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

Thought leadership

By Níall Fitzgerald, Head of Ethics and Governance, Chartered Accountants Ireland Members may be aware that this week, 13th to 17th of November 2017, is Trustees' week.  Chartered Accountants Ireland is pleased to join with the Charities Regulatory Authority, the Charity Commission for Northern Ireland and other associations in using this week to highlight the merits of charity trusteeship. This is particularly relevant for our profession, given the number of members involved with charities across the island.  Through Trustees' Week, new and existing resources have been released by the regulator and various organisations to enable and support trustees in performance of their important role. Also congratulations to the winners of and all those involved in the Community, Voluntary and Charitable organisations Good Governance Awards in Republic of Ireland last night and best of luck to all those involved in the upcoming Third Sector Leadership and Good Governance awards in Northern Ireland. Recognising Trustees On behalf of the Institute, I would like to join in the appreciation of the work of trustees and volunteers who get involved in good causes. We especially extend our gratitude and admiration to all our members who get involved and acknowledge the valuable contribution they make in applying their professional skills and integrity as individuals and as Chartered Accountants.  Indeed, we at the Institute see Trustees' Week as a fit time to thank and pay tribute to the hundreds of volunteers on committees, societies, special interest groups as well as elected members of council for their commitment to our very own not for profit organisation, Chartered Accountants Ireland.  Without your support we could not function. Proportionate regulation There can be no doubting the important role our profession plays from a governance, ethics, financial reporting and auditing perspective to ensure confidence in the charity/not-for-profit sector and support accountability to donors, beneficiaries and other stakeholders. Chartered Accountants Ireland will continue to support initiatives and resources that empower charitable and not for profit organisations to achieve their charitable purpose effectively with integrity, transparency and efficiency. We are supportive of sensible and measured regulation in this sector including guidance and events that facilitate the efficient and effective implementation of suitable (and proportionate) compliance measures for organisations of all sizes in the sector. Supporting our trustees Over recent years, the Institute has placed more emphasis on supporting our members involved as trustees / directors of charities / not-for-profits, and have more resources available to help them be as effective as possible.  Relevant initiatives include: The Ethics and Governance Committee in Chartered Accountants Ireland is active in directing a number of projects that will support ethical decision making and good governance across all sectors including charities and not-for-profits. For example, this week the Institute is in Cork, Dublin and Galway to complete the last of our Focus groups on Ethics and Governance in the sector.  I would like to thank all members of boards and executives of charitable and not-for-profit organisations (members and non-members) across the island of Ireland who volunteered to participate and share their insights. The next edition of Accountancy Ireland will have an Ethics and Governance focus with a piece on Charities and not-for-profits. The Trustees of Chartered Accountants Ireland Educational Trust funded research that led to recent production of a book entitled “Charity Accounting and Reporting” by Hyndman et al and published by Chartered Accountants Ireland. The Practice Consulting team in the Institute are very active providing support to Chartered Accountant firms, including production of Procedures for Quality Audit (PQAs) for Charities across the island.Range of CPD events relevant for the sector The Chartered Accountants Ireland’s Charity and not–for-profit Group consistently provides support, guidance and advice. How you can help We would like to further support our members who are involved as trustees/directors on boards of charity and not-for-profit organisations (of all sizes) across the country. We would be delighted to hear from you and if you would join our mailing list please complete your details in the webform here. Finally, on behalf of the President of Chartered Accountants Ireland, Council, Chief Executive and staff, we say well done to all involved in Trustees' week and for the great work that takes place in this sector all year round.  Níall Fitzgerald, Head of Ethics and Governance

Nov 17, 2017

We notified members on a number of occasions in August/September of the problems associated with the prescribed format of reports required by the Dublin Metropolitan District Court from auditors/accountants of licensees applying for a renewal.  It has come to our attention in recent days that reports from some firms prepared in a consistent fashion with the alternative report format we suggested are now being rejected by the Court.  We would strongly re-iterate our advice to members against signing reports confirming “up to date compliance with all filling and tax requirements pursuant to the Companies Act 2014”.  We recommend that members inform their clients of their Accountancy Body’s advice, explain the reasons for not signing such ‘certificates’ and encourage them to advise their legal advisors to challenge the Court’s decision to reject the application.  Again, we note that alternative evidence with regard to tax matters can be provided to the Court by the client in the form of a tax clearance status from the Revenue’s ROS system with the licensee’s application for renewal. Chartered Accountants Ireland considers this to be a serious matter as the Court is requiring auditors/ accountants to sign ‘certificates’ offering a degree of certainty that they are not in a position to provide and will again engage with the Court and the Licensing Office on this.  To review the original advice and to access the suggested alternative report format, please see the Institute’s news item from 24 August.

Nov 16, 2017

Developments of interest this week are outlined. ROI   IAASA has issued a consultation paper seeking the view of stakeholders regarding the Authority’s intended policy on additional standards and its intended policy with regard to guidance documents. 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 Financial Reporting Council (FRC) has withdrawn Practice Note 21 – The Audit of Investment Businesses in the United Kingdom. The FRC has issued a revision of Practice Note 11: The audit of charities in the United Kingdom. Read more and access the Practice Note here. European The European Financial Reporting Advisory Group (EFRAG) has issued its endorsement advice on ‘Prepayment Features with Negative Compensation (Amendments to IFRS 9)’. EFRAG assesses that the Amendments meet all technical endorsement criteria of the IAS Regulation and are conducive to the European public good and it therefore recommends their endorsement. EFRAG has published its comment letter in response to the IASB's Exposure Draft ED/2017/4 ‘Property, Plant and Equipment - Proceeds before Intended Use (Proposed amendments to IAS 16)’ and has published a feedback statement following the publication of its final comment letter on the IASB's Discussion Paper DP/2017/1 ‘Disclosure Initiative - Principles of Disclosure’. International A consultation paper setting out various options to enhance the governance, accountability and oversight of the international audit standard-setting process has been issued by the Monitoring Group, which is a collaboration of international financial institutions and regulatory bodies. The issue of this consultation has been noted on the IAASA and FRC websites. Read more here.

