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Audit
(?)

Technology-related revisions to IESBA code

The International Ethics Standards Board for Accountants (IESBA) has released final revisions to the International Code of Ethics for Professional Accountants (including International Independence Standards) to further increase the Code’s robustness and expand its relevance in a world being fundamentally reshaped by rapid technological advancements and accelerating digitalization. These technology-related revisions will guide the ethical mindset and behavior of professional accountants in both business and public practice as they take advantage of the opportunities created by technology and adapt to new technology. Developed to remain relevant and applicable in the ever-evolving landscape of technology transformation, the revisions apply to the use of any technology, including to the extent possible, future technologies.  The revisions, which were informed by extensive fact-finding and stakeholder outreach: Strengthen the Code in guiding the mindset and behavior of professional accountants when they use technology. Provide enhanced guidance fit for the digital age in relation to the fundamental principles of confidentiality, and professional competence and due care, as well as in dealing with circumstances of complexity. Strengthen and clarify the International Independence Standards (IIS) by addressing the circumstances in which firms and network firms may or may not provide a technology-related non-assurance service to an audit or assurance client. The revisions to the IIS will be effective for audits and reviews of financial statements for periods beginning on or after December 15, 2024. The other revisions to the ethics provisions of the Code will be effective as of December 15, 2024. Early adoption is permitted.

Apr 12, 2023
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FRC issues FRED 83

The Financial Reporting Council has released FRED 83-Draft amendments to FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland – International tax reform – Pillar Two model rules. This FRED proposes to introduce a temporary exception to the accounting for deferred taxes arising from the implementation of the Pillar Two model rules, alongside targeted disclosure requirements. A small amount of FRS 102 preparers are likely to be impacted by the Pillar Two model rules and FRED 83 is based on a similar proposal issued by the IASB relating to IAS 12. The shorter than normal consultation period remains open until 24 May, with the FRC planning to finalise any resulting amendments in summer 2023.

Apr 05, 2023
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Audit
(?)

New Solicitors Accounts Regulations

The Law Society has published new Solicitors Accounts Regulations which come into operation on 1 July 2023 replacing the current regulations issued in 2014. The key impacts on the reporting accountants are:  Reporting accountant’s reports are to be filed within five months of the accounting date. Reporting accountant to test check postings before and after accounting date. Reporting accountants to test check that withdrawals of fees are notified to the clients. Reporting accountants may report, directly to the Law Society, an opinion or a suspicion of a deficit, rather than waiting to submit annual report. Closing reporting accountant’s reports are to be filed within three months of cessation. Reasons are to be provided for withdrawal of approval of a Reporting accountant. A listing of client ledger balances outstanding two years or more is to be prepared at the accounting date and furnished to the Law Society by the Reporting Accountant. For further information on the significant changes that impact on solicitors see the Law Society webpage.  The new regulations can be accessed here  Further information and updated guidance will be published by Chartered Accountants Ireland in due course. 

Apr 04, 2023
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FRC visit to Chartered Accountants House

On 29 March, we welcomed members of the FRC’s Accounting and Reporting Policy team to Chartered Accountants House in Dublin for some in-person events to mark the periodic review of FRS 102. The FRC were represented by Jenny Carter and Stephen Maloney. In a summary presentation and roundtable discussions, Jenny and Stephen discussed the recently released FRED 82 and the proposed changes to FRS 102 as part of the second periodic review of the standard. These changes were published by the FRC in December 2022 and are open for public comment until 30 April. While the key changes proposed in FRED 82 involve leasing and revenue recognition, there are many other amendments proposed to various sections of FRS 102 (and other standards, including FRS 105) in the form of incremental improvements and clarifications. The Institute will be submitting a response to this consultation and we have prepared a members survey to allow members to share their views on FRED 82. This will remain open until 7 April.

