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 December 31, 2023.

The macroeconomic environment today continues to face uncertainties. Sustainability and climate change continue to top the list of priorities for investors and other stakeholders with greater focus on driving better connectivity between the front and back of an annual report. Our latest IFRS Today webpage includes podcasts and articles where we cover emission schemes, net-zero commitments, climate related matters and other changes in the financial reporting landscape that are relevant for all companies.

In June 2023, the International Sustainability Standards Board (ISSB) issued its first two IFRS ® Sustainability Disclosure Standards. The standards are effective for fiscal years beginning on or after January 1, 2024 but individual jurisdictions will decide whether and when to adopt the standards into local requirements. In Canada, the effective date of adoption of the standards is not final yet. However, different institutions in Canada are working to determine how this landscape will shape up in Canada.

The Canadian Sustainability Standards Board (CSSB) expects to release draft requirements in March 2024 for public consultation. Superintendent of Financial Institutions (OSFI) has published its draft standardized climate scenario exercise methodology for public comments.

These standards will have a significant impact on companies across all sectors and mark the next step towards equal prominence for sustainability and financial reporting. 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. Also take a look the section Requirements effective in 2024 and beyond for details around requirements that will be effective starting next year. Among other things, IASB is expected to publish IFRS 18, General Presentation and Disclosure in Q2 2024. The latest information on the new standard is provided in the section General presentation and disclosure.

Refer to our Guides to financial statements – which includes an update to interim financial statements for disclosure requirements effective in 2023.