Welcome to this week’s Technical Roundup.  In developments in recent weeks, the Financial Reporting Council has issued January 2022 editions of UK and Ireland accounting standards. These editions reflect the amendments made since the previous editions were issued in 2018, as well as changes in Irish company law, resulting in a single up‑to‑date reference point for each standard; in the first International Accounting Standards Board podcast episode of 2022, IASB Chair Andreas Barckow and Vice-Chair Sue Lloyd join Executive Technical Director Nili Shah to discuss the main topics from the January 2022 International Accounting Standards Board (IASB) meeting. Read more on these and other developments that may be of interest to members below. Financial Reporting The Financial Reporting Technical Committee of Chartered Accountants Ireland (FRTC) has responded to the International Accounting Standards Board’s (IASB) request for information as part of the post-implementation review of IFRS 9. In its response, the FRTC highlighted the importance of providing guidance on how to treat financial assets with sustainability linked features which are beginning to emerge in practice. The FRTC has also responded to the IASB’s Exposure Draft Subsidiaries without Public Accountability : disclosures. This exposure draft sets the proposal for a new IFRS standard which would permit certain subsidiaries to apply reduced disclosure requirements when applying IFRS standards. Whilst the FRTC were supportive towards what the IASB are trying to achieve, they were not in agreement with the approach adopted. Rather than the standard setting out the required disclosures, the FRTC noted that a more appropriate approach would be to draft a list of disclosures that are not required when applying the standard. Such an approach would be similar to the approach set out under FRS 101 and would, in the opinion of the FRTC, be easier to compile and less costly for preparers. The FRC has issued January 2022 editions of UK and Ireland accounting standards. These editions reflect the amendments made since the previous editions were issued in 2018, as well as changes in Irish company law, resulting in a single up‑to‑date reference point for each standard. In the first IASB podcast episode of 2022, IASB Chair Andreas Barckow and Vice-Chair Sue Lloyd join Executive Technical Director Nili Shah to discuss the main topics from the January 2022 International Accounting Standards Board (IASB) meeting The International Accounting Standards Board (IASB) has issued its January 2022 update. Following the IASB's January 2022 meeting, the IASB work plan has been analysed to see what changes have resulted from the meetings and other developments since the December meeting. The IASB has also compiled a summary of its main news items in January 2022. The European Financial Reporting Advisory Group (EFRAG) has issued its January 2022 update. This summarises public technical discussions held and decisions taken during the month. EFRAG has asked for views on the Exposure Draft Non-current Liabilities with Covenants and Supplier Finance Arrangements. Questionnaires to facilitate this request are available to view on the EFRAG website and can be completed by 4 March 2022. EFRAG is seeking comments on their discussion paper “Better Information on Intangibles – Which is the best way to go?” Comments are requested by 30 June 2022. EFRAG has completed its due process regarding the initial application of IFRS 17 and IFRS 9- Comparative Information (amendment to IFRS 17) and has submitted its endorsement advice letter to the European Commission. As a result, EFRAG has also updated its Endorsement Status Report.` The UK Endorsement Board has published its Draft Comment Letter in response to IASB’s Exposure Draft - Supplier Finance Arrangements: Proposed amendments to IAS 7 and IFRS 7 and is seeking feedback on this by 4 March 2022. The IFRS Foundation, CDP and the Climate Disclosure Standards Board (CDSB) have completed the consolidation of the CDSB into the IFRS Foundation. Resources from the CDSB will transfer to the IFRS Foundation and provide intellectual property and technical assets which will support the International Sustainability Standards Board (ISSB). Auditing New research with Audit Committee Chairs reinforces the case for developing standards for Audit Committees. Independent research commissioned by the Financial Reporting Council which builds on similar research in 2020, reinforces the case for developing standards for Audit Committees to help promote a more consistent approach