Technical roundup 8 February

Feb 06, 2019

Developments of interest this week are set out below.   

Ireland                 

  • The Department of Business, Enterprise and Innovation is reviewing the Limited Partnerships Act 1907. As part of the review process, the Department has issued a consultation paper and is seeking submissions from interested parties. The deadline for submissions is close of business on Friday, 1 March 2019.  
  • The Central Bank has issued a Markets Update, following the announcement by the European Securities and Markets Authority (ESMA) on 1 February of the agreement of ‘No-Deal Brexit MoUs’ with the FCA. 
  • The CRO has issued its regular gazette.

UK

  • The FRC is consulting on possible improvements to reporting of factors that are important to a business’ generation of value and has issued a discussion paper setting out the case for change, together with ideas for expanding the information provided by companies.  Views are sought by 20 April 2019.  

European

  • The European Securities and Markets Authority (ESMA) has issued updated Questions and Answers (Q&As) giving guidance on practical questions regarding the European Markets Infrastructure Regulation. 
  • ESMA has also released three Questions and Answers relating to the Prospectus Directive and Transparency Directive, clarifying application of certain provisions if the UK withdraws from the EU with no agreement in place.
  • Accountancy Europe has issued a response  to the report relating to disclosure of climate related information, issued by the European Commission’ Technical Expert Group (TEG) on Sustainable Finance. The response notes that the value of the TEG’s initiative, but also sets out a number of matter that Accountancy Europe considers need to be addressed in progressing the subject.

International

  • The International Public Sector Accounting Standards Board (IPSASB) has issued a new standard dealing with accounting for public benefits,   International Public Sector Accounting Standard 42, together with a related exposure draft.  The new material sets out guidance on accounting for social benefits, defined as payments to individuals and/or households to mitigate the effect of social risk (for example, state retirement benefits, disability benefits, income support and unemployment benefits) and gives direction on recognition and measurement of expenses and liabilities for social benefits and on making related disclosures to assist users evaluate their nature and financial effects. 
  • The World Economic Forum has published a White Paper dealing with report on environmental, social and governance (ESG) matters - ‘Seeking Return on ESG: Advancing the Reporting Ecosystem to Unlock Impact for Business and Society’