As a result of its work and outreach, the FRC has identified a number of challenges that have been grouped into six stages:

• Production — better internal information leads to better decisions and better insight for stakeholders;
• Audit and assurance — reported information is robust and reliable;
• Distribution — information is made accessible to interested parties;
• Consumption — this information leads to better decision making by stakeholders;
• Supervision — information and activity is appropriately monitored and requirements are enforced;
• Regulation — coordinated and coherent regulation leads to efficiency.

For the challenges that must be met in each stage, the paper then explains what the FRC intends to achieve by coordinating within the UK and internationally, by connecting with others across the international environment to foster solutions that are proportionate and effective and by contributing to the discussion through thought leadership, experimentation and coordinated policy consultation responses.

Please click to access the press release and FRC Statement of Intent on Environmental, Social and Governance challenges on the FRC website.

There were two sessions of the webinar, and recordings of them are now available on the IASB website. The slides used during the presentation are also available.

The podcast is hosted by IFRS Interpretations Committee Chair and IASB Vice-Chair Sue Lloyd and Technical Staff member Patrina Buchanan and focuses on configuration or customisation costs in a cloud computing arrangement (IAS 38), costs necessary to sell inventories (IAS 2), other finalised agenda decisions, economic benefits from use of a windfarm (IFRS 16), TLTRO III transactions (IFRS 9 and IAS 20), supplier finance arrangements (IFRS 7 and IAS 7), and the classification of debt with covenants as current or non-current (IAS 1) .

For more information, see the press release on the IASB website.

Participants at the meeting, which was chaired by IASB member Tadeu Cendon, discussed rate-regulated activities, the current agenda consultation, business combinations under common control, agenda decisions of the IFRS Interpretations Committee, the review of the IFRS for SMEs, and the application of IAS 12 Income Taxes. In addition, the EEG received an update on sustainability reporting as well as a general update on IASB projects.

Please click for access to the full report on the IASB website.

The strategy consists of a whole package of measures reflected in statements, communications and a variety of documents. The central Communication from the Commission to the European Parliament, the Council, the European Economic and Social Committee and the Committee of the Regions also includes a comment on IFRS financial reporting against the background of sustainability aspects:

The Commission strongly supports international work on integrating sustainability considerations into financial reporting and accounting and will seek the highest level of ambition. The Commission will work with the European Financial Reporting Advisory Group (EFRAG), the European Securities and Markets Authority (ESMA) and the International Accounting Standards Board (IASB) to assess whether international financial reporting standards (IFRS) appropriately integrate sustainability risks. [...] In particular, it should be assessed how to recognise and report relevant climate and environmental risks in financial statements adequately and on a timely basis.

Further, the communication also comments on the general debate around sustainability reporting standards and notes that international standards may overlap, be inconsistent and vary in ambition. The Commission, therefore, welcomes efforts for a baseline global reporting standard for sustainability and advocates for comprehensive sustainability reporting standards that address all sustainability issues and capture the double materiality perspective, in line with the recently proposed EU Corporate Sustainability Reporting Directive (CSRD).

Please click to access the package of documents published today on this EC website. Direct access to the central communication is available here.

The topics for discussion are:

• Draft Due Process Handbook: Endorsement processes  
• IFRS 17 Insurance Contracts: Technical Issues
• Endorsement of 2020 Narrow Scope Amendments:  draft Project initiation plan 
• Rate-Regulated Activities: draft comment letter 
• IASB Agenda Consultation: draft comment letter 
• Post Implementation Review IFRS 10, IFRS 11 and IFRS 12: feedback statement.

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

The recording of the public meeting is available on the UKEB website. 

For the convenience of stakeholders in different time zones, there will be two sessions of the webinar, one in the morning and one in the afternoon. The first session will feature Board Member Rika Suzuki and the second session will feature Board Member Nick Anderson, along with technical staff. The one-hour webinar will include a question-and-answer session.

For more information, see the press release on the IASB’s website.

Update: On 19 July 2021, the IASB has issued a recording of this webinar.

The amendments are Property, Plant and Equipment — Proceeds before Intended Use (Amendments to IAS 16), Annual Improvements to IFRS Standards 2018–2020, Reference to the Conceptual Framework (Amendments to IFRS 3), and Onerous Contracts — Cost of Fulfilling a Contract (Amendments to IAS 37), all published by the IASB on 14 May 2020.

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 2 July 2021.

EFRAG has updated its endorsement status report to reflect that the European Union has adopted the amendments.

The UKEB secretariat seeks input and feedback from UK stakeholders as it develops its response to the IASB’s Third Agenda Consultation . For this purpose, UKEB is planning a series of outreach activities for stakeholders. 

This event will be chaired by Liz Murrall, UK Endorsement Board member and Director of Stewardship and Reporting at the Investment Association until she retired at the end of 2020.

The panel will share views and initial thoughts on the key questions in IASB's Third Agenda Consultation, including:

• IASB’s strategic direction
• Priority topics for IASB’s work plan for the coming five years.

Participants will be able to join the debate by submitting questions to the panel before and during the event.

Further details and information on how to register for the event are available on the FRC website.

Update 23 July 2021 - a recording from the webinar and slides are available on the UKEB website here.

The update reports on the EFRAG Board webcast meeting on 9 June, the EFRAG TEG webcast meeting on 17 June and the EFRAG TEG and EFRAG Consultative Forum of Standard Setters (EFRAG CFSS) webcast meeting on 16 June. The update also covers the activities of the European Reporting Lab as well as webinars and online outreaches.

The update also lists EFRAG publications issued in June including:

• EFRAG's draft comment letter on the IASB’s Exposure Draft ED/2021/4 Lack of Exchangeability (Proposed Amendments to IAS 21).
• EFRAG's response to the IASB's Request for Information on Post-implementation Review of IFRS 10, IFRS 11 and IFRS 12.
• EFRAG's Secretariat Briefing on Regulatory Assets and Regulatory Liabilities.
• EFRAG's 2020 Annual Review
• EFRAG Survey relating to the IASB's future agenda and EFRAG's Proactive Research Agenda

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