Technical roundup 21 December

Dec 19, 2018

Developments of interest this week are set out below. 

Ireland                 

UK

  • The FRC has announced the composition of the Advisory Group for its major project on the Future of Corporate Reporting. The Group will provide input and advice to the FRC as it develops the project which will lead to recommendations for changes to regulation and practice.

European

  • EFRAG is consulting on both its assessment of Definition of Material (Amendments to IAS 1 and IAS 8) ('the Amendments') against the technical criteria in the EU and on its assessment of whether the Amendments are conducive to the European public good. Comments are requested by 1 February 2019. EFRAG has issued a draft endorsement advice letter and a separate invitation to comment relating to the endorsement for use in the EU of the Amendments.

International

  • The International Accounting Standards Board (IASB) has, during its December meeting, voted to propose to amend IFRS 17, the insurance contracts Standard issued in May 2017.
  • The IASB has published a summary report on its Post-implementation Review of the fair value measurement Standard, IFRS 13, which showed that the Standard works as intended.