The 2023 IFRS Accounting Taxonomy is consistent with IFRSs as issued by the IASB at 1 January 2023, including those issued but not yet effective. The 2023 IFRS Taxonomy also incorporates the two changes made to the IFRS Taxonomy in 2022 reflecting amended IFRSs and common reporting practice by companies that apply IFRS Accounting Standards as well as general taxonomy improvements.

For more information, see the press release and the 2023 IFRS Accounting Taxonomy page  on the IFRS Foundation website website.

A summary of the agenda is set out below:

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

A summary of the agenda is set out below:

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

The agenda items for discussion are as follows:

1. International Tax Reform — Pillar Two Model Rules (Amendments to IAS 12): Feedback Statement and Due Process Compliance Statement
2. IASB General Update
3. ISSB General Update
4. Potential connectivity issues between Sustainability Disclosure Standards and Accounting Standards: Assets 
5. Intangibles: Survey Update

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

A recording of the meeting is now available here.

The bases for conclusions illustrate the objective and context of each draft standard, the process followed in its preparation, the reasons to include in the standard a disclosure requirement, when relevant the alternative considered, the references to other standard-setting initiatives or European or other relevant regulations and, where appropriate, the argument supporting the need for granular guidance.

Each basis for conclusions appears under the draft standard available on this EFRAG website.

A key proposal involves whether the existing reporting which is currently submitted should be required to be disclosed in full in a company’s Directors’ Report within the Annual Report & Accounts. For a group, this would involve incorporating the reporting from each subsidiary that is required to submit a Payment Practices and Performance Report via the Government’s online portal. The intention would be to add greater transparency and reaffirm awareness of the importance of the reporting requirement at board level and among shareholders.

Other proposed amendments to the existing reporting requirements include clarificatory and transparency measures regarding supply chain finance, disputed invoices, standard retention payment terms and statistical information on retention payments.

Comments on the consultation are requested by 28 April 2023.

A press release and the consultation are available on the UK Government’s website.

In a speech given on 21 March 2023, Commissioner McGuinness explained:

We know that the EU sustainability reporting standards will be challenging for companies. And that's why we're asking EFRAG, who developed the draft standards, if you like, to focus attention on providing additional guidance for companies to apply the first set of horizontal standards. And indeed to free up resources for this very critical task, we have asked EFRAG to prioritise its efforts on that first set of horizontal standards over preparatory work for the sector standards.

She explained that this decision would also avoid having overlapping consultations on the final first set of standards to be proposed by the EC and Set 2 of draft ESRS to be developed by EFRAG:

And we will soon publish the proposed final version of the first set of horizontal standards for a period of public comment. And in my view, prioritising EFRAG's efforts on the first set of standards over preparatory work for the sector standards will avoid overlapping consultations, and ease the burden on all stakeholders wanting to contribute to this busy agenda.

Please click to access the full transcript of Commissioner McGuinness' speech on the EC website.

The exposure draft proposes to introduce a mandatory temporary exception to the requirements in IAS 12 Income Taxes to recognise and disclose information about deferred tax assets and liabilities arising from the OECD’s Pillar Two Model Rules, and also proposes the introduction of targeted disclosures.

In the final comment letter, EFRAG welcomes the IASB’s efforts to address the concerns of stakeholders about the implications for income tax accounting resulting from jurisdictions implementing the OECD rules.

EFRAG generally supports the IASB’s proposal to introduce a temporary exception to the requirements in IAS 12 and also supports the efforts of the IASB to define a disclosure approach that would provide information to the users to assess an entity’s exposure to paying top-up tax that would not involve undue cost or effort.

However, EFRAG proposes some improvements on the proposed targeted disclosures and encourages the IASB to add a disclosure objective that describes the needs of users of financial statements as it might help entities to apply judgment. 

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

The update reports on the EFRAG Financial Reporting Board and EFRAG Financial Reporting TEG (EFRAG FR TEG) joint meeting on 8 February 2023, the EFRAG TEG meeting on 8-9 February, the EFRAG Consultative Forum of Standard Setters (EFRAG CFSS) and EFRAG FR TEG meeting on 6 February and the EFRAG Administrative Board meeting on 1 February.  The update also included a summary of EFRAG's sustainability reporting and related activities.

Please click to download the February EFRAG update from the EFRAG website.

The update reports on the EFRAG - ASBJ MEETING on 30-31 March 2023, the EFRAG Financial Reporting Board (EFRAG FRB) webcast meeting on 30 March 2023, the EFRAG FRB and EFRAG Financial Reporting Technical Expert Group (EFRAG FR TEG) webcast meeting on 10 March 2023, the EFRAG FR TEG webcast meeting on 16 March 2023, and the EFRAG FR TEG and EFRAG Consultative Forum of Standard Setters (EFRAG CFSS) webcast meeting on 15 March 2023.

The update also lists EFRAG publications issued in March including EFRAG's final comment letter in response to the IASB's Exposure Draft 2023/1 International Tax Reform - Pillar Two Model Rules (Proposed Amendments to IAS 12).

The update also covers EFRAG's sustainability reporting and related activities.

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