Global implementation of Pillar Two: Impact on deferred taxes and financial statement disclosures

In May 2023, the IASB issued narrow-scope amendments to IAS 12, ‘Income Taxes‘ that provide temporary relief from accounting for deferred taxes arising from the implementation of the Pillar Two model rules. Targeted disclosure requirements were also introduced. Jurisdictions subject to an endorsement process will need to endorse the amendments.

IFRS Interpretations Committee concludes its latest insurance discussion: Premiums receivables from an intermediary

In September 2023, the IFRS® Interpretations Committee (‘the Committee’) concluded its discussion on an agenda decision about how an insurer accounts for premiums due from intermediaries. The Committee concluded that, in the case described in this In brief, such premiums could be accounted for by applying either IFRS 17, ‘Insurance Contracts’, or IFRS 9, ‘Financial Instruments’.

IAASB Exposure Draft of proposed International Standard on Sustainability Assurance (ISSA) 5000, General Requirements for Sustainability Assurance Engagements (external users)

For external users: IAASB Exposure Draft of proposed SSA 5000 General Requirements for Sustainability Assurance Engagements

Bringing transparency on supplier finance

This in depth tells you what you need to know to account for supplier finance arrangements.

Final European Sustainability Reporting Standards have been adopted

The final European Sustainability Reporting Standards (ESRS) have been adopted by the European Commission.

Issuance of the first set of European Sustainability Reporting Standards (ESRS)

The Accounting Directive (2013/34/EU1 ) as amended by the Corporate Sustainability Reporting Directive (CSRD - 2022/24642) requires large companies and listed small and medium-sized companies (SMEs), as well as parent companies of large groups, to include in a dedicated section of their management report the information necessary to understand the company’s impacts on sustainability matters, and the information necessary to understand how sustainability matters affect the company’s development, performance and position.

Lease liability in a sale and leaseback: amendments to IFRS 16

The IASB has issued narrow-scope amendments to the requirements for sale and leaseback transactions in IFRS 16 explaining how a seller-lessee accounts for a sale and leaseback after the date of the transaction. Sale and leaseback transactions where some or all the lease payments are variable lease payments that do not depend on an index or a rate are most likely to be impacted.

Reflection and action of year 2 of climate change reporting

We will be holding an ESG ‘special’ Accounting and Reporting Update webcast to explore the current state of climate change reporting in the UK and globally, what the Regulators have said, and what businesses should be focussing on for the next reporting cycle. Click here to register.