The webinar is intended to:

• Examine challenges that arise when implementing ESRS reporting and how they can be overcome; and
• Share perspectives on the draft materiality assessment implementation guidance and the draft value chain implementation guidance.

The programme includes a keynote address from European Commissioner Tom Dodd and a panel discussion with representatives from the organisers, a preparer and two accounting firms.

Please click to access the full programme and registration information on the Accountancy Europe website.

The SMEIG will discuss the following topics:

• Second com­pre­hen­sive review of the IFRS for SMEs
  • Proposed revised Section 23 Revenue from Contracts with Customers
  • Impairment of financial assets — results of survey on SMEs’ exposure to credit risk
• Addendum to the Exposure Draft Third edition of the IFRS for SMEs Accounting Standard
  • Lack of exchangeability and supplier finance arrangements

The papers for the meeting are available on the IFRS Foun­da­tion’s website.

The agenda items for discussion are as follows:

• Financial Instruments with Characteristics of Equity
• Annual Improvements to IFRS Accounting Standards – Volume 11 – Final Comment Letter and Feedback Statement
• IASB General Update

The meeting agenda and papers and details of how to register are available on the UKEB website.

Update 20/12/2023 - The recording of the December 2023 UKEB's public Board meeting is available here.

The Boards are keen to appoint members with experience in the preparation or consumption of digital financial reports or from emerging economies. Applications are requested by 26 January 2024. For more information, please see the press release on the IFRS Foundation website.

The Board will discuss the following:

• Power Purchase Agreements
• Main­te­nance and con­sis­tent ap­pli­ca­tion
• Management Commentary
• Second com­pre­hen­sive review of the IFRS for SMEs Standard
• Dis­clo­sure ini­tia­tive — Sub­sidiaries without public ac­count­abil­ity: Dis­clo­sures
• Provisions
• Climate-related risks in the financial statements
• Work plan update
• Rate-reg­u­lated ac­tiv­i­ties
• Addendum to the Exposure Draft Third Edition of the IFRS for SMEs Accounting Standard

The full agenda for the meeting can be found here. We will post any updates to the agenda, our com­pre­hen­sive pre-meet­ing summaries, as well as observer notes from the meeting on this page as they become available.

The following topics were discussed:

Power Purchase Agreements: In this meeting, the staff presented the research on how to address accounting issues related to power purchase agreements. Based on the findings of the research and other input received from stakeholders the IASB decided to undertake narrow-scope standard-setting to amend IFRS 9 to better reflect power purchase agreements in the financial statements with the next project milestone to be an exposure draft, exploring amending the ‘own use’ and hedge accounting requirements in IFRS 9.

Work plan: The IASB received an update on its work plan. In addition, the IASB decided to begin the post-implementation review (PIR) of IFRS 16 in the second quarter of 2024 and to consider when to begin the PIR of the hedge accounting requirements of IFRS 9 after the IASB concludes its work on power purchase agreements.

Rate-regulated Activities: The IASB made decisions on the proposals in the Exposure Draft Regulatory Assets and Regulatory Liabilities, in particular with regard to unit of account and offsetting, presentation and items affecting regulated rates only when related cash is paid or received.

Maintenance and consistent application: The IASB decided to propose amendments to IAS 21 to require an entity to translate all items (assets, liabilities, equity items, income and expenses, including comparatives) at the most recent closing rate if the entity has a non-hyperinflationary functional currency and presents its financial statements in a hyperinflationary presentation currency; or translates the results and financial position of a foreign operation that has a non-hyperinflationary functional currency into a hyperinflationary presentation currency.

Climate-related and Other Uncertainties in Financial Statements: The staff informed the IASB about current initiatives in progress to address issues related to the reporting of climate-related and other uncertainties in financial statements, including their status and upcoming steps. No decisions were made.

Management Commentary: The IASB received an update on the project. Potential next steps could include collaborating with the ISSB in advancing the project; proceeding with the IASB project and drawing on input from the ISSB where necessary; or pausing the project until the new reporting landscape becomes more settled. The IASB will discuss these options in a joint meeting with the ISSB in January.

