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Technical Roundup 2 December

Welcome to this week’s Technical Roundup. In developments this week, the European Financial Reporting Advisory Group have issued reports about feedback received from participants during three roundtables held on the International Accounting Standards Board’s tentative decisions to change the Exposure Draft General Presentation and Disclosures; the UK Financial Intelligence Unit, part of the National Crime Agency, has issued its latest Suspicious Activity Reports (SARs) Reporter Booklet highlighting how law enforcement agencies are utilising SAR intelligence to initiate investigations and inform new ones. Read more on these and other developments that may be of interest to members below. Auditing The FRC has published a policy paper that outlines the regulator’s approach to competition in the audit market.    The paper sets out the need for a market that consistently delivers high quality audit and is resilient. It makes clear the need for the package of measures proposed by the Government in its response to the consultation on Restoring Trust in Audit and Corporate Governance.  It also looks at recent developments in the market that suggest that increased competition and choice has more recently tailed off, and that more entities tendering for an auditor are struggling to identify firms willing to bid. The top four audit firms still dominate the market, resulting in limited choices for businesses and ongoing concerns about resilience.  The paper sets out how the FRC is seeking to progress the Government's seven competition policy proposals, and how it proposes to deliver on the operational objective for ARGA to promote effective competition in the market for statutory audit.  The FRC has already started to address issues in the market through measures such as operational separation and its recently published draft standard for audit committees. However, legislation is needed to make a significant difference by providing ARGA the powers to implement all seven proposals.   Financial Reporting The European Financial Reporting Advisory Group (EFRAG) have issued reports about feedback received from participants during three roundtables held on the International Accounting Standards Board’s (IASB) tentative decisions to change the Exposure Draft General Presentation and Disclosures. The purpose of these roundtables is to assess whether some of the tentative decisions made by the IASB will function as intended and achieve an appropriate balance of cost and benefit. The IASB has voted to retain an impairment-only approach for goodwill accounting. The IASB will next consider whether to publish these proposals in an exposure draft. The IASB has proposed accelerated narrow-scope amendments  to IAS 12 Income Taxes. This proposes a temporary exception from accounting for deferred taxes arising from the OECD Pillar Two model rules for domestic implementation of a 15% global minimum rate of corporate tax as well as targeted disclosure requirements for affected companies. The IASB expects to publish an exposure draft in January 2023 in relation to this. The IASB has issued its November 2022 update which highlights preliminary decisions made at its meeting on 22-24 November. IFAC has issued a new report with insights from its Professional Accountancy Organisation Development and Advisory Group. This discusses how professional accountancy organisations can act today to prepare their current and future members to seize opportunities in emerging trends. The trends discussed include sustainability-related reporting, anti-corruption efforts, sound public financial management and technological change Insolvency Earlier this week, the Institute held a webinar on SCARP - what we know so far on with guest speakers Des Gibney of McStay Luby and Hilary Larkin of Mazars. The webinar discussed the SCARP process, how to prepare for it, what to look out for and key matters to be aware of when considering it. It explored some practical issues including how SCARP is working in practice, dealing with creditors and what your balance sheet may look like before entering the process versus afterwards. A recording of the webinar is available here. The UK Government has recently issued its Statutory Debt Repayment Plan Consultation response which received over 80 responses and raised significant challenges and concerns, relating to both the design of the statutory debt repayment plan (SDRP) and the timing of its implementation. The government has decided not to progress regulation at the moment and will base further decisions on the future of the SDRP on the outcomes of the government’s review of the personal insolvency framework, led by the Insolvency Service. You can read the government’s webpage information here and access the consultation response here. Anti-money laundering The UK FIU, part of the National Crime Agency has issued its latest Suspicious Activity Reports (SARs) Reporter Booklet highlighting how law enforcement agencies are utilising SAR intelligence to initiate investigations and inform new ones. The booklet contains case studies and gives a sanitised summary of feedback from