Technical roundup 13 April

Apr 12, 2018

Developments of interest this week are outlined.

ROI

  • The Accounting for Sustainability (A4S) has published its latest Essential Guide on Strategic Planning, Budgeting and Forecasting, which is designed specifically to help finance teams integrate sustainability into the processes used to manage performance and shape corporate strategy.
  • On 9th April 2018 the Property Services Regulatory Authority (PSRA) issued revised application forms for licence renewal applications (PSRA/S35 – Renewal ABC where client accounts are held and PSRA/S35 - Renewal D where service charges and/or sinking fund contributions are paid into a "relevant account”) in accordance with the Property Services (Regulation) Act 2011 (Client Moneys) Regulations 2012 (“the Regulations”).  These new renewal forms replace the 2017 versions and should be used in making 2018 applications for renewals.
  • Chartered Accountants Ireland has recently published Technical Alert 01/2018 Illustrative auditor’s report for the audit of financial statements prepared in accordance with the Micro Companies Regime of Companies Act 2014 and FRS 105.  
  • Chartered Accountants Ireland has recently published Technical Alert 02/2018 Illustrative auditor’s reports on the relevant elements of the Solvency and Financial Condition Report (SFCR) for periods beginning on or after 17 June 2016.This Technical Alert provides illustrative auditor’s reports on the relevant elements of the SFCR, performed in accordance with ISAs (Ireland), the new Irish auditing framework and should be read in conjunction with Section 3 of Technical Alert 13 2016, Guidance for auditors of insurance undertakings in Ireland.    
  • The CRO have issued their regular gazette.

UK

  • The Financial Reporting Council (FRC) has announced plans to enhance its monitoring of the six largest audit firms to avoid systematic deficiencies within firms’ networks, disruption in the provision of statutory audit services and instability in the financial sector.

International

  • The March 2018 IFRS for SMEs Update has been issued which includes information on standard modules and translations.
  • The International Ethics Standards Board for Accountants (IESBA ) has released a completely rewritten Code of Ethics for Professional Accountants that is easier to navigate, use and enforce. Beyond the new structure, the Code brings together key ethics advances over the past four years, and is clearer about how accountants should deal with ethics and independence issues.