Welcome to the latest edition of Technical Roundup which is published on the first and third Friday of every month. In developments since the last edition, the Central Bank of Ireland has appointed Mary-Elizabeth McMunn as Deputy Governor, Financial Regulation.  She will take up her role on 1 January 2025.  The International Accounting Standards Board and the International Sustainability Standards Board recently launched a webcast series to discuss how IFRS Accounting Standards and IFRS Sustainability Disclosure Standards complement each other. Read more on these and other developments that may be of interest to members below. Audit and Assurance The Institute has published new guidance ‘Technical Alert 04/2024 – Sample CSRD Limited Assurance Report in accordance with ISAE (Ireland) 3000 as required by Section 1613 of the Companies Act 2014’. The Technical Alert has been prepared to assist members reporting on the limited assurance engagements under the Corporate Sustainability Reporting Directive (“CSRD”) and in compliance with International Standard on Assurance Engagements (Ireland) 3000 . The FRC has published initial feedback on its market study into the audit market for NHS providers and Integrated Care Boards (ICBs). Financial Reporting The Financial Reporting Council (FRC) are holding a webinar entitled “How charities can prepare for major amendments to FRS 102 “ which will discuss the impact of the recent amendments to FRS 102 on charities. The FRC has issued FRED 86-Draft amendments to FRS 101 Reduced Disclosure Framework 2024/25 cycle. This proposes some changes to FRS 101 as part of the annual review of the standard. The International Accounting Standards Board (IASB) has announced that it has completed its decision making on the revised IFRS Practice Statement 1 Management Commentary, with an updated Practice Statement expected to be published in the first half of 2025. The IASB has released its IFRS 19 disclosure tracker. This tracker will assist preparers in applying the new standard and maps the disclosure requirements in IFRS 19 Subsidiaries without Public Accountability: Disclosures to their equivalent disclosures in other IFRS Accounting Standards. The IASB has issued its December 2024 update and podcast. Following its exposure draft on Contracts for Renewable Energy earlier this year (to which the Institute issued a response to), the IASB has acted swiftly in issuing targeted amendments to IFRS 9 Financial Instruments and IFRS 7 Financial Instruments: Disclosures. These amendments are intended to help companies better report the financial effects of nature-dependent electricity contracts, which are often structured as power purchase agreements. The FRC has issued a draft three year strategy for 2025-28 along with a draft Plan and Budget for 2025-26. In its recent podcast, the IFRS Interpretations Committee chair, Bruce McKenzie discussed some of the decisions made at its recent committee meeting held on 26th November. This includes discussions on; Application of IAS 29 to identify when an economy becomes hyperinflationary Expenditure on carbon credits and R&D activities, and whether these meet the requirements in IAS 38 to be recognised as an intangible asset Accountancy Europe has issued its December 2024 Newsletter. EFRAG, the European Financial Reporting Advisory Group, has announced that it has completed its due process regarding the Amendments to IFRS Accounting Standards contained in Annual Improvements to IFRS Accounting Standards – Volume 11. Following the completion of this due process, it has submitted its Endorsement Advice to the European Commission, recommending the endorsement of the Amendments. EFRAG has published its November 2024 update and have also published an updated Endorsement Status Report, which reflects the publication of the targeted amendments to IFRS 9 and IFRS 7 discussed earlier. The IFRS Foundation have published proposed updates to its Due Process Handbook to reflect the creation of the International Sustainability Standards Board (ISSB). The UK Endorsement Board (UKEB) has published its Final Comment Letter and Feedback Statement on the IASB’s Exposure Draft on Equity Method of Accounting–IAS 28 Investments in Associates and Joint Ventures The IFRS Foundation’s annual conference will be held at the Leonardo Royal Hotel London Tower Bridge on 23–24 June 2025 with details to follow in early 2025. Andreas Barckow, Chair of the International Accounting Standards Board (IASB), delivered a keynote address at the EFRAG Conference on 10 December. He explained how IFRS Accounting Standards build transparency and trust in financial markets and connect global markets through a common financial language. Sustainability EFRAG has added further non-authoritative technical explanations to