This site uses cookies to provide you with a more responsive and personalised service. By using this site you agree to our use of cookies. Please read our cookie notice for more information on the cookies we use and how to delete or block them.
The full functionality of our site is not supported on your browser version, or you may have 'compatibility mode' selected. Please turn off compatibility mode, upgrade your browser to at least Internet Explorer 9, or try using another browser such as Google Chrome or Mozilla Firefox.

UKEB draft comment letter on the IASB's ED on 'Disclosure Requirements in IFRS Standards — A Pilot Approach (Proposed amendments to IFRS 13 and IAS 19)'

  • UK Endorsement Board (UKEB) Image

31 Aug 2021

The UK Endorsement Board (UKEB) has issued a draft comment letter on the International Accounting Standard Board's (IASB's) ED/2021/3 Disclosure Requirements in IFRS Standards – A Pilot Approach ("the ED").

The Draft Comment Letter supports the principles contained in the ED but highlights the following points:

  • consultation with stakeholders has identified concerns about the practical application of the ED's proposals including issues on comparability, the impact on digital financial reporting, the application of judgement and issues of audit and enforceability.
  • the UKEB has reservations about supporting the amendments to IFRS 13 and IAS 19 without first understanding whether the guidance described in the ED will be adopted and applied to other existing or future IASB standards.  The UKEB highlights "if the methodology is not used elsewhere, it will lead to inconsistent principles for disclosures being applied within IFRS, with the risk of confusing preparers and users and possibly resulting in inconsistent application".
  • the UKEB recommends that the IASB first considers all feedback relating to the proposed approach to disclosure to determine how and when this will be used for existing and future standards. Once that decision has been reached, it recommends that the IASB re-expose the amendments to IFRS 13 or IAS 19.  The UKEB comments that this will help resolve its concern that it is difficult to support changes to these standards without understanding whether the proposed guidance will be applied to other standards.

Comments are requested by 01 November 2021. The draft comment letter and separate invitation to comment are available on the UKEB website.

Correction list for hyphenation

These words serve as exceptions. Once entered, they are only hyphenated at the specified hyphenation points. Each word should be on a separate line.