Technical roundup 15 January

Jan 14, 2021

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'.