TECHNICAL HIGHLIGHTS

AUDITING AND ASSURANCE

ISSA 5000 Webinar Series For Sustainability Assurance Engagements

The recordings of the webinar series, ISSA 5000 in Focus, has been uploaded on IAASB’s website. The series is designed to assist sustainability assurance practitioners, firms, jurisdictional standard-setters, and professional organisations as they adopt, implement, or apply ISSA 5000. The series consists of three parts. It will take participants through ISSA 5000 from (i) engagement acceptance to (ii) assessing risks, designing and performing procedures, to (iii) concluding and reporting.

FINANCIAL REPORTING

Issuance Of FRB 12 (Revised October 2025)

FRB 12 Accounting Implications arising from the Multinational Enterprise (Minimum Tax) Act (MMT Act) in Singapore, issued in June 2025, supports entities in understanding the accounting implications arising from the MMT Act in Singapore.

FRB 12 (Revised October 2025) has been updated from FRB 12 (issued on 12 June 2025) for the following:

• Background information on Multinational Top-up Tax and Domestic Top-up Tax (DTT) in MMT Act; and
• Update on the accounting consideration relating to the accounting for DTT expenses by Constituent Entities in their separate financial statements.

ISCA Comments On IASB’s Request For Information – Post-Implementation Review IFRS 16 (RFI)

This RFI is part of IASB’s due process aimed at evaluating whether IFRS 16 is functioning as intended and meeting its objectives. From ISCA’s outreach, we understand that the principles underpinning IFRS 16 are fundamentally sound and have enabled entities to provide more faithful representation of information about leases than its predecessor, IAS 17.

However, applying IFRS 16 involves significant estimates and use of judgement, particularly in areas such as determining variable lease payments and incremental borrowing rates. We suggest that IASB provide more clarification and guidance in these areas, while refraining from making significant changes since entities have already invested substantial efforts and costs in transitioning to IFRS 16.

IFRS Foundation Publishes New Educational Materials To Support Implementation Of IFRS For SMEs Accounting Standard

The IFRS Foundation has published two new webcasts and two new educational modules covering these topics:

• Section 2 Concepts and Pervasive Principles, and Section 7 Statement of Cash Flows;
• Module 19 Business Combinations and Goodwill, and Module 35 Transition to IFRS for SMEs  Accounting Standard.

These materials are aimed at stakeholders learning about or applying IFRS for SMEs Accounting Standard.

September 2025 IASB Update And Podcast Available

In this IASB Update and Podcast, IASB Vice-Chair Linda Mezon-Hutter and member Nick Anderson join Executive Technical Director Nili Shah to discuss highlights from the IASB meeting in September 2025, which included the Equity Method project, Financial Instruments with Characteristics of Equity and an update on IASB’s work plan.

September 2025 IFRIC Update Available

This Update provides a summary of decisions made by the IFRS Interpretations Committee (IFRIC). The discussion topics included IFRIC’s tentative agenda decisions on (i) Classification of a Foreign Exchange Difference from an Intragroup Monetary Liability (or Asset) (IFRS 18), and (ii) Economic Benefits from Use of a Battery under an Offtake Arrangement (IFRS 16). Other matters included the provision of feedback to IASB’s project on Business Combinations – Disclosures, Goodwill and Impairment.

Episode 3 Of IFRS For SMEs Accounting Standard Podcast Available

In this episode of the podcast, IASB technical staff Tinyiko Denhere speaks to IASB member and new SME Implementation Group (SMEIG) Chair Zach Gast, for an SME investor’s perspective on the third edition of IFRS for SMEs Accounting Standard.

October 2025 Agenda And Meeting Papers Available

• Accounting Standards Advisory Forum (ASAF)

At the ASAF meeting on 2 October 2025, the topics discussed included Business Combinations – Disclosures, Goodwill and Impairment, Intangible Assets and Statement of Cash Flows and Related Matters.

• IFRS Taxonomy Consultative Group (ITCG)

At the ITCG meeting on 6 and 7 October 2025, the topics discussed included updates on digital financial reporting activities and workplan, Japanese Institute of Certified Public Accountants’ activities relating to sustainability disclosure taxonomy on EDINET, and Australia’s project on digital financial reporting.

SUSTAINABILITY & CLIMATE CHANGE

September 2025 ISSB Update And Podcast Available

In this ISSB Update and Podcast, ISSB Chair Emmanuel Faber and ISSB Vice-Chair Sue Lloyd shared on topics discussed at the ISSB meeting in September 2025, which included the publication of education material about disclosing Anticipated Financial Effects, the ongoing public consultation on proposed amendments to SASB Standards and plans for the next phase, and decisions regarding the proposed Amendments to Greenhouse Gas Emissions Disclosures in IFRS S2.