Welcome to this week’s Technical Roundup.
In developments this week, the FRC has published the annual review of corporate reporting which outlines the top ten areas where improvements are needed, IAASA has published a video briefing for audit committees and the EFRAG has released it’s third of three podcasts on “good practices in reporting the business model, sustainability risks and opportunities”. The Financial Reporting Lab has published a report to help companies prepare for mandatory TCFD reporting.
Read more on these and other developments that may be of interest to members below.
Financial Reporting
The Financial Reporting Council (FRC) has published its Annual Review of Corporate Reporting, which outlines the FRC’s ‘top ten’ areas where improvements to reporting are required. These include reporting on judgements and estimates, revenue and cash flow statements. https://frc.org.uk/news/october-2021/frc-to-focus-on-climate-related-reporting-as-new-d
The IASB has prepared a series of five bitesize webcasts on the Exposure Draft Management Commentary. This has been produced to address frequently asked questions about the International Accounting Standards Board’s proposals for a new framework for preparing management commentary.
The European Financial Reporting Advisory Group (EFRAG) released it’s third of three podcasts on “good practices in reporting the business model, sustainability risks and opportunities”. This third and final episode in the series highlights the current and potential role of technology in sustainability reporting.
FRC publishes oversight responsibilities and independent supervisor reports
The FRC has also published its annual report to the Secretary of State for Business, Energy, and Industrial Strategy (BEIS) on how the FRC has discharged its oversight responsibilities in 2020/21 and its Report of the Independent Supervisor on Auditors General.
The Financial Reporting Lab (the Lab) has published a report to help companies prepare for mandatory TCFD reporting. It includes practical advice and examples that better address aspects of TCFD reporting from those companies already adopting the framework on a voluntary basis.
https://frc.org.uk/news/october-2021/preparing-for-mandatory-tcfd-reporting,-including
Auditing
IAASA have published videos for those who would like to view their recent Audit Committee Briefing.
Sustainability
57 organizations have released an open letter for the European Union to act on ESG disclosure standards. They encourage the European Commission to promote a global baseline set of standards through supporting the IFRS Foundation on the launch of the International Sustainability Standards Board (ISSB).
The Irish Central Bank Deputy Governor Sharon Donnery was a panellist at the recent awards ceremony for G20 Tech Sprint 2021 on green and sustainable Finance where the central banks’ mandate and roles in the area was discussed including the dedicated climate change units.
Fraud and money laundering
Read Mairead Mc Guinness’ recent opening statement before the European Parliament on increased efforts to fight money laundering including the proposed single rule book and the new EU supervisory authority.
The UK Government recently published a fraud sector charter containing an assessment of fraud threats in the accountancy sector. This voluntary charter sets out actions to tackle fraud in the accountancy sector including improving information regarding fraud and enhancing Companies House data.
The UK National Economic Crime Centre has launched a campaign aimed at raising awareness of payment diversion fraud. The aim is to help small and medium sized businesses and home-buyers protect themselves. Click here to read more about the campaign.
The European Data Protection Supervisor recently issued its latest newsletter which contains information on the EDPS views on matters such as the European Commission’s proposed Anti-Money Laundering legislative package which it supports but suggests improvements to protect individuals’ personal data.
Other Areas of Interest
The Department of Enterprise Trade and Employment has published the revised work safely protocol recently. Entitled the “COVID-19 National Protocol for Employers and Workers” it has been reviewed by employers and employee representative groups following the most recent public health advice received by Government. On 20 October 2021, a guidance note was published by the Labour Employer Economic Forum, which supports the guidance set out in the Protocol.
Following on from its recent Annual Conference 2021 - Opportunities and Aspirations for the Assisted Decision-Making (Capacity) Act 2015, the National Disability Authority has added presentations and other resources to their website. Also, recordings of the conference sessions can be watched via the NDA Youtube channel.
The Property Services Regulatory Authority (PSRA) issued its Annual Report which presents an overview of the activities and outputs of the Authority in 2020.
For further technical information and updates please visit the Technical Hub and the Covid-19 Hub on the Institute website.
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