Technical roundup, 3 April

Apr 03, 2020
Chartered Accountants Ireland 

Chartered Accountants Ireland has updated the Technical and business updates page on our COVID-19 Hub with updates on Auditing implications of Coronavirus, Financial Reporting implications of Coronavirus and Information for insolvency practitioners.  We have also updated our page on Key Stakeholder Updates for both ROI and NI / UK in response to COVID-19.

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.