Sustainability
The International Sustainability Standards Board (ISSB) is planning to release guidance on framing information about nature-related risks and opportunities within sustainability reports. The guidance, which should be proposed this October, will mesh with existing ISSB standards IFRS S1 on general requirements for sustainability reporting and IFRS S2 on climate-related disclosures.
The Transition Implementation Group on IFRS S1 and IFRS S2 (TIG) has released guidance on implementing these standards, drawing on the texts themselves rather than external advice. The TIG answers questions about compliance by highlighting relevant portions of the standards.
The IFRS Foundation Trustees have revised the Due Process Handbook, laying down how the International Accounting Standards Board (IASB) and the ISSB should develop and maintain their standards. The revised handbook adds procedures for changing SASB Standards, which are followed under ISSB reporting.
The Global Reporting Initiative (GRI) and the Carbon Disclosure Project (CDP) have updated mapping between the CDP’s 2026 corporate questionnaire and GRI 102, Climate Change and GRI 103, Energy Standards. They have identified how these disclosures mesh, helping companies to utilise the same underlying data and reducing duplication, while boosting efficiency and comparability.
Auditing
The International Auditing and Assurance Standards Board (IAASB) has released draft revisions to its international standard on review engagements (ISRE 2410), regarding assessments of interim financial information by independent auditors of an entity’s annual financial statements. Proposed changes include a clearer definition of interim review engagements and enhanced requirements over going-concern issues, fraud and breaches of laws and regulations.
The International Forum of Independent Audit Regulators (IFIAR) has called on audit practices to use IAASB’s ISQM 1, International Standard on Quality Management, to ensure effective monitoring and oversight of the use of technology in audits. This comes in IFIAR’s 2026 report, Use of technology in audits – Innovation and audit quality, assessing how new technology is reshaping audits worldwide, while also introducing new risks.
Public sector
The International Public Sector Accounting Standards Board (IPSASB) has proposed a wide range of detailed changes to IPSAS, including on financial instruments, foreign exchange and consolidated financial statements. It has also proposed comprehensive changes to IPSAS 40 on the acquisition or amalgamation of public sector operations, focusing on the definition of an operation and recognition of acquired liabilities and contingent liabilities.
IPSASB has also proposed a practice statement on making materiality judgments, helping report preparers apply materiality more effectively when preparing financial statements under IPSAS. The guidance suggests a four-step approach to identifying, assessing, organising and reviewing potentially material information.
In addition, IPSASB is consulting on how financial information can be better presented in public sector financial statements. Answers will help the board draft a new IPSAS standard to replace IPSAS 1, Presentation of Financial Statements, issued in 2000.
Financial markets
The US Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) have jointly proposed reducing private fund reporting requirements. They will amend Form PF, a confidential reporting template for certain SEC-registered investment advisers to private funds, including those registered with the CFTC as commodity pool operators or commodity trading advisers.
The Bank for International Settlements’ Committee on Payments and Market Infrastructures and the International Organization of Securities Commissions are consulting on updated guidance about public disclosures when implementing initial margin proposals. The changes would boost information on the resilience of central counterparties and reform public quantitative disclosure standards regarding central counterparties, covering simulation tools, measuring initial margin responsiveness, margin model governance frameworks, margin model overrides and more.
More information
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