Since publishing the Conceptual Framework ED in May 2015, numerous requests to extend the comment period by up to two months from stakeholders from various jurisdictions (among them from EFRAG and the ASBJ) have reached the IASB. The following reasons for asking for an extension were cited:

The IASB staff believes these reasons are valid and therefore recommends extending the comment period for both, ED/2015/3 Conceptual Framework for Financial Reporting and ED/2015/4 Updating References to the Conceptual Framework by one month.

Please click to access the agenda paper on the IASB's website.

The FRC consulted on changes to the Code in May 2015.

The ICAEW supports the FRC’s review of the Codes implementation and operation.  It believes that one of the focuses of the review should be to “foster the right environment for engagement between audit firms and their stakeholders”.  Although the ICAEW believes that changes to the Code may achieve this, it suggests that changes to the Code should be made against a “high hurdle” and highlights that the FRC’s work should be directed “towards understanding and addressing the root causes of why audit firms, investors and others are not engaging with each other to the degree that was hoped when the Code was launched”.

The ICAEW believes that the Code should encompass significant developments in the UK Corporate Governance Code.  By subjecting audit firms to “broadly the same” governance arrangements as the companies to which they audit, the ICAEW indicates that this will support public trust in audit firms.

Additionally the ICAEW indicates that, in light of recent audit reforms, the FRC should consider how audit firm governance can help audit committees differentiate between audit firms.  The ICAEW also comments that as well as promoting the Code internationally, the FRC should seek to focus on key aspects of the Code that can be implemented at an international level via regulation.

The full comment letter and responses raised to all questions in the invitation to comment is available on the ICAEW website.

The Best Practice recommendations set out additional performance measures and supplementary information to be presented in the annual reports of public real estate companies, with the aim of making the financial statements of these companies clearer, more transparent and comparable across Europe. 

The web tool, the ‘BPR Adviser’, is intended to make the adoption of these Best Practice Recommendations reporting standards simpler.  It includes:

• an area where users can submit technical questions to an advisory panel for expert advice;
• guidance for members on each of the BPR metrics; and
• an area where users can search previously-answered questions.

EPRA highlights that the BPR Adviser is “a one-stop shop for property companies and their advisers, clarifying how they should account using the industry-accepted reporting standards”.

The press release and more information are available on the EPRA website.

The EC had nominated Mr Wolf Klinz as President of the Board of EFRAG in March 2015; he was expected to take office by June this year. However, due to ill health Mr Klinz decided in May 2015 not to accept the EFRAG Presidency.

The EC has now published a call for applications for the post. Applications must be submitted by 9 October 2015. The EC will then nominate a candidate for President of the Board, taking into consideration any views expressed by the Council and/or the European Parliament. The final appointment will be made by the EFRAG General Assembly.

Please click for the call for applications on the EC website.