Welcome to this week’s Technical Roundup.
In developments this week, the Financial Reporting Council has welcomed the Financial Conduct Authority's recently published consultation on Primary Markets Effectiveness, which propose significant reforms to improve the framework for listing commercial companies' equity shares; IDA Ireland has published its May 2023 monthly e-zine where you can read its latest industry news including about the EU’s Chips Act and Irish aerospace collaboration securing €2.5m Disruptive Technologies Innovation funding.
Read more on these and other developments that may be of interest to members below.
Financial Reporting
The Institute has recommended, in its response to FRED 82, that the FRC allow small companies an additional three years before they must apply the proposed leasing amendments set out in the Periodic Review of FRS 102. This recommendation is in recognition of the increased compliance demands and reporting requirements which some smaller companies will be exposed to as a result of the changes, as well as the potential consequence that some companies will increase in size as a result of the change.
The European Financial Reporting Advisory Group (EFRAG) has issued its April 2023 update. This summarises public technical discussions held and decisions taken during the month.
The Financial Reporting Council (FRC) has welcomed the Financial Conduct Authority's (FCA) recently published consultation on Primary Markets Effectiveness, which propose significant reforms to improve the framework for listing commercial companies' equity shares.
The FCA's proposals aim to improve the competitiveness of the UK equity market by creating a more attractive and compelling option for companies considering a share listing in the UK. The proposals include replacing the current standard and premium listing share categories with a single listing category for commercial company issuers of equity shares, retaining the sponsor regime with modifications, and retaining discrete listing categories for other types of instruments.
Audit
Chartered Accountants Ireland has responded to the IAASB consultation on the Proposed Part 10, Audits of Group Financial Statements of The Proposed ISA For Audits of Financial Statements of Less Complex Entities (ISA for LCE). The initial proposed ISA for LCE (in 2022) excluded all groups from the scope of the standard, the proposed changes would include some groups, a move we welcome in our response. The IAASB envisions approving a final standard in December 2023. Institute responses to recent consultations can be read here.
Accounting
The International Accounting Standards Board (IASB) have issued their April 2023 Update which highlights preliminary decisions and projects affected by these decisions.
Anti money laundering
In April 2023 the UK National Crime Agency has issued its latest edition of its booklet “Suspicious Activity Report (SAR) Glossary Codes and Reporting Routes” and this booklet replaces all previous glossary codes publications.
Sustainability
Would you like to know more about the Corporate Sustainability Reporting Directive (CSRD)? Join Dee Moran, Professional Accountancy Lead, Chartered Accountants Ireland and Lisa Campbell, Head of Operations in IAASA to understand more about the directive and what future developments might mean for your organisation. There will also be an overview of the proposed European Sustainability Reporting Standards, an update on the assurance of sustainability reporting and an opportunity to ask questions. The webinar will take place on 25 May at 10am and you can register here to attend.
Other
IDA Ireland has published its May 2023 monthly e-zine where you can read its latest industry news including about the EU’s Chips Act and Irish aerospace collaboration securing €2.5m Disruptive Technologies Innovation funding.
The Charities Regulator has recently issued its latest newsletter and includes new guidance on charity registration and information on the Charities Regulator stakeholder forum .
For further technical information and updates please visit the Technical Hub on the Institute website.
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