to audit quality. The research, conducted by YouGov, was based on in-depth interviews with Audit Committee Chairs (ACCs) discussing how they carry out their role. A link to the full research can be found here. Insolvency The Institute is hosting a free one hour webinar on 10 February on practical considerations for the small company administrative rescue process (SCARP). The process, how to prepare for it, what to look out for and key matters to be aware of when considering it will be discussed as well as exploring some practical issues including dealing with creditors and the pros and cons of a company entering the process. Fraud/Anti money laundering/Economic Crime Europol has recently issued its report “Cryptocurrencies: tracing the evolution of criminal finances”. It analyses the criminal use of cryptocurrencies, and the report contains core definitions, case examples, and details of the challenges authorities face in combating the illicit use of cryptocurrency. Also, in its press release Europol debunks some myths .It says that overall number and value of cryptocurrency transactions related to criminal activities still represent only a limited share of the criminal economy when compared to cash and other forms of transactions .It also states that cryptocurrencies are not anonymous and while privacy coins and a number of services and techniques may hinder law enforcement investigations, transactions are traceable. The UK Financial Conduct Authority recently published guidance on competency and capability for heads of compliance and money laundering reporting officers (MLROs) of firms authorised and registered by it. The FCA says it should help firms decide if an individual candidate is suitable. The guidance  is  based on FCA  experience of approved applications and gives details of what successful applicants had for example in the way of training and experience. The Treasury Committee of UK Parliament recently published a report on fraud, scams and economic crime. It has called for additional Government action to combat fraud and scammers. The report urges legislation against online fraudulent adverts and for the government to seriously consider whether online giants should reimburse those who fall victim to scams on their platforms. It makes recommendations such as appropriate resourcing and whether a single law enforcement agency would be more effective. Other Areas of Interest In recent days the Irish government launched a new national digital strategy, Harnessing Digital – The Digital Ireland Framework, to drive and enable the digital transition across the Irish economy and society. You can read more details and download the strategy from this page . The strategy was welcomed by regulators, the Broadcasting Authority of Ireland , Competition and Consumer Protection Commission (CCPC), Commission for Communications Regulation (ComReg) and the Data Protection Commission (DPC) . The UK government launched its Cyber Security Strategy this week. It sets out the government’s approach to building a cyber resilient public sector and to ensuring that core government functions are resilient to cyber-attack. Following a consultation last year, the Central Bank this week published its Guidance on the Use of Service Companies for Staffing Purposes in the Insurance Sector due to the potential of these staffing arrangements, if not effectively managed, to threaten the operational resilience of undertakings regulated by the Central Bank. The Guidance expects that where an undertaking uses such staffing arrangements, this should not impair the quality of its system of governance, unduly increase operational risk, impair the ability of the Central Bank to monitor compliance of the undertaking with its obligations, or undermine service to policyholders. This week the Central Bank also published its Regulatory Service Standards Performance Report for the second half of 2021. The document sets out the Central Bank’s performance against service standards that it has committed to in respect of (a) authorisation of investment funds and financial service providers, (b) processing of Pre-Approval Controlled Function Individual Questionnaire  applications and (c) contact management. There are 44 service standards against which the Central Bank sets performance targets. The report documents that during the period, there were 12 service standards which were not relevant and of the 32 which were, 27 of these were either met or exceeded. The Companies Registration Office (CRO) has announced that it will introduce mandatory online filing for 18 of its Companies Office forms from 1 March 2022. These include forms for winding up resolutions and  appointment of liquidators and receiver. Click here to see the list of affected forms. Any forms, which are mandatory online filings, received on or after 1 March 2022 will be returned for re-submission online. Users are advised to familiarise themselves with the CRO’s CORE system to avoid unnecessary delays.   