Technical resource centre

Welcome to the Chartered Accountants Ireland's Technical Resource Centre. This resource area is aimed at keeping Members up to date with the latest technical news and helpful resources to keep them abreast of current developments worldwide. There is also a link to our Technical Enquiry Service in contacts and support.

Latest news

Developments of interest this week are outlined. ROI The Construction Workers Pension Scheme has confirmed arrangements agreed in previous years continue to apply to 2018 Letters of Compliance.  The Minister for Business, Enterprise and Innovation recently signed into law the Companies (Accounting) Act 2017 (Commencement) Order 2018 which appoints 9th June 2018 as the day on which section 80 of the Act comes into operation. The CRO have issued their regular gazette. UK A consultation has been launched to update the Charities SORP to reflect recent changes to FRS 102. Europe Accountancy Europe have issued an FAQ document following on from the information paper Auditor’s role in fighting financial crime. The European Securities & Markets Authority (ESMA) has launched a short survey looking for input from all market participants and other stakeholders regarding the way they interact with ESMA. 

Feb 21, 2018

The Minister for Business, Enterprise and Innovation recently signed into law the Companies (Accounting) Act 2017 (Commencement) Order 2018. This order appoints the 9th June 2018 as the day on which section 80 of the Companies (Accounting) Act 2017 comes into operation.   Section 80 of the Companies (Accounting) Act 2017 contains amendments to section 1300 of the Companies Act 2014, which defines EEA companies and non-EEA companies, for the purposes of Part 21 of the Companies Act 2014.   A copy of the Statutory Instrument No. 34 of 2018 can be viewed at https://dbei.gov.ie/Djei/en/Legislation/SI-No-34-of-2018.html    

Feb 21, 2018

With regard to procedures issued by the Construction Workers Pension Scheme (“CWPS”) for applying for a Letter of Compliance, we have received confirmation from the CWPS that the arrangements agreed in previous years continue to apply to 2018 Letters of Compliance.  As such, if CWPS members find it more suitable to submit the P35 documents to the CWPS rather than an auditor’s or accountant’s letter, then the CWPS will accept the P35 documents as evidence of compliance for the purpose of issuing Letters of Compliance from CWPS.

Feb 20, 2018

The Pensions Regulator have published a regional press release on some further AE spot checks that are taking place across Northern Ireland.   Inspection teams visited dozens of businesses dotted across Northern Ireland, including Belfast, Antrim, Down and Armagh this month to check that qualifying staff are being given the workplace pensions they are entitled to.  This was the first time these checks have been done in Northern Ireland.    These spots checks form part of a continuing enforcement campaign to ensure that employers are meet their automatic duties correctly. Darren Ryder, TPR’s Director of Automatic Enrolment, said “The vast majority of employers are compliant with the law, but these visits help us identify why some may be struggling so we can take action where we need to. "Automatic enrolment is not an option, it’s the law. Where we find employers are not complying, we will use our powers to ensure they comply so that staff receive the pensions they are entitled to." Make sure your clients know what they’ll need to do to meet their ongoing duties  and that their records are kept up to date. In the coming months TPR will be conducting more spot checks in towns and cities across the UK, and will help employers with their duties or take further action as appropriate.  

Feb 15, 2018

Developments of interest this week are outlined. ROI Chartered Accountants Ireland has responded to the Monitoring Group Consultation: ‘Strengthening the governance and oversight of the international audit-related standard-setting boards in the public interest’.  The CRO have issued their regular gazette. NI The Pensions Regulator have published a regional press release on some further Automatic Enrolment spot checks that are taking place across Northern Ireland. Europe The European Com­mis­sion (EC) has published an eval­u­a­tion roadmap 'Fitness check on public reporting by companies (Accounting Directive, Trans­parency Directive, Non-fi­nan­cial reporting Directive, Bank Accounts Directive and Insurance Accounts Directive and IAS Reg­u­la­tion)'. To understand the possible effects of reporting under IFRS 17, the European Financial Reporting Advisory Group (EFRAG) has launched a case study to reach out to insurers who can provide some insight on the expected impact of this standard. International The International Accounting Standards Board (IASB) has issued narrow-scope amendments to pension accounting. The International Public Sector Accounting Standards Board (IPSASB) will shortly publish its proposed Strategy and Work Plan 2019-2023 with a consultation period that expires on June 15th 2018.      

