Technical resource centre

Welcome to this week’s Technical Roundup.  In developments this week, the recently published Companies (Corporate Enforcement Authority) Bill 2021 (the Bill) establishes the Office of the Director of Corporate Enforcement (ODCE) as a standalone statutory body with a commission structure, to be called the Corporate Enforcement Authority (CEA); In its third quarterly podcast, the IFRS Interpretations Committee Chair and Vice-Chair of the International Accounting Standards Board Sue Lloyd joined Technical Staff Member Patrina Buchanan to talk about recent activities to support the consistent application of IFRS Standards during the third quarter of 2021 Read more on these and other developments that may be of interest to members below. Auditing The International Auditing and Assurance Standards Board (IAASB) has issued a proposed International Standard on Auditing of Financial Statements of Less Complex Entities. The consultation is open until 31 January 2022. The Institute's Audit and Assurance Technical Committee is considering this proposal in detail. To keep our members informed and updated on this important development we have published a webpage where members can access the consultation papers and submit their comments to us. IAASA have issued a revised version of ISA (Ireland) 240 The Auditor’s Responsibilities Relating to Fraud in an Audit of Financial Statements. The main changes to the standard are designed to provide increased clarity about the auditor's obligations to detect material fraud and enhance the requirements for the identification and assessment of the risk of material misstatement due to fraud and the procedures to respond to those risks. Read more here. Financial Reporting In its third quarterly podcast, the IFRS Interpretations Committee Chair and Vice-Chair of the International Accounting Standards Board Sue Lloyd joined Technical Staff Member Patrina Buchanan to talk about recent activities to support the consistent application of IFRS Standards during the third quarter of 2021. Topics discussed in the podcast included; Non-refundable VAT on lease payments Accounting for warrants that are financial liabilities on initial recognition Demand deposits with restrictions on use Cash received via electronic transfer as settlement for a financial asset. The FRC’s Lab published a report that supports companies in the move towards high-quality digital reporting. The Lab report sets out key considerations and tips for companies covering: how to set up the structured reporting process; how to enhance the usability of structured reports; and common tagging issues to avoid. The Financial Reporting Council (FRC) has published the findings of its review into IAS 37 ‘Provisions, Contingent Liabilities and Contingent Assets’, which has been identified as a recurrent problem area by the FRC. In it’s latest podcast, the European Financial Reporting Advisory Group (EFRAG) provided an insight into the European Lab Project Task Force on the reporting of non-financial risks and opportunities and the linkage to the business model (PTF-RNFRO) report : Towards Sustainable Businesses: Good Practices for Business Model, Risk and Opportunities, Reporting in the EU and Supplementary Document: Good Reporting Practices. Other Areas of interest The recently published Companies (Corporate Enforcement Authority) Bill 2021 (the Bill) establishes the Office of the Director of Corporate Enforcement (ODCE) as a standalone statutory body with a commission structure, to be called the Corporate Enforcement Authority (CEA). Listen to the Association of Compliance Officers’ podcast series. Compliance files- Season 2, Episode 1.This week they speak with Ian Drennan, Director of Corporate Enforcement, on the role and powers of his Office, the implications of the Hamilton Report and the Implementation Plan which can be found on the Department of Justice website. One of the strands is the Advisory Council one of the key responsibilities of which will be developing Ireland’s first multi annual strategy for combatting crime and economic corruption. The director also makes reference to the above Bill which he says the legislature hope to have in force by year end, so a recent priority of his office has been work in this area to have the CEA ready to go by January 2022. As part of European Cybersecurity Month ISME are hosting a webinar on cybercrime with Department of Justice and  An Garda Síochána on protecting your business from cybercriminals.    The free webinar is on 28 October, and you can register by clicking the link above. The Department of Enterprise Trade and Employment has issued a Budget day newsletter with a link to the department’s Budget 2022 allocation. The newsletter gives details of some of the business focused measures contained in Budget 2022 such as enhanced tax arrangements for remote working and funding for digital and green funds. The Central Bank’s Director General Derville Rowland spoke recently at  the A&L Goodbody Corporate Crime and Regulation Summit about the evolution of enforcement at the Central Bank. She referred to  areas such as establishing and maintaining the credible threat of enforcement by the Central Bank and also about the proposed Individual Accountability Regime under the General Scheme of the Central Bank (Individual Accountability Framework) Bill 2021 making reference also to the UK experience in relation to this. HMRC has issued its October edition of its  bi-monthly magazine for employers and agents giving them the latest information on topics and issues that may affect them. Also, in the anti-money laundering supervision area, HMRC has recently updated its Guidance on Understanding risks and taking action for Trust or Company Service Providers. Sustainability Sustainable Finance Ireland in conjunction with the UN-convened FC4S, has launched Ireland's Sustainable Finance Roadmap, in collaboration with public and private stakeholders across Ireland including the Department of Finance, Skillnet Ireland, and internationally. Developing sustainable finance talent will be prioritised as a key pillar of the roadmap. In launching the report, the Minister for Finance Paschal Donohoe said the roadmap was a priority Action Measure under the Ireland for Finance Action Plan 2021, demonstrating sustainable finance’s increasing prominence as a priority for Ireland and an essential tool in addressing the climate crisis. For further technical information and updates please visit the Technical Hub and the Covid-19 Hub on the Institute website. 

