EFRAG issues a draft comment letter on the IASB ED Climate-related and Other Uncertainties in the Financial Statements – Proposed illustrative examples
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20 September 2024 EFRAG has published its draft comment letter (DCL) on the IASB’s Exposure Draft IASB/ED/2024/6 Climate-related and Other Uncertainties in the Financial Statements – Proposed illustrative examples (the ‘ED’). Comments on EFRAG’s DCL can be submitted by 15 November 2024. EFRAG considers the ED’s examples to be a helpful guide for the application of IFRS Accounting Standards in addition to existing IASB educational material. However, EFRAG considers that these examples should only be seen as an initial step in addressing stakeholders’ expectations and suggest the IASB consider developing other examples and undertaking standard-setting activity where justified. EFRAG supports the suggested vehicle for the examples (i.e., as illustrative examples accompanying IFRS Accounting Standards). The letter also reiterates the importance of a focus on connectivity and for work to be done to clarify the boundaries between the information within and outside the financial statements and other Annual Reports. This could be done by including illustrative examples that better show the connectivity of information, by developing a Sustainability Reporting Conceptual Framework, and updating the Conceptual Framework for Financial Reporting to encompass connectivity. To find out more details please visit : https://www.efrag.org/ |