Due Process Compliance Statement - IFRS Interpretations Committee – TAD for IFRS 18

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04 June 2026
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OFFICIAL - PUBLIC

The IFRS Interpretations Committee (the Committee) published the Tentative Agenda Decision (TAD): Updates to Committee’s agenda decisions for IFRS 18 on 8 July 2025. The TAD proposes updates to ten agenda decisions following the issuance of IFRS 18 Presentation and Disclosure in Financial Statements.

The Committee’s comment period ended on 6 October 2025.

The UKEB submitted its response1 to the Committee on 6 October 2025.

Influencing process

Project preparation

Step Mandatory / optional2 Metrics or evidence UKEB Secretariat comments
Added to UKEB technical work plan [Due Process Handbook (Handbook) 3.8(b) and 4.30] Mandatory Project included in the UKEB published technical work plan Complete: The Committee’s Tentative Agenda Decision: Updates to Committee’s agenda decisions for IFRS 18 was included in the UKEB technical work plan published in September 20253.

Link to document: UKEB Work Plan September 2025.
Project Initiation Plan (PIP) [Handbook 5.4 to 5.8, A1 to A2 and A12 to A14] Mandatory PIP draft with project outline (background, scope, project objective) and approach for influencing (key milestones and timing) Complete: The PIP was prepared in line with the UKEB’s Due Process, setting out the key milestones and stakeholder outreach envisaged for influencing IFRS Interpretation Committee's tentative agenda decision4: Updates to Committee’s agenda decisions for IFRS 18 – Project Initiation Plan was approved at the 25 September 2025 Board meeting (link to UKEB’s Summary of Decisions–September 2025 Board meeting).
Project Initiation Plan (PIP) [Handbook 5.4 to 5.8, A1 to A2 and A12 to A14] Mandatory Outreach plan for stakeholders and communication approach outlined Complete: The PIP (referred to above) included the outreach plan and approach.
Project Initiation Plan (PIP) [Handbook 5.4 to 5.8, A1 to A2 and A12 to A14] Mandatory Resources allocated Complete: The Secretariat involved in this project consists of one Project Director, on a part-time basis, with oversight provided by one Senior Project Director. Sufficient resources are allowed for in the UKEB plan for 2025-26.
Project Initiation Plan (PIP) [Handbook 5.4 to 5.8, A1 to A2 and A12 to A14] Mandatory Assessment of whether to set up an ad-hoc advisory group Complete: Given that the tentative agenda decision does not introduce substantial or contentious issues, an ad-hoc advisory group was not considered necessary for this project.
Project Initiation Plan (PIP) [Handbook 5.4 to 5.8, A1 to A2 and A12 to A14] Mandatory Assessment of whether PIP required updating Complete: No updates to the PIP were required.
Project Initiation Plan (PIP) [Handbook 5.4 to 5.8, A1 to A2 and A12 to A14] Mandatory UKEB Board public meeting held to approve PIP Complete: The PIP was approved at the 25 September 2025 Board meeting.
Education sessions [Handbook 4.10] Optional Board provided with education sessions Complete: No education session was provided to the Board, however, a brief summary of the IFRS Interpretations Committee’s discussions held in September 2024, November 2024 and June 2025, and a brief summary of the IASB’s discussions held in April 2025 meeting was reported to the Board at its meetings in 19 September 2024, 28 November 2024, 22 May 2025, 26 June 2025 and 15 July 2025.

Desk-based research

Step Mandatory / optional Metrics or evidence UKEB Secretariat comments
Desk-based research [Handbook 5.9 and A3] Optional Review of relevant documentation Complete: The Secretariat reviewed relevant documentation, including:

• The Committee’s work on the Tentative Agenda Decision: Updates to Committee’s agenda decisions for IFRS 18 (the Tentative Agenda Decision, IASB staff papers5).

Outreach

Step Mandatory / optional Metrics or evidence UKEB Secretariat comments
Outreach activities [Handbook 5.10 to 5.12 and A4 to A8] Mandatory Evidence of consultation Complete: As explained in the PIP, the Secretariat followed a proportionate approach in responding to the TAD.

During June 20256 the Secretariat engaged with members of the UKEB’s Accounting Firms and Institutes Advisory Group, Investor Advisory Group and the Preparer Advisory Group. The UKEB received general support before the text of the TAD came out. After the TAD was published further input was received via email with some recommendations to enhance the clarity on the proposed updates. All input was considered when drafting the Final Comment Letter discussed by the Board at its September 2025 meeting.

Draft Comment Letter (DCL)

Step Mandatory / optional Metrics or evidence UKEB Secretariat comments
DCL published for comment (mandatory unless impracticable) [Handbook paragraphs 5.13 to 5.17 and A4(d)] Mandatory Comment period set for responses to DCL and review and approval at a UKEB public meeting At its June 2025 meeting the UKEB made a decision to submit a response to the Committee’s Tentative Agenda Decision: Updates to Committee’s agenda decisions for IFRS 18. The Committee’s comment deadline was October 6 2025.

As explained in the PIP, following a review of the proposed timeline at its June 2025 meeting, the Board concluded that issuing a Draft Comment Letter in response to the TAD was not practicable due to the timing of the date of the TAD’s publication for comment and the UKEB meeting timeline.
DCL published for comment (mandatory unless impracticable) [Handbook paragraphs 5.13 to 5.17 and A4(d)] Mandatory DCL published on website for public consultation Not Applicable. See above comment.

