The podcast discusses:

• Feedback on con­sul­ta­tion in goodwill and impairment project
• Update on the dynamic risk management project
• Disclosures in the financial instruments with characteristics of equity project
• Proposals in the primary financial statements project

The podcast (12 minutes) can be accessed through the press release on the IASB website.

The detailed notes taken by Deloitte observers at the meeting are available here.

The update reports on the EFRAG Board webcast meetings on 7 April and 14 April, the EFRAG TEG webcast meetings on 8 April and 22 April and the EFRAG TEG and EFRAG user panel webcast meeting on 21 April. The update also covers the activ­it­ies of the European Re­port­ing Lab as well as webinars and online outreaches. 

The update also lists EFRAG publications issued in April in­clud­ing:

• EFRAG’s final endorsement advice regarding Covid-19-Related Rent Concessions beyond 30 June 2021 (Amendment to IFRS 16).
• EFRAG’s final comment letter in re­sponse to the IASB's Exposure Draft ED/2020/4 Lease Liability in a Sale and Leaseback.
• EFRAG’s draft comment letter on the IASB Exposure Draft ED/2021/1 Regulatory Assets and Regulatory Liabilities.

Please click to down­load the April EFRAG Update from the EFRAG website.

The discussions revealed three main challenges:

1. Time: climate change requires an urgent response; and investors seek data now
2. Skills: CFOs, governance bodies, internal and statutory auditors need to ensure they have adequate knowledge and access extend their scope of responsibility to ESG reporting and assurance
3. Investment: significant investment will be needed to design and issue standards, to implement reporting processes and tools, and to enhance audit and assurance capabilities

To meet users’ needs and support informed decision-making, the ESG information reported needs some level of assurance.  The event provided the opportunity to launch a new Guide on Natural Capital Management, developed by ACCA, ECIIA and Deloitte. The Guide includes the key principles that could inform natural capital internal audit assignments and external assurance engagements.  The guide outlines a four-step approach to assignments which has been developed using the insight from standard setters, and from internal and external audit experts.

The Guide is available on the ACCA website here.