Technical roundup 3 November

Oct 31, 2017

Developments of interest this week are outlined.

ROI  

  • Chartered Accountants Ireland and the Consultative Committee of Accountancy Bodies, Ireland (‘CCAB-I’) has published Technical Alert 03/2017 Companies (Accounting) Act 2017: Changes to the filing requirement.   The purpose of this Technical Alert is to update members regarding the changes in the filing requirements for certain companies, arising from the Companies (Accounting) Act 2017. 
  • The CRO have issued their regular gazette.

UK

  • Stephen Haddrill, CEO of the Financial Reporting Council (FRC), spoke recently at a ‘Developments in Audit’ event about how audit has changed since the financial crisis, what the FRC has done to underpin confidence in UK capital markets and the lessons learnt. 
  • The FRC consults on annual review of FRS 101: The FRC has issued FRED 69 “FRS 101 Reduced Disclosure Framework – 2017/18 cycle” which proposes no amendments to FRS 101 as a result of its latest annual review and that detailed consideration of IFRS 17 Insurance Contracts will be deferred until a clearer picture of the progress of its endorsement is known.  Comments on FRED 69 are requested by 2 February 2018. FRED 69 is available here.
  • The FRC has published its updated Governance Bible and Code of Conduct, and a Register of Interests for members of the Board and Committees. The FRC notes that the Register of Interests offers enhanced transparency about the interests of the FRC’s Board and Committee Members while the Code of Conduct includes guidance on handling conflicts of interests. Read more here.
  • The Prudential Regulation Authority (PRA) has published the first in a short series of consultation papers on reform to the implementation of Solvency II starting with the Matching Adjustment. In this consultation paper the PRA sets out its proposed expectations of firms in respect of the application of the matching adjustment. The press release and consultation paper can be accessed here.

European

  • EFRAG recently requested comments on its draft endorsement advice on Prepayment Features with Negative Compensation (Amendments to IFRS 9). EFRAG's overall preliminary assessment is that the Amendments satisfy the criteria for endorsement for use in the EU and therefore recommends its endorsement. Comments were requested by 2 November. Find out more at the link here.
  • The European Securities and Markets Authority (ESMA) has issued its annual Public Statement defining the European common enforcement priorities in order to promote consistent application of International Financial Reporting Standards (IFRS) as indicated in the ESMA Guidelines on enforcement of financial information. ESMA, together with European national enforcers identified financial reporting topics which listed companies and their auditors should particularly consider when preparing and auditing their 2017 financial statements. Read more here
  • ESMA has published six new questions in its Questions and Answers (Q&A) document, on the implementation of its Guidelines on the Alternative Performance Measures  (APMs) for listed issuers. Read more here

  • ESMA publishes the 21st Extract from the EECS’s Database of Enforcement. ESMA notes that it is publishing extracts from its confidential database of enforcement decisions on financial statements, with the aim of providing issuers and users of financial statements with relevant information on the appropriate application of the International Financial Reporting Standards (IFRS).  Read more here
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International

  • The International Auditing and Assurance Standards Board (IAASB)’s Group Audits Task Force has issued a Project Update. The Project Update outlines the issues under consideration in the revised International Standard on Auditing (ISA) 600, Special Considerations‒Audits of Group Financial Statements, and other projects that address additional international standards.