Summary report - Explanatory Webinar relating to the Post-Implementation Review of IFRS 10,11, 12 - 1 March 2021
12 May 2021. EFRAG has issued the summary report of the Explanatory Webinar on the IASB’s Request for Information (RFI) on the Post-Implementation Review of Consolidated Financial Statements, Joint Arrangements and Disclosures – A User’s Perspective, held on 1 March 2021.
EFRAG'S feedback statement on the IASB's Exposure Draft ED/2020/4 Lease Liability in a Sale and Leaseback
12 May 2021. The feedback statement summarises the main comments received by EFRAG on its draft comment letter to the IASB Exposure Draft ED/2020/4 Lease Liability in a Sale and Leaseback. and explains how this considered by EFRAG during its technical discussions.
Join the EFRAG symposium on Intangibles and value creation at the EAA congress! - 28 May 9.00 am (Brussels time)
11 May 2021. Join the EFRAG symposium on Intangibles and value creation on Friday 28 May from 9.00 till 10.30 am (Brussels time) at the virtual EAA annual congress. Hear different views and discuss with our speakers: Nick Anderson, Patrick de Cambourg, Chiara Del Prete, Begoña Giner, Peter Sampers, Saskia Slomp and Jed Wrigley. Register here.
EFRAG’s draft comment letter and invitation to participate in field-test on ED/2021/3 Disclosure Requirements in IFRS Standards—A Pilot Approach
11 May 2021. EFRAG’s has published its draft comment letter on ED/2021/3 Disclosure Requirements in IFRS Standards—A Pilot Approach (Proposed amendments to IFRS 13 and IAS 19), seeks constituents' view on and invites preparers to participate in field testing the proposals . EFRAG, in close coordination with with EFRAG Member Organisations and other European National Standard Setters and the IASB, will conduct field-testing of the IASB's proposals.
Companies interested can already indicate their interest : Disclosureinitiativefirstname.lastname@example.org
Comments on the draft comment letter are requested by 15 October 2021, by close of business.
EFRAG Endorsement Status Report - Update
07 May 2021. The Endorsement Status Report now reflects the publication of Deferred Tax related to Assets and Liabilities arising from a Single Transaction, amending IAS 12 Income Taxes by the IASB on 7 May 2021 and other timing changes.
EFRAG Update April 2021
30 April 2021. The April 2021 edition of the EFRAG Update, summarising public technical discussions held and decisions taken during that month, has been published and can be downloaded below.
SAVE THE DATE - RATE-REGULATED ACTIVITIES: Regulatory Assets and Regulatory Liabilities – Italian perspective - 6/05/2021
29 April 2021. Save the date: on Thursday 6 May 2021, EFRAG will participated in the OIC public online webinar. The panel discussions will explore the Italian perspective to the IASB proposals and EFRAG preliminary views. Register now. The event will mainly take place in Italian.
EFRAG Secretariat Briefing: Business Transfers under Common Control
29 April 2021. The European Commission’s proposal for a Corporate Sustainability Reporting Directive (CSRD) envisages the adoption of EU sustainability reporting standards. The draft standards would be developed by EFRAG. The standards will be tailored to EU policies, while building on and contributing to international standardisation initiatives.
26 April 2021. On Wednesday 5 May, the EFRAG Board will meet for the first time in its new composition (effective from 1 May 2021). The EFRAG Board will gather for a public session from 10:35 to 13:25. Read the agenda and register now.
SAVE THE DATE - Good reporting practices on sustainability-related risks, opportunities and linkage to business model - 25/05/21
23 April 2021. On Tuesday 25 May, from 12:00 to 14:00, the European Lab Project Task Force on the reporting of non-financial risks and opportunities and the linkage to the business model (PTF-RNFRO) invites you to an outreach event that aims to get stakeholder feedback on the PTF-RNFRO draft report’s key findings. Register now.
EFRAG Welcomes its role in the European Commission’s proposal for a new CSRD
21 April 2021. The European Commission’s proposal for a Corporate Sustainability Reporting Directive (CSRD) envisages the adoption of EU sustainability reporting standards. The draft standards would be developed by EFRAG. The standards will be tailored to EU policies, while building on and contributing to international standardisation initiatives.
The European Commission adopted an ambitious and comprehensive package of measures to channel funding towards sustainable activities. This package includes a proposal for a Corporate Sustainability Reporting Directive (CSRD) aiming – over time – to bring sustainability reporting on a par with financial reporting.
Accounting for Crypto-Assets (Liabilities): EFRAG Discussion Paper now discussed in podcasts
14 April 2021. Crypto-assets represent a growing and rapidly evolving market. To address the accounting of these unique assets, EFRAG released a Discussion Paper Accounting for Crypto-Assets (Liabilities) (DP) addressing the main issues related to the topic. You can now listen to the EFRAG podcast series with three episodes in which EFRAG Secretariat and experts discuss the issues addressed in the DP and related topics.
