Last week the International Accounting Standards Board (IASB) launched IFRS 19, a new accounting standard designed to simplify reporting for subsidiaries without public accountability. This new standard allows eligible subsidiaries to utilise the IFRS framework but with reduced disclosure requirements.
The European Securities and Markets Authority (ESMA) is seeking expressions of interest for its Consultative Working Group (CWG) within the Disclosure Working Group (DWG). The CWG plays a crucial role in shaping ESMA’s objectives of investor protection, market integrity, and financial stability through single rulebook work and strengthening supervisory approaches and practices across Member States.
In a recent blog post on the European Central Bank (ECB) Supervision Blog, Frank Elderson, Member of the Executive Board of the ECB and Vice-Chair of the Supervisory Board of the ECB, underscores the importance of banks’ materiality assessments in managing climate and environmental risks.
The Financial Stability Board (FSB) Regional Consultative Group for Asia (RCG Asia) met in Colombo to discuss financial market developments, including the implications of artificial intelligence (AI) and climate change on financial stability.
In a recent comment letter to the US Securities and Exchange Commission (SEC), XBRL US advocated for the adoption of the Inline XBRL format for Rule 17g-3, on annual financial and other reports by nationally recognised statistical rating organisations (NRSROs).
The European Banking Authority (EBA) recently unveiled the first part of its 2023 Annual Report, highlighting achievements from the past year amidst a backdrop of economic uncertainty. Published at the start of May, the report outlines EBA’s strides in implementing key regulatory frameworks and advancing data access.
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In an increasingly online world, the need to verify legal entities accurately is paramount. Enter artificial intelligence (AI), a transformative technology that holds the promise of automating entity verification and monitoring, thereby reducing the risk of fraud and criminal activities.
The UK’s Financial Reporting Council (FRC) is taking steps to enhance sustainability reporting assurance through focused roundtable discussions. These roundtables, introduced as part of the FRC’s ongoing market study initiated in March 2024, aim to gather insights from stakeholders regarding the current state and future direction of sustainability assurance.
The IFRS Foundation has released Simplified Chinese translations of IFRS S1 General Requirements for Disclosure of Sustainability-related Financial Information and IFRS S2 Climate-related Disclosures, along with accompanying documents, further enhancing the accessibility and global adoption of sustainability reporting standards.
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