Welcome to the latest edition of Technical Roundup.
In developments since the last edition, the International Federation of Accountants (IFAC) has published the results of a survey among its members 'International Standards: 2024 Global Adoption Status Snapshot’ including research results on the adoption of IFRSs. EFRAG has released a document that maps the voluntary Eco-Management and Audit Scheme (EMAS) against the European Sustainability Reporting Standards (ESRSs).
Read more on these and other developments that may be of interest to members below.
Financial Reporting
The International Accounting Standards Board (IASB) has launched a new podcast series dedicated to the forthcoming third edition of the IFRS for SMEs accounting standard. The series discusses some key updates to the standard.
The IASB has released a webcast which explains the proposed targeted improvements to IAS 37 Provisions, Contingent Liabilities and Contingent Assets as set out in its recent Exposure Draft. The comment period for this Exposure Draft remains open until 12 March 2025.
EFRAG, the European Financial Reporting Advisory Group, is holding an event entitled “Financial Reporting: What’s Ahead for 2025” on 6 February. This event will focus on upcoming changes in the reporting landscape in 2025.
EFRAG has published its December 2024 update. This summarises the public technical discussions held, decisions taken, open consultations, future events and vacancies.
EFRAG has published its final comment letter on the IASB’s Exposure Draft Equity Method of Accounting IAS 28 Investments in Associates and Joint Ventures.
EFRAG has issued its latest Endorsement Status Report.
The International Federation of Accountants (IFAC) has published the results of a survey among its members 'International Standards: 2024 Global Adoption Status Snapshot’ including research results on the adoption of IFRSs.
IAASA has published a summary of the outcomes of its 2024 financial report examinations which highlights the various issues IAASA addresses with companies as part of its corporate reporting supervision. It indicates a strong overall compliance with financial reporting requirements. The summary lists the financial statement examinations completed in 2024 and the outcomes of those examinations.
The UK Endorsement Board (UKEB) has published a Draft Endorsement Criteria Assessment on the potential use in the UK of the IASB’s Annual Improvements to IFRS Accounting Standards – Volume 11.
Auditing
The IAASB have published their plans for 2025 which includes approval of the revisions to the Fraud standard and complete the project on Listed and PIE entities.
At their December board meeting the IAASB approved ISA 570 (Revised 2024) Going Concern, which will be effective for periods beginning on or after December 15, 2026.
Anti–money laundering and sanctions
Please join us for Chartered Accountants Ireland free webinar on suspicious transaction reporting at 10AM on 12 February 2025.
Accountants in practice, as designated persons under Irish Anti-Money Laundering legislation, have a statutory obligation to report suspicious transactions to both the Financial Intelligence Unit (FIU) of An Garda Síochána and the Irish Revenue Commissioners. Join representatives of both An Garda Síochána and the Revenue Commissioners on Wednesday 12 February as they provide an overview of how to report on the recently updated FIU GoAML system, as well as the Revenue system. This event will be of interest to accountants, trainees and anyone in the firm of a designated person who may come across something suspicious which might raise the obligation to make a suspicious transaction report.
Click here to learn more and to book your place today: Suspicious transaction reporting: all you need to know - ..rteredaccountants.ie
The Joint Practice Group (JPG ) comprising representatives of the professional accountancy bodies, the Association of Chartered Certified Accountants, Chartered Accountants Ireland, Association of International Accountants, and Chartered Institute of Management Accountants with input from the Garda National Economic Crime Bureau and FIU Ireland has recently issued a bulletin on payment diversion fraud. Click for more details.
Sustainability
The Financial Reporting Council (FRC) has published a thematic review of Climate-related Financial Disclosures by AIM and large private companies, following their first cycle of mandatory reporting in the UK.
EFRAG has published a document that maps the voluntary Eco-Management and Audit Scheme (EMAS) against the European Sustainability Reporting Standards (ESRSs).
Accountancy Europe has set up a tracker that monitors the transposition of the EU Corporate Sustainability Reporting Directive (CSRD) across the European Economic Area (EEA).
In an interesting article, Accountancy Europe have discussed the European Commission’s efforts to reduce administrative and reporting burdens for European companies. While welcoming the efforts being made, Accountancy Europe have highlighted some concerns as well as some suggestions on how reporting burdens could be reduced.
The Department of Enterprise, Trade and Employment hosted a free online event focused on responsible business and the environment on 6 November 2024. The presentations are now available to download from their website.
Legislation
The UK’s Public Procurement Act 2023 will be implemented shortly pursuant to the Procurement Act 2023 (Commencement No. 3 and Transitional and Saving Provisions) Regulations 2024. The explanatory notes describe the purpose of the Procurement Act 2023 as to reform the United Kingdom’s public procurement regime following its exit from the European Union, creating a simpler and more transparent system not based on transposed EU Directives.
The Department of Enterprise, Trade and Employment has published a Transposition Table of EU Directives as of 31 December 2024.
Other news
The International Ethics Standards Board for Accountants has begun a standard-setting project to create a principles-based framework on a firm’s culture and governance. The objective of the project is to develop a culture and governance framework that promotes, supports and reinforces a high standard of ethical behaviour by a firm's leadership, other partners, and staff across all of the firm’s services, thereby helping the firm develop a reputation as a highly ethical firm, mitigate the risks of unethical behaviour and strengthen public trust and confidence in all of its services.
Readers may find of interest the High court judicial review case taken by the Irish Registrar of Companies in connection with two companies’ delivery of annual returns to the Companies Registration Office. Under section 343 of Companies Act 2014 a court can make one order (only) to extend the time for filing an annual return. In Registrar Of Companies and Greenway Limited ; Registrar Of Companies and Kitchen Innovations Limited the High Court quashed a decision by the District court where the District Court erroneously granted a second extension of time for filing of annual returns.
With the coming into force of Digital Operational Resilience Act (DORA) on 17 January 2025, readers may be interested in some DORA related news. Please click to read an article of January 17th entitled “What do you need to know now that DORA is here?” Also, the Pensions Authority recently published details of how pension schemes subject to the DORA regulation can report major ICT-related incidents and make voluntary reports of significant cyber threats. Readers can find details here.
For further technical information and updates please visit the Technical Hub on the Institute website.
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