Technical roundup 23 August

Aug 23, 2019

Developments this week are set out below.   

UK

  • The Financial Reporting Council (FRC) has this week published a staff draft of its response to the IASB’s Exposure Draft ED/2019/4 Amendments to IFRS 17 (ED).The response outlines its tentative conclusions on issues raised in this ED.
  • In a public consultation launched this week, ICAEW is seeking comments on proposed updates to its guidance on assurance reports on internal controls of service organisations made available to third parties (Technical Release 01/06 AAF).

Europe

  • Accountancy Europe’s quest to create one global reporting standard:- In a recent Q&A, Ethical Corporation’s managing director Liam Dowd spoke with Hilde Blomme, Deputy CEO at Accountancy Europe, on engaging the investor community, the role of finance in non-financial data and the biggest opportunity in the next 12-18 months.

International

  • The International Accounting Standards Board (IASB) has added a second phase of Interbank offered rates (IBORs) reform project to its work plan - recent market de­vel­op­ments have brought into question the long-term viability of IBORs and the IASB is currently looking into the potential effects of financial reporting.
  • The International Financial Reporting Standards (IFRS) Foundation is calling on stakeholders to comment on its draft Q&A on the application of the IFRS for SMEs Standard. The consultation is open until 7 October 2019.