The disclosure framework released by the UK’s Transition Plan Taskforce (TPT) earlier this month provides the basis for companies to “set out credible and robust climate transition plans” as part of their annual reports, according to a framework announcement by the TPT.
One key goal in the formation of the TPT, announced in 2021, was to launch the framework, which is designed to “support the creation of consistent, comparable company reports.”
The UK’s Financial Conduct Authority (FCA) said it will draw on the framework in developing disclosure expectations for listed companies and other stakeholders.
“We have worked to ensure that the TPT’s recommendations fit with other relevant international initiatives and within the developing global landscape of sustainability-related disclosure standards,” the FCA said in a news release.
The TPT Framework has been designed to align with the transition planning guidance developed by the Glasgow Financial Alliance for Net Zero, and to be consistent with, and build on, the reporting standards developed by the International Sustainability Standards Board (ISSB), the FCA release said.
IPSASB issues exposure draft
The International Public Sector Accounting Standards Board (IPSASB) has issued Exposure Draft 85, Improvements to IPSAS, 2023, a news release said. It proposes minor improvements to align with amendments to IFRS based on the IASB’s narrow scope amendments projects.
Comments are due by 18 December and can be submitted online.
FRC opens audit consultation, addresses gender imbalance in actuarial profession
The UK Financial Reporting Council (FRC) launched a consultation to strengthen auditor requirements to detect and report material misstatements from non-compliance with laws and regulations, and to clarify instances auditors should report such breaches and other significant matters to relevant regulators.
The regulator has proposed revisions designed to strengthen International Standard on Auditing (ISA) (UK) 250 Section A and ISA (UK) 250 Section B, a news release said.
For both standards, the FRC is proposing an effective date for audits of financial statements for periods beginning on or after 15 December 2024. The consultation closes on 12 January.
In another release, the regulator announced the publication of research examining the gender imbalance amongst actuaries in the UK, revealing ongoing barriers for women progressing in the profession.
“The FRC commissioned Thinks Insight & Strategy to engage with 70 junior, senior, and ex-actuaries – which included 40 in-depth individual interviews,” the release said. “Key issues highlighted include a lack of female role models at senior levels, and a culture, including among clients, that has served to constrain equal participation of women in discussions and decision-making.”
Some of the recommendations include line managers taking an active role in developing female actuaries’ careers, better support around maternity leave, and flexible working, the release said.
— To comment on this article or to suggest an idea for another article, contact Steph Brown at Stephanie.Brown@aicpa-cima.com.
