Technical roundup 19 October

Oct 19, 2018

Developments of interest this week are set out below. 

Ireland

UK          

  • The Financial Reporting Council (FRC) has published its Annual Report for 2017/18, highlighting the activities undertaken to promote transparency and integrity in business in the light of its 2018/21 Strategy, published in March 2018, identifies objectives and activities designed to continue delivering against the mission. 
  • The FRC has also issued a review of developments in business model reporting.  The report, Business model reporting; Risk and viability reporting – Where are we now? (PDF), considers how reporting practice has changed since its Financial Reporting  Lab published its original reports in 2016 and 2017 and also includes practical examples from companies that have implemented the recommendations in those reports.

Europe

  • The European Securities and Markets Authority (ESMA) has issued its Annual Report on prospectus activity in Europe.  The report notes that in 2017 the number of prospectus approvals across the European Economic Area (EEA) increased by around 1.9% compared to 2016 (from 3499 to 3567), marking an end to the decade-long decline observed since the start of the financial crisis.

International

  • The International Auditing and Assurance Standards Board (IAASB) has issued an update on activities to support and enhance professional scepticism in audit, including recent and upcoming changes to International Standards on Auditing and work by other IFAC boards.  The publication also refers to current work by the Institute of Chartered Accountants in England and Wales (ICAEW) and its publication ‘Scepticism: the Practitioners’ Take’.
  • The IFRS Foundation has issued its September 2018 Update, highlighting matters discussed at its September meeting.  These include Dynamic Risk Management; Classification of Liabilities; Disclosure Initiative: Targeted Standards-level Review of Disclosures.
  • The IASB is to publish an amendment to IFRS 3, Definition of a Business - expected on 22 October 2018. 
  • The International Public Sector Accounting Standards Board® (IPSASB) has issued an updated Alignment Dashboard, showing how International Public Sector Accounting Standards (IPSASs) compare with corresponding IFRSs.