Welcome to this week’s Technical Roundup.
In developments this week, the Irish Government has recently approved a plan for a review of the Freedom of Information Act to seek out ways in which the FOI model can be brought up to date to ensure that it is suitable for today’s technology and needs; the European Financial Reporting Advisory Group has issued a draft comment letter on the IASB Exposure Draft ED/2021/7 ‘Subsidiaries without Public Accountability: Disclosures.’
Read more on these and other developments that may be of interest to members below.
Financial Reporting
The European Financial Reporting Advisory Group (EFRAG) has issued a draft comment letter on the IASB Exposure Draft ED/2021/7 ‘Subsidiaries without Public Accountability: Disclosures.’
The International Accounting Standards Board (IASB) is requesting feedback as part of the post-implementation review of the classification and measurement requirements in its financial instruments Standard, IFRS 9.
The Charity Commission for Northern Ireland has published a checklist looking at some of the things that preparers and examiners of charity accounts must consider relevant before submission of financial statements to the charity regulator. Checklist: The significance of COVID-19 for the preparation of accounts under The Charities SORP | The Charity Commission for Northern Ireland (charitycommissionni.org.uk)
Sustainability
The European Lab@EFRAG Project Task Force on the reporting of non-financial risks and opportunities has issued a Report: ‘Towards Sustainable Businesses: Good Practices in Business Model, Risks and Opportunities Reporting in the EU’ and supporting 'Supplementary Document: Good Reporting Practices'.
Other Areas of Interest
The World Standard-setters Conference took place on 27–28 September 2021 as a fully virtual meeting. Recordings of the individual sessions are now available to view online.
The European Securities and Markets Authority (ESMA), the EU’s securities markets regulator, has published its latest edition of its Spotlight on Markets Newsletter
Members are reminded about the DETE public consultation to seek views on new rights to improved terms and conditions for workers. EU Directive 2019/1152 on Transparent and Predictable Working Conditions is to be transposed into Irish law by August 2022.It will limit the length of probationary periods at the beginning of a job and give workers the right to seek additional employment, with a ban on exclusivity clauses and limits on incompatibility clauses. Some aspects of the Directive were pre-empted by The Employment (Miscellaneous Provisions) Act 2018 but the Directive goes further. The deadline for submissions is 3pm on Monday, 25 October 2021.
The DETE has issued its October newsletter. In it details can be found of workshops ( in the construction, Supplies and Services, Health and Consortia and joint ventures sectors) which InterTradeIreland is running through its Go-2-Tender programme to help SMEs to improve tendering capability and details of the DETE’s updated Work Safely Protocol.
.The Irish Government has recently approved a plan for a review of the Freedom of Information Act to seek out ways in which the FOI model can be brought up to date to ensure that it is suitable for today’s technology and needs. A public consultation on the scope of the review will commence later this year and in early 2022 a consultation paper will be published and a full public consultation will be undertaken. Future round up news will keep members informed of developments of interest.
The Central Bank has published its Q4 Quarterly Bulletin. The Bulletin deals with items such as the effect of the COVID pandemic on public finances, Fiscal Outlook 2021-2023 and an article on the ECB’s Review of its Monetary Policy Strategy.
For further technical information and updates please visit the Technical Hub and the Covid-19 Hub on the Institute website.
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