law enforcement agencies on their use of SARs and includes pertinent information and updates from the UKFIU. You can access a copy of the booklet here . Sustainability The Council of the EU has given its final approval to the Corporate Sustainability Reporting Directive (CSRD). This will replace the current Non - Financial Reporting Directive (NFRD) when it is adopted. The CSRD will for the first time put financial and sustainability reporting on an equal footing and will require companies in scope to report on sustainability matters such as environmental rights, social rights, governance factors and human rights. These in scope companies will be required to disclose information on the impact on society and the environment connected with their own operations and with their value chain. Read more about it here. Accountancy Europe have also published a very informative FAQ document which gives a good overview of the directive. Crypto news The Deputy Governor of the Bank of England recently gave an interesting speech entitled “Reflections on DeFi [which is decentralised finance, an umbrella term for financial services on public blockchains], digital currencies and regulation”. In it he referenced the recent crypto turbulence. He said unbacked crypto assets are highly volatile, given that they have no intrinsic value. While crypto was born in unregulated space in recent years it has broadened to encompass a range of financial services. The experience of the past year has demonstrated that it is not a stable ecosystem and is very prone to the risks that regulation in the conventional financial sector is designed to avoid. He still advocates nonetheless to continue to bring these activities and entities within regulation to protect consumers and investors, protect financial stability and to foster innovation. Other parts of his speech reference several consultations next year and their work on the issuance by the Bank of England of a digitally native pound sterling. You can read the full speech here. Meanwhile the Chief Operating Officer and Executive Director of Authorisations of the UK Financial Conduct Authority (FCA) spoke recently on matters including crypto and its regulation.  At present, the FCA’s role is largely limited to making sure that crypto firms that want to register in the UK are abiding by anti-money laundering rules. She said that the FCA found that only 5% of Crypto applications received were of high quality and could demonstrate that they understood the Money Laundering Regulations (MLRs) and how they would meet these. A further 30% needed material extra work. The FCA engaged with the firms to address concerns about capability, business models and controls. Almost half were subsequently registered. The remaining 65% of applications were very poor, and none of the firms were registered. Many could not explain how the MLRs would be satisfied in the business model proposed – some of them even struggled to explain their business models. You can read her speech including the comments on the Crypto sector here. Other news Readers may be interested in the Irish Government’s recent agreement to extend the mandate of Local Enterprise Offices (LEOs). They can now go further in helping local job creation by allowing them to provide direct grants to businesses with more than 10 employees operating in the manufacturing and internationally traded services sectors. They are also putting in place the structures to enable a seamless transition from LEO to Enterprise Ireland. The press release says, “The strategy also commits Enterprise Ireland to working with the LEOs, to ensure that companies of all sizes are assisted on their development journey, maximising their growth and job creation potential”. You can read all the details here. Readers will know that the Irish Charities Regulator recently held its Charity Trustees Week (14-18 November 2022). There are a number of interesting webinar recordings now available on their website: “Money Laundering and Terrorist Financing”, “the Charites Governance Code in Practice “and “an Introduction to Classification”. Click here to go their webpage from where the webinars can be accessed. Access to the Registry of Beneficial Ownership for Companies (RBO) has been suspended following a recent judgment by the European Court of Justice. The RBO is working on providing access for designated persons. Please see more here.  Readers may find useful a new free data protection guide for NGOs which McCann FitzGerald LLP solicitors recently launched in association with Public Interest Law Alliance (PILA). The guide, which was developed by McCann FitzGerald’s data protection team, provides an overview of data protection law and its application to the charity / not-for-profit sector. You can read more about it and follow a link to download a copy of the guide on the PILA webpage here. Readers might be aware of a new Consumer Rights Act which was passed by the Irish government this year. It was commenced recently and you can find out more about it on the Competition and Consumer Protection Commission website. For further technical information and updates please visit the Technical Hub on the Institute website. 