Trustees should be aware of their obligations to register details of the beneficial ownership of their trust with the Central Register of Beneficial Ownership of Trusts (CRBOT) on or before the 23rd October. That deadline is fast approaching and trustees should be reviewing their internal registers and preparing to register if they have not already done so. The obligation to register with CRBOT was introduced under the 4th and 5th Anti-Money Laundering Directives which require each EU Member State to establish a Central Register of Beneficial Ownership of Trusts. Legislation was introduced on 23 April 2021 (Statutory Instrument 194 of 2021) to transpose those requirements into Irish law. The purpose of this legislation is to provide transparency both in Ireland and the EU around who ultimately owns and controls Irish trusts. This will help to identify and tackle circumstances where trusts are being used to fund criminal and terrorist organisations. The legislation also assigned the responsibility for CRBOT to the Office of the Revenue Commissioners. Trustees (or their agents, advisors or employees) can register for the CRBOT through the ‘Trust Register’ portal on Revenues Online Service (ROS). For individual trustees who do not have ROS access, the ‘Trust Register’ is available on MyAccount. Revenue.ie also contains a series of Frequently Asked Questions which should assist trusts and their agents, advisors or employees to determine whether they are obliged to register and how they can meet their obligations. Further information can be accessed at the link below - https://www.revenue.ie/en/crbot/index.aspx Any queries regarding the Central Register of Beneficial Ownership of Trusts (CRBOT) can be sent via MyEnquiries on ROS or MyAccount. For direct contact to the CRBOT team please ensure the relevant titles below are selected for both drop down menus: Select ‘Trust Register (Central Register of Beneficial Ownership of Trusts)’ from menu ‘Enquiry relates to’ Select ‘General Query’ from menu ‘More specifically’

Welcome to this week’s Technical Roundup.   In developments this week, the Irish Government has recently approved a plan for a review of the Freedom of Information Act to seek out ways in which the FOI model can be brought up to date to ensure that it is suitable for today’s technology and needs; the European Financial Reporting Advisory Group has issued a draft comment letter on the IASB Exposure Draft ED/2021/7 ‘Subsidiaries without Public Accountability: Disclosures.’ Read more on these and other developments that may be of interest to members below. Financial Reporting The European Financial Reporting Advisory Group (EFRAG) has issued a draft comment letter on the IASB Exposure Draft ED/2021/7 ‘Subsidiaries without Public Accountability: Disclosures.’ The International Accounting Standards Board (IASB) is requesting feedback as part of the post-implementation review of the classification and measurement requirements in its financial instruments Standard, IFRS 9. The Charity Commission for Northern Ireland has published a checklist looking at some of the things that preparers and examiners of charity accounts must consider relevant before submission of financial statements to the charity regulator. Checklist: The significance of COVID-19 for the preparation of accounts under The Charities SORP | The Charity Commission for Northern Ireland (charitycommissionni.org.uk) Sustainability The European Lab@EFRAG Project Task Force on the reporting of non-financial risks and opportunities has issued a Report: ‘Towards Sustainable Businesses: Good Practices in Business Model, Risks and Opportunities Reporting in the EU’ and supporting 'Supplementary Document: Good Reporting Practices'.  Other Areas of Interest The World Standard-setters Conference took place on 27–28 September 2021 as a fully virtual meeting. Recordings of the individual sessions are now available to view online. The European Securities and Markets Authority (ESMA), the EU’s securities markets regulator, has published its latest edition of its Spotlight on Markets Newsletter Members are reminded about the DETE  public consultation to seek views on new rights to improved terms and conditions for workers. EU Directive 2019/1152 on Transparent and Predictable Working Conditions is to be transposed into Irish law by August 2022.It will limit the length of probationary periods at the beginning of a job and give workers the right to seek additional employment, with