Accounting standards

• IASB, ISSB plan to work jointly on reporting framework’s future

  The standards boards say they will collaborate on building the Integrated Reporting Framework into their standard-setting work.

• IASB proposes new disclosure requirements for supplier finance arrangements

  Targeted amendments proposed by the International Accounting Standards Board are designed to provide more information about the effects of supplier finance arrangements on a company’s liabilities and cash flows.

• IASB proposal addresses noncurrent liabilities and covenants

  The proposal would require companies to report information to help investors assess whether noncurrent liabilities with covenants could become repayable within 12 months.

• FRC issues guidance on climate-related scenario analysis, reporting against TCFD

  UK premium-listed companies will need to report against Task Force on Climate-related Financial Disclosures recommendations from the end of the year.

• UK regulator lists 10 areas for reporting improvement

  The Financial Reporting Council said it will focus on companies’ reporting against new climate-related requirements in 2022.

• UK’s FRC issues guidance for reporting under IAS 37: Provisions, Contingent Liabilities, and Contingent Assets

  The review is aimed at helping investors understand the longer-term financial effects of climate change and other risks to companies’ prospects.

• SASB issues XBRL taxonomy to improve ESG reporting comparability

  The XBRL taxonomy aims to simplify ESG reporting and improve data aggregation and analytics.

• UK’s FRC issues guidance for electronic format annual reports

  The regulator provided tips for companies across the areas of process, usability and appearance, and tagging.

• Alternative performance measures: UK’s FRC sets out ways to improve transparency

  Companies should provide information for investors to understand clearly APM calculations, the rationale for adjustments, and their limitations.

• UK’s FRC sets out guidance on viability, going concern disclosures

  The global pandemic and the accompanying economic events have made viability and going concern a prominent issue for companies and investors alike.

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