EFRAG’s Annual Review 2023 is now available

EFRAG is pleased to present its key developments for 2023 and in Q1 of 2024 in the Annual Review 2023.

The EFRAG Annual Review includes information on the following:

EFRAG Financial Reporting activities, with a focus on the EFRAG's work regarding:

 EFRAG’s Proactive Research Work

  • Better Information on Intangibles: Our recommendations and feedback statement on this project address the need for improved reporting on intangible assets.
  • Accounting for Variable Consideration: This discussion paper, focused on the purchaser’s perspective, arose due to the diversity in practice.
  • Statement of Cash Flows: Our proactive project aims to enhance the clarity and usefulness of the cash flow statement.
  • Connectivity between Financial Reporting and Sustainability Reporting: Our research explores the integration and alignment of financial and sustainability reporting.

Influencing the IASB and Standard-Setting Activities

  • Primary Financial Statements: Our input on improving the presentation and structure of primary financial statements.
  • Post-Implementation Review (PIR) of IFRS 15 (Revenue from Contracts with Customers): Our review focuses on the practical application and challenges of IFRS 15.
  • Power Purchase Agreements: Addressing the accounting challenges and standardisation needs in power purchase agreements.

Ensuring IFRS Accounting Standards are Fit for Use in Europe – EFRAG Endorsement Advice Work

  • Providing endorsement advice to ensure that IFRS accounting standards are suitable and effective for use in the European context.

EFRAG Sustainability Reporting Activities, providing insights on the EFRAG's activities related to:

Facilitating the Implementation of ESRS:

  • Implementation guidance documents
  • ESRS Q&A platform to support the effective adoption of ESRS

Digital XBRL Taxonomy:

  • Publication of the Exposure Draft for Digital XBRL Taxonomy to enhance reporting efficiency and accuracy

Interoperability between ESRS and ISSB Sustainability Standards:

  • Efforts to ensure compatibility and alignment between ESRS and ISSB sustainability standards

Focusing on SMEs:

  • Development of Exposure Drafts tailored for listed SMEs and a voluntary reporting standard for SMEs to address their unique reporting needs

Towards Sector Standards:

  • Progress and developments in creating sector-specific sustainability standards and the sector classification

Influencing the ISSB’s Standard-Setting Activities:

  • Our ongoing work to shape and contribute to the ISSB’s sustainability standard-setting initiatives.

And much more!

Saskia Slomp, EFRAG CEO, stated: "I am delighted to announce the release of our 2023 Annual Review. This past year has been a significant milestone for EFRAG, as we have successfully solidified and enhanced our position as a leading European organisation in corporate reporting. We have advanced our thought leadership in this field and made a substantial impact on the global stage. Our Annual Review witnesses our grow and development in financial reporting and notably sustainability reporting in which EFRAG is rapidly increasing its activities".