10 Items for Noting

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21 May 2026 Agenda Paper 10: Appendix A OFFICIAL - PUBLIC

Appendix A: Technical Advisory Committee Update

Executive Summary

Field	Details
Project Type	Monitoring
Project Scope	Limited
Purpose of the paper	This paper provides a summary of the agenda and outcomes from the 21 April 2026 meeting of the UK Sustainability Disclosure Technical Advisory Committee (TAC) as relevant to the UKEB remit¹. The UKEB is represented on the TAC by a Board Member, who is appointed as a full Committee member to reflect the need to maintain connectivity between UK-adopted international accounting standards and UK Sustainability Reporting Standards (UK SRS).
Summary of the Issue	At the 21 April 2026 meeting the TAC considered its position on the enhancement of SASB Standards and discussed plans for research into nature-related disclosures in the UK.
Decisions for the Board	None
Recommendation	N/A – noting only
Appendices	Annex One: UK Sustainability Disclosure TAC Background Annex Two: UK Sustainability Disclosure TAC Meeting Schedule

TAC meeting 21 April 2026

A1 The Committee:

Received a general sustainability reporting update that covered recent International Sustainability Standards Board (ISSB) meetings and related developments.
Discussed key themes on the enhancement of SASB Standards to support the development of a response to an ISSB Exposure Draft (ED) on the topic².
Provided feedback on proposals for a research project into nature-related disclosures in the UK. The TAC is anticipating an ISSB nature-related disclosures ED later in 2026.

SASB Standards enhancement: general themes

A2 The Committee discussed its position on key themes relating to the SASB Standards. The discussion will be used to inform a proposed roundtable for UK stakeholders on the ISSB ED Proposed Amendments to the SASB Standards and the IFRS S2 Industry-based Guidance⁴.

A3 The TAC remained concerned by the lack of clarity regarding how the SASB Standards are intended to interact with IFRS Sustainability Disclosure Standards. Some members queried if the enhancement of industry-specific guidance was appropriate before the development of topic-specific guidance.

⁵

A4 The Committee considered a draft project management plan, timeline and key themes for research into nature-related disclosures. The objective of the proposed research is to provide the Committee with:

the current reporting landscape for nature-related information in the UK;
the challenges for preparers with reporting nature-related information; and
the views of stakeholders regarding reported information.

A5 The plan proposes the completion of research by October 2026.

A6 Subsequent to the TAC meeting the ISSB tentatively decided to propose requirements and guidance for nature-related disclosures in the form of an IFRS Practice Statement⁶.

Annex One: UK Sustainability Disclosure TAC Background

1 The TAC was initially tasked by the DBT⁷ to assess the IFRS Sustainability Disclosure Standards, from a technical perspective, and provide advice⁸ to the Secretary of State for DBT on whether their endorsement would be conducive to the long-term public good in the UK.

2 On 18 December 2024, the TAC concluded⁹ that the endorsement of both IFRS S1 and IFRS S2, was likely to be conducive to the long-term public good in the UK.

3 The TAC was also requested by the DBT¹⁰ to understand the ISSB’s enhancements to the SASB Standards and the implications of this for UK Sustainability Reporting Standards (UK SRS). On 16 March 2026, DBT¹¹ requested the TAC to prioritise influencing a potential ISSB nature related Exposure Draft, SASB Standards consultations and to continue engagement with GHG Protocol revisions.

4 In addition to the TAC there is also a separate Committee, the Policy Implementation Committee¹² (PIC), which is responsible for ensuring that any endorsed standards are implemented in a way that aligns with the mandates of UK government departments and regulator representatives.

Annex Two: UK Sustainability Disclosure TAC 2026 Meeting Schedule

1 The public meeting agenda, technical papers and summary minutes from the TAC meetings can be found on the UK Sustainability Disclosure Technical Advisory Committee website¹³.

2 TAC meetings, scheduled for 2026, are listed below for information.

Monday 19 January: meeting summary.
Tuesday 17 February: This was a private meeting where the TAC held confidential informational sessions on upcoming workstreams and discussed related administrative matters.
Tuesday 24 March: meeting summary
Tuesday 21 April: meeting summary
Tuesday 19 May
Tuesday 16 June
Tuesday 14 July
Tuesday 15 September
Tuesday 13 October
Tuesday 17 November
Tuesday 15 December

21 May 2026 Agenda Paper 10: Appendix B OFFICIAL - PUBLIC

Appendix B: Sustainability Update

IFRS Foundation updates

International Sustainability Standards Board (ISSB)

B1 On 22 April 2026¹⁴, the ISSB met to discuss standard-setting on nature-related disclosures and supporting the implementation of IFRS S1 and IFRS S2.

