{"id":729,"date":"2026-07-10T15:12:36","date_gmt":"2026-07-10T15:12:36","guid":{"rendered":"https:\/\/moore-bishopandrooks.com\/blog\/?p=729"},"modified":"2026-07-10T16:07:01","modified_gmt":"2026-07-10T16:07:01","slug":"729-2","status":"publish","type":"post","link":"https:\/\/moore-bishopandrooks.com\/blog\/729-2\/","title":{"rendered":"IFRS UPDATE"},"content":{"rendered":"\n

MOORE BISHOP & ROOKS<\/strong> <\/strong>I<\/strong>FRS NEWS<\/strong><\/p>\n\n\n\n

Issue \u2013 July 2025<\/p>\n\n\n\n

Moore Bishop & Rooks IFRS News provides you with an update on Moore Bishop & Rooks\u2019s resources in relation to IFRS financial Reporting and an overview of what has been issued by the IFRS Foundation in the second quarter of 2025.<\/p>\n\n\n\n

I<\/strong>FRS  Update<\/strong><\/p>\n\n\n\n

I<\/strong>SSB  publishes Exposure Draft of amendments to SASB  Standards and consequential amendments to the industry-based guidance on implementing IFRS  S2.<\/strong><\/p>\n\n\n\n

At the start of July, the ISSB published pr<\/strong>o<\/strong>p<\/strong>o<\/strong>s<\/strong>ed amendments <\/strong>t<\/a>o the SASB Standards.  This was the first time the ISSB Constituents had the chance to provide input on the SASB Standards.  The Exposure Draft comprises:<\/p>\n\n\n\n

\u2022   A comprehensive review of nine industry standards (across the extractives & minerals processing sector and the processed food sector)<\/p>\n\n\n\n

\u2022   Proposed alignment of metrics in a further 41 Industries for consistency with the comprehensive review<\/p>\n\n\n\n

\u2022   Proposed updates to the industry-based guidance on implementing IFRS S2 Climate- related Disclosures <\/em>to maintain alignment with the SASB Standards.<\/p>\n\n\n\n

This Exposure Draft is a result of the ISSBS’s commitment to support the application of the<\/p>\n\n\n\n

IFRS Sustainability Disclosure Standards.<\/p>\n\n\n\n

I<\/strong>SSB  publishes Exposure Draft of targeted amendments to IFRS S2<\/strong><\/p>\n\n\n\n

In April, the ISSB published pr<\/strong>o<\/strong>p<\/strong>o<\/strong>s<\/strong>ed amendments <\/strong>t<\/a>o IFRS S2 Climate-related Disclosures <\/em>in<\/p>\n\n\n\n

response to feedback, which will provide relief and ease the application of the requirements around the disclosure of greenhouse gas (GHG) emissions.<\/p>\n\n\n\n

A W<\/strong>ebcast <\/strong>s<\/a>ummarising the proposals is available, and the comment period for the Exposure Draft concluded on 27 June 2025.<\/p>\n\n\n\n

     <\/strong>IASB issues revised Practice Statement on management commentary<\/strong><\/strong><\/p>\n\n\n\n

The IASB has issued a r<\/strong>evised Practice Statement <\/strong>o<\/strong>n management commentary.  <\/strong>T<\/a>he revised Practice Statement has been designed to enhance management commentary disclosures and promote greater global alignment.  The IASB worked closely with the ISSB to develop the revised guidance to help meet both boards’ desire to connect information across an entity\u2019s reporting.<\/p>\n\n\n\n

The Practice Statement is not Mandatory to claim IFRS compliance, and the IASB intends it to be a global benchmark for regulators to use in developing their local requirements.<\/p>\n\n\n\n

The IASB and ISSB have put out a joint webcast <\/strong>e<\/a>xplaining how the revised Practice<\/p>\n\n\n\n

Statement brings together financial statements and Sustainability Reporting.<\/p>\n\n\n\n

I<\/strong>A<\/strong>SB launches Post-Implementation Review of IFRS  16 Leases<\/em><\/strong><\/p>\n\n\n\n

The IASB has published a request for information as part of its P<\/strong>o<\/strong>s<\/strong>t<\/strong>–<\/strong>Implementation <\/strong>R<\/strong>e<\/strong>v<\/strong>i<\/strong>ew<\/strong><\/a> <\/strong>(<\/strong>P<\/strong>IR) of IFRS  16.   <\/strong>T<\/a>he review will look at whether the standard is working as intended and is a standard part of the Standard making process, with the PIR regularly being held a few years after a major standard has been issued.<\/p>\n\n\n\n

