The guide summarises recent key developments in corporate reporting, with respect to trends in sustainability reporting and sustainability-related financial reporting. It has been updated following the developments in mandatory and voluntary reporting standards and frameworks, including the International Sustainability Standards Board (ISSB) and the Taskforce on Nature-related Financial Disclosures (TNFD).

Please click to download Navigating the Reporting Landscape from the A4S website.

The study Intended and Unintended Consequences of IFRS 15 adoption focused on addressing the following broad research questions:

• How do regulatory changes impact financial reporting in terms of the relevance and usefulness of the information produced for users?
• To what extent have management control systems changed as a result of the IFRS 15 implementation and thereby affected the decision-making process of entities?

The findings of the study shed light on the costs (both one-off and ongoing costs) faced by preparers as well as the benefits (for both preparers and users) of implementing the standard.

Please click to access the study on the EFRAG website.

The guide which is aimed at professional accountants, senior management and talent developers, can be adapted to companies of all sizes.  It focuses on preparing for sustainability reporting in accordance with the International Sustainability Standards Board (ISSB) Standards (IFRS S1 General Requirements for Disclosure of Sustainability-related Financial Information and IFRS S2 Climate-related Disclosures) but is equally relevant to companies applying other sustainability reporting frameworks or standards.

The guide, which is the first in a series, includes the key steps to help companies start to prepare for sustainability reporting and focuses on an eight-stage sustainability reporting cycle addressing:

• who is accountable and responsible for sustainability reporting;
• the process for identifying material sustainability-related information for reporting purposes;
• determining, collecting and reporting the data;
• considerations for verification that can lead to continual improvement of reporting; and
• the role of people and technology in enabling quality reporting.

The guide is complemented by a series of videos, produced in partnership with the ISSB.

A press release and the full guide are available on the ACCA website.

A summary of the agenda is set out below:

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

The agenda for the meeting is sum­marised below.

Agenda papers for the meeting are available on the IFRS Foun­da­tion's 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:

• Lack of Exchangeability: Amendments to IAS 21 – Project Initiation Plan
• Supplier Finance Arrangements (Amendments to IAS 7 and IFRS 7) – Adoption Package
• IASB General Update
• Intangibles Research Project – Survey and Quantitative Report Update

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

Update 28/11/2023 - The recording of the November 2023 UKEB's public Board meeting is available here.

Companies are still grappling with significant uncertainty due to the ongoing uncertain macroeconomic and geopolitical environment, which includes the persistent effects of climate change, high interest rates and inflation, energy security concerns, cyberattacks, and international conflicts and tensions such as the Russia-Ukraine war.  Investors and regulators are expecting companies to be transparent in how they are dealing with this challenging reporting landscape. 

Companies therefore need to consider how to assess and address these sources of uncertainty when preparing their annual and interim reports. Whilst companies may by now be more familiar with the challenges of reporting in times of uncertainty, timely and high-quality reporting that reflects the ongoing uncertainties companies face and their response to those uncertainties remains as important to investors, creditors, and broader stakeholders as ever. 

The FRC’s Annual Review of Corporate Reporting 2022/23 and ESMA’s Common Enforcement Priorities provide guidance on appropriate reporting and meeting investor expectations and highlight areas of regulatory scrutiny that reporters of all sizes should focus on in their forthcoming reporting. Messages contained within recent FRC thematic reviews should also be considered when preparing annual and interim reports.

UK public interest entities, AIM companies, banking and traded LLPs, and other UK companies and LLPs with more than £500m turnover whose accounting period begins on or after 6 April 2022 will need to comply with new climate-related financial disclosure requirements with exemptions for companies and LLPs with 500 or fewer employees. And, for accounting periods beginning on or after 1 April 2022, premium and standard listed companies will need to provide enhanced disclosures on board and leadership diversity. 

Whilst the majority of amendments to both UK GAAP and IFRS Accounting Standards have been relatively minor, companies will need to reflect the impact of IFRS 17 Insurance Contracts, effective for accounting periods beginning on or after 1 January 2023, within their annual financial statements for the first time.  Additionally, amendments to IAS 12 Income taxes and Section 29 of FRS 102 will provide relief for affected companies from accounting for deferred taxes arising from the implementation of the Pillar Two model rules. 

Our Closing Out publication covers all these topics and more, providing an invaluable guide to the issues affecting today’s corporate reporting landscape.

High-level speakers from the financial and sustainability reporting sectors will provide their views and share thoughts during three panel discussions on major topics:

• Implementation support for ESRS
• European Sustainability Standards for SMEs
• Connectivity: Building bridges

Mairead McGuinness, European Commissioner for Financial Stability, Financial Services and the Capital Markets Union, will provide a keynote speech.

Please click for the full programme and registration here.

Note: On 14 March 2024, EFRAG released a summary report, videos and photos from the event.

In its draft comment letter, EFRAG welcomes the package of the annual improvements included in the ED and agrees with the majority of the proposed amendments. In EFRAG's view, they would improve consistent application and understandability of the IFRS Accounting Standards.

However, EFRAG disagrees with the IASB's proposed amendment to IFRS 9 on derecognition of lease liabilities and recommends a reconsideration of the proposed amendment to IFRS 10 on de facto agents.

Comments on EFRAG's draft comment letter are requested by 28 November 2023. For more information, see the press release and the draft comment letter on the EFRAG website.