Technical roundup 26 June

Chartered Accountants Ireland

• Chartered Accountants Ireland has updated the Technical and business updates page on our COVID-19 Hub with updates on Auditing implications of Coronavirus, Financial Reporting implications of Coronavirus and Information for insolvency practitioners.  We have also updated our page on Other Regulator Updates for both ROI and NI / UK in response to COVID-19.  

   

• IAASA has extended its consultation period on its proposal to revise the Ethical Standards for Auditors (Ire) to Friday, 17 July at 5pm.
• IAASA has published its Annual Report 2019.

Europe

• Accountancy Europe (AE) have issued their June Audit Policy Update which discusses the impact of the Coronavirus on ongoing audits and other EU/International developments.
• AE have produced a briefing paper titled ‘How do multidisciplinary teams contribute to audit quality’?
• AE have released a Joint statement via a group of stakeholders with an interest in sustainable finance on the revision of the non-financial reporting directive in the context of Covid-19.
• AE have recently published ‘Coronavirus’ impact on ongoing audits’ – Analysis of guidance for European auditors.

International

• The International Accounting Standards Board (IASB) has issued amendments to IFRS 17 Insurance Contracts aimed at helping companies implement the Standard and making it easier for them to explain their financial performance.
• The International Federation of Accountants (IFAC) continues to speak out on behalf of the global accounting profession on the topic of non-financial reporting, most recently in response to the European Commission’s review of the Non-Financial Reporting Directive (NFRD).
• The staff of the International Public Sector Accounting Standards Board (IPSASB) has developed a Q&A document high­light­ing the relevant standards and guidance for the public sector in applying the Board’s current guidance to provide clear, com­pa­ra­ble, and relevant in­for­ma­tion on climate change.
• The IFRS Foun­da­tion has announced a virtual con­fer­ence which will combine the annual IFRS Foun­da­tion con­fer­ence with the annual World Stan­dard-set­ters con­fer­ence. The virtual con­fer­ence will be held on 28–29 September 2020.