Welcome to this week’s Technical Roundup.
In developments this week, The International Auditing and Assurance Standards Board has released two guides to help stakeholders implement its suite of quality management standards; The IFRS Foundation is inviting users of its website to comment on the kind of digital content it creates and Accountancy Europe have published SME risk management: sustainability which explains how and why SMEs need to put sustainability at the forefront.
Read more on these and other developments that may be of interest to members below.
Audit
IAASB release guides on quality management
The International Auditing and Assurance Standards Board (IAASB) has released two guides to help stakeholders implement its suite of quality management standards. The guides will help stakeholders understand the standards and properly implement the requirements in the manner intended.
Financial Reporting
The IFRS Foundation is inviting users of its website to comment on the kind of digital content it creates.
The European Financial Reporting Advisory Group (EFRAG), the European Federation of Financial Analysts Societies (EFFAS), the Association Belge des Analystes Financiers (ABAF/BVFA), and the International Accounting Standards Board (IASB) will host a joint webinar on 12 July 2021 on the proposals in the IASB’s Exposure Draft (ED) ‘Regulatory Assets and Regulatory Liabilities’.
The International Accounting Standards Board (IASB) will be holding a live webinar on the Discussion Paper Business Combinations under Common Control on 30 June 2021. Board Member Bruce Mackenzie and technical staff will discuss feedback received in the initial outreach activities, and address some of the frequently asked questions from stakeholders.
Sustainability
The 14th European Development Days (EDD), a leading global forum on international partnerships and cooperation, this week began to reflect on the road to the UN Biodiversity Conference (CBD) COP15 in Kunming in October and COP26 in Glasgow in November 2021.
The European Financial Reporting Advisory Group (EFRAG) Secretariat seeks comments from stakeholders on its Public Consultation Paper: EFRAG Due Process Procedures on EU Sustainability Reporting Standard-Setting. Comments are welcome by 15 September 2021. The proposal for a CSRD requires that EFRAG’s Technical Advice is prepared with ‘proper due process, public oversight and transparency, and with the expertise of relevant stakeholders, and it is accompanied by cost-benefit analyses that include analyses of the impacts of the Technical Advice on sustainability matters’, contributing to the delegated acts through which the ESRS will be adopted in the EU. Read more here.
Small businesses are at the heart of our economies. Accountancy Europe have published SME risk management: sustainability which explains how and why SMEs need to put sustainability at the forefront. It outlines how accountants can help SMEs become more sustainable organisations so they can deal with these new realities.
Other areas of interest
The European Securities and Markets Authority (ESMA), the EU’s securities markets regulator, has published its Annual Report, which reviews its achievements in 2020 against its priorities and objectives in meeting its mission of enhancing investor protection and promoting stable and orderly financial markets in the European Union. Read more here.
For further technical information and updates please visit the Technical Hub and the Covid-19 Hub on the Institute website.
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