Technical roundup, 14 February

Feb 14, 2020
ROI 
  • As mentioned in Technical Roundup last week the Institute met with the Financial Support Service Unit (FSSU) to discuss the issue of financial statements of primary schools.  There have been no updates to the reporting requirements. CCAB-I have raised a number of significant concerns about the examples set out in this booklet with both the FSSU and the Minister for Education and Skills, including the absence of any reference to a recognised accounting framework and the wording of the proposed accountant’s report.  At present, these concerns have not been resolved although the FSSU are aware of the issues raised and a resolution of same is a work in progress. 
UK
  • The UK-Ireland Charities SORP-making body is pleased to announce fourteen members appointed to the committee that oversees the development of the SORP. Membership of the SORP Committee is drawn from all jurisdictions preparing accounts under UK-Irish accounting rules (Generally Accepted Accounting Practice) which have a charity regulator.
  • New research from the Hampton-Alexander Review has found one third of Board seats at UK FTSE 100 companies are now held by women, ten months ahead of the December 2020 target, however progress to develop the succession pipeline across the FTSE 350 remains slow.
  • The FRC and Department for Business, Energy and Industrial Strategy (BEIS) have published joint letters for accountants and auditors with information regarding auditing, accounting and corporate reporting standards during the transition period following the UK’s exit from the EU.

European

  • How to improve climate-related reporting – A summary of good practices from Europe and beyond’, a report recently issued from the Project Task Force of Climate-related Reporting of the European Lab.
  • Accountancy Europe has launched a paper on SME risk management that explores the accountancy profession’s role in developing a robust risk management culture among their SME clients.
  • Steven Maijoor, Chair of the European Securities and Markets Authority (ESMA), has delivered a keynote address on sustainable finance issues at the European Financial Forum in Dublin this week.

International