Martyna Makiel’s Post

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

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

🌍📊 News Alert! Changes for Corporate Climate Reporting! 📊🌍 The International Accounting Standards Board (IASB) has released draft guidelines to help companies enhance their reporting on climate-related risks and uncertainties. 🌱 This initiative is a response to the growing investor demand for clearer and more consistent climate-related information in financial statements. 📈 💡 Key Highlights of the IASB’s Proposed Guidance: 📝Practical Examples: Eight illustrative examples to help companies apply existing IFRS Accounting Standards. 📍Focus Areas: Materiality judgements, disclosures about assumptions and estimation uncertainties, and disaggregation of information. 📢Investor Insights: Bridging the gap between financial statements and sustainability disclosures to enhance transparency. IASB Chair Andres Barckow emphasizes the importance of this guidance, noting its role in helping investors make informed decisions. 🌿 Check out the full blog for more insights and share your thoughts! 🗣️ The consultation is open for feedback until November 28, 2024. 📅 #ClimateRisk #IASB #Sustainability #CorporateReporting #FinancialTransparency #InvestorRelations #ClimateChange #AccountingStandards #SustainableFinance #CorporateGovernance

🆕 The International Accounting Standards Board (IASB) has released draft guidelines to help companies enhance their reporting on climate-related risks and uncertainties. 🌱 This initiative is a response to the growing investor demand for clearer and more consistent climate-related information in financial statements. 📈 ⬇ Have a look at the details via the article below! #iasb #climaterisk #esg #esgsolutions #sustaira

🌟 Insights from CPA Australia's "IFRS Standards Today and Tomorrow" Event 🌟 The event illuminated new financial and sustainability reporting obligations. The complexity and rapid regulatory changes underscored the vital role of data, technology, and AI in helping us adapt and proactively manage risks. 📊 Presentation by Professor Ann Tarca, a member of the International Accounting Standards Board (IASB) board: ·       Highlighted the importance of climate-related commitments and the role of the IASB's interpretations committee. ·       Her insights on the connections between financial reporting and sustainability reporting were particularly impactful. ·       New requirements coming into effect from January 2024 and upcoming changes effective January 2025, January 2026, and January 2027. 💬 Panel Discussion, moderated by Ram Subramanian, featured esteemed speakers David Hardidge Nikole Gyles FCA, FCPA Shaun Steenkamp Ann Tarca: ·       Importance of principle-based standards and balancing principles with rules in accounting. ·       Evolving nature of intangible assets and the need to redefine what qualifies as an asset. ·       Growing complexity in standards and managing stakeholder fatigue while ensuring quality feedback. ·       Difference between public and private sector accounting. A big thank you to the speakers for sharing their expertise and to CPA Australia for organising such a valuable event. Let's continue the conversation on how we can navigate the evolving landscape of regulatory obligations and drive transparency and consistency in financial and sustainability reporting! #IFRS #FinancialReporting #Sustainability #AccountingStandards #CPAAustralia #CAANZ

💡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

One of our panels at the CFO event will be addressing the enforcement priorities by ESMA as highlighted below. No surprise that for another year ESG and ESEF disclosures represented the bulk of the focus areas. Locally a lot of time and investment goes into IFRS reporting. Are ESEF and ESG receiving the focus required by issuers?? Is the quality of such disclosures to the same level of IFRS?? Join us at the CFO event to delve deeper into these #CFOEvent #19thNovember #Deloitte

ESG in Financial Services (Regulatory Standards): What is IFRS S1?   If you've ever worked with banks or insurers (particularly in accounting), there's no way around having heard about IFRS 9 or IFRS 17 and the International Accounting Standards Board (IASB). But did you also know that in 2021 the IFRS Foundation created the International Sustainability Standards Board (ISSB) which focuses on sustainability-related disclosure standards?   To date, the ISSB's major releases are IFRS S1 and IFRS S2. Since my intention was to learn from and with y'all, check out my summary of the S1 essentials (which will be followed by a structural overview of S1 next week). Looking forward to hearing about your thoughts on and experiences with IFRS S1 so far! #ESG #Sustainability #FinancialServices #Reporting #Disclosures X1F ADWEKO | PART OF X1F

ESMA published its yearly common enforcement priorities on which the local regulators will focus upon their review of 2024 annual reports of listed entities. The priorities related to financial reporting include: 1) Liquidity considerations 2) Accounting policies, judgements and significant estimates The priorities related to sustainability reporting include: 1) Materiality considerations in reporting under ESRS Scope and structure of the sustainability statement  2) Disclosures relating to Article 8 of the Taxonomy Regulation The priorities related to ESEF reporting include: 1) Common errors found in the statement of financial position The statement also provides some general remarks on topics, including on connectivity between financial and sustainability statements. Access the full text via our IFRS website, that always brings you the latest news on IFRS: https://lnkd.in/eUTSStsB #Deloitte #ESMA #IFRS

🌍 EFRAG has recently released an insightful interoperability guidance document aimed at implementing both ESRS E1 (Climate Change) and IFRS S2 (Climate-related Disclosure). This guidance is a significant resource for organizations navigating these reporting frameworks. Key highlights from the document include: - Section 3 (pages 14-18) provides ESRS to IFRS S2 application guidance, while Section 4 (pages 19-23) offers IFRS S2 to ESRS application guidance - Pages 25-31 contain valuable caveats to aligned metrics, especially crucial when handling both disclosures simultaneously. I've condensed the aligned data points in each section to offer insights into granularity and preparation time: 1. Governance - IFRS: 10, ESRS: 12 2. Climate-related risks and opportunities - IFRS: 4, ESRS: 4 3. Business model and value chain - IFRS: 2, ESRS: 2 4. Strategy and decision-making - IFRS: 6, ESRS: 24 5. Financial position, performance & cash flow - IFRS: 7, ESRS: 6 6. Climate Resilience - IFRS: 29, ESRS: 27 7. Risk Management - IFRS: 15, ESRS: 16 8. Metrics - IFRS: 32, ESRS: 42 9. Targets - IFRS: 27, ESRS: 39 In total, this amounts to 132 IFRS datapoints aligned to/from 172 ESRS datapoints! This breakdown sheds light on the comprehensive nature of these disclosures. For those interested in accessing and downloading the guidance material, here's the link: https://lnkd.in/dSeTk2dw #CSRD #ESRS #EFRAG #IFRS #ISSB #ESG #Interoperability #ClimateDisclosure #ClimateChangeReporting