Dec 02, 2022
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Technical Roundup 25 November

Roundup 25 November 2022 Welcome to this week’s Technical Roundup. In developments this week, the European Financial Reporting Advisory Group has announced that it has delivered the first set of draft European Sustainability Reporting Standards (ESRS) to the European Commission. These standards were approved at EFRAG’s meeting on 15 November. The International Sustainability Standards Board have issued their November 2022 update and this includes details of items discussed at their meeting in Frankfurt on 15-16 November. Read more on these and other developments that may be of interest to members below. Auditing IAASA has published its Work Programme for the period 2023 - 2025. IAASA has recently redefined its mission as upholding quality corporate reporting and an accountable profession.  The programme builds on IAASA’s work to date towards achieving that mission across its broad spectrum of activities. The strands of the work programme encompass regulation, promotion of high standards and maximising our impact, and the programme builds strategies around each of these strands and also around the enablers that support the strategies. Commenting on the programme, Chief Executive Kevin Prendergast expects that the Corporate Sustainability Reporting Directive is likely to permeate many aspects of the Authority’s work over the lifetime of the programme, but he is confident that the Authority can deliver on these challenges. The Financial Reporting Council (FRC) has today published a new report setting out examples of good practice to improve auditor scepticism and challenge. Financial Reporting The European Financial Reporting Advisory Group (EFRAG) has announced that it has delivered the first set of draft European Sustainability Reporting Standards (ESRS) to the European Commission (EC). These standards were approved at EFRAG’s meeting on 15 November and will now be considered for adoption by the EC. The ISSB have issued their November 2022 update. This includes details of items discussed at their meeting in Frankfurt on 15-16 November. This update is also available via podcast. The Financial Reporting Council (FRC) have issued amendments to the application guidance to FRS 100. These amendments were consulted on earlier this year, via FRED 80. The amendments to the application guidance to FRS 100 provide guidance on how Irish intermediate parents with a UK parent can assess equivalence of consolidated financial statements when applying section 300 of the Companies Act 2014. Similarly, the amendments provide application guidance on equivalence when applying section 401 of the Companies Act 2006 in the UK. The FRC has published its “Review of Stewardship Reporting”. This report, which looks at the quality of stewardship reporting in 2022 and expectations for 2023 found improvements in multiple areas when compared to 2021. Insolvency A reminder that the Institute is hosting a webinar on SCARP – what we know so far now scheduled for Thursday, 1 December 2022 at 10am. Des Gibney of McStay Luby and Hilary Larkin of Mazars along with Laura-Michelle Moore from Chartered Accountants Ireland will discuss the SCARP process, how to prepare for it, what to look out for and key matters to be aware of when considering it. We will explore some practical issues including how SCARP is working in practice, dealing with creditors and what your balance sheet may look like before entering the process versus afterwards. This is a free event and open to all to attend. Sustainability EFRAG has submitted the first set of draft European Sustainability Reporting Standards (ESRS) to the European Commission in its role as technical adviser to the European Commission. This first set, approved by the EFRAG Sustainability Reporting Board, supported by the EFRAG SR Technical Expert Group, takes into consideration the input from the public consultation on the draft ESRS Exposure Drafts.  See EFRAG's advice package here which includes the ESRSs, and appendices with a TCFD-EFRAG comparative analysis, a comparison of ESRS to IFRS Sustainability Reporting Standards  and final CSRD requirements for ESRS. Accountancy Europe has published some FAQs showing some of the key changes that the Corporate Sustainability Reporting Directive (CSRD) will bring. The Financial Conduct Authority in the UK has announced the formation of a group to develop a Code of Conduct for Environmental Social and Governance (ESG) data and ratings providers. It refers to the increasing reliance on third party ESG data and ratings services by financial services firms as they integrate ESG into their activities and expand their ESG-focussed products. Click here to go to the FCA website to read the background and next steps. The Association for Financial Markets in Europe (AFME) in collaboration with EY, has recently published ‘ESG and the Role of Compliance’, which sets out observations on how compliance functions can support their firms in robustly and transparently managing the regulatory risks associated with Environmental, Societal and Governance (ESG). The landing page describes how the report covers seven themes around the topic of how compliance functions address ESG, including: strategy, organisation and coverage, compliance risk management framework, systems and capabilities, regulatory environment, data and key performance/key risk indicators. You can click here to access a copy of the report. Anti-money laundering/Sanctions Beneficial ownership registers The Court of Justice of the European Union (ECJ) recently held invalid the provisions of fourth (as amended by the fifth) Anti Money Laundering Directive which require information on the beneficial ownership of corporate and other legal entities incorporated within the territory of Member States to be accessible in all cases to any member of the general public. You can read here the press release from the ECJ. Readers may be aware that in order to fulfil its obligations under the Directives Ireland in recent years has introduced a number of registers on which ownership details must be recorded. For example, the register of beneficial ownership of corporate entities, trusts register, register of certain financial vehicles and very recently the register of safe deposit boxes bank and payment accounts .These registers do not give public access to all the information .For example the register of beneficial ownership of corporate entities gives access to all information on the register to certain entities such as law enforcement but restricted access to others .It remains to be seen what effect the ECJ ruling will have on registers already put in place by member states . Central Bank (CBI) The Deputy Governor delivered a speech recently, entitled “Breaking new ground: regulating for emerging risks “at the Annual Irish Funds UK Symposium. She spoke about a number of areas of interest in the sector including sustainable finance and digital assets. On ESG CBI is concerned about the risks to regulated firms’ sound functioning, and more broadly to financial stability and to ensure that investors are fully informed and not misled. On digital assets she said there are many black boxes and clearly not all of them are fully understood.  She said this asset class has done real harm to retail investors in the last year and the digital assets ecosystem is not a suitable or safe space for retail investors. You can read the full contents of her speech here. Other news Companies House in the UK has published a useful article on filing accounts and are encouraging users to file early and file online. Accountancy Europe has published a paper which explores the different corporate governance systems based on a survey of 17 European countries. It identifies significant differences in national legislation and practice to lay the groundwork for EU sustainable corporate governance initiatives to be well integrated into the national corporate structures. New rules have been introduced from 1 December 2022 as to how employers will have to share tips, gratuities and service charges amongst employees. It will also be illegal for employers to use these to form part of the basic wages. Please click here to read some useful information from the Workplace Relations Commission website on key features such as what is a “tip or gratuity” ,what is a mandatory service charge and what happens if an employee is not satisfied with the way tips and gratuities are distributed. The National Cyber Security centre in the UK has issued some good advice on how to stay secure online. Please click here for some tips on keeping your e mail secure, two actions to instantly help to protect-a strong and different password and turning on 2-Step Verification. There are also some other tips for other ways to stay secure online and keep your devices safe. For further technical information and updates please visit the Technical Hub on the Institute website. 

Nov 24, 2022
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FRC issues revised Application Guidance to FRS 100

The Financial Reporting Council (FRC) have issued amendments to the application guidance to FRS 100. These amendments were consulted on earlier this year, via FRED 80.  The amendments to the application guidance to FRS 100 provide guidance on how Irish intermediate parents with a UK parent can assess equivalence of consolidated financial statements when applying section 300 of the Companies Act 2014. Similarly, the amendments provide application guidance on equivalence when applying section 401 of the Companies Act 2006 in the UK. In addition to the amendments, the FRC has also issued a revised edition of FRS 100. This incorporates all changes to the standard since the previous edition was issued in 2018.

