Technical roundup 16 October

Developments of interest this week are outlined.

Chartered Accountants Ireland

• Chartered Accountants Ireland has updated the Technical and business updates page on our COVID-19 Hub with updates on Financial Reporting implications of Coronavirus.

UK

• The FRC Lab has published a set of tips intended to help companies consider what content to include in a Section 172 statement, how to present it and how to facilitate the process of preparing the statement.
• With COVID-19 continuing to impact us all, many companies are facing a challenging year-end. While the uncertainty creates risks for annual reporting it also presents opportunities. The FRC Lab has released two short guides which cover some critical areas of focus for 2020 year-ends.

European

• The European Fed­er­a­tion of Ac­coun­tants and Auditors for SMEs (EFAA) has published the results of a survey that examined the extent of har­mon­i­sa­tion of the accounting for in­tan­gi­bles by SMEs across Europe.
• The EFRAG have issued an update to their Endorsement Status Report to reflect the endorsement by the EC of Amendments to IFRS 16 Leases Covid 19-Related Rent Concessions.

International                                       

• A summary of recent sustainability reporting de­vel­op­ments at CDSB, TNFD, GRI/SASB, GRI, PRI, in New Zealand and Hong Kong, at Ac­count­Abil­ity, IAASB and CAQ has been issued.
• Accountancy Europe has welcomed the new EU sustainable corporate governance initiative.
• The September 2020 IFRIC Update has just been released.