I<\/strong>A<\/strong>SB updates going  concern education material<\/strong><\/p>\n\n\n\n

The IASB has updated its go<\/strong>in<\/strong>g  concern education material<\/strong>.  T<\/a>his education material was initially issued during the COVID Pandemic and has been updated to remove references to the pandemic, along with reflecting changes from IFRS 18 Presentation of Financial Statements, <\/em>and now refers to the International Auditing and Assurance Standards Board\u2019s (IAASB) updated International Standard on Auditing ISA 570 (Revised) G<\/em>oing Concern.<\/em><\/p>\n\n\n\n

C<\/strong>o<\/strong>m<\/strong>p<\/strong>ilation <\/strong>o<\/strong>f IFRIC  Agenda Decision \u2013 Volume 12<\/strong><\/p>\n\n\n\n

The IASB has published the 1<\/strong>2<\/strong>t<\/strong>h<\/strong> <\/strong>V<\/strong>o<\/strong>l<\/strong>u<\/strong>m<\/strong>e <\/strong>o<\/strong>f IFRS  Interpretations Committee Agenda<\/strong><\/a><\/p>\n\n\n\n

Decisions <\/strong>w<\/a>hich contains the 4 Agenda Decisions made between November 2024 and April<\/p>\n\n\n\n

2025.<\/p>\n\n\n\n

N<\/strong>e<\/strong>w resources to support the implementation of third edition of IFRS  for SMEs<\/strong><\/p>\n\n\n\n

The IASB has issued n<\/strong>ew  resources <\/strong>t<\/a>o support the application of section 11 of the third edition of the IFRS for SMEs Standard.  Section 11 deals with the accounting for financial instruments.  This includes:<\/p>\n\n\n\n

\u2022  An overview webcast <\/strong>o<\/a>f the amendments to section 11<\/p>\n\n\n\n

\u2022  Updated educational <\/strong>m<\/strong>a<\/strong>t<\/strong>e<\/strong>r<\/strong>i<\/strong>a<\/strong>l<\/strong>s<\/strong><\/a><\/p>\n\n\n\n

N<\/strong>e<\/strong>w guidance published on disclosures about  transition plans<\/strong><\/p>\n\n\n\n

The IFRS Foundation has published a new g<\/strong>u<\/strong>id<\/strong>a<\/strong>n<\/strong>c<\/strong>e document <\/strong>D<\/em><\/a>is<\/em>closing <\/em>i<\/em>n<\/em>f<\/em>o<\/em>r<\/em>m<\/em>a<\/em>t<\/em>i<\/em>o<\/em>n<\/em> <\/em>ab<\/em>o<\/em>u<\/em>t <\/em>a<\/em>n <\/em>e<\/em>n<\/em>t<\/em>i<\/em>t<\/em>y<\/em>\u2019<\/em>s<\/em> climate-related transition, including information about transition plans, in accordance with IFRS S2 <\/em>to support the implementation of the IFRS Sustainability Disclosure Standards.<\/p>\n\n\n\n

The guidance is designed to assist entities in providing high-quality information about their climate-related transition and covers any transition plans an entity has, including both mitigation and adaptation efforts.<\/p>\n\n\n\n

N<\/strong>e<\/strong>w e-learning modules on ISSB  Standards<\/strong><\/p>\n\n\n\n

The IFRS Foundation has released four e-learning modules <\/strong>o<\/a>n the ISSB standard to assist preparers in getting started with understanding the requirements of the standards issued by the ISSB.   The modules are self-paced and include knowledge checks.  The modules cover:<\/p>\n\n\n\n

\u2022   Introduction to the IFRS Sustainability Standards<\/p>\n\n\n\n

\u2022   Introduction to IFRS S1 General Requirements for Disclosure of Sustainability-related<\/em><\/p>\n\n\n\n

F<\/em>i<\/em>na<\/em>n<\/em>c<\/em>i<\/em>a<\/em>l<\/em> I<\/em>n<\/em>f<\/em>o<\/em>r<\/em>m<\/em>a<\/em>t<\/em>i<\/em>o<\/em>n<\/em><\/p>\n\n\n\n

\u2022   Introduction to IFRS S2 Climate-related Disclosures<\/em><\/p>\n\n\n\n

\u2022   Integrated sustainability disclosures and organisational considerations<\/p>\n\n\n\n

N<\/strong>e<\/strong>w education materials on greenhouse gas emissions disclosure requirements in IFRS  S2<\/strong><\/p>\n\n\n\n

