Those on the front line of the sustainability reporting landscape share what’s to come in 2023 and what accounting professionals need to know to prepare.
International Financial Reporting Standards
The AICPA Auditing Standards Board is seeking comments on a proposed Statement on Auditing Standards that seeks to strengthen the auditor’s approach to planning and performing group audits and to improve the quality of such audits.
IFAC called for the creation of a new sustainability accounting standards board, and five global organizations committed to working together toward unified corporate reporting.
The wide variety of frameworks and standards initiatives prevents consistency in corporate reporting, according to the International Federation of Accountants.
The objective is to make it easier for companies to make judgments.
The IASB revised its definition of “material” in an effort to make it easier for companies to decide which information is important enough to include in their financial statements.
The proposal attempts to reduce diversity in practice on the accounting for complex instruments that have features of debt and equity.
Information about performance and position is prioritized.
A new conceptual framework for IFRS includes revisions to concepts for reporting assets, liabilities, income, and expenses.
An IASB exposure draft seeks to clarify the distinction between accounting estimates and accounting policies.
IFRIC 23 adds to the requirements of IAS 12.
As president of the International Federation of Accountants, Olivia Kirtley, CPA, CGMA, learned about issues accountants face around the world.
IFRS 17 creates a single approach for insurance contracts accounting.
A new interpretation issued by the IASB specifies requirements for how organizations should reflect uncertainty in their accounting for income taxes.
A new standard issued by the IASB aims to provide transparent reporting about insurers’ financial position and risk.
The changes are part of an annual improvement process.
The IASB issued clarifications to standards related to income taxes, borrowing costs and investments in associates and joint ventures.
Political decisions that may affect cross-border business policies in the United States and the United Kingdom have so far had no effect on international accounting standards, Hans Hoogervorst said.
Knowledge and understanding of IFRS is important in the United States even though FASB’s standard-setting process best serves U.S. capital markets, SEC Chief Accountant Wes Bricker said.
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