Technical roundup 28 February

Feb 27, 2020

ROI  

  • IAASA, in line with its established policy of publishing selected financial reporting decisions, has this week published financial reporting decisions regarding the accounting treatments applied by Bank of Ireland Group plc, Crown Global Secondaries IV plc, Irish Residential Properties REIT plc, Kerry Group plc, Kenmare Resources plc, and Smurfit Kappa Group plc.

European

  • The European Financial Reporting Advisory Group (EFRAG) has issued a draft comment letter on the IASB exposure draft ED/2019/7 'General Pre­sen­ta­tion and Dis­clo­sures'.
  • Accountancy Europe have issued their SME Jan-Feb Update which includes EU and International developments.
  • The European Commission (EC) recently launched a public consultation on the upcoming revision of the Non-Financial Reporting Directive (NFRD).  The EC has committed to reviewing the NFRD in 2020 as part of its strategy to strengthen sustainable investment in Europe.

International

  • The International Public Sector Accounting Standards Board (IPSASB) has released three in­ter­con­nected exposure drafts: ED 70 'Revenue with Per­for­mance Oblig­a­tions', ED 71 'Revenue without Per­for­mance Oblig­a­tions', and ED 72 'Transfer Expenses'.
  • The IFRS Foun­da­tion Trustees are currently seeking nom­i­na­tions for mem­ber­ship of the SME Im­ple­men­ta­tion Group (SMEIG), which supports the international adoption of the 'International Financial Reporting Standards for Small and Medium-sized Entities' (IFRS for SMEs) and monitors its im­ple­men­ta­tion.
  • A report issued jointly by ACCA and IFAC, Is cash still king? Maximising the benefits of accrual information in the public sector, not only confirms that a complete public sector transition to accrual accounting will serve the public interest, but also contains 30 specific recommendations to improve accrual implementation.