Technical roundup, 22 May

May 21, 2020

Chartered Accountants Ireland

UK

  • The Financial Reporting Council (FRC) has updated its guidance for companies on corporate reporting to explain how they should report exceptional items and alternative performance measures (APMs) in their reports and accounts, in the context of the Covid-19 crisis.
  • The UK Government has now introduced the Corporate and Insolvency Bill to put in place a series of measures to amend insolvency and company law to support businesses impacted by COVID-19.
  • To provide companies with additional information upon which to plan activities over the coming months. in respect of Company filings, AGMs and other general meetings during Covid-19 a further Q&A has been jointly produced by BEIS and the FRC. 
  • The quality of corporate governance and stewardship activity by companies and investors is inevitably of heightened importance during the Covid-19 crisis detailed in a recently issued Corporate Governance Update by the FRC.

Europe

  • The European Financial Reporting Advisory Group (EFRAG) has published its 2019 annual review.

International

  • The International Auditing and Assurance Board (IAASB) has released their Revised Work Plan Table for 2020-2021.
  • The International Accounting Standards Board (IASB) has issued the second in a series of webcasts related to the Request for In­for­ma­tion: Com­pre­hen­sive Review of the IFRS for SMEs Standard issued on 28 January 2020.
  • On 14 May 2020, a web-based outreach event on primary financial state­ments co-hosted by FSR – Danish Auditors and the Con­fed­er­a­tion of Danish Industry (DI) with par­tic­i­pa­tion of IASB and EFRAG rep­re­sen­ta­tives drew a wide international audience. A recording of the event is now available.
  • The International Ethics Standards Board for Accountants (IESBA) Staff have released COVID-19 Q&As Highlighting Ethics & Independence Considerations.