At-A-Glance

International

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

• Exposure Draft - Equity Method of Accounting IAS 28 Investments in Associates and Joint Ventures, issued September 19, 2024, “aimed at helping companies to account for their investments in associates and joint ventures.” The comment period ends on January 20, 2025.
  

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

• Quality Management Series: Small Firm Implementation, Installment Three, issued September 24, 2024, “provides tips and guidance for the practical implementation of the monitoring and remediation of a firm’s system of quality management.”
  

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

• No new developments.
  

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

• No new developments.

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

• Audit and technology playbook: A practitioner’s guide, published October 9, 2024, “provides practical guidance for audit firms of all sizes, particularly small and medium-sized practices (SMPs), on integrating digital tools and staying competitive in an increasingly tech-driven environment.

• The Smart Alliance: Accounting expertise meets machine intelligence, Policy and insights report, published September 24, 2024, based on a survey and interviews with over 900 accounting leaders who use AI, “provides insights into strategic approaches, challenges, and the outlook for AI in the profession.”
  

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

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

• Key Facts and Trends in the Accountancy Profession, published September 30, 2024, “offering a comprehensive overview of the UK accountancy and audit landscape…It also provides data on the profession’s demographics, including age, gender and ethnic diversity across seniority levels and firm sizes, highlighting both progress and persistent disparities.”
  

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

• Voluntarily applying ISSB Standards – A guide for preparers New guidance on voluntary application of ISSB Standards, published October 14, 2024, “encourages companies to voluntarily apply IFRS S1 General Requirements for Disclosure of Sustainability-related Financial Information and IFRS S2 Climate-related Disclosures and is primarily aimed at those operating in jurisdictions that lack the regulatory requirements to apply ISSB Standards.”
  

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

• No new developments.

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

• Endorsement Advice relating to Amendments to the Classification and Measurement of Financial Instruments (Amendments to IFRS 9 and IFRS 7) for use in the European Union and European Economic Area, issued October 10, 2024.  “EFRAG assesses that the Amendments meet all technical endorsement criteria of the IAS Regulation and are conducive to the European public good. It therefore recommends endorsement of the Amendments.”

• Due Process Procedures for the Financial Reporting Activities (DPP), issued September 19, 2024, “with the aim of formalising the existing due process applied for its financial reporting activities.” The deadline for comments is December 31, 2024.

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)

• Exposure Draft - Compensation—Stock Compensation (Topic 718) and Revenue from Contracts with Customers (Topic 606) - Clarifications to Share-Based Consideration Payable to a Customer, issued September 30, 2024, “expected to improve financial reporting results by requiring revenue estimates to more closely reflect an entity’s expectations. In addition, the proposed changes would enhance comparability and better align the requirements for share-based consideration payable to a customer with the principles in Topic 606, Revenue from Contracts with Customers.” Comment period ends November 14, 2024.

• Exposure Draft - Derivatives and Hedging (Topic 815) - Hedge Accounting Improvements, issued September 25, 2024, “would clarify certain aspects of the guidance on hedge accounting and address several incremental hedge accounting issues arising from the global reference rate reform initiative.” Comment period ends November 25, 2024.

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

• Preliminary Views - Infrastructure Assets, Project No. 3-43P, published September 30, 2024, “to reexamine issues associated with accounting and financial reporting for infrastructure assets and consider improvements to existing guidance. These improvements relate to recognition and measurement, note disclosures, and required supplementary information.” Comment period ends January 17, 2025.
  

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)

• No new developments.

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

• No new developments

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

• No new developments