The Department of Enterprise, Trade and Employment (DETE) recently  launched a Public Consultation on Reform and Modernisation of Legislation regarding Co-operative Societies. Work is nearing completion on proposed legislation to repeal the Industrial and Provident Societies Acts 1893-2021 and provide a modern and effective legislative framework suitable for the diverse range of organisations using the co-operative model in Ireland. This consultation outlines a number of issues and asks specific questions to assist the DETE prior to finalising legislative proposals. The DETE is also taking the opportunity to give stakeholders a general overview of the proposed legislation. It is seeking responses from interested parties by 25 February 2022.The press release regarding the consultation can be found here. The Institute is responding to this consultation and we welcome comments from members. Please use the form here to send us your views on this proposed reform.  Following relaxation of many public health measures, including the requirement on public health grounds, to work from home, the Tánaiste recently published the Transitional Protocol, a guidance document which was developed in consultation with business representative groups and unions. It sets out best practice for keeping the workplace safe and to help employers and their employees return to work safely. The DETE has recently published its latest newsletter .It contains information on a number of matters including the Transitional Protocol mentioned in the preceding paragraph and the publication of the Competition (Amendment) Bill 2022 which, if passed, will give  more powers to the competition authority to protect consumers. The European Commission is running its annual event EU Industry Days from 8 – 11 February 2022.You can register and join online. It is a four day event with one day casting a spotlight on the EU tourism ecosystem and other days holding discussions across industrial ecosystems on their green and digital transition, in support of strengthening the resilience of EU companies (including SMEs).It will also hold a special youth programme  focusing  on some of the most urgent concerns for young Europeans today: social equality, youth unemployment and precarious work, and the urgent call for sustainable and socially responsible business models. Details of the programme including the special youth programme on 10 February 2022 can be found here. Speakers include Ursula Von Der Leyen President of the European Commission and Maroš Šefčovič, Vice President. A podcast series is also available on the website where industry insiders, civil society representatives, academics, and many others have a say about the trends, challenges and  opportunities that the green, digital, and resilient transition brings for European industry.

In an update of our earlier news item, the Government has today published a draft Scheme of the Right to Request Remote Working Bill 2022.Under it an employee who has completed at least 26 weeks of continuous service can submit a request for remote working. The employer must give the request due consideration but may decline if the proposal requested is not suitable on business grounds. The draft legislation outlines 13 non-exhaustive potential business grounds for an employer to refuse the request. Refusals can be appealed to the Workplace Relations Commission. Every employer will be required to establish and maintain a written statement of remote working policy. The Tánaiste said today that he wanted the legislation published by Easter and passed by the Oireachtas by the summer recess.

The CCAB-I Insolvency Committee has today published Technical Alert 04/2021 Register of Beneficial Ownership of Companies and Industrial Provident Societies – Guidance for Insolvency Practitioners. This Technical Alert highlights the features of the Central Register of Beneficial Ownership of Companies and Industrial and Provident Societies which are of particular importance to insolvency practitioners.  This guidance has been prepared on a practical basis and is intended to be of a practical nature.  This Technical Alert is available on our website.

