Technical roundup 25 October

Oct 24, 2019

ROI

UK

  • With the majority of partner level roles being held by white men, the audit and accountancy profession is lagging behind business when it comes to the diversity of senior management according to new research by the Financial Reporting Council (FRC), the findings of which are contained in its upcoming Key Facts and Trends in the Accountancy Profession Report.
  • The FRC has launched an online survey asking re­spon­dents about what in­for­ma­tion they need as part of a major project to inspire the future of corporate reporting.
  • A new report from the Financial Reporting Lab of the FRC reveals that companies are falling short of investors’ ex­pec­ta­tions for clearer reporting on cli­mate-re­lated issues. It notes that while reporting on climate change is an evolving practice, investor ex­pec­ta­tions are changing rapidly.
  • The FRC has recently launched a substantial and ambitious revision to the UK Stewardship Code. The new Code raises expectations for how money is invested on behalf of UK savers and pensioners.

Europe 

  • The European Se­cu­ri­ties and Markets Authority (ESMA), in their annual Public Statement, detail their focus on common enforcement priorities and reviewing other considerations for listed companies' 2019 financial state­ments.
  • Today’s economy needs to undergo an urgent and radical transformation to achieve climate-neutrality and sustainability. As a first step in this direction, Accountancy Europe recommends five steps to revise the Non-Financial Reporting Directive (NFRD) and strengthen non-financial reporting requirements in their recently issued Sustainability Update.

International  

  • Tom Seidenstein Chair, International Auditing and Assurance Standards Board presented on 4 October to the Institute of Chartered Accountants of England and Wales’s Audit Conference on the Future of International Standard-Setting.