its compilation of explanations that are intended to assist stakeholders in the implementation of the European Sustainability Reporting Standards (ESRSs). EFRAG has announced that it has delivered its technical advice on the Voluntary SME (“VSME”) standard to the European Commission. The VSME is designed for undertakings that are not in the mandatory scope of the Corporate Sustainability Reporting Directive (‘CSRD’) and the standard aims to replace the current practice of multiple uncoordinated data requests for ESG information with a standardised set of information that stakeholders can use to fulfil their reporting needs. EFRAG has also released some educational videos on the VSME standard. The International Accounting Standards Board (IASB) and the International Sustainability Standards Board (ISSB) recently launched a webcast series to discuss how IFRS Accounting Standards and IFRS Sustainability Disclosure Standards complement each other.   The ISSB has issued its December 2024 update and podcast. Accountancy Europe has published its December 2024 update. The FRC, in its role as the Secretariat to the UK Sustainability Disclosure Technical Advisory Committee, has published the Committee’s final recommendations to the Secretary of State for Business and Trade, recommending endorsement of the first two IFRS Sustainability Disclosure Standards for use in the UK. The committee has recommended some minor amendments to IFRS S1 and S2, as well as requesting additional guidance to assist with implementation. Anti-money laundering /sanctions The European Commission: Directorate-General for Migration and Home Affairs, has in recent months issued a report mapping and providing an in-depth analysis of High-risk areas of corruption in the EU The report is described by the Commission as a report to advance the EU’s Anti-Corruption Strategy to combat corruption and reduce its harm to society. It maps high-risk areas and provides an in-depth analysis of the nature of and reasons behind these risks. Artificial Intelligence (AI) The European Commission recently hosted 2 webinars one on November 28 2024 exploring the Architecture of the AI Act and offering participants an in-depth look into the AI Act objectives, its risk-based framework, and the governance mechanisms it introduces, including the central role of the EU AI Office. The event was public and open to everyone. The recording of the webinar and the slides can be accessed here. Second Webinar on the architecture of the AI Act was held on 17 December 2024 where AI Office experts continued exploring the nature of the AI Act to enable its smooth implementation. Click for further details and to access a copy of the recording. Central Bank of Ireland (CBI)  CBI has published - a review of the regulatory framework for credit union lending, and launched a public consultation on proposed changes to the framework. - its latest Q4 2024 Quarterly CBI Bulletin  which contains its projections for the Irish economy. The report headlines steady growth and lower inflation in the Irish economy, but that geo-economic risks are rising. -the first edition of its ‘Investment Funds Supervision Bulletin’. CBI states that the purpose of the Bulletin is to inform industry participants of the Central Bank’s areas of recent and ongoing focus, and to provide an insight into future priorities. It is intended that the Bulletin will complement other forms of industry engagement, and CBI hopes to publish a bulletin of this nature annually. CBI also welcomed the publication this month of the outcome of the OECD review of Central Bank of Ireland’s consumer protection supervisory functions. It had commissioned the OECD to review its supervisory functions against the global standards for financial consumer protection. The OECD assessment found that the Central Bank is strongly committed to fostering and upholding the G20/OECD Principles, which are the international standard for effective and comprehensive financial consumer protection frameworks. It also found that CBI aligns with international standards and that its practices are consistent with peer regulators. Finally in CBI news, CBI has appointed Ms Mary-Elizabeth McMunn as Deputy Governor, Financial Regulation.  