Welcome to this week’s Technical Roundup.
In developments this week, as part of the next periodic review of UK and Ireland accounting standards, the Financial Reporting Council is seeking views from a wide range of stakeholders about the type of areas they would like to be considered for review and will be hosting a short webinar to provide additional information on Monday, 13 September; the agenda and meeting papers for the October 2021 Accounting Standards Advisory Forum meeting are now available online.
Read more on these and other developments that may be of interest to members below.
Financial Reporting
The Financial Reporting Council has published a list of successful signatories to the UK Stewardship Code which sets high standards of stewardship for those investing money on behalf of UK savers and pensioners
As part of the next periodic review of UK and Ireland accounting standards, the FRC is seeking views from a wide range of stakeholders about the type of areas they would like to be considered for review and will be hosting a short webinar to provide additional information on Monday, 13 September. The FRC will also be holding two roundtable events on 23 September and 13 October so that stakeholders can discuss the review in more detail and share their views directly. To register for either of the roundtables please email: stakeholderengagement@frc.org.uk.
The FRC’s Financial reporting Lab have published the results of their survey on preparations for the introduction of structured electronic reporting for annual financial reports (ESEF) from May 2020.
The agenda and meeting papers for the October 2021 Accounting Standards Advisory Forum meeting are now available online.
Auditing
The IAASB has published new documents related to its open consultation on the audits of less complex entities: Proposed supplemental guidance on auditor reporting to provide further guidance on modifications and other changes to the auditor’s report when using the proposed standard; and “Mapping” documents to help users navigate between existing, equivalent International Standards on Auditing and the requirements in the newly proposed International Standard on Auditing for Less Complex Entities (ISA for LCE).
Sustainability
The FRC has published the findings of its review of reporting on emissions, energy consumption and related matters under the new Streamlined Energy and Carbon Reporting (SECR) rules which came into effect from 1 April 2019. The FRC’s review considered how a sample of companies and Limited Liability Partnerships (LLPs) had complied with the new SECR requirements, identified examples of emerging good practice and outlined its expectations for future reporting.
The International Federation of Accountants (IFAC) published a framework for implementing global sustainability standards at the local level, focusing on the building blocks approach published in May 2021. IFAC believes that jurisdictions must begin examining how global standards that the International Sustainability Standards Board (ISSB) intends to develop, starting with climate, can fit together with sustainability-related reporting requirements set at the jurisdictional level. Read more here.
Other areas of interest
The Minister for Finance, announced that the Business Resumption Support Scheme (or BRSS) is now open for registration on Revenue Online Service’ (ROS). The BRSS is a new support scheme for businesses with reduced turnover as a result of public health restrictions. Qualifying businesses will be able to apply to Revenue for a cash payment, representing an advance credit for trading expenses that are deductible for income and/or corporation tax purposes. Read the full press release here.
What's next for the FRC, governance and reporting
Earlier this year, the Department for Business, Energy & Industrial Strategy (BEIS) in the UK published its consultation into "Restoring trust in audit and corporate governance: proposals on reforms". A webinar on September 17th, 2021 will explore what the consultation means for the FRC as it transitions into the Audit, Reporting and Governance Authority (ARGA). Attendee's will also hear about the next steps in corporate reform to protect and promote the interests of investors, other users of corporate reporting, and the wider public interest. Link to the registration page https://us02web.zoom.us/webinar/register/WN_KRPBgwzLQD6LuE0iTBg0GQ
Changes to the ODCE
The Companies (Corporate Enforcement Authority) Bill 2021 establishes the Office of the Director of Corporate Enforcement (ODCE) as a standalone statutory body with a commission structure, to be called the Corporate Enforcement Authority (CEA). This invests the CEA with the same functions and powers that the Director of Corporate Enforcement has with some modifications. These include encouraging compliance with the Companies Act 2014, investigations of suspected offences and non-compliance under that Act, prosecution of summary offences, referring indictable offences to the Director of Public Prosecutions and the exercise of certain supervisory functions with respect to liquidators and receivers. https://www.oireachtas.ie/en/bills/bill/2021/107/
The Department of Enterprise, Trade and Employment has published it’s monthly newsletter which includes details of the Sustaining Enterprise and Accelerated Recovery Fund.
For further technical information and updates please visit the Technical Hub and the Covid-19 Hub on the Institute website.
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