Technical roundup 6 April

Apr 05, 2018

Developments of interest this week are outlined.

ROI

  • Chartered Accountants Ireland has published Technical Alert 01/2018 Illustrative auditor’s report for the audit of financial statements prepared in accordance with the Micro Companies Regime of Companies Act 2014 and FRS 105.  
  • Chartered Accountants Ireland has published Technical Alert 02/2018 Illustrative auditor’s reports on the relevant elements of the Solvency and Financial Condition Report (SFCR) for periods beginning on or after 17 June 2016. This Technical Alert provides illustrative auditor’s reports on the relevant elements of the SFCR, performed in accordance with ISAs (Ireland), the new Irish auditing framework and should be read in conjunction with Section 3 of Technical Alert 13/2016, Guidance for auditors of insurance undertakings in Ireland.
  • The CRO have issued their regular gazette.

UK

  • The Financial Reporting Lab (the Lab) is calling for listed companies, investors/analysts, technology experts and those with interest in the potential uses of Artificial Intelligence in the production and consumption of corporate reporting to participate in the next phase of their Digital Future project.

Europe

  • The European Se­cu­ri­ties and Markets Authority (ESMA) has published a report on the activities of accounting enforcers and their findings within the EU in 2017.   
  • The European Union has published a Commission Regulation endorsing IFRIC 22 Foreign Currency Transactions and Advance Consideration. The Amendments are effective for annual periods beginning on or after 1 January 2018.

International

  • The International Accounting Standards Board (IASB) has published its revised 'Conceptual Framework for Financial Reporting' which includes revised de­f­i­n­i­tions of an asset and a liability as well as new guidance on mea­sure­ment and dere­cog­ni­tion, pre­sen­ta­tion and dis­clo­sure.