Welcome to this week’s Technical Roundup.  In developments this week, the Financial Reporting Council has published a revised Audit Enforcement Procedure (“AEP”) and feedback statement. This follows consideration of the responses received to the consultation launched on 22 July 2021 regarding proposed amendments to the AEP; on Friday 10th December, EFRAG along with BusinessEurope and the IASB are holding a joint webinar entitled “Future of IFRS disclosure requirements: What we learnt from the field test with European preparers” Read more on these and other developments that may be of interest to members below. Auditing IAASA has published a thematic paper discussing the use of data analytics in Ireland’s statutory audit market. This paper provides an overview of the areas where auditors perform data analytical audit procedures and supports in place for auditors in using data analysis tools and discusses challenges faced by auditors when using data. The FRC has published a revised Audit Enforcement Procedure (“AEP”) and feedback statement. This follows consideration of the responses received to the consultation launched on 22 July 2021 regarding proposed amendments to the AEP. A link to the revised AEP is available here.  The FRC has announced its areas of supervisory focus for 2022/23, including priority sectors, for corporate reporting reviews and audit quality inspections.  The FRC’s Supervision Corporate Reporting Review team will supplement its routine reviews of corporate reporting with six thematic reviews. These reviews will identify scope for improvement, as well as examples of better practice, in areas of key stakeholder interest. The FRC’s Supervision Audit Quality Review team will pay particular attention in its reviews to areas including climate-related risks, fraud risks, and cash and cash flow statements. The FRC has published a Collection of Perspectives, following the FRC Culture Conference held in June 2021 that brought together a wide range of international experts to explore the important link between culture and high-quality audit.   Financial Reporting The IASB has issued a proposed IFRS Taxonomy Update, 'IFRS Taxonomy 2021 Proposed Update 2 — Technology Update'. The Financial Reporting Council (FRC) has announced its areas of supervisory focus for 2022/23, including priority sectors, for corporate reporting reviews and audit quality inspections. On Friday 10th December, EFRAG along with BusinessEurope and the IASB are holding a joint webinar entitled “Future of IFRS disclosure requirements: What we learnt from the field test with European preparers”. In his address to delegates at the AICPA and CIMA conference on 7th December in Washington, Andreas Barckow, chair of the IASB discussed sustainability, the IASB’s current and future work programme and convergence. The FRC has issued FRED 79- FRS 101 Reduced Disclosure Framework – 2021/22 cycle, which proposes no amendments to FRS 101 as a result of its latest annual review. Comments on FRED 79 are requested by 1 March 2022. Insolvency The Companies (Rescue Process for Small and Mirco Companies) Act 2021, which provides for the Small Company Administrative Rescue Process (SCARP) was commenced on Tuesday, 7 December 2021. The commencement order, associated regulations and prescribed forms will be available on the Department of Enterprise, Trade and Employment’s website in the coming days. Further information about the process can be found on the Department of Enterprise, Trade and Employment’s website. Other Areas of Interest In February 2021, the International Valuation Standards Council (IVSC) published a perspectives paper 'Challenges to Market Value' that looked at the challenges in relation to the availability of market information in a pandemic world. A broad range of feedback was received in relation to the paper that has prompted the IVSC to publish a second paper in the series. The European Securities and Markets Authority (ESMA), the EU’s securities markets regulator, has published its latest edition of its Spotlight on Markets Newsletter. The Pensions Regulator recently made a presentation to IAPF Governance Conference on the Authority’s Code of Practice. They talked about pension scheme governance, the Code of Practice and why it is needed and that it sets out the Pension Authority’s expectation of trustees .You can read a copy of the presentation here and click here for the Code of Practice. The Department of the Environment, Climate and Communications recently published Cyber Security Baseline Standards and associated implementation guidelines for use by Public Service Bodies. The main goal of the standards is to improve the resilience and security of information and communications technology infrastructure and systems (ICT) in Public Service Bodies. Follow this link to the publication and read Minister Ossian Smyth’s comments on the publication here . A salutary lesson from the UK shows how organisations must ensure they get the basics of their data security correct. Due to tight timescales and a new IT system in the UK Cabinet Office, a mistake was made which resulted in the disclosure of hundreds of