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. IFRS and TNFD formalise partnership to advance nature-related reporting
The IFRS Foundation and the Taskforce on Nature-related Financial Disclosures (TNFD) have signed an MoU to formalise their strategic partnership. The ISSB will incorporate TNFD’s recommendations, especially in its work on Biodiversity, Ecosystems, and Ecosystem Services (BEES). This collaboration builds on past cooperation and aims to improve the quality, comparability, and coherence of nature-related financial disclosures. The two bodies will engage in joint research, technical exchanges, and outreach efforts, supporting global biodiversity goals like Target 15 of the Kunming-Montreal Framework.
2. IAASB revises ISA 570 to bolster going concern audits
On April 9, 2025, the IAASB released ISA 570 (Revised 2024) to strengthen auditor responsibilities around going concern assessments. Effective for audits from December 15, 2026, the revision addresses concerns from past corporate failures. Key changes include enhanced risk assessments, mandatory evaluation of management’s going concern analysis, focus on management bias, and an extended evaluation period. The updated standard also improves auditor reporting transparency and communication with governance bodies. Supporting resources will aid implementation.
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