Technical roundup 4 October

Oct 04, 2019

ROI

       Hear from IASB and FRC at Institute event

  • Chartered Accountants Ireland is delighted to host a ‘Meet the Accounting Standard Setters’ event on 30 October 2019, a unique opportunity for accountants in industry and practice to hear representatives of both the FRC and the IASB present an update on developments in their respective accounting standards, UK/Irish GAAP and IFRS. Speakers at the event will be Gary Kabureck, IASB Board member, and Anthony Appleton, Jenny Carter and Phil Fitz-Gerald from the FRC. There is no charge to attend the event but places are limited so booking is essential. Read more.
  • Chartered Accountants Ireland has responded to the FRC Feedback Statement and impact assessment relating to its review of 2016 Auditing and Ethical Standards. In our response to the FRC we highlighted our primary concerns about the proposed updates to the standards.  The response is available on our website as Representation 17/2019.
  • IAASA has today issued Guidance Note 02/2019 on The Audit of Credit Unions. 

 UK

  • The Prudential Regulatory Authority (PRA) has issued a letter to Chief Financial Officers regarding written auditor reporting – thematic feedback from the 2018/2019 reporting period.
  • The Financial Reporting Council (FRC) has issued a revised going concern standard in response to recent Enforcement cases and well-publicised corporate failures where the auditor’s report failed to highlight concerns about the prospects of entities which collapsed shortly after.

Europe 

  • The European Financial Reporting Advisory Group (EFRAG) is consulting on both its assessment of the IASB's Exposure Draft ED/2019/1 Interest Rate Benchmark Reform (proposed Amendments to IFRS 9, IAS 39 and IFRS 7) (the Amendments) against the technical criteria in the EU and on its assessment of whether the Amendments are conducive to the European public good.

International

  • Following the International Accounting Standards Board (IASB's) September 2019 meeting, the work plan has been analysed to see what changes have resulted from the meeting and other de­vel­op­ments since it was last revised in July.