[Global Financial Insights] IFRS Foundation Proposes Handbook Updates and More

This week’s Global Financial Insights covers significant updates in financial reporting and auditing practices:

1. IFRS Foundation proposes Handbook updates: The IFRS Foundation Trustees proposed updates to the Due Process Handbook to align ISSB and IASB processes and include SASB Standards’ due process. The amendments clarify procedures for reviews and improvements. Stakeholders can provide feedback on the draft until March 28, 2025.
2. FASAC meeting highlights – December 5, 2024: The FASAC discussed FASB updates, including Emerging Issues Task Force procedures, Financial KPIs (like EBITDA and FCF), and the Post-Implementation Review process. Key topics included addressing KPI inconsistencies and enhancing reporting transparency. The Council reaffirmed its commitment to improving financial reporting standards.
3. SEC penalizes entities for late Form D filings: The SEC charged three entities for failing to file Forms D on time for $300 million in unregistered securities offerings, violating Rule 503 of Regulation D. The entities agreed to pay $430,000 in penalties and cease violations, emphasizing the need for timely filings to protect investors and ensure market transparency.

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