a ban on exclusivity clauses and limits on incompatibility clauses. Some   aspects of the Directive were pre-empted by The Employment (Miscellaneous Provisions) Act 2018 but the Directive goes further. The deadline for submissions is 3pm on Monday, 25 October 2021. The DETE has issued its October newsletter. In it details can be found of workshops ( in the construction, Supplies and Services, Health and Consortia and joint ventures sectors) which InterTradeIreland is running through its Go-2-Tender programme to help SMEs to improve tendering capability and details of the DETE’s  updated Work Safely Protocol. .The Irish Government has recently approved a plan for a review of the Freedom of Information Act to  seek out ways in which the FOI model can be brought up to date to ensure that it is suitable for today’s technology and needs. A public consultation on the scope of the review will commence later this year and in early 2022 a consultation paper will be published and a full public consultation will be undertaken. Future round up news will keep members informed of developments of interest. The Central Bank has published its Q4 Quarterly Bulletin. The Bulletin deals with items such as the effect of the COVID pandemic on public finances, Fiscal Outlook 2021-2023 and an article on the ECB’s Review of its Monetary Policy Strategy. For further technical information and updates please visit the Technical Hub and the Covid-19 Hub on the Institute website. 

Welcome to this week’s Technical Roundup.   In developments this week, IAASA has published a Consultation Paper on its proposals to issue revised versions of ISQM (Ireland) 1, ISQM (Ireland) 2, and ISA (Ireland) 220, the IAASB released an updated version of their First-time Implementation Guide for ISQM 1, the European Securities and Markets Authority launched a consultation on proposals for improvements to the MiFID II framework on best execution reports, and the Minister for Finance announced that there will be no change to the Employment Wage Subsidy Scheme (EWSS) for the month of October 2021. Read more on these and other developments that may be of interest to members below. Accounting The IASB have recently updated their workplan since it was last revised in July 2021. Accountancy Europe hosted a podcast entitled “Reporting Beyond the Financials: Sustainability on the Books” which discusses how a sustainable future begins with corporate reporting. The European Securities and Markets Authority (ESMA), the EU’s securities markets regulator launched a consultation on proposals for improvements to the MiFID II framework on best execution reports. These proposals aim at ensuring effective and consistent regulation and supervision and enhancing investor protection. The ESMA also published the MiFID II/MiFIR review report on algorithmic trading. The Final Report concludes that no fundamental issues have emerged with respect to the MiFID II algorithmic trading regime which has overall delivered on its objectives. The ESMA made some recommendations which aim at both simplifying the regime and making it more efficient. The FRC's Financial Reporting Lab is inviting companies, service and systems providers, investors and other interested parties to participate in a new project looking at how companies produce ESG data. Auditing IAASA has published a Consultation Paper on its proposals to issue revised versions of ISQM (Ireland) 1, Quality Management for Firms that Perform Audits or Reviews of Financial Statements, or Other Assurance or Related Services Engagements; ISQM (Ireland) 2, Engagement Quality Reviews; and ISA (Ireland) 220 (Revised), Quality Management for an Audit of Financial Statements. The International Auditing and Assurance Standards Board (IAASB) have released an updated version of their First-time Implementation Guide for International Standard on Quality Management (ISQM) 1, Quality Management for Firms that Perform Audits or Reviews of Financial Statements, or Other Assurance or Related Services Engagements, which was previously issued in June. Read more here. Anti-Money Laundering The UK Government recently published the National Risk Assessment of Proliferation Financing to further strengthen its counter-proliferation system. Proliferation Financing (PF) is financing for the malicious use of chemical, biological, radiological and nuclear materials and weapons. The publication notes that awareness of PF risk in the Designated Non-Financial Businesses and Professions (DNFBPs) sector is, in general, low in most countries, which could represent a particular risk to the UK, notably in relation to trust and company service providers given the ease of establishing companies in the UK. The Irish Department of Justice (DoJ) is seeking expressions of interest from potential members of a new Advisory Council against Economic Crime and Corruption. In December 2020 the Hamilton Report recommended the establishment of a permanent cross-sectoral, partnership-based Advisory Council against Economic Crime and Corruption. The DoJ has now issued a call for expressions of interest for an independent Chairperson and six ordinary members. The deadline for applications is 3 pm on Friday 8 October. Further information on the selection process is available here. The UK Government has recently published draft legislation together with an explanatory note for a new levy on the anti-money laundering (AML) regulated sector. The levy is intended to fund government action and initiatives to tackle money laundering. The amount charged is to be based on UK revenue and depends on whether the entity is considered “medium”,” large” or “very large” as defined in the draft legislation. Other Areas of Interest The Charity Commission for Northern Ireland has been developing a stakeholder engagement forum to support the regulator in hearing a wide range of views from across the charity sector.  The first meeting of the group took place on 22 September. In the UK, the temporary provisions put in place under the Corporate Insolvency and Governance Act 2020 ("CIGA") regarding winding up provisions will expire on 30 September 2021.  However, there are new temporary provisions that will be in place until 31 March 2022. The Irish Government has published its legislative programme for the autumn 2021 Oireachtas session. Draft legislation which may be of interest to members include the Central Bank (Individual Accountability Framework) Bill which is on the priority list, the Charities (Amendment) Bill (to make amendments to the Charities Act 2009),the  Co-operative Societies Bill (to consolidate and modernise the existing Industrial and Provident Societies legislation) and the Limited Partnership Bill (to modernise the Limited Partnership Act 1907) all of which are heads in preparation stage and the Gambling Regulation Bill (to provide for a modern approach to the licencing of gambling activities and to establish a gambling regulator) in relation to which revised heads are underway. The UK Competition and Markets Authority (CMA) recently called for views to help inform its advice to government on how competition and consumer regimes can better support the UK’s Net Zero and sustainability goals. It calls for input from public bodies, businesses, non-governmental organisations and consumers to consider their contribution to the achievement of the UK’s Net Zero and environmental sustainability goals. The call for inputs is open until 10 November 2021. IFAC and ACCA last week hosted their third annual Climate Week NYC event: Plugging the Net-Zero Information Gap. The event brought together finance and accounting professionals to better understand the information gap that exists between business and investors and what could be done to address it.  A recording of the event and takeaways are now available.  The Property Services Regulatory Authority (PSRA), in conjunction with IPAV and SCSI, have revised and updated the Joint Sector Protocol for Property Service Providers. The Protocol is applicable to Property Services Providers and Valuers for the auction, sales, lettings, valuations and property management environment for both residential and commercial property. Please note that the document “Property Services Providers Guidance to implementing the Plan for Living with Covid 19” is no longer applicable. The Minister for Finance, Paschal Donohoe, T.D., has announced that there will be no change to the Employment Wage Subsidy Scheme (EWSS) for the month of October 2021. No decisions have yet been taken as to the appropriate operational parameters for EWSS for the remainder of Quarter 4 2021 and its possible extension beyond end-2021. The Minister is considering a range of possible options for the future of EWSS and such arrangements will be outlined on Budget Day, 12 October 2021. Read the full press release here. For further technical information and updates please visit the Technical Hub and the Covid-19 Hub on the Institute website. 