Project finalisation and project closure

Step Mandatory / optional2 Metrics or evidence UKEB Secretariat comments
Final Comment Letter (FCL) [Handbook paragraph 5.18 and A4(d)] Mandatory Public responses to DCL considered and published on website As noted above, issuing a draft comment letter was not practicable. All stakeholder feedback received was considered in the preparation of the draft FCL, presented for Board approval at its 25 September 2025 meeting.
Final Comment Letter (FCL) [Handbook paragraph 5.18 and A4(d)] Mandatory FCL approved by the UKEB in public meeting Complete: A draft of the FCL was presented for approval to the Board at its 25 September 2025 public meeting. The Board approved the FCL, subject to minor editorial changes.
Final Comment Letter (FCL) [Handbook paragraph 5.18 and A4(d)] Mandatory FCL submitted to the IASB and posted on UKEB website Complete: The FCL was submitted to the IFRS Interpretations Committee on 6 October 2025 and posted on the UKEB website on 8 October 2025.
Feedback Statement [Handbook 5.19 to 5.22 and A9 to A11] Mandatory Feedback Statement approved for publication by the UKEB in a public meeting and published on the UKEB website A Feedback Statement is generally prepared summarising feedback received from UK stakeholders on UKEB consultation documents. As noted above, no UKEB consultation document (i.e. draft comment letter) was published and all stakeholder feedback received was considered and reflected accordingly in the Final Comment Letter (approved at the 25 September 2025 Board meeting). As a result, no Feedback Statement was prepared for this project.
Due Process Compliance Statement (DPCS) [Handbook 5.23 to 5.26 and A12 to A14] Mandatory DPCS approved by the UKEB in public meeting Complete: A draft DPCS was presented for approval to the Board at its 25 September 2025 public meeting. A final DPCS was presented for noting at the Board’s 30 October 2025 meeting.
Due Process Compliance Statement (DPCS) [Handbook 5.23 to 5.26 and A12 to A14] Mandatory DPCS published on the UKEB website Complete: The final DPCS was published on the UKEB website on 30 October 2025.

Ongoing communications

Step Mandatory / optional2 Metrics or evidence UKEB Secretariat comments
Public Board meetings [Handbook 4.10] Mandatory UKEB public meetings held to discuss technical project Complete: A summary of the IFRS Interpretations Committee’s discussions held in September 20247, November 20248 and June 20259 was reported to the Board at its meetings on 19 September 202410, 28 November 202411 and 26 June 202512, respectively.

A summary of the IASB’s discussions held in April 202513 was reported to the Board at its meeting on 22 May 202514.

A further update on these activities was presented to the Board at its 15 July 202515 meeting.

The Board approved the Project Initiation Plan and Final Comment Letter at its meeting on 25 September 2025 (link to UKEB’s Summary of Decisions–September 2025 Board meeting).
Secretariat papers [Handbook 4.20] Mandatory 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 [Handbook 4.25(b)] Mandatory Project webpage contains a project description with up-to-date information on the project. Complete: The UKEB project webpage contains all relevant project information.
Subscriber Alerts [Handbook 4.24] Optional Evidence that subscriber alerts have occurred Complete: Subscribers were alerted via email 5 days before each Board meeting, with links to the agenda, papers and the option to dial in to observe the discussion.
News Alerts [Handbook 4.24] Optional News Alert to announce publication of key documents Complete: A News Alert and a LinkedIn post was published on 8 October 2025 announcing the publication of the UKEB Final Comment Letter in response to the Committee’s Tentative Agenda Decision: Updates to Committee’s agenda decisions for IFRS 18.

Conclusion

This project complies with the applicable due process steps envisaged for influencing IFRS Interpretation Committee’s tentative agenda decisions, as set out in the December 2022 UKEB Due Process Handbook.

Footnotes

  1. This response to the TAD is separate from the UKEB’s ongoing assessment of whether to adopt IFRS 18 for use in the UK. ↩

  2. In accordance with the Handbook. ↩↩↩

  3. The tentative agenda decision had not been issued when the July 2025 UKEB workplan was drafted. This was noted in paragraph E3 of Agenda Paper 9E presented at the July 2025 Board meeting. The project was therefore not added to the work plan in July 2025. ↩

  4. UKEB Due Process Handbook – ‘Influencing tentative agenda decisions’, paragraphs 5.27–5.33. ↩

  5. This includes the IASB staff papers presented to the IFRS Interpretations Committee in September 2024, November 2024 and June 2025, and the IASB staff paper presented to the IASB at its April 2025 meeting. ↩

  6. The Secretariat discussed the proposed updates with PAG at its meeting on 16 June 2025. The Secretariat provided a general update on IFRS 18’s activities to IAG at its meeting on 2 June 2025 and to AFIAG at its meeting on 10 June 2025. ↩

  7. This included the discussion of IFRIC staff paper 6. ↩

  8. This included the discussion of IFRIC staff paper 8. ↩

  9. This included the discussion of IFRIC staff papers 5, 5A and 5B. ↩

  10. This was reported in Appendix E of UKEB Agenda Paper 7. ↩

  11. This was reported in Appendix E of UKEB Agenda Paper 8. ↩

  12. This was reported in UKEB Agenda Paper 9E. ↩

  13. This included the discussion of IASB staff paper 12D. ↩

  14. This was reported in UKEB Agenda Paper 4. ↩

  15. This was reported in Appendix E of UKEB Agenda Paper 9. ↩