Technical roundup 10 November

Nov 09, 2017
Developments of interest this week are outlined.


Chartered Accountants Ireland has published Technical Alert 04/2017 –Illustrative auditor’s report on the financial statements of a credit union for accounting periods beginning on or after 17 June 2016.

The Companies (Statutory Audits) Bill 2017 has been published and is available, along with the Explanatory Memorandum and Regulatory Impact Assessment, here.

The CRO have issued their regular gazette.


The Financial Reporting Council (FRC) has issued a revision of Practice Note 15: The audit of occupational pension schemes in the United Kingdom and is withdrawing Practice Note 22 – ‘The auditor’s consideration of FRS 17 ‘Retirement Benefits’ - Defined benefit schemes’. Read more here.

The FRC has published three thematic reports to help companies improve the quality of their corporate reporting in acknowledged areas of difficulty. The reports cover Judgements and Estimates, Pension Disclosures and Alternative Performance Measures. The FRC notes that the reports detail findings from the FRC’s 2016/17 thematic reviews to which companies can refer when preparing their next report and accounts. Read more here.

The Prudential Regulation Authority (PRA) has published Solvency II: Supervisory approval for the volatility adjustment – CP22/17. This consultation closes on Friday 9 February 2018. The PRA has also issued the October version of its ‘PRA Regulatory Digest'.


EFRAG has submitted its Endorsement Advice Letter to the European Commission regarding IFRIC 23 ‘Uncertainty over Income Tax Treatments’ and has also updated its Endorsement Status Report. Read more here. Also, the October 2017 edition of the EFRAG Update, has been published and is available here.

Accountancy Europe have issued the October 2017 edition of their newsletter.

The International Accounting Standards Board (IASB) has published editorial corrections  that relate to 'Long-term Interests in Associates and Joint Ventures (Amendments to IAS 28)', issued in October 2017.

The IASB has posted the agenda for its next meeting, which will be held at its offices in London on 14 November 2017. The agenda and papers are available on the IASB website here.

A podcast of highlights from the International Auditing and Assurance Standards Board (IAASB) October 2017 meeting is available here.