Technical roundup 24 November

Nov 23, 2017

Developments of interest this week are outlined.

ROI  

  • IAASA has published a report on its desktop survey – Impairment testing in Irish listed companies’ 2016/17 annual financial statements.
  • A reminder that Chartered Accountants Ireland has published Technical Alert 04/2017 – Illustrative auditor’s report on the financial statements of a credit union for accounting periods beginning on or after 17 June 2016.
  • The CRO have issued their regular gazette.

 UK  

  • The report of an independent review into the Financial Reporting Council’s (FRC) enforcement sanctions chaired by former Court of Appeal Judge Sir Christopher Clarke has recently been published. 
  • The FRC will, in 2018/19, supplement its routine monitoring programme with a series of thematic reviews of certain aspects of corporate reports and audits where there is particular shareholder interest, and scope for improvement and learning from good practice.

European

  • The European Financial Reporting Advisory Group (EFRAG) is calling for vol­un­teers to par­tic­i­pate in a case study on the anticipated impact of IFRS 17 on a sample of European insurance groups.
  • The European Banking Authority (EBA) has published its 2018 EU-wide stress test method­ol­ogy. The exercise will cover 70% of the EU banking sector and will, for the first time, in­cor­po­rate IFRS 9 'Financial In­stru­ments'.

International

  • Over the past six months members of the IFRS Board and technical staff have met more than 300 investors and analysts to explain how IFRS 17 information will differ from information available today. 
  • The November IASB Update highlights preliminary decisions of the Board and also discusses dynamic risk management and improvements to IFRS 8.
  • A report has been issued summarising the discussions at the meeting of the International Forum of Accounting Standard Setters (IFASS) held in London on 26 and 27 September 2017.