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From the regulators:
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Link
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Ireland and UK – All entities applying accounting standards
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UK Financial Reporting Council (FRC) issue (14 April 2020) update and clarity on accounting and auditing standards requirements in relation to going concern and alerts for investors. This is important matter for boards to consider and further information is contained Chartered Accountants Ireland information hubs on financial reporting and statutory audit referred to further down in this table.
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FRC Covid-19 update regarding going concern
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UK – Listed and Regulated Institutions
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FRC, Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA) announced a series of actions (26 March 2020) to ensure that information continues to flow to investors and to support the continued functioning of the UK’s capital markets. Includes forbearance measures for UK listed companies on publishing annual reports and preliminary results and guidance for UK banks on capital requirements and building uncertainty into expected credit loss calculations.
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Joint Statement
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UK and Ireland Listed entities
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UK FRC Guidance for companies on Corporate Governance and Reporting (Company Guidance Update March 2020 (COVID-19)) – contains guidance on corporate governance matters such as risk management an internal controls, management information, estimates and forecasts, dividends and capital maintenance, Directors/strategic report, viability statement and going concern and some key financial reporting considerations.
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Corporate governance and reporting guidance
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UK Financial Services
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UK FCA published a letter addressed to CEOs of firms providing services to retail investors (31 March 2020). The letter outlines some rule clarifications, temporary flexibility in the FCA’s supervisory function and guidance in relation to ensuring resilience during the Covid-19 crisis.
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FCA Letter to retail investor service providers
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EU Financial Services
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European Securities and Market Authority (ESMA) issued a public statement Actions to mitigate the impact of COVID-19 on the EU financial markets regarding publication deadlines under the Transparency Directive.
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ESMA Public Statement
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EU Financial Services
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ESMA issued a public statement (9 April 2020) calling on National Competent Authorities to take into account the Covid-19 outbreak in respect of upcoming reporting deadlines for fund managers to publish yearly and half-yearly reports.
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ESMA Public Statement re Investment Funds
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EU Financial Services
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ESMA issue opinions of support to short-selling bans by Austrian, Belgian, French, Greek and Spanish National Competent Authorities.
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ESMA support short selling ban
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EU Financial Services
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European Banking Authority (EBA) have issued a statement (12 March 2020) on actions to mitigate the impact of COVID-19 on the EU banking sector.
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EBA statement of actions
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- Further possible actions announced (31 March 2020)
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EBA statement of actions 2
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EU Financial Services
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EBA issue a statement (25 March 2020) calling on certain forbearance measures on consumer and payment issues to be granted by financial institutions.
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Statement on consumer and payment issues
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EU Financial Services
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EBA issued a statement (31 March 2020) urging banks to follow prudent dividend distribution, share buyback and variable remuneration policies, emphasising that any capital reliefs permitted by central banks are to be used to finance the corporate and household sectors only.
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Statement on prudent distribution and remuneration policies
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EU Financial Services
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EBA publish guidelines on treatment of loan repayment moratoria considering Covid-19 measures, clarifying circumstances in which a moratorium of this nature would not be classified as part of a forbearance or distressed restructuring by the bank.
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Guidelines on treatment of loan moratorium in financial and credit institutions
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Ireland Financial Services
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Central Bank of Ireland has issued a statement (19 March 2020) on several matters including reducing the counter cyclical buffer requirements for banks to 0% and expectations on payment breaks for businesses and consumers.
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Central Bank Statement 19 March 2020
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Ireland Financial Services
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Central Bank of Ireland has issued a statement (27 March 2020) on its expectations of insurance firms to ensure customer-focused decision making throughout the crisis.
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Central Bank Statement 27 March 2020
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Ireland Financial Services
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Central Bank of Ireland has issued a statement (31 March 2020) on its view as to what constitutes essential banking and financial services in context of the Irish governments public health measures to prevent further spread of Covid-19.
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Central Bank Press Release 31 March 2020
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Ireland Financial Services
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Central Bank of Ireland launches an online Covid-19 information hub for consumers, SMEs and regulated firms
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CBI Covid-19 Information Hub
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Ireland Charities
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Charities Regulator (Republic of Ireland) have published answers to several frequently asked questions around regulatory reporting and governance matters affecting Charities during the Covid-19 crisis including forbearance in relation to annual reports due between now and 29th June, keeping records of meetings, considering charitable purpose in any pandemic relief activities and ensuring funds are not misspent, etc.
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Charities Regulator Frequently Asked Questions
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Northern Ireland Charities
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The Charity Commission for Northern Ireland have published updates on regulatory reporting, advice regarding charity meetings, serious incidents reports and accounting matters
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The Charity Commission for Northern Ireland update
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Ireland and Northern Ireland – Tax and general business
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Chartered Accountants Ireland are engaging with government agencies, regulators and the Revenue authorities, North and South, around the impact of the COVID-19 outbreak, and potential issues with filing deadlines, payments etc. Their responses and links to information are regularly updated on our technical and business updates section.
