4 IFRB 2020/13 IFRS FOUNDATION TRUSTEES CONSIDER SUSTAINABILITY REPORTING KEYS TO SUCCESS The Trustees have provisionally chosen to develop the SSB option, and invite public comments on the paper. Mark Carney, UN Special Envoy for Climate Action and Finance, has commented on the IFRS Foundation Trustees' sustainability consultation and stresses that he endorses the creation of new IFRS Sustainability The SSB would initially What can the IFRS Foundation contribute? whose structure and functions are laid out in sections 24–37, shall be the standard-setting body of the IFRS Foundation. The 2015 review was launched on 7 July IFRS Standards are required by over 125 countries globally. IFRS Foundation Columbus Building 7 Westferry Circus Canary Wharf London E14 4HD United Kingdom Ref: Response to Consultation Paper on Sustainability Reporting Dear Mr Liikanen, The European Securities and Markets The IFRS Foundation would bring recognition and credibility to any new standards due to its governance structure and rigorous standard-setting process. PRI RESPONSE: Yes. The IFRS Foundation's logo and the IFRS for SMEs ® logo, the IASB ® logo, the ‘Hexagon Device’, eIFRS ®, IAS ®, IASB ®, IFRIC ®, IFRS ®, IFRS for SMEs ®, IFRS Foundation ®, International Accounting Standards ®, International Financial Reporting Standards ®, NIIF ® and SIC ® are registered trade marks of the IFRS Foundation, further details of which are available from the IFRS … We therefore welcome the Trustees’ proposal in paragraph 29 of the consultation paper to insert the SSB within this structure Création L’International Financial Reporting Standards Foundation (IFRS Foundation) - anciennement International Accounting Standards Committee Foundation de sa création à la révision de la constitution achevée en février 2010 - a été créée en février 2001, sous la forme d'une entité à but non lucratif enregistrée … 6 UL RPORT 2016 Review of structure and effectiveness Every five years, the Trustees review the structure and effectiveness of the IFRS Foundation. The IFRS Foundation’s governance structure In February 2014, the IFRS Foundation Trustees announced they intend to start their next review of the structure and effectiveness of the IFRS Foundation in 2015, with one particular area to be examined being the optimum size of The IFRS Foundation under which the IASB operates has published its Annual Report for 2011. The new SSB would focus on the needs of investors and other providers of capital for sustainability And in other developments over the year the IASB issued IFRS 16 Leases, which will be mandatory in 2019., which will be mandatory in 2019. The International Accounting Standards Board (IASB) is the independent, accounting standard-setting body of the IFRS Foundation. 7 Part 2High-level options for the IFRS Foundation 8 Part 3A new Sustainability Standards Board 8 Proposed governance structure of the SSB 9 Requirements for success 9 Providing a Consequently, the IFRS Foundation has published the IFRS Taxonomy Illustrated to facilitate understanding of the IFRS Taxonomy and its structure, and ultimately to assist with the tagging of financial statements prepared using IFRS Foundation must move with urgency with regards to establishing a SSB – if this is the outcome of this consultation – and an appropriate governance structure, while desirable, we do not necessarily share the view that climate-related standards must be finalised quickly; in part, this will IFRS Foundation Columbus Building 7 Westferry Circus Canary Wharf London E14 4HD Via email: commentletters@ifrs.org 21 December 2020 Subject: IFRS Foundation’s Consultation Paper on Sustainability Reporting ICGN is structure of the IFRS Foundation an appropriate approach to achieving further consistency and global comparability in sustainability reporting? accountability. The IFRS Foundation on September 30 issued a consultation document to solicit public feedback on whether to establish the SSB as a new global standard-setting body under its governance structure. The Trustees are responsible for the strategic direction and governance of It is responsible for developing International Financial Reporting Standards (IFRS … It could, as the governing body of the International Accounting Standards Board (IASB), also ensure both clearer delineation with, and where necessary, tighter integration into, … 16 December 2020 7 Westferry IFRS, IAS, IFRS Foundation Structure of the IFRS regulatory system International Financial Reporting Standards (IFRS) Foundation The IFRS Foundation (formerly known as the International Accounting Standards Committee Foundation (IASC)) is the supervisory body for the IASB and is responsible for governance issues and ensuring each … The IFRS Foundation also develops and maintains the IFRS Taxonomy. It is appropriate to incorporate the SSB into the governance structure that the IFRS Foundation currently has, in order to ensure the transparency, neutrality, and efficiency of the development of the standards by the SSB. Previous reviews have led to complete transparency in technical decision-making For detailed information on the organisation’s structure, the standard-setting process and the spread of IFRS Standards, visit www.ifrs.org. The IFRS Taxonomy consists of elements that can be used to tag disclosures in financial statements prepared using IFRS Standards. The IFRS Foundation Constitution requires the IFRS Foundation Trustees to undertake a review of the entire structure of the IFRS Foundation and its effectiveness every five years. The IFRS Foundation has published 'IFRS Taxonomy 2020 — Covid-19-Related Rent Concessions (Amendment to IFRS 16)'. IFRS is recognized in 144 jurisdictions around the world and has strong and collaborative relationships with governments, regulators and national standard setters. To develop standards in the public interest, the process must The IASB was founded on April 1, 2001, as the successor to the International Accounting Standards Committee (IASC). Keidanren welcomes the opportunity to submit comments on the IFRS Foundation's Trustees' Review of Structure and Effectiveness: Issues for the Review. of IFRS 15 Revenue Recognition for Contracts with Customers.The IASB has deferred the application of IFRS 15 by a year and is now effective from 1 January 2018. Tagging makes information computer-readable and, therefore, more accessible to investors and other users of electronic … In The IFRS Foundation’s final proposal should result in the establishment of an SSB with an appropriate structure and culture to build effective synergies with existing financial reporting standards. 07 Aug 2020 The IFRS Foundation has announced that due to concerns about the COVID-19 pandemic and the global nature of its organization, all meetings with advisory and consultative … The IFRS Foundation is proposing that the new SSB would sit alongside the IASB in the Foundation’s governance structure. statement from SASB; the IFRS Foundation should build upon the work in the Joint Statement and structure the SSB in a manner that maintains the ongoing involvement of the Group of 5 as illustrated in Figure 1 above. The IFRS Foundation’s three-tier governance structure is designed to deliver on these attributes. We welcome the initiative by the IFRS as there is a need for an internationally more… Therefore, the IFRS Foundation is seeking to create a new Sustainability Standards Board (SSB) with an institutional and governance structure similar to that of its financial reporting standard setter, the International Accounting The IFRS Foundation was established to develop a single set of globally accepted accounting standards, and is the organisation behind IFRS Standards. The Trustees of the IFRS Foundation have published a consultation paper to assess demand for global sustainability standards and what role the Foundation might play in the development of such standards. In Japan, as IFRS voluntary adoption becomes widespread, more than 100 companies have already announced adopting IFRS. 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