CPAJ News Briefs: Stay updated on FASB and IASB news.

TLDR:

• FASB is reexposing a proposal for interim disclosure rules, aiming to streamline requirements without changing current practice.
• ISSB is pushing for the adoption of sustainability disclosure standards in Africa, with Canada, Japan, and Singapore also consulting on new international sustainability disclosure rules.

Key Elements:

FASB has voted to issue a second proposal for interim disclosure rules, aiming to streamline requirements in the GAAP codification literature. The goal of the proposal is to allow companies to use the codification more efficiently and effectively, without resulting in significant changes in practice for entities. This move is seen as a cleanup of the codification to make requirements clearer to users.

On the other hand, the ISSB is actively advancing the adoption of sustainability disclosure standards globally, with a focus on Africa. Recent meetings with high-ranking officials in African nations and consultations in Canada, Japan, and Singapore signal a rapid momentum towards a global baseline of sustainability-related disclosures. The ISSB is working with jurisdictions to facilitate the adoption or other use of their standards.