Technical roundup, 10 July

Jul 09, 2020

Chartered Accountants Ireland

Ireland

UK

Europe

  • Accountancy Europe have issued their June SME Update.
  • The Eumedion Foun­da­tion based in the Nether­lands has published a position paper 'Towards a global, investor focused standard setter for corporate non-fi­nan­cial reporting' calling on the IFRS Foun­da­tion to establish such a stan­dard-set­ter.
  • Following an EFRAG Board meeting earlier in the week, the European Financial Reporting Advisory Group (EFRAG) has issued final en­dorse­ment advice on ' Extension of the Temporary Exemption from Applying IFRS 9 (Amend­ments to IFRS 4)'.
  • In February 2020, the European Com­mis­sion (EC) launched an ini­tia­tive to review the European Non-Fi­nan­cial Reporting Directive, One of the aspects of the review looks at whether to mandate the use of a common set of non-fi­nan­cial reporting standards and whether these should be es­pe­cially developed European standards. The EC has now sent two letters to EFRAG asking it to undertake prepara­tory work for the possible elab­o­ra­tion of such standards.

 International

  • The IFRS Foundation has appointed 21 new members and one observer to the SME Implementation Group (SMEIG) for a three-year term starting 1 July 2020.
  • On 7 July 2020, IASB member Ann Tarca delivered a speech at the virtual annual con­fer­ence of the Accounting & Finance As­so­ci­a­tion of Australia and New Zealand (AFAANZ). She discussed digital reporting and included questions for prac­ti­tion­ers, stan­dard-set­ters and re­searchers.