She will take up her role on 1 January 2025. Legislation The Dept. of Enterprise Trade &Employment (DETE) has announced that the Minister of State for Trade Promotion, Digital and Company Regulation has signed the Commencement Order for the Screening of Third Country Transactions Act 2023 with all provisions of the Act commencing on 6 January 2025. Readers will find more information on the Act in a news item of  November 2023 on the Screening of Third Country Transactions Act 2023 and details of and a link to draft guidance issued under the Act in our news round up dated 1 March 2024. Other In an interesting and thought provoking piece entitled “10 principles for policymakers to reduce administrative burdens for companies”, Accountancy Europe have shared some recommendations for policymakers to ensure that the expected reforms on simplification and administrative burden reduction are genuine and impactful for businesses. The Financial Reporting Council (FRC) has published a consultation proposing revisions to Technical Actuarial Standard 300: Pensions (TAS 300) to reflect recent developments in pension scheme funding. The European Securities and Markets Authority (ESMA) is hosting its conference “Shaping the future of EU capital markets” on 5 February 2025 in Paris, France.  The latest December 2024 newsletter has been issued by the Irish Charities Regulator. It includes links to the Regulator’s overview of the latest charities’ legislation and protecting your charity from cybercrime. Please click here to read the Regulator’s overview of the Charities Amendment Act 2024. Please click to listen to a podcast from Carmichael, the training and support body for non-profits. Here they speak with Director of Civil Enforcement with the Corporate Enforcement Authority Fallon Judge on dealing with compliance with company law. The Director discusses her role in the CEA and the work of the Corporate Enforcement Authority in relation to charities and their directors. Charities with an annual reporting deadline of 31 January 2025 are being encouraged to submit their annual return to the Charity Commission for Northern Ireland on time. The Minister for Trade Promotion, Digital & Company Regulation, Dara Calleary TD has appointed Ms Aisling Kennedy as Chairperson of IAASA from 21 December 2024. Aisling is a current member of the board and has broad experience as a company director in a range of areas.   Wishing all of our members a very happy Christmas and all the best for 2025!     This information is provided as resources and information only and nothing in the information purports to provide professional advice or definitive legal interpretation(s) or opinion(s) on the applicable legislation or legal or other matters referred to in the information. If the reader is in doubt on any matter in this complex area further legal or other advice must be obtained. While every reasonable care has been taken by the Institute in the preparation of the information we do not guarantee the accuracy or veracity of any resource, guidance, information or opinion, or the appropriateness, suitability or applicability of any practice or procedure contained therein. The Institute is not responsible for any errors or omissions or for the results obtained from the use of the resources or information contained herein.

The Financial Reporting Council (FRC) has published FRED 86 “Draft amendments to FRS 101 Reduced Disclosure Framework”, which has proposed some amendments to the FRS 101 standard. FRS 101 Reduced Disclosure Framework sets out an optional reduced disclosure framework that is available for the individual financial statements of subsidiaries and ultimate parents that otherwise apply the recognition, measurement and disclosure requirements of adopted IFRS. The standard is intended to enable cost effective financial reporting within groups to reduce reporting burdens, particularly for those applying IFRS Accounting Standards in their consolidated financial statements. Each year, the FRC carry out a review of the standard to decide whether FRS 101 should provide exemptions from new disclosure requirements or whether other consequential amendments are required. In FRED 86, the FRC have proposed some amendments to the standard, including; Amendments to exempt most qualifying entities from the disclosure requirements in IFRS 18 related to management-defined performance measures Amendments to exempt qualifying entities from the disclosure of a disaggregation of specified expenses classified by nature (as set out in paragraph 83(b) of IFRS 18), and An amendment to prevent entities from applying both FRS 101 and IFRS 19 The proposed amendments will now be subject to a consultation period, with comments welcomed by the FRC until 7 March 2025.

This Technical Alert (TA) has been prepared to assist members reporting on the limited assurance engagements under the Corporate Sustainability Reporting Directive (“CSRD”) and in compliance with International Standard On Assurance Engagements (Ireland) 3000 Assurance Engagements Other Than Audits Or Reviews Of Historical Financial Information – Assurance Of Sustainability Reporting In Ireland (ISAE (Ireland) 3000) Click here Technical Alert 04 2024 Limited Assurance Report on Sustainability Statement to access the TA.  Click ISAE (Ireland) 3000 to access the standard.  

