At-A-Glance

International

IASB – International Accounting Standards Board (www.ifrs.org)

• Amendments to the Classification and Measurement of Financial Instruments—Amendments to IFRS 9 and IFRS 7, issued May 30, 2024, include “clarifying the classification of financial assets with environmental, social and corporate governance (ESG) and similar features” and “Settlement of liabilities through electronic payment systems.”  Effective for annual reporting periods beginning on or after 1 January 2026.
• The jurisdictional journey towards globally comparable information for capital markets, Inaugural Jurisdictional Guide for the adoption or other use of ISSB Standards, released May 28, 2024, “to help jurisdictions design and plan their journey to the adoption or other use of ISSB Standards.”
• Exposure Draft - IFRS Accounting Taxonomy 2024 - Proposed Update 1 - IFRS 18 Presentation and Disclosure in Financial Statements, issued May 23, 2024, “to reflect the changes to presentation and disclosure requirements arising from IFRS 18 Presentation and Disclosure in Financial Statements, issued in April 2024.” Comment period ends September 3, 2024.

IFAC – International Federation of Accountants (www.ifac.org)

• Proposed Revisions to IES (International Education Standards) 2, 3 and 4 – Sustainability, issued April 24, 2024, “that embed sustainability—from analysis to reporting to assurance—across aspiring professional accountants’ training.” Comment period ends July 24, 2024.
  

IFR4NPO - International Financial Reporting for Non-Profit Organisations (www.ifr4npo.org)

• Exposure Draft – (CIPFA/ED/2024/3) International Non-Profit Accounting Guidance, issued May 28, 2024. “In ED3 [Exposure Draft 3] the focus is on the presentation of financial information. It includes new sections on fund accounting, the classification of expenses and fundraising costs. It also includes a new section on supplementary information.” Comment period ends September 16, 2024.
  

IOSCO – International Organization of Securities Commissions (www.iosco.org)

• No new developments.

ACCA – Association of Chartered Certified Accountants (www.accaglobal.com)

• Sustainability reporting – SME guide, released May 29, 2024. “Creating and using sustainability-related information supports SMEs to survive and importantly means they can thrive through better business. This report shows how professional accountants are integral to helping SMEs access the enablers to this better business.” 

Africa, Europe, India and the Middle East (AEIME)

FRC – Financial Reporting Council of the UK (www.frc.org.uk)

• No new developments.

ICAEW - Institute of Chartered Accountants in England and Wales (https://www.icaew.com/)

• Shaping sustainability standard setting, thought leadership report released May 29, 2024. “The aim of this report is to consider the features of good accounting standard setting and discuss whether there are important lessons that sustainability standard-setters can learn from the experience of their accounting counterparts.”
  

EC – European Commission (https://ec.europa.eu/)

• No new developments.

EFRAG – European Financial Reporting Advisory Group (www.efrag.org)

• IG 1 - Materiality Assessment Implementation Guidance (MAIG), issued May 31, 2024, “provides an illustrative materiality assessment process for undertakings, and it develops the concept of impact and financial materiality with a number of examples, including how these two concepts interplay.”
• IG 2 - Value Chain Implementation Guidance (VCIG), issued May 31, 2024, “outlines the reporting requirements for the value chain from materiality assessment to policies and actions to metrics and targets. It illustrates the reporting boundary of the group for sustainability reporting, including the concept of operational control in environmental standards.”
• IG 3 - List of ESRS Datapoints, issued May 31, 2024, “translates the complete ESRS (European Sustainability Reporting Standards) Set 1 list of detailed requirements in each Disclosure Requirement and related Application Requirements in Excel format. The file contains additional information, such as the types of requirement (for example, quantitative or qualitative) or whether these are subject to transitional provisions. This list can form the basis for a data gap analysis or data collection exercise.”

Americas, Asia, Australia and New Zealand (AAANZ)

AICPA & CIMA – American Institute of Certified Public Accountants (www.aicpa.org)

• No new developments.
  

FASB – Financial Accounting Standards Board (www.aicpa.org)

• No new developments.

GASB – Governmental Accounting Standards Board (www.gasb.org)

• GASB Statement No. 103 - Financial Reporting Model Improvements, issued May 28, 2024, provides “key targeted improvements to the financial reporting model. Its requirements are designed to: Enhance the effectiveness of governmental financial reports in providing information essential for decision making and assessing a government’s accountability, and address certain application issues.” Effective for fiscal years beginning after June 15, 2025. Earlier application is encouraged.
  

COSO - The Committee of Sponsoring Organizations of the Treadway Commission (www.coso.org)

• No new developments.

PCAOB – Public Company Accounting Oversight Board (www.pcaob.org)

• PCAOB Release No. 2024-005 - A Firm’s System of Quality Control, issued May 13, 2024, to “(1) supersede current PCAOB quality control standards with an integrated, risk-based standard, QC 1000, A Firm’s System of Quality Control, that would apply to all registered public accounting firms; (2) create reporting requirements on quality control matters and a new, non-public reporting form, Form QC; (3) expand the auditor’s responsibility to monitor for and respond to deficiencies on completed engagements under an amended and retitled AS 2901, Responding to Engagement Deficiencies After Issuance of the Auditor’s Report, and related amendments to our attestation standards for broker-dealer engagements; (4) supersede our existing standard ET 102, Integrity and Objectivity, with a new standard, EI 1000, Integrity and Objectivity, to better align our ethics requirements with the scope, approach, and terminology of QC 1000; and (5) make additional changes to PCAOB standards, rules, and forms.” Effective December 15, 2025.
• PCAOB Release No. 2024-004 - General Responsibilities of the Auditor in Conducting an Audit and Amendments to PCAOB Standards, issued May 13, 2024, “addresses the general responsibilities of the auditor, such as due professional care and professional skepticism, when conducting an audit in accordance with the standards of the PCAOB.” Effective for audits of financial statements for fiscal years beginning on or after December 15, 2024. For certain firms, the amendment relating to the documentation completion date will take effect for audits of financial statements for fiscal years beginning on or after December 15, 2025.

SASB – Sustainability Accounting Standards Board (www.sasb.org)

• No new developments

SEC – Securities and Exchange Commission (www.sec.gov)

• No new developments