Technical roundup 3 July

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 Other Regulator Updates for both ROI and NI / UK in response to COVID-19.  

   

Ireland

• IAASA has this week published a further compendium of financial reporting decisions. These decisions include instances where the company voluntarily agreed to enhance its accounting treatment or disclosures in future financial reports to address matters identified in the course of IAASA’s examinations.
• The Charities SORP Making Body have recently issued ‘Information sheet 6: Irish Charities - Merger Accounting and Republic of Ireland Company Law’, the purpose of which is to clarify the position in relation to Republic of Ireland company law with respect to paragraph 27.4A of the Charities SORP (FRS 102) (second edition).

   

UK

• In a recently issued podcast Phil Fitz-Gerald, Director of the Financial Reporting Council (FRC) Lab, discusses two new reports on investor disclosures during the Covid-19 crisis.
• Audit firms in the UK have introduced a range of additional measures to enhance their evaluation of companies’ going concern assessments, since the start of the Covid-19 emergency, according to a review initiated and undertaken by the FRC.
• The Corporate Insolvency and Governance Bill received royal assent on 25 June and is now an Act.The measures in this Act will relieve the burden on businesses during the coronavirus (COVID-19) outbreak and allow them to focus all their efforts on continuing to operate.

Europe

• Accountancy Europe have issued their May/June Sustainable Finance Update.

International

• The International Accounting Standards Board (IASB) have issued in addition to 'Amend­ments to IFRS 17' also 'Extension of the Temporary Exemption from Applying IFRS 9 (Amend­ments to IFRS 4)'.
• The IASB is currently working on a research project on com­bi­na­tions of busi­nesses under common control as IFRS 3 'Business Com­bi­na­tions' only covers how to account for mergers and ac­qui­si­tions between unrelated parties.
• The June 2020 IASB podcast is now available.
• The IFRS Foun­da­tion has published its annual report and audited financial state­ments for the year ended 31 December 2019.