Technical roundup 21 July

Jul 20, 2017

Developments of interest this week are outlined.

ROI

UK

  • Revisions to International Standards on Auditing (UK): The FRC has issued a revision of ISA (UK) 250 Section A, and has issued revised ISA (UK) 330, along with conforming amendments to other ISAs (UK), effective for audits of financial statements for periods commencing on or after 15 December 2017. Read more at the link here.
  • The FRC has published its Annual Report for 2016/17. It is available on the FRC website at the link here.
  • Summary report of FRC and EFRAG joint outreach event on 4 July - The theme of the event centred around better communication in reporting with a focus on the IASB’s Discussion Paper 'Disclosure Initiative— Principles of Disclosure'. The International Accounting Standards Board® (‘IASB’) participated in the event. This report summarises the feedback from the event and is available on the FRC website here.

European

  • The European Commission has made available the text sent to the European Parliament and the Council of the European Union regarding the endorsement of 'Applying IFRS 9 'Financial Instruments' with IFRS 4 'Insurance Contracts' (Amendments to IFRS 4)'. It can be accessed here.
  • The European Banking Authority (EBA) reports on results from its second impact assessment of IFRS 9 – read the report on the EBA website here.

 International

  • The Financial Stability Board (FSB) has published a statement welcoming the new insurance contracts standard, IFRS 17, which was issued by the International Accounting Standards Board in May 2017. Read more at the link here.