Technical roundup 27 November

Nov 26, 2020

Developments of interest this week are outlined.

ROI

  • IAASA has recently issued a paper discussing the audit of accounting estimates.
  • IAASA has this week published an Information Note IFRS 8 Operating Segments – Identification of Chief Operating Decision Maker (CODM).

UK

  • Audit firms have implemented additional measures to enhance their evaluation of companies’ going concern assessments, since the start of the Covid-19 pandemic, according to a Review of completed audits by the Financial Reporting Council (FRC).
  • The FRC has commended all the organisations that worked together to develop the recommendations of the Asset Management Taskforce’s Investing with Purpose report.
  • The government and the FRC have this week published letters to the accounting and audit sectors setting out the UK framework for audit and reporting at the end of the transition period.

International

  • The IASB has published PTU/2020/5 IFRS Taxonomy 2020'General Im­prove­ments and Common Practice — IAS 19 'Employee Benefits'.
  • The IASB has issued an analysis of their work plan since it was last revised in October.
  • The IFRS Foun­da­tion has released a pub­li­ca­tion that shows how existing IFRS re­quire­ments require companies to consider cli­mate-re­lated matters when their effect is material to the financial state­ments.