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TAC Public Meeting January 2025: Meeting Summary
PUBLIC MEETING SUMMARY
Date: 14 January 2025 Time: 10:30-12:00am Location: FRC Office, 8th Floor, 125 London Wall, London, EC2Y 5AS
Attendance
| Name | Designation |
|---|---|
| Sally Duckworth | Chair |
| Craig Mackenzie | Member |
| David Harris | Member |
| Harriet Cullum | Member |
| Hilary Eastman | Member |
| Jeremy Osborn | Member |
| Madeleine Evans | Member |
| Nick Rowbottom | Member |
| Scott Barlow | Member |
| Jenny Carter | Member appointed by the Financial Reporting Council (FRC) |
| Paul Lee | Member appointed by the UK Endorsement Board (UKEB) |
| Mike Ashby | Observer from the Department for Business and Trade (DBT) |
| Mita Gandhi | Observer from the Bank of England (BoE) |
| Carlos Martin Tornero | Observer from the Financial Conduct Authority (FCA) |
| Sarah-Jayne Dominic | Secretariat |
| Supriya Sobti (online) | Member |
Apologies
| Name | Designation |
|---|---|
| Peter Hogarth | Member |
| Joseph Noss | Member |
1. Welcome & expected conflicts
The Chair welcomed members and observers to the January meeting of the Technical Advisory Committee (TAC). Apologies were received from Peter Hogarth and Joseph Noss. It was also acknowledged that Dia Desai was on maternity leave and would resume her role in due course. No conflicts of interest related to the agenda items were declared.
The Chair outlined that the primary objective of the meeting was to finalise the letter with key matters identified during the technical assessment process for communication to the International Sustainability Standards Board (ISSB) for consideration.
2. General reporting update (agenda paper 2)
The Committee noted that the IFRS Foundation had launched a consultation on proposed amendments to its Due Process Handbook. It was further noted that the FRC would be submitting a response to this consultation, and TAC members were invited to share any comments with the Secretariat for potential inclusion in the FRC's submission.
3. Matters for the ISSB's consideration
The draft letter and its accompanying appendix, detailing key matters for the International Sustainability Standards Board's (ISSB) consideration, were discussed. The following amendments were agreed upon:
- The prioritisation of two items in Appendix 2, part B relating to judgement, uncertainties and errors; and current and anticipated financial effects was elevated from medium to high, while one item relating to transition plans was elevated from low to medium. Following these changes, the final prioritisation of matters in Appendix 2, part B comprised five high-priority, three medium-priority, and three low-priority.
- A minority of members were of the view that, in item B5 of the Appendix 2, relating to judgments, uncertainties and errors, the reference to clarification on the distinction between 'restatements' and 'revisions' was primarily relevant to US reporting and should be removed from the final letter to the ISSB, focusing instead on the need for clarification of the distinction between 'errors' and 'estimates'. However, the majority of members believed it was important for the ISSB to also clarify the distinction between 'restatements' and 'revisions', particularly in the context of changes in data quality. As a result, in line with the majority view, no changes were made to the original wording.
- The language around prioritisation be refined to reflect that all matters were important, but prioritisation was on a relative basis.
- The language in the draft letter and appendix be revised to replace any implication of the matters being 'requirements' with phrasing that framed them as being submitted for 'consideration'.
- Amend the draft letter to highlight the need for ISSB to consider interoperability in addressing specific matters. Consider cross-references or flags where relevant to highlight such specific matters where ISSB's collaboration with other standard-setters, regulators, and relevant parties would be important for streamlined outcomes.
- Amending Appendix 2, part E (matters for monitoring and feedback) to include prefatory wording clarifying that the list is not exhaustive but highlights only those key matters identified through the TAC's technical assessment. These areas were flagged to provide the ISSB with advance awareness of potential implementation challenges. It was also agreed to remove the table and present the matters as a simplified list.
4. Due process summary
The Committee approved the final due process summary related to the TAC's technical assessment of IFRS S1 and IFRS S2 for the purpose of issuing endorsement recommendations to Government.
5. AOB
There was no other business.
In closing, the Chair thanked everyone for joining the meeting and confirmed that the next meeting is scheduled for 11 February 2025.
The meeting ended at 12:01pm.