Welcome to the latest edition of Technical Roundup which is published on the first and third Friday of every month. In developments since the last edition, Chartered Accountants Ireland has issued its response to the International Accounting Standards Board’s (IASB) Exposure Draft ‘Climate-related risks and Other Uncertainties in the Financial Statements’.  The Pensions Authority has published a dedicated website page for information on the Digital Operational Resilience Act (DORA). Read more on these and other developments that may be of interest to members below. Audit and Assurance IAASA has published Inspection Insight Series 5: International Standard on Quality Management Ireland 1 (ISQM 1). This paper sets out the key requirements for audit firms relating to ISQM1, IAASA’s findings from their quality assurance reviews and areas of good practice noted by IAASA.  The Financial Reporting Council (FRC) has published its annual report on the quality of major local audits, which also sets out how it will continue to support the local audit system to recover from delays in the publication of audited accounts. The FRC has published its annual Audit Market and Competition Update for 2024. The report shows that in the UK the Big Four audit firms continue to dominate the market earning 98% of FTSE 350 audit fees and 90% of all PIE audit fees. However, challenger audit firms’ share of FT350 audit engagements grew to 13% in 2023. The FRC is evolving its approach to audit market competition, addressing stakeholder concerns such as differences in quality between the largest and smaller audit firms. You can access the report on this link. Earlier this year the FRC published an update to its Ethical Standard for auditors, effective from 15 December 2024. The updated ethical standard simplifies the existing ethical standard and provided additional clarity in a limited number of areas. the new standard takes into account recent revisions made to the international IESBA Code of Ethics. there is a new targeted restriction on fees from entities related by a single controlling party Read more and access the revised standard here. Financial Reporting Chartered Accountants Ireland has issued its response to the International Accounting Standards Board’s (IASB) Exposure Draft “Climate-related risks and Other Uncertainties in the Financial Statements”. The Exposure Draft, which proposes eight examples illustrating how entities may apply the requirements in IFRS Accounting Standards to report the effects of climate-related and other uncertainties in its financial statements, was issued by the IASB in July 2024. The UK Endorsement Board has also published its Final Comment Letter and Feedback Statement in response to the same Exposure Draft. EFRAG, the European Financial Reporting Advisory Group has published its October 2024 update which summarises public technical discussions and decisions taken during the month. The Financial Reporting Council (FRC) has updated their suite of factsheets addressing FRS 102. For more information on this please see our news item here. The FRC has published its Annual Review of Corporate Governance Reporting. EFRAG has published its Final Comment Letter on the IASB's Exposure Draft Translation to a Hyperinflationary Presentation Currency - Proposed amendments to IAS 21. EFRAG has published its Final Comment Letter on the IASB's Exposure Draft Amendments to IFRS 19 Subsidiaries without Public Accountability: Disclosures. The UK Endorsement Board has also published its response to this Exposure Draft. EFRAG’s discussion paper “The Statement of Cashflows objectives, usages and issues” has been published, with the objective of listing the perceived issues with cash flow statements presented in accordance with IAS 7. Comments are requested by EFRAG by 15 May 2025. The International Accounting Standards Board has published its November 2024 update and podcast. Insolvency The CCAB-I Insolvency Committee has recently published Technical Alert 03/2024 Succession Planning for Insolvency Practitioners. Insolvency appointments are taken in a personal capacity by an Insolvency Practitioner, who has an obligation to ensure that cases are properly managed at all times, and to have appropriate contingency arrangements in place to cover a change in the Insolvency Practitioner’s circumstances. This Technical Alert maps out a succession plan for an Insolvency Practitioner and covers some of the high-level considerations and discussion points to be considered by Insolvency Practitioners. Sustainability The European Commission has published a set of frequently asked questions (FAQs) to support stakeholders in the implementation of the EU taxonomy, a classification system for sustainable economic activities. The FAQs provide technical