The International Accounting Standards Board (IASB) published IASB/ED/2024/6 Climate-related and Other Uncertainties in the Financial Statements - Proposed illustrative examples on 31 July 2024. The IASB comment period ended on 28 November 2024.
Added to UKEB technical work plan [Due Process Handbook (Handbook) 4.30]
Mandatory
Project included in the UKEB published technical work plan
Complete: The Amendments were included in the UKEB technical work plan published in April 2023.
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 Secretariat included mandatory milestones for the project and considered, as appropriate, other milestones and activities. The PIP was approved at the 18 July 2024 Board meeting.
Mandatory
Outreach plan for stakeholders and communication approach outlined
Complete: The PIP (referred to above) included the outreach plan and approach.
Mandatory
Resources allocated
Complete: One Project Director, and one Assistant Project Manager (0.5 FTE) with technical support from another Project Director were allocated to the project.
Mandatory
Assessment of whether to set up an ad-hoc advisory group
Complete: Taking a proportionate approach, an ad-hoc advisory group was not considered necessary due to the narrow-scope nature of the Amendments.
Mandatory
Assessment of whether PIP required updating
Complete: Monitored throughout the project, the nature and scope of which remained as proposed in the original PIP.
Complete: the Secretariat has reviewed: * The IASB's work on the project, including the staff papers and the ED * The Basis for Conclusions to the ED * Other educational material and webcast published by the IASB on their project webpage * Other standard-setters' views * Accounting manuals and press releases for guidance and illustrative examples
Outreach activities [Handbook 5.10 to 5.12 and A4 to A8]
Mandatory
Evidence of consultation
Complete: Outreach activities focused on: * Consultation with UKEB Advisory Groups, including with the Sustainability Working Group. * One-to one interviews with preparer and user industry bodies and an interview with a user. * Obtaining responses to the Draft Comment Letter (DCL). The UKEB received three comment letters. One comment letter was submitted on a confidential basis and two letters were published on the UKEB website.
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
Complete: The DCL was published for consultation for 47 days on 25 September 2024 (comment period deadline: 11 November 2024).
Mandatory
Review and approval at a UKEB public meeting
Complete: The DCL was reviewed and approved at the Board meeting on 19 September 2024, subject to revision after the meeting. The revision was approved by the Chair.
Mandatory
DCL published on website for public consultation
Complete: The DCL was published on the UKEB website for public consultation on 25 September 2024 (comment period deadline: 11 November 2024).
Final Comment Letter (FCL) [Handbook paragraph 5.18 and A4(d)]
Mandatory
Public responses to DCL considered and published on website
Complete: The UKEB received three comment letters, two were published on the UKEB website as one was sent on a confidential basis. All responses were assessed, reflected as appropriate in the FCL and summarised in the Feedback Statement.
Mandatory
FCL approved by the UKEB in public meeting
Complete: A draft of the FCL was approved at the UKEB meeting on 28 November 2024.
Mandatory
FCL submitted to the IASB and posted on UKEB website
Complete: Following Board approval, the letter was submitted to the IASB on 29 November and posted on the UKEB website.
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
Complete: A draft of the Feedback Statement was presented and approved at the UKEB meeting on 28 November 2024.
Due Process Compliance Statement (DPCS) [Handbook 5.23 to 5.26 and A12 to A14]
Mandatory
Feedback Statement published on the UKEB website
Complete: Following Board approval, the final version of the Feedback Statement was published on the UKEB website.
Mandatory
DPCS approved by the UKEB in public meeting
Complete: The final DPCS was presented, for noting, at the UKEB 12 December 2024 meeting.
Mandatory
DPCS published on the UKEB website
Complete: Following Board approval, the final version of the DPCS was published on the UKEB website after the 12 December 2024 Board meeting.