Technical resource centre

Welcome to the Chartered Accountants Ireland's Technical Resource Centre. This resource area is aimed at keeping members up to date with the latest technical news and helpful resources to keep them abreast of current developments worldwide. There is also a link to our Technical Enquiry Service in contacts and support.

Latest news

The Institute launches its “Meet the Standard Setters” event, while IAASA and the FRC publish guides on Governance and Brexit respectively ROI “Meet the Accounting Standard Setters Chartered Accountants Ireland will host an event on 30 October 2019, a unique opportunity for accountants in industry and practice to hear representatives of both the FRC and the IASB present an update on developments in their respective accounting standards, UK/Irish GAAP and IFRS. Speakers at the event will be Gary Kabureck, IASB Board member, and Anthony Appleton, Jenny Carter and Phil Fitz-Gerald from the FRC. There is no charge to attend the event but places are limited so booking is essential.” Getting Your Business Brexit Ready – A guide has recently been issued by the Irish Government which sets out nine practical steps that all businesses, large and small, should take now to prepare for the UK’s departure from the EU. IAASA, Ireland’s accounting enforcer, has this week published its annual Observations paper highlighting some significant topics that those charged with governance should consider when preparing their financial statements for 2019. UK   The UK/Ireland Statements of Recommended Practice (SORP) making body is launching a new pan UK pan Ireland process for developing the next SORP. They will be actively recruiting engagement partners, individuals or organisations, who want to help. To assist with preparations for the UK's exit from the EU, the Financial Reporting Council (FRC) is writing to Audit Committee Chairs and Finance Directors setting out some of the generic actions companies should consider in advance of the UK’s exit.  International The International Auditing & Assurance Board (IAASB’s) public report summarizing the board’s achievements from January 1, 2016 to June 30, 2019, has been released. This period, chaired by Professor Arnold Schilder, is reported as being one of great productivity for the board.  

Sep 19, 2019

Developments this week are set out below.    ROI The Central Bank of Ireland has this week launched guidelines to assist firms to meet their anti-money laundering (AML) and countering the financing of terrorism (CFT) obligations. Further guidance will be issued in due course, as appropriate. IAASA, Ireland’s accounting enforcer, has just published an Information Note highlighting deficiencies in companies’ disclosures regarding liquidity risk. UK FRC has published its annual report as the transition to a new regulator progresses. Europe The European Se­cu­ri­ties and Markets Authority (ESMA) has released the third in a series of tutorial videos designed to guide market par­tic­i­pants through the new re­quire­ments of European Single Elec­tronic Format (ESEF), which will become effective in 2020. International The International Accounting Standards Board (IASB) is carrying out a research project on goodwill and impairment following its Post-implementation Review of IFRS 3 Business Combinations. In a recent article, Tom Scott, a member of the Board, discusses the Board’s preliminary views and how stakeholders can help the Board by commenting on its forthcoming discussion paper.

Sep 12, 2019

Developments this week are set out below.    NI Hugh McKeag and Carmel Mullan have been appointed to the Board of the Charity Commission for Northern Ireland from 1 September 2019 to 29 February 2020 UK Anne Whitaker has been appointed to the FRC’s Conduct Committee, which oversees the FRC’s Enforcement work, following her appointment as Chair of the Audit Quality Review Committee (AQRC). Europe The European Securities and Markets Authority (ESMA) has this week published its final guidance regarding liquidity stress tests of investment funds – applicable to both Alternative Investment Funds (AIFs) and Undertakings for the Collective Investment in Transferable Securities (UCITS).  International The August 2019 edition of the IFRS for SMEs Update has been published. In June 2019, the International Accounting Standards Board (Board) issued an exposure draft that proposes targeted amendments to IFRS 17 to respond to concerns and challenges raised by stakeholders as IFRS 17 is being implemented.In a recent article, Board member Nick Anderson offers insight into the new disclosures the Board is proposing as part of the package of targeted amendments.  

Sep 05, 2019

Developments this week are set out below.    UK In a public consultation launched last week, the Institute of Chartered Accountants in England & Wales (ICAEW) is seeking comments on proposed updates to its guidance on assurance reports on internal controls of service organisations made available to third parties (Technical Release 01/06 AAF). Europe The August edition of the European Financial Reporting Advisory Group (EFRAG) Update has been issued which informs constituents about due process publications, public technical discussions held and decisions taken during that month. International August IASB podcast published - The International Accounting Standards Board held an additional meeting on 28 August to discuss its work linked to the reform of interest rate benchmarks such as LIBOR. The International Public Sector Accounting Standards Board (IPSASB) has published an exposure draft 'Public Sector Financial In­stru­ments: Amend­ments to IPSAS 41 'Financial In­stru­ments'' with proposed amend­ments that would sup­ple­ment the IPSASB’s existing guidance in IPSAS 41 for topics that are unique to the public sector and have a sig­nif­i­cant impact on gov­ern­ment finances.    

Aug 30, 2019

Developments this week are set out below.    UK The Financial Reporting Council (FRC) has this week published a staff draft of its response to the IASB’s Exposure Draft ED/2019/4 Amendments to IFRS 17 (ED).The response outlines its tentative conclusions on issues raised in this ED. In a public consultation launched this week, ICAEW is seeking comments on proposed updates to its guidance on assurance reports on internal controls of service organisations made available to third parties (Technical Release 01/06 AAF). Europe Accountancy Europe’s quest to create one global reporting standard:- In a recent Q&A, Ethical Corporation’s managing director Liam Dowd spoke with Hilde Blomme, Deputy CEO at Accountancy Europe, on engaging the investor community, the role of finance in non-financial data and the biggest opportunity in the next 12-18 months. International The International Accounting Standards Board (IASB) has added a second phase of Interbank offered rates (IBORs) reform project to its work plan - recent market de­vel­op­ments have brought into question the long-term viability of IBORs and the IASB is currently looking into the potential effects of financial reporting. The International Financial Reporting Standards (IFRS) Foundation is calling on stakeholders to comment on its draft Q&A on the application of the IFRS for SMEs Standard. The consultation is open until 7 October 2019.  