postal addresses online. There was no specific or written process in place at the time to sign off documents and content containing personal data prior to being sent for publication. The error resulted in a fine of £500,000 by the UK Information Commissioner’s Office (ICO) the ICO commenting that the Cabinet Office’s complacency and failure to mitigate the risk of a data breach meant that hundreds of people were potentially exposed to the risk of identity fraud and threats to their personal safety. You can read here what the ICO said and here for details of the monetary penalty notice. The Minister for Enterprise Trade & Employment recently announced that the interim period of the Companies (Miscellaneous Provisions) (Covid-19) Act 2020 is extended to 30 April 2022. The Act makes temporary amendments to the Companies Act 2014 and the Industrial and Provident Societies Act 1893 to address issues arising as a result of Covid-19. It allows companies and industrial and provident societies in Ireland to hold their AGMs and general meetings online, increases the period of an examinership to 150 days and increases the threshold at which a company is deemed unable to pay its debts to €50,000. The Dept of Enterprise Trade & Employment has recently published its December newsletter. Topics covered include the commencement of SCARP legislation, a reminder of the National Minimum Wage increase on 1 January 2022,a masterclass on 14 December next held by Enterprise Ireland (registration required) for those looking to upskill for export growth and who want access to development of  selling skills and a webinar on 11 January 2022 on patenting trends. In its recent article entitled “Sustainability reporting: Why should SMEs care”, Johan Baros, EU Policy Manager at Accountancy Europe discusses the role of the SME and how they should prepare for sustainability reporting. On December 6th, the International Federation of Accountants (IFAC) published its vision for high-quality assurance of sustainability information—calling out best practices identified during its year-long, global engagement campaign related to the State of Play in Sustainability Assurance. This vision addresses the importance of global standards, regulation that supports decision-useful disclosure, and the value of an interconnected approach to sustainability and financial information reporting and assurance. FATF recently held a conference on environmental crime which included as participants heads of international organisations such as the UN’s Office on Drugs and Crime (UNODC) and the UN Environment Programme. FATF President Dr. Marcus Pleyer called for a global push to take the illicit profits out of environmental crimes and participants discussed how to develop partnerships to tackle the dirty money that helps fuel environmental crimes. You can follow the link here to view videos of various speakers. For further technical information and updates please visit the Technical Hub and the Covid-19 Hub on the Institute website. 

Welcome to this week’s Technical Roundup.  In developments this week, over the recent months, the Institute of Chartered Accountants in England and Wales published a series of reviews of major standards looking at the differences between International Financial Reporting Standards and International Public Sector Accounting Standards and the suitability of each in public sector financial reporting. The fourth and final part of the series has now been released; EFRAG, Business Europe, and the IASB will host a joint webinar on 10 December 2021 on the IASB’s exposure draft 'Disclosure Requirements in IFRS Standards—A Pilot Approach (Proposed amendments to IFRS 13 and IAS 19)'. Read more on these and other developments that may be of interest to members below. Financial Reporting The International Accounting Standards Board (IASB) has published the exposure draft 'Supplier Finance Arrangements (Proposed amendments to IAS 7 and IFRS 7)' to enhance the transparency of supplier finance arrangements and their effects on a company’s liabilities and cash flows. The deadline for submitting comments is 28 March 2022. The IFRS Foundation has issued a monthly news summary for November 2021. EFRAG has completed its due process regarding amendments to IAS 12 and has submitted its Endorsement Advice Letter to the European Commission, recommending it’s endorsement. The Amendments revise IAS 12 to require entities not to apply the IAS 12 initial recognition exemption to transactions that, on initial recognition, give rise to equal and taxable temporary differences. The objective of the Amendments is to reduce the diversity that currently exists in practice. EFRAG, BusinessEurope, and the IASB will host a joint webinar on 10 December 2021 on the IASB’s exposure draft 'Disclosure Requirements in IFRS Standards—A Pilot Approach (Proposed amendments to IFRS 13 and IAS 19)'. In Accountancy Europe’s recent podcast entitled “Sustainability will never do without Governments”, senior manager Paul Gisby discussed sustainability reporting standards for the public sector and where this might lead to in the future, including the potential role of the