Technical roundup 7 June

Jun 06, 2019

Developments of interest this week are set out below.   

Ireland 

UK

  • The Department for Business, Energy & Industrial Strategy has issued a consultation paper “Corporate Transparency and Registration Reform” on proposals to enhance the role of Companies House.
  • The Financial Reporting Council (FRC) has published Actuarial Statement of Recommended Practice 1 (ASORP1) for actuaries performing financial analysis of Social Security Programmes.This standard applies to technical actuarial work in the scope of ASORP 1 which is completed on or after 1 September 2019.

European

  • The European Securities and Markets Authority (ESMA) adjusts the application of the trading obligation for shares in a no-deal Brexit and in the absence of an equivalence decision in respect of the UK by the European Commission (EC).
  • The EC has issued new rules supporting digitalisation and transparency of financial reports by companies listed on the EU capital markets.The European Single Electronic Format will make financial records more readable and accessible for accounting periods beginning on or after 1 January 2020.
  • The European Financial Reporting Advisory Group (EFRAG) has issued the EFRAG update for May 2019 which includes public technical discussions and decisions taken during the month.

International

  • The International Accounting Standards Board (IASB) has published a public consultation for amendments to IFRS 3 Business Combinations.The amendments would update a reference to the Conceptual Framework for Financial Reporting without changing the accounting requirements for business combinations.
  • The International Auditing and Assurance Standards Board (IAASB) and the International Ethics Standards Board for Accountants (IESBA) have issued a joint comment letter in response to the Brydon Review.
  • IAASB have appointed Tom Seidenstein as its new chair for a three year term commencing 1 July 2019.