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.
LOADING...