IAASB Launches New Video Series To Understand ISA For LCE
The International Standard on Auditing for Audits of Financial Statements of Less Complex Entities (ISA for LCE), issued by the International Auditing and Assurance Standards Board (IAASB) in December 2023, is a standalone global auditing standard designed specifically for smaller and less complex businesses. A new video series has been released to help stakeholders understand, implement and use ISA for LCE.
ISCA Invites Comments On IASB’s Exposure Draft (ED) On Business Combinations – Disclosures, Goodwill And Impairment
The ED contains proposed amendments to IFRS 3 Business Combinations and IAS 36 Impairment of Assets.
The proposed amendments to IFRS 3 are intended, in particular, to improve the information companies disclose about the performance of business combinations.
The proposed amendments to IAS 36 are intended to improve the application of the impairment test of cash-generating units containing goodwill.
Please send your comments on the ED to Professional Standards by 7 June 2024.
Webcast Series On Forthcoming IFRS Accounting Standard For Subsidiaries Without Public Accountability
The webcast series explains the requirements in the forthcoming reduced-disclosure IFRS Accounting Standard for subsidiaries of parent companies that apply IFRS Accounting Standards as well as the potential benefits and impact of the standard from the perspectives of a preparer and a regulator.
IFRS Foundation Publishes Summary Of Research On Materiality Judgement Guidance
The summary compiles evidence gathered from national standard-setters on the effects of guidance on materiality judgements in IFRS Accounting Standards and other materials.
March 2024 Agenda And Meeting Papers Available
For the ASAF meeting held on 25 and 26 March 2024, updates were provided on various IASB projects such as Subsidiaries without Public Accountability: Disclosures, Post-implementation Review of IFRS 9 (Impairment), Post-implementation Review of IFRS 15, and Financial Instruments with Characteristics of Equity.
For the Capital Markets Advisory Committee meeting held on 8 March 2024, topics discussed include updates on projects of IASB and ISSB, Financial Instruments with Characteristics of Equity and Post-implementation Review of IFRS 9 (Impairment).
For the IFRS Interpretations Committee meeting held on 5 March 2024, topics discussed include Climate-related Commitments (IAS 37), Payments Contingent on Continued Employment during Handover Periods (IFRS 3) and Post-implementation Review of IFRS 9 (Impairment).
For the IASB meeting held from 18 to 21 March 2024, topics discussed include proposed issuance of ED for the accounting of Power Purchase Agreements and updates on other IASB projects such as Post-implementation Review of IFRS 15, Rate-regulated Activities, Post-implementation Review of IFRS 9 (Impairment), and Second Comprehensive Review of IFRS for SMEs Accounting Standard.
Mandatory Climate Reporting In Singapore
On 28 February 2024, the Accounting and Corporate Regulatory Authority (ACRA) and Singapore Exchange Regulation (SGX RegCo) accepted the Sustainability Reporting Advisory Committee (SRAC)’s recommendations for mandatory climate-related disclosures (CRD) with some refinements. From FY2025, all listed issuers will be required to report and file CRD, using International Sustainability Standards Board (ISSB)-aligned climate-related disclosures. From FY2027, larger non-listed companies will be required to do the same.
SGX RegCo is also consulting the market on details of how the ISSB standards are to be incorporated into its sustainability reporting rules for climate-related disclosures, in line with SRAC’s recommendations.
February 2024 ISSB Update And Podcast Available
In this podcast, ISSB Chair Emmanuel Faber and ISSB Vice-Chair Jingdong Hua share on topics discussed at the ISSB meeting in February 2024, including key takeaways from the IFRS Sustainability Symposium, preview of the inaugural Jurisdictional Guide for the adoption or other use of ISSB Standards, and webcast and educational material highlighting the importance of industry-specific disclosures to investors.
Webcast And Educational Material On Industry-Specific Disclosures
ISSB has published a webcast on the importance of industry-specific disclosures and educational material to explain how companies can meet the requirements in IFRS S1 to disclose material information about all sustainability-related risks and opportunities that could reasonably be expected to affect the company’s cash flows.
© 2024 Institute of Singapore Chartered Accountants