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.…

EFRAG Calls for New Members of its EFRAG Rate-regulated Activities Working Group

EFRAG

EFRAG is renewing its Rate-regulated Activities Working Group (EFRAG RRAWG) to support the endorsement process for a new IFRS Accounting Standard on regulatory assets and liabilities, expected to be published in late 2025. The group is seeking additional members, particularly from preparers and users, with expertise in rate-regulated environments and financial reporting. Application Deadline: 15…

EFRAG Seeks Stakeholders’ Comments on Its Draft Endorsement Advice on IFRS 18 Presentation and Disclosure in Financial Statements

EFRAG

EFRAG has published its Draft Endorsement Advice (DEA) on IFRS 18 Presentation and Disclosure in Financial Statements and invites stakeholders to submit comments by 26 March 2025. Objective of IFRS 18IFRS 18 aims to improve the usefulness of information presented and disclosed in financial statements, particularly by addressing feedback from stakeholders, including users requesting better…

EFRAG Endorsement Status Report – Update

EFRAG

The European Commission has endorsed the Amendments to IAS 21, The Effects of Changes in Foreign Exchange Rates: Lack of Exchangeability, and this update is now reflected in the EFRAG Endorsement Status Report. The Amendments to IAS 21 specify the conditions under which a currency is exchangeable into another currency. They also provide guidance on…

CDP and EFRAG Announce Extensive Interoperability Between CDP Questionnaire and EU Sustainability Reporting Standards

EFRAG

At COP29, EFRAG and CDP, the global disclosure system for environmental data, announced a major development in the interoperability between the CDP questionnaire and the European Sustainability Reporting Standards (ESRS). This collaboration is a significant step forward in creating efficiency in the environmental data ecosystem. Through joint mapping efforts, EFRAG and CDP identified a high…