Technical roundup 11 September

Sep 10, 2020

Developments of interest this week are outlined.

 

ROI

  • The Central Bank has published the fourth edition of the Credit Union PRISM Supervisory Commentary Report. The purpose of this Report is to inform all credit unions on the nature and type of risks identified during Central Bank 2019 supervisory engagements, and related supervisory expectations in addressing such issues.

 

UK

  • The FRC has this week published a draft UK Endorsement Criteria Assessment on the IASB’s amendment Interest Rate Benchmark Reform—Phase 2 (Amendments to IFRS 9, IAS 39, IFRS 7, IFRS 4 and IFRS 16) (the Amendments).
  • The FRC's Financial Reporting Lab is inviting investors and companies to participate in a new project on corporate disclosures on risks, uncertainties and scenarios.  
  • An independent inquiry into public sector auditing has recommended a shake-up of the sector, with a new regulatory body to oversee local authority audit and the introduction of a standardised statement of services and costs. Sir Tony Redmond’s review into the effectiveness of external audit and transparency of financial reporting in local authorities was set up last June and has now published its final report.

European

  • The August 2020 edition of the EFRAG Update, summarising public technical discussions held and decisions taken during that month, has been published.
  • The European Securities & Markets Authority (ESMA) September newsletter has just been issued.
  • Accountancy Europe have released the second blog of their COVID-19 sustainable recovery series.