Technical roundup 29 September

Sep 28, 2017

Developments of interest this week are outlined.

ROI  

  • Patrick Casey has been appointed Registrar of Credit Unions in the Central Bank of Ireland. Mr. Casey is currently Head of Resolution in the Central Bank. He will be responsible for the regulation and supervision of the credit union sector in Ireland and succeeds the previous Registrar Anne Marie McKiernan.
  • IAASA, Ireland’s accounting enforcer, has published its annual  'Observations' document highlighting those key topics that management, directors and Audit Committees should consider when preparing, approving and auditing 2017 financial statements.
  • The CRO have issued their regular gazette.
  • Chartered Accountants Ireland and the Institute of Certified Public Accountants in Ireland this week hosted the annual Credit Union Auditor Update at CA House which included discussions on applying FRS 102 to CU financial statements, the new audit framework in Ireland and reporting 'matters of material significance'.

UK  

  • At a recent meeting, the Financial Policy Committee (FPC) reviewed developments since June and assessed the outlook for UK financial stability by identifying the risks faced by the UK financial system and assessing the resilience of the system to them. 
  • The Basel Committee and European legislative bodies have examined the case for transitional arrangements to be applied to the impact of IFRS 9 expected credit loss accounting on credit institutions’ regulatory capital. It is likely that the Capital Requirements Regulation (CRR) will be amended to establish such arrangements in the European Union.  

International

  • The International Forum of Accounting Standard Setters (IFASS) met in London on 26 and 27 September 2017. Among the topics discussed was also wider corporate reporting. Aspects con­sid­ered were the di­men­sions of wider corporate reporting, the in­di­vid­ual stan­dard-set­ters’ ex­pe­ri­ence, and ways forward for the IASB.