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Technical and business updates
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UK – All Companies
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UK Companies House published, and regularly updates, coronavirus guidance for companies in relation to several company secretarial requirements, e.g. filing documents, share buy backs, etc., and other information relating to their services, employees and suppliers.
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Guidance for Companies House customers
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Ireland – All Companies
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Ireland’s Companies Registration Office (CRO) published (15 April 2020) an update on services available for companies in relation to several company secretarial requirements, e.g. official document submissions, electronic filing, etc., and where to direct any queries.
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CRO–Update on Services Available
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Ireland – All Companies
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The Office of the Director of Corporate Enforcement (ODCE) published as part of their FAQ’s, a reminder that company directors continue to have statutory duties under Companies Act 2014. The ODCE indicate that where genuine efforts to comply with the Companies Act 2014 have been made and can be evidenced, the ODCE will have regard to such efforts in determining whether enforcement action is appropriate.
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ODCE FAQ
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From professional bodies/organisations
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Ireland and UK – Financial Reporting
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Chartered Accountants Ireland have assembled some information relating to the financial reporting implications of Covid-19. This may be of assistance to board members, audit committees, finance committees and advisors.
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Financial reporting implications of Covid-19
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Ireland and UK – Statutory Audit
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Chartered Accountants Ireland have assembled some information relating to the audit implications of Covid-19. This may be of assistance to board members, audit committees, finance committees and advisors.
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Audit implications of Covid-19
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UK – AGM’s
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Annual General Meetings (AGMs) UK: Guidance issued on guidance on Annual General Meetings (AGMs) in the UK and impact of Covid-19, The guidance was produced by law firm Slaughter and May and The Chartered Governance Institute, with the support of the Financial Reporting Council, GC100, the Investment Association and the Quoted Companies Alliance.
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Covid-19 AGM Guidance - UK
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Ireland – AGMs and other company secretarial matters
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Annual General Meetings (AGMs) Republic of Ireland: Specific requirements under Companies Act 2014 and the organisations own constitution need to be considered in respect of holding AGMs (virtually or physically, in or outside the state, etc.), notifications to members, resolutions required, etc. The Chartered Governance Institute have collated several sources of guidance on AGMs in Republic of Ireland.
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Covid-19 AGM Guidance ROI
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Ireland and UK – all organisations
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Articles and other resources to assist boards and their advisors are available on Chartered Accountants Ireland’s Governance Resource Centre and Webinars microsite
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Governance Resource Centre
Webinars
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Ireland and UK – all organisations
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Webinar: Responding to COVID-19: Advice to Boards and Organisations (Thriving in Uncertainty).
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Advice to boards and organisations
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Ireland and UK – all organisations
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Webinar: How Boards Operate in Times of Uncertainty (including useful company secretarial insights and advice).
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How boards operate in uncertainty
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Ireland and UK – all organisations
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Governance Webcast Series: Ten-minute interviews with CEOs, executives, non-executives and key business advisors on experience to date and advice on dealing with Covid-19 crisis.
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Governance webcast series
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Ireland and UK – all organisations
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Accountancy Europe published (20 March 2020) Coronavirus crisis: implications on reporting and auditing, exploring going concern, post balance sheet events reporting, impact on estimates and judgements and implications for the audit report.
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Coronavirus crisis: implications on reporting and auditing
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Ireland and UK – all organisations
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Accountancy Europe published (27 March 2020) five key steps for accountants to guide Small to Medium Sized Enterprises (SMEs) through the crisis. This is a useful read in context of SME governance.
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Accountancy Europe 5 key steps for SMEs
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Ireland and UK – all organisations
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Accountancy Europe published (10 April 2020) an overview of EU country responses to the implications of the coronavirus on reporting including going concern, key accounting standard considerations, filing deadlines and more. Note: article also references Chartered Accountants Ireland’s Covid-19 guidance for boards and corporate governance.
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Coronavirus crisis: country responses to the implications on reporting
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Ireland – Funds Industry
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The Irish Funds Association (Irish Funds) have published an online repository of announcements, updates and guidance on Covid-19 implications for the funds industry.
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Irish Funds Covid-19 online resources
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Ireland and UK – all organisations
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The Institute of Risk Management (IRM) published an online support page outlining some risk considerations for business and risk managers during the Covid-19 crisis. In addition to some UK specific references the risk considerations for organisations outlined and additional resources provided are relevant to organisations in Ireland and UK.
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Risk considerations for business during the Covid-19 crisis
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Other related information
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Ireland - Charities
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Ireland’s national association of community and voluntary organisations, charities and social enterprises, The Wheel, have compiled details of several fundraising resources for Irish non-profits and community groups.
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Fundraising information and resources for non-profits during Covid-19
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Northern Ireland - Charities
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Northern Ireland Council for Voluntary Action (NICVA) have published an online Covid-19 information hub providing supports and advice to the voluntary and community sector on coping with the crisis.
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NICVA Covid-19 Information Hub
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