25/06/2024 - Report with key messages from the 17-19 April 2024 IFASS meeting now available
A report with the key messages and points of discussion from the financial and sustainability reporting topics covered at the April 2024 IFASS (International Forum of Accounting Standard Setters) meeting has been issued.
Read the report here.
On 17-19 April 2024, IFASS held a meeting in Seoul, South Korea that was hosted by the Korea Accounting Institute and chaired by EFRAG SR TEG Chair, Chiara Del Prete. At the meeting, the following financial and sustainability reporting topics were presented and discussed by IFASS participants:
- Accounting for environmental credits/carbon credits (Presentations by FASB and AcSB.)
- Intangibles and crypto assets (Presentations by UKEB and KAI.)
- Financial Instruments with Characteristics of Equity (Panel discussion moderated by ASCG with AcSB, AASB, CASC, KAI and OIC.)
- Digital Reporting (Presentations by XBRL International, ISSB, EFRAG and ARDF-Taiwan with moderated panel discussion.)
- IPSASB update (Presentation by IPSASB.)
- IASB update (Presentation by IASB.)
- Business Combinations—Disclosures, Goodwill and Impairment (Presentations by IASB, AcSB and ANC.)
- Artificial Intelligence in Standard Setting (Panel discussion with PwC and University of Zurich, moderated by IASB)
- SR Developments and IFRS Sustainability Disclosures Standards Adoption (Presentations by ISSB and EFRAG.)
- Rate-regulated activities (Panel discussion moderated by OIC with UKEB, OIC and ASCG.)
- Guidelines to support Climate disclosures and transition plans (Panel discussion and presentations moderated by HKICPA with NZ XRB, ISAL, DASC and FRC UK.)
- Application of materiality in Sustainability Reporting (Panel discussion moderated by IFASS Chair with NZ XRB, DASC, CINIF, ISSB and SSBJ.)
- Understandability of Accounting Standards (Presentation by AASB.)
- Accounting of Financial Instruments (Presentation by ICAI.)
- IFRS 19 Subsidiaries without Public Accountability (Presentations by UKEB, XRB and AASB, moderated by XRB.)
- ISSB update on agenda and workplan (Presentation by ISSB.)
- Nature disclosures (Presentations by TNFD, Inha University/SDG institut) and CINIF, moderated by EFRAG.)
- Social disclosures (Presentation by ILO and panel discussion with CSSB and Hankuk University-Korea, moderated by EFRAG.)
- PIR IFRS 16 Leases - Jurisdictional perspectives (Panel discussion moderated by AcSB and panellists CASC, ASBJ and ANC.)
- Connectivity and Boundaries within Annual Report (case study, net-zero commitment disclosures) (Presentations by AASB and EFRAG.)
- IFRS 18 Presentation and Disclosure in Financial Statements (Presentations by IASB.)
- SR - Jurisdictional updates (Panel discussion moderated by IFASS Chair with CFC Brazil, XRB), ARDF, AASB, US SEC and KAI.)
The report with key messages and points of discussion on the above topics has been issued and is available here.
The next IFASS meeting will be held on 24-25 September 2024. It will be an in-person meeting held in London, United Kingdom.