clarifications regarding various elements of the EU taxonomy. Examples of matters included are the application of general taxonomy requirements and technical screening criteria for specific activities included in the Taxonomy Climate and Environmental Delegated Acts and they also address the generic ‘do no significant harm’ (DNSH) criteria that ensure that economic activities contributing to one of the environmental objectives set out in the Taxonomy Regulation do not cause significant harm to any of the other environmental objectives. The 2024 edition of KPMG’s Survey of Sustainability Reporting, which surveyed 5,800 large companies across 58 countries showed that GRI usage has risen to 71%. The survey also identified an increasing prevalence of companies obtaining independent assurance on their sustainability reporting as well as an increase in the number of companies carrying out double materiality assessments, both of which are practices that will soon become mandatory for certain companies in the European Union. A recording of EFRAG’s recent webinar “ESRS for Non-EU Groups” is available to view via the EFRAG website. The IFRS Foundation has published some educational material entitled “Sustainability-related risks and opportunities and the disclosure of material information”. The publication is focussed on helping companies understand how the concept of sustainability-related risks and opportunities is described in IFRS S1 General Requirements for Disclosure of Sustainability-related Financial Information, including how these can arise from a company’s dependencies and impacts. The International Sustainability Standards Board (ISSB) has published its November 2024 update and podcast. As many jurisdictions worldwide make decisions locally regarding whether (or how) they adopt ISSB reporting standards, the IFRS Foundation continues to compile a list of the ongoing and completed Jurisdictional sustainability consultations. This is a useful reference point for anyone trying to establish the reporting requirements of various countries worldwide. The IFRS Foundation has published a recording of its fifth Perspectives on sustainability disclosure webinar which is titled 'The state of assurance for sustainability disclosures'. Accountancy Europe has published its November 2024 Sustainability Update. Digital, Cyber, Artificial Intelligence (AI), Crypto The Pensions Authority has published a dedicated website page for information on the Digital Operational Resilience Act (DORA). Central Bank of Ireland (CBI) Governor of the Central Bank of Ireland Gabriel Makhlouf was invited to speak at a Financial Services Ireland event on 20 November to talk about The Role of Financial Services in the Irish Economy. Legislation You can read our recent news item on the signing and part commencement of the Companies (Corporate Governance, Enforcement and Regulatory Provisions) Act, 2024. We have selected those provisions which we think will be of most interest to our members and have identified what has been commenced on 3 December 2024 and what awaits commencement in 2025. Click to go to the CEA website where you can read about the key changes introduced by this Act which concern the Corporate Enforcement Authority . Other Please click to read the latest from the Corporate Enforcement Authority December newsletter and click here if you want to subscribe to the CEA newsletter. The Financial Reporting Council (FRC) has published its Annual Review of Corporate Governance Reporting 2024, providing important insights as companies prepare to implement the revised UK Corporate Governance Code from January 2025. The Pensions Authority has published information on the Annual Compliance Statement (ACS) for 2024 that is provided for under the Pensions Act.  The form to be used for the ACS is available under Related File(s) on their website with a deadline for completion of 31 January 2025. Accountancy Europe has issued its December 2024 SME update.     This information is provided as resources and information only and nothing in the information purports to provide professional advice or definitive legal interpretation(s) or opinion(s) on the applicable legislation or legal or other matters referred to in the information. If the reader is in doubt on any matter in this complex area further legal or other advice must be obtained. While every reasonable care has been taken by the Institute in the preparation of the information we do not guarantee the accuracy or veracity of any resource, guidance, information or opinion, or the appropriateness, suitability or applicability of any practice or procedure contained therein. The Institute is not responsible for any errors or omissions or for the results obtained from the use of the resources or information contained herein.

