Welcome to this week’s Technical Roundup.
In developments this week, the G20 has released its Leaders Declaration from the G20 Leaders’ Summit held in Rome on 30/31 October; IAASA has published a consultation paper on its proposals to adopt International Standard on Review Engagements (Ireland) 2410 – Review of Interim Financial Information Performed by the Independent Auditor of the Entity.
Read more on these and other developments that may be of interest to members below.
Financial Reporting
IAASA has published a consultation paper on its proposals to adopt International Standard on Review Engagements (Ireland) 2410 – Review of Interim Financial Information Performed by the Independent Auditor of the Entity (‘ISRE (Ireland) 2410’).
The FRC invites you to its upcoming webinar on this year’s Annual Review of Corporate Reporting and end of year bulletin of key matters for preparers on 10 November.
The Financial Reporting Technical Committee of Chartered Accountants Ireland issued a response to the FRC’s request for views to inform the periodic review of FRS 102. As outlined by the FRC, Any changes to accounting standards that are proposed as a result of the periodic review will be subject to public consultation at a later date, not expected to be before 2022. The effective date for any amendments is currently expected to be 1 January 2024.
The FRC has published a report to help premium listed companies prepare for mandatory Taskforce on Climate-related Financial Disclosures (TCFD) reporting. The report includes practical advice and examples that better address aspects of TCFD reporting from those companies already adopting the framework on a voluntary basis.
The IFRS Interpretations Committee has published volume 5 of its compilation of Agenda Decisions which brings together agenda decisions published from April to October 2021.
On 3rd November, the Chartered Accountants Ireland Leinster Society presented the 44th Published Accounts Awards 2021. Awards were granted across 16 different categories with ESB picking up the top award of “overall winner”.
Accounting
The IASB have updated their current Work Plan.
Auditing
Accountancy Europe have published a briefing paper entitled “Non-Audit Services and auditor’s Independence- why do auditors provide other assurance services to their audit clients”. This publication aims to contribute to the ongoing debate at both European and national level on the auditor’s role in providing other assurance services.
Sustainability
The G20 has released its Leaders Declaration from the G20 Leaders’ Summit held in Rome on 30/31 October.
The Irish Central Bank, a member of the Network for Greening the Financial System (NGFS) this week endorsed the NGFS ‘Glasgow Declaration’ .In its recent press release it also gives details of a letter the Governor sent to chairs and CEOs of regulated financial service providers setting out supervisory expectations of regulated firms regarding climate and other ESG issues.
During his speech at COP26 on 3 November 2021, the Chair of the IFRS Foundation Trustees, Erkki Liikanen announced three significant developments to provide the global financial markets with high-quality disclosures on climate and other sustainability issues. A live panel discussion was also held at COP26 on this topic.
Accountancy Europe have published some FAQs on sustainability information assurance.
Other Areas of Interest
The European Securities and Markets Authority (ESMA) has issued its annual Public Statement on European Common Enforcement Priorities (Statement). This year’s priorities cover the impact of COVID-19 and climate-related matters, provide guidance on the measurement of expected credit losses and highlight disclosure obligations pursuant to Article 8 of the Taxonomy Regulation.
The Chartered Governance Institute UK &Ireland have some useful summary information on their website on B1 Annual Return filing with a link to the Irish companies office website on how to file an annual return.
Members are reminded of a news item we brought you earlier this year on Section 78(2) of the Companies (Accounting) Act 2017 .This section delayed implementation of the requirement in Section 1274 of the Companies Act 2014 for certain private unlimited companies to file financial statements, to financial years beginning on or after 1 January 2022. With this date fast approaching, members may wish to review the area as applicable to them and /or their clients.
Two senior central bank members recently attended a joint Oireachtas committee to discuss the Central Bank (Individual Accountability Framework) Bill 2021.Read here the opening statement by Gerry Cross Central Bank Director of Financial Regulation - Policy & Risk .
The Dept. of Enterprise Trade and Employment has published its November newsletter. Items of interest include details of the Brexit Impact Loan Scheme a successor to the Brexit Loan Scheme. Loans are competitively priced and offered at favourable terms with loans available now for up to six years (rather than three). The newsletter also details changes to the Irish Employment Permits System.
Money laundering and Economic Crime
In a news item earlier this week we brought details of the Consultative Committee of Accountancy Bodies’ (CCAB) recently published Economic Crime Manifesto outlining what more must be done to build and maintain the UK's resilience to economic crime. Also, further details on the proposed Economic Crime (Anti-Money Laundering ) Levy have been published by HM Revenue this week on who is likely to be affected and amounts they can expect to pay under the levy .
The FATF and Egmont Group recently adopted a report on Digital Transformation of AML/CFT for Operational Agencies to assist Financial Intelligence Units (FIUs) in leveraging technology to strengthen their operational capability and resilience. The report focuses on the detection of suspicious activities and analysis of financial intelligence. The full report is available to public authorities. A summary highlighting key findings of the report, including the drivers and strategic considerations, and the benefits and opportunities that digital transformation can offer, is available for download.
The Industry Committee of the European Parliament has recently adopted legislative text for new draft law to set tighter cybersecurity obligations .The original cybersecurity directive was adopted in 2017. However, EU countries implemented it in different ways, thereby fragmenting the single market, which led to insufficient levels of cybersecurity. Given the current high level of cybersecurity threats, this updated legislation is much needed, say MEPs. Also, read here for the background to the new draft legislation. The draft must now progress through parliament and we will keep readers updated of progress.
For further technical information and updates please visit the Technical Hub and the Covid-19 Hub on the Institute website.
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