accountant. The European Banking Authority (EBA) has published a report summarising the findings arising from the monitoring activities on the IFRS 9 implementation by EU institutions. EBA notes significant efforts in IFRS 9 implementation by EU institutions, but cautions on some of the observed accounting practices, especially in the context of the COVID-19 pandemic. IFAC’s Professional Accountants in Business (PAIB) Advisory Group has compiled insights on how accountants are contributing to value creation and sustainability in their organizations in both the private and public sectors in a new report, The Role of Accountants in Mainstreaming Sustainability. A study published as part of the working paper series of the European Banking Institute (EBI) looks at COVID-19 disclosures in half-year and year-end financial statements 2020 of European banks. ESMA, EBA, IOSCO and IASB communicated in the second quarter of 2020 their expectations on disclosure regarding the pandemic’s impact in order to meet the objective of the IFRS to provide decision-useful information to stakeholders. Over the recent months, the Institute of Chartered Accountants in England and Wales (ICAEW) published a series of reviews of major standards looking at the differences between International Financial Reporting Standards (IFRS) and International Public Sector Accounting Standards (IPSASB), and the suitability of each in public sector financial reporting. The fourth and final part of the series has now been released. Auditing The FRC has published a Collection of Perspectives, following the FRC Culture Conference held in June 2021 that brought together a wide range of international experts to explore the important link between culture and high-quality audit.     The Collection of Perspectives includes contributions from academics, audit firms, directors, regulators, culture change experts and other parties within the audit ecosystem.   The publication serves to highlight consensus between contributors, as well as thoughts on best practice to encourage learning and continuous improvement in developing a culture to improve audit quality.   The full Collection of Perspectives is available here. A summary from the FRC’s Culture Conference is available here. FRC encouraged by reporting by applicants on Stewardship FRC has published ‘Effective Stewardship Reporting: Examples from 2021 and expectations for 2022’ which analyses reports from the first signatories to the revised Code published in September 2021. There continues to be high quality of disclosures in the areas of governance, resourcing, and the integration of stewardship and ESG factors with investment. However, there is still room for improvement in explaining how they manage stewardship-related conflicts of interest, how managers review and assure their stewardship activities, and how they monitor and hold to account service providers operating on their behalf. Insolvency The Irish network of The International Women’s Insolvency & Restructuring Confederation (IWIRC) is hosting its first webinar ‘A look back on key restructuring and insolvency developments in 2021’ on Thursday, 9 December. Anti-Money laundering, Fraud and Cybercrime The Institute of International Finance and Deloitte have recently published a White Paper which highlights four focus areas where continued reform can build on progress already underway globally to help improve the effectiveness of the anti-financial crime framework: 1. the use of financial intelligence; 2. risk prioritization; 3. technology and innovation; and 4. international cooperation and capacity building. This paper also highlights important instances of ongoing systemic improvements, how similar efforts can be deployed across jurisdictions, and how policymakers could prioritize international cooperation and coherence. The paper is entitled “The effectiveness of financial crime risk management -reform and next steps on a global basis”. Read also Grant Thornton’s recently available report on The Economic Cost of Cybercrime Ireland 2021.  The Financial Action Task Force has recently published its Annual Report 2020-2021   . Read about FATF’s achievements under the first year of its German Presidency including the publication of two reports analysing the opportunities and challenges of new technologies, a report into money laundering from environmental crime, which concluded that most countries are failing to assess this area as part of national or money laundering risk assessments and a report on ethnically or racially motivated terrorist financing. Members may be interested in a webinar FATF is holding on Proliferation Financing Risk Assessment and Mitigation on 16th December. Proliferation Financing is financing for the malicious use of chemical, biological, radiological and nuclear materials and weapons. Other Areas of Interest The Pensions Authority has previously advised that from 1 December 2021, trustees must notify the Authority when they enter an outsourcing arrangement for the provision of the internal audit and risk management key functions. Trustees who have entered these arrangements since 22 April 2021 must also