Mar 31, 2023
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Technical Roundup 31 March

Welcome to this week’s Technical Roundup.  In developments this week, the Financial Reporting Council has published its latest 3-Year Plan, outlining its priorities and objectives for the period 2023-2026; the Financial Conduct Authority in the UK has recently published a useful page on Cryptoasset AML/CTF regime: feedback on good and poor quality applications under money laundering regulations. Read more on these and other developments that may be of interest to members below.  Audit and Assurance  The FRC Technology & Digital Hub provides an overview of the FRC's work in this area, including how that work fits into the wider FRC strategy, links to publications and information on how you can get involved in their work.  The International Ethics Standards Board for Accountants (IESBA) and International Auditing and Assurance Standards Board (IAASB) welcome the report released today by the International Organization of Securities Commissions (IOSCO) on developing a global assurance framework for sustainability-related corporate reporting. The IOSCO report reflects extensive research and feedback from key stakeholders. The report calls for timely development of ethics and assurance standards for sustainability reporting by the IESBA and the IAASB, respectively.    Accountancy Europe has published a briefing paper which aims to contribute to the debate focusing on the aspect of auditor choice in the PIE market.  Accounting  IAASA has published a paper entitled “IFRS 13 Fair Value Measurement – information requests”. The purpose of this publication is to provide preparers, auditors, and users of financial statements with information to encourage discussion and stimulate debate as to whether or not issuers have adequately considered the requirements of IFRS 13 Fair Value Measurement in preparing periodic financial statements. In this paper, IAASA has published a selection of the IFRS 13 information requests that it has made to issuers during previous financial statement examination cycles.  The European Financial Reporting Advisory Group (EFRAG) has approved the composition of the ESRS Digital Reporting Consultative Forum and Digital Reporting Community. The Consultative Forum will discuss digital reporting aspects of sustainability reporting.  Commissioner Mairead McGuinness has publicly called on EFRAG to prioritise its efforts on capacity building for the implementation of the first set of ESRS over the preparatory work for the draft sector-specific standards.  The March 2023 IASB podcast is now available.  This month's edition includes topics on: initial discussions on a new project added to the work plan about Climate-related Risks in the Financial Statements; progress in developing a Request for Information on the Post-implementation Review of IFRS 15 Revenue from Contracts with Customers.  The UK Endorsement Board (UKEB) has published its 2023/24 regulatory strategy. This sets out year two of the UKEB’s three year strategy. The UKEB have noted that their focus for the forthcoming year will be “to maintain the momentum of the past year’s achievements in influencing the development of high-quality international accounting standards that promote the UK public good by ensuring transparency and comparability of financial information thereby underpinning confidence in the UK’s capital markets”.  The Financial Reporting Council (FRC) has published its latest 3-Year Plan, outlining its priorities and objectives for the period 2023-2026. It gives detailed breakdown of intended expenditure for 2023-24 and a summary of the expected trajectory of overall costs and headcount for the following two years.  Anti-Money laundering/Sanctions  The Irish Minister for Finance announced this week that Ireland will declare its interest in hosting the new EU Anti-Money Laundering Authority (“AMLA”). According to the latest information, Ireland joins nine other EU Member States which have already declared an interest in hosting AMLA – Austria, Belgium, France, Germany, Italy, Latvia, Lithuania, Luxembourg and Spain. A final decision on location is expected later this year. The AMLA will be a significant EU institution, tasked with supervision – either directly or jointly with national supervisors – of entities in the financial services sector in the first instance, but eventually also in the non-financial sector. The supervision will be in respect of the entities’ compliance with anti-money laundering and countering financing of terrorism rules and standards (AMLCFT). You can read more from the Minister’s press announcement here.  In light of the rapid advance in Large Language Models (LLMs) such as ChatGPT, Europol’s Innovation Lab recently organised a number of workshops with subject matter experts from across the organisation to explore how criminals can abuse LLMs, as well as how it may assist investigators in their daily work. It produced the Tech Watch Flash report which readers may find interesting. The report analyses the findings of the sessions and includes key information for law enforcement as they continue to scan for new and emerging technologies that affect their work. It outlines the safety features in ChatGPT but adds that the safeguards, however, can be circumvented fairly easily. It also outlines how it can be used for criminal purposes in fraud, impersonation, and social engineering and cybercrime.  We reported a few weeks ago on the UK Government’s economic crime levy (ECL) to fund the fight against economic crime and that the Financial Conduct Authority has recently announced that it will collect Treasury’s economic crime levy (Anti-Money Laundering) from July 2023. An allocation of £300 million between 2023/24-2025/26 generated from the ECL was confirmed in the House of Lords on 27 March 2023. The funding will be allocated for services such as state of the art technology to analyse and share data on threats, hire of new investigators and training of existing ones, new specialist intelligence teams, officers and new financial investigators to analyse suspicious activity reports and a dedicated team to reform the AML supervisory regime. Also, £20 million will be invested in Companies House and the Insolvency Service to fund the creation of two new intelligence teams and £600,000 to deploy UK experts overseas to raise the global standards on beneficial ownership.  The UK Government recently published its Economic crime plan 2023 to 2026.It is stated to set out what the public and private sectors should do to continue to transform the UK’s response to economic crime. It focuses on achieving tangible outcomes and commits to reducing money laundering and recovering more criminal assets, combatting kleptocracy and driving down sanctions evasion and cutting fraud. You can read the Economic Crime Plan here.   Central Bank of Ireland (CBI)   The Central Bank of Ireland recently published its Service Standards Performance Report for H2 2022. CBI says this report sets out its performance against agreed service standards in respect of authorisation of funds and financial service providers and processing of fitness and probity applications. You can see their useful infographic here and  read the report in full here.  Also this week the CBI published its ninth edition of Financial Conditions of Credit Unions, 2022. You can read the press release here  and the report here. The report provides an update on the financial performance and position of credit unions for the financial year ended 30 September 2022. It also provides sectoral data and commentary and aims to inform credit union boards in carrying out their strategic analysis and decision-making. Remarks by Elaine Byrne, Registrar of Credit Unions, to the CUMA 2023 Spring Conference including remarks on the report, can be read here.   Other Areas of Interest   The Financial Conduct Authority (FCA)  in the UK has recently published a useful page on Cryptoasset AML / CTF regime: feedback on good and poor quality applications under money laundering regulations. It suggests that applicants should read this feedback to help prepare an application for registration.  Ian Drennan, the Chief Executive Officer of the Corporate Enforcement Authority (CEA), has recently said that once the CRO’s strike-off programme resumes, the CEA’s programme of seeking the disqualification of company directors who have allowed companies owing debts to be struck off will, similarly, resume. Disqualification prohibits a person from acting as a company director or secretary, and from acting in the management of a company. Breach of a disqualification is a criminal offence, and the CEA prosecutes people who do that. So, he says, it’s better not to allow a company to be struck off in the first place.  In Companies Office latest news: although we do not yet have sight of the statutory instrument bringing section 35 of the Companies (Corporate Enforcement Authority) Act 2021 into force, the Companies Office latest news states that from 23 April 2023, when filing Forms A1, B1, B10 and B69, company directors will be required to provide their PPS numbers. The Companies Office invites readers to  visit PPSN - FAQ (cro.ie) for more information on this topic. It also includes some information on what to do when a director does not have an Irish PPSN.   For further technical information and updates please visit the Technical Hub on the Institute website.       

