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

Audit

IAASA has published its annual Profile of the Profession which contains statistical data regarding the nine Prescribed Accountancy Bodies within IAASA's supervisory remit in Ireland for the year 2016.

May 26, 2017

Developments of interest this week are outlined.                ROI Update on UK & Irish GAAP and company law accounting requirements – As the FRC undertakes the first triennial review of FRS 102 and we look forward to the issuing of the commencement order following the signing by the President of the Companies (Accounting) Act 2017, we're delighted to host an event to update members. Date: 30 May 2017 Time: 9:30 Venue: Chartered Accountants House, Pearse St, Dublin 2.   Find out more and register at the following link: https://www.charteredaccountants.ie/Meetings/Meeting.aspx?ID=20294 New online system for filing suspicious transactions reports for anti-money laundering purposes - As previously reported, on 29th May the Irish Financial Intelligence Unit (FIU), the Garda Siochána, will launch a new software system called goAML. The goAML system will allow reporting entities to submit suspicious transactions reports electronically to the FIU. Compliance principals with responsibility for anti-money laundering matters at accountancy firms can register and file reports on the new goAML system from 29th May.  For more information see here. Chartered Accountants Ireland, with the Consultative Committee of Accountancy Bodies-Ireland, has written to the Department of Jobs, Enterprise and Innovation in relation to the proposals in head 167 of the General Scheme of Companies (Statutory Audits) Bill 2017 regarding automatic loss of audit exemption for companies that apply to the court for an extension to the annual return filing deadline.   The letter can be read here. The CRO Public Office and the Registry of Friendly Societies have changed address. UK The Financial Conduct Authority (FCA) are consulting on their approach to reviewing insurance business transfers schemes under Part VII of the Financial Services and Markets Act 2000. International The International Financial Reporting Standards (IFRS) Foundation will be launching a new public website next month. The International Accounting Standards Board (IASB) will launch the public phase of the post-im­ple­men­ta­tion review (PIR) of IFRS 13 'Fair Value Mea­sure­ment' either later this week or early next. After the issuance of IFRS 17 'Insurance Contracts' on 18 May, the IASB has set up an im­ple­men­ta­tion support page.  

May 25, 2017

While the Prudential Regulation Authority leads the Part VII process, the Financial Conduct Authority (FCA) also have an active role. In particular, the right to be heard on applications to sanction a Part VII transfer and the views given to the High Court are based on their assessment of the Part VII transfer against their own statutory objectives. 15 August 2017 is the closing date for comments. Further details can be found at this link.

May 25, 2017
Financial Reporting

After the issuance of IFRS 17 'Insurance Contracts' on 18 May, the IASB has set up an im­ple­men­ta­tion support page for IFRS 17. In addition to material issued alongside IFRS 17 on 18 May, the page also offers contact details and sub­mis­sion in­for­ma­tion for technical enquiries and im­ple­men­ta­tion issues. Please click here for further details.    

May 25, 2017
Financial Reporting

The International Accounting Standards Board (IASB) will launch the public phase of the post-im­ple­men­ta­tion review (PIR) of IFRS 13 'Fair Value Mea­sure­ment' either later this week or early next.  The Board is now also calling for ap­pli­ca­tions to undertake a lit­er­a­ture review on the effect on IFRS 13. Please click here for further details.

May 25, 2017
Financial Reporting

The IFRS Foundation will be launching a new public website next month.  The new site has been redesigned from the ground up to include a much simplified and improved navigation system and user interface, using the latest responsive design technology to be fully mobile-friendly. The press release can be read in full here.

May 25, 2017
Financial Reporting

On 30 March 2017 the Financial Reporting Council (FRC) announced an independent review of the sanctions imposed under its enforcement procedures.  The independent panel appointed to conduct the review has now issued a call for submissions and evidence.  The press release and relevant links can be accessed here.  

May 18, 2017
Financial Reporting

The Financial Reporting Council (FRC) has issued a paper inviting stakeholder comments on proposed revisions to Practice Note 11: The audit of charities in the United Kingdom.  This PN has been significantly revised to reflect the updated regulatory landscape, the implementation of FRS 102 and a new Charities SORP, and the implementation of revised ISAs (UK) in 2016.   Please click here for further details.  

May 18, 2017
Financial Reporting

The European Banking Authority (EBA) has finalised its guide­lines on credit in­sti­tu­tions' credit risk man­age­ment practices and accounting for expected credit losses. The EBA guide­lines build on the guidance by the Basel Committee on Banking Su­per­vi­sion (BCBS) in December 2015 on the same matter and feature a detailed section on the ap­pli­ca­tion of IFRS 9 Financial In­stru­ments. A draft of the guidelines was subject to a three-month con­sul­ta­tion period between July 2016 and October 2016. Please click here for further details.

May 18, 2017