While respondents to the consultation agree that standardisation in the area would be beneficial and that the scope of the NFRD could be expanded, the idea of a Europe only solution meets resistance.

A coalition of ten organisations including ACCA, Accountancy Europe, CDSB, and WWF warns to "keep up the international role for reporting standards" and notes that "we need to bear in mind that challenges such as the worldwide climate crisis requires global efforts and solutions"; ESMA notes that it "is of the view that international alignment should be the objective"; and the IFAC "urges the Commission to adopt a global mindset".

Deloitte has also submitted a comment letter. We note:

We support global standardisation because the issues faced are global ones and many businesses have global supply and value chains and global investors.

Supply Chain Financing Arrangements — Reverse Factoring: In its April 2020 meeting, the staff presented the research performed on supply chain financing ("SCF") arrangements submitted. The staff recommend that the Committee:

• publish a tentative agenda decision outlining how IFRS applies to different aspects of accounting for them; and
• develop new disclosure requirements for arrangements entered in to fund payables to suppliers.

IFRS 16 Leases — Sale and Leaseback with Variable Payments: In March 2020, the Committee published a tentative agenda decision stating that for a sale and leaseback transaction with variable payments the seller-lessee recognises a lease liability at the date of the transaction, even if all the payments for the lease are variable and do not depend on an index or rate, reflecting how the right-of-use asset is measured to determine the gain or loss on the sale and leaseback transaction. The staff recommend that the Committee finalise the tentative agenda decision, but to refer to the liability as a financial liability rather than a lease liability.

IAS 12 Income Taxes — Deferred Tax Related to an Investment in Subsidiary: In March 2020, the Committee published a tentative agenda decision that when an entity expects to recover the carrying amount of its investment in the subsidiary through distributions of profits by the subsidiary, the entity uses the distributed tax rate to measure the deferred tax liability related to its investment in the subsidiary. The staff recommend that the Committee finalise the tentative agenda decision with minor editorial changes.

IAS 38 Intangible Assets — Player Transfer Payments: In November 2019, the Committee published a tentative agenda decision stating that when a football club transfers a player to another club it recognises the gain or loss in profit or loss applying IAS 38, and not revenue (IFRS 15). However, the agenda decision suggested that the intangible asset could be classified as inventory (IAS 2) if it was is acquired for development and sale in the ordinary course of business. The staff recommend finalising the agenda decision, but with all references to IAS 2 removed.

Work in progress: The staff are analysing requests related to the hedge of variability in cash flows in real terms and sale and leaseback in a corporate wrapper.

The full agenda for the meeting can be found here. We will update this page for any changes to the agenda and our Deloitte pre-meeting summaries for the meeting as they become available.

The document offers the chapters 'Finding Value in Changing Landscape', 'Delivering Value — managing intangibles', 'Communicating value creation from Intangibles', 'Tools', and 'Experience & Cases', all of which are supported by examples, cases and interviews.

The chapter on communicating value creation from intangibles looks at two main aspects:

Why should companies report value creation from intangibles?

• Supporting and evidencing strategic positioning
• Building confidence and relationships with key stakeholders
• Differentiating from competitors
• Demonstrating progress on existing commitments and values

And what should companies report on?

• Unique value creation mechanism
• Strategic intangible assets
• Strategy, mission, vision, values
• Strategy for the future business, development and utilisation of intangible assets
• Governance
• Risks and opportunities related to intangibles
• Business environment

The WICI website offers a press release and access to the draft guidance. Comments on the guidelines are invited by 31 August 2020.

The International Monetary Fund (IMF) has released a report arguing that investors and equity markets have been ignoring the growing risk of financial losses associated with the continued rise in global temperatures, and suggesting that climate risk should be made a part of international reporting standards. Please click to access the report on the IMF website.

The Climate Disclosure Standards Board (CDSB) has released a report Falling short? analysing the 2019 environmental and climate-related disclosures of Europe’s top 50 largest listed companies. While the findings show some improvement in company disclosure compared to 2018, current reporting practices often still fail to provide investors with a clear understanding of a company’s development, performance, position and impact. Please click to access the report on the CDSB website.

The CDSB has also released a "TCFD to-do list" with nine steps to ensure that issuers are making effective TCFD aligned disclosures. The list can be accessed on the CDSB website.

The Global Reporting Initiative (GRI) has released a new standard, GRI 306: Waste 2020, which updates previous GRI disclosures on waste, requires organisations to report on waste generated throughout the value chain, and release detailed information on its composition and how it is managed. The new standard is available free of charge on the GRI website.