The IFRS Foundation has released education materials <\/strong>ab<\/a>out the requirements in IFRS S2 relating to the measurement and disclosure of greenhouse gas (GHG) emissions.  It includes discussions on:<\/p>\n\n\n\n

\u2022   The reasoning behind the disclosure of GHG-related information;<\/p>\n\n\n\n

\u2022   the use of the GHG protocol in the context of IFRS S2 requirements; and<\/p>\n\n\n\n

\u2022   specific aspects of GHG emissions-related requirements.<\/p>\n\n\n\n

N<\/strong>e<\/strong>w webcast series on sustainability-related risk and opportunities and the disclosure of material information<\/strong><\/p>\n\n\n\n

The IFRS Foundation has released a webcast series to support entities with the fundamental task of identifying and disclosing material information about sustainability-related risks and opportunities.  This webcast series supports the guide that has been previously issued.<\/p>\n\n\n\n

The 5-part webcast series covers:<\/p>\n\n\n\n

\u2022   Introduction and overview<\/p>\n\n\n\n

\u2022   The definition of material information and its application in ISSB Standards<\/p>\n\n\n\n

\u2022   Sustainability-related risks and opportunities that could reasonably be expected to affect an entity\u2019s prospects and its application in ISSB standards<\/p>\n\n\n\n

\u2022   Identifying and disclosing material information<\/p>\n\n\n\n

I<\/strong>SSB hosts webinar on Perspectives on sustainability disclosures<\/strong><\/p>\n\n\n\n

The ISSB has released three more webcasts <\/strong>i<\/a>n its series Perspectives on Sustainability disclosures, focusing on:<\/p>\n\n\n\n

\u2022   Ramping up systems and processes for sustainability data<\/p>\n\n\n\n

\u2022   Governance of sustainability-related risks and opportunities<\/p>\n\n\n\n

\u2022   Climate-related targets and transition plans disclosures<\/p>\n\n\n\n

I<\/strong>FRS  Foundation Meetings<\/strong><\/p>\n\n\n\n

I<\/strong>A<\/strong>SB Meetings<\/strong><\/p>\n\n\n\n

The IASB has met three times this quarter:<\/p>\n\n\n\n

\u2022   A<\/em><\/strong>pri<\/em><\/strong>l 2025<\/em><\/strong><\/p>\n\n\n\n

At the April meeting, the IASB made the following key decisions<\/p>\n\n\n\n

o Approved the following IFRIC Agenda decisions:<\/p>\n\n\n\n

–          Guarantees Issued over Obligations of Other Entities<\/p>\n\n\n\n

–          Recognition of Revenue from Tuition Fees<\/p>\n\n\n\n

–           Recognition of Intangible Assets Resulting from Climate-related Expenditure.<\/p>\n\n\n\n

The IASB also continued to deliberate on the following projects:<\/p>\n\n\n\n

o Business combinations \u2013 Disclosures, Goodwill and Impairment<\/p>\n\n\n\n

o Updates to IFRIC agenda decisions as a result of IFRS 18<\/p>\n\n\n\n

o Climate-related and Other Uncertainties in the Financial Statements.<\/p>\n\n\n\n

For  further information, refer to the IASB  Update <\/strong>o<\/a>r listen to the IASB  April 2025<\/strong><\/a><\/p>\n\n\n\n

P<\/strong>o<\/strong>d<\/strong>c<\/strong>a<\/strong>s<\/strong>t<\/strong>.<\/a><\/p>\n\n\n\n

\u2022   May 2025<\/em><\/strong><\/p>\n\n\n\n

At the May meeting, the IASB made the following key  decisions:<\/p>\n\n\n\n

o Finalised the scope of the Post-implementation Review of IFRS 16 (See article above). The IASB also continued to discuss the following projects:<\/p>\n\n\n\n

o Rate-regulated activities<\/p>\n\n\n\n

o Equity method<\/p>\n\n\n\n

o Intangible assets<\/p>\n\n\n\n

o Business combinations \u2013 Disclosures, Goodwill and Impairment<\/p>\n\n\n\n

o Statement of Cash Flows and Related Matters<\/p>\n\n\n\n

o Translation to a Hyperinflationary Presentation Currency<\/p>\n\n\n\n

o Climate-related and Other Uncertainties in Financial Statements<\/p>\n\n\n\n

For  further information refer to the IASB  Update <\/strong>o<\/a>r listen to the IASB  May 2025<\/strong><\/a><\/p>\n\n\n\n

