Welcome to the latest edition of Technical Roundup which is published on the first and third Friday of every month.
In developments since the last edition, IAASA has issued its annual Observations paper highlighting matters that management, audit committees and auditors should consider when preparing, approving and auditing financial statements for 2024 year-end dates. The European Securities and Markets Authority has published Clearing the smog: Accounting for Carbon Allowances in Financial Statements which aims at improving financial reporting for issuers engaging in carbon allowance programmes.
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 released its September 2024 Update. This report summarises the public technical discussions held and decisions taken by EFRAG in September.
EFRAG is seeking feedback on its assessment of the Annual Improvements to IFRS Accounting Standards-Volume 11. This assessment is based on the EU's technical endorsement criteria and their alignment with the European public good. The Deadline for comments is 22 November 2024.
EFRAG has submitted its Endorsement Advice on Amendments to the Classification and Measurement of Financial Instruments (Amendments to IFRS 9 and IFRS 7) to the European Commission. In its submission, EFRAG has assessed that the Amendments meet all technical endorsement criteria of the IAS Regulation and are conducive to the European public good. It therefore recommends endorsement of the Amendments.
EFRAG has published its Feedback Statement on the International Accounting Standards Board’s (IASB) Exposure Draft ED/2024/1 Business Combinations—Disclosures, Goodwill and Impairment (Proposed amendments to IFRS 3 and IAS 36)
The FRC are hosting an upcoming webinar on the key changes in the revised UK Corporate Governance Code ahead of its first reporting cycle (beginning 1 January 2025). The event takes place on 24 October 2024.
The Q3 2024 IFRS Interpretations Committee podcast is now available. This podcast focusses on guarantees issued on obligations from other entities and recognition of revenue from tuition fees in accordance with IFRS 15 Revenue from contracts with customers.
The IASB is consulting on proposed amendments aimed at helping companies to account for their investments in associates and joint ventures. A webcast series has been launched to take a detailed look into these proposed amendments.
The Financial Reporting Council (FRC) has published revised Technical Actuarial Guidance: Models, to support the growing use of Artificial Intelligence and Machine Learning (AI/ML) techniques in actuarial work.
Assurance and Auditing
IAASA has published its annual Observations paper highlighting matters that management, audit committees and auditors should consider when preparing, approving and auditing financial statements for 2024 year end dates.
The FRC have announced that all four big firms in the UK have met the 2024 deadline set by the FRC to implement the principles of operational separation.
Sustainability
The European Securities and Markets Authority (ESMA) has published 'Clearing the smog: Accounting for Carbon Allowances in Financial Statements' which aims at improving financial reporting for issuers engaging in carbon allowance programmes.
ESMA has also recently issued the 2024 EU Carbon Markets report.
The fourth episode of the IFRS Sustainability webinar series, ‘Perspectives on Sustainability Disclosure’, took place on 17 October 2024 with a focus on the Pan-African approach to sustainability disclosure.
The Financial Reporting Council has published initial feedback on its market study into assurance of sustainability reporting. Amongst other findings, the study found that “while currently most UK companies reported having sufficient choice of provider of assurance, some raised concerns that the market may begin to consolidate around the largest UK audit firms”.
Other
The annual reporting deadline for NI charities is coming up at the end of the month. The Charity Commission for Northern Ireland is encouraging anyone with a query around reporting to get in touch.
The Minister for Enterprise, Trade and Employment is seeking nominees as representatives of expert, technical, legal, government and regulatory bodies. Also sought are expressions of interest from suitably qualified candidates for appointment to one of the six Ministerial nominations to the Employment Law Review Group (ELRG).
Mark Koziel, CPA, CGMA has been named to succeed Barry Melancon in January 2025 as Chief Executive Officer of the AICPA & CIMA.
This information is provided as resources and information only and nothing in the information purports to provide professional advice or definitive legal interpretation(s) or opinion(s) on the applicable legislation or legal or other matters referred to in the information. If the reader is in doubt on any matter in this complex area further legal or other advice must be obtained. While every reasonable care has been taken by the Institute in the preparation of the information we do not guarantee the accuracy or veracity of any resource, guidance, information or opinion, or the appropriateness, suitability or applicability of any practice or procedure contained therein. The Institute is not responsible for any errors or omissions or for the results obtained from the use of the resources or information contained herein.
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