Aug 23, 2019

Developments this week are set out below.    UK The Financial Reporting Council (FRC) has issued a podcast: In conversation with Jo Morgan and Mark Mainwaring on the latest Audit Quality Review inspection results. The Financial Reporting Lab has released its latest newsletter for Q2 2019 which includes an update on the three current Lab projects: Climate and Workforce, Sources and Uses of Cash, and Digital Future. International The IFRS Foundation is calling on stakeholders to comment on its draft Q&A on the application of the IFRS for SMEs Standard. The consultation is open until 7 October 2019. At the beginning of July 2019, the International Accounting Standards Board welcomed two new members: Rika Suzuki from Japan and Tadeu Cendon from Brazil.  

Aug 15, 2019

Developments this week are set out below.    Ireland  The Irish Auditing and Accounting Supervisory Authority (IAASA) has issued a consultation paper on its proposal to issue Companies Act 2014 (Procedure Governing the Conduct of Section 933 Enquiries) Regulations 2019. Section 933 establishes that IAASA has the power to carry out enquiries in relation to whether a prescribed accountancy body has complied with applicable investigation and disciplinary procedures. A number of substantive changes to provisions relating to such enquiries were made by the Companies (Statutory Audits) Act 2018 and the proposed Regulations reflect those changes and also include a number of amendments to the enquiry process designed to improve its effectiveness and efficiency. Views are sought by 27 September 2019. UK The Department for Communities has appointed Nicole Lappin as the Chief Commissioner to the Board of the Charity Commission for Northern Ireland effective from 1 August 2019. European                  The European Securities and Markets Authority has called for candidates with expertise on issues related to market data regulatory reporting and record keeping of derivative contracts, positions, transactions in financial instruments, order book, instrument reference data, investment funds and prospectus data to join its newly established Data Advisory Group. International The International Accounting Standards Board has published proposed amendments to IAS 1 ‘Presentation of Financial Statements’ and IFRS Practice Statement 2 ‘Making Materiality Judgements’.The exposure draft is open for comment until 29 November 2019.

Aug 08, 2019

Developments this week are set out below.    Ireland  The Registrar of Companies has been appointed as the Registrar of Beneficial Ownership of Companies and Industrial & Provident Societies (RBO) with effect from 29 July 2019. Accordingly, the RBO is now open to accept filings via a portal on the RBO website www.rbo.gov.ie. NI In May 2019 there were over 6,000 registered charities in Northern Ireland, and the Charity Commission for Northern Ireland is continuing to build the register. Guidance has recently been issued to set out what information is available on the register and how to conduct a range of searches. UK The FRC has written to the six largest audit firms setting out its expectations for reporting of non-financial conduct to the FRC as part of its Audit Firm Monitoring and Supervision (AFMAS) responsibilities.  European The European Banking Authority (EBA) has published an IFRS 9 roadmap providing a com­pre­hen­sive overview of planned mon­i­tor­ing ac­tiv­i­ties on IFRS 9 im­ple­men­ta­tion. The European Securities and Markets Authority (ESMA) has recently updated its Questions and Answers (Q&As) on data reporting under the Market in Financial Instruments Regulation (MiFIR).  International The International Ethics Standards Board for Accountants (IESBA) has announced the reappointment of Dr. Stavros Thomadakis as IESBA Chairman for a further one-year renewable term commencing 1 January, 2020, which was recently approved by the Public Interest Oversight Board (PIOB).      

Aug 01, 2019

Developments this week are set out below. UK The Financial Reporting Council (FRC) has announced appointment of Liz Murrall as Chair of the Corporate Reporting Council. Liz is Director Stewardship and Reporting at the Investment Association.Andrew Kail has also been appointed as a member of the Audit & Assurance Council.Andrew is Head of Financial Services and senior audit partner at PwC. Ireland  The Department of Finance is launching a public consultation Climate Change and Insurance in the context of the “Climate Action Plan 2019 to Tackle Climate Breakdown”.This consultation seeks the views on insurance related matters in a climate change context, and in particular on the challenges posed by flooding (and how it affects the availability of property insurance).The consultation will run from 23 July to 15 October and may be of interest to members in the insurance industry. IAASA has published its annual Profile of the Profession which contains statistical data regarding the eight Prescribed Accountancy Bodies (‘PABs’) within IAASA’s supervisory remit in Ireland for the year 2018. European The European Securities and Markets Authority (ESMA) have updated the public register of those derivative contracts that are subject to the trading obligation under the Markets in Financial Instruments Regulation (MiFIR). International The IFRS Foundation is to publish a register to provide a public record of the International Accounting Standard Board members’ engagement with stakeholders.This register will include speaking engagements and meetings (face-to-face, web-based or phone meetings) of more than 30 minutes duration and include the date, location, purpose of each engagement and relevant stakeholder organisation. IFRS 9 webinar: Curing of a credit-impaired financial asset - In March 2019 the IFRS Interpretations Committee considered how a company should present amounts in its statement of profit or loss if a credit-impaired financial asset is subsequently paid in full or no longer credit-impaired (cured).  This webcast summarises the Committee’s discussion and explain the conclusion it reached. 

Jul 25, 2019