Technical roundup 14 December

Dec 12, 2018

Developments of interest this week are set out below.  

  • The FRC has issued a suite of staff factsheets on aspects of FRS 102, including the 2017 triennial review.  The factsheets are intended to assist stakeholders by highlighting certain requirements of FRS 102 and can be accessed here.
  • The CRO have issued their regular gazette. 
  • Wates Principles to improve corporate governance standards among private companies - a new code for the corporate governance of large private companies has been launched. Reporting against these principles will take effect on 1 January 2019. Find out more on the FRC website at the link here.
  • On 11 December the FRC withdrew, with immediate effect, Practice Note 25 ‘Attendance at Stocktaking’ and Practice Note 27 ‘The Audit of Credit Unions in the United Kingdom’. Read more here.
  • The FRC has launched a consultation to assess the effectiveness of the Client Asset Audit Standard which was introduced in 2015 and is also consulting on updates to its Practice Note on ‘The Audit of Banks and Building Societies in the United Kingdom’. The FRC has also issued an International Standard on ‘Auditing Accounting Estimates and Related Disclosures’ (International Standard on Auditing (UK) 540 (Revised)).
  • The November 2018 IFRS Interpretations Committee Update (IFRIC Update) has been published. IFRIC Update is a summary of the decisions reached by the IFRS Interpretations Committee in its public meetings.