Mastering Financial and Sustainability Reporting: Navigating IFRS Updates and Sustainability Frameworks

The course aims to offer participants a comprehensive overview of recent developments in financial and non-financial reporting standards and methodologies, employing practical demonstrations, examples, and brief exercises. It addresses significant shifts in financial reporting procedures, including imminent changes mandated by IFRS 18 replacing IAS 1, as well as the evolving landscape of non-financial reporting standards, now increasingly regulated across various regions.

Changes effective for financial years beginning 1 January 2023 1. IFRS 17 – Insurance Contracts (focus on scope impacting non-insurance companies) 2. IAS 1 - Amendments to IAS 1 and Practice Statement 2: Disclosure of Accounting Policies 3. IAS 8 - Amendments to IAS 8: Definition of Accounting Estimates 4. IAS 12 - Amendments to IAS 12: Deferred Tax related to Assets and Liabilities arising from a 5. Single Transaction 6. IAS 12 – Amendment to IAS 12: International Tax Reform—Pillar Two Model Rules Changes effective for financial years beginning 1 January 2024 1. IAS 1 - Amendments to IAS 1: Classification of Liabilities as Current or Non-current 2. IAS 1 - Amendments to IAS 1: Non-current Liabilities with Covenants 3. IFRS 16 - Amendments to IFRS 16: Lease Liability in a Sale and Leaseback 4. FRS 7, FRS 107 - Amendments to FRS 7 and FRS 107: Supplier Finance Arrangements Major Future Changes/Initiatives 1. IFRS 18 - Revised standard on Primary Financial Statements – expected effective date of financial years beginning on or after 1 January 2027 2. Other key exposure drafts IFRIC Agenda Decisions 1. Validity of IFRIC Agenda Decisions 2. Effective dates and transitional provisions 3. Recent key decisions Sustainability reporting 1. Understand the purpose and history of sustainability reporting. 2. Analyse current trends and future impacts. 3. Explore the scope of sustainability. 4. Learn about its implications for stakeholders. Overview of Reporting and Assurance Standards 1. ISSB sustainability disclosure standards 2. SASB reporting standards 3. GRI reporting standards 4. EFRAG reporting standards 5. IFAC assurance standards The Financial Implications of Sustainability 1. Carbon accounting 2. Access and cost of capital 3. Provisions for sustainability pledges and commitments 4. Impact on the value of assets 5. Impact on customer behaviour Elements of Sustainability Reporting 1. Single and double materiality assessments 2. ESG elements and disclosures 3. Benchmarks, metrics, and targets 4. Data collection and analysis 5. Digital reporting