In developments this week, IAASA has published its annual Observations paper highlighting some significant topics that those charged with governance should consider when preparing their financial statements for 2021; A new forum aimed at supporting and improving communications on issues around charity law, regulation and trends has been launched by The Charity Commission for Northern Ireland. Read more on these and other developments that may be of interest to members below. Accounting The International Accounting Standards Board (IASB) have issued the latest issue of their Investor Perspectives edition. Financial Reporting IAASA has published its annual Observations paper highlighting some significant topics that those charged with governance should consider when preparing their financial statements for 2021.  The FRC has published the findings of its review of companies’ viability and going concern disclosures which found there were several areas where viability and going concern reporting could be improved.  Clear and comprehensive disclosures on these matters are particularly important given the backdrop of the Covid-19 pandemic which caused greater uncertainty for some companies.  Uncertainties that impact viability or going concern should be clearly explained to stakeholders. The FRC has published FAQs on International Sustainability Standards Setting. The purpose of the FAQs is to inform UK company stakeholders of developments in sustainability standard setting by the International Financial Reporting Standards Foundation (IFRS Foundation). This is a fast moving agenda that has the potential to impact corporate reporting significantly in the future. The Financial Action Task Force (FATF) will host a webinar on “Money Laundering from Environmental Crime” on 30 September. The webinar will discuss important aspects of a recent FATF report on the topic, including how to identify red-flag information to help detect and trace the illicit finances of criminals engaged in environmental crimes.  It also looks at how to overcome challenges, such as the lack of governmental or institutional prioritisation, limited awareness and data, de-risking, and limited domestic and international co-ordination. Participants can register here. Other Areas of Interest A new forum aimed at supporting and improving communications on issues around charity law, regulation and trends has been launched by The Charity Commission for Northern Ireland. For further technical information and updates please visit the Technical Hub and the Covid-19 Hub on the Institute website. 

In developments this week, the Institute has issued Technical Alert TA 03/2021 to highlight to members the key new requirements of the ISAs applicable in Ireland and to add some clarification; the International Federation of Accountants (IFAC) has published a framework for implementing global sustainability standards at the local level, focusing on the building blocks approach published in May 2021. Read more on these and other developments that may be of interest to members below. Auditing The Financial Reporting Council (FRC) has published a letter providing feedback on the actuarial aspects of insurance entity audits.  The feedback is based on recent AQR reviews across various audit firms.  Guidance on revised ISAs Revised International Standards on Auditing (ISAs) (Ireland) were issued in November 2020 by IAASA and are effective for audits of financial statements for periods beginning on or after 15 July 2021, with early adoption permitted. We have issued Technical Alert TA 03/2021 to highlight to members the key new requirements of the ISAs applicable in Ireland and to add some clarification. ICAS The Institute of Chartered Accountants of Scotland (‘ICAS’) has applied to IAASA to have its recognition revoked in December 2021. If ICAS’ recognition were to be revoked, it would mean that ICAS would no longer be able to approve statutory auditors in Ireland. It also means that ICAS members in Ireland would no longer be regulated by IAASA.  Sustainability The International Federation of Accountants (IFAC) has published a framework for implementing global sustainability standards at the local level, focusing on the building blocks approach published in May 2021 Other Areas of interest Many small and medium sized enterprises (SMEs) in Europe are technology innovators or have taken major steps towards digitalisation. Accountancy Europe have just issued a paper setting out how professional accountants help with this digitalisation. The International Valuation Standards Council (IVSC) has published a per­spec­tives paper 'Time to get Tangible about In­tan­gi­ble Assets' that notes that despite the im­por­tance of in­tan­gi­ble assets to the capital markets, only a small per­cent­age are recog­nised on balance sheets.  For further technical information and updates please visit the Technical Hub and the Covid-19 Hub on the Institute website. 

