IFRS Foundation Monitoring Board on progress of standard-setting activities
IFRS Foundation Monitoring Board on progress of standard-setting activities
During the meeting of the IFRS Foundation Monitoring Board in Singapore in early June 2024, the Monitoring Board welcomed the progress of the IASB and the ISSB in their standard-setting activities. The Monitoring Board also mentioned the significance of rigorous due process in the development of high-quality IFRS Accounting Standards and IFRS Sustainability Disclosure Standards.
Additionally, the Monitoring Board noted the finalisation of the Inaugural Jurisdictional Guide for the adoption or other use of ISSB Standards in May 2024. The Monitoring Board members mentioned their thoughts on the different ways to adopt, apply or make use of sustainability-related disclosures. The usefulness of consistency, comparability and interoperability of sustainability-related information to help investors and the ISSB’s capacity-building efforts as jurisdictions consider incorporation of climate-related and other disclosures in their corporate reporting regimes was also noted.
The Monitoring Board emphasised its intention to continue to collaborate with the IFRS Foundation Trustees to ensure that IFRS standards are developed under robust governance, due process and oversight while ensuring independence in the boards’ individual standard-setting activities.
The Monitoring Board also discussed the importance of connectivity between the two boards under the “Two Boards under One Foundation” model.
The press release on the IOSCO website is available at the link.
Additionally, the Monitoring Board noted the finalisation of the Inaugural Jurisdictional Guide for the adoption or other use of ISSB Standards in May 2024. The Monitoring Board members mentioned their thoughts on the different ways to adopt, apply or make use of sustainability-related disclosures. The usefulness of consistency, comparability and interoperability of sustainability-related information to help investors and the ISSB’s capacity-building efforts as jurisdictions consider incorporation of climate-related and other disclosures in their corporate reporting regimes was also noted.
The Monitoring Board emphasised its intention to continue to collaborate with the IFRS Foundation Trustees to ensure that IFRS standards are developed under robust governance, due process and oversight while ensuring independence in the boards’ individual standard-setting activities.
The Monitoring Board also discussed the importance of connectivity between the two boards under the “Two Boards under One Foundation” model.
The press release on the IOSCO website is available at the link.