On Jul. 24, the IFRS Foundation has released near-final examples demonstrating how firms are able improve the reporting of uncertainties in their financial statements utilizing climate-related examples as practical illustrations. The early publication is meant to further timely and informed application.

Chair of the IASB Andreas Barckow, stated that "By publishing the examples in near-final form, we are providing companies with earlier visibility of our work."

Even though the examples utilize climate-related fact patterns, they offer guidance that applies widely to all kinds of uncertainties. The examples show how firms can apply IFRS Accounting Standards to improve disclosure of uncertainties in the financial statements.

The International Accounting Standards Board (IASB) created these examples in response to stakeholder feedback about insufficient information regarding uncertainties, specifically climate-related uncertainties, and apparent inconsistencies in the information a firm provides.

The IASB worked with the International Sustainability Standards Board (ISSB) to make sure that these examples work well with the ISSB’s sustainability-related disclosure requirements, the IFRS Foundation stated.