In November 2020, the Irish Auditing and Accounting Supervisory Authority (IAASA) issued a revised Ethical Standard for Auditors* and revised International Standards on Auditing (ISAs) (Ireland).  The Institute have issued the attached Technical Alert 03 2021 ISAs(Ireland)  Guidance on the new ISAs (Ireland) Auditing Standards issued by the Irish Auditing and Accounting Supervisory Authority in 2020 to highlight to members key new requirements of the ISAs applicable in Ireland and to add some clarification.  The purpose of TA 03/2021 is to highlight to members key new requirements of these Auditing Standards applicable in Ireland. It does not highlight all changes to the standards and is not intended to be a replacement to reading the entire text of the standards, rather it is a guide for members in identifying the key changes to auditing standards. The revised standards are effective for audits of financial statements for periods beginning on or after 15 July 2021, with early adoption permitted. The updates to ISAs (Ireland) in November 2020 consist of: Clarification and enhancement of requirements relating to group audit procedures and the auditor’s work effort in respect of ‘other information’ in the financial statements. Extension of the requirement for the auditor’s report to explain the extent to which the audit was considered capable of detecting irregularities, including fraud, to listed entities as well as Public Interest Entities (PIEs). Enhanced disclosures in respect of materiality, including the specification of performance materiality. The requirements of the standards can apply differently depending on the type of entity being audited, with the majority of requirements applying to all entities, certain additional requirements applying to both listed entities and PIEs, and other requirements applying only to PIEs. The table format in the attached Technical Alert helps clarify where the requirements apply.  The full text of the ISAs can be accessed on IAASA’s website: https://www.iaasa.ie/Publications/Auditing-standards/Standards-Guidance-for-Auditors-in-Ireland/International-Standards-on-Auditing-(Ireland) *Two guidance documents on the Revised Ethical Standard were issued earlier this year: Technical Release (TR 02/2021) Reporting Breaches of Ethical Standard for Auditors (Ireland) 2020. Technical Alert (TA 02/2021) Guidance on the revised Ethical Standard for Auditors (Ireland) 2020

Welcome to this week’s Technical Roundup.   In developments this week, as part of the next periodic review of UK and Ireland accounting standards, the Financial Reporting Council is seeking views from a wide range of stakeholders about the type of areas they would like to be considered for review and will be hosting a short webinar to provide additional information on Monday, 13 September; the agenda and meeting papers for the October 2021 Accounting Standards Advisory Forum meeting are now available online. Read more on these and other developments that may be of interest to members below. Financial Reporting The Financial Reporting Council has published a list of successful signatories to the UK Stewardship Code which sets high standards of stewardship for those investing money on behalf of UK savers and pensioners As part of the next periodic review of UK and Ireland accounting standards, the FRC is seeking views from a wide range of stakeholders about the type of areas they would like to be considered for review and will be hosting a short webinar to provide additional information on Monday, 13 September. The FRC will also be holding two roundtable events on 23 September and 13 October so that stakeholders can discuss the review in more detail and share their views directly. To register for either of the roundtables please email: stakeholderengagement@frc.org.uk. The FRC’s Financial reporting Lab have published the results of their survey on  preparations for the introduction of structured electronic reporting for annual financial reports (ESEF) from May 2020. The agenda and meeting papers for the October 2021 Accounting Standards Advisory Forum meeting are now available online. Auditing The IAASB has published new documents related to its open consultation on the audits of less complex entities: Proposed supplemental guidance on auditor reporting to provide further guidance on modifications and other changes to the auditor’s report when using the proposed standard; and “Mapping” documents to help users navigate between existing, equivalent International Standards on Auditing and the requirements in the newly proposed International Standard on Auditing for Less Complex Entities (ISA for LCE). Sustainability The FRC has published the findings of its review of reporting on emissions, energy consumption and related matters under the new Streamlined Energy and Carbon Reporting (SECR) rules which came into effect from 1 April 2019. The FRC’s review considered how a sample of companies and Limited Liability Partnerships (LLPs) had complied with the new SECR requirements, identified examples of emerging good practice and outlined its expectations for future reporting. The International Federation of Accountants (IFAC) published a framework for implementing global sustainability standards at the local level, focusing on the building blocks approach published in May 2021. IFAC believes that jurisdictions must begin examining how global standards that the International Sustainability Standards Board (ISSB) intends to develop, starting with climate, can fit together with sustainability-related reporting requirements set at the jurisdictional level. Read more here. Other areas of interest The Minister for Finance, announced that the Business Resumption Support Scheme (or BRSS) is now open for registration on