from the Institute’s Professional Accounting team on the signing and part commencement of the Companies (Corporate Governance, Enforcement and Regulatory Provisions) Act, 2024 (2024 Act ) Introduction The 2024 Act was signed into law on 12 November 2024. It makes changes to the Companies Act, 2014 (CA 2014). On behalf of its members, the Institute responded in 2023 to a Department of Enterprise, Trade and Employment (DETE ) consultation on proposals to enhance the Companies Act 2014 which informed much of the provisions of the 2024 Act. Below we set out some of the new provisions which may be of interest to our members. Readers might note that there are other new provisions in the 2024 Act which are not outlined here. The Companies (Corporate Governance, Enforcement and Regulatory Provisions) Act 2024 (Commencement) Order 2024 (SI 639/2024) commenced certain of the provisions from 3 December 2024. A DETE December 2024 press release clarifies that the provisions not commencing on 3 December 2024 are those that require technical updates to be made to the Companies Registration Office (CRO)’s  computer systems to facilitate the changes proposed. These provisions relate to CRO prescribed forms and the removal of the automatic loss of audit exemption for small companies on a first occasion of failure to file an annual return.  DETE intends to commence these provisions in 2025. Audit exemption (not yet commenced) Once commenced, one of the most significant changes for our members is to the rules regarding loss of audit exemption. This provision will replace the automatic loss of the audit exemption for a first late filing with the CRO with a graduated regime where a company may file late once in a five-year period without the loss of audit exemption. The Institute is particularly delighted to see this provision as it is an area on which we have made numerous representations to the CRO and the DETE on behalf of members over the last number of years. Readers should note that the change does not extend to small group situations, and while there are some exemptions it is still generally the case that if one member of a small group fails to file its annual return on time, none of the small group companies is entitled to the audit exemption for the following two financial years. Registered office agent /electronic filing agent (not yet commenced) There will be changes in relation to a company’s registered office agent and electronic filing agents. These include the application to the Registrar of Companies (“Registrar “) in the prescribed form for approval to act as an electronic filing agent (EFA) and a registered office agent. Prior to the 2024 Act, application was made to the Registrar using an administrative form. Trust and Company Service Providers (TCSPs) will only be approved as a registered office agent or an EFA where they have a TCSP authorisation under the Criminal Justice (Money Laundering and Terrorist Financing) Act 2010. Approval to act as an EFA or registered office agent will be withdrawn where a company ceases to hold a TCSP authorisation.  Evidence of situation of registered office (commenced) The 2024 Act includes a new section to provide that the Registrar may require evidence to verify a company’s registered office address when a company is applying to register its constitution or submitting a change of registered office address. Where the Registrar has made such a request, the Registrar will not register the documents unless such evidence is provided. Receivers (not all provisions commenced) The 2024 Act makes some changes in relation to receivers. Extension of the existing power of the court to fix remuneration of a receiver has been commenced. Matters to be considered for receivers under these new provisions include time spent, complexity of the case, exceptional responsibility on receiver, effectiveness of receiver, value, and nature of the property. This mirrors existing provisions for remuneration for liquidators in the CA 2014. Provisions have also been commenced concerning entitlement to remuneration of receivers by way of a relevant percentage, by reference to time spent or otherwise by reference to any method or thing. These new provisions are in line with existing provisions in the CA 2014 concerning entitlement of liquidators to remuneration.  Further information will be required on Form E8 which is filed upon the receiver’s appointment. The further information includes details of nature of assets, date and nature of appointment, information regarding future trading where practicable, and other prescribed information (not yet commenced). Members, creditors, and prescribed persons can request information regarding receivers’ terms and fees, and requests must be dealt with within 7 days. (not yet commenced). Also, the time limits for filing the receiver’s abstract (Form E9) upon cessation of acting as receiver and notice of cessation of receiver (Form E11) will now be 7 days. (not yet commenced). SCARP (not all provisions commenced) The technical changes to SCARP legislation have largely been commenced