9.1 Items for Noting
UK ENDORSEMENT BOARD 23 SEPTEMBER 2022 AGENDA PAPER 9: APPENDIX 1
Influencing process: EDs IFRS S1 & S2
| Step | Required / Optional | Metrics or evidence | UKEB secretariat comments |
|---|---|---|---|
| IASB's due process document | |||
| Exposure Draft ED IFRS S1 and IFRS S2 | Published: 31/03/2022 Comment deadline: 29/07/2022 |
n/a | |
| Project preparation | |||
| Technical project added to UKEB technical work plan and discussed | Required | Project is included in the published technical UKEB Work Plan. | Yes |
| Project preparation and Project Initiation Plan (PIP) | Required | PIP created which includes:
|
Yes |
| Required | Assessment of whether to set up an ad-hoc advisory group | Assessment concluded an ad-hoc group was not necessary as it was proportionate. | |
| Required | UKEB Board public meeting held to approve PIP | Approved 21/04/22 Board meeting. | |
| Optional | UKEB Education or initial assessment. | Board education session held 20/01/22 on the General Presentation and Climate prototype standards, issued by the Technical Readiness Working Group of the ISSB. | |
| Communications | Required | UKEB Board public meetings held to discuss technical project | Draft comment letter approved 19/05/22 Board meeting. Final Comment Letter and Feedback Statement approved 18/07/22 Board meeting Due Process Compliance Statement approved 18/07/22 Board meeting. |
| Required | Board meeting papers posted and publicly available on a timely basis. | Yes | |
| Required | Project website contains a project description and up to date information. | Yes | |
| Outreach activities | |||
| Fieldwork undertaken | |||
| Public events, roundtables, workshops, or interviews with specific groups of stakeholders | Optional | Numbers for stakeholder outreach and venues documented | Approximately 30 virtual meetings held / attended with a range of stakeholders and stakeholder representative bodies. Please refer to the Feedback Statement for details. Public outreach event held 30/06/22. Over 150 registrants and 95 attendees. Event recorded and made available via UKEB website. |
| UKEB draft comment letter | Required | Draft comment letter approved for publication at UKEB public meetings | Approved 19/05/22 Board meeting. |
| Required | Draft comment letter, including deadline for responses, posted on UKEB Website for public consultation | Published: 27/05/22 Comment deadline: 27/06/22 |
|
| Required | News Alert published to announce publication | Yes | |
| Required | Public responses on draft comment letter posted on website | One comment letter was received. This was published on the project web page on the UKEB website. | |
| UKEB final comment letter | |||
| Final comment letter | Required | Final comment letter approved for publication at UKEB public meeting. | Approved at 18/07/22 Board meeting. |
| Required | Publish final comment letter on UKEB website and submit to ISSB | Published on 27/07/22 | |
| Required | News Alert published to announce publication | Published on 27/07/22 | |
| Finalisation | |||
| Feedback statement | Required | Draft Feedback Statement for discussion and review at UKEB public meeting | Approved at 18/07/22 Board meeting. |
| Required | Feedback Statement posted on UKEB Website | Published on 27/07/22 | |
| Required | News Alert published to announce publication | Published on 27/07/22 | |
| Compliance Statement | Required | Due process Compliance Statement approved by UKEB in public meeting | Approved 18/07/22 Board meeting. To be noted at 23/09/22 Board meeting. |
| Required | Due Process Compliance Statement posted on UKEB Website | Published on xx/xx/xx. |
Conclusion
The ISSB published both exposure drafts on 29 March 2022 with a comment deadline of 29 July 2022. There was significant engagement with a range of stakeholders, which supported the development of both the Draft and Final Comment Letters.
The project team conducted initial outreach with major accounting firms to test views and listen to stakeholder perspectives. Whilst the UKEB draft comment letter (DCL) was open for stakeholder consultation, several one-to-one meetings were conducted with a range of UK stakeholders to obtain their views on the content of the UKEB's DCL. In addition, the project team arranged a virtual joint public outreach event which included presentations from the FCA, BEIS and the FRC and a panel discussion on the draft comment letter with users, preparers, the FCA and the ISSB sharing their perspectives. Given the time frame, resources available, broad scope of the EDs and wide impact on companies and industries, this level of engagement was considered appropriate.
The project's due process complies with the UKEB Due Process that is in place at the time of writing. When the UKEB Due Process Handbook is finalised, it will refer to both IASB and ISSB work.