Welcome to this week’s Technical Roundup.
In developments this week, the FRC has published its response to the International Sustainability Standards Boards (ISSB) first two Exposure Drafts, IAASA has published the first video in a series designed to provide information on the Quality Management Standards in Ireland and both IAASA and the ODCE have recently published their 2021 Annual Reports.
Read more on these and other developments that may be of interest to members below.
Financial Reporting
EFRAG are hosting a number of outreach events in the coming weeks in relation to the ongoing public consultation on the first set of European Sustainability Reporting Standards.
The FRC has published its response to the International Sustainability Standards Boards (ISSB) first two Exposure Drafts, IFRS S1 General Requirements for Disclosure of Sustainability-related Financial Information and IFRS S2 Climate-related Disclosures. The FRC strongly supports the development of high-quality global standards for sustainability reporting and welcomes the opportunity to provide comments on the ISSB's first Exposure Drafts.
The IASB has issued it’s June 2022 update and updated work plan.
Financial Reporting Lab newsletter: June 2022
The Lab has released its second quarterly newsletter for 2022. This issue reflects on the Lab's focus for the year provides an update on upcoming and ongoing projects, and information on how you can get involved.
https://frc.org.uk/news/june-2022-(1)/financial-reporting-lab-newsletter-june-2022
Auditing
IAASA has published the first video in a series designed to provide information on the Quality Management Standards in Ireland. This first video provides an overview of the Quality Management Standards and the relationship between ISQM 1, ISQM 2 and ISA 220. Further videos in the series, which will be published on IAASA’s YouTube channel over the coming weeks, will provide greater detail on the individual standards.
Anti-Money Laundering
Click here to access a presentation delivered recently by Elizabeth McCaul, Member of the Supervisory Board of the ECB, on the ECB’s Banking Supervision’s role in AML/CFT.
The Financial Action Task Force (FATF) is conducting a review of its recommendation on the transparency and beneficial ownership (BO) of legal arrangements. Click to access the white paper for public consultation. FATF’s states that its work in this area is ongoing, and will benefit from hearing views from stakeholders, including trustees, financial institutions, designated non-financial businesses and professions (DNFBPs), and non-profit organisations. A response can be sent by 1 August 2022 and details of where to send are contained within the white paper. In other FATF news the outcomes of the FATF plenary held recently can be read on their website which includes a statement on the Russian federation, some strategic initiatives and priorities under the Singapore presidency.
Other areas of interest
IAASA has published its 2021 Annual Report, providing a summary of IAASA’s activities during 2021. The Report includes an overview of IAASA’s work across its principal statutory functions, including significant developments during 2021, strategies employed, and the outcomes associated with those strategies.
The ODCE recently published its annual report for 2021.The Director’s statement gives an overview of 2021 and looks to the year ahead and gives details of the ODCE’s activities including compliance and enforcement activities.
The Charities Regulator has recently published its summer newsletter where you will find information on charity matters including how to register for a lunch time webinar on 6 July on how to ensure your charity is up-to-date and proposed changes to charity law in a recent draft bill.
The Central Bank Director of Financial Regulation Policy and Risk recently gave a wide-ranging speech on the new Individual and Senior Executive Accountability framework which will come into effect next year. He considered some key aspects of the new framework including the Central Bank’s approach to the regulations and guidelines that will implement the primary legislation. Further details of his speech can be read here.
The Irish Department of Finance issued a recent press release giving details of the European Investment Bank’s plans to strengthen support for climate, connectivity, renewables, education and innovation across Ireland following the meeting of the Ireland-EIB Financing Group held at the Department of Finance recently. Further details of the announcement can be read here.
The Department of Finance also recently published the 2021 progress report of the Ireland for Finance Strategy. Achievements in the 2021 progress report of the Ireland for Finance strategy, noted in the press release include developing and launching a national Sustainable Finance Roadmap and launching Ireland’s Women in Finance Charter.
For further technical information and updates please visit the Technical Hub on the Institute website.
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