EFRAG Calls for Comments on Draft Response to IFRS Foundation Due Process Handbook Amendments
EFRAG is inviting stakeholders to submit their comments on its Draft Comment Letter to the IFRS Foundation's Exposure Draft on proposed amendments to the Due Process Handbook. The deadline for submitting feedback is 24 March 2025.
The proposed updates, issued in December 2024, aim to reflect the creation of the ISSB and introduce clarifications and enhancements to the standard-setting process.
EFRAG welcomes these updates, emphasising the importance of due process for ensuring legitimacy, transparency and the effectiveness of corporate reporting standards. However, EFRAG recommends that a conceptual framework for sustainability reporting is created and hereby repeats earlier messages provided to the ISSB.
EFRAG further raises concerns regarding the inclusion of SASB Standards and SASB Standards Taxonomy in the scope of the due process Handbook and recommends that they be incorporated within ISSB’s standard-setting procedures to achieve legitimacy.
Further, EFRAG advocates for a more comprehensive approach to connectivity between financial and sustainability reporting and supports the creation of an interpretations committee for sustainability reporting.
Additionally, EFRAG has highlighted challenges regarding the criteria for prioritising projects and the need for longer comment periods on complex proposals, including those requiring field testing.
For more information, please contact Didier Andries, SR Senior Technical Manager (didier.andries@efrag.org) and Didrik Thrane-Nielsen, FR Project Director (didrik.thrane-nielsen@efrag.org).