Technical round-up 24 July

Jul 23, 2020

Chartered Accountants Ireland  

Ireland 

  • The Government has published the Companies (Miscellaneous Provisions) (COVID-19) Bill 2020 which seeks to address practical issues that have arisen for companies and industrial and provident societies as a result of Covid-19.
  • The constituency of IAASA’s Board includes two nominees of the Minister, and the Tánaiste and Minister for Enterprise, Trade & Employment, Leo Varadkar TD, is seeking expressions of interest in filling one of these roles.
  • IAASA have noted the issuing of the ESMA public statement recommending co-ordination of supervisory action with regards to issuers’ accounting for COVID-19-related rent concessions (noted below).

UK 

  • The Financial Reporting Council (FRC) has completed its first thematic review of company reporting since the onset of Covid-19 pandemic. The review of 17 interim and annual reports with a period end date of March 2020 found that although companies provided sufficient information to enable a user to understand the impact Covid-19 had on their performance, position and future prospects, some - particularly interim reports - would have benefited from more extensive disclosure. The FRC note that, building on the guidance contained in the joint regulators statement (published on 26 March), this review includes guidance and better practice examples for companies currently preparing their annual and interim accounts.
  • The FRC has published its annual report, setting out progress to implement the recommendations for change of the FRC itself and in the activities it regulates.
  • The FRC has issued a call for views on its draft response to the IASB’s Exposure Draft ED/2019/7 ‘General Presentation and Disclosures’. The response outlines the FRC’s tentative views on the Exposure Draft. The deadline for comments is 4 September 2020.
  • The Financial Reporting Lab has released its second newsletter for 2020, which provides an update on the Lab’s recently released reports relating to the Reporting in times of uncertainty project, its upcoming reports on Video, Virtual & Augmented Reality and on a range of other activities. Additionally, a Call for Participants has been issued relating to a new project on corporate disclosures on stakeholders, including statements in response to section 172 of the Companies Act.

 Europe        

  • ESMA, the EU’s securities markets regulator, has issued a Public Statement recommending coordination of supervisory action with regards to issuers’ accounting for COVID-19-related rent concessions.
  • EFRAG has published a Discussion Paper (DP) to gather views on the accounting for crypto-assets (liabilities) from a holder and issuer perspective. Comments are welcome throughout a 12-month period until 31 July 2021. The DP is motivated by the ongoing evolution, growth potential and diversity of crypto-assets.
  • EFRAG is seeking candidates to participate in the new European Lab Project Task Force on preparatory work for the elaboration of possible EU non-financial reporting standards, and has issued a call for candidates​ for its Technical Expert Group (EFRAG TEG) for the 2021 rotation. EFRAG is also seeking a full-time Financial Reporting Project Director with a nationality from an EEA country to provide leadership to its technical financial reporting activities, to work either as an employee or on basis of a secondment.

International 

  • The Trustees of the IFRS Foundation are calling for candidates to fill vacancies occurring at the end of 2020 for membership to the IFRS Advisory Council.
  • The IASB have issued the third in a series of webinars on the Exposure Draft ‘General Presentation and Disclosures’.