Technical Roundup 1 November
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 European Securities and Markets Authority, in its annual European Common Enforcement Priorities Statement for 2024, has highlighted its areas of enforcement focus in 2025. The Pensions Authority have published updated guidance for determining assumptions used in pension benefit statements, as required under regulation 34(4) of the European Union (Occupational Pension Schemes) Regulations 2021.
Read more on these and other developments that may be of interest to members below.
Financial Reporting
The IFRS Foundation has published its 11th Compilation of Agenda Decisions by the IFRS Interpretations Committee. This covers decisions made in the period from May to October 2024.
The IFRS Foundation has published its National Standard Setters October 2024 Newsletter.
The International Accounting Standards Board (IASB) has issued its October 2024 Newsletter and podcast.
The European Securities and Markets Authority (ESMA), in its annual European Common Enforcement Priorities (ECEP) Statement for 2024, has highlighted its areas of enforcement focus in 2025. This includes some areas of focus under the topics of financial statements, sustainability statements and ESEF reporting.
The European Securities and Markets Authority (ESMA) has published a survey on legal entities identifiers, aiming to gather evidence on the impacts of including alternatives for reporting or record keeping requirements.
The European Financial Reporting Advisory Group (EFRAG) is calling for technical experts in accounting and financial reporting to join its Financial Reporting Technical Expert Group which provides technical advice to the EFRAG Financial Reporting Board.
The International Public Sector Accounting Standards Board has issued Exposure Draft (ED) 92, Tangible Natural Resources which is open for public comment until 28 February 2025.
The UK Endorsement Board (UKEB) has published its two annual reports covering the year to 31 March 2024, including its report to the Secretary of State and its report to the FRC.
UKEB has issued its Draft Comment letter on the IASB’s Exposure Draft — Equity Method of Accounting—IAS 28 Investments in Associates and Joint Ventures. This letter is open for public comment until 20 November 2024.
UKEB has also published a Draft Endorsement Criteria Assessment (DECA) on the potential use in the UK of the IASB’s Annual Improvements to IFRS Accounting Standards – Volume 11.
Accountancy Europe has issued its October 2024 Newsletter.
The IASB has released a podcast hosted by Executive Technical Director Nili Shah featuring IASB Vice-Chair Linda Mezon-Hutter and IASB Member Bruce Mackenzie discussing the deliberations held during the October 2024 IASB meeting.
Sustainability
On 6th November, Chartered Accountants Ireland will host a free, 1 hour webinar on the CSRD. This will be the final webinar in our three-part series covering the CSRD. In this webinar, Derarca Dennis, Partner, EY and Chartered Accountants Ireland's Deirdre Moran will review some of the practical challenges that companies have faced in preparing to comply with the CSRD, matters to consider when developing and implementing a sustainability strategy, and the role of the Board.
The Executive Committee of the World Economic Forum (WEF) and the International Business Council (IBC) have published a statement in which they welcome the progress towards establishing a global baseline of consistent and comparable sustainability information based on the ISSB standards.
The International Sustainability Standards Board (ISSB) has released a podcast hosted by ISSB Chair Emmanuel Faber and ISSB Vice-Chair Sue Lloyd discussing the latest developments around the ISSB.
In its recently published article on Medium, the Global Reporting Initiative (GRI) discuss why, as greenwashing scrutiny intensifies, legal teams must safeguard ESG integrity across all claims
Accountancy Europe has issued its October 2024 Sustainability update.
Economic Crime and anti-money laundering
The Advisory Council against Economic Crime and Corruption was established by Government in 2022. The Irish Dept of Justice launched a consultation in October 2024 on developing a strategy for the Advisory Council to combat Economic Crime and Corruption. They are seeking the public’s views on what should be addressed in the strategy to combat economic crime and corruption.
In October 2024 and to mark Anti-Slavery Week 2024, the National Crime Agency in the UK announced a Private Public Partnership to tackle sexual exploitation. The NCA announced that 31 financial institutions, law enforcement agencies and government departments have joined forces to tackle sexual exploitation. Click here to read more.
Click to read the latest SARs in action from the UKFIU. It includes a feature on the Egmont Group of FIUs which works to enhance member capabilities and to improve secure information sharing, training, and best practice internationally. The magazine also provides information on The Joint Money Laundering Intelligence Taskforce where the Public Private Cryptoasset Forum has been developed as a new threat group within JMLIT+, with the intention of building links with the UK registered and regulated Cryptoasset industry, identifying opportunities for partnership and bringing members of the industry further into partnership work.
