Welcome to this week’s Technical Roundup.
In developments this week, the CCAB-I Insolvency Committee has recently published
Technical Alert 02/2022 Small Companies Administrative Rescue Process and an additional guidance document
Small Companies Administrative Rescue Process - practical guidance for company directors in a Q&A style and the Central Bank deputy governor recently spoke at the Irish Economic Association Annual Conference on the launch of the Irish Society for Women in Economics (ISWE).
Read more on these and other developments that may be of interest to members below.
Auditing
The Irish Auditing and Accounting Supervisory Authority (IAASA) has published its 2021 Annual Audit Programme and Activity Report.
This report provides a summary of the activities performed by IAASA during 2021 to oversee the audit profession in Ireland. The report outlines the outcome of IAASA’s quality assurance review of auditors of public–interest entities as well as IAASA’s oversight of the recognised accountancy bodies who supervise auditors of other Irish entities.
https://iaasa.ie/News/2022/IAASA-publishes-its-AAPA-Report-for-2021
Financial Reporting
The International Public Sector Accounting Standards Board (IPSASB) has issued a
consultation paper.
Insolvency
The Institute has launched a webpage on the
Small Companies Administrative Rescue Process known as SCARP. The purpose of SCARP is to provide an alternative to examinership, for the benefit of small and micro companies, which is more accessible and cost efficient than the existing examinership process and capable of conclusion within a shorter period of time and to assist viable small and micro companies to remain in business while trading through periods of temporary difficulty.
This webpage includes a series of resources to assist members including an overview of the process and timeline, main differences between SCARP and examinership, practical questions and answers and link to a recently hosted webinar and other resources that may be of assistance to members.
In addition, the CCAB-I Insolvency Committee has recently published
Technical Alert 02/2022 Small Companies Administrative Rescue Process and an additional guidance document
Small Companies Administrative Rescue Process - practical guidance for company directors in a Q&A style.
This Technical Alert highlights the features of the Companies (Rescue Process for Small and Micro Companies) Act 2021. This Technical Alert and guidance document are both available on our website.
Sustainability
The International Public Sector Accounting Standards Board ® (IPSASB) has issued a
consultation paper 'Advancing Public Sector Sustainability Reporting'. The aim of the public consultation process is to evaluate the demand from stakeholders for global public sector specific sustainability reporting guidance, as well as the degree of support for IPSASB developing such guidance, the priority areas for coverage, and how this might be approached. Comments are requested by September 9, 2022.
Anti-Money Laundering and Sanctions
The recent Queen’s speech to the Houses of Parliament in the UK announced further measures to strengthen powers to tackle illicit finance, reduce economic crime and help businesses grow in the form of an Economic Crime and Corporate Transparency Bill. Any additional information will be reported as it emerges.
Europol recently
published an infographic on crypto investment scams, how they work ,warning signs and how to protect yourself against crypto currency scams.
In other news on crypto assets, this week the
UK Financial Conduct Authority notes that it has not been given regulatory oversight over direct investments in crypto assets and non-fungible tokens and reminds consumers of the risks of investing in crypto assets.
Other Areas of Interest
You can find out more about the new
Charities Act (Northern Ireland) 2022 and any potential impact on your charity via the Commission’s online information session, which is available to watch
on YouTube.
The EU Commission has commissioned a study on health and safety measures at work. The survey aims to collect employers’ views on economic effects following possible changes of European legislation on occupational safety and health.
Find out more details and complete the survey here.
The Minister for Finance recently delivered a keynote speech to Banking Payments Federation of Ireland on the future of retail banking. He discussed the Retail Banking Review and referred to the Retail Banking Dialogue which has been organised for May 16th.The dialogue will be used as the platform for launching a public consultation on retail banking. The consultation will address a number of matters including how the retail banking sector can best support consumers and SMEs in moving to a low carbon future.
You can read these and his other remarks here.
The Central Bank Governor spoke today (12 May) to IBEC National Council on the Central Bank’s latest views on the overall economic outlook, inflation and monetary policy, and some medium-term issues for the Irish economy: the housing market and fiscal policy.
You can read his comments here.
The Central Bank deputy governor recently spoke at the Irish Economic Association Annual Conference, on the launch of the Irish Society for Women in Economics (ISWE). She discussed the latest economic outlook including the effects on that of the Russian invasion of Ukraine. She also mentioned energy costs and an expected tightening of the labour market.
You can read her remarks here.
Business in the Community Ireland (BICI) has spearheaded the first report into measuring and setting workforce targets for diversity and inclusion. BICI worked with Deloitte Ireland, to produce the report which was launched recently. Based on data from 50 companies, it will offer a baseline in measuring progress in the years ahead. Successive annual reports will be able to benchmark progress across inclusion and diversity while businesses and companies will be able to learn from each other on how goals were achieved.
You can read more here and
download the report here.
A new round of the
Online Retail Scheme was opened recently. It supports Irish based retailers looking to grow and improve sales online and to strengthen their ecommerce capabilities. There is €9.3 million available in this round of funding. The scheme closes for applications on 1 June 2022 and
you read more about it here also.
Ireland’s first Artificial Intelligence (AI) Ambassador was appointed recently. She will also be a member of the Enterprise Digital Advisory Forum. The newly appointed AI Ambassador Dr Patricia Scanlon said she looks forward to working to demystify AI and promoting the positive impacts it can have. She will take part in a National Youth Assembly on AI which will be convened in September 2022.
You can read more details on the appointment here.
A new Enterprise Digital Advisory Forum has been established recently to support the Government in driving digitalisation of enterprise across Ireland.
You can read more details about it here.
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