Technical roundup 5 October

Oct 04, 2018

Developments of interest this week are set out below. 

Ireland

  • IAASA has issued an Information Sheet providing a summary of findings from a desk-top review of the tax accounting practices of a range of listed companies.
  • The CRO has issued its latest newsletter. 

UK

  • The Financial Reporting Council has issued updated versions of the full suite of its XBRL taxonomies for 2019.
  • The Charity Commission for Northern Ireland has opened consultations on two topics; firstly it has developed a new draft Strategic Plan 2019-22, which aims to address how the Commission can fulfil its objectives effectively and efficiently over that period. Secondly, it has opened a consultation on action it proposes to take in relation to charities whose annual reports fail to comply with key requirements

Europe

  • The European Securities and Markets Authority (ESMA) has issued guidance to market participants who are required, under the revised Markets in Financial Instruments Directive (MiFID II), to measure their own activity against total market sizes in commodity derivatives.
  • As noted in last week’s eNews, this month also sees two events organised by the European Commission (EC): on 18 October 2018, an open stake­holder meeting on non-fi­nan­cial dis­clo­sures will take place in Brussels; and 30 November 2018 will see a high-level con­fer­ence on "The Future of Corporate Reporting in a digital and sus­tain­able economy", also in Brussels.

International

  • The International Auditing and Assurance Standards Board (IAASB) has now released International Standard on Auditing (ISA) 540 (Revised), its revised standard for audit of accounting estimates and related disclosures, initially approved by the Board in June 2018, subject to approval by the Public Interest Oversight Board(PIOB) in September 2018. This revised standard is the first to be completed as part of the IAASB’s broader program ‘Addressing the Fundamental Elements of an Audit’ and is an important part of the IAASB’s efforts to improve audit quality globally.  It also formed the basis of the Irish Accounting and Auditing Supervisory Authority’s Consultation regarding adoption of a revised ISA (Ireland) 540 incorporating revisions by IAASB, issued in August 2018.  A copy of Chartered Accountants Ireland's response to that consultation can be viewed here. 
  • The IFRS Foundation has published its September monthly update, which includes the Chairman's speech to the Accounting Standards Board of Japan; a new webcast on IFRS 17; and news about the first ten modules to support the IFRS for SMEs Standard becoming available. A further 25 modules will be published in the forthcoming months.