[Global Financial Insights] IASB Proposed Specific Improvements to the Provision Reporting for Greater Transparency and Consistency and More
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- Last Updated on 15 November, 2024
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This week’s Global Financial Insights covers significant updates in financial reporting and auditing practices:
- IASB on Provision Reporting: The IASB has proposed improvements to the recognition and measurement of provisions under IAS 37. Aimed at enhancing transparency and comparability, these changes clarify recognition criteria, introduce detailed disclosure requirements, and will impact companies with significant liabilities like asset decommissioning or government levies. Public feedback is invited until March 12, 2025.
- Corporate Climate Disclosures: The IFRS Foundation reports that over 1,000 companies now reference the ISSB standards for climate disclosures, with increasing global alignment. Yet, gaps remain, especially in comprehensive governance and risk reporting. IOSCO’s endorsement is expected to drive more standardized sustainability information.
- FASB Interim Reporting Proposal: FASB seeks public input on clarifying interim reporting guidance. The update proposes clearer definitions, listing required interim disclosures, and introducing a disclosure principle for post-fiscal-year events.
- FASAC Meeting Highlights: FASAC discussed improvements to disclosure effectiveness, the role of AI in financial reporting, and prioritized future projects, including simplifications for the Statement of Cash Flows and disclosure enhancements.
- SEC’s ESG Enforcement: The SEC fined Invesco Advisers $17.5 million for overstating ESG integration in its assets under management. This enforcement highlights the need for clear, transparent ESG policies.
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