Technical roundup, 11 October

Oct 11, 2019

ROI

  • As members may have read in our October Practice Matters the Department of Education and Skills issued requirements on the preparation and submission of financial statements for primary schools.  We wrote to the department raising a number of concerns.  We have not had any communication from the department following this letter and we are aware that revised guidelines have now been issued.  We will consider the practical impact of these guidelines and will update members. 
  • Hear from IASB and FRC at Institute Event - Chartered Accountants Ireland is delighted to host a ‘Meet the Accounting Standard Setters’ event on 30 October 2019, a unique opportunity for accountants in industry and practice to hear representatives of both the FRC and the IASB present an update on developments in their respective accounting standards, UK/Irish GAAP and IFRS. Speakers at the event will be Gary Kabureck, IASB Board member, and Anthony Appleton, Jenny Carter and Phil Fitz-Gerald from the FRC. There is no charge to attend the event but places are limited so booking is essential. Read more.
  • The Accounting Committee of Chartered Accountants Ireland has responded to The European Financial Reporting Advisory Group (EFRAG) consultation on Interest Rate Benchmark Reform.
  • IAASA has recently issued Guidance Note 02/2019 on The Audit of Credit Unions. 

UK

  • The Financial Reporting Council (FRC) have published their findings relating to thematic reviews recently conducted to analyse companies’ disclosures for the new requirements and for existing requirements on the Impairment of Non-financial Assets.
  • The Financial Reporting Council’s new leadership team of Simon Dingemans and Sir Jon Thompson have taken up their respective leadership roles as Chair and Chief Executive.

Europe 

  • The European Financial Reporting Advisory Group (EFRAG) has issued a draft comment letter on the IASB exposure draft ED/2019/6 'Dis­clo­sure of Accounting Policies (Proposed amend­ments to IAS 1 and IFRS Practice Statement 2)'.

International