EFRAG Submitted its Endorsement Advice on Annual Improvements to IFRS Accounting Standards – Volume 11

EFRAG

EFRAG completed its due process and submitted its Endorsement Advice to the European Commission concerning the Annual Improvements to IFRS Accounting Standards—Volume 11.   Overview of the Amendments The Amendments provide limited changes that either clarify the wording in the amended IFRS Accounting Standards or correct relatively minor unintended consequences, oversights or conflicts between the…

EFRAG’s Updated ESRS Q&A Platform: 157 Explanations

EFRAG

EFRAG has updated its Compilation of Technical Explanations for the European Sustainability Reporting Standards (ESRS), now including 64 new explanations. This brings the total to 157 explanations, offering comprehensive support for stakeholders implementing the ESRS.   Key Highlights Mapping of Sustainability Matters: Explanation ID 177 links sustainability matters in paragraph AR 16 of ESRS 1…

Call: EFRAG Survey on IFRS 19 Reduced Disclosures

EFRAG

EFRAG has launched a survey to gather views on the voluntary application of IFRS 19 Subsidiaries without Public Accountability: Disclosures. This standard allows eligible subsidiaries to prepare financial statements with reduced disclosure requirements under IFRS.   The insights will help EFRAG evaluate: The costs and benefits of applying IFRS 19. Whether the standard aligns with…

EFRAG released the Voluntary Sustainability Reporting Standard for non-listed SMEs (VSME)

EFRAG

At the European Commission’s request, EFRAG delivered its Voluntary Sustainability Reporting Standard for non-listed SMEs (VSME). This technical advice aims to provide a simplified, proportionate framework for SMEs not covered by the Corporate Sustainability Reporting Directive (CSRD), helping them access sustainable finance and monitor their sustainability performance.   Development Process Public Consultation: Conducted from January…

EFRAG Conference 2024: Programme Available – Registrations Open

EFRAG

On 10 December 2024, EFRAG will hold its third annual conference, “Advancing Transparency & Competitiveness in Challenging Times”, in Brussels. The event will focus on key developments in sustainability and financial reporting, offering insights from high-level speakers and experts in the field.   The EFRAG Conference will feature keynote speeches on the latest trends in corporate reporting,…

Joint EFRAG-IASB Educational Session on IFRS 19 Subsidiaries Without Public Accountability

EFRAG

On 2 December 2024, EFRAG and AISB are organising an interactive session on IFRS 19 and its impact on subsidiaries without public accountability.   The event will cover: Introduction to IFRS 19 and its requirements. EU perspective on its application. Panel discussions with preparers on implementation challenges. Insights on the EU endorsement process. Q&A sessions with IASB, EFRAG, and panellists.…

EFRAG and European Commission Present Legal Framework and Standard-Setting Approach for ESRS for Non-EU Groups – Webinar Recording Available

EFRAG

The recording and presentation slides of the webinar on ESRS for Non-EU Groups are now available for access. On 19-20 November 2024, EFRAG and the European Commission presented the legal framework and standard-setting approach for ESRS for Non-EU Groups to stakeholders.   Key Takeaways  As per Article 40a of the CSRD, non-EU companies generating over EUR 150 million annually in…

EFRAG Publishes Discussion Paper on the Statement of Cash Flows

EFRAG

EFRAG has released its Discussion Paper (DP) on the Statement of Cash Flows and is seeking public comments by 15 May 2025. Objective of the Discussion Paper: The DP identifies key issues with the Statement of Cash Flows as prepared under IAS 7. It outlines various objectives of the statement and explores how it is used by primary users of financial statements. The DP also presents potential alternatives and supplements to the current statement…

EFRAG Publishes Final Comment Letter on IASB ED – Proposed Amendments to IAS 21 

EFRAG

EFRAG has released its Final Comment Letter (FCL) on the IASB’s Exposure Draft IASB/ED/2024/4 concerning Translation to a Hyperinflationary Presentation Currency and proposed amendments to IAS 21.   Key Highlights: EFRAG supports the proposed amendments to IAS 21 addressing the translation to a hyperinflationary presentation currency. Recommendations have been made to enhance the clarity of the proposals. EFRAG supports the disclosure requirements for both subsidiaries without public accountability and the proposed transition requirements.  …

Call to join EFRAG in Advancing Sustainability Reporting

EFRAG

EFRAG is seeking senior contributions in kind to support its surveys and research activities on sustainability reporting. This is a great opportunity for experts to play a key role in shaping European Sustainability Reporting Standards (ESRS). EFRAG is looking for senior secondees with practical expertise and real business experience to help implement the first set of ESRS.…