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

Developments of interest this week are set out below.    Chartered Accountants Ireland  Technical Release 01/2019 - Anti-Money Laundering and Terrorist Financing. This TR sets out guidance for accountants regarding the nature and extent of their responsibilities to prevent, recognise and report money laundering and terrorist financing, in the light of significant changes introduced by legislation implementing updated and extended EU requirements set out in the 4th Anti-Money Laundering Directive.  Technical Release 02/2019 - GDPR Guidance for Insolvency Practitioners. This TR highlights features of the GDPR which are of particular importance for insolvency practitioners and relates to the duties and responsibilities for insolvency practitioners in their capacity as appointed insolvency office holders whether acting as liquidator, receiver or examiner and also includes a section of FAQ’s.  Ireland  IAASA has published the first AQU bulletin which sets out some matters relevant to the PIE audit firms. Also available is a guidance note on the PIE inspections process and a set of FAQs, again relating to the Audit Quality Unit’s inspection process. IAASA has recently updated its Statement on Scope and Authority of Audit and Assurance Pronouncements, which provides details on the Auditing Framework for Ireland, as adopted by IAASA. The new website for the Registry of Beneficial Ownership recently launched. Filing of beneficial ownership data with the RBO must be done through an on-line portal which will open on this new website on 22 June 2019. There are no paper forms or filing fees involved and the RBO office is not open to the public. The CRO has issued its regular gazette.  International The International Accounting Standards Board (IASB) has published an exposure draft ED/2019/2 'Annual Im­prove­ments to IFRS Standards 2018–2020'. It contains proposed amend­ments to four International Financial Reporting Standards (IFRSs) as a result of the IASB's annual im­prove­ments project. The May 2019 IASB Update has been published and the work plan updated.  

May 22, 2019
Anti-money Laundering

Technical Release 01 2019 AML Guidance for Members of CCAB-I sets out guidance for accountants regarding the nature and extent of their responsibilities to prevent, recognise and report money laundering and terrorist financing, in the light of significant changes introduced by legislation implementing updated and extended EU requirements set out in the 4th Anti-Money Laundering Directive.  Key areas of change include greater emphasis on identifying beneficial owners of businesses; a wider definition of politically exposed persons; a requirement to apply procedures based on an enhanced risk based approach to assess and respond to potential money laundering or terrorist financing; and enhanced requirements relating to client identification.   

May 17, 2019
Insolvency and Corporate Recovery

The General Data Protection Regulation (“GDPR”) has brought about significant changes governing the privacy and security of an individual’s personal data.  This Technical Release highlights features of the GDPR which are of particular importance to insolvency practitioners.  The guidance relates to the duties and responsibilities of insolvency practitioners in their capacity as appointed insolvency office holders whether acting as liquidator, receiver or examiner and also includes a section of FAQ’s.  CCAB-I consulted with the office of the Data Protection Commission in the development of this Technical Release.  TR 02/2019: GDPR Guidance for Insolvency Practitioners is available here.

May 17, 2019

Developments of interest this week are set out below.    Ireland  IAASA has issued a Consultation Paper seeking the view of stakeholders regarding its proposal to issue a revised version of ISA (Ireland) 570 Going Concern. The new website for the Registry of Beneficial Ownership has recently launched. Filing of beneficial ownership data with the RBO must be done through an on-line portal which will open on this new website on 22 June 2019. There are no paper forms or filing fees involved and the RBO office is not open to the public. The CRO has issued its regular gazette. European The European Financial Reporting Advisory Group (EFRAG) has launched a public con­sul­ta­tion exploring potential al­ter­na­tive accounting treat­ments to fair value mea­sure­ment for long-term in­vest­ment port­fo­lios of equity and eq­uity-type in­stru­ments. International The International Auditing and Assurance Standards Board (IAASB) has published a Discussion Paper, Audits of Less Complex Entities: Exploring Possible Options to Address the Challenges in Applying the International Standards on Auditing (ISAs).The IAASB seeks to further understand the challenges of using ISAs in audits of less complex entities—and views about possible actions to address these challenges.  

May 09, 2019

Developments of interest this week are set out below.    Ireland  IAASA has published an Information Note ‘Requirement to disclose disaggregated revenue’ reminding companies of the requirement in IFRS 15 to disclose the disaggregation of revenue into categories that depict how revenue and cash flows are affected by economic factors. IAASA has published a Consultation Paper to seek the views of stakeholders and interested parties, other than practitioners, regarding the Authority’s intended policy on publication and grading in the quality assurance review process relating to statutory auditors and audit firms that carry out statutory audits of public-interest entities. The new website for the Registry of Beneficial Ownership has now launched. Filing of beneficial ownership data with the RBO must be done through an on-line portal which will open on this new website on 22 June 2019. There are no paper forms or filing fees involved and the RBO office is not open to the public. The CRO has issued its regular gazette. NI The Charity Commission for Northern Ireland have issued online FAQs aimed at covering common queries in relation to the new submission timescale of 30 days for applying for charity registration. European The European Financial Reporting Advisory Group (EFRAG) has published a feedback statement following the pub­li­ca­tion of its final comment letter on the IASB's Exposure Draft ED/2018/2 'Costs Con­sid­ered in Assessing Whether a Contract is Onerous (Amend­ments to IAS 37)'. The European Securities and Markets Authority (ESMA) has published five opinions on position limits regarding commodity derivatives under the Markets in Financial Instruments Directive and Regulation (MiFID II/MIFIR).  Accountancy Europe has issued a summary of their SME related work in 2018 which includes events and consultation responses.  International The International Public Sector Accounting Standards Board (IPSASB) has released a Consultation Paper Measurement which addresses how measurement bases are determined in the public sector.            

