Developments of interest this week are outlined.
Chartered Accountants Ireland
Technical Hub
As previously advised, Chartered Accountants Ireland has launched a Technical Hub for members. This new resource replaces CHARIOT from 1 January 2021 and follows the “Hub-based” approach already in use elsewhere by the Institute. The Hub contains content on audit & assurance, financial reporting, insolvency, links to legislation, and a wide range of proprietary Institute content.
The hub can be found on the Institute’s website here. A mapping document has been prepared which outlines where content previously found on CHARIOT can now be found on the Technical Hub.
ROI
UK
- After the end of the transition period on 31 December 2020, the UK ceased to apply EU law. IFRSs adopted by the EU at that point of time were incorporated into Domestic UK law as IFRSs as adopted by the UK. The Secretary of State for Business, Energy and Industrial Strategy (BEIS), who has been given the power of endorsing and adopting international accounting standards while the UK Endorsement Board (UKEB) is still being established, has now adopted two amendments to IFRSs for use within the UK.
- The FRC has issued a podcast on Reflections from the Financial Reporting Lab
Europe
- The endorsement by the European Commission of Amendments to IFRS 9, IAS 39, IFRS 7, IFRS 4 and IFRS 16 Interest Rate Benchmark Reform – Phase 2 is now reflected in the updated EFRAG Endorsement Status Report.
- Accountancy Europe has responded to the consultation document on the ad personam mandate on potential need for changes to the governance and funding of EFRAG in the context of possible changes to non-financial reporting by companies.
International
- The IFRS Foundation has published educational material to support companies in applying going concern requirements.
- The IFRS Foundation is offering three webinars aimed at identifying how academics can contribute to the post-implementation reviews of IFRS 9 'Financial Instruments', IFRS 15 'Revenue from Contracts with Customers', and IFRS 16 'Leases'.