Welcome to this week’s Technical Roundup.
In developments this week, the IFRS Foundation has published its September 2022 monthly news summary which highlights the news and events from the past month and in a recently released episode of the International Accounting Standards Board podcast, Chair Andreas Barckow and Executive Technical Director Nili Shah, talk through the highlights from the September 2022 IASB meeting.
Read more on these and other developments that may be of interest to members below.
Financial Reporting
IAASA has published its annual Observations paper highlighting matters that those charged with governance should consider when preparing their financial statements for 2022.
The Financial Reporting Council (FRC) Lab have issued their September 2022 news roundup.
EFRAG, the European Financial Reporting Advisory Group has published its September 2022 update.
In its September 2022 podcast, the ISSB discuss the highlights from its recent board meeting. The IASB have also released its September 2022 podcast.
The IFRS Foundation has published its September 2022 monthly news summary which highlights the news and events from the past month.
The FRC has published a report on Navigating barriers to senior leadership for people from minority ethnic groups in FTSE 100 and FTSE 250 companies.
Auditing and Assurance
The Financial Reporting Council (FRC) has opened a post implementation review of the auditing standard (ISA) (UK) 540 (Revised December 2018) Auditing Accounting Estimates and Related Disclosures. This ISA became effective for audits of accounting periods beginning on or after 15 December 2019. Interested stakeholders are also invited to attend one of two roundtables to support the call for feedback. These are being held on:
- Wednesday 23 November 2022, 14:00-15:00 (online)
- Thursday 24 November 2022, 11:00-12:00 (in person at the FRC’s offices)
To RSVP for the roundtables please email stakeholderengagement@frc.org.uk. The call for feedback is open until 13 January 2023.
Accounting
In a recently released episode of the IASB podcast, Chair Andreas Barckow and Executive Technical Director Nili Shah talk through the highlights from the September 2022 IASB meeting.
Ethics and the Ukraine Conflict
The Staff of the International Ethics Standards Board for Accountants have released the Staff Alert, The Ukraine Conflict: Key Ethics and Independence Considerations. The publication draws the attention of professional accountants in business and in public practice, including firms, to a number of important provisions in the International Code of Ethics for Professional Accountants (including International Independence Standards) with which they must comply in carrying out their work as they navigate the unprecedented challenges and risks arising from the Russia-Ukraine war.
Other
The Pensions Authority has published its Annual Report and Accounts for 2021. The Annual Report and Accounts for 2021 and an accompanying statement from the Pensions Regulator, Brendan Kennedy, can be read here.
Also in Pensions Authority news, they recently published information in relation to exit charges, trustee annual reports and audited accounts for one member arrangements (OMAs) migrating into a master trust. You can read more details from their website here.
The Pensions Authority has also published an update for trustees in relation to trustee annual reports and audited accounts for group schemes with less than 100 active and deferred members transferring to a master trust or PRSAs.
The UK Financial Conduct Authority has published research showing that a quarter of consumers it surveyed would withdraw pension savings earlier to cover cost of living – making them vulnerable to scammer ‘misdirection’. It has recently launched its latest ScamSmart campaign aimed at giving consumers the knowledge and tools to avoid pension scams and you can read more about it here.
The Central Bank has recently announced a review of the Consumer Protection Code 2012 (“Code”) to modernise it and ensure it is fit for purpose. The Code is a set of principles and rules that regulated financial firms must follow when they sell financial products and services, give financial information or advice, advertise financial products or services and handle complaints of consumers. A discussion paper has been published and you can click on the link to access the discussion paper and complete the survey.
The Central Bank published its final Quarterly Bulletin of 2022 and you can read the press release here. Chartered Accountants Ireland Western Society was pleased to co-host the launch of the Bulletin in the Galmont Hotel Galway on 6 October 2022. The event was an opportunity to discuss the general outlook for the Irish economy and the Bulletin which noted that energy-driven inflation is causing uncertainty and challenges for domestic growth. Following a short presentation, attendees were invited to ask questions from the panel moderated by Dr Brian Keegan, Director of Advocacy and Voice, Chartered Accountants Ireland. The panel included Robert Kelly, Director of Economics and Statistics, Ireland; Tara McIndoe-Calder – Senior Economist, Central Bank of Ireland and Cathal O'Donoghue – Established Chair, Social and Public Policy, National University of Ireland, Galway.
Please click here to access a podcast by Europol on Ransomware. A number of cybercrime specialists speak about how law enforcement dealt with a cybercriminal network selling ransomware services.
Also in Ireland on this topic, the National Cyber Security Centre and the Garda National Cyber Crime Bureau this week launched a joint public awareness campaign for European Cyber Security Month. The campaign this year is focused on the twin themes of phishing and ransomware, urging vigilance and outlining their potential impacts on the everyday lives of Irish citizens and businesses. You can read more in the Dept. of Justice press release here.
On Wednesday of this week there was a cross government launch of the new National Implementation Plan for the Sustainable Development Goals 2022-2024. Its purpose is to increase Ireland’s ambition and strengthen implementation structures to achieve the Sustainable Development Goals (which are set out in the plan).
The Minister of State at the Department of Finance with special responsibility for Financial Services, Credit Unions and Insurance, Seán Fleming, recently launched an update of the Ireland for Finance strategy. This update charts the future development of the international financial services sector in Ireland to the end of 2026. Under the updated strategy the government has a target to grow employment in the sector by 5,000 net new jobs. You can read the press release here and access the updated strategy by clicking here and clicking the Updated Ireland for Finance Strategy.
For further technical information and updates please visit the Technical Hub on the Institute website.
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