Nov 18, 2022
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Technical Roundup 18 November

Welcome to this week’s Technical Roundup. In developments this week, a reminder that the Institute is hosting a webinar on SCARP – what we know so far now scheduled for Thursday, 1 December 2022 at 10am. Des Gibney of McStay Luby and Hilary Larkin of Mazars along with Laura-Michelle Moore from Chartered Accountants Ireland will discuss the SCARP process, how to prepare for it, what to look out for and key matters to be aware of when considering it; and the European Financial Reporting Advisory Group (EFRAG) is seeking comments on its draft endorsement advice on amendments to IFRS 16 by 9 January 2023. Read more on these and other developments that may be of interest to members below. Auditing The Financial Reporting Council (FRC) has published a set of principles that it will use to assess whether the public interest is best served by carrying out regulatory, supervisory and enforcement work that is outside of its primary regulatory perimeter as it transitions to the Audit, Reporting and Governance Authority (ARGA). The International Auditing and Assurance Standards Board (IAASB) has published new guidance to help users understand the impact on the International Standards on Auditing (ISAs) due to narrow-scope amendments made to International Accounting Standard (IAS) 1, Presentation of Financial Statements by the International Accounting Standards Board (IASB). While the IAASB remains framework neutral when developing the ISAs, it considers financial reporting framework developments that may affect the ISAs, such as changes to the International Financial Reporting Standards (IFRS). Amendments to IAS 1 and the Impact on the ISAs: Disclosure of Material Accounting Policy Information, among other matters, provides users with guidance on how to address the effect of the amendments on a number of illustrative auditor reports throughout the ISAs that assume, as part of the fact pattern, that the financial statements are prepared by the management of the entity in accordance with IFRSs Financial Reporting On Thursday 17 November the FRC Directors of Strategy and Change, Stakeholder Engagement and Corporate Affairs and the FRC Lab explored via a webinar recently published set of principles that they use to assess whether the public interest is best served by carrying out regulatory, supervisory and enforcement work that is outside of their primary regulatory focus. The IFRS Foundation has published Proposed Update 1 General Improvements and Common Practice, which amends the IFRS Accounting Taxonomy 2022. The proposed changes aim to improve the quality of tagged data and to make the IFRS Accounting Taxonomy easier to use. The European Financial Reporting Advisory Group (EFRAG) is seeking comments on its draft endorsement advice on amendments to IFRS 16. Comments are requested by 9 January 2023. The International Accounting Standards Board will host a research forum in November 2023. The purpose of this forum is to give researchers the opportunity to give recommendations on the projects researchers look into. The deadline for the submission of research papers is 31 March 2023. Insolvency A reminder that the Institute is hosting a webinar on SCARP – what we know so far now scheduled for Thursday, 1 December 2022 at 10am. Des Gibney of McStay Luby and Hilary Larkin of Mazars along with Laura-Michelle Moore from Chartered Accountants Ireland will discuss the SCARP process, how to prepare for it, what to look out for and key matters to be aware of when considering it. We will explore some practical issues including how SCARP is working in practice, dealing with creditors and what your balance sheet may look like before entering the process versus afterwards. This is a free event and open to all to attend. Sustainability The ISSB have released a podcast which discusses their highlights from COP27. The Irish Central Bank  recently hosted a seminar on the Sustainable Finance Disclosures Regulation (SFDR) for the asset management sector. Comments made by the Deputy Governor are reported on the Central Bank website. She said that they are placing significant emphasis on supporting delivery of the sustainable finance agenda through the implementation of related legislative initiatives. She referred to CBI role at ESMA, where the CBI has helped shape and develop the organisation’s ambitious agenda in the ESG/sustainability area and to the Sustainable Finance Roadmap 2022-2024 published in February by ESMA. She also referred to CBI domestic focus, the dedicated Climate Change Unit and legislative implementation and supervision of the new requirements in this area – including the SFDR, Taxonomy Regulation and the amendments to UCITS / AIFMD for management companies. You can read her comments in full at the link above. Also, in November 2022 the Central Bank issued an information note entitled Sustainable finance and the asset management sector: Disclosures, investment processes & risk management. You can read the Information Note here. Anti-money laundering/Sanctions The UK Office of Financial Sanctions Implementation HM Treasury has published its annual review for dates April 2021 to August 2022.In the review OFSI director refers to the extra focus  given to the first 6 months of the invasion of Ukraine to provide context and clarity on what he says is OFSI’s critical  work