New guidance from the IFRS Foundation related to International Sustainability Standards Board (ISSB) standards is intended to support companies’ voluntary application of the standards and to help companies communicate progress to investors.
“The guide is the latest in a series of publications designed to support the implementation of IFRS S1, General Requirements for Disclosure of Sustainability-Related Financial Information, and IFRS S2, Climate-Related Disclosures,” a news release said. “Furthermore, when used in tandem with tools such as the [Interoperability Guidance from the European Sustainability Reporting Standards and the ISSB], companies can apply ISSB standards to meet investor demand and regulatory requirements around the world.”
FRC revises insurance-related TAS, issues corporate reporting review
A new revised standard from the UK Financial Reporting Council (FRC) includes changes to support practitioners in considering the implications for actuarial work relating to the FCA’s Consumer Duty principle.
The regulator has published version 2.0 of Technical Actuarial Standard 200, according to a news release. These revisions reflect stakeholder feedback received throughout the FRC’s consultation and aim to reflect developments in the insurance industry.
In another release, the FRC published its Annual Review of Corporate Reporting, which sets out the regulator’s findings and expectations following its monitoring of UK companies’ annual reports.
While the FRC said it was pleased with the overall quality of corporate reporting, it was disappointed about an increase in the number of restatements in relation to impairment of assets and cash flow statements, the release said, an area where evidence shows a widening gap in quality.
The report is an important resource for preparers and auditors of financial statements, investors, and other stakeholders, the release said.
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