UK Endorsement Board

UK Endorsement Board

During the establishment of the Endorsement Board, BEIS and FRC will put in place mechanisms to oversee the work of the Endorsement Board staff when developing advice for consideration by the Secretary of State. This will include assessment of new IASB amendments against the endorsement criteria in the Regulations, outreach to UK stakeholders to gather evidence, and making the draft Endorsement Criteria Assessment available for public comment.  The input received, together with the views of the FRC’s Corporate Reporting Council, will be used to finalise the Endorsement Criteria Assessment.  It will then be submitted to the Secretary of State for formal adoption.  The FRC will also publish a Feedback Statement summarising the main comments received and explain how they were incorporated in the final advice.

During the setup of the UK Endorsement Board the FRC will use these pages to inform and update interested parties on activities regarding this process.

To be kept informed on Endorsement Board events, news & Webinars please subscribe to our emails using the link at the bottom of the page. To offer comment or request specific information regarding anything on the process please email UKEndorsementBoard@frc.org.uk



Response to IASB’s General Presentation and Disclosures Exposure Draft


A final response has now been submitted to the IASB's General Presentation and Disclosures Exposures Draft. The full response is here.  

The draft response to the IASB’s Exposure Draft ED/2019/7 General Presentation and Disclosures is here. The response outlines tentative views on the Exposure Draft. We welcome stakeholders’ views to inform the FRC’s final response to the IASB’s ED, and we invite comments from UK stakeholders on the following questions, which are included in our draft comment letter:
 
UK-Q1 Do you anticipate that the proposed operating profit subtotal will work sufficiently well for entities in general, and for financial institutions in particular?  Please explain your rationale.
UK-Q2 Do you anticipate any issues in implementing the proposed requirement to include in the operating category income and expenses from investing activities undertaken in the course of the entity’s main business activities?  Please describe any issues and your proposed solution.
UK-Q3 To what extent is it feasible to analyse financing income and expenses into those which relate to the provision of financing to customers and those which do not? 
UK-Q4 Is information on the income and expenses from providing finance to customers already available to meet regulatory requirements, in other sources available to the public, or in investor presentations?   
UK-Q5 If information on the income and expenses from providing finance to customers is not already available, what practicalities and costs would be involved in providing it?  Please provide details.  
UK-Q6  To what extent is the IASB’s proposed split of associates and joint ventures into an integral category and a non-integral category desirable and feasible?  What costs and practicalities would be involved?  
UK-Q7  To what extent do you support our proposals for enhanced disclosures on associates and joint ventures?  What practicalities would be involved?  How many associates and joint ventures do you report on?   
UK-Q8 To what extent is the proposed presentation and disclosure of immaterial items in paragraphs 27 and 28 of the Exposure Draft desirable and practical?  What are the costs and practical implications?
UK-Q9  How feasible are the proposals to require an analysis of operating expenses by nature either in the statement of profit or loss or in the notes?  Please provide details of the practicalities and costs that such an analysis would involve.
UK-Q10 To what extent are the IASB’s proposals to define and disclose unusual items practicable and useful?  Please explain the rationale for your answer. 
UK-Q11To what extent is our proposed definition of unusual items and associated disclosure requirements practicable and useful? Please explain the rationale for your answer. 
UK-Q12 Are there any particular aspects of the regulatory environment in the UK which would conflict with the IASB’s proposals on MPMs?  Please provide the rationale for your answer.
UK-Q13 To what extent would it be beneficial to adopt our recommendations on MPMs? Please provide the rationale for your answer.

Please provide comments no later than 4 September 2020 to Alison Stiles at GPD@frc.org.uk

Educational webinars
 
We have prepared a series of short educational webinars on the General Presentation and Disclosures project.  
 
Webinar 1 View time 10 mins Project overview
Webinar 2 View time 8 mins Statement of profit or loss categories and sub-totals
Webinar 3 View time 4 mins Associates and joint ventures
Webinar 4 View time 7 mins Unusual items and analysis of expenses
Webinar 5 View time 5 mins Management performance measures

 
Survey inviting stakeholder views
 
We have published a survey inviting stakeholders’ views on the IASB’s proposals in the Exposure Draft.  The survey can be accessed here and is open until 4 September 2020. The data collected through completing this form will be stored and processed by the FRC/EB. By completing this survey, you consent to the FRC/EB processing your data for the purposes of responding to the IASB’s General Presentation and Disclosures Exposure Draft. For further information, please see our privacy statements and notices
 
Field testing opportunities
 
As part of outreach activities on the General Presentation and Disclosures project, we invite preparers of financial statements to field test the proposals.  To find out more, click here.

Members of Insurance Technical Advisory Group (TAG)

The purpose of the Insurance TAG will be to support initially the Endorsement Board secretariat and, once it is established, the Endorsement Board in developing advice to the Secretary of State for Business, Energy and Industrial Strategy on the adoption of IFRS 17 Insurance Contracts for use in the UK.  The members of TAG are:  
 

Preparers
Jo Clube Aviva plc
Richard Crooks Legal & General Group Plc
Stuart Reilly Direct Line Group Plc
Auditors/accounting firms
Danny Clark KPMG
Gail Tucker PwC
Kevin Griffith EY
Mark Spencer BDO
Investors/other users
Dean Buckner UK Shareholders’ Association
Tony Silverman AM Best
Sian Morgan Columbia Threadneedle Investments
Actuarial/systems
Wijdan Yousuf Aon
Anju Bell Willis Towers Watson
Other
Vasilka Bangeova Guy Carpenter & Company Limited
Andrew Spooner Deloitte


 

 

Share

IFRS17 Webinar Presentation

IFRS 17 Presentation.

Click on the button to play the video.

Links to slides are below:

Joint webinar with the IASB on the General Presentation and Disclosures Exposure Draft
Joint webinar with IASB on General Presentation

Click on the button to play the video.