UK Endorsement Board publishes its final comment letter on the IASB’s Third Agenda Consultation Request for Informtion
28 Sep, 2021
The UK Endorsement Board (UKEB) has published its final comment letter and feedback statement on the International Accounting Standard Board’s (IASB's) Third Agenda Consultation Request for Information.
The UK Endorsement Board's final comment letter has been informed through desk-based research and outreach with its stakeholders. The final comment letter recommends that the IASB:
- Retains sufficient flexibility in its work plan to address the interaction between IFRS and any future international sustainability standards to be developed by the International Sustainability Standards Board (ISSB).
- Allocates more resource to its work on digital financial reporting.
- Includes in its work on Standards development a structured and cohesive research programme which anticipates and addresses emerging issues.
- Resource the suggested priorities by pausing projects such as the Management Commentary and the Second Comprehensive Review of the IFRS for SMEs projects and rationalising the Extractive Activities project.
- Adds three large-scope high-priority projects to its work plan: climate-related risk, intangibles, and statement of cash flows and related matters. The final comment letter recommends suggested scope for these projects. It also suggests that where projects impact multiple standards, that the IASB applies a thematic approach where amendments to all relevant Standards can be addressed at once as part of the same project.
The final comment letter and the feedback statement are available on the UKEB website.