B2 With respect to standard-setting for nature-related disclosures, the ISSB discussed:

location-specific information about nature-related risks and opportunities;
information about engagement with Indigenous Peoples, Local Communities and affected stakeholders in the context of nature-related risks and opportunities; and
the form of standard-setting.

B3 In relation to the form of standard setting, the ISSB tentatively decided to propose requirements and guidance for nature-related disclosures in the form of an IFRS Practice Statement. Stakeholders will be invited to comment on any alternative forms of standard-setting in an Exposure Draft (ED) which the ISSB aims to publish in October 2026.

B4 The ISSB also received an update from the March 2026 meeting of the Transition Implementation Group on IFRS S1 and IFRS S2 but was not asked to make any decisions.

UK Update

B5 The Financial Conduct Authority’s (FCA’s) consultation regarding alignment of the listing rules with the UK Sustainability Reporting Standards (UK SRS) closed on 20 March 2026. The FCA Listing Authority Advisory Panel and the FCA Market Practitioner Panel, both independent statutory panels, published a joint response¹⁵ which opposed the scope of the requirements due to concerns regarding reducing UK entities competitiveness and costs outweighing the benefits.

European Update

B6 The European Commission published a draft delegated act¹⁶ that proposes changes to the European Sustainability Reporting Standards (ESRSs). The comment period for the draft delegated act ends on 3 June 2026. The adoption of the delegated act is anticipated in the second quarter of 2026. Amended ESRSs would apply for financial years beginning on or after 1 January 2027 to all entities subject to sustainability reporting requirements under the Corporate Sustainability Reporting Directive.

21 May 2026 Agenda Paper 10: Appendix C OFFICIAL - PUBLIC

Appendix C: IFRS 19 Subsidiaries without Public Accountability: Disclosures Due Process Compliance Statement

IFRS 19 Subsidiaries without Public Accountability: Disclosures

Issued

IFRS 19 Subsidiaries without Public Accountability: Disclosures was issued on 9 May 2024.
Consequential amendments to IFRS 19:
- Amendments to IFRS 9 and IFRS 7—Amendments to the Classification and Measurement of Financial Instruments, issued in May 2024; and
- Amendments to IFRS 9 and IFRS 7—Contracts Referencing Nature dependent Electricity, issued in December 2024.
Amendments to IFRS 19 Subsidiaries without Public Accountability: Disclosures (the ‘Amendments’), issued in August 2025.

The amended IFRS 19 has an effective date of 1 January 2027. Earlier application is permitted.

Milestone: Project Initiation Plan (PIP) (mandatory) [Due Process Handbook (Handbook) 6.12–6.16, A1–A2]

PIP completed (including objective, timeline, milestones, outreach plan, resources, output and explanations for any change in consultation period or whether an advisory group is necessary) and approved at public meeting

Complete: The PIP was approved at the 15 July 2025 Board meeting subject to further revisions.

Assessment of whether PIP required updating

Complete: The PIP presented at the 15 July 2025 Board meeting was published on the UKEB webpage on 18 July 2025.

Education Session (optional) [Handbook 4.10]

Board provided with Education session

Complete: The Board was provided with an education session on 11 July 2025. The Board had an opportunity to ask questions to the Secretariat. This was a private session.

Milestone: Desk-based Research (optional) [Handbook 6.17 and A3]

Review of relevant documentation

Complete: the Secretariat has reviewed relevant documentation, including:

The IASB’s work on IFRS 19 (including staff papers, the final Standard and Amendments including supporting materials).
The Basis for Conclusions to the Standard and the Amendments.
Comment letters on the EDs received by the IASB from UK stakeholders including from the UKEB Secretariat.
Publications on IFRS 19 e.g. an accounting firm guide comparing the disclosure requirements in IFRS 19 with those in full IFRS.
The IASB’s IFRS 19 disclosure tracker which lists the disclosure requirements in IFRS 19 and maps them to their equivalents in other IFRS Accounting Standards.
Other standard setters’ views.
The European Financial Reporting Advisory Group (EFRAG) endorsement advice to the European Commission.

