Welcome to this week’s Technical Roundup.
In developments this week, IAASA has published a consultation on its intention to amend the definition of ‘listed entity’ in its Glossary of Terms, which defines the terms used in the Irish auditing and assurance standards; the European Securities and Markets Authority (ESMA), the EU’s securities markets regulator, has published its latest edition of its Spotlight on Markets Newsletter.
Read more on these and other developments that may be of interest to members below.
Financial Reporting
In their October 2021 monthly podcast, Andreas Barckow and Sue Lloyd, Chair and Vice-Chair of the International Accounting Standards Board (IASB) respectively, spoke about the discussions that took place in recent meetings, as well as some highlights from the previous month.
The IASB has also released a series of three webcasts explaining the proposals set out in the Exposure Draft Subsidiaries without Public Accountability: Disclosures. The series discusses the objectives & scope of the project, proposed disclosure requirements and the structure and application of the draft standard.
Auditing
Organisation of the public oversight of the audit profession in 30 European countries.
Enhancing companies’ credibility through audit ensures that stakeholders make informed decisions based on these companies’ financial statements. In parallel, public oversight ensures audit quality. The European Union (EU) statutory audit rules significantly impact how the public oversight of statutory auditors and audit firms is organised. Designated national public oversight bodies have the ultimate responsibility for the oversight of the audit profession. This survey by Accountancy Europe: presents the impact of the 2014 EU audit legislation. The findings show that the national public oversight bodies now carry out many activities previously in the competence of the professional bodies. Nevertheless, professional bodies continue to play an important role in this area working together with public oversight bodies to reinforce audit quality. The survey also provides an overview of how the public oversight is organised in each of the 27 EU Member States and Iceland and Norway as members of the European Economic Area (EEA). Organisation of the public oversight of the audit profession in 30 European countries - Accountancy Europe
IAASA has published a consultation on its intention to amend the definition of ‘listed entity’ in its Glossary of Terms, which defines the terms used in the Irish auditing and assurance standards.
The consultation is available here
Insolvency
The Insolvency Technical Committee – Northern Ireland has responded to the Joint Insolvency Committee consultation on changes to Statement of Insolvency Practice 3.1 - Individual Voluntary Arrangements. SIP 3.1 applies in England and Wales and Northern Ireland.
A copy of the consultation response can be found here.
Other Areas of Interest
The Financial Action Task Force (FATF) is considering proposals for tougher global beneficial ownership rules to stop criminals from hiding their illicit activities and dirty money behind shell companies. Read more here on the proposals and a consultation affecting stakeholders.
ICAS are hosting a public webinar on Tuesday 30 November to discuss the results and practical recommendations from a large-scale research project on reporting of Intangibles from the University of Ferrara (Italy).
The European Securities and Markets Authority (ESMA), the EU’s securities markets regulator, has published its latest edition of its Spotlight on Markets Newsletter.
The Central Bank recently published its Strategy for 2022-2024 with four connected themes for the Bank’s strategic direction :future-focused, open & engaged, transforming and safeguarding. Matters which may be of interest are the aim to strengthen the resilience of the financial system to climate-related risks and its ability to support the transition to a low-carbon economy, promoting the provision of choice and access to payment instruments in Ireland, including cash and electronic payments and prioritising financial and operational resilience and AML/CFT. You can also watch a video on the strategy here.
The Minister for Finance and president of the Eurogroup Paschal Donohoe recently chaired its November meeting .One of the topics was a discussion on the digital euro which he said could offer a European solution in a context of increased demand for alternative means of payments. Read also European central bank information on the digital euro. In the same vein HM Treasury and the Bank of England have this week announced the next steps on the exploration of a UK Central Bank Digital Currency .
The Irish Central Bank Deputy Governor Ed Sibley spoke recently to the National Supervisors’ Forum AGM for credit unions. The theme of the AGM was the Fifth Anti Money Laundering Directive. He spoke about how important they consider the continued success of the credit union movement, as a necessary component part of the wider financial services system serving the needs of the people of Ireland and the wider Irish economy. You can read his remarks in his speech here.
Charity Trustees’ week is taking place from 15-19 November 2021. The event is hosted in partnership by the Charities Regulator, Boardmatch Ireland, Carmichael, The Wheel, Volunteer Ireland, Charities Institute Ireland, Pobal and Dóchas.
Minister Paschal Donohoe’s opening statement to the committee on finance public expenditure and reform included comments on the forthcoming Central Bank (Individual Accountability Framework) Bill and the minister stated that the objective of the legislation is to underpin a thorough transformation of the culture in the financial services industry .
In last month’s round up news we brought you details of the government’s proposals to amend freedom of information legislation. Minister McGrath has this week announced the launch of a public consultation as part of the review. The consultation asks participants to briefly identify key issues with the FOI system as they see it, to help the Department in defining the scope of the review. You can take part in the survey here.
For further technical information and updates please visit the Technical Hub and the Covid-19 Hub on the Institute website.
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