on sanctions which he says  continues to be integral to the UK’s ability to respond to geo-political issues. Please also click here for the associated HM Treasury news story which reports that the new figures released reveal the full effect of UK sanctions on Russia – with over £18 billion frozen and reported to OFSI. In November 2022 HM Treasury in the UK issued an updated Advisory Notice: High Risk Third Countries. The notice refers to Money Laundering and Terrorist Financing (High-Risk Countries) (Amendment) (No.3) Regulations 2022 and states that the statutory instrument will come into force on 7 November 2022 and substitute the list of high-risk third countries specified in Schedule 3ZA of the Money Laundering Regulations with a new list. This list will continue to mirror both the Financial Action Task Force’s (FATF) ‘Jurisdictions under increased monitoring’ and ‘High-risk jurisdictions subject to a call for action’ documents. Click here to read the advisory notice. Central Bank Readers may know about Irish regulations passed in February 2022 which provided for a central database of information to be supplied by credit institutions to the Irish Central Bank on safe-deposit boxes and bank and payment accounts. The regulations were brought into force to give further effect to the EU fourth and fifth Anti-Money Laundering Directives. In recent weeks the Irish Central Bank has launched a webpage Ireland Safe Deposit Box Bank and Payment Accounts Register (ISBAR) which  sets out the information to be contained on the register and says that the register ensures that flows of money can be properly traced to individuals, entities and illicit networks at an early stage .Technical guidance documents, a reporting template and some FAQs are also accessible on the page. Please also click here for a recent Institute news item on the register. Other news The Irish Companies registration office has in  recent weeks publicised on its website the Christmas 2022 deadline for company incorporations, change of name, re-registration and company name reservations which readers should take note of. The CRO says that it cannot guarantee that submissions received after the dates set out below will be processed before the Christmas break. Fé PHRAINN ONLINE SCHEME 14 December 2022 A1 ORDINARY ONLINE SCHEME 8 December 2022 CHANGE OF NAME 8 December 2022 REREGISTRATIONS 8 December 2022 COMPANY NAME RESERVATIONS 16 December 2022 Readers may recall that earlier this year, the Institute, as part of CCAB-I, responded to a public consultation from the Dept of Enterprise, Trade and Employment on new legislation for the co-operative sector. The Government has now approved the drafting of what is billed as ground-breaking legislation for the sector. Please click here for more details contained in the press release and here to go to the page with a link to the General Scheme of the Co-operative Societies Bill 2022. You can also click here to read the submissions made to the Department in February  2022 including the CCAB-I response. This week the Tánaiste announced the introduction of a national living wage. It will be set at 60% of the hourly median wages in line with the recommendations of the Low Pay Commission. It will be introduced over a four-year period and will be in place by 2026, at which point it will replace the National Minimum Wage. Readers can find  more details in the Dept. news  here . The latest InterTradeIreland Business Monitor (Q3 2022) more details on which, including a Q3 2022  infographic, you can find here, reveals that while businesses are still expanding, the pace of growth is starting to flatten. The latest data shows that while sales and profits remain relatively buoyant, quarter-on-quarter, a pattern of slowing growth is emerging as rising costs pile on the pressure. Last week the Pensions Authority published information for group pension schemes that are subject to the 1 January 2023 compliance deadline for pension schemes, and it has issued a video reminder of it this week. You can click here for the press release and to access the video. The Companies House in the UK has published its  annual report and accounts for the period 1 April 2021 to 31 March 2022. The companies register had grown to holding information on around 4.9 million incorporated companies at the end of March 2022. NI Charity regulator opens a consultation: Joint consultation on draft Strategic Plan 2023-2026 and Engagement Strategy The Commission is developing a new strategic plan alongside a new engagement strategy, both of which are being undertaken following the Independent Review of Charity Regulation commissioned by the Minister for Communities in January 2021. The draft strategic plan will set out the Commission’s priorities over the next three years as it responds to the review of charity regulation, the new Charities Act (Northern Ireland) 2022 and delivers charity regulation in Northern Ireland. The engagement strategy will set out how the Commission will become more outward facing and actively engage with stakeholders. This engagement is designed to support charities in complying with charity law while also educating and raising awareness of the Commission’s work amongst the public, including those who support, work for or avail of the services offered by charities. For further technical information and updates please visit the Technical Hub on the Institute website. 