May 02, 2019

Developments of interest this week are set out below.    Ireland  The Property Services Regulatory Authority (PSRA) has issued revised forms for new licence applications. The CRO has issued its regular gazette. UK Following the announcement in December 2018 of the appointment of Sir Donald Brydon by the UK Department for Business, Energy & Industrial Strategy (BEIS) to carry out an independent review into the quality and effectiveness of audit, the Brydon Review issued a call for evidence on 10 April 2019.   The consultation document contains 60 consultation questions on a wide range of matters. Find out more here about this review, and an update on other recent developments including the Kingman review, the Competition and Markets Authority review, and the report on ‘The Future of Audit’ issued by the UK Business, Energy and Industrial Strategy Committee. The Financial Reporting Council (FRC) has commented on the CMA's proposals in its recently issued final report on competition in the UK audit industry. The FRC has appointed Richard Lawrence to the Audit & Assurance Council from 1 April 2019. Richard is currently the Head of Accounting & Valuation Policy at The Royal Bank of Scotland Group plc (RBS), a role he has held since 2017.    

Apr 24, 2019

The Property Services Regulatory Authority (PSRA) has issued revised forms for new licence applications (PSRA 30 – Form A- 2019 and PSRA S30 Form B-2019)  in accordance with the Property Services (Regulation) Act 2011 (Client Moneys) Regulations 2012. These new forms replace the 2017 versions and should be used in making 2019 applications for new licences.  In June 2018 we published “TR 03/2018 Licence applications under the Property Services (Regulation) Act 2011 and the Property Services (Regulation) Act (Client Moneys) Regulations 2012” to provide guidance for our members when assisting their clients with the licence application and renewal process.  TR 03 2018 PSRA Licence Applications is available here.

Apr 24, 2019

Developments of interest this week are set out below.    Ireland  The CRO has issued its regular gazette. UK A call for evidence was issued on 10 April 2019 for the ‘Independent Review into the Quality and Effectiveness of Audit’ in the UK being led by Sir Donald Brydon (‘the Brydon Review’).  The consultation document contains 60 consultation questions on a wide range of matters. Also, the Competition and Markets Authority (CMA) has just issued its final report in its study of the UK statutory audit services market. Find out more here about the Brydon review and the CMA final report, along with an update on other recent developments in relation to the UK audit sector including the Kingman review and the report on ‘The Future of Audit’ issued recently by the UK Business, Energy and Industrial Strategy Committee. The Prudential Regulation Authority (PRA) Business Plan, which has recently been published, sets out the work plan for each of their strategic goals to support the delivery of the PRA’s strategy, together with an overview of the budget for the period 1 March 2019 to 29 February 2020. International The April 2019 IASB Update has been published and the work plan updated. Also, the Transition Resource Group for IFRS 17 Insurance Contracts (TRG) held a meeting on Thursday 4 April 2019 and the TRG meeting summary is now available, as is a podcast covering this TRG meeting and the April 2019 IASB meeting about IFRS 17. The International Ethics Standards Board for Accountants (IESBA) Strategy and Work Plan 2019-2023 sets out the IESBA’s strategy for 2019-2023, and the actions and priorities (work plan) to implement the strategy. It is available to read here.  

Apr 18, 2019
Audit

Three separate reviews in relation to the UK Audit Sector are at various stages of progress: Brydon Review 'Independent review into the Quality and Effectiveness of Audit' - call for views issued on 10 April 2019; Kingman Review 'Independent review of the Financial Reporting Council' - report issued in December 2018, BEIS Consultation ongoing on various recommendations; CMA Study of the UK Statutory Audit Services Market - two consultations completed and final report just published. The ‘Brydon Review’ of quality and effectiveness of audit Following the announcement in December 2018 of the appointment of Sir Donald Brydon by the UK Department for Business, Energy & Industrial Strategy (BEIS) to carry out an independent review into the quality and effectiveness of audit, the Brydon Review issued a call for evidence on 10 April 2019.   The consultation document contains 60 consultation questions on a wide range of matters, including: The ‘expectation gap’; The scope and purpose of audit; Communication of audit findings  and binary audit opinion versus graduated disclosure of auditor conclusions; The auditor’s role in relation to directors’ compliance with relevant laws and regulations, in particular capital maintenance and distributions; The auditor’s role in relation to fraud; Auditor liability issues. Submissions to the Brydon Review call for evidence will be accepted until Friday 7 June 2019.  The consultation document is available at this link. Kingman review, CMA review; BEIS Committee report As previously reported, the Kingman report on the FRC, issued in December 2018, contained 93 recommendations.  The FRC is working voluntarily to take forward 48 of those recommendations.  BEIS is meanwhile consulting on a range of other recommendations contained in the report, some of which will require primary legislation but many which can be implemented in advance of legislation following consultation on significant policy choices.  The consultation document is available at this link. Submission date for responses to the BEIS consultation is 11 June 2019. The Competition and Markets Authority (CMA) issued two consultations in its study of the UK statutory audit services market, in October and December 2018.  The CMA has just published this morning (18 April 2019) its final report arising from this study, which includes among the recommendations, a recommendation for an operational split between the audit and non-audit practices of the Big Four firms. The final report is available at this link. In addition the UK Business, Energy and Industrial Strategy Committee issued a report ‘The Future of Audit’ on 2 April on its  inquiry launched in November, which included oral evidence sessions between January and March 2019.  The report and further details are available at this link. A formal UK Government response will be made to the select committee report. The Institute, in its role as a recognised Supervisory Body under UK law, made submissions to the above Kingman and CMA consultations and continues to monitor closely and engage with the various consultation processes as they progress.

Apr 18, 2019