The IFRS Foundation published proposed updates to its Accounting Taxonomy 2023, Common Practice for Financial Instruments, General Improvements and Technology Update, to support high-quality digital tagging.
The proposed changes, according to a news release, also reflect:
- common reporting practice relating to the presentation of financial instruments in digital financial statements prepared by banking institutions using IFRS Accounting Standards;
- general improvements; and
- updates to the IFRS Accounting Taxonomy’s technology.
The deadline for submitting comments is 5 January. Comments can be submitted online, through an online survey, or by email to commentletters@ifrs.org.
IFRS, Global Reporting Initiative announce sustainability partnership
In another IFRS news release, the Global Reporting Initiative (GRI) announced the upcoming launch of the Sustainability Innovation Lab (SIL), in partnership with the IFRS Foundation, to bring together global and local partners to advance capabilities for reporting using the GRI Standards and the IFRS Sustainability Disclosure Standards.
“Through the SIL, representatives of GRI, the ISSB, and other key stakeholders will collaborate to identify emerging sustainability disclosure topics, developing concepts, best practices, and data-driven solutions,” the release said.
The SIL will be based in Singapore, the release said, and will be supported by offices throughout Asia, initially.
“Around the world, companies face growing expectations to demonstrate sustainability performance throughout the value chain – and the way they respond to information demands from all stakeholders is now critical to business,” GRI CEO Eelco van der Enden said in the release. “Yet there is a sustainability capacity and expertise gap. Our new innovation lab aims to close that gap, allowing organisations to streamline and improve their reporting output.”
IPSASB issues benefit plan standard
The International Public Sector Accounting Standards Board (IPSASB) has issued IPSAS 49, Retirement Benefit Plans. The standard establishes comprehensive accounting and reporting requirements for the financial statements of retirement benefit plans, a news release said, with participants comprising current and former public sector employees and other eligible members.
“Retirement benefit obligations can represent a significant but often hidden liability for the public sector,” IPSASB Chair Ian Carruthers said in the release. “IPSAS 49 provides a principle-based approach to accounting by retirement benefit plans to provide a complete view of their financial activities, assets, and obligations. This increased transparency is intended to result in stronger public financial management and better-informed decision making.”
The new pronouncement will bring increased transparency and accountability to these public sector entities, ensuring they can fulfil their obligations to employees and other eligible participants who are members of the retirement benefit plan, the release said.
The effective date of IPSAS 49 is 1 January 2026, with earlier application permitted.
FRC opens consultation on proposed changes to Actuarial Standard
The UK Financial Reporting Council (FRC) has published a consultation paper on proposed changes to the Actuarial Standard Technical Memorandum 1 (AS TM1) and its Annex: Exposure Draft AS TM1 Version 5.1.
“The FRC annually reviews the appropriateness of the assumptions set out in AS TM1 to ensure they remain fit for purpose,” a news release said. “Following the review, the FRC is proposing to increase accumulation rate assumptions in the calculation of the pension illustrations given changes in market conditions.”
The consultation opened on 3 November and will run until 4 December. The FRC expects to publish results of the consultation by 15 February with the revised standard coming into effect from 6 April.
In another release, the FRC announced its intent to “give an additional remit to its Stakeholder Insight Group to provide the FRC with advice on whether there are aspects of its current and planned guidance associated with the [UK Governance Code] that could be improved to ensure the right balance is struck between supporting effective governance and reducing unnecessary burdens.”
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