Technical Roundup 5 March

Mar 04, 2021

Welcome to this week’s Technical Roundup.  

In developments this week, the FRC discusses why challenge of management and a challenge culture is critical to high quality audit; the UKEB has responded to the recent IASB consultation on the proposed amendment to IFRS 16 Leases; IFAC recently released the final instalment in its series Exploring the IESBA Code; the FRC encourages more transparency when reporting against the UK Corporate Governance Code; and Accountancy Europe have issued their March newsletter covering a range of topics.
Read more on these and other developments that may be of interest to members below. 

Financial Reporting  

  • The UK Endorsement Board (UKEB) has responded to the recent International Accounting Standards Board (IASB) consultation supporting the amendment to IFRS 16 extending Covid-Related-Rent concessions. In publishing the response, the UKEB secretariat note that they plan to issue a draft Endorsement Criteria Assessment for public consultation in the same week IASB publish the final amendment.  Read more here.  

  • The IFRS Foundation held a live webinar on 24 February 2021 about the IASB's Exposure Draft Regulatory Assets and Regulatory Liabilities. The recording of the webinar and accompanying slide deck are now available. 

  • The February 2021 monthly news, summarising news and events from the IASB and the IFRS Foundation over the past month, is now available.

Audit

  • In a recent podcast, the Financial Reporting Council’s (FRC’s) Director of Stakeholder Engagement and Corporate Affairs discusses with members of the FRC’s new Supervision division why challenge of management and a challenge culture is critical to high quality audit.  

Other areas of interest  

  • The FRC has issued advice for companies on how to report transparently and effectively when departing from certain provisions of the UK Corporate Governance Code. This new guidance builds on the findings of the FRC’s Review of Corporate Governance Reporting issued in November. These reports are part of the FRC’s ongoing drive to promote good practice and support companies to continually improve their reporting against the Code.

  • The FRC is carrying out a post implementation review of the Technical Actuarial Standards (TASs) and has issued a call for feedback for the current Framework for TASs, Technical Actuarial Standard 100 (TAS 100), and potential actuarial standards in relation to IFRS 17.

  • IFAC recently completed its inaugural series Exploring the IESBA Code, an educational resource developed in collaboration with the staff of the International Ethics Standards Board for Accountants (IESBA).  The final installment released explains the “building blocks” structure of the Code and its interconnected nature.

  • The European Securities and Markets Authority (ESMA) has submitted its response to the European Commission’s targeted consultation on the European Single Access Point (ESAP). 

  • The International Valuation Standards Council (IVSC) has published a perspectives paper to initiate discussion and debate on the topic of environmental, social, and governance (ESG) factors in business valuation.

  • "Credit union sustainability: the role of risk management, in sector restructuring and business model change", the Registrar of Credit Unions addresses the Credit Union Managers Association’s Spring Conference.

  • Accountancy Europe have issued their March newsletter covering a range of topics, and it is available to read here. 

For further technical information and updates please visit the Technical Hub and the Covid-19 Hub on the Institute website.