UKEB request for comments on latest endorsement activity
News types: Codes and Standards Announcements, Consultation Announcement, Corporate Reports, Feedback Statement, Policies and Responsibilities, Response
Published: 28 July 2023
Issued on behalf of the UKEB
Call for Comments: Draft Endorsement Criteria Assessment of Supplier Finance Arrangements : Amendments to IAS 7 Statement of Cash Flows and IFRS 7 Financial Instruments: Disclosures
The UKEB has published a Draft Endorsement Criteria Assessment (DECA) on Supplier Finance Arrangements .
On 25 May 2023 the IASB published Supplier Finance Arrangements: Amendments to IAS 7 Statement of Cash Flows and IFRS 7 Financial Instruments: Disclosures (the Amendments). The Amendments complement the existing disclosure requirements in IFRS Accounting Standards that apply to supplier finance arrangements. They are aimed at providing users of financial statements with information that enables them to assess the effect of supplier finance arrangements on an entity’s liabilities and cash flows, as well as on the entity’s exposure to liquidity risk. The Amendments are effective for annual reporting periods beginning on or after 1 January 2024, with early application permitted.
The UKEB invites stakeholders’ views on the DECA conclusions regarding potential UK adoption of the Amendments. The DECA is open for stakeholder comments until close of business on 18 October 2023.
Draft Comment Letter: IASB Request for Information— Post-implementation Review of IFRS 15 Revenue from Contracts with Customers
The UKEB has issued a draft comment letter for public consultation in response to the IASB’s Request for Information on its Post-implementation Review (PIR) of IFRS15 Revenue from Contracts with Customers .
The UKEB draft comment letter considers that IFRS 15 has achieved its objective and is working well, though some operational challenges remain. The draft comment letter highlights some areas where improvement, including potential standard setting activity, is required, without causing significant cost and disruption to entities already applying the standard.
Stakeholders are invited to provide feedback either via the Invitation to Comment form or by email to [email protected] . Stakeholder comments are welcome until 5 October 2023.
In addition, the UKEB project team is conducting short one-to-one interviews (no more than 30 minutes), during July and August, with UK investors, users and preparers to understand their views on companies’ revenue reporting. To register your interest in participating, send your contact details to [email protected] by Friday 4 August 2023.
UKEB adopts International Tax Reform: Pillar Two Model Rules (Amendments to IAS 12)
The UKEB has adopted Amendments to IAS 12 International Tax Reform: Pillar Two Model Rules , issued by the IASB in May 2023. The Amendments introduce a temporary mandatory exception from accounting for deferred taxes arising from the Pillar Two model rules and a requirement to disclose that the exception has been applied, both of which are applicable immediately and retrospectively. They also introduce further targeted disclosure requirements, effective for annual reporting periods beginning on or after 1 January 2023. An entity is not required to make these disclosures for any interim period ending on or before 31 December 2023.