Key topics discussed during the June 2024 meeting included:

• A National Audit Office (NAO) and Northern Ireland Audit Office (NIAO) update.
• A Department of Health and Social Care (DHSC) and NHS England (NHSE) update.
• A Local Government update.
• 2023-24 FRAB Annual Report.
• Task Force on Climate-Related Financial Disclosures (TCFD)-aligned disclosure implementation and sustainability reporting.
• Valuation of non-investment assets – FReM text and application guidance.
• An update on the implementation of IFRS 16 Leases,
• An update from International Public Sector Accounting Standards Board (IPSASB) on accounting and sustainability standards.
• An International Accounting Standards Board (IASB) and Financial Reporting Council (FRC) update.

The associated documents for the June 2024 meeting are available on the HM Treasury wesbite.

The full agenda for the meeting can be found here. We will post any updates to the agenda, our com­pre­hen­sive pre-meet­ing summaries, as well as observer notes from the meeting on this page as they become available.

The agenda for the DPOC meeting is sum­marised below.

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

The Discussion Paper aims to gather stakeholder feedback on developments in digital reporting and has been launched as part of a cross-sector regulatory group comprising the Financial Conduct Authority, Companies House, HMRC and Charity Commission for England and Wales.  It addresses changes in the regulatory landscape and considers the impact of the recently passed Economic Crime and Corporate Transparency Act 2023.

Key topics discussed include:

1. Potential alternatives to the European Single Electronic Format (ESEF) taxonomy for UK regulated markets.
2. Proposed changes to structured digital reporting to support regulatory disclosure initiatives.
3. Considerations for mandatory assurance of digital tagging.
4. The impact of "full tagging" requirements on companies and charities.
5. Strategies to support stakeholders in adapting to new digital reporting requirements.

Feedback is sought from a wide range of stakeholders including preparers of financial reports, investors, software vendors, accountants, and regulators.

Comments on the Discussion Paper are requested by 1 November 2024.

A press release and the full Discussion Paper are available on the FRC website.

The primary goal of these amendments is to ensure that financial statements accurately represent the impact of renewable electricity contracts, which are becoming increasingly vital for securing stable access to renewable energy sources. The IASB intends to finalise the amendments to IFRS 9 and IFRS 7 by the end of 2024, with a focus on allowing companies to adopt the changes promptly.

The proposed taxonomy update is slated for inclusion in the IFRS Accounting Taxonomy 2025, expected to be issued in March 2025. By incorporating the proposed amendments early, the IASB aims to ease the implementation process, reducing the need for companies to create custom elements for new disclosures in the first year.

Comments on the proposed amendments are due by 14 October 2024. For more information, see the press release on the IFRS Foundation’s website.

The proposals in the limited-scope update project do not propose to change the objective, scope, or available exemptions in IPSAS 33. Rather, the amendments to IPSAS 33 are aimed to make it easier to apply and to encourage first-time adopters to comply with IPSAS in a planned way as soon as possible.

Comments on the exposure draft are requested by 13 December 2024.

Please click to access the exposure draft through the press release on the IPSASB website.

The research commissioned by the FRC, provides an over-time comparison with, and builds upon, its previous assessment of corporate governance statements by large private companies which looked at companies' 2019/20 statements.  The second assessment looked at 2021/22 statements and added a 'user perspective' surveying what information users value most and for what purposes, and how such information is delivered. 

The research shows that the Wates Principles continue to be the most widely adopted corporate governance code among large private companies. While there were some improvements in certain disclosure areas compared to 2019/20, the research found that companies continue to struggle with providing meaningful disclosures around key areas including defining company purpose, connecting that purpose to strategy, culture and values, and explaining how stakeholder engagement impacts board decision-making.

The report suggests there is an over-reliance on “boilerplate” disclosures being used rather than disclosures that provide company-specific context.  High levels of similarity were found between the corporate governance statements of different companies, and also between reports by the same company in different years. Going forward it is recommended the companies provide context-relevant and time-specific disclosures.

The report aims to demonstrate where some companies may be able to improve reporting to offer additional insight or clarity on their governance procedures.  Suggestions included more outcomes-based reporting linking governance activities to company actions, clearer rationales for approaches like remuneration, and better signposting across the annual report.

The FRC indicates that companies applying those suggestions are likely to see an improvement in their governance frameworks and the value of their corporate governance reporting.

A press release, the report and associated podcast are available on the FRC website

Mr Gast’s second term will end on 31 July 2028 while Mr Mackenzie’s second term will end 30 September 2030. Mr Anderson's second term will now end on 31 August 2027.

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

The DPOC were provided an update on activities of the IASB, IFRS Interpretation Committee, ISSB, and the Due Process Handbook. In addition, the DPOC discussed the post-implementation review of IFRS 9k, whether to approve the publication of Proposed IFRS Taxonomy update based on the proposals in the Exposure Draft Contracts for Renewable Electricity.

Please click to access the summary on the IFRS Foun­da­tion website.

The review was commissioned by the Board and focusses on four core areas: Board governance and accountability, culture and composition, Secretariat support and leadership. It reflects upon the Board’s strengths and capabilities and considers areas for future focus and further development.

The report is available on the UKEB website.