IFAC issues anti-corruption tool for accountancy organisations

This week’s roundup examines the latest developments in corporate reporting, including guidance from the IFRS for SMEs on reporting climate-related financial information.

A new tool from the International Federation of Accountants (IFAC) is now available to help professional accountancy organisations take leading roles in the anti-corruption fight in their jurisdictions, a news release said.

Global Fight, Local Actions, a workbook developed by IFAC, equips organisations and accountancy professional leaders with "the background and framework to craft bespoke approaches and messages that best fit their jurisdiction and needs".

IFAC also plans to build off the workbook with additional initiatives on priority anti-corruption areas, the release said, including the interconnected issues of sustainability reporting, public financial management, and financial literacy.

"Equipping our member organisations to lead anti-corruption efforts in their jurisdictions was one of our priority actions … which this new workbook delivers," said Scott Hanson, IFAC's director of Policy & Global Engagement. "We look forward to talking to PAOs [professional accountancy organisations] around the world to continue helping them develop their national anti-corruption advocacy plans."

IFRS publishes climate-related guidance for SMEs

The IFRS Foundation has published educational material for small and medium-sized entities (SMEs), to illustrate how the IFRS for SMEs accounting standard requires companies to consider climate-related matters that have a material effect on the financial statements, a news release said.

The material was developed in response to feedback from the SME Implementation Group and respondents to the 2022 exposure draft, Third Edition of the IFRS for SMEs Accounting Standard, which contains a list of examples companies may need to consider in supporting the consistent application of the standard. It does not add to or change the standard's requirements.

IASB plans for equity-method exposure draft

The IASB has moved its equity-method project from research programme to standard-setting work plan, a news release said. Its objective is to develop answers to application questions about the equity method, as set out in IAS 28, Investments in Associates and Joint Ventures, using the principles derived from IAS 28.

"Moving to the standard-setting work plan of this project means that the IASB believes it has enough evidence to develop requirements to answer application questions in the project's scope," the release said. The board plans to publish an exposure draft of proposed amendments for public consultation.

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