Technical roundup 26 October

Oct 25, 2018

Developments of interest this week are set out below. 


  • IAASA has published findings of a desk-top review into the bank covenant disclosures given by companies in their 2017/18 annual accounts
  • The Central Bank (CB) has published a consultation paper dealing with potential changes to the lending framework for Credit Unions (together with a regulatory impact analysis). The Bank is seeking feedback from credit unions and other interested parties on the proposals, which have emerged from a review of the framework undertaken during 2018. 
  • The CRO have issued their regular gazette.



  • Two years on from their implementation deadline, Accountancy Europe has issued an overview of member states’ implementation of the new audit rules.  The overview sets out an updated state of play in 30 European countries, including 28 EU Member States.
  • The three European Supervisory Authorities (ESA - ESMA, EBA and EIOPA) have  written a letter to the European Financial Reporting Advisory Group (EFRAG) raising concerns regarding the endorsement process of the International Financial Reporting Standard (IFRS) 17.


  • IASB has issued amendments to IFRS 3, Business Combinations, to improve the definition of a business. The amendments will help companies determine whether an acquisition made is of a business or a group of assets.   
  • The European Financial Reporting Advisory Group (EFRAG) has issued a request for feedback from preparers and users of financial statements to assess the impact of the IASB’s Discussion Paper Financial Instruments with Characteristics of Equity on distinction between debt and equity, by completion of the relevant survey linked in its feedback request.   Completion is requested by 26 November 2018