The 2024 suite incorporates changes to all of the FRC’s Taxonomies - UK IFRS, FRS 101, FRS 102, UKSEF, and Charities – available in English or Welsh. In addition, the Suite contains taxonomy documentation, supporting documents, key information sheets and release notes.

The key changes to the 2024 Taxonomy Suite are:

• Tags have been updated and added to enable UK Endorsement Board (UKEB) endorsed 2021 Narrow-scope amendments and Lease Liability in a Sale and Leaseback (Amendment to IFRS 16), and International Tax Reform—Pillar Two Model Rules (Amendments to IAS 12) and corresponding amendments to FRS 102.
• SECR tags units have been updated.
• The Original and Revised Data dimension labels have been updated, and guidance tags created, to clarify the meaning of these terms in the taxonomy.
• Recommendations on high quality disclosures of Expected Credit Losses have been digitised. Some pre-existing tags have been updated, and new tags have been created to enable preparers to tag with the granularity described in the recommendations.
• The Charities extension has been updated.

The Irish extension has not been updated and there will not be a new Irish extension for 2024.

The press release (including a link to the FRC 2024 Taxonomy Suite) is available on the FRC website.

The meeting focused on feedback on the proposals in the Exposure Draft Regulatory Assets and Regulatory Liabilities related to discounting estimated future cash flows and the development of staff recommendations for the IASB.

The meeting summary is available on the IFRS Foun­da­tion’s website.

The following topic is on the agenda:

ISSB Consultation on Agenda Priorities: The ISSB will receive a summary of the feedback received in response to its Request for Information Consultation on Agenda Priorities. Respondents were mostly supportive of the ISSB’s planned activities, with IFRS S1 and IFRS S2 implementation support receiving the highest priority. Most respondents agreed with the ISSB’s proposed criteria used to evaluate potential new research or standard-setting projects for its work plan. There was no clear consensus on the number and mix of research projects to be included in the work plan and the staff will perform a detailed analysis of the feedback to create recommendations for the ISSB at a future meeting. Respondents suggested that the ISSB should approach any research project holistically, rather than prioritising subtopics. Feedback received on the proposed research project on integration with financial reporting will be evaluated in conjunction with the International Accounting Standards Board (IASB) at a future meeting.

IFRS Sustainability Disclosure Taxonomy: The staff will provide a summary of the feedback received in response to the proposed IFRS Sustainability Disclosure Taxonomy. Almost all respondents agreed the proposed Taxonomy appropriately reflects the requirements in IFRS S1 and IFRS S2 and will enable digital reporting of sustainability-related financial disclosures. The staff plans to recommend any changes to the Taxonomy in the December 2023 meeting and aims to publish the final taxonomy in the first half of 2024.

Our pre-meet­ing summaries is available on our November meeting notes page and will be sup­ple­mented with our popular meeting notes after the meeting.

Trustees meeting

Meeting activities included the following:

• Reports of the Chair of the Trustees and the Managing Director
• Sustainability assurance
• Report of the Chair of the IASB
• Refreshing the IASB Strategy — 'Generation 3’
• Multi-location model
• Report of the Chair of the ISSB
• ISSB adoption strategy
• Update on funding of the ISSB and report of the Funding Committee
• Primary financial statements
• Structured approach for working with the global academic community
• IFRS Foundation Transitional Advisory Group
• Reports from the Trustee Committee meetings
• Stakeholder engagement
• Meeting with the Monitoring Board

DPOC meeting

Meeting activities included the following:

• IASB-related matters
  • Update on IASB technical activities
  • Due process ‘lifecycle’ review of the development of IFRS 18
  • IASB consultative groups — annual review
  • IASB and Interpretations Committee annual reporting protocol
  • Educational material on IFRS Accounting Standards — review of due process
• ISSB-related matters
  • Update on ISSB technical activities
  • ISSB Consultative Groups — annual review
  • ISSB annual reporting protocol
• Updating the Due Process Handbook
• Correspondence

For more information, see the summary of both meetings on the IFRS Foundation’s 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.

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.

IPSAS 49 Retirement Benefit Plans is based on IAS 26 Accounting and Reporting by Retirement Benefit Plans and establishes comprehensive accounting and reporting requirements for the financial statements of retirement benefit plans, with participants comprising current and former public sector employees and other eligible members. 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 standard. In particular, the existing policy choices available in IAS 26 were reviewed and those removed that are not appropriate for the public sector or are inconsistent with existing IPSAS.

IPSAS 49 has an effective date of 1 January 2026 with earlier application permitted.

The following additional information is available on the IPSASB website:

• Press release
• Access to the new standard and an At a Glance summary

The FRC has decided that the right balance at the current time is to take forward only a small number of the original 18 proposals set out in the consultation and to stop development of the remainder. Significantly, the internal controls proposal will be taken forward informed by stakeholder feedback to ensure there is a more targeted and proportionate Code revision. This will include both allowing more time for its implementation and ensuring the UK approach is clearly differentiated from, what the FRC describes as, “the much more intrusive approach” adopted in the US.

The FRC is not planning to take forward the remainder of the original proposals. These include those relating to:

• the role of audit committees on environmental, social and governance reporting
• modifications to existing code provisions around diversity and over-boarding
• Committee Chairs engaging with shareholders
• the proposals relating to the now withdrawn Statutory Instrument, i.e. in relation to an audit and assurance policy, reporting on distributable profits and resilience statement requirements

A small number of changes that streamline and reduce duplication associated with the Code that were overwhelmingly supported by stakeholders in the interests of reducing burdens will be taken forward.

The announcement confirms the intention to issue an updated Code in January 2024. The FRC has further confirmed that it plans to explore ways of ensuring any guidance issued to support implementation of the Code is proportionate and limits burdens whilst not weakening effective governance.

It is also confirmed that the Audit Reform Bill, and therefore the legislation required to establish the Audit, Reporting and Governance Authority, was not included in the King’s Speech.

The full FRC policy update statement is available on the FRC website. 

The IASB published the amendments to IAS 12 Income Taxes to provide a temporary exception to the requirements regarding deferred tax assets and liabilities related to pillar two income taxes.

The Commission Regulation amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council was published in the Official Journal of the European Union on 9 November 2023.

The SIL, which will be based in Singapore, will also provide capacity building within supply chains that are being asked to meet new information demands. Multi-stakeholder working groups are being established to focus on four priority areas: digital taxonomies, audit and assurance, smaller companies, and public sector reporting.

Please click for more information in the IFRS Foundation press release.