Technical roundup 22 February

Feb 21, 2019

Developments of interest this week are set out below.   

Ireland                 

  • The Central Bank of Ireland has published a paper dealing with challenges currently facing credit unions as they seek to meet developing needs of members.  The paper, “Business Model Strategy: Guidance for Credit Unions”, sets out guidance to help support credit unions in adopting a structured, risk-focused approach to business model strategy, while setting out the Central Bank’s key risk considerations and related supervisory expectations.
  • The CRO has issued its regular gazette.

European

  • The European Financial Reporting Advisory Group (EFRAG) has announced the appointment of members to the European Lab Steering Group’s Project Task Force on climate-related reporting.  Activities in this area will commence with a conference on ‘Fostering Innovation in Corporate Reporting’ on 5 March 2019. 
  • From January 2020, EU law will require listed companies to report their financial statements in the European Single Electronic Format (ESEF). This harmonised format makes reports machine-readable and will facilitate access, analysis and comparability of financial statements, serving to support investors in their investment decisions. Accountancy Europe has issued a factsheet giving an overview of the new requirements and including practical advice for preparers of financial statements and implications for statutory auditors.
  • Accountancy Europe has issued a report setting out an update on the ‘state of play’ regarding implementation of EU audit requirements across the various member states. The report also analyses Member States’ decisions and shows outcomes regarding:
    • providing non-audit services
    • mandatory audit firm rotation
    • organising public oversight
  • The European Commission is consulting on proposed supplementary material to its non-binding guidelines on non-financial reporting, with specific focus on climate-related information.  Stakeholders are invited to comment on the material by 20 March 2019.