notify the Authority. The Authority has now issued instructions on how to notify  it of the arrangements. The Pensions Authority has also recently issued an information note on various regulations signed by the Minister for Social Protection on 25 November 2021. The regulations make amendments to existing regulations under the Pensions Act 1990, as amended, in relation to disclosure, scheme registration, trustee investment qualifications, funding standard, cross-border requirements, and bulk transfers; and revoke and replace the existing investment-related regulations under that Act. Click here for the link to the website which gives further information and links to the regulations. The Central Bank recently issued its Cross Industry Guidance on Operational Resilience. The pandemic has put firms’ operational resilience to the test and highlighted the importance of being more operationally resilient. The guide applies to regulated financial service providers and communicates how to prepare for, respond to, recover and learn from an operational disruption that affects the delivery of critical or important business services. It is also to communicate the Central Bank’s expectations in this regard. The Central Bank recently published its second financial stability review of 2021 which outlines key risks facing the financial system and the Central Bank’s assessment of the resilience of the economy and financial system to adverse shocks. Findings show that economic recovery has continued over the past six months, but more medium-term vulnerabilities have been building up. You can read full details of the review here  and the Central Bank Governor’s remarks on the publication here. HMRC recently issued its Modern slavery statement. This statement details the work HMRC is currently undertaking to eliminate modern slavery in supply chains and to ensure modern slavery risks are identified and managed. The Government has recently agreed that the Dept. for Public Expenditure and Reform undertakes a review of the statutory framework for ethics in public life before it brings forward proposals for legislative reform in 2022.The Dept. has issued a consultation document entitled “Reform and Consolidation of Ireland’s Statutory Framework for Ethics in Public Life” which gives background to the current framework and a proposed policy approach. The Dept is seeking views on a number of questions in the consultation document .Please follow the link to the consultation and document. Submissions can be made up to 5pm on Thursday 23rd of December 2021. A short informative video is now available to view from the A &L Goodbody Corporate Crime Regulation Summit 2021 .Here Ian Drennan of the ODCE talks to Kenan Furlong of ALG  about the ODCE’s work and the imminent establishment of the Corporate Enforcement  Authority which is expected to be established by year end .Ian Drennan talks about the resourcing increase for the new Authority, new powers (which will come on stream over time ) and the important part that technology plays in their work. The European Data Protection Supervisor recently issued its monthly newsletter .It announces its proposed summer 2022 Data Protection conference, “the future of data protection: effective enforcement in the digital world”, it highlights a report on “Biometric And Behavioural Mass Surveillance In EU Member States”  and it comments on a European Digital Identity Wallet. For further technical information and updates please visit the Technical Hub and the Covid-19 Hub on the Institute website. 

Welcome to this week’s Technical Roundup. In developments this week, the Financial Reporting Council and Financial Conduct Authority have jointly written to CEOs of UK issuers who are required to start producing their 2021 annual financial reports in a structured electronic format; the Committee of European Auditing Oversight Bodies has issued revised “CEAOB guidelines on the auditors’ involvement on financial statements in European Single Electronic Format (ESEF)”. They replace the initial guidelines issued by the CEAOB in 2019. Read more on these and other developments that may be of interest to members below. Financial Reporting The Financial Reporting Council (FRC) have published a staff factsheet on climate related matters to assist preparers of annual reports under FRS 102 The factsheet provides guidance on how climate-related matters may impact a set of financial statements. The first part of this factsheet outlines the ways in which climate related matters may impact a set of financial statements prepared under FRS 102 and the second part summarises current and proposed legislative requirements applicable to companies in the UK in relation to climate and associated matters. The FRC and Financial Conduct Authority (FCA) have jointly written to CEOs of UK issuers who are required to start producing their 2021 annual financial reports in a structured electronic format. The letter reminds such entities of their obligations and of the FRC and FCA’s quality expectations. The European Financial Reporting Advisory Group (EFRAG) have issued a detailed five-month status report outlining the progress to date for the elaboration of sustainability reporting standards following the recommendations of the Project Task Force on European sustainability reporting standards. The International Accounting Standards Board have announced that they expect to publish the Exposure Draft Non-current Liabilities with Covenants on 19 November 2021. The UK Endorsement Board (UKEB) has published its [Draft] Endorsement Criteria Assessment: IFRS 17 Insurance Contracts and welcomes stakeholders’ views on the potential adoption of IFRS 17 for use in the UK. The comment period runs to 3 February 2022.    