Feb 15, 2018

Chartered Accountants Ireland has responded to Monitoring Group Consultation: ‘Strengthening the governance and oversight of the international audit-related standard-setting boards in the public interest’.    Chartered Accountants Ireland welcomes the debates arising from the Monitoring Group proposals.  Some of the key concerns raised with regard to the proposals are: The importance of multi-stakeholder representation across all aspects of the proposed new structure including in the oversight functions; The preference for separate standards setting board for auditing standards and ethical standards; The same fundamental ethical principles should apply to all professional accountants; The need to reconsider the proposals for simple-majority voting at the standard setting boards and the proposed veto for the Public Interest Oversight Board with regard to decisions of the standard setting boards ; The importance of the development of a broader funding model for the proposed new structures; Greater focus in the reform process to be afforded to the development of standards appropriate to non-PIE audits, both for large complex private entities and for SMEs; and The need for a detailed implementation plan in relation the reform proposals. The full text of the Chartered Accountants Ireland response to the Monitoring Group consultation is available to read here.  

Feb 15, 2018

Developments of interest this week are outlined. ROI The Central Bank has announced changes to the investment regulations for credit unions. Three new investment classes are being introduced, accompanied by the introduction of specified credit quality, maturity and concentration limits. The Central Bank has published the Regulatory Service Standards Performance Report: H2 2017. This document sets out the Bank’s performance against service standards that it has committed to for the authorisation of financial service providers and Pre-Approval Control Functions under the fitness and probity regime. The CRO have issued their regular gazette. UK The Prudential Regulation Authority (PRA) have issued their Regulatory Digest for January 2018. The Financial Conduct Authority (FCA) has published a Discussion Paper to gather views on the market for non-workplace pensions. Europe The Accountants World Survey 2017 Europe edition has been released reflecting the membership of 123 professional accountancy organisations in 146 countries.  International The International Accounting Standards Board (IASB) has released a podcast featuring Chair Hans Hooger­vorst, Vice-Chair Sue Lloyd, and education director Matt Tilling to discuss the de­lib­er­a­tions at the January 2018 IASB meeting.  

Feb 08, 2018

Developments of interest this week are outlined. ROI Registrar of Credit Unions, `Patrick Casey, made his first speech in the role recently at the Credit Union Development Association Annual Conference in Galway. The CRO have issued their regular gazette. UK The Financial Reporting Council (FRC) has issued new guidance to remind Boards of companies in the construction and business support services sectors of their reporting obligations which will also be relevant to other companies.  International The January 2018 International Accounting Standards Board (IASB) Update has been published and their Work Plan updated. IASB member Amaro Gomes outlined in a recent article the materials and other support available to national standard-setters and regulators planning for implementation of IFRS 17 Insurance Contracts. The IFRS Foun­da­tion has added 17 new ju­ris­dic­tion profiles on the use of IFRS which are members of the Organisation for the Har­mo­niza­tion of Corporate Law in Africa and will begin using IFRS Standards on 1 January 2019. Two presentations were recently delivered to the Trustees of the IFRS Foundation on IFRS Standards and their impact on financial stability and long-term investments.    

Feb 01, 2018

Developments of interest this week are outlined. ROI The CRO have issued their regular gazette. Chartered Accountants Ireland has published Technical Release 01/2018, Irish Collective Asset-management Vehicles Act 2015 - Guidance for Auditors (TR 01/2018).    NI The Charity Commission for Northern Ireland has launched a survey, seeking feedback on users’ experience of completing and submitting the charity Annual Monitoring Return (AMR). The Charity Commission for Northern Ireland registration list has undergone a name change and is now known as the combined list. UK The Financial Conduct Authority (FCA) and Practitioner Panel have launched a joint survey for 2018 to give firms an opportunity to provide their views on how the industry is regulated. The FCA has launched a consultation on plans to give more small businesses access to the Financial Ombudsman Service (the Ombudsman). European The European Financial Reporting Advisory Group (EFRAG) is in­ves­ti­gat­ing the potential effects on long-term in­vest­ments in equity in­stru­ments of the re­quire­ments of IFRS 9 'Financial In­stru­ments' and has submitted a report to the European Com­mis­sion. The European Securities and Markets Authority (ESMA) has published an extended version of the MiFID II/MiFIR transitional transparency calculations (TTC) for equity and bond instruments, adding further instruments. International The International Accounting Standards Board (IASB) has posted a webcast on the level of ag­gre­ga­tion re­quire­ments in IFRS 17 'Insurance Contracts'.                

Jan 24, 2018

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