Editorial Team – [2026] 183 taxmann.com 148 (Article)
Global Financial Insights is a weekly feature for the Accounts and Audit Module subscribers of Taxmann.com. It provides you with the latest updates on financial reporting and auditing practices from across the globe. Here is this week’s financial update:
1. IASB Update – January 2026 | Key Highlights
The International Accounting Standards Board (IASB) held its January 2026 meetings to discuss a range of research, standard-setting, and maintenance matters, with several projects progressing to the next stage. A key highlights of the meetings are discussed herewith:
(a) IFRS 16 Leases – Post-implementation Review – The IASB discussed feedback received on its request for information for the Post-implementation Review of IFRS 16 Leases and outlined plans for the next phase of the review. No decisions were made. The Board expects to finalise its conclusions in the third quarter of 2026 and plans to publish a project report and feedback statement before the end of 2026.
(b) Intangible Assets – The IASB considered test cases and key principles for a workstream exploring possible changes to the definition and recognition of intangible assets. No decisions were taken. The next step is to discuss findings focused on users’ information needs.
(c) Statement of Cash Flows – The IASB decided to move the project on the Statement of Cash Flows and related matters from the research programme to its standard-setting work plan. Any future consultation will be through an exposure draft. The Board also decided not to establish a consultative group for this project. All members agreed with these decisions.
(d) Consistent Application and IFRS Interpretations Committee Matters – The IASB reviewed recommendations from the IFRS Interpretations Committee. It agreed to withdraw the agenda decision on income and expenses from financial instruments with a negative yield. However, it deferred a decision on withdrawing the agenda decision on supply chain financing arrangements (reverse factoring) and will carry out targeted outreach before deciding.
Most of the updated and final agenda decisions are expected to be published in January 2026 through an addendum to the IFRIC Update November 2025.
Source – International Financial Reporting Standard
2. ISSB Update – January 2026 | Key Developments
At its meeting on 28 January 2026, the International Sustainability Standards Board (ISSB) advanced its work on both standard-setting and implementation support.
(a) Biodiversity, Ecosystems and Ecosystem Services – The ISSB discussed the objective and scope of its new standard-setting project on nature-related risks and opportunities. The Board agreed to proceed with standard-setting that covers all material nature-related risks and opportunities that could reasonably affect an entity’s prospects, rather than limiting the scope to selected topics.
The project will build on the assumption that entities are already applying IFRS S1 and IFRS S2 and will provide additional disclosure requirements or guidance to complement those standards. All ISSB members supported this decision.
(b) Implementation of IFRS S1 and IFRS S2 – The ISSB also received an update from the November 2025 meeting of the Transition Implementation Group (TIG) for IFRS S1 and IFRS S2. No decisions were made. The Board will receive further updates following the next TIG meeting.
Overall, the discussions signal continued progress in developing comprehensive sustainability reporting requirements, with a growing focus on nature-related risks alongside climate and broader sustainability disclosures.
Source – International Financial Reporting Standard
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