Technical roundup 5 June

Jun 05, 2020

Chartered Accountants Ireland

Ireland

  • The Minister for Business, Enterprise & Innovation, Heather Humphries TD, has appointed Clodagh Hegarty and Ronan Nolan as members of the Board of the Authority, on the nomination of the Prescribed Accountancy Bodies.
  • IAASA has created a Covid hub on its website which includes statements and publications from various regulatory bodies in the context of Covid-19. It also includes a statement from IAASA on the challenges for audit arising from Covid-19.

UK

  • The Department for Business, Energy and Industrial Strategy (BEIS) has published factsheets with an explanation of each of the measures included in the recently introduced Corporate Insolvency and Governance Bill 2020.
  • The Financial Reporting Council (FRC) has completed its annual review of FRS 101 Reduced Disclosure Framework and made minor amendments, for consistency, to the disclosure exemptions relating to the statement of cash flows.

Europe

  • Accountancy Europe have issued their May newsletter which features news, policy updates and new publications.
  • The European Financial Reporting Advisory Group (EFRAG) has issued a draft comment letter on the IASB dis­cus­sion paper DP/2020/1 'Business Com­bi­na­tions — Dis­clo­sures, Goodwill and Im­pair­ment'.
  • EFRAG has completed its due process regarding Covid-19-Related Rent Concessions (Amendment to IFRS 16) and has submitted its Endorsement Advice Letter to the European Commission.

     

International  

  • The IAASB's International Standard on Auditing (ISA) 540 (Revised) Implementation Working Group has prepared illustrative examples for auditing simple and complex accounting estimates.