Milestone: Consult with a Representative Range of Stakeholders Prior to Adoption (mandatory) [Handbook 6.18–6.21 and A4–A8]

Evidence of consultation

Complete: As described in paragraph 15 of the PIP and in the [Draft] Endorsement Criteria Assessment of IFRS 19 (paragraph 2.12), consultation activities were focused on:

User and preparer interviews conducted in Q3 2025¹⁷.
Discussion with the following Advisory Groups¹⁸:
- Preparer Advisory Group (PAG) on 20 October 2025¹⁹;
- Investor Advisory Group (IAG) on 3 November 2025²⁰; and
- Accounting Firms and Institutes Advisory Group (AFIAG) on 11 November 2025²¹.
Public consultation of the [Draft] Endorsement Criteria Assessment of IFRS 19. The comment letters received were published on the UKEB website.
Further discussions with UKEB advisory groups in Q1 2026 to provide an update on the endorsement project and to encourage members to submit formal responses.

Milestone: [Draft] ECA (mandatory) [Handbook 6.23–6.29]

The UKEB sets comment period for responses to [Draft] ECA

Complete: The [Draft] ECA of IFRS 19 was published for consultation on 28 November 2025. It was open for comment for 90 days until 26 February 2026.

Review and approval at a UKEB public meeting

Complete: The Board discussed the sections of the [Draft] ECA at its meetings on 25 September 2025 and 30 October 2025. The [Draft] ECA of IFRS 19 was reviewed and approved at the Board meeting on 20 November 2025.

[Draft] ECA published on website for public consultation

Complete: The Secretariat published the approved [Draft] ECA of IFRS 19 on the UKEB website for a 90-day consultation period from 28 November 2025 to 26 February 2026.

Public responses to [Draft] ECA assessed and published on website

Complete: The UKEB received nine comment letters which were published on the UKEB website.

The Board discussed a summary of the feedback received on these at its meeting on 26 March 2026. All responses were assessed, reflected as appropriate in the final ECA and summarised in the Feedback Statement.

Milestone: Project closure (mandatory) [Handbook 6.32–6.40]

Final ECA, Feedback Statement, Adoption Statement and DPCS approved by the UKEB in public meeting

Complete: Draft of the final ECA, [draft] Feedback Statement, [draft] Adoption Statement [draft] DPCS presented for approval to the Board at its 23 April 2026 public meeting. The Board approved the final ECA, the draft final Feedback Statement subject to suggested amendments, including the Adoption Statement. A final DPCS was presented for noting at the Board’s May 2026 meeting.

Final ECA, Feedback Statement, Adoption Statement and DPCS published on the website

Complete: The final ECA, Feedback Statement, and Adoption Statement were published on the UKEB website on 13 May 2026. A News Alert and a LinkedIn post were published on 13 May 2026 to alert stakeholders to the endorsement and adoption of IFRS 19.

[The final DPCS was published on the UKEB website after the 21 May 2026 Board meeting].

Milestone: Voting on Adoption of IFRS 19 (mandatory) [Handbook 6.42–6.48]

Tentative vote

Complete: Tentative vote took place at the 23 April 2026 Board meeting based on the discussion of the Adoption Package, which included the final draft ECA, the Feedback Statement, the DPCS, the draft Adoption Statement for IFRS 19 and the text of the UK-adopted international accounting standard IFRS 19 Subsidiaries without Public Accountability: Disclosures. The vote was indicative only.

Evidence of written vote (in paper or electronic form)

Complete: The Adoption Statement and voting forms were sent to the Board for voting (accompanied by the text of IFRS 19 to be adopted) on 30 April 2026 (written forms due by 8 May 2026). The vote was formalised by Board members signing the formal voting forms for the Standard.

Outcome of the vote within 3 working days of the formal vote published on website

Complete: The announcement of the adoption of IFRS 19 was published on the UKEB website on 13 May 2026.

Communications (mandatory) [Handbook 4.20–4.25]

Board meeting papers posted and publicly available usually no later than 5 working days before a Board meeting

Complete: The UKEB’s meeting papers were published on the UKEB website 5 working days before the public meetings. Meeting minutes and recordings were made publicly available via the UKEB website.

Project webpage contains a project description with up-to-date project information

Complete: The project webpage has been updated regularly on a timely basis.

Subscriber alerts

Complete: Subscribers were alerted via email 5 working days before each Board meeting, with links to the agenda, papers and the option to dial in to observe the discussion.

News Alerts

Complete: Two News Alerts were published on 28 November 2025, and 23 February 2026 calling for comments on the [Draft] ECA.

The FRC shared the IFRS 19 [Draft] ECA news alert on 17 December 2025.

LinkedIn posts for the [Draft] ECA were published on: 28 November 2025, 8 December 2025, 22 December 2025, 6 January 2026, 19 January 2026, 5 February 2026, 11 February 2026, 18 February 2026 and 23 February 2026.

A News Alert announcing the adoption of IFRS 19, along with links to the project page which includes publication of the final ECA and the Feedback Statement, was published on 13 May 2026.

