Technical roundup 19 July

Jul 19, 2019

Developments of interest this week are set out below.   

Ireland 

Northern Ireland

UK

  • The UK Government has issued a consultation on the Market Study on Statutory Audit Services which is seeking initial views on recommendations made by the Competition and Markets Authority to improve competition and resilience in the statutory audit market.  The closing date is 13 September 2019.
  • The Insolvency Service has published a call for evidence on the current regulatory framework for insolvency practitioners. This consultation closes on 4 October 2019.
  • The Financial Reporting Council (FRC) has concluded its annual review of FRS 101 for 2018/19 and issued Amendments to FRS 101 – 2018/19 cycle, which amends the definition of a qualifying entity so that insurers cannot apply FRS 101 from the effective date of IFRS 17 Insurance Contracts
  • The FRC has issued a consultation proposing important changes to the UK’s Ethical and Auditing Standards. The FRC proposes to set more stringent ethical rules for auditors, in response to findings from recent audit enforcement cases and from audit inspections.

European

  • The European Securities and Markets Authority (ESMA) has published a Public Statement on IAS 12 Income Taxes, setting out its expectations regarding the application of the requirements relating to the recognition, measurement and disclosure of deferred tax assets arising from unused tax losses in IFRS financial statements.
  • The ESMA has published an extract from its confidential database of enforcement decisions on financial statements.
  • The European Financial Reporting Advisory Group (EFRAG) has issued a draft comment letter on the IASB exposure draft ED/2019/4 ‘Amend­ments to IFRS 17'.
  • Accountancy Europe has responded to the IFRS Foundation’s Exposure Draft on proposed amendments to the Due Process Handbook and EFRAG’s Draft Comment Letter to the IFRS Foundation’s Exposure Draft concerning proposed amendments to the Due Process Handbook and EFRAG’s Draft Comment Letter thereon.
  • Accountancy Europe has issued its Audit Policy Update for June 2019.