Technical roundup 8 December

Dec 07, 2017

Developments of interest this week are outlined.

NI

  • Under new regulations, introduced in January 2016, all registered charities are now required to submit a Trustees’ annual report to the Charity Commission for Northern Ireland each year, along with their charity accounts. The Commission's latest blog post looks at why the report is important and how you can use it to its best advantage.

UK

  • Statement of Insolvency Practice 6 (England & Wales) - Deemed consent and decision procedures in insolvency proceedings (England and Wales) - has recently been updated and will replace the interim SIP 6 from 1 January 2018.
  • Statement of Insolvency Practice 11 - The handling of funds in formal insolvency appointments - has recently been updated and is effective from 1 January 2018.
  • The Financial Reporting Council (FRC) has issued a revision of ISA (UK) 250 Section A —Consideration of laws and regulations in an audit of financial statements.
  • The Financial Reporting Council (FRC) has published proposals for a revised UK Corporate Governance Code to reflect the changing business environment and help UK companies achieve the highest levels of governance.
  • The FRC published back in August a consultation proposing amendments to the Guidance on the Strategic Report. Since the publication of the consultation, the UK Government has announced that it will be introducing legislative changes in respect of reporting on section 172.

European

  • The European Financial Reporting Advisory Group (EFRAG) this week hosted a half-day event on the use of fair value in financial reporting in Brussels.
  • Definition of Public Interest Entities (PIEs) in Europe – Accountancy Europe have issued a paper which presents the result of a survey carried out on this topic across Europe.

International

  • Speaking at the AICPA (American Institute of Certified Public Accountants) annual conference this week on current developments at the US Securities and Exchange Commission and the Public Company Accounting Oversight Board in Washington DC, Vice-Chair of the IASB Board Sue Lloyd discussed the impact on companies of new IFRS Standards.