Technical roundup 20 September

Sep 19, 2019

The Institute launches its “Meet the Accounting Standard Setters” event, while IAASA and the FRC publish guides on Governance and Brexit respectively

ROI

  • Meet the Accounting Standard Setters

    Chartered Accountants Ireland will host an event on 30 October 2019, a unique opportunity for accountants in industry and practice to hear representatives of both the FRC and the IASB present an update on developments in their respective accounting standards, UK/Irish GAAP and IFRS. Speakers at the event will be Gary Kabureck, IASB Board member, and Anthony Appleton, Jenny Carter and Phil Fitz-Gerald from the FRC. There is no charge to attend the event but places are limited so booking is essential.

  • Getting Your Business Brexit Ready – A guide has recently been issued by the Irish Government which sets out nine practical steps that all businesses, large and small, should take now to prepare for the UK’s departure from the EU.
  • IAASA, Ireland’s accounting enforcer, has this week published its annual Observations paper highlighting some significant topics that those charged with governance should consider when preparing their financial statements for 2019.
  • IAASA has today issued a Guidance Note 01/2019 on The Duty of Auditors to Report to the Director of Corporate Enforcement.

 UK  

  • The UK/Ireland Statements of Recommended Practice (SORP) making body is launching a new pan UK pan Ireland process for developing the next SORP. They will be actively recruiting engagement partners, individuals or organisations, who want to help.
  • To assist with preparations for the UK's exit from the EU, the Financial Reporting Council (FRC) is writing to Audit Committee Chairs and Finance Directors setting out some of the generic actions companies should consider in advance of the UK’s exit. 

International

  • The International Auditing & Assurance Board (IAASB’s) public report summarizing the board’s achievements from January 1, 2016 to June 30, 2019, has been released. This period, chaired by Professor Arnold Schilder, is reported as being one of great productivity for the board.