Technical roundup, 8 November

Nov 07, 2019

UK

  • Andrew Johnston has been appointed to the Financial Reporting Council’s (FRC) Conduct Committee, which oversees the FRC’s Enforcement work.His term commenced on 1 November 2019 and he replaces Martin Slack who stepped down on 30 June 2019.  
  • Audit quality is still not consistently reaching the necessary high standards expected, according to the FRC’s Developments in Audit report, particularly when challenging management and performing routine procedures such as revenue recognition. 
  • The FRC has just issued their review of the interim reports of 20 companies applying International Financial Reporting Standard 16 (IFRS) ‘Leases’ for the first time.

European

  • The October 2019 edition of the EFRAG Update, summarising public technical discussions held and decisions taken during that month, has just been published.

International

  • In a speech at the recent Eumedion Annual Symposium in the Netherlands, IASB Chair Hans Hooger­vorst discussed the Board’s projects on primary financial state­ments (PFS), man­age­ment com­men­tary and sus­tain­abil­ity reporting.