Nov 16, 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   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.          

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 The Financial Reporting Council (FRC) has published the results of a consultation on the role of the auditor in preliminary announcements. Whilst corporate reporting by large listed companies is generally good, detailed explanations and clarity could still be better, according to the recently issued FRC Annual Review of Corporate Reporting. The FRC has responded to claims made in the recent position paper from a group of investors.  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.  

Oct 25, 2017

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 requirements.   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 changes in filing requirements affect the following types of companies, in particular;  Unlimited companies; Subsidiaries with Section 357 guarantees; Investment companies; External companies with branches.  Technical Alert 03/2017 is available here.

Oct 25, 2017

Developments of interest this week are outlined. ROI   The Central Bank of Ireland have issued their Quarterly Bulletin No. 4 2017 which includes a forecast for Irish GDP growth and an assessment of the Irish and euro area economies. The CRO have issued their regular gazette.  UK   The Financial Reporting Lab has published its quarterly newsletter. This edition gives some insight into the ongoing project on Risk and Viability, an update on Digital and highlights some of the other activity that the Lab has been involved in. Europe The European Securities and Markets Authority (ESMA) has launched the second phase of its Financial Instrument Reference Database (FIRDS). ESMA hosted its first conference, entitled The State of European Financial Markets, earlier in the week at the Westin Grand Paris.   International Earlier this year the International In­te­grated Reporting Council (IIRC) launched a two-month con­sul­ta­tion to gauge busi­nesses' views on the im­ple­men­ta­tion of the framework, to inform on further de­vel­op­ment. The results of that con­sul­ta­tion are now available. The IASB has published proposed amendments to IAS 8 regarding accounting policies and accounting estimates.          

Oct 18, 2017

Developments of interest this week are outlined. ROI   IAASA, the Irish Auditing and Accounting Supervisory Authority, has this week published the results of its desk top survey into the operating segment disclosures by a number of entities listed on the Irish Stock Exchange. The Paper also sets out some of the enforcement actions taken by IAASA relating to operating segment disclosures. The CRO have issued their regular gazette. UK   The Financial Reporting Council (FRC) has written to companies to highlight changes to reporting requirements and key areas where improvements can be made when preparing annual reports for the 2017/18 reporting season. Europe How do professional accountants respond to the growing demand for assurance on non-financial information (NFI)? Accountancy Europe have issued a discussion paper setting out the context of NFI reporting and assurance with a request for feedback by 1 December. The European Securities and Markets Authority (ESMA) has published a Briefing on the Legal Entity Identifier (LEI) as part of its efforts to raise industry awareness and facilitate compliance with the LEI requirements under MiFID II ahead of its 3 January 2018 launch.  International The International Accounting Standards Board (IASB) has issued the four­teenth edition of its newslet­ter 'Investor Update', which provides investors with quick access to in­for­ma­tion about current accounting and financial reporting topics. The Accounting and Auditing Organisation for Islamic Financial In­sti­tu­tions (AAOIFI), the Islamic international au­tonomous non-for-profit corporate body that prepares accounting, auditing, gov­er­nance, ethics and Sharia'a standards for Islamic financial in­sti­tu­tions and the industry, has issued its 99th standard. It has also released four drafts of new standards for public comment. The International Financial Reporting Standards (IFRS) Foun­da­tion has issued a case study report, “Better Com­mu­ni­ca­tion in Financial Reporting — Making dis­clo­sures more mean­ing­ful.” The case study report looks at six companies from varied in­dus­tries and describes their process to improve dis­clo­sures.          

Oct 12, 2017

Developments of interest this week are outlined. ROI   The CRO have issued their regular gazette. UK   The quality and quantity of dividend policy and practice disclosures has improved, according to a recent study conducted by the Financial Reporting Council’s (FRC) Financial Reporting Lab.  Europe The European Financial Reporting Advisory Group (EFRAG) has published its draft comment letter in response to the IASB's Exposure Draft ED/2017/5 Accounting Policies and Accounting Estimates (Proposed amendments to IAS 8) and seeks constituents' views on the proposals. Comments on the draft comment letter are requested by 7 December 2017. EFRAG has published its draft comment letter in response to the ED/2017/6 Definition of Material and seeks constituents' views on the proposal. Comments on the draft comment letter and inputs in it are requested by 5 January 2018.  EFRAG is organising a conference on the use of fair value in financial reporting on 5 December 2017.Fair value is a topic that encourages debate. While some feel that it enhances the transparency and relevance of financial statements, others point out the challenges in applying fair value and question the volatility that can result from it.  Accountancy Europe, CSR Europe, and GRI will present and discuss their new research looking at the local implementation of the EU Directive 2014/95/EU on non-financial and diversity information reporting on 22 November in Brussels. The publication aims at outlining the principal elements of the 28 Member States’ laws, and will provide insight on the direction non-financial reporting is headed in Europe.  International As part of the IASB webcast series on IFRS 16 implementation, the IASB staff has made available a webcast related to IFRS 16 lease term requirements.   The IASB has also released a podcast featuring Chair Hans Hoogervorst, Vice-Chair Sue Lloyd, and education director Matt Tilling to discuss the deliberations at the September 2017 IASB meeting.

Oct 04, 2017

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