The Institute’s Professional Standards Dept. has published its AML Supervision Report 2023/2024 which summarises AML supervisory activities in both jurisdictions, ROI and UK for the period April 2023 – April 2024. Please see the report for case studies on AML including deficiencies identified and how they were rectified. The report identifies emerging risks including crypto currency, the increasing prevalence of artificial intelligence and the continued potential for post-Covid fraud. Issues arising from the Ukraine crisis also remain in focus. The report examines what compliant means and most common findings on monitoring visits and desk-based reviews.
Other
Richard Moriarty reflects on his first year leading the FRC in an 'In Conversation' podcast episode, hosted by Kate O'Neill, Director of Stakeholder Engagement and Corporate Affairs.
Accountancy Europe is promoting the topic of the attractiveness of the accountancy profession through online campaigns, events and blog articles. A recent online story is regarding the work done by the Norwegian Institute of Public Accountants (NIPA) to improve the image of auditors and attract new talent.
The Corporate Enforcement Authority held its second annual conference on Thu 17 October. Representatives from our technical team attended and please click to read a summary of the discussions at the conference some of which might be of interest to our readers. Click here to go to the CEA pages where you can find copies of slides and speeches made available after the event.
Readers may be interested in the October 2024 UK judgment in the case of Standard Chartered Plc and others. Upon the cessation of publication of LIBOR, the issue in the case was whether a replacement rate to LIBOR should be implied in a legacy contract. The court implied a term into the contract for a replacement rate and held that an implied term that shares should be redeemed and the contract unwound was untenable.
Click to read an interview on the European Commission website with Mairead McGuinness European Commissioner for Financial Stability, Financial Services and the Capital Markets Union on her mandate, where she thinks most progress was made, and how she sees the future of finance.
The Pensions Authority have published updated guidance for determining assumptions used in pension benefit statements, as required under regulation 34(4) of the European Union (Occupational Pension Schemes) Regulations 2021.
Charity Trustees’ Week takes place on 11 to 15 November this year to thank trustees across Ireland for their important work in the area of governance and leadership of charities. It is organised in partnership by the Charities Regulator, Boardmatch Ireland, Carmichael, Charities Institute Ireland, Dóchas, Pobal, The Wheel, and Volunteer Ireland. Click here for further details.
Jonathan Reynolds, the UK Secretary of State for Business and Trade, issued a statement on 14 October to announce the publication of a green paper which outlines plans to deliver Invest 2035: The UK’s Modern Industrial Strategy.
He also announced proposed changes to company law. Click for the announcement which proposes changes by year end to reporting requirements and uplift the monetary size thresholds for micro-entities, small and medium-sized companies, as well as making technical fixes to the UK’s audit framework.
The Department of Enterprise, Trade and Employment will be hosting a free online event focused on responsible business and the environment at 11am on Wednesday, 6 November 2024.
Click for IDA insights article on “What makes Ireland an extraordinary partner for leading global companies”
In news on the Funds sector, the Minister for Finance this month published the Report of the Funds Sector 2030 (Review). The review examined Ireland’s funds sector framework to ensure it is up-to-date, taking account of the significant developments in recent years, to support the long term growth in the sector in Ireland. It concluded that Ireland is well placed to grow in the funds and asset management sector. The review also developed a set of recommendations to address the most material issues and to put in place measures that will help navigate the further changes that are coming in a controlled way. Also in Funds news, click to read remarks by Central Bank of Ireland Deputy Governor Derville Rowland “Past, present and future of Exchange Traded Funds’ at an event in October 2024 on Unlocking the Potential for Europe and Ireland.
The FCA has published the results of a survey to better understand how firms record and manage allegations of non-financial misconduct. The survey of over 1,000 investment banks, brokers and wholesale insurance firms found that the number of allegations reported increased between 2021 and 2023.
In the UK, Companies House has outlined its transition plan for Companies House in relation to the Economic Crime and Corporate Transparency Act 2023 (the Act). The Act will reform the role of Companies House and improve transparency over UK companies and other legal entities. There were certain changes implemented in March 2024 with the next wave of anticipated in winter 2024 and into 2025 as follows:
Companies House should be able to:
- expedite the striking off of companies where the registrar has concluded the company has been formed for a false basis.
- annotate the register in a wider range of circumstances, such as when a company has a director who has been disqualified but has yet to terminate their appointment on the register, or where Companies House has issued a statutory notice to require more information from a person, but the matter remains unresolved.
The transition plan is available here along with our information booklet on the changes already implemented available here.
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.
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