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News

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Leaf - sustainability (green) Image

IFRS Foundation publishes webcast on the Technical Readiness Working Group

07 Oct 2021

The IFRS Foundation has published a webcast which provides an introduction of the Technical Readiness Working Group (TRWG) members, summary of its work programme, and an expected timeline of the TRWG.

The TRWG provides technical observations and proposals for consideration which supports early standard-setting activities for the International Sustainability Standards Board. For more information, see the press release on the IASB’s website.

PRA Image

PRA publishes its thematic feedback from the 2020/2021 round of written auditor reporting

06 Oct 2021

The Prudential Regulation Authority (PRA) has published a letter to chief financial officers of selected deposit-takers which provides thematic feedback from the PRA’s review of written auditor reports received in 2021.

The letter includes thematic findings on IFRS 9 expected credit loss accounting (ECL) and thematic findings relating to the global benchmark reform.  It also sets out how the PRA intends to use next year’s round of written auditor reporting to explore risks related to climate change.

The full letter is available on the PRA website.

EFRAG (European Financial Reporting Advisory Group) (dk green) Image

European Lab publishes report on the business model, sustainability risks and opportunities

04 Oct 2021

The European Lab@EFRAG Project Task Force has published a report, ‘Towards Sustainable Businesses: Good Practices in Business Model, Risks and Opportunities Reporting in the EU’ and supplementary document, ‘Supplementary Document: Good Reporting Practices’.

The report discusses ‘the state of play and the drivers of current reporting practices, the application of technological solutions, and suggests a path to improvement in the reporting of sustainability risks, opportunities and their linkage to the business model’. The supplementary document provides selected examples of good or leading reporting practices by companies related to improvements to reporting sustainability risks, and opportunities.

For more information, see the press release on the EFRAG website. The report will be introduced in a webinar on 3 November 2021. Please click for more information here.

In addition, there is a podcast on the key findings of the report.

EFRAG (European Financial Reporting Advisory Group) (dk green) Image

European Lab publishes report on the business model, sustainability risks and opportunities

04 Oct 2021

The European Lab@EFRAG Project Task Force has published a report, ‘Towards Sustainable Businesses: Good Practices in Business Model, Risks and Opportunities Reporting in the EU’ and supplementary document, ‘Supplementary Document: Good Reporting Practices’.

The report discusses ‘the state of play and the drivers of current reporting practices, the application of technological solutions, and suggests a path to improvement in the reporting of sustainability risks, opportunities and their linkage to the business model’. The supplementary document provides selected examples of good or leading reporting practices by companies related to improvements to reporting sustainability risks, and opportunities.

For more information, see the press release on the EFRAG website. The report will be introduced in a webinar on 3 November 2021. Please click for more information here.

In addition, the EFRAG will introduce a series of three podcast on the report:

  1. Key findings of the report.
  2. Insights on the good reporting practices identified in the report.
  3. Coming soon.
EFRAG (European Financial Reporting Advisory Group) (dk green) Image

European Lab publishes report on the business model, sustainability risks and opportunities

04 Oct 2021

The European Lab@EFRAG Project Task Force has published a report, ‘Towards Sustainable Businesses: Good Practices in Business Model, Risks and Opportunities Reporting in the EU’ and supplementary document, ‘Supplementary Document: Good Reporting Practices’.

The report discusses ‘the state of play and the drivers of current reporting practices, the application of technological solutions, and suggests a path to improvement in the reporting of sustainability risks, opportunities and their linkage to the business model’. The supplementary document provides selected examples of good or leading reporting practices by companies related to improvements to reporting sustainability risks, and opportunities.

For more information, see the press release on the EFRAG website. The report will be introduced in a webinar on 3 November 2021. Please click for more information here.

In addition, the EFRAG will introduce a series of three podcast on the report:

  1. Key findings of the report.
  2. Insights on the good reporting practices identified in the report.
  3. Coming soon.
FRC Image
IASB (International Accounting Standards Board) (blue) Image

FRC and IASB to hold Joint outreach event on IASB's Exposure Draft and comment letters: Management Commentary

04 Oct 2021

The Financial Reporting Council (FRC) and the International Accounting Standards Board (IASB) will be hosing a joint outreach event on 14 October to discuss the IASB's Exposure Draft ED/2021/6: Management Commentary.

At the outreach event, the IASB will present its proposals and participants will have the opportunity to provide their views on the ED.

More information, including how to attend the outreach event can be found on the FRC website.

