In the final comment letter, EFRAG supports the IASB’s efforts to address the concerns of constituents that have emerged in the context of the IFRS Interpretations Committee’s agenda decision of December 2020 and supports that liabilities should be classified as either current or non-current based on the situation as at the end of the reporting period. 

However, EFRAG raises the following points:

• EFRAG disagrees with the proposal to require a separate presentation on the face of the statements of financial position of the liabilities classified as non-current for which the entity’s right to defer settlement for at least twelve months after the reporting period is subject to conditions during that time.
• EFRAG recommends that the IASB deletes paragraph 72C(b) and further considers paragraph 72C(a).  It also asks the IASB to clarify
  • the requirement in paragraph 72A of IAS 1 Presentation of Financial Statements that a right to defer must have 'substance'; and
  • the interaction between paragraphs 72B(b) and 75 of IAS 1.
• EFRAG expresses concerns that the targeted scope of the disclosure requirements may be too broad in practice.

A press release and the final comment letter are available on the EFRAG website. 

The report for 2021 provides an overview of the IFRS Foundation’s activities during the past year and sets out the Foundation’s and IASB’s priorities for 2022. The report also discusses the steps taken to form the new standard-setting board ― the ISSB ― and contains case studies on some of the year’s achievements.

For more information, see the press release and annual report on the IFRS Foundation website.

Meeting ac­tiv­i­ties included the following:

• Report of the Chair of the Trustees and the Executive Director — The Trustees received a report from meetings with key stakeholders and ac­tiv­i­ties since the last meeting.
• IASB Chairman’s report— The Chair of the IASB provided the Trustees with a general update on the IASB’s technical ac­tiv­i­ties, es­pe­cially on the ongoing work in the IASB’s Third Agenda Consultation and the goodwill and impairment project. The IASB Chair also updated the Trustees on steps taken to minimise the affect of operating without a full complement of members.
• ISSB leadership introduction— The Trustees were provided with an update by Chair Emmanuel Faber, Vice-Chair Sue Lloyd, and Special Advisor Janine Guillot.
• Update on key organisational risks — The Trustees were provided with an update on management and oversight of risk at the Foundation.
• Sustainability Consultative Committee and Sustainability Standards Advisory Forum — The Trustees were updated on progress related to the Sustainability Consultative Committee and the establishment of the Sustainability Standards Advisory Forum. The Trustees noted that the ISSB may need to create an interim advisory group from a jurisdiction with that have been developing their own sustainability-related reporting requirements.
• ISSB and the academic community — The Trustees believe that the ISSB should build a relationship with the academic community and will discuss at a future meeting.
• Reports from Trustee Committee meeting — The Trustees were provided with an update from the 1–2 March meeting, which included updates from the Audit, Finance and Risk Committee, Business Processes and Technology Committee, Human Capital Committee, Nominating Committee, Due Process Oversight Committee.

The Trustees also held a shareholder event and met with the Monitoring Board.

For more in­for­ma­tion, see the full summary on the IFRS Foun­da­tion website.

Highlights of the podcast include discussions on: 

• the Agenda consultation and Management commentary;
• stakeholder feedback on the post-implementation review of IFRS 9;
• Financial instruments with characteristics of equity;
• primary financial statements;
• Business combination under common control;
• the project plan for extractive activities;
• the IFRS Interpretation Committee’s agenda decision on TLTRO III transactions; and
• the second comprehensive review of the IFRS for SMEs Accounting Standard.

The podcast can be accessed through the press release on the IASB website.

Please click to view the detailed notes taken by Deloitte observers for the IASB meeting.

The update reports on the EFRAG FR Board webcast meetings on 2 and 28 March, the EFRAG FR TEG webcast meeting on 22-23 March, and the EFRAG FR TEG and EFRAG Consultative Forum of Standard Setters (CFSS) joint webcast meeting held on 22 March. The update also covers EFRAG’s sustainability reporting and related activities as well as webinars and online outreaches. 

The update also lists publications issued in March including:

• EFRAG's Final Comment Letter in response to the IASB's Exposure Draft ED/2021/9 Non-Current Liabilities with Covenants
• EFRAG's Final Comment Letter in response to the IASB's Exposure Draft ED/2021/10 Supplier Finance Arrangements
• EFRAG's Feedback Statement related to its Final Comment Letter on the IASB's Exposure Draft ED/2021/3 Disclosure Requirements in IFRS Standards – A Pilot Approach

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

The two new questions relate to:

• Application of the APM Guidelines to measures related to ESG matters
• Labels used by issuers on ESG financial measures

Please click to access the updated document on the ESMA website.

ED 82 Retirement Benefit Plans builds on IAS 26 Accounting and Reporting by Retirement Benefit Plans. In developing principles for the public sector, the private sector requirements in IAS 26 were adapted, based on experience from around the world, to ensure the unique characteristics of the public sector are reflected in the ED. In particular, the existing policy choices available in IAS 26 were reviewed and the ED proposes to remove those that are not appropriate for the public sector or are inconsistent with existing IPSAS.

Comments on the ED are requested by 1 August 2022. Please click for additional information and access to the ED in the press release on the IPSASB website.

A summary of the agenda is set out below:

Agenda papers for the meeting are available on the IFRS Foundation website website.

The statement notes that IOSCO’s endorsement of the final standards once these are issued by the ISSB would be a landmark in sustainable finance as it would support IOSCO members as they consider how to adopt, apply or be informed by the ISSB standards as the baseline for their own sustainable reporting requirements. Next steps IOSCO will take will be reviewing the draft standards and follow subsequent developments at the ISSB so that the potential endorsement of the final standards can follow quickly. The statement points out:

IOSCO has set up the structures needed to review the draft standards proposed by the ISSB and will continue to engage closely and constructively with the standards board throughout its review process. IOSCO is seeking to finalise its endorsement process shortly after the ISSB finalises the standards.

Please click to access the full statement on the IOSCO website.