In the June issue, you can expect a series of brief news items. Some come from the field of sustainability reporting: The European Financial Reporting Advisory Group (EFRAG) has finalised two guidelines for implementing the requirements of the sustainability reporting standards (ESRS) as well as a list of ESRS data points. In addition, a third and consolidated set of explanatory notes has been published by the ESRS Implementation Q&A Platform. Finally, the IFRS Foundation and EFRAG have published guidance on the interoperability of ESRS sustainability standards and ISSB standards.
In the area of accounting, the EU has adopted amendments to IAS 7 and IFRS 7. The IASB published IFRS 19, a new standard that reduces the disclosures in the notes to the financial statements of certain subsidiaries, and proposed amendments to contracts for electricity from renewable energy sources. In addition, amendments to the classification and measurement of financial instruments were finalised and a draft for a new version of the IAS 1-M1 module of the IDW Statement on Financial Reporting (IDW RS FAB 50, formerly IDW RS HFA 50) was adopted.
Finally, we would like to inform you about the adoption of DRÄS 14 with the amendments to DRS 18 Deferred Taxes.
In the Publications section, we would like to draw your attention to a new publication. ESG reporting is complex and multi-layered. The obligation to report on sustainability is drawing ever closer for those companies that have to implement the new European reporting standards, the ESRS, in a timely manner. We have developed a resource to guide companies through these standards in a targeted and structured manner. The first edition of the reference book "ESRS - A Visual Approach" provides a visual overview of the ESRS to help companies fulfil their reporting obligations and improve the clarity of their reporting.
Dr. Hanne Böckem
Partner, Audit, DPP
KPMG AG Wirtschaftsprüfungsgesellschaft
