Technical roundup 2 March

Mar 02, 2018

Ireland

  • The Construction Workers Pension Scheme has confirmed arrangements agreed in previous years continue to apply to 2018 Letters of Compliance.  
  • Statement of Insolvency Practice (SIP) 15B ‘Dealing with employee claims’ has been updated to address the requirements of the Companies Act 2014.  The main purpose of this SIP is to address the insolvency practitioner’s responsibility in dealing with employees, when appointed as a liquidator or receiver to an insolvent company.  The SIP is effective for assignments commencing on or after 1 March 2018.  The SIP has been prepared in consultation with the CCAB-I Insolvency Committee and is available here.

UK

  • FRC comments on Charity Commission for England and Wales report.  The FRC responded to the recently published report ‘Accounts monitoring: Reporting of matters of material significance by auditors at link.

International

  • The European Financial Reporting Advisory Group (EFRAG) has published a discussion paper 'Equity Instruments - Impairment and Recycling' to gather constituents’ views on recycling and impairment of equity instruments designated at fair value through other comprehensive income to develop its technical advice to the European Commission.  
  • EFRAG has issued a background briefing paper on the level of aggregation requirements of IFRS 17 ‘Insurance Contracts’.  This is the first of three background briefing papers being issued on the requirements of IFRS 17.  Constituents that wish to comment can do so before 30 April 2018.