumptions, judgments and estimates.
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موضوعات متنوعة
الأحد, 12 سبتمبر 2021 14:26
تعرف علي العضو الجديد في مجلس معايير المحاسبة الدولية
عين أمناء مؤسسة المعايير الدولية لإعداد التقارير المالية برتراند بيرين كعضو في مجلس معايير المحاسبة الدولية. ستبدأ ولايته في 1 يوليو 2021.
معلومات إضافية
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المحتوى بالإنجليزية
The Trustees of the IFRS Foundation have appointed Bertrand Perrin as a member of the International Accounting Standards Board (Board).
Mr Perrin, from France, has extensive experience as a preparer and has worked closely with the Board and the Foundation for several years, most recently as a member of the IFRS Interpretations Committee, which he joined in 2016.
He joins the Board on 1 July 2021 for an initial five-year term from his current position as Director of Accounting Standards and Special Projects at Vivendi, a European content, media and communications group headquartered in France. In this role, he has managed the implementation of various IFRS Standards, integrated new businesses acquired and led the co-ordination of group-wide financial reporting aspects.
Before starting at Vivendi in 2003, he spent nine years as an external auditor at Salustro Reydel, at the time a member firm of RSM International.
Mr Perrin also currently serves as a member of EFRAG’s Advisory Panel on Intangibles.
He has a Master’s degree in Business Administration from Audencia Business School in Nantes.
The Board comprises members from varied professional and geographical backgrounds. Mr Perrin will fill one of the European seats, succeeding Françoise Flores, whose term ends in June.
Erkki Liikanen, Chair of the Trustees, said:
On behalf of the Trustees, we look forward to welcoming Bertrand. His experience in applying IFRS Standards will provide helpful insight in our standard-setting work. I would also like to thank Françoise for the valuable contributions she has made to the Board’s work.
Bertrand Perrin said:
I look forward to joining the Board and participating in the continuous improvement of financial reporting through the standard-setting process, by providing the perspective of a former preparer. Indeed, I am most honoured to have the opportunity to serve the public interest and contribute to the public good.
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موضوعات متنوعة
الخميس, 19 أغسطس 2021 13:33
ثلاثة أعضاء جدد في لجنة تفسيرات المعايير الدولية لإعداد التقارير المالية
ثلاثة أعضاء جدد تم تعيينهم في لجنة تفسيرات المعايير الدولية لإعداد التقارير المالية
معلومات إضافية
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المحتوى بالإنجليزية
Three new members appointed to the IFRS Interpretations Committee
The Trustees of the IFRS Foundation, who are responsible for the oversight and governance of the International Accounting Standards Board (Board), have appointed Andre Besson, Karen Higgins and M P Vijay Kumar to the IFRS Interpretations Committee (Committee).
The Committee works with the Board in supporting the consistent application of IFRS Standards. In particular, the Committee responds to application questions by publishing agenda decisions to explain how IFRS Standards apply to particular scenarios. If required, the Committee also develops interpretations (called IFRIC Interpretations, which are subject to ratification by the Board) or proposes that the Board amend the Standards.
New members
Andre Besson is a finance and control professional with more than 25 years of experience, of which half has been in accounting policy and technical accounting. He is currently Head of Financial Reporting Guidelines at Nestlé SA in Switzerland. He is also co-chair of SwissHoldings’ Working Group on Accounting and Reporting and a member of BusinessEurope’s Accounting Harmonisation Working Group and Sounding Board.
Karen Higgins is an audit and assurance partner at Deloitte and has specialised in the financial services industry for more than 30 years. She is the leader of the Canadian IFRS Center of Excellence, and the Canadian firm representative on the Deloitte Global IFRS Leadership Team. Karen is also a former vice-chair of the Canadian Accounting Standards Board.
M P Vijay Kumar is Chief Financial Officer at Sify Technologies, one of India's largest information and communications technology companies. He is a council member of the Institute of Chartered Accountants of India and serves as chair of its Accounting Standards Board. Vijay is also on the IFRS Advisory Council and the SME Implementation Group.
All appointments take immediate effect for a term ending 30 June 2024. Jongsoo Han (Korea Accounting Standards Board) and Robert Uhl (Deloitte) completed their terms at the end of June. Bertrand Perrin (Vivendi) stepped down from the Interpretations Committee before his term ended to assume his new role as a Board member. The IFRS Foundation Trustees thank the outgoing members for their years of valuable service.
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موضوعات متنوعة
موسومة تحت