Technical roundup 11 January

Jan 10, 2019

Developments of interest this week are set out below.   

Ireland                 

  • IAASA has published ISA (Ireland) 540 (Revised December 2018) Auditing Accounting Estimates and Related Disclosures and related conforming amendments to other ISAs (Ireland).
  • Central Bank welcomes this week’s publication of the Credit Union Advisory Committee Implementation Group Report and the opportunity to consider the matters raised.
  • The CRO have issued their regular gazette.

NI

  • Charity regulators in the United Kingdom and Ireland recently opened a joint consultation on how to reform the process for developing the Statement of Recommended Practice (SORP) which closes on Monday 4 February 2019. The Charity Commission for Northern Ireland is hosting an event on 15 January 2019 in Belfast at which feedback to the consultation can be gathered.

UK

  • The Financial Reporting Council (FRC) has published a list of the names of companies whose audits have been reviewed by their Quality Review team in 2018/19. 

European

  • The European Securities and Markets Authority (ESMA) has issued its final Regulatory Technical Standards regarding cooperation between competent authorities and the European Supervisory Authorities under Regulation (EU) 2017/2402 (the Securitisation Regulation).
  • ESMA has updated its Questions and Answers on MiFID II and MiFIR commodity derivatives topics. These Q&As provide clarification on issues related to the MiFID II/MiFIR regime for commodity derivatives, including on position limits, position reporting and ancillary activity. 
  • The European Banking Authority (EBA) is scru­ti­n­is­ing the effective im­ple­men­ta­tion of IFRS 9 ‘Financial Instruments’ by EU in­sti­tu­tions and its impact as initially observed and has conducted a new exercise on the standard’s impact on EU in­sti­tu­tions followed by a first report to provide pre­lim­i­nary ob­ser­va­tions on the first stages of im­ple­men­ta­tion while a deeper analysis is still ongoing.

International