Technical roundup 25 September

Sep 24, 2020

Developments of interest this week are outlined. 

Chartered Accountants Ireland

  • Chartered Accountants Ireland has updated our page on Other Regulator Updates for both ROI and NI / UK in response to COVID-19.   

ROI

  • The Central Bank of Ireland have issued their Quarterly Bulletin 3 for 2020.
  • IAASA has published its annual Observations paper highlighting some significant topics that those charged with governance should consider when preparing their financial statements for 2020.

UK

  • The new UK Stewardship Code took effect in January 2020 to support prospective signatories in meeting the higher expectations set by the Code.  The Financial Reporting Council (FRC) will publish a Review of Early Reporting and is hosting a webinar to coincide with the launch of the Review on the morning of 30th September.
  • Ahead of the next reporting cycle for financial statements, the FRC has just published two reviews into the reporting of revenue and leases identifying a number of critical areas where companies need to improve their reporting.   

 European

  • The three European Supervisory Authorities (EBA, EIOPA and ESMA - ESAs) have issued their first joint risk assessment Report of the financial sector since the outbreak of the COVID-19 pandemic.

 International

  • The International Auditing and Assurance Standards Board (IAASB) this week opened a public consultation, Fraud and Going Concern in an Audit of Financial Statements: Exploring the Differences Between Public Perceptions About the Role of the Auditor and the Auditor’s Responsibilities in a Financial Statement Audit. The consultation will remain open until January 12, 2021.
  • The IAASB invites you to listen in to a high-level roundtable discussion between global leaders, stakeholder groups and the IAASB addressing differences between public perceptions and the auditor’s responsibilities as well as feedback on the new and revised auditor reporting standards on September 28 at 8:15 am live streaming on YouTube.