Technical roundup, 8 May

May 07, 2020

Chartered Accountants Ireland

UK

  • The Financial Reporting Council continues to make progress on its journey towards becoming the Audit Reporting and Governance Authority (ARGA) by taking forwards work on the recommendations of the Independent Review of the FRC.
  • The FRC welcomes the release of the International Auditing and Assurance Standards Board’s (IAASB), exposure draft of proposed International Standard on Auditing (ISA) 600 (Revised), Special Considerations – Audits of Group Financial Statements (Including the Work of Component Auditors).  
  • Tools for flagging signs of poor quality audits should be used more effectively so timely corrective action can be taken, according to a major review of their use by the FRC. 

Europe

International

  • The IFRS April News Summary has just been issued.
  • The International Federation of Accountants (IFAC) has published a ‘Practice Transformation Action Plan – A Roadmap to the Future’ which covers four key focus areas for small- and medium-sized practices (SMPs).
  • The International Accounting Standards Board (IASB) has published an exposure draft 'Clas­si­fi­ca­tion of Li­a­bil­i­ties as Current or Non-cur­rent — Deferral of Effective Date (Proposed amendment to IAS 1)' proposing to defer the effective date of the January 2020 amend­ments to IAS 1 by one year. Comments are requested by 3 June 2020.