Welcome to this week’s Technical Roundup.
In developments this week, the European Financial Reporting Advisory Group has published its feedback statement on their draft comment letter relating to the IASB's Exposure Draft 2021/3 Disclosure Requirements in IFRS Standards – A Pilot Approach (the 'ED') and Accountancy Europe has issued an overview of the responses from its members following the invasion of Ukraine.
Read more on these and other developments that may be of interest to members below.
Financial Reporting
The European Financial Reporting Advisory Group (EFRAG) have published its updated Endorsement Status Report. This follows the endorsement of amendments to IAS 1 and IAS 8. The amendments are effective for periods commencing on or after 1 January 2023.
EFRAG has published the next set of Project Task Force European Sustainability Reporting Standards Cluster Working Papers. These papers are not subject to public consultation and have been published to inform stakeholders in transparent manner about the progress on the preparation of draft EU Sustainability reporting standards.
EFRAG has published its feedback statement on their draft comment letter relating to the IASB's Exposure Draft 2021/3 Disclosure Requirements in IFRS Standards – A Pilot Approach (the 'ED') and explains how EFRAG considered this feedback in developing its Final Comment Letter.
Accountancy Europe has issued an overview of the responses from its members following the invasion of Ukraine.
The IASB has issued its February 2022 podcast.
The UK Endorsement Board (UKEB) is undertaking a research project to analyse the impact of potential changes to the subsequent measurement of goodwill under IFRS. The project is intended to provide UK-specific information to the IASB during its re-deliberations on its Discussion Paper Business Combinations: Disclosures, Goodwill and Impairment. Willing participants in this project can find more information on this here.
The UKEB have published its final comment letter in relation to the IASB’s Exposure Draft- Subsidiaries without Public Accountability : Disclosures.
Auditing
FRC encouraged by investors embracing the spirit of the UK Stewardship Code
The FRC has today published an updated list of signatories to the UK Stewardship Code. This now includes successful applicants who submitted their report at the end of October 2021. The FRC received 105 applications which was substantially more than expected, of which 74 were successful. This takes the number of signatories to 199[1], including asset managers with £33 trillion in global assets under management. It is a positive sign that so many investors and service providers want to demonstrate their commitment to effective stewardship.
Sustainability
The International Forum of Accounting Standard Setters (IFASS) held its spring meeting on 8 March as a virtual conference.
Other Areas of Interest
The Director General of financial conduct of the Central Bank spoke recently at the UCD Sutherland School of Law on ‘Changing individual behaviour and culture in financial services”. The topics she touched on included accountability and she spoke about the Individual Accountability Framework (IAF) and what its core components should consist of .She said that when the IAF legislation is enacted the Central Bank will consult and engage with key stakeholders on the operationalisation of the IAF. This consultation will, she said, include draft regulations and accompanying guidance .You can read the news article containing her speech here.
In other news the Central Bank has recently issued its latest Corporate Social Responsibility Annual Report highlighting its efforts to give back to the community and be a good corporate citizen. You can watch the video by following the link on this page and you can read the full report giving details of its many CSR initiatives here .
The Pensions Authority has recently published its Statement of Strategy 2022 – 2024. The Pensions Regulator said the Authority’s most important role is the supervision of scheme trustees and PRSAs. Due to the transposition of the IORP II directive the obligations on scheme trustees are much more demanding and complex and the Authority’s work has become more challenging and extensive with expectation that the Authority must provide much more information and guidance than in the past in addition to supervisory responsibilities. You can read the press release here and the Statement of Strategy here.
In other Pension Authority news, The Irish Regulator recently made a presentation to Society of Actuaries in Ireland on Defined benefit risk management. He said that the content is particularly suitable for pension scheme trustees. A transcript of the presentation has now been made available on the website and you can access it here.
A summary of the outcomes of the recently held FATF Plenary, can be accessed here. It includes tougher global rules to tackle anonymous shell companies with an agreement to revise FATF Recommendation 24 and its Interpretive Note, which require countries to ensure that competent authorities have access to adequate, accurate and up-to-date information on the true owners of companies. The public statement on the revision to R24 can be found here .
The Charities Regulator recently published its latest e zine news magazine, the first of 2022. It contains information on the proposed Charity Classification standard, the New FAQs from the Charity Services Unit and advice on how the reader can support Ukraine.
In other news from the Charities Regulator, it is hosting a lunchtime Information session about its proposed Charity Classification standard. The webinar with have a Q&A session and will be on Monday the 14th of March at 12.30pm.You can click here to get the link to register.
Two new codes of practice developed by the Irish Human Rights and Equality Commission have been launched recently. The codes are legally admissible in evidence in proceedings before the courts, the WRC and the Labour Court. The Code of Practice on Equal Pay provides employers, trade unions and employees with practical guidance on the right to equal pay, how to eliminate pay inequality, and how to resolve pay disputes. The Code of practice on Sexual Harassment and Harassment at Work sets out what is meant by employment-related sexual harassment and harassment, how it can be prevented; and the necessary steps to ensure that organisations are ready to deal with it, and to prevent it from happening again. You can read more about and follow the links to find both codes on the IHREC website.
The Registrar of Credit Unions, spoke recently at Credit Union Development Association 2022 Annual Conference. His remarks focused on financial resilience and critical areas of focus to strengthen resilience, growth in new areas of lending, assessment of the quality of credit union risk management and review of the credit union policy framework and regulatory focus going forward.
For further technical information and updates please visit the Technical Hub on the Institute website.
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