EFRAG draft comment letter on Rate-regulated Activities
13 April 2021. EFRAG has published its draft comment letter on the IASB Exposure Draft ED/2021/1 Regulatory Assets and Regulatory Liabilities and seeks constituents' views on the proposals. Comments on the draft comment letter are requested by 28 July 2021.
REMINDER | COMPLETE EFRAG’S SURVEY ON THE PIR OF IFRS 10, 11 AND 12 BY 16 APRIL
9 April 2021. Constituents, in particular users of financial statements, are welcome to contribute to the post-implementation review (PIR) of the Consolidation Package, under international financial reporting standards. Participate in the EFRAG survey about the PIR IFRS 10, 11 and 12 by 16 April 2021.
EFRAG's Final Comment Letter on ED/2020/4 Lease Liability in a Sale and Leaseback
9 April 2021. EFRAG published its comment letter (here) in response to the IASB's Exposure Draft ED/2020/4 Lease Liability in a Sale and Leaseback ('the ED').
The ED specifies how a seller-lessee initially measures the right-of-use asset and liability arising in a sale and leaseback transaction (including when rents are variable and not based on an index or rate) and how the seller-lessee subsequently measures that liability.
EFRAG's Endorsement Advice on Covid-19-Related Rent Concessions beyond 30 June 2021 (Amendment to IFRS 16)
2 April 2021. EFRAG has completed its due process regarding Covid-19-Related Rent Concessions beyond 30 June 2021 (Amendment to IFRS 16) and has submitted its Endorsement Advice Letter to the European Commission.
Complete EFRAG’s survey relating to its DP: Accounting for Crypto-Assets (Liabilities), contribute to the debate!
2 April 2021. EFRAG invites its constituents to complete the survey (available here) relating to its Discussion Paper on Accounting for Crypto-Assets (Liabilities) (DP). Crypto-assets, a by-product of innovation in technology and finance (see background article), continue to draw stakeholders' interest. Accordingly, in July 2020, EFRAG published its DP -developed as part of the EFRAG proactive research agenda. The DP is intended to inform the forthcoming IASB agenda consultation process and is open for consultation until 31 July 2021.
EFRAG Update March 2021
1st April 2021. The March 2021 edition of the EFRAG Update, summarising public technical discussions held and decisions taken during that month, has been published and can be downloaded below.
EFRAG has finalised its due process around IFRS 17 and has submitted its Final Endorsement Advice on IFRS 17 Insurance Contracts including the June 2020 Amendments to the European Commission
31 March 2021. EFRAG has finalised its due process around IFRS 17 and submitted its Final Endorsement Advice on IFRS 17 Insurance Contract including the June 2020 Amendments to the European Commission. The Final Endorsement Advice includes the assessment of IFRS 17 against the ‘True and Fair View’-criteria and the assessment of whether IFRS 17 is conducive to the European public good.
New EFRAG Board appointed
30 March 2021. The EFRAG General Assembly unanimously agreed the new composition of the EFRAG Board
Listen to the final episode of the EFRAG podcast series: PIR of IFRS 10, IFRS 11 and IFRS 12
26 March 2021. Reaching out to stakeholders, EFRAG releases today the final podcast of its four-episode series dedicated to the post-implementation review of IFRS 10 Consolidated Financial Statements, IFRS 11 Joint Arrangements and IFRS 12 Disclosure of Interests in Other Entities. Listen to this final episode now and participate in EFRAG’s survey.
EFRAG meets with international sustainability reporting standard setters and other related initiatives
26 March 2021. EFRAG and the European Commission met for a second time with leading international sustainability reporting standard setters and other related initiatives to present recommendations for the development of EU sustainability reporting standards and explore possible cooperation in a co-constructive spirit, promoting convergence and maintaining momentum.
EFRAG requests comments on its draft endorsement advice on Disclosure of Accounting Policies
15 March 2021. EFRAG is consulting on both its assessment of Disclosure of Accounting Policies (Amendments to IAS 1 and IFRS Practice Statement 2) (‘the Amendments’) against the technical criteria in the EU and on its assessment of whether the Amendments are conducive to the European public good. Comments are requested by 7 June 2021.
Reports published on development of EU sustainability reporting standards
8 March 2021 . Two reports are published today, prepared in response to the mandates given by the European Commission on 25 June 2020 to EFRAG and to EFRAG Board President Jean-Paul Gauzès. The reports set out recommendations to the European Commission for the elaboration of possible EU sustainability reporting standards and for possible changes to EFRAG's governance and funding if it were to become the EU sustainability reporting standard setter.