Provisions—Targeted Improvements: The IASB decided to continue developing proposed amendments to IAS 37 and make the next project milestone the publication of an exposure draft for stakeholder comment.

Addendum to the Exposure Draft Third edition of the IFRS for SMEs Accounting Standard: The IASB decided to publish an addendum exposure draft that proposes amendments to the IFRS for SMEs Standard to align Section 7 Statement of Cash Flows with Supplier Finance Arrangements (Amendments to IAS 7 and IFRS 7) and Section 30 Foreign Currency Translation with Lack of Exchangeability (Amendments to IAS 21).

Second Comprehensive Review of the IFRS for SMEs Accounting Standard: The IASB decided to finalise the proposals for the new Section 12 Fair Value Measurement without significant amendments to its overall content; not to amend Section 9 Consolidated and Separate Financial Statements to include requirements for investment entities; and to remove the requirement from Section 22 Liabilities and Equity to present the amount receivable as an offset to equity in its statement of financial position if the equity instruments are issued before the entity receives the cash or other resources.

Disclosure Initiative—Subsidiaries without Public Accountability: Disclosures: The IASB decided to update the Exposure Draft Subsidiaries without Public Accountability: Disclosures for disclosure requirements in the forthcoming IFRS 18 Presentation and Disclosure in Financial Statements.

Please click to access the detailed notes taken by Deloitte observers for the entire meeting.

The full agenda for the meeting can be found here. We will post any updates to the agenda, our com­pre­hen­sive pre-meet­ing summaries, as well as observer notes from the meeting on this page as they become available.

The following topics were discussed:

ISSB consultation on agenda priorities: ISSB members discussed the feedback on the ISSB’s request for information (RFI) from users of general-purpose financial reporting who self-identified as an ‘investor” when submitting their response to the RFI.

IFRS sustainability disclosure taxonomy: The ISSB discussed proposed changes to the taxonomy resulting from stakeholder feedback on the approach to tagging narrative information, including the granularity and data type of particular narrative disclosures; the approach to modelling the relationship between the requirements in IFRS S1 and IFRS S2; the approach to tagging metrics and targets that are not specified by IFRS Sustainability Disclosure Standards; and improvements to the taxonomy, including the categorical elements and the element labels.

International applicability of the SASB Standards: The IASB ratified the amendments to the SASB Standards and the related updates to the digital SASB Standards Taxonomy. The ISSB also confirmed that it is satisfied that it has complied with the applicable due process requirements to publish the updated SASB Standards. The ISSB expects to publish the amended SASB Standards before the end of 2023.

Please click to access the detailed notes taken by Deloitte observers for the entire meeting.

The press release quotes the following statement from the declaration of support:

Climate risks are increasingly having a real effect on companies and capital. Therefore—in response to calls for climate action at COP28—we support the establishment of market infrastructure to enable consistent, comparable climate-related disclosures at a global level. We are committed to advancing the adoption or use of the ISSB’s Climate Standard as the climate global baseline.

In addition to the signatories, the International Organization of Securities Commissions (IOSCO) and the Financial Stability Board of the G20 reiterated the support they brought on the announcement of the creation of ISSB at COP26, joined again by the International Monetary Fund (IMF), Organisation for Economic Co-operation and Development (OECD), United Nations entities, the World Bank and the Asian Development Bank.

The ISSB’s key partners in the sustainability disclosure landscape including the Global Reporting Initiative (GRI), CDP and the Taskforce on Nature-related Financial Disclosures (TNFD) also reaffirmed their support for the work of the ISSB. The ISSB continues to work closely with these partners to reduce market fragmentation in the sustainability disclosure landscape.

Please click for:

• Press release on the IFRS Foundation website
• Access to the list of signatories on the IFRS Foundation website

The document aims to support financial entities in meeting their reporting obligations by addressing FAQs arising from the interpretation and implementation of the Taxonomy Disclosures Delegated Act.  

The FAQs include guidance on which entities will be in scope of the reporting obligations and assists with the taxonomy assessment of specific exposures. They also consider the rules with regard to the verification and evidence of compliance with the EU taxonomy, as well as questions specifically targeted at credit institutions, insurers and asset managers. 

For more information and to access the FAQ document, please see the press release on the EC website.