Technical roundup, 24 April

Apr 24, 2020

Chartered Accountants Ireland 

 UK

  • The Financial Conduct Authority in the UK has extended the submission deadlines for certain regulatory returns that are due up to and including 30 June 2020.
  • The Financial Reporting Council (FRC) has published further guidance on modified auditors’ opinions and reports during the COVID-19 crisis.
  • On 28 March 2020, the Secretary of State for Business Energy and Industrial Strategy, Alok Sharma MP, announced that the UK Government would bring forward legislation to assist those companies for which COVID-19 restrictions make it difficult to meet statutory obligations to hold meetings and to file documentation on the Companies Register.  A Q&A has been designed to provide additional information upon which to plan activities over the coming months.

     

Europe

  • EFRAG has published its draft comment letter in response to the IASB's Exposure Draft ED/2020/1 Interest Rate Benchmark Reform - Phase 2 (proposed amendments to IFRS 9, IAS 39, IFRS 7, IFRS 4 and IFRS 16) and seeks constituents' views on the proposals. Comments on the draft comment letter are requested by 15 May 2020.
  • The ESMA have issued the thirteenth edition of their Newsletter.

International

  • The International Accounting Standards Board has this week decided to propose an amendment to the standard IFRS 16 Leases to help companies account for COVID-19-related rent concessions.
  • Public consultation is underway on the second comprehensive review of the IFRS for SMEs Standard following the International Accounting Standards Board’s publication of the Request for Information (RFI) on 28 January 2020. The comment period for the RFI runs until 27 October 2020.
  • Following the IASB's April 2020 sup­ple­men­tary meeting, the work plan has been analysed to take account of the changes that resulted from the meeting and other de­vel­op­ments since it was last revised in March 2020, changes are numerous due to the COVID-19 situation.