Technical roundup 15 June

Jun 14, 2018

Developments of interest this week are outlined.

ROI

UK

  • The Financial Reporting Council (FRC) has issued a Briefing setting out the current ‘hot topics’ of its Corporate Reporting Review function.
  • Wesley R. Bricker, Chief Ac­coun­tant at the US Se­cu­ri­ties and Exchange Com­mis­sion (SEC), gave a speech this week at the Institute of Chartered Ac­coun­tants in England and Wales (ICAEW) on the topic of 'The in­ter­sec­tion of financial reporting and in­no­va­tion'. 

European

  • The Committee of European Auditing Oversight Bodies (the ‘CEAOB’), of which IAASA is a member, has published its Report on the 2017 CEAOB enforcement questionnaire.
  • Accountancy Europe’s Technology Barometer Survey results have been published showing that latest technological advances significantly impact the accountancy profession and plays an increasingly important role in the work of the accountant.

International

  • IAS 29 'Financial Reporting in Hy­per­in­fla­tion­ary Economies' defines and provides general guidance for assessing whether a par­tic­u­lar ju­ris­dic­tion's economy is hy­per­in­fla­tion­ary. The International Practices Task Force (IPTF) of the Centre for Audit Quality (CAQ) monitors the status of 'highly in­fla­tion­ary' countries and its dis­cus­sion document is now available.
  • The IASB has posted to its website an article "Preparing the market for IFRS 17," in which financial jour­nal­ist Liz Fisher discusses how the new Standard affects the investor community.
  • The Committee of Spon­sor­ing Or­ga­ni­za­tions of the Treadway Com­mis­sion (COSO) and the World Business Council for Sus­tain­able De­vel­op­ment (WBCSD) have published, for comment, draft guidance: ‘En­ter­prise risk man­age­ment: Applying en­ter­prise risk man­age­ment to en­vi­ron­men­tal, social and gov­er­nance-re­lated risks’, designed to sup­ple­ment COSO’s updated en­ter­prise risk man­age­ment (ERM) framework, ‘En­ter­prise risk man­age­ment - In­te­grat­ing with strategy and per­for­mance’.