from 3 Dec. The ones which have not yet been commenced mainly relate to provisions for notices in ” prescribed form “. The SCARP provision has been commenced whereby the court can ask the process advisor (PA) for a written report stating the reasons for not doing so where the PA did not make use of the services of the staff and facilities of the company to which they were appointed where the court is considering any matter relating to the PA’s costs, expenses, and remuneration. Strike off and restoration (commenced) Provisions for 3 new grounds for strike off have been commenced (sections 58-64) (failure to notify of a change in registered office, no current company secretary recorded and failure to deliver beneficial ownership information). Readers may be interested to note that these three new grounds will not give rise to disqualification of the directors and the new provisions include the steps to be taken to avert continuation of the strike off under the three new grounds. IAASA (commenced) Provisions have been commenced giving IAASA power to issue an interim direction imposing restrictions on a statutory auditor that a possible relevant contravention has been committed and that it is appropriate in the public interest to do so. IAASA will invite and consider submissions received from the restricted person and will within 21 days either confirm vary or revoke the interim notice. The restrictions remain in place until the investigation is complete. An interim notice will be reviewed every 6 months or a shorter period and automatically expires after 18 months unless a further interim notice is issued. Corporate Enforcement Authority (CEA) - Enhanced powers (commenced) The following provisions have been commenced: - -Under the 2014 Act, auditors must notify the CEA when they form the opinion that certain offences have been committed. New provisions oblige the auditors, if requested by the CEA, to furnish the CEA with copies of documents and to certify them as true copies or extracts; -Provisions allowing for the CEA to share otherwise confidential information with additional statutory bodies such as the Data Protection Commission and the Charities Regulatory Authority; -Provisions whereby it is a category 2 offence for a person to obstruct or interfere with an officer of the CEA . For a category 2 offence , on summary conviction, punishment is a class A fine which is a fine not exceeding €5,000 or imprisonment for a term not exceeding 12 months or both, or on conviction on indictment, to a fine not exceeding €50,000 or imprisonment for a term not exceeding 5 years or both; -Greater information gathering powers (including access to certain court orders and mandatory notification requirement in certain instances). Electronic meetings (commenced) Electronic participation in general meetings has been put on a permanent statutory footing and there are now provisions for notices, quorum and proceedings and virtual voting at such meetings. Readers may recall that in December 2023 these provisions which were introduced during the pandemic were temporarily extended to 31 December 2024. Note that the new provisions do not apply to creditors meetings or meetings to consider schemes of arrangements. This information is provided as resources and information only and nothing in these pages purports to provide professional advice or definitive legal interpretation(s) or opinion(s) on the applicable legislation or legal or other matters referred to in the pages. If the reader is in doubt on any matter in this complex area further legal or other advice must be obtained. While every reasonable care has been taken by the Institute in the preparation of these pages, we do not guarantee the accuracy or veracity of any resource, guidance, information or opinion, or the appropriateness, suitability or applicability of any practice or procedure contained therein. The Institute is not responsible for any errors or omissions or for the results obtained from the use of the resources or information contained in these pages

The Institute has issued its response to the International Accounting Standards Board’s (IASB) Exposure Draft “Climate-related risks and Other Uncertainties in the Financial Statements”. The Exposure Draft, which proposes eight examples illustrating how entities may apply the requirements in IFRS Accounting Standards to report the effects of climate-related and other uncertainties in its financial statements, was issued by the IASB in July 2024. While highlighting its support of the overall objectives of the IASB, as well as the usefulness of illustrative examples in helping entities report on areas of uncertainty, the Institute’s Financial Reporting Technical Committee noted some concerns in relation to the way in which some of the examples are drafted. In addition to this, the Institute called for more guidance and analysis relating to determining the level of adjustment required to terminal value and discount rates in relation to medium to long term impacts of climate risk. The Institute’s response can be read in full here.