Nov 18, 2022
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Technical Roundup 11 November

Roundup 11 November 2022 Welcome to this week’s Technical Roundup. In developments this week, the European Financial Reporting Advisory Group (EFRAG) has issued its October 2022 edition of the EFRAG Update. This summarises public technical discussions held and decisions taken during the month; the Irish Pensions Authority published information this week for group pension schemes that are subject to the 1 January 2023 compliance deadline where these pension schemes must meet the full requirements of the Pensions Act, 1990, as amended, including the new requirements of the IORP II Directive, from 1 January 2023 onwards. Read more on these and other developments that may be of interest to members below. Auditing The Financial Reporting Council (FRC) has launched a consultation on its draft proposal for a minimum standard for audit committees.  This follows the UK Government's Response to its consultation on Restoring Trust in Audit and Corporate Governance, which set out its intention to give ARGA statutory powers to mandate minimum standards for audit committees in their role on the external audit. The FRC are holding a webinar entitled “Effective and Transparent Regulating” on 24 November. This will provide an update of the work of the FRC in 2022 and a look ahead to 2023. Financial Reporting The European Financial Reporting Advisory Group (EFRAG) has issued its October 2022 edition of the EFRAG Update. This summarises public technical discussions held and decisions taken during the month. EFRAG and the IASB are holding a joint online roundtable for preparers, users and auditors on Primary Financial Statements on Tuesday 15 November. The International Forum of Accounting Standard Setters (IFASS) have released a report with their key messages from their September 2022 meeting.               The IASB has published a user feedback newsletter on the IFRS for SMEs Accounting standard update. This newsletter explains how the IASB has responded to feedback from users of SMEs’ financial statements and describes the proposals the IASB published in its recent Exposure Draft. On 7 December 2022, EFRAG will hold its conference "Where is Corporate Reporting heading?" in Brussels to celebrate its 21-year anniversary and discuss EFRAG's major accomplishments, past and future. It will be an occasion to debate the new trends in corporate reporting following the Environmental, Social and Governance (ESG) revolution and the connectivity with financial reporting. Insolvency The Institute is hosting a webinar on SCARP – what we know so far now scheduled for Thursday, 1 December 2022 at 10am. Des Gibney of McStay Luby and Hilary Larkin of Mazars along with Laura-Michelle Moore from Chartered Accountants Ireland will discuss the SCARP process, how to prepare for it, what to look out for and key matters to be aware of when considering it. We will explore some practical issues including how SCARP is working in practice, dealing with creditors and what your balance sheet may look like before entering the process versus afterwards. This is a free event and open to all to attend. Sustainability The European Parliament has this week adopted the Corporate Sustainability Reporting Directive (CSRD) with 525 votes in favour, 60 votes against and 28 abstentions. The CSRD was originally proposed by the European Commission in April 2021, and it will make companies more accountable by obliging them to disclose information on their societal and environmental impact. This will now go forward to the Council of the European Union for adoption of the proposal on 28 November 2022. The first new sustainability reporting standards will be adopted by the Commission in 2023 with these becoming mandatory over the next few years, beginning in 2024 for the very large companies. Please see the press release and the text of the CSRD adopted by the EU Parliament for further information. CDP, the not-for-profit which runs the global environmental disclosure platform for corporations, and the IFRS Foundation have announced that CDP will incorporate the International Sustainability Standard Board’s (ISSB) IFRS S2 Climate-related Disclosures Standard [IFRS S2] into its global environmental disclosure platform, in a major step towards delivering a comprehensive global baseline for capital markets through the adoption of ISSB standards. The ISSB have also made some other announcements in the past week, including; Details of discussions held on the reference to other standards to support interoperability with other sustainability related standards November 2022 supplementary update A summary of its main achievements, in the year following its creation at COP 26 in November 2021. Announcement of implementation steps that will help jurisdictions prepare for its implementation. The Irish government this week launched a report outlining the skills required by the domestic retail financial services sector to finance Ireland’s net zero transition. You can read the press release here. The report highlights how education and training in sustainable finance to date has concentrated on the financial and capital markets, such as green bonds, regulatory