The summary brings together key findings from reports on: 

• Audit Committee reporting;
• Remuneration reporting;
• Presentation of market risk disclosures;
• Debt terms and maturity tables;
• Net debt reconciliations; and
• Operating cash flows. 

The key findings highlight ways to improve disclosures to provide information that is important to investors.

The full summary can be obtained from the FRC website.

The agenda for the meeting is summarised below:

Agenda papers for this meeting will be made available on the IASB's website in due course.

Following the introduction of the <IR> Framework in December 2013, the three organisations sponsoring the research award have identified three areas that need to be developed further.  They therefore invite research proposals addressing the following areas:

1. Meeting users' information needs – looking at what users of integrated reports from large private sector, for-profit companies, want to see. This project would focus on the similarities and differences between the needs and expectations of different equity and debt holders, and others who provide financial capital.
2. Materiality and completeness vs. conciseness in Integrated Reporting – focusing on the theoretical, policy and practical issues concerning the role of materiality in determining the balance between completeness and conciseness in an integrated report.
3. Organisational characteristics and Integrated Reporting – focusing on the theoretical, policy and practical issues concerning application of the Framework to different types of organisations in different jurisdictions and under different circumstances.

A combined sum of up to £50,000 will be awarded for up to three projects that meet the criteria set. The deadline for research proposal submissions is 28 February 2014.

Please click for more information on the ACCA website:

• Press release
• Call for Research Proposals: Integrated Reporting

Participants will have the opportunity to discuss the approach for European standard-setting in public sector accounting with European and national policymakers, representatives from the public sector, accountants and auditors. The roundtable is free of charge but the number of participants is limited.

Please click for more information on the FEE website.

The guidance provides clarification of a number of general recommendations regarding application of the EPRA BPR, some frequently asked questions regarding a number of the specific requirements, and some examples of how companies have presented the EPRA Performance Measures in practice.

The general recommendations include such items as the application of materiality when calculating EPRA performance measures, the scope of the BPR and whether EPRA performance measures should be audited.

Frequently asked questions and a general description are provided for the following areas, expanding on the guidance contained in the BPR itself:

• EPRA Earnings
• EPRA NAV
• EPRA NNNAV
• EPRA Net Yield and EPRA ‘topped-up’ Initial Yield
• Investment Property Reporting

Examples of good practice in reporting the EPRA performance measures are identified in the final section of the guidance.

The guidance document itself can be downloaded here (link to EPRA website).

Due to the integration of XBRL into the IASB standard-setting process and the creation of a new IASB staff group for the Disclosure Initiative, the IASB conducted a review of the IFRS Taxonomy Due Process. As a result, IFRS Taxonomy Consultative Group was created. The group replaces the XBRL Advisory Council (XAC) and the XBRL Quality Review Team (XQRT). The XAC is no longer operational, while the XQRT will only remain in existence until the new IFRS Taxonomy Consultative Group is up and running. In addition, the IFRS Advisory Council has taken on some of the general strategic responsibility of the XAC that specifically relate to how technology may impact standard setting and future corporate reporting. 

The IFRS Taxonomy Consultative Group will consist of 16-20 members, including a Chair and Vice-Chair. Candidates should have an expertise in at least one of the following areas:

• XBRL
• General taxonomy design
• Financial reporting ontology
• Consumption and preparation of electronically marked-up IFRS financial statements.

Application will be accepted until 28 February 2014.

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

The Annual Improvements to IFRSs 2010-2012 Cycle incorporate eight amendments to seven standards being IFRS 2 Share-based Payment, IFRS 3 Business Combinations, IFRS 8 Operating Segments, IFRS 13 Fair Value Measurement, IAS 16 Property, Plant and Equipment, IAS 24 Related Party Disclosures and IAS 38 Intangible Assets. 

The Annual Improvements to IFRSs 2011-2013 Cycle incorporate four amendments to four standards being IFRS 1 First-time Adoption of International Financial Reporting Standards, IFRS 3 Business Combinations, IFRS 13 Fair Value Measurement and IAS 40 Investment Property. 

The majority of the amendments are in the nature of clarifications rather than substantive changes to existing requirements. 

EFRAG supports the adoption of the Annual improvements for both cycles and recommends their endorsement.  EFRAG’s initial assessment is that the Annual Improvements for both cycles meet the technical requirements of the Regulation (EC) No 1606/2002 of the European Parliament and of the Council on the application of international accounting standards.     

EFRAG’s conclusion is supported by an Effects Study Report which considers the costs and benefits of implementing the Annual Improvements. EFRAG’s assessment is that the benefits for preparers and users in implementing the Annual Improvements for both cycles outweigh the costs.

Comments are requested by 3 March 2014. 

Click for (all links to EFRAG website):

• Press release for Annual Improvements to IFRSs 2010 – 2012 Cycle.
• Draft endorsement advice for Annual Improvements to IFRSs 2010 – 2012 Cycle.
• Press release for Annual Improvements to IFRSs 2011 – 2013 Cycle.
• Draft endorsement advice for Annual Improvements to IFRSs 2011 – 2013 Cycle.

Annual Improvements to IFRSs 2010–2012 Cycle affects seven standards (IFRS 2, IFRS 3, IFRS 8, IFRS 13, IAS 16, IAS 24 and IAS 38), Annual Improvements to IFRSs 2011–2013 Cycle affects four standards (IFRS 1, IFRS 3, IFRS 13, IAS 40). EFRAG's initial assessment is that all of the amendments satisfy the technical criteria for EU endorsement and EFRAG should therefore recommend their endorsement.

The endorsement status report, dated 31 January 2014, is available here.

The IFAC / ICAS paper, Do We Need a Roadmap for Financial Reporting: Developing the IASB’s Conceptual Framework, discusses the role conceptual framework serves in (1) the standard-setting process and (2) practical use in financial reporting. It also explores whether the scope of the IASB’s conceptual framework covers today’s evolving financial reporting landscape and whether a single framework is globally feasible.

In addition, the paper examines the potential core building blocks and characteristics of the conceptual framework. These core building blocks include:

• Scope of financial reporting.
• Stewardship.
• Business model.
• Entity versus proprietary perspectives.
• Prudence.
• Unit of account.
• Concept of capital.

The IFAC and ICAS have prepared this paper to encourage discussion between stakeholders as they provide feedback to the IASB’s Discussion Paper, A Review of the Conceptual Framework for Financial Reporting.

For more information, see:

• Press release and IFAC/ICAS paper (links to IFAC website).
• UK Accounting Plus project page on the Conceptual Framework project.