A LinkedIn post announcing the adoption of IFRS 19 was published on 13 May 2026.

Conclusion

This project complies with the applicable due process steps, as set out in the December 2022 Handbook.

21 May 2026 Agenda Paper 10: Appendix D OFFICIAL - PUBLIC

Appendix D: Due Process Compliance Statement: Amendments to the Fair Value Option for Investments in Associates and Joint Ventures

The International Accounting Standards Board (IASB) published Exposure Draft Amendments to the Fair Value Option for Investments in Associates and Joint Ventures²² on 19 February 2026. The IASB comment period ended on 20 April 2026.

Influencing Process

Milestone: Project Initiation Plan (PIP) (mandatory) [Due Process Handbook (Handbook) 6.12–6.16, A1–A2]

PIP completed (including objective, timeline, milestones, outreach plan, resources, output and explanations for any change in consultation period or whether an advisory group is necessary) and approved at public meeting

Complete: The PIP was approved at the 29 January 2026 Board meeting subject to further revisions.

Assessment of whether PIP required updating

Complete: We monitored this throughout the project, the nature and scope of which remained as proposed in the original PIP.

Education Session/s (optional) [Handbook 4.10]

Board provided with Education session/s

N/A: None provided due to narrow scope of project.

Milestone: Desk-based Research (optional) [Handbook 5.9 and A3]

Review of relevant documentation

Complete: the Secretariat has reviewed:

The IASB’s work on the Amendments (staff papers, ED).
The Basis for Conclusions to the ED.
Other standard-setters’ views.
Accounting manuals for guidance and illustrative examples.

Milestone: Outreach Activities [Handbook 5.10–5.12 and A4–A8]

Evidence of consultation

Complete: Due to the narrow-scope nature of the Amendments, consultation activities were focused on obtaining responses to the Draft Comment Letter (DCL) and consultation with advisory groups. The UKEB received 6 comment letters.

Milestone: Draft Comment Letter (DCL) published for comment (Mandatory unless impracticable) [Handbook 5.13–5.17 and A4(d)]

Field	Details
Project Type	N/A
Project Scope	N/A
Purpose of the paper	The purpose of this paper is to provide an update on meetings held by the following UKEB Advisory Groups and Working Groups, to accompany the verbal updates given by their Chairs: Academic Advisory Group (Chair: Amir Amel-Zadeh) Accounting Firms and Institutes Advisory Group (Chair: Michael Metcalf) Investor Advisory Group (Chair: Sue Harding) Preparer Advisory Group (Chair: Owen Glaysher) Rate-regulated Activities Technical Advisory Group (Chair: Rob McPheely) Financial Instruments Working Group (Chair: Seema Jamil-O’Neill) Sustainability Working Group (Chair: Seema Jamil-O’Neill)
Summary of the Issue	All the groups, set out above, are advisory, consultative groups. They are not decision-making bodies. The advisory groups provide specialist knowledge and information as input into the Board’s technical decision-making, while the working groups solely advise the UKEB Secretariat. The Advisory Groups webpage of the UKEB website sets out the purpose of each group, a list of each group’s members and their biographies, and a link to its Terms of Reference. In addition, minutes for each meeting are uploaded as they become available. The table below also sets out the meetings held by these groups during the last 12 months and includes links to the meeting minutes, available at the time of writing. Since the April 2026 Board meeting, none of the groups have met. The summary minutes of the Academic Advisory Group (AAG) meeting on 17 April 2026 and the Financial Instruments Working Group (FIWG) meeting on 22 April 2026 will both be published within one month of their respective meetings.
Decisions for the Board	No decisions required.
Recommendation	The Board is recommended to review the summary minutes of the groups’ meetings.

Horizon scanning items raised by the Advisory Groups

During the last year, the horizon scanning issues, set out below, have been highlighted by members of the advisory and working groups.

IAG, February 2026: PIR of IFRS 17 – A member queried the expected timing of the review.
IAG, February 2026: IFRS 20 – A member asked about the expected publication date of IFRS 20 Regulatory Assets and Regulatory Liabilities.
IAG, November 2025: Private credit – A member noted increased exposures to supply chain, invoice and inventory financing, which are projected to continue to expand. Accounting implications should be kept under review.
IAG, November 2025: Disclosure burden – Several members considered possible areas where disclosures in annual reports could potentially be curtailed, or were less useful to some users. However, others noted that they found those same disclosures useful.
IAG, November 2025: Machine learning – A member highlighted the risk of hallucination in LLMs and other AI where non-standard labels are used in XBRL tagged information.
FIWG, November 2025: Risk Mitigation Accounting – A member proposed detailed discussion of the IASB’s Dynamic Risk Management project at a future meeting.
PAG, October 2025: IFRIC Decision – Members raised the IASB’s recent Tentative Agenda Decision: Classification of a Foreign Exchange Difference from an Intragroup Monetary Liability (or Asset) (IFRS 18) and the potential to impact for many UK companies.

