Technical roundup 17 November

Nov 16, 2017

Developments of interest this week are outlined.

ROI  

  • IAASA has issued a consultation paper seeking the view of stakeholders regarding the Authority’s intended policy on additional standards and its intended policy with regard to guidance documents.
  • A reminder that Chartered Accountants Ireland has published Technical Alert 04/2017 – Illustrative auditor’s report on the financial statements of a credit union for accounting periods beginning on or after 17 June 2016.
  • The CRO have issued their regular gazette.

UK

  • The Financial Reporting Council (FRC) has withdrawn Practice Note 21 – The Audit of Investment Businesses in the United Kingdom.
  • The FRC has issued a revision of Practice Note 11: The audit of charities in the United Kingdom. Read more and access the Practice Note here.

European

  • The European Financial Reporting Advisory Group (EFRAG) has issued its endorsement advice on ‘Prepayment Features with Negative Compensation (Amendments to IFRS 9)’. EFRAG assesses that the Amendments meet all technical endorsement criteria of the IAS Regulation and are conducive to the European public good and it therefore recommends their endorsement.
  • EFRAG has published its comment letter in response to the IASB's Exposure Draft ED/2017/4 ‘Property, Plant and Equipment - Proceeds before Intended Use (Proposed amendments to IAS 16)’ and has published a feedback statement following the publication of its final comment letter on the IASB's Discussion Paper DP/2017/1 ‘Disclosure Initiative - Principles of Disclosure’.

International

  • A consultation paper setting out various options to enhance the governance, accountability and oversight of the international audit standard-setting process has been issued by the Monitoring Group, which is a collaboration of international financial institutions and regulatory bodies. The issue of this consultation has been noted on the IAASA and FRC websites. Read more here.