EFRAG (European Financial Reporting Advisory Group) (dk green) Image

EFRAG publishes September 2021 issue of EFRAG Update

01 Oct 2021

The European Financial Reporting Advisory Group (EFRAG) has published an ‘EFRAG Update’ summarising public technical discussions held and decisions made during September 2021.

The update reports on the EFRAG Board webcast meeting on 7 September, the EFRAG TEG webcast meetings on 7 September, 15-16 September and 28 September and the EFRAG TEG and EFRAG CFSS webcast meeting on 15 September. 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 September including:

EFRAG) has issued a draft comment letter on the IASB exposure draft ED/2021/7 'Subsidiaries without Public Accountability: Disclosures'

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

FRC Image
Financial Reporting Lab Image

FRC Lab Calls for participants for a new project on ESG Data

01 Oct 2021

The Financial Reporting Council’s (FRC’s) Financial Reporting Lab (the Lab) is inviting companies, service and systems providers, investors and other interested parties to participate in a new project looking at how companies produce Environmental Social and Governance (ESG) data.

Investors and other stakeholders are increasingly interested in disclosures on the environmental and social impact of companies’ activities and their governance arrangements. This project will look at the production, distribution and consumption of ESG data. The first phase of the project will focus on the production of ESG data.

The scope of this first project phase will be determined in conjunction with participants but is expected to cover:

  • what ESG data companies collect;
  • what methodologies companies use to measure ESG data;
  • what systems they use to collect and produce the data;
  • how they get comfort on the accuracy of the data; and
  • how they transform the data into useful external disclosure.

Interested parties are invited to communicate their interest by 15 November 2021.

Further information including the press release and the Call for Participants is available on the FRC website.

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UK Endorsement Board secretariat publishes draft UK Endorsement Criteria Assessment on six IASB amendments

01 Oct 2021

The UK Endorsement Board (UKEB) secretariat has published a draft UK Endorsement Criteria Assessment on a set of six amendments to International Accounting Standards published by the International Accounting Standards Board (IASB) in May 2020 (the ‘May 2020 Amendments’).

The May 2020 Amendments comprise three Annual Improvement amendments (from the IASB’s Annual Improvements to IFRS Standards 2018–2020) and three Narrow-Scope amendments.

The Annual Improvement amendments covered in the draft endorsement assessment criteria assessment are:

  • Amendments to IFRS 1 First-time Adoption of International Financial Reporting Standards—Subsidiary as a First-time Adopter.
  • Amendments to IFRS 9 Financial Instruments—Fees in the ‘10 per cent’ Test for Derecognition of Financial Liabilities.
  • Amendments to IAS 41 Agriculture—Taxation in Fair Value Measurements.

The Narrow-Scope Amendments covered in the draft endorsement assessment criteria are:

The UKEB secretariat's initial assessment concludes that:

  • the May 2020 Amendments meet the criteria of relevance, reliability, comparability and understandability required of the financial information needed for making economic decisions and assessing the stewardship of management, as required by SI 2019/685 (see Regulation 7(1)(c)); and
  • application of the May 2020 Amendments is not contrary to the principle that an entity’s accounts/consolidated accounts must give a true and fair view, as required by SI 2019/685 (see Regulation 7(1)(a)).

Additionally the UKEB secretariat initially concludes that the May Amendments will improve the quality of financial reporting and that the benefits of the May 2020 Amendments are likely to outweigh the costs.

Comments on the draft UK Endorsement Criteria Assessment are requested by 1 November 2021.

The draft UK Endorsement Criteria Assessment and the Invitation to Comment can be accessed on the UKEB website.

WSS (World Standard Setters) (mid blue) Image

Recordings and pre-conference video updates of the September WSS meeting

01 Oct 2021

The next World Standard-setters meeting was held on 27–28 September 2021 as a fully virtual conference. Recordings of the individual sessions are now available on the IASB website.

The meeting saw presentations on the following topics:

  • Q&A on sustainability reporting
  • Welcome address by the new IASB Chair
  • How has the pandemic changed engagement with the IFRS Foundation?
  • The future of the IASB work plan — Agenda consultation: what’s next?
  • Q&A on IASB and IFRS IC activities
  • Towards a revised Management commentary Practice Statement

In addition, WSS participants received pre-conference video updates on certain topics that can also be watched now.

The recordings can be accessed through the conference site on the IASB website. You will need to sign in, however, the free-of-charge basic registration suffices to watch the recordings.

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