Technical roundup, 21 February

Feb 20, 2020

Ireland

 UK 

  • The Financial Reporting Council (FRC) has announced a major review of how companies and auditors assess and report on the impact of climate change. It will review the extent to which UK companies and auditors are responding to the impact of climate change on their business to ensure reporting requirements are being met.  
  • The FRC has this week published guidance for companies on disclosure of risks and other reporting consequences arising from the emergence and spread of Coronavirus (COVID-19).

European

  • A recently issued Accountancy Europe publication sets out how European countries have transposed the Non-Financial Reporting Directive 2014/95/EU (the NFRD) into national law and the impact on the role of the statutory auditor and independent assurance services provider.
  • Accountancy Europe have issued their February Audit Policy Update which includes a feature on MEPs’ concerns about the audit sector and significant revisions to the IESBA Code of Ethics.
  • At a launch event on 17 February 2020 in Brussels, the Alliance for Corporate Trans­parency presented a report that analysed the in­for­ma­tion that companies disclosed on their en­vi­ron­men­tal and societal risks and impacts following the re­quire­ments in­tro­duced by the EU Non-Fi­nan­cial Reporting Directive.

 International

  • At the joint stake­holder event hosted by the IFRS Foun­da­tion and the European Financial Reporting Advisory Group (EFRAG) during the meeting of the Trustees in Brussels on 18 February, par­tic­i­pants discussed 'Financial reporting: remaining relevant in a changing en­vi­ron­ment'.
  • The International Forum for Independent Audit Regulators (IFIAR) has released a report on the results of its eighth annual survey of inspection findings arising from its member regulators’ individual inspections of audit firms affiliated with the six largest global audit firm networks