Welcome to this week’s Technical Roundup.
In developments this week, The European Commission have issued their Strategy for Financing the Transition to a Sustainable Economy; The European Financial Reporting Advisory Group has published an EFRAG Update summarising public technical discussions held and decisions made during June 2021; Accountancy Europe’s recent publication Building a credible Green Bond Market presents the accountancy profession’s views on how to strengthen the confidence in the green bond market in light of the European Union Green Bond Standard (EU GBS) proposal.
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 published an EFRAG Update summarising public technical discussions held and decisions made during June 2021.
In the latest IFRS Interpretations Committee Podcast, IFRS Interpretations Committee Chair and Vice-Chair of the International Accounting Standards Board Sue Lloyd joins Technical Staff Member Patrina Buchanan to talk about recent activities to support the consistent application of IFRS Standards during the second quarter of 2021
The International Accounting Standards Board (IASB) is holding a live webinar for all stakeholders on its Request for Information Third Agenda Consultation on Wednesday 14 July 2021. This webinar will provide an overview of the agenda consultation and give participants an opportunity to ask questions. The deadline for comments on the Request for Information Third Agenda Consultation is 27 September 2021.
The June 2021 IFRS for SMEs Update is now available. The IFRS for SMEs Update is a staff summary of news, events and other information about the IFRS for SMEs® Standard and related SME activities. The staff summary has not been reviewed by the IASB.
Audit
In November 2020, the Irish Auditing and Accounting Supervisory Authority (IAASA) issued a revised ethical standard for auditors, Ethical Standard for Auditors (Ireland) 2020. The revisions build on existing changes made to the standards in 2017 which implemented the requirements of the EU Audit Regulation and Directive. The purpose of the Technical Release (TR 02/2021) Reporting Breaches of Ethical Standard for Auditors (Ireland) 2020 is to alert members to these new requirements and to provide an example of the report that may be submitted to the Recognised Accountancy Body and IAASA.
Sustainability
Accountancy Europe’s recent publication Building a credible Green Bond market presents the accountancy profession’s views on how to strengthen the confidence in the green bond market. In light of the European Union Green Bond Standard (EU GBS) proposal,
The European Commission have issued their Strategy for Financing the Transition to a Sustainable Economy. The new sustainable finance strategy aims to support the financing of the transition to a sustainable economy by proposing action in four number of areas: transition finance, inclusiveness, resilience and contribution of the financial system and global ambition. Read more here.
Other areas of interest
Registration opens on 26 July 2021 for the Central Register of the Beneficial Ownership of Trusts (CRBOT). Trustees (or their agents, advisors or employees) will register through the ‘Trust Register’ portal on Revenue's Online Service (ROS). Anti-money laundering legislation requires each EU Member State to establish the CRBOT. The purpose of the CRBOT is to help prevent money laundering and terrorist financing by improving transparency on who ultimately owns and controls Irish trusts. For trusts that were established on or before 23 April 2021, the registration deadline is 23 October 2021. Trusts created after 23 April 2021 must be filed within 6 months of their creation. Read more here.
The Central Bank of Ireland published their Q3 Quarterly Bulletin. Speaking on the release, Mark Cassidy, Director of Economics and Statistics said “As the COVID-19 restrictions have relaxed, we are seeing that domestic economic activity is rebounding. While the possibility of a more protracted recovery in certain sectors cannot be discounted, the prospects for the economy as a whole appear to be more favourable, and risks to the growth outlook appear to be relatively balanced. The progress of the vaccination programme, more positive consumer and business sentiment and supportive fiscal and monetary policy all bolster the outlook. With domestic demand back above pre-pandemic levels next year, domestic policy should increasingly focus on supporting people’s move into employment, ensuring resilience in the public finances, and addressing structural and longer-term challenges in areas such as housing and climate change.”
The new Chair of the IASB Andreas Barckow, has officially taken up his role.
The World Standard-setters Conference will take place virtually on 27–28 September. The event provides an opportunity for national standard-setters to get an update on and discuss the IFRS Foundation’s activities.
For further technical information and updates please visit the Technical Hub and the Covid-19 Hub on the Institute website.
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