Welcome to this week’s Technical Roundup.
In developments this week, the IFRS Foundation has issued a summary of the recent World Standard Setters Conference held on 26-27 September. This includes updates on recent, ongoing and upcoming work by the IASB and ISSB and the European Securities and Markets Authority (ESMA) and the EU’s financial markets regulator and supervisor, has recently 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
The Financial Reporting Lab is launching a project to understand how companies develop, assess and use materiality and to consider how enhancements to disclosure about materiality processes might assist investors. The project is expected to cover financial and non-financial reporting.
The IASB have released the final instalment of its Dynamic Risk Management (DRM) webcast series. These webcasts explain the DRM project based on the IASB’s tentative decisions to date.
The IFRS Foundation has issued a summary of the recent World Standard Setters Conference, held on 26-27 September. This includes updates on recent, ongoing and upcoming work by the IASB and ISSB.
The FRC will be holding a webinar on Structured digital reporting – improving quality and usability on 8 November. This will cover some of the key points raised in the FRC Lab’s recent report on Structured Digital Reporting.
The FRC will also be holding a webinar on this year’s Annual Review of Corporate Reporting on 2 November.
EFRAG has released its educational session on the Primary Financial Statements project.
Audit - Quality Management
IAASA over recent weeks has published a series of videos designed to provide information on the new suite of Quality Management Standards in Ireland. The full series is available here. To accompany the video series, IAASA has published a factsheet for each Quality Management Standard available here. The new standards apply to periods from 15 December 2022.
See our QM resource pages for links to the standards and further guidance.
Anti-money laundering, sanctions
Click here for the “Inside FCA Podcast: Fighting Financial Crime” where the FCA Executive Director of Markets speaks at the Financial Crime Summit in London. Also see the remarks by the interim Chair of the FCA and Chief Executive of the FCA delivered recently at the FCA's 2022 Annual Public Meeting.
The UK National Crime Agency’s latest edition of SARs in action is now available. It includes items on the red alert issued by the Joint Money Laundering Intelligence Taskforce in July 2022 on Russia elite and enablers, non-fungible tokens and money laundering and trade-based money laundering. Please click here to access the October issue.
Other
The Corporate Enforcement Authority, (CEA), has drafted an Information Note concerning the European Union (Preventive Restructuring) Regulations 2022. The Note will provide a list of potential early warning indicators which may help directors to identify that the company is approaching financial difficulties. It will also give information on the restructuring options available to companies facing financial difficulties, but which may otherwise have a reasonable prospect of survival. CEA is inviting interested parties to submit their views on the draft Information Note by 5pm on 1 November 2022.Readers can access the draft information note here.
Revenue has announced a 12-month extension to the Debt Warehousing Scheme to continue to support businesses. Under the scheme, businesses with warehoused debt were due to enter into an arrangement with Revenue to deal with that debt by the end of the year - or by 1 May 2023 for those subject to an extended deadline. But given the current economic uncertainty, Revenue said it was now extending that timeline to 1 May 2024.
Th Minister for Business, Employment and Retail recently introduced draft legislation, the Employment Permits Bill 2022 which if enacted will help modernise the Employment Permit system in Ireland. You can read the press release and access the draft bill on this page.
The Deputy Governor of Central Bank of Ireland recently spoke at Climate Finance Week 2022 on the topic of addressing Climate Risk in the Financial System today. She talked about prioritising climate risk at the Central Bank and how firms should identify and manage climate risks. You can click here to read the speech.
Announcing the Northern Ireland Charity Commission’s first public meeting since pre COVID-19, Chief Charity Commissioner, Nicole Lappin, highlighted the event as an important opportunity for the charity sector, and for the Commission itself. The event will include an overview of the Commission’s work and development in recent years, the changes brought in following new Charities Act (Northern Ireland) 2022 as well as the regulator’s plans for the future.
- Date: Wednesday 16 November 2022
- Time: 10am – 12.30pm (registration from 9.45am, refreshments will be available)
- Venue: Chestnut Suite, Lagan Valley Island, Lisburn
The European Securities and Markets Authority (ESMA), the EU’s financial markets regulator and supervisor, has recently published its latest edition of its Spotlight on Markets Newsletter.
For further technical information and updates please visit the Technical Hub on the Institute website.
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