Following the IASB’s exposure draft on renewable energy contracts, the board proposed to update the IFRS Accounting Taxonomy 2024 to reflect the proposed disclosure requirements, a news release said.
To ensure timely integration with the IFRS Accounting Taxonomy 2025, scheduled to be published in March, the IASB obtained permission from the Due Process Oversight Committee to publish the proposed update, the release said. “This approach means that, in the first year of implementation, companies would not have to create custom elements to capture information disclosed under the new requirements.”
The proposed amendments to IFRS 9, Financial Instruments, and IFRS 7, Financial Instruments: Disclosures, might change in response to stakeholder feedback, the release added, and the proposals in the board’s update would change to reflect the amendments issued.
The IASB is inviting feedback on the proposals by 14 October. Stakeholders can respond online through comment letter or survey.
IFAC’s PAIB highlights key opportunities for accountants
Informed by the last meeting of the International Federation of Accountants’ (IFAC’s) Professional Accountants in Business (PAIB) Advisory Group, a new publication highlights multiple opportunities for professional accountants to have an impact, a news release said.
The publication, Accounting for a Better World, sharing the theme title of the latest meeting that took place in Cape Town, South Africa, discusses the evolving role of the accountant in a rapidly changing global economy.
According to the publication, accountants can drive change in these areas:
- Enabling Africa’s transformation.
- Diversifying entry into the accountancy profession and strengthening the talent pipeline.
- Ensuring sustainability and excellence as a CFO, driving integrated thinking through strong corporate governance.
- Harnessing the transformative opportunities of AI.
- Nature-related accounting and financial disclosure.
“To IFAC’s members worldwide, I urge you to seize the momentum generated by our discussions and embark on a journey of continuous learning, innovation, and collaboration,” Sanjay Rughani, PAIB Advisory Group chair, said in the release. “Professional accountants, now more than ever, have the opportunity to contribute to creating a better world.”
— To comment on this article or to suggest an idea for another article, contact Steph Brown at Stephanie.Brown@aicpa-cima.com.