Welcome to this week’s Technical Roundup.
In developments this week, The Global Public Policy Committee have issued a paper designed to provide guidance primarily to those charged with governance on their oversight role of the external auditors and in assessing the effectiveness of the external auditor’s response; the Financial Reporting Council has issued a feedback statement following publication of its thought leadership paper on the Future of Corporate Reporting.
Read more on these and other developments that may be of interest to members below.
Financial Reporting
The July 2021 IASB Podcast is now available. In this episode Andreas Barckow, new Chair of the IASB and Vice-chair Sue Lloyd talk about the IASB’s discussions at the meetings that were held on 20 and 21 July 2021, as well as its joint educational session with the Financial Accounting Standards Board (FASB) on 23 July 2021.
The European Financial Reporting Group (EFRAG) has issued a summary report of the EFRAG-IASB joint webinar 'Targeted Disclosure: How it would work in practice? Blueprint for future IFRS disclosures', which addressed the proposals in the IASB's Exposure Draft Disclosure Requirements in IFRS Standards - A Pilot Approach. At the event, European stakeholders with different backgrounds shared their views on the proposals in the Exposure Draft and related practical issues.
The FRC has issued a feedback statement following publication of its thought leadership paper on The Future of Corporate Reporting.
The International Public Sector Accounting Standards Board (IPSASB) has issued a consultation on it’s work programme for 2019-2023. the IPSASB is seeking input on the new projects that it believes best meet public benefit priorities to gauge stakeholder support.
Auditing
The Global Public Policy Committee (GPPC) have issued a paper designed to provide guidance primarily to those charged with governance on their oversight role of the external auditors and in assessing the effectiveness of the external auditor’s response.
Other areas of interest
The International Valuation Standards Council (IVSC) has issued an updated version of the suite of International Valuation Standards (IVSs) which become effective from 31 January 2022.
The European Securities and Markets Authority (ESMA), the EU’s securities markets regulator, has this week published its latest edition of the Newsletter Spotlight on Markets.
The European Banking Authority (EBA) has published a consultation paper on new draft guidelines regarding the role, tasks and responsibilities of anti-money laundering and countering the financing of terrorism compliance officers under the Fourth Money Laundering Directive. The consultation runs until 2 November 2021. The EBA will hold a virtual public hearing on the draft guidelines on 28 September 2021. Once adopted, the guidelines will apply to all financial sector operators that are within the scope of MLD4.
The Department of Trade, Enterprise and Employment has issued the August edition of their Enterprise Newsletter which includes a checklist for remote working.
EFRAG, Accountancy Europe, BusinessEurope, EFFAS and the IASB will host a joint outreach event on the IASB's Third Agenda Consultation and EFRAG's Proactive Research Agenda on 9 September 2021. Read the full programme and register now.
For further technical information and updates please visit the Technical Hub and the Covid-19 Hub on the Institute website.
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