Group	Meeting Date	Link to Minutes	Date of publication
Academic Advisory Group	19 September 2025	Summary Minutes	17 October 2025
Academic Advisory Group	17 April 2026	To be published	(within 1 month)
Accounting Firms and Institutes Advisory Group	10 June 2025	Summary Minutes	9 July 2025
Accounting Firms and Institutes Advisory Group	11 November 2025	Summary Minutes	11 December 2025
Accounting Firms and Institutes Advisory Group	10 March 2026	Summary Minutes	8 April 2026
Investor Advisory Group	2 June 2025	Summary Minutes	27 June 2025
Investor Advisory Group	3 November 2025	Summary Minutes	2 December 2025
Investor Advisory Group	2 February 2026	Summary Minutes	26 February 2026
Preparer Advisory Group	16 June 2025	Summary Minutes	14 July 2025
Preparer Advisory Group	20 October 2025	Summary Minutes	14 October 2025
Preparer Advisory Group	2 March 2026	Summary Minutes	30 March 2026
Rate-regulated Activities Technical Advisory Group	16 June 2025	Summary Minutes	15 July 2025
Rate-regulated Activities Technical Advisory Group	24 September 2025	Summary Minutes	22 October 2025
Rate-regulated Activities Technical Advisory Group	12 December 2025	Summary Minutes	9 January 2026
Financial Instruments Working Group	25 November 2025	Summary Minutes	19 December 2025
Financial Instruments Working Group	15 January 2026	Summary Minutes	13 February 2026
Financial Instruments Working Group	22 April 2026	To be published	(within 1 month)
Sustainability Working Group	–	–	–

UKEB Responsibilities relating to IFRS Sustainability Disclosure Standards or UK Sustainability Reporting Standards ↩
Proposed Amendments to the SASB Standards and the IFRS S2 Industry-based Guidance ↩
TAC Public Meeting April 2026 Paper 3: SASB Standards enhancement - general themes (April 2026) ↩
Proposed Amendments to the SASB Standards and the IFRS S2 Industry-based Guidance ↩
TAC Public Meeting April 2026 Paper 4: Nature-related disclosures research: project management plan and proposed timeline and Paper 5: Nature-related disclosures research: key themes ↩
Nature-related disclosures ↩
Section B: UK Sustainability Disclosure TAC Terms of Reference. ↩
Context letter from the Department for Business and Trade (May 2024) suggests that the TAC may wish to consider whether definitions in IFRS S1 and IFRS S2 are sufficiently clear, and whether any significant incompatibilities are identified with those currently used UK adopted international accounting standards. ↩
TAC endorsement recommendation – UK Endorsement of IFRS S1 and IFRS S2. ↩
DBT TAC priorities (June 2025) ↩
Priority letter (DBT 16 March 2026) ↩
Section C: UK Sustainability Disclosure PIC Terms of Reference (updated September 2025) ↩
UK Sustainability Disclosure TAC Meetings and Summaries website ↩
International Sustainability Standards Board (ISSB) – April 2026 Agenda ↩
Listing Authority Advisory Panel and Markets Practitioner Panel joint response to the FCA’s CP26/5: Consultation on aligning listed issuers’ sustainability disclosures with international standards (March 2026) ↩
Revised European sustainability reporting standards (European Commission) ↩
The feedback received was reported back to the Board at its September 2025 meeting (see paragraph 29 of Agenda Paper 4). ↩
The meeting summaries were made available on the UKEB website. The feedback received was reported back to the Board at its November 2025 meeting (see paras 3 – 5 of Agenda Paper 5). The outcome of those discussions was reflected as appropriate in the [Draft] ECA. ↩
The feedback received was reported back to the Board at its October 2025 meeting (see paragraph 8 of Agenda Paper 5). ↩
The feedback received was reported back to the Board at its November 2025 meeting (see paragraph 4 of Agenda Paper 5). ↩
The feedback received was reported back to the Board at its November 2025 meeting (see paragraph 5 of Agenda Paper 5). ↩
Exposure Draft: Amendments to the Fair Value Option for Investments in Associates and Joint Ventures—Proposed amendments to IAS 28 ↩

10 Items for Noting

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