The UKEB has also launched a survey on subsequent measurement of goodwill and are keen to hear views. You can take part in the survey until 26 November here. The UKEB invites stakeholders to attend a series of upcoming roundtables as it develops its response to the following IASB consultations: Post Implementation Review – IFRS 9 Financial Instruments, Classification & Measurement ED/20212/7 Subsidiaries Without Public Accountability: Disclosures Auditing A new report from the UK Financial Reporting Council (FRC) has set out the key elements required by audit firms to ensure they are delivering high quality audit. The Committee of European Auditing Oversight Bodies (CEAOB) has issued revised “CEAOB guidelines on the auditors’ involvement on financial statements in European Single Electronic Format (ESEF)”. They replace the initial guidelines issued by the CEAOB in 2019.  ESEF is the new electronic reporting format for annual financial reports published by issuers whose securities are admitted to trading on a regulated market in the European Union for financial years beginning on or after 1 January 2021. Other Areas of Interest The Pensions Authority has published FAQs on  investment and borrowing for one-member arrangements under the Pensions Act, 1990, as amended. It has also given notice of forthcoming information on  final Code of Practice and guidance for one-member arrangements (OMAs) during this week, instructions on outsourcing notification, guidance for the public and employers about the minimum standards they should expect from master trust vehicles and a findings report from the Authority’s engagements with master trust, DB and DC schemes during December .We will bring you details when published. The organisation, Irish Rule of Law International (a joint initiative of the Law Societies and Bars of Ireland and  Northern Ireland), is running a commercial law conference on November 25th.Readers may be interested in the paper on “Recent Developments Concerning Auditors Liability” by Gerard Sadlier and spoken to by Michael Coonan of McCann FitzGerald LLP. Tickets cost from €10-€30 euro and the conference can be booked here . The Public Interest Law Alliance together with a number of law firms is promoting Pro Bono week from 22nd to 26th November. Readers may be interested in the session on Implementing the Charities Governance Code on Wednesday, November 24 2021 - 12:00pm to 1:15 pm where legal professionals will discuss the Code, the organisational role played by trustees, the essential elements of good governance, the key legal duties of charity trustees, and provide tips to NGO's for compliance. The Decision Support Service (DSS) has launched a number of consultations recently as part of its preparations for the commencement of the Assisted Decision-Making (Capacity) Act 2015. One of the consultations is on the code of practice for financial professionals and financial service providers. This code will provide guidance for financial professionals and financial service providers on how to engage with and advise customers who are relevant persons under the 2015 Act. It also provides guidance on working with decision supporters and interveners.   You can access the draft code here. Feedback can be given by completing the online questionnaire or by downloading the questionnaire. The DSS asks that the financial professional draft code be read alongside the main  Code of Practice on Supporting Decision-making and Assessing Capacity. The consultation closes at 5pm on Friday 7 January 2022.   The Central Bank Governor recently spoke at a round table event focused on the changing landscape of the financial system, including issues such as the impact of climate change, technology and the need for firms and regulators to be future-ready. He said greenwashing was an area of concern as ‘green’ market practices are currently almost exclusively based on voluntary principles and standards, which leaves a lot of room for different interpretations. The Central Bank Director of Financial Regulation also spoke about climate change in his recent speech delivered at Irish Association of Corporate Treasurers (IACT) Annual Conference. In other Central Bank news, feedback on a consultation paper on engaging with stakeholders  from earlier in the year is now available .Also, the Central Bank recently published its Anti Money laundering bulletin focussing on Fund and Fund Management companies . For further technical information and updates please visit the Technical Hub and the Covid-19 Hub on the Institute website.