Mar 31, 2023
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Anti-money Laundering
(?)

UK Treasury’s economic crime levy

The UK Financial Conduct Authority recently announced that it will collect Treasury’s economic crime levy (Anti-Money Laundering) from July 2023 .An allocation of £300 million between 2023/24-2025/26 generated from the levy  was confirmed in the House of Lords on 27 March 2023. The funding will be allocated for services such as state of the art technology to analyse and share data on threats, hire of new investigators and training of existing ones, new specialist intelligence teams, officers and new financial investigators to analyse suspicious activity reports and a dedicated team to reform the AML supervisory regime .Also ,£20 million will be invested in Companies House and the Insolvency Service to fund the creation of two new intelligence teams and £600,000 to deploy UK experts overseas to raise the global standards on beneficial ownership. This information is provided as resources and information only and nothing in these pages purports to provide professional advice or definitive legal interpretation(s) or opinion(s) on the applicable legislation or legal or other matters referred to in the pages. If the reader is in doubt on any matter in this complex area further legal or other advice must be obtained. While every reasonable care has been taken by the Institute in the preparation of these pages, we do not guarantee the accuracy or veracity of any resource, guidance, information or opinion, or the appropriateness, suitability or applicability of any practice or procedure contained therein. The Institute is not responsible for any errors or omissions or for the results obtained from the use of the resources or information contained in these pages.

Mar 29, 2023
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