Beyond the GAAP no. 189 - 2024

At the end of May 2024, the IASB published amendments to IFRS 9 and IFRS 7 on the classification and measurement of financial instruments, which are mandatory for financial periods commencing on or after 1 January 2026. In this issue, we look in detail at the content of these amendments, which introduce some changes and clarifications relating to financial liabilities settled using an electronic payment system, financial assets with contingent payment features, financial assets with non-recourse features, and contractually linked financial assets. They also require additional disclosures to be presented in the notes.

As regards sustainability reporting in Europe, the month’s big news was the publication by EFRAG and TNFD of a correspondence table mapping their respective reporting frameworks. It shows the high level of commonality achieved between the ESRS environmental standards beyond climate change and the TNFD recommendations. At the international level, the ISSB has finalised its work plan for 2024-2026 and has decided that, in addition to supporting implementation of IFRS S1 and IFRS S2, it will work on two research projects, one on biodiversity, ecosystems and ecosystem services, and the other one on human capital.