IESBA releases public interest entity database to support revision adoptions

ISSB seeks stakeholder feedback on two-year work plan; FCA opens consultation on equity shares.

The International Ethics Standards Board for Accountants (IESBA) released a database of public interest entity (PIE) definitions by jurisdiction to further support the adoption and effective implementation of recent revisions, a news release said.

The database covers 78 jurisdictions in the Americas, Europe, Africa, Asia, and Oceania, according to a news release. It has been developed as a resource "to assist regulators, national standard-setters, and other relevant bodies in developing or revising their definitions of PIE at the local level based on the IESBA's PIE definition".

According to the release, the revisions:

  • Expand the list of PIE categories in the International Code of Ethics for Professional Accountants (including International Independence Standards) (the Code), including a new category, "publicly traded entity", to replace the category "listed entity";
  • Recognise the essential role local bodies responsible for the adoption of the Code play in delineating the specific entities that should be scoped in as PIEs in their jurisdictions, encouraging them to properly define the PIE categories in the expanded definition and adding any other categories relevant to their environments; and
  • Introduce a transparency requirement for organisations to publicly disclose the application of independence requirements for PIEs where they have done so.

The revisions become effective for audits of financial statements for periods beginning on or after 15 December 2024. Early adoption is permitted and encouraged.

ISSB seeks work plan feedback

The International Sustainability Standards Board (ISSB) is seeking feedback on priorities for its next two-year work plan, a news release said.

The consultation is open for stakeholders until 1 September.

Based on research into the information needs of investors, the release said, the ISSB has identified four potential projects, three of which are sustainability-related: biodiversity, ecosystems, and ecosystem services; human capital; and human rights. A fourth project would research integration in reporting.

According to the release, stakeholders are asked to provide feedback on:

  • The strategic direction and balance of the ISSB's activities;
  • The criteria for assessing which sustainability-related matters to prioritise — including topics, industries, and activities; and
  • The scope and structure of potential new research and standard-setting projects.

Before submitting the survey, stakeholders can view the survey, the release said. The feedback provided will inform the ISSB's work plan and its approach to future projects.

FCA opens consultation on equity shares

The UK Financial Conduct Authority (FCA) is seeking UK-listed companies' views on proposed rule changes to create a single listing category for shares in commercial companies, a consultation paper said. Based on previous feedback received, the FCA published a discussion paper in May 2022.

The regulator proposes to:

  • Replace its current standard and premium listing share categories with a single listing category for commercial company issuers of equity shares;
  • Retain its sponsor regime, with modifications, to support companies primarily at the listing application stage, and for certain disclosure obligations thereafter; and
  • Retain discrete listing categories for other types of instruments, including closed-ended investment funds and different types of nonequity instruments.

The FCA is consulting for eight weeks on these preliminary policy proposals, the paper said. Responses can be submitted by completing the online response form or by sending a response to by 28 June 2023.

The regulator aims to issue a further consultation on the wider proposed changes to its listing regime in autumn 2023. The follow-up consultation paper will include draft rules.

— To comment on this article or to suggest an idea for another article, contact Steph Brown at