The report provides information on the current reporting environment, the benefits of accruals in the public sector, lessons learned during the implementation phase, and key findings and recommendations.

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

The ITCG discussed the following:

• IFRS Taxonomy modelling for the Exposure Draft General Presentation and Disclosures.
• Review of common reporting practice related to:
  • Primary financial statements.
  • IAS 19 Employee Benefits.
  • IFRS 7 Financial Instruments: Disclosures.
• Review of the IFRS Taxonomy supporting material.
• Update on the IFRS Taxonomy strategy.

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

The statement includes eight actions which accountants are called upon to take in response to the climate emergency. It also includes commitments from the bodies themselves in support of their members. The call to action highlights that climate change represents an economic, social and business risk – a risk that accountants from across the world must take action on.

Please click to access the call to action on the A4S website.

The proposed new standard is intended to replace IAS 1 Presentation of Financial Statements.

In its draft comment letter, EFRAG

• supports the IASB's proposals to present an operating, investing and financing category in the statement of profit or loss to improve comparability and reduce diversity in practice, but has reservations over some of the proposals in the ED;
• expresses the view that separate presentation of integral and non-integral associates and joint ventures will result in relevant information for users of financial statements and enhance comparability, but will involve significant judgement and needs to be tested in practice;
• welcomes the IASB's efforts to provide guidance on management performance measures but highlights a number of challenges in regard to the ED proposals and also mentions the possibility of an alternative narrower scope; and
• welcomes the IASB's efforts to define unusual income and expenses and to require entities to disclose such items in the notes, but notes that the definition of unusual items seems to be rather narrow.

Comments on EFRAG's draft comment letter are requested by 19 June 2020. For more information, see the press release and the draft comment letter on the EFRAG's website.

The Trustees are seeking new SMEIG members from all geographical regions and are particularly interested in candidates who use the financial statements of small and medium-sized entities (investors and providers of finance). They will be appointed from 1 July 2020 and would serve three-year terms. Nominations for membership of the SMEIG close on 20 March 2020. Please click for the IASB press release (link to IASB website).

The three exposure drafts are published together to highlight the linkages between the accounting for revenue and transfer expenses.

• ED 70 is aligned with IFRS 15 Revenue from Contracts with Customers, while extending the income recognition approach in IFRS 15 to address common public sector transactions which include performance obligations, including those where the ultimate beneficiary is a third party.
• ED 71 is an update of IPSAS 23 Revenue from Non-Exchange Transactions (Taxes and Transfers) that addresses some of the issues encountered in its application. ED 71 also provides public sector-specific guidance on capital transfers for the first time.
• ED 72 proposes guidance for transfer expenses, where a transfer provider provides resources to another entity without receiving anything directly in return.

The comment period for the EDs has been extended and comments are now requested by 1 November 2020.

Please click to access the following additional information on the IPSASB website:

• Press release
• Access to the individual exposure draft, a short introductory webinar and an At a Glance introduction
  
  • ED 70
  • ED 71
  • ED 72

The Committee will discuss the following:

• Administrative matters
• IFRS 16 — Sale and leaseback with variable payments
• IAS 12 — Deferred tax related to a subsidiary's undistributed profits
• IAS 12/IAS 29 — Translation of hyperinflationary foreign operation
• IFRS 15 — Training costs to fulfil a contract
• 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 full agenda for the meeting is summarised below:

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

As reported earlier, Executive Vice President Valdis Dombrovskis of the EC announced in January 2020 that later this year he would present a renewed sustainable finance strategy, which would include a revision of the Non-Financial Reporting Directive (NFRD). The initiative to update the NFRD was launched earlier this month. Today, the EC launched the consultation itself by publishing a consultation document. 

In the introduction to the consultation, the EC makes the following statement:

1. There is inadequate publicly available information on non-financial issues as:
   • a) reported non-financial information is not sufficiently comparable or reliable;
   • b) companies do not report all non-financial information that users think is necessary, and many companies report information that users do not think is relevant;
   • c) some companies do not report such information; and
   • d) it is hard to find non-financial information even when it is reported.
2. Companies incur unnecessary and avoidable costs related to reporting non-financial information.

The consultation document itself contains 45 questions in eight categories:

1. Quality and scope of non-financial information to be disclosed
2. Standardisation
3. Application of the principle of materiality
4. Assurance
5. Digitisation
6. Structure and location of non-financial information
7. Personal scope (which companies should disclose)
8. Simplification and reduction of administrative burdens for companies

"Standardisation" contains questions about whether there should be common standards for EU companies, what the relation between financial information and non-financial information should be and which bodies/groups should be involved in setting these standards (if that should be the case).

The consultation document is available on the EC website (login required). Feedback is requested by 14 May 2020.

The IIRC has identified key themes around which it invites feedback, outlined in three topic papers on a) business model considerations, b) responsibility for an integrated report, and c) charting a path forward. The first two topic papers relate to the current <IR> Framework revision process. The third topic paper forges ahead with themes shaping the future of corporate reporting, including extended assurance and the role of technology. Feedback on this paper will inform the IIRC’s longer-term strategy.

Each topic paper separately invites market feedback via an online survey. Responses are requested by 20 March 2020. Please see the following additional information on the IIRC website:

• Press release
• Access to the three topic papers and surveys

Proposed amendments to the Framework will receive 90-day public exposure via a consultation draft, launching in May 2020. The revised Framework is due for release at the end of 2020.