Revenue Online Service’ (ROS). The BRSS is a new support scheme for businesses with reduced turnover as a result of public health restrictions. Qualifying businesses will be able to apply to Revenue for a cash payment, representing an advance credit for trading expenses that are deductible for income and/or corporation tax purposes. Read the full press release here. What's next for the FRC, governance and reporting Earlier this year, the Department for Business, Energy & Industrial Strategy (BEIS) in the UK published its consultation into "Restoring trust in audit and corporate governance: proposals on reforms". A webinar on September 17th, 2021 will explore what the consultation means for the FRC as it transitions into the Audit, Reporting and Governance Authority (ARGA). Attendee's will also hear about the next steps in corporate reform to protect and promote the interests of investors, other users of corporate reporting, and the wider public interest. Link to the registration page https://us02web.zoom.us/webinar/register/WN_KRPBgwzLQD6LuE0iTBg0GQ Changes to the ODCE The Companies (Corporate Enforcement Authority) Bill 2021 establishes the Office of the Director of Corporate Enforcement (ODCE) as a standalone statutory body with a commission structure, to be called the Corporate Enforcement Authority (CEA). This invests the CEA with the same functions and powers that the Director of Corporate Enforcement has with some modifications. These include encouraging compliance with the Companies Act 2014, investigations of suspected offences and non-compliance under that Act, prosecution of summary offences, referring indictable offences to the Director of Public Prosecutions and the exercise of certain supervisory functions with respect to liquidators and receivers. https://www.oireachtas.ie/en/bills/bill/2021/107/ The Department of Enterprise, Trade and Employment has published it’s monthly newsletter which includes details of the Sustaining Enterprise and Accelerated Recovery Fund. For further technical information and updates please visit the Technical Hub and the Covid-19 Hub on the Institute website.   

Welcome to this week’s Technical Roundup.   In developments this week, the FRC has issued guidance for auditors on addressing potential exceptions when using data analytics in an audit, the IAASB has developed an outreach plan for its proposed new standard for audits of financial statements of less complex entities, and the FCA have issued a statement reminding firms about potential financial crime risks linked to Afghanistan. Read more on these and other developments that may be of interest to members below. Accounting The IASB has issued the latest edition of its newsletter Investor Update, which profiles recently introduced IFRS Standards and other changes that are in the pipeline as well as how those changes may affect companies and performance. The European Financial Reporting Advisory Group (EFRAG) has published a discussion paper Better information on intangibles – which is the best way to go? EFRAG is asking constituents whether preparers can provide better information on intangibles, and if so, how. Comments are welcome by 30 June 2022. The IFRS Foundation have announced the next World Standard-setters meeting will be held on 27–28 September 2021. The conference provides an opportunity for national standard-setters to get an update on and discuss the IFRS Foundation’s activities. The World Standard-setters Conference is open to all national standard-setters. Audit The Financial Reporting Council (FRC) has issued guidance for auditors on addressing potential exceptions when using data analytics in an audit. In this guidance, the FRC have laid out general principles for dealing with outliers when using audit data analytics to respond to identified risks in an audit, a potential approach auditors could take and included an illustrative example based on a real-world scenario. The guidance is available here. The IAASB has developed an outreach plan for its proposed new standard for audits of financial statements of less complex entities, which responds to demands to have a set of high-quality audit requirements tailored for the needs of less complex entities. The plan details upcoming virtual and in-person events as well as the IAASB’s plans to gather feedback from different stakeholder groups. Sustainability Reporting EFRAG is consulting on proposed Due Process Procedures stipulating the requirements to be followed in its role as technical advisor to the European Commission in the preparation of draft European Sustainability Reporting Standards (ESRS) or draft amendments of ESRS. Comments, on all aspects of the proposals, are expected no later than 15 September 2021. Read more here. The European Central Bank (ECB) have published an article discussing how central banks must do their part in fighting global warming. Other Areas of interest The Central Bank of Ireland has published the pre-budget letter from Governor Gabriel Makhlouf to Minister for Finance, Paschal Donohoe, ahead of Budget 2022. Read the full press release from the CBI here. The European Securities and Markets Authority (ESMA) has published a Consultation Paper on draft Regulatory Technical Standards under the Markets in Financial Instruments Regulation (MiFIR) regarding suitability assessments of DRSP management body members. The Financial Conduct Authority (FCA) have issued a statement reminding firms about potential financial crime risks linked to Afghanistan. The FCA have noted that developments in Afghanistan have highlighted the continuing need for robust systems and controls that respond to changing risks. For further technical information and updates please visit the Technical Hub and the Covid-19 Hub on the Institute website.