Each quarter, we provide a summary of newly effective and forthcoming standards as well as other significant accounting and financial reporting developments. This edition covers current developments in the quarter ended on March 31, 2023.
Sustainability matters, including climate-related continue to top the list of priorities for investors and other stakeholders with greater focus on consistency of information across the annual report. However, they also recognize the challenges companies face from the current macroeconomic environment, such as inflation, high energy prices, the Ukraine-Russia conflict and instability and uncertainty in the banking sector. Our latest IFRS Today podcast offers clear and concise points for companies to consider when preparing their year-end financial statements.
The ambitious proposals from the International Sustainability Standards Board (ISSB) continue to develop at a fast pace. We expect the first two standards to be finalized in June 2023. These standards will have a significant impact on companies. We recommend leveraging our dedicated Sustainability reporting resource centre, which features a range of high-level visual overviews, video blogs, articles and analysis to help companies get ready for the new standards.
Refer to our financial reporting resource centres that are designed to help companies prepare financial statements: Financial reporting in uncertain times resource centre which features a range of articles, blogs and podcasts to explore the potential accounting and disclosure implications, and Climate change financial reporting resource centre which provides additional resources to help you identify the potential financial statement impacts for your business of climate-related risks and opportunities.
A number of new requirements are effective from January 1, 2023. Further information on these new requirements is provided in the section Requirements effective in 2023.
Refer to our Guides to financial statements – which includes an update to interim financial statements for disclosure requirements effective in 2023.