Technical roundup 29 June

Jun 27, 2018

Developments of interest this week are outlined.

ROI   

  • IAASA has published its 2017 Annual Report.  The Report, which was laid before the House of the Oireachtas in recent days, details the work the Authority carried out throughout 2017 across its various areas of responsibility.
  • The CRO have issued their regular gazette.


UK

  • The Financial Reporting Council has this week issued a consultation on proposed amendments to the FRC Taxonomies to support the objectives of enhancing the quality and accessibility of financial reporting in the UK and to enable digital reporting of IFRS and UK GAAP standards. 
  • Investors are calling on companies to reassess how they report their performance metrics, according to a new report from the Financial Reporting Lab (the Lab).
  • The FRC has recently withdrawn Practice Note 26 – Guidance on Smaller Entity Documentation. The current version of the Practice Note was issued in December 2009, and no longer supports the documentation requirements of a high quality audit.
  • Sir Win Bischoff, Chairman FRC, speaks on corporate reporting at the FRC's Financial Reporting Lab's Conference, Reporting Now!

International

  • On 5 June 2018, CFA Institute and the IFRS Foundation hosted a panel debate at the Guildhall in London, asking whether traditional metrics are still relevant amidst rapid technological advancements.
  • The June IASB Update has been issued which includes summaries of discussions at the recent IASB and FASB joint education meeting and the monthly IASB meeting.