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EFRAG releases its Final Comment Letter addressing the IASB’s Exposure Draft on Climate-related and Other Uncertainties in Financial Statements EFRAG supports the IASB's proposed illustrative examples, aiding better financial reporting and governance on climate-related and other uncertainties. These examples promise enhanced clarity in applying IFRS standards. Key highlights: ✅ Quick Finalization: EFRAG urges swift issuance of the examples, incorporating targeted improvements. ✅ Future Steps: Recommends expanded examples on uncertainties and further standard-setting efforts. ✅ Connectivity: Calls for IASB-ISSB collaboration to strengthen the link between financial statements and annual reporting. https://lnkd.in/g4Edi5vP #SustainabilityReporting #IASB #EFRAG #ClimateDisclosure

Join #DeloitteSG on 30 October for our complimentary seminar titled “IASB proposed illustrative examples” to explore #IASB’s proposed illustrative examples, which provide practical insights into the application of the IFRS S1 and S2. These examples are part of the Exposure Draft released by IASB, that illustrate how an entity should report the effects of climate-related and other uncertainties in their financial statements. This session will cover: • The IASB’s definition of financial materiality and how it differs from impact materiality • The information primary users need in financial reporting • How climate-related risks and opportunities affect financial performance and disclosures • Practical steps your organisation can take on your ISSB transition journey By learning about the new Exposure Draft by IASB, alongside the illustrative examples, you will be able to enhance the quality and clarity of your entity’s financial disclosures, especially in relation to sustainability reporting. Seats are limited, register today: https://deloi.tt/3Y9UNKv #DeloitteSEA #IFRS #ISSB #Sustainabilityreporting #ESG

Want a mini-masterclass on breaking down the IFRS S1 and S2 standards? Click below to watch. #sustainabilityreporting

Breaking down the IFRS S1 and S2 standards in style. Watch this mini-masterclass from David Carlin who will be teaching a short course on ISSB S2 from March 4th for us - https://lnkd.in/eHYGz6-u Need to know more? Click here to join the course: https://lnkd.in/eG64PTkK #sustainabilityreporting ISFCOE - International Sustainable Finance Centre of Excellence

The #IASB has just published a consultation document proposing eight examples to illustrate how companies apply IFRS Accounting Standards when reporting the effects of climate-related and other uncertainties in their financial statements. The IASB developed these examples in response to strong demand from stakeholders, particularly from #investors. They expressed concerns that information about climate-related uncertainties in financial statements was sometimes insufficient or appeared to be inconsistent with information provided outside the financial statements. Read the press release: https://lnkd.in/efKaSeyF Read the Exposure Draft: https://lnkd.in/ekajjHbw Feedback welcome until 28 November 2024. #FinancialStatements #Climate #PublicConsultation #IASBExposureDraft #IFRSAccounting

The successor to the Task Force on Climate-related Financial Disclosures (TCFD) framework is the IFRS S2 standard on Climate-related Disclosures, issued by the International Sustainability Standards Board (ISSB). The requirements in IFRS S2 integrate, and are consistent with, the four core recommendations and 11 recommended disclosures published by the TCFD. Areas where IFRS S2 differs from the TCFD recommendations reflect differences between IFRS S2 and the TCFD’s guidance, not the TCFD’s core recommendations or recommended disclosures. The ISSB has produced a comparison document which maps the TCFD to IFRS S2. Read the full comparison document here: https://lnkd.in/eTV5BAWG #tcfd #issb #climaterisk

💡Out now: IFRB 2024/09 - IASB publishes Exposure Draft – Climate-related and Other Uncertainties in the Financial Statements. On 31 July 2024, the IASB issued an Exposure Draft titled "Climate-related and Other Uncertainties in the Financial Statements" to improve the presentation and disclosure of financial information related to climate risks and other uncertainties in financial statements. The draft proposes adding eight illustrative examples to IFRS Accounting Standards, addressing stakeholder concerns about insufficient or inconsistent climate-related risk disclosures. Initially focused on climate-related risks, the project scope was later expanded to include other uncertainties like accounting estimates, judgments, and impairment. The examples aim to clarify disclosure requirements by incorporating recognition and measurement considerations in specific areas of relevant IFRS Accounting Standards. Learn more here 👇 👀 💻 👉 Follow #BDOLuxembourg #IFRB #FinancialStatements #AccountingStandards #Climate

We were pleased to see the International Accounting Standards Board (IASB) publish a series of proposed examples to illustrate disclosures in the financial statements about climate-related and other uncertainties. This is something ICGN has been calling for, including in our Investor Viewpoint 'Reflecting climate-related matters in financial statements', in which we "encourage standard-setters and regulators to continue providing guidance to companies and auditors in this journey, with illustrative examples": https://lnkd.in/dDtA5-56 These proposed examples are based on the application of existing requirements in IFRS Accounting Standards, in response to investor concerns that information about climate-related risks in the financial statements is sometimes insufficient or appears inconsistent with other information reported by companies. IASB notes that the illustrative examples have been produced in collaboration with International Sustainability Standards Board (ISSB) and its technical staff, to provide guidance on how the requirements in the Standards should be applied to provide investors with better information about climate-related risks and other uncertainties. Comments are invited from stakeholders, including investors, on the exposure draft until 28 November 2024: https://lnkd.in/ekajjHbw #governance #corpgov #stewardship #reporting #reliablereporting #sustainability #sustainabilityreporting #investors #assetowners #assetmanagers

💡 How to embrace CSRD and ESRS❓ Start by taking a look at one of our briefs exploring sustainability, business, and the role of finance professionals 👉 https://lnkd.in/dUWibPdD It answers 5️⃣ questions: ✅ Why are sustainability-related disclosure standards needed? ✅ How were CSRD and ESRS developed? ✅ When is reporting under CSRD and ESRS required? ✅ What are the general requirements of the ESRS? ✅ Who will encounter the CSRD and ESRS requirements? Other “Sustainability frameworks and standards” summary reports published as part of AICPA & CIMA “Sustainability and Business” series: ☑ Task Force on Nature-related Financial Disclosures (TNFD) 👉 https://lnkd.in/gTi5AVqn ☑ IFRS S1 General Requirements for Disclosure of Sustainability-related Financial Information 👉 https://lnkd.in/gKvfmwgh ☑ IFRS S2 Climate-related Disclosures 👉 https://lnkd.in/gJkQ5t7P Dr Martin Farrar Ph.D. Jakub Bejnarowicz Nataliia Vovchuk Paweł Rozen

Have questions about IFRS S1/S2, or the impending ASRS equivalents? Reach out to ERM! We have all the answers.