The GRI has also issued new document, Linking the SDGs and the GRI Standards, that covers the 17 SDGs and maps them against the standards and disclosures that apply for each. Please click to access the document on the GRI website.

In addition, the GRI has published a new report, Using Corporate Reporting to Strengthen Sustainable Development Goals, with five key recommendations for how governments and other policy actors can use corporate reporting to strengthen SDGs progress at the national level. Please click to access the report on the GRI website.

The three European Supervisory Authorities (EBA, EIOPA and ESMA - ESAs) will organise a public hearing on proposed ESG disclosure standards for financial market participants, advisers and products. More information is available on the ESMA website.

The United Nations Sustainable Stock Exchanges (SSE) initiative has launched a database of all guidance documents provided by stock exchanges for listed companies so that other stock exchanges can learn from their peers. Please click to access the database on the SSE website.

The Basel Committee on Banking Supervision (BCBS) has published a stocktake report on its members' existing regulatory and supervisory initiatives on climate-related financial risks. The report can be accesses on the BCBS website.

The International Integrated Reporting Council (IIRC) has published its 2019 Integrated Report Building Consensus Towards a Global System. The report can be accessed on the IIRC website.

The German Federal Ministry of Justice and Consumer Protection (BMJV) has appointed the Accounting Standards Committee of Germany (ASCG) with an extensive investigation of non-financial reporting. The investigation is meant to contribute to the further development of non-financial reporting at European level. Click for more information on the ASCG website.

The United Nations Conference on Trade and Development (UNCTAD) Intergovernmental Working Group of Experts on International Standards of Accounting and Reporting (ISAR) is offering a webinar "Assurance on sustainability reports: current practices and challenges" on 16 June 2020. More information is available on the UNCTAD website.

The Japan Exchange Group (JPX) has announced the publication of a new handbook to support listed companies who are choosing to work on ESG disclosure. The handbook is also available in the English language and can be accessed on the JPX website.

The DPOC will discuss:

• Introduction and actions from the DPOC meeting held on 18 February 2020 and public call held on 16 April 2020
• Technical Activities — Update report on behalf of the International Accounting Standards Board
• Formal approval for publication of the revised Due Process Handbook.
• Correspondence

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

The Committee will discuss the following:

• Administrative matters
• Supply Chain Financing — Reverse Factoring
• IFRS 16 — Sale and leaseback with variable payments
• IAS 12 — Deferred tax related to an investment in a subsidiary
• IAS 38 — Player transfer payments
• Work in progress

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 webcast is hosted by IASB Vice-Chair Sue Lloyd and technical staff member Sid Kumar and covers the following areas:

• ECL model development
• Important characteristics of the ECL model
• ECL related disclosures
• Interaction with regulatory provisions

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

The group’s membership includes:

• Charles Mario Abela, not-for-profit organisation (Malta)
• Maria Alexiou, preparer (Greece)
• Estelle Aymard-Young, financial institution (France)
• Emilie Beral, user (France)
• Donato Calace, digital tools (Italy)
• Daniela Cholakova, preparer (Bulgaria)
• Jean-Philippe Desmartin, user (France)
• Laura Girella, not-for-profit organisation/ academia (Italy)
• Michael Goebbels, preparer (Germany)
• Ulrika Hasselgren, user (Denmark)
• Christian Hell, accountancy profession (Germany)
• Marcus Looijenga, accountancy profession (Netherlands)
• Gloria Mazzocco, preparer (Italy)
• Giuseppe Milici, accountancy profession (Italy)
• Tegwen Le Berthe, user (France)
• Isabel Gavín Pérez, financial institution (Spain)
• Eckhard Plinke, user (Germany)
• Gunnar Rimmel, academia (Sweden)
• Dawn Slevin, other stakeholder (Ireland)
• Mirjam Wolfrum, not-for-profit organisation (Germany)

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

Update: On 27 July 2020, EFRAG announced that Charles Mario Abela and Dawn Slevin will be co-Chairs of the task force.

We support the deferral of the effective date for recent amendments to IAS 1 and believe that it is important that entities have sufficient time to analyse the potential effect of the amendments on the classification of their liabilities and, if necessary, renegotiate their debt covenants. In addition, we have observed some diversity in views on how to apply the recent amendments and suggest the Board consider additional guidance on how the recent amendments should be applied.

Please download the full comment letter here.

This issue features:

• IFRS Foundation response to COVID-19
• New project timelines
• We need your views—open consultations
• Stay up to date
• Resources for investors

The Investor Update newslet­ter is available on the IASB’s website.