developments, and sustainable investment funds, with a greater focus on the Irish retail financial services sector talent development a next key step. Click here for a copy of the report. In its recently released report “Getting to Net Zero: A Global Review of Corporate Disclosures” the International Federation of Accountants (IFAC) have highlighted the inconsistency and incomparability of target disclosures and have highlighted that COP27 is the perfect time to dig into what is being disclosed and to explore how emission disclosures can become more decision-useful. Anti-money laundering The latest edition of the UK Financial Intelligence Unit (UKFIU)'s SARs Reporter Booklet is now available on the NCA website and can be accessed here. It is a product for reporters of Suspicious Activity Reports (SARs) and readers are reminded that if you are making a SARs report you must use a glossary code, details of which are set out in the booklet. Chartered Accountants Ireland Professional Standards has recently issued the UK AML Supervision Report 2021/2022 in accordance with Reg 46A of the Money Laundering Regulations 2017 (as amended). The report reflects the significant efforts of Chartered Accountants Ireland in meeting its anti-money laundering (AML) supervisory obligations for the year to 5 April 2022. It also provides details of firm inspection activity for the year and the results arising from this. Readers can access a copy of the report here . Other news A reminder to readers that Charity Trustees’ Week is taking place from 14 - 18 November 2022.It is hosted in partnership by the Charities Regulator, Boardmatch Ireland, Carmichael, Charities Institute Ireland, Dóchas, Pobal, The Wheel, and Volunteer Ireland. The Charities Regulator has put up a calendar of events on its website and you can click here to get further information on those events. The Pensions Authority published information this week for group pension schemes that are subject to the 1 January 2023 compliance deadline where these pension schemes must meet the full requirements of the Pensions Act, 1990, as amended, including the new requirements of the IORP II Directive, from 1 January 2023 onwards. Please click here to see the press release on the Authority’s website. The Irish government recently amended the Work Life Balance Bill and approved the integration of the right to request remote work for all workers into the Work Life Balance and Miscellaneous Provisions Bill. This bill is expected to be delivered by the end of the year. Under the new legislation employees will have a legal right to request remote working from their employer. In addition, employers will now be required to have regard to a code of practice when considering requests. The principal differences in the integrated Bill compared with the original Right to Request Remote Working Bill are in the grounds for refusal and the right to redress.  Readers can find out further information on this development in the press release here . The latest blog from the Governor of the Central Bank may be of interest to some readers. It discusses the sector of non -banks, their growth, vulnerabilities, and the need for well-developed macroprudential policy for non-banks. You can read the blog here. The Minister for Public Expenditure and Reform this week issued interim guidance for public bodies and prescribed persons on the Protected Disclosures Act. Amending legislation will commence on 1 January 2023.The interim guidance has been prepared to assist public sector employers and prescribed persons in implementing the new requirements of the amended legislation as regards the establishment and operation of internal and external reporting channels. Following commencement, this interim Guidance will be issued as formal Statutory Guidance. Please  click here for the press release and click here and scroll to bottom of the page  for a copy of the interim guidance. The UK FCA Chief Data, Information and Intelligence Officer, spoke recently on the area of regulation and risk management of Artificial Intelligence in financial services. Topics included the central role of the governance framework for AI and the key question for financial services of whether AI can be managed through fine-tuning the existing regulatory framework, or whether a new approach is needed. Here she made reference to the FCA and Bank of England’s AI Discussion Paper which can be accessed from within the speech. Access to the contents of the speech can be found here. The UK Charity Commission have provided some guidance on their new way of engaging with charities via their “My Charities Commission Account”. The Charity Commission in Northern Ireland has released a report on its Independent Review of Charity Regulation. The report contains 93 recommendations on changes that could be considered to improve the delivery of services and the operation of the regulatory framework. For further technical information and updates please visit the Technical Hub on the Institute website. 

Nov 11, 2022
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Technical Roundup 21 October

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. 

Oct 21, 2022
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