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Topics hide Double Materiality Assessment under CSRD – 1 Best Guidance on Implementation Overview Double Materility Assessment Double Materility Assessment – How to do it? Step 1 in Double Materility Assessment – Understand the Context and Define a Strategy for Stakeholder Involvement Step 2 in Double Materility Assessment – Identify Potential Material Topics and their … Read more
Climate-related disclosures as arranged by IFRS S2 affect literally every single company without exception (I mean those issuing reports under IFRS). Yes, I know this is a strong statement, but if you keep reading, you will find out why and how. IFRS S1and IFRS S2 function as one package. They are intertwined, working together and … Read more
Topics hide Key Elements for Corporate ESG-reporting Key elements – Key Elements for Corporate ESG-reporting Terminology Purpose of reporting Company mission, statement of purpose, strategy Board responsibility Non-Executive Directors and oversight Stakeholder dialogue and engagement Audience of the report Integrated reporting Materiality Impact, outcomes and Sustainable Development Goals (SDGs) Timeliness Consistency and comparability Standardized comparable … Read more
Last updated: 7 November 2023 Assets reported in the statement of financial position must not exceed the expected economic benefits they will provide, referred to as the ‘recoverable amount’. If an asset’s recoverable amount falls below its carrying amount, the difference must be recognised in profit or loss (or OCI for revalued assets), known as … Read more
so, what is IFRS S1 General Requirements for Disclosure of Sustainability-related Financial Information about? As its title says, it is about the general requirements for disclosure of sustainability-related financial information. As a result, you will not find any specific rules for the disclosures, because IFRS S1 serves as a framework for your reporting. It is … Read more
Topics hide The International Sustainability Disclosure Standards – IFRS S1 and IFRS S2 Frequently asked questions Introduction to The International Sustainability Disclosure Standards Overview of the IFRS Sustainability Disclosure Standards IFRS S1 – General Requirements for Disclosure of Sustainability-related Financial Information The Four Pillars of Governance, Strategy, Risk Management and Metrics & Targets General features … Read more
It is here. Two newest standards, IFRS S1 and IFRS S2, were published in June 2023. I think that’s not news for anybody with two eyes and ears, because the information spread everywhere. Well, my usual approach is rather practical, so I will skip all these talks about WHY we need sustainability and WHY it … Read more
Last updated: 20 October 2023 Accounting errors may arise due to a range of factors inherent in the complex and intricate nature of the accounting processes. As businesses manage countless transactions, these errors can stem from simple data entry mistakes, mathematical inaccuracies, misunderstandings of applicable IFRS, oversights or misinterpretations of facts. Other causes include technological … Read more
Last updated: 20 October 2023 Accounting policies often necessitate estimating certain amounts in financial statements, as these amounts can’t be directly observed. The use of estimates is integral to financial statement preparation and does not undermine their reliability (IAS 8.33). Indeed, even highly uncertain estimates often remain the most accurate representation of certain transactions or … Read more
when it comes to taxes, the world can sometimes feel like a vast and intricate puzzle. Different countries, different rules and different rates. Hmmm, that sounds like a good scope for tax planning departments of huge corporations, isn’t it? Why not designing some nice and complex schemes to shift tax liabilities to the tax jurisdictions … Read more