Transition Plan Taskforce’s Post

💡 The Transition Plan Taskforce (TPT) released its final report, "Progress Achieved and the Path Ahead." The report identifies essential opportunities and challenges for the global adoption of #transitionplans. It emphasizes the increasing role of financial institutions and the urgent need for reliable and consistent plans. With IFRS Foundation taking responsibility for TPT's disclosure-related materials, transition planning is strategically positioned to drive global standards. As we wrap up this incredible project, we are grateful for the collective effort and collaboration that made it all possible. 📖 Read the report and explore its powerful insights: https://lnkd.in/dTw42XRJ

Is proportionality in conflict with comparability? // New webcast: Proportionality mechanisms in IFRS Sustainability Disclosure Standards

𝗔 𝗖𝗹𝗶𝗺𝗮𝘁𝗲-𝗙𝗶𝗿𝘀𝘁 𝗔𝗽𝗽𝗿𝗼𝗮𝗰𝗵 In response to concerns about data availability and companies’ readiness, the ISSB decided to provide transition reliefs in IFRS S1 and IFRS S2. A company is required to apply IFRS S1 and IFRS S2 together but paragraph E5 of IFRS S1 allows a company, in its first year of applying ISSB Standards, to disclose information on only its climate-related risks and opportunities (in accordance with IFRS S2)—the so‑called ‘climate-first’ approach. 𝗖𝗵𝗲𝗰𝗸 𝘁𝗵𝗲 𝗻𝗲𝘄 𝗴𝘂𝗶𝗱𝗲 𝗳𝗿𝗼𝗺 𝗜𝗙𝗥𝗦 𝗙𝗼𝘂𝗻𝗱𝗮𝘁𝗶𝗼𝗻!

This edition of our quarterly newsletter provides essential updates and practical insight across accounting and sustainability reporting matters. It covers significant topics including amendments to address common accounting challenges, updates to pillar two top-up tax guide, digital guide concerning impact of climate related matters on impairment, handbook on comparison of IFRS to US GAAP, IFRIC discussions on identifying hyper-inflationary economies, IFRS podcast on areas of focus for 2024 year-ends, essential guides to disclosures for banks, insurers and Investment funds and proposals to amend IAS 37. On the sustainability front, ISSB has issued guidance on making materiality judgements, update on implementation of IFRS sustainability disclosure standards and there are latest insights and guidance by ESRS Foundations. #kpmginpakistan #accounting #sustainabilityreporting #newsletter #mesac #pakistan #kpmg

Implementing IFRS 18 Presentation and Disclosure in Financial Statements in 2027 may seem far off today, and you may feel there are other, more pressing developments to follow, such as sustainability reporting under CSRD. However, IFRS 18 will affect multiple aspects of your company's performance reporting, including even the way management defines its "non-IFRS" performance measures, its new disclosure requirements may be onerous to apply, and having to apply it together with other new requirements may leave your company much less time than you might think today. The IASB is therefore broadcasting a series of English-language, subscribers-only webcasts on the most important aspects of the new standard, allowing interested parties to gain an understanding of IFRS 18's requirements "from the horse's mouth".

"To assist companies applying a climate-first approach using ISSB Standards, Table 1 provides a description of the requirements in IFRS S1 that are applicable when reporting on climate-related risks and opportunities in accordance with IFRS S2".

🌍 Understanding IFRS Fundamentals: Why They Matter Today In an increasingly interconnected global economy, International Financial Reporting Standards (IFRS) have become essential for ensuring transparency, consistency, and comparability in financial reporting. Here’s why IFRS is more relevant than ever: 1️⃣ Global Standardization: IFRS provides a common accounting language across borders, making it easier for investors, companies, and regulators to understand and assess financial statements from different countries. 2️⃣ Improved Transparency: By enforcing a principles-based approach, IFRS enhances the clarity and transparency of financial reporting, helping stakeholders make better-informed decisions. 3️⃣ Facilitating Global Capital Flow: With more than 140 countries adopting IFRS, it streamlines financial reporting for multinational companies, fostering smoother cross-border investments and capital flows. 4️⃣ Adaptability and Relevance: IFRS continues to evolve to address emerging issues such as sustainability reporting and digital assets, keeping the standards relevant in today’s fast-changing business landscape. For finance professionals, staying updated on IFRS is not just about compliance—it's about being prepared for the future of global finance. 💡 #IFRS #Finance #GlobalEconomy #FinancialReporting #Transparency #Accounting #FinanceProfessionals

KPMG's practical guide to IFRS Accounting Standards is out now

#IFRS_S1 #IFRS_S2 #CPD #Sustainability #Reporting Participated in the session by iota Consulting BD on IFRS S1: General Requirements for Disclosure of Sustainability-related Financial Information and IFRS S2: IFRS S2 Climate-related Disclosures. The International Financial Reporting Standards (IFRS) Foundation has established the International Sustainability Standards Board (ISSB) to address the urgent need for a single set of globally accepted sustainability reporting standards that are integrated, consistent and comparable with financial reporting standards. IFRS S1 and IFRS S2 are the first two IFRS Sustainability Disclosure Standards developed by the ISSB. The main objective of IFRS S1 is to disclose all information about sustainability-related risks and opportunities and IFRS S2 sets out disclosure requirements for climate-related financial risks and opportunities which fully incorporate the recommendations of the TCFD that could reasonably be expected to affect a company’s prospects.

The IFRS Foundation's webcast series on connectivity between financial statements and sustainability-related financial disclosures discusses how IFRS Accounting Standards and IFRS Sustainability Disclosure Standards complement each other. Through practical examples, they illustrate how applying the Standards together results in complementary and connected reported information. https://bit.ly/3DwphhA Webcast 1: IFRS Standards—Complementary and connected information Webcast 2: Example—Climate-related risks and impairment of non-financial assets Webcast 3: Example—Climate-related opportunities and changes in product mix  Webcast 4: Example—Climate-related commitments Link to all webcasts are provided in 1st comment #IFRS #Sustainability #ESG #sustainabilityreporting