Technical roundup, 3 April

Ireland

• IAASA has published the 2019 quality assurance review reports in respect of eight audit firms that perform statutory audits of public-interest entities (‘PIEs’), such as listed companies, and companies that operate in the banking and insurance sectors.

UK

• The Financial Reporting Council (FRC) has issued updated bulletins as guidance for auditor’s preparing a range of reports – the updates are to align with the revised auditing standards issued in December 2019:
• The FRC and the Chartered Governance Institute have this week published updated guidance about company AGMs and the impact of Covid-19. 
• Charity trustees and preparers of charity accounts have been given new guidance by the SORP-making body, looking at the potential impact of the control measures to contain Covid-19 on their financial reporting.

   

Europe

• The European Financial Advisory Reporting Group (EFRAG) have sent a letter to the IASB re­quest­ing an extension to the public con­sul­ta­tion phase of recent or soon-to-be issued pub­li­ca­tions due to the affects of the coro­n­avirus disease pandemic. In addition, the EFRAG suggests the amendment to IFRS 9 (IBOR Phase 2) should be published quickly after the pub­li­ca­tion of the exposure draft in April 2020 in order to avoid any potential com­pli­ca­tions.

International

• The March 2020 IFRS for SMEs Update is now available.
• The International Federation of Accountants (IFAC) has released the latest installment of its Exploring the IESBA Code educational series: The Conceptual Framework–Step 3, Addressing Threats.
• The International Accounting Standards Board (IASB) expects to issue an exposure draft on its project on the IBOR reform Phase 2 during April 2020 with a comment period of 45 days. In order to maximise the period during which its con­stituents can comment on its draft comment, the European Financial Reporting Advisory Group (EFRAG) has now published pre-con­sul­ta­tion document on the exposure draft.
• The IASB has published a document re­spond­ing to questions regarding the ap­pli­ca­tion of IFRS 9 'Financial In­stru­ments' during the period of enhanced economic un­cer­tainty arising from the COVID-19 pandemic.