Technical roundup 8 January

Jan 07, 2021

Developments of interest this week are outlined.

Chartered Accountants Ireland Technical Hub

  • Chartered Accountants Ireland has launched a Technical Hub for members. This new resource replaces CHARIOT from 1 January 2021 and follows the “Hub-based” approach already in use elsewhere by the Institute. The Hub contains content on audit & assurance, financial reporting, insolvency, links to legislation, and a wide range of proprietary Institute content.
  • The hub can be found on the Institute’s website here.

UK

  • The Financial Reporting Council (FRC) has recently launched a consultation on the proposed revision of the standards for an audit firm’s responsibilities to design, implement and operate a system of quality management.
  • The FRC has this week issued guidance for preparers using IFRS and their auditors.
  • The Financial Stability Board (FSB) has submitted a comment letter on the IFRS Foun­da­tion Trustees’ con­sul­ta­tion paper on sus­tain­abil­ity reporting published in September 2020.
  • The UK Endorsement Board (UKEB) is being set up as the body responsible for influencing the development and subsequently endorsing and adopting new or amended international accounting standards, issued by the International Accounting Standards Board (IASB), for use by UK companies, from 1 January 2021. 

Europe

  • EFRAG has published its Draft Comment Letter in response to the IASB's Exposure Draft ED/2020/4 Lease Liability in a Sale and Leaseback. Comments on the DCL are requested by 22 February 2021.

International

  • The International Auditing and Assurance Standards Board (IAASB) has released its three quality management standards. The standards promote a robust, proactive, scalable and effective approach to quality management and mark a significant evolution of the existing quality control standards.