Technical Round Up, 27 March

Mar 27, 2020

ROI

  • ESMA have announced actions to mitigate the impact of COVID-19 on the EU financial markets regarding publication deadlines.

UK

  • A new report from the Financial Reporting Council (FRC) highlights that audit firms have invested considerably in the infrastructure required to efficiently capture, collate and organise data. Auditors are however dependent on whether companies have a robust IT infrastructure that allows data to be extracted in a useable form to challenge management.
  • The FRC has launched a consultation on the proposed adoption in the UK of International Standard on Assurance Engagements (ISAE) 3000, Assurance Engagements Other Than Audits or Reviews of Historical Financial Information.  ISAE 3000 was developed by the International Auditing and Assurance Standard Board (IAASB) and contains requirements and application and other explanatory material specific to reasonable and limited assurance attestation engagements, other than audits or reviews of historical financial information.
  • The FRC has issued a discussion paper on Technological Resources: Using technology to enhance audit quality.  Building on the FRC’s recent thematic review, The use of technology in the audit of financial statements, the FRC is seeking further insight into the use of technology and its potential impact on audit quality.

International

  • The IASB has released a podcast, featuring IASB Vice-Chair Sue Lloyd, to discuss the de­lib­er­a­tions at the March meeting.
  • The IASB have recently published for public comment Discussion Paper DP/2020/1 on Business Combinations – Disclosures, Goodwill and Impairment. Comments can be submitted to the IASB until 15 September 2020.
  • The IFRS Foun­da­tion has announced that the annual pub­li­ca­tion formerly known as the 'Red Book' is now available.
  • IFRS 17 podcast on March 2020 IASB meeting is now available.