Welcome to this week’s Technical Roundup.
In developments this week, the IFRS Foundation has published educational material to illustrate how the IFRS for SMEs Accounting Standard requires companies to consider climate-related matters that have a material effect on the financial statements; a new tool from the International Federation of Accountants (IFAC) is now available to help professional accountancy organizations (PAOs) take leading roles in the anti-corruption fight in their jurisdictions.
Read more on these and other developments that may be of interest to members below.
Audit
IAASA has published its 2022 Annual Audit Programme and Activity Report. This report provides a summary of the activities performed by IAASA during 2022 to oversee the audit profession in Ireland.
Financial Reporting
The IFRS Foundation has published educational material to illustrate how the IFRS for SMEs Accounting Standard requires companies to consider climate-related matters that have a material effect on the financial statements. While the IFRS for SMEs Accounting Standard does not explicitly refer to climate-related matters, there are many areas of the standard where entities should consider climate-related matters and how this impacts accounting treatment.
The educational material has been developed in response to feedback from some members of the SME Implementation Group and respondents to the 2022 Exposure Draft Third edition of the IFRS for SMEs Accounting Standard. This feedback identifies that interest in the potential effects of climate-related matters on SMEs’ financial statements is growing among users of those statements. The UK Endorsement Board has adopted Lease Liability in a Sale and Leaseback- Amendments to IFRS 16. The Amendments add subsequent measurement requirements for sale and leaseback transactions to improve the requirements for such transactions in IFRS 16 Leases. These amendments were issued in September 2022 by the International Accounting Standards Board. The amendments have an effective date of 1 January 2024, with early application permitted.
The European Council has extended the scope of rules to transfers of crypto assets, with the intention of making it more difficult for criminals to circumvent anti-money laundering rules via crypto currencies. Under the new rules, crypto asset service providers are obliged to collect and make accessible certain information about the sender and beneficiary of crypto transfers, regardless of the amount being transacted.
Sustainability
In a EU Green Week 2023 partner event, the Association of Chartered Certified Accountants (ACCA), Accountancy Europe and the International Federation of Accountants (IFAC) will bring together global experts on 8 June to discuss the skills and education needed for finance professionals to contribute to a green and just transition.
Insolvency
The Insolvency Service in the UK is seeking views on proposed changes to its statistics publications to ensure it continues to produce relevant statistics that meet users' needs. The consultation closes on 30 June 2023.
Other
The FRC is hosting a webinar on the proposed revisions to Technical Actuarial Standard 300 (TAS 300) and the introduction of Technical Actuarial Standard 310 (TAS 310) relating to pensions. The proposed revisions include requirements for providing advice on setting actuarial factors and for bulk transfer exercises including buyout transactions with an insurer and transfers to a pension superfund. TAS 310 sets out the standards for actuarial work in relation to collective money purchase pension schemes.
The CCAB-I Business Law Committee has published a Technical Alert entitled Questions and Answers on the provision of PPSN for directors on certain CRO filings. This document outlines what is required under the new requirement, the potential issues arising and some practical guidance on actions that directors and their advisors can take to prepare for the new requirement which comes into effect on 11 June 2023.
The European Securities and Markets Authority has released the latest edition of its Spotlight on Markets Newsletter. This Newsletter includes details of the third edition of the ESMA’s Data Quality report.
On 8 May 2023, the Department of Enterprise Trade and Employment (DETE) launched a public consultation on proposals to enhance the Companies Act 2014. DETE has published a press release and consultation paper ion their website. The Institute will be making a submission in response to the consultation on behalf of members and all submissions can be emailed to companylawconsultation@enterprise.gov.ie .The closing date is no later than 5pm on 9 June 2023.
A new tool from the International Federation of Accountants (IFAC) is now available to help professional accountancy organizations (PAOs) take leading roles in the anti-corruption fight in their jurisdictions. Global Fight, Local Actions: Anti-Corruption Advocacy Workbook for PAOs equips PAOs and accountancy profession leaders with the background and framework to craft bespoke approaches and messages that best fit their jurisdiction and needs.
For further technical information and updates please visit the Technical Hub on the Institute website. Technical Hub on the Institute website.
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