ISSB publishes amendments to enhance international applicability of SASB standards.
The SASB standards consist of 77 industry-based sustainability-related disclosure standards and include over 1,000 metrics. While the ISSB has not developed the standards, it has been responsible for the maintenance and enhancement of the SASB standards since the consolidation of the Value Reporting Foundation (VRF) with the IFRS Foundation in August 2022.
The SASB standards are required to be considered when applying IFRS S1 General Requirements for Disclosure of Sustainability-related Financial Information and IFRS S2 Climate-related Disclosures, when evaluating sustainability-related risks and opportunities in the absence of another IFRS Sustainability Disclosure Standard. Therefore, it is important for the SASB standards to be globally appropriate. Prior to these amendments, the SASB standards contained certain references to jurisdiction-specific laws and regulations, which were not globally applicable.
The amendments
The ISSB split the project into two parts, resulting in two sets of changes. It initially published amendments in June 2023 to address the climate-related disclosure topics covered within IFRS S2. The additional amendments, published in December 2023, aim to remove the jurisdiction-specific references from non-climate related disclosure topics and metrics to assist reporting entities when applying IFRS S1. There are approximately 650 non-climate related metrics and, from these, 220 metrics are impacted by these revisions.
Consult the Advisor Alert.
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IFRS 2 Share-based Payment was introduced in 2004 and the accounting principles have remained largely unchanged since.
Share-based payments have become increasingly popular over the years, with many entities using equity instruments or cash and other assets based on the value of equity instruments as a form of payment to directors, senior management, employees and other suppliers of goods and services.
The accounting of share-based payments is an area that remains not well understood and this is evidenced by a number of interpretations and agenda decisions being issued by the IFRS Interpretations Committee (IFRIC). Considerable care needs to be applied in evaluating the requirements set out in IFRS 2 and other authoritative guidance to increasingly complex and innovative share-based payment arrangements.
The Insights into IFRS 2 series is aimed at demystifying the standard by explaining the fundamentals of accounting for share-based payments using relatively simple language and providing insights to help entities cut through some of the complexities associated with accounting for these types of arrangements. The first two publications are as follows:
- What is IFRS 2?
- Classification of share-based payment transactions and vesting conditions
The publications mentioned above follow this IFRS Adviser Alert.
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The Grant Thornton International IFRS team has published the 2023 version of IFRS Example Consolidated Financial Statements 2023, available in English and in French.
The IFRS Example Consolidated Financial Statements 2023 have been updated to reflect changes in IFRS that are effective for the year ending December 31, 2023. No account has been taken of any new developments published after August 31, 2023.
This year the example financial statements include some illustrative guidance on climate-related financial disclosures to help entities when assessing the impact of climate on their financial statements and some things for entities to consider in times of economic uncertainty.
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Whether you’re an employee, self-employed or a professional, you need to keep track of your automobile trips. While this may be a tedious and unpleasant activity, it is essential.
To make your job easier, we have developped L’Auto-route to help you compile the necessary data in a simple and efficient manner.
We invite you to download l’Auto-route. This Excel file will allow you to enter your personal data for automatic compilation. Click on this link to download l’Auto-route (Excel File)
Should you require more information on the tax impact of using an automobile during the course of your income-generating activities. You will find below, among others, a summary of rules related to the calculation of taxable benefits, deductions for automobile expenses and travel allowances, refunds or employer advances.
We can help take you farther!
Please note that l’Auto-route is only available online.
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