Technical roundup 23 November

Nov 21, 2018

Developments of interest this week are set out below. 

Ireland                 

  • Chartered Accountants Ireland, in its capacity as a Recognised Supervisory Body (RSB) in the UK, responded recently to the consultation issued by the UK Competition and Markets Authority (CMA) on the statutory audit market.
  • The President recently signed Criminal Justice (Money Laundering and Terrorist Financing) (Amendment) Bill 2018 into law.
  • The CRO have issued their regular gazette.

UK

  • The Financial Reporting Council (FRC) is consulting with stakeholders to determine how effective the changes to ethical and auditing standards in 2016 have been in delivering high quality audit, and whether further steps are now needed to strengthen auditor independence, reduce conflicts, improve quality and preserve trust in independent audit.

European

  • In March 2018, the European Com­mis­sion (EC) published a con­sul­ta­tion document 'Fitness Check on the EU Framework for Public Reporting by Companies'.The responses to the con­sul­ta­tion can be accessed on the EC website.

International

  • The IASB has ten­ta­tively decided to defer the effective date of IFRS 17 'Insurance Contracts' the fixed expiry date for the temporary exemption to IFRS 9 in IFRS 4 by one year. They have now released a podcast with IASB Board member Darrel Scott ex­plain­ing the Board's reasoning behind this decision.
  • Following the IASB's November 2018 meeting, the work plan has been analysed to see what changes have resulted from the meeting and other de­vel­op­ments since it was last revised in October.
  • The IAASB seeks public comment on Exposure Draft on Agreed-Upon-Procedures.