Technical roundup 26 July

Jul 25, 2019

Developments this week are set out below.

UK

  • The Financial Reporting Council (FRC) has announced appointment of Liz Murrall as Chair of the Corporate Reporting Council. Liz is Director Stewardship and Reporting at the Investment Association.Andrew Kail has also been appointed as a member of the Audit & Assurance Council.Andrew is Head of Financial Services and senior audit partner at PwC.

Ireland 

  • The Department of Finance is launching a public consultation Climate Change and Insurance in the context of the “Climate Action Plan 2019 to Tackle Climate Breakdown”.This consultation seeks the views on insurance related matters in a climate change context, and in particular on the challenges posed by flooding (and how it affects the availability of property insurance).The consultation will run from 23 July to 15 October and may be of interest to members in the insurance industry.
  • IAASA has published its annual Profile of the Profession which contains statistical data regarding the eight Prescribed Accountancy Bodies (‘PABs’) within IAASA’s supervisory remit in Ireland for the year 2018.

European

  • The European Securities and Markets Authority (ESMA) have updated the public register of those derivative contracts that are subject to the trading obligation under the Markets in Financial Instruments Regulation (MiFIR).

International

  • The IFRS Foundation is to publish a register to provide a public record of the International Accounting Standard Board members’ engagement with stakeholders.This register will include speaking engagements and meetings (face-to-face, web-based or phone meetings) of more than 30 minutes duration and include the date, location, purpose of each engagement and relevant stakeholder organisation.
  • IFRS 9 webinar: Curing of a credit-impaired financial asset - In March 2019 the IFRS Interpretations Committee considered how a company should present amounts in its statement of profit or loss if a credit-impaired financial asset is subsequently paid in full or no longer credit-impaired (cured).  This webcast summarises the Committee’s discussion and explain the conclusion it reached.