Technical roundup 2 November

Nov 01, 2018

Developments of interest this week are set out below. 

Ireland                 

UK

  • The FRC  is launching a major project to challenge existing thinking about corporate reporting and consider how companies should better meet the information needs of shareholders and other stakeholders.

European

  • The European Securities and Markets Authority (ESMA) has published the priorities that the European enforcers will particularly consider when examining 2018 financial statements of listed companies. These priorities are set out in the annual Public Statement on European Common Enforcement Priorities which promotes the consistent application of the International Financial Reporting Standards (IFRS) and other financial and non-financial reporting requirements

International

  • Representatives from the International Accounting Standards Board (IASB) will meet with the Global Preparers Forum (GPF) in London on 6 November 2018. The agenda for the meeting has been released.

  • The IASB has issued 'Definition of Material (Amendments to IAS 1 and IAS 8)' to clarify the definition of ‘material’ and to align the definition used in the Conceptual Framework and the standards themselves. 

  • EFRAG seeks input from preparers of financial statements, in accordance with IFRS, to understand how new proposals from the International Accounting Standards Board (IASB) on how to distinguish between equity and debt in the financial statements, could affect them.