The full agenda for the meeting is sum­marised below:

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

The agenda for the DPOC meeting is sum­marised below.

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

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.

IG 1 Materiality Assessment Implementation Guidance provides an illustrative materiality assessment process for entities and develops the concept of impact and financial materiality on examples, including how these concepts interact. It also contains FAQs on the double materiality assessment to provide practical implementation guidance on disclosing material impacts, risks and opportunities.

IG 2 Value Chain Implementation Guidance outlines the reporting requirements for value chain information, including the materiality assessment, policies and actions, and metrics and targets. It illustrates the reporting boundary for a group for sustainability reporting, including the concept of operational control in environmental standards. The IG also includes FAQs for further information and a 'value chain map' summarising value chain implications for each disclosure requirement across all ESRS.

IG 3 List of ESRS Datapoints includes all requirements in the complete first set of ESRS in an Excel format. The file contains additional information, such as the types of requirement (for example, quantitative or qualitative) or whether these are subject to transitional provisions. IG 3 has been published together with an explanatory note.

The EFRAG Secretariat has also published feedback statements that illustrate how the feedback received during the consultation period has been reflected in the final documents.

Please click to access the following on the EFRAG website:

• Press release
• EFRAG IG 1
• EFRAG IG 1 feedback statement
• EFRAG IG 2
• EFRAG IG 2 feedback statement
• EFRAG IG 3
• EFRAG IG 3 explanatory note
• EFRAG IG 3 feedback statement

The one-hour webinar was dedicated to management-defined performance measures and discussed the IFRS 18 requirement for companies to disclose explanations of company-specific measures related to the income statement, referred to as management-defined performance measures.

Please click to access the recording on this subsite of the IFRS Foundation website. The page also offers you the possibility to register for the third webinar, which is set to take place on 6 June 2024 and will cover the grouping of information in the financial statements.

The Committee will discuss the following:

• Disclosure of Revenues and Expenses for Reportable Segments (IFRS 8 Operating Segments)
• Classification of Cash Flows related to Margin Calls on 'Collateralised-to-Makret' Contracts (IAS 7 Statement of Cash Flows)
• Intangible Assets
• Business Combinations — Disclosures, Goodwill and Impairment
• Ad­min­is­tra­tive matters

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.

A summary of the agenda is set out below:

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

The technical explanations comprise of 44 items and are grouped in chapters according to their nature (general requirements and general disclosures, environment, social, governance, and XBRL and datapoints). 

The explanations are provided as part of EFRAG's role as technical advisor to the European Commission to provide a practical and timely support for preparers and others in the implementation of ESRSs. They have been added to the ESRS Q&A platform launched in October 2023 that entities can use to submit ESRS implementation questions to EFRAG.

To facilitate accessibility, EFRAG plans to publish at the end of each quarter a collection of all explanations published during the quarter.

For more information, including access to the technical explanations and the Q&A platform, please see the press release on the EFRAG website. 

The first set of technical explanations is available here.

The second set of technical explanations is available here.

According to Article 1, the standard is drafted in a way that results in high level guidance that encourages entities to practice sustainable development, standardises the disclosure of corporate sustainable development information and ensures the quality of sustainable information. The draft standard applies to entities established within the territory of the People's Republic of China that are subject to particular regulations. Entities will be allowed to voluntarily apply the draft standard.

The draft standard does not include any assurance requirements, nor does it state an effective date. However, the drafting note states that a climate standard will be published by 2027, and the full set of sustainability standards will be published by 2030.

Please click to access the draft standard via the press release (in Chinese) on the Chinese MoF website.

The following topics were discussed:

• Post-implementation review (PIR) of IFRS 9—Impairment: The IASB deliberated on the feedback received in response to its Request for Information Post-implementation Review—IFRS 9 Financial Instruments—Impairment with regard to credit risk disclosures and other matters. The IASB decided to classify as medium priority the matters related to disclosure requirements in IFRS 7 and to add to its research pipeline a project to make targeted improvements to those requirements. The IASB also decided to take no action on matters related to the simplified approach for recognising expected credit losses and the addition of illustrative examples to IFRS 9 for some types of financial instruments, such as those between related parties. Finally, the IASB decided to conclude the PIR.
• Financial instruments with characteristics of equity: The staff provided a high-level summary of the feedback and key themes emerging from comment letters that have been received in response to the Exposure Draft (ED) Financial Instruments with Characteristics of Equity and from investor outreach activities. No decisions were made.
• Second comprehensive review of the IFRS for SMEs Accounting Standard: The IASB continued the redeliberations of its proposals in the ED Third edition of the IFRS for SMEs Accounting Standard. The IASB made decisions with regard to Section 9 Consolidated and Separate Financial Statements, Section 23 Revenue from Contracts with Customers, differences between the ED and IFRS 19, and transition requirements.
• Proposed IFRS Taxonomy Update—Contracts for Renewable Electricity: The IASB received an oral update on the staff’s recommendation to develop a proposed IFRS Taxonomy update based on Exposure Draft Contracts for Renewable Electricity. The Due Process Oversight Committee’s (DPOC) permission is required to publish a proposed IFRS Taxonomy update based on an exposure draft before the related standard or amended standard is issued. The IASB agreed with the staff’s recommendation to the DPOC.
• Rate-regulated activities: The IASB continued the redeliberations of its proposals in the ED Regulatory Assets and Regulatory Liabilities. The IASB decided that the final standard should clarify that the income tax consequences of a regulatory asset or regulatory liability may give rise to a separate regulatory asset or regulatory liability and that an entity would determine the tax base of a regulatory asset or regulatory liability by applying the requirements in IAS 12. The IASB also decided that the final standard retain the proposal to delete the temporary exception in IAS 8:54G.
• PIR of IFRS 15 Revenue from Contracts with Customers: The IASB analysed the feedback related to matters not discussed in previous meetings. The IASB decided to take no further action on application matters related to allocating the transaction price to performance obligations and other aspects of applying IFRS 15 raised by respondents.

Please click to access the detailed notes taken by Deloitte observers for the entire meeting.