P<\/strong>o<\/strong>d<\/strong>c<\/strong>a<\/strong>s<\/strong>t<\/strong>.<\/a><\/p>\n\n\n\n

\u2022   June <\/em><\/strong>20<\/em><\/strong>25<\/em><\/strong><\/p>\n\n\n\n

At the June meeting the IASB made the following key  decisions:<\/p>\n\n\n\n

o  Finalised deliberations on Climate-related and other Uncertainties in Financial Statements and have proceeded to balloting the final illustrative examples.  Once issued as the illustrative examples are not mandatory, they will have no effective date.<\/p>\n\n\n\n

The IASB also continued to discuss the following projects:<\/p>\n\n\n\n

o Financial Instruments with Characteristics of Equity<\/p>\n\n\n\n

o Amortised Cost Measurement<\/p>\n\n\n\n

o Equity Method<\/p>\n\n\n\n

o Intangible Assets<\/p>\n\n\n\n

o Business combinations \u2013 Disclosures, Goodwill and Impairment<\/p>\n\n\n\n

o Translation to a Hyperinflationary Presentation Currency<\/p>\n\n\n\n

o Provisions \u2013 Targeted Improvements<\/p>\n\n\n\n

For  further information refer to the IASB  Update <\/strong>o<\/a>r listen to the IASB  June 2025<\/strong><\/a><\/p>\n\n\n\n

P<\/strong>o<\/strong>d<\/strong>c<\/strong>a<\/strong>s<\/strong>t<\/strong>.<\/a><\/p>\n\n\n\n

I<\/strong>FRS  Interpretations Committee Meetings (IFRIC)<\/strong><\/p>\n\n\n\n

\u2022   June <\/em><\/strong>20<\/em><\/strong>25<\/em><\/strong><\/p>\n\n\n\n

The IFRIC Update for the June meeting had not been issued at the time of publication. A summary will be provided in the next newsletter<\/p>\n\n\n\n

I<\/strong>FRS  for SMEs<\/strong><\/p>\n\n\n\n

The IFRS for SMEs Accounting Standard Updates summarises developments relating to the<\/p>\n\n\n\n

IFRS for Small and Medium-sized Entities Accounting Standard.<\/p>\n\n\n\n

\u2022   March <\/em><\/strong>2<\/em><\/strong>02<\/em><\/strong>5<\/em><\/strong><\/p>\n\n\n\n

This issue covers:<\/p>\n\n\n\n

o  Issuance of the third edition of the IFRS for SME\u2019s Standard o   Resources to support the implementation of the Standard o Instructions for submitting implementation issues<\/p>\n\n\n\n

For  further information refer to the IFRS  for SMEs Update<\/strong>, <\/a>or listen to the IFRS for SMEs March  Podcast<\/strong>.<\/a><\/p>\n\n\n\n

\u2022   J<\/em><\/strong>u<\/em><\/strong>n<\/em><\/strong>e <\/em><\/strong>20<\/em><\/strong>25<\/em><\/strong><\/p>\n\n\n\n

This issue covers:<\/p>\n\n\n\n

o An overview of section 11 Financial Instruments <\/em>in the third edition of the Standard<\/p>\n\n\n\n

o An update on the membership of the SME Implementation Group<\/p>\n\n\n\n

o  Resources published to support implementation of the standard, including p<\/strong>r<\/strong>oj<\/strong>e<\/strong>c<\/strong>t<\/strong><\/a> <\/strong>s<\/strong>u<\/strong>mm<\/strong>a<\/strong>r<\/strong>y<\/strong>, feedback statement <\/strong>a<\/strong>n<\/strong>d effects analysis <\/strong>a<\/a>long with a m<\/strong>a<\/strong>r<\/strong>k<\/strong>–<\/strong>u<\/strong>p <\/strong>o<\/strong>f the<\/strong><\/a> <\/strong>s<\/strong>t<\/strong>a<\/strong>n<\/strong>d<\/strong>a<\/strong>r<\/strong>d<\/strong><\/a><\/p>\n\n\n\n

o The upcoming world stand-setters conference<\/p>\n\n\n\n

For further information, refer to the IFRS  for SMEs Update.<\/strong><\/a><\/p>\n\n\n\n

