ZAHID MUNIR’s Post

Let’s see what is coming for IFRS 15

🎞️ Watch #IASB Member Nick Anderson highlight three projects that the IASB will be discussing at its board meeting next week (22-25 April): - the Post-implementation Review of IFRS 15 Revenue from Contracts with Customers; - Climate-related and Other Uncertainties in the Financial Statements, and - Intangible Assets. 📰 Read the meeting papers and 📽️ watch the meeting online: https://lnkd.in/eVFzDyxN #IFRSAccounting #IFRS #intangibles #IntangibleAssets #climate #IASBMeeting

Including making the Intangible Assets Project active. "Although the title of the project refers to intangible assets, one key issue the IASB will need to consider in this project is whether the project should be limited to accounting for and disclosing information about financial statement elements—assets and expenses arising from expenditure on intangible items—or whether the project should aim to address intangible items more broadly." & further information at https://lnkd.in/e2TNiTxx #iasb #intangibleassets

We have published an 'iGAAP in Focus' today that explains the proposed illustrative examples set out in the IASB's exposure draft 'Climate-related and Other Uncertainties in the Financial Statements' that was published yesterday. #ifrs #iasb #climate #financialreporting #deloitte

In his previous article titled "Navigating Financial Seas: IFRS S1 & S2," Abid Ladha explored the formation of the International Sustainability Standards Board (ISSB) within the International Financial Reporting Standards (IFRS) Foundation.   Continuing on this theme, Abid discusses the Financial Stability Board (FSB) and the newly established Task Force on Climate-related Financial Disclosures (TCFD) aimed at having consistent and voluntary financial disclosures relating to climate change. The aim is to help investors, lenders, and insurance underwriters accurately evaluate and price climate risks. As the TCFD framework is mandatory in certain jurisdictions or aligned with their regulations, it is essential to consider the following ten insights while commencing or advancing your climate-related reporting journey. #TCFD #IFRS #FSB #ISSB #GrantThorntoninternational #GrantthorntonTanzania #Climatechange #ClimaterelatedDisclosure

 By having data management in sustainability data reporting may help to reduce reporting fatigue due to same data attribute at various reporting requirement. Alignment helps reduce duplication in reporting, complexity and fragmentation, to help provide decision-useful sustainability-related information for investors. 

The Treasury just released the Exposure Draft Legislation for climate-related financial disclosure. What's next? After the Australian Accounting Standards Board issued the Exposure Draft for the local adoption of the ISSB Climate Reporting Standards (ASRS 2), back in October 2023, The Treasury has published the Climate-related financial disclosure exposure draft legislation (open for comment until 9 February 2024). Next stop: Parliament. https://lnkd.in/g7FNUE_M #sustainabilityreporting #issb #asrs #climatereporting

Many companies will be required or will choose to disclose information about sustainability-related matters using both #ISSB Standards and #ESRS.      The ISSB bilaterally engaged with the European Commission and EFRAG, in parallel to the development of the ISSB Standards and ESRS.      This engagement focused on:   ⏩ Where disclosure requirements could be aligned and alignment of definitions ⏩ Where disclosure requirements were unique to either set of standards; and ⏩ How to align key concepts.      Due to this work, the IFRS Foundation, the European Commission and EFRAG achieved a high degree of alignment of climate-disclosure requirements in ESRS and ISSB Standards. Alignment helps reduce duplication in reporting, complexity and fragmentation, to help provide decision-useful sustainability-related information for investors.    However, compliance with one set of standards does not automatically ensure compliance with the other.      👉 Find out more about the high-degree of alignment, particularly on climate, and how to comply with both sets of standards in the ESRS–ISSB Standards Interoperability Guidance:  https://lnkd.in/dE5KNHeZ        #IFRSsustainability #ISSBstandards #interoperability

Alignment in sustainability reporting, such as between ISSB Standards and ESRS, benefits organizations by reducing duplication, complexity, and fragmentation. This helps provide decision-useful sustainability-related information for investors, though compliance with one set does not ensure compliance with the other.

IASB proposes illustrative examples to improve reporting of climate-related and other uncertainties in financial statements https://lnkd.in/efKaSeyF #IASB #IFRS #climatedisclosures #climaterisk