I<\/strong>SSB  Meetings<\/strong><\/p>\n\n\n\n

The ISSB has met three times this quarter.<\/p>\n\n\n\n

\u2022   A<\/em><\/strong>pri<\/em><\/strong>l 2025<\/em><\/strong><\/p>\n\n\n\n

The ISSB discussed the following:<\/p>\n\n\n\n

o Staff update on the research projects on<\/p>\n\n\n\n

–          Biodiversity, Ecosystems and Ecosystem Services<\/p>\n\n\n\n

–          Human Capital<\/p>\n\n\n\n

For  further information, refer to the ISSB  Update <\/strong>o<\/a>r listen to the ISSB  April 2025<\/strong><\/a><\/p>\n\n\n\n

P<\/strong>o<\/strong>d<\/strong>c<\/strong>a<\/strong>s<\/strong>t<\/strong>.  I<\/a>n addition to the meeting summary, the ISSB Podcast also discusses summaries of other consultation and educational activities the ISSB members have<\/p>\n\n\n\n

undertaken in the month.<\/p>\n\n\n\n

\u2022   May 2025<\/em><\/strong><\/p>\n\n\n\n

The ISSB discussed the following:<\/p>\n\n\n\n

o Prospective exposure draft on amendments to 12 SASB Standards<\/p>\n\n\n\n

For  further information, refer to the ISSB  Update <\/strong>o<\/a>r listen to the ISSB  May 2025<\/strong><\/a><\/p>\n\n\n\n

P<\/strong>o<\/strong>d<\/strong>c<\/strong>a<\/strong>s<\/strong>t<\/strong>.  I<\/a>n addition to the meeting summary, the ISSB Podcast also discusses<\/p>\n\n\n\n

summaries of other consultation and educational activities the ISSB members have undertaken in the month.<\/p>\n\n\n\n

\u2022   June <\/em><\/strong>20<\/em><\/strong>25<\/em><\/strong><\/p>\n\n\n\n

The ISSB discussed the following:<\/p>\n\n\n\n

o Ratified an Exposure Draft on amendments to SASB Standards<\/p>\n\n\n\n

o  Tentatively decided to make consequential amendments to the industry-based guidance on implementing IFRS S2 to align with the amendments to the SASB Standards.<\/p>\n\n\n\n

Both exposure drafts are expected to be issued in July 2025.<\/p>\n\n\n\n

For  further information, refer to the ISSB  Update <\/strong>o<\/a>r listen to the ISSB  June 2025<\/strong><\/a><\/p>\n\n\n\n

P<\/strong>o<\/strong>d<\/strong>c<\/strong>a<\/strong>s<\/strong>t<\/strong>.  I<\/a>n addition to the meeting summary, the ISSB Podcast also discusses<\/p>\n\n\n\n

summaries of other consultation and educational activities the ISSB members have undertaken in the month.<\/p>\n\n\n\n

C<\/strong>ONTACT U<\/strong>S<\/strong><\/p>\n\n\n\n

We value your feedback. Contact us for any questions, comments, or ideas.<\/p>\n\n\n\n

practice@moorebr.com<\/p>\n","protected":false},"excerpt":{"rendered":"

MOORE BISHOP & ROOKS IFRS NEWS Issue \u2013 July 2025 Moore Bishop & Rooks IFRS News provides you with an update on Moore Bishop & Rooks\u2019s resources in relation to IFRS financial Reporting and an overview of what has been issued by the IFRS Foundation in the second quarter of 2025. IFRS  Update ISSB  publishes […]<\/p>\n","protected":false},"author":1,"featured_media":733,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[16],"tags":[],"class_list":["post-729","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance"],"_links":{"self":[{"href":"https:\/\/moore-bishopandrooks.com\/blog\/wp-json\/wp\/v2\/posts\/729","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/moore-bishopandrooks.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/moore-bishopandrooks.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/moore-bishopandrooks.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/moore-bishopandrooks.com\/blog\/wp-json\/wp\/v2\/comments?post=729"}],"version-history":[{"count":2,"href":"https:\/\/moore-bishopandrooks.com\/blog\/wp-json\/wp\/v2\/posts\/729\/revisions"}],"predecessor-version":[{"id":732,"href":"https:\/\/moore-bishopandrooks.com\/blog\/wp-json\/wp\/v2\/posts\/729\/revisions\/732"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/moore-bishopandrooks.com\/blog\/wp-json\/wp\/v2\/media\/733"}],"wp:attachment":[{"href":"https:\/\/moore-bishopandrooks.com\/blog\/wp-json\/wp\/v2\/media?parent=729"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/moore-bishopandrooks.com\/blog\/wp-json\/wp\/v2\/categories?post=729"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/moore-bishopandrooks.com\/blog\/wp-json\/wp\/v2\/tags?post=729"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}