Welcome to this week’s Technical Roundup.  In developments this week, the G20 has released its Leaders Declaration from the G20 Leaders’ Summit held in Rome on 30/31 October; IAASA has published a consultation paper on its proposals to adopt International Standard on Review Engagements (Ireland) 2410 – Review of Interim Financial Information Performed by the Independent Auditor of the Entity. Read more on these and other developments that may be of interest to members below. Financial Reporting IAASA has published a consultation paper on its proposals to adopt International Standard on Review Engagements (Ireland) 2410 – Review of Interim Financial Information Performed by the Independent Auditor of the Entity (‘ISRE (Ireland) 2410’). The FRC invites you to its upcoming webinar on this year’s Annual Review of Corporate Reporting and end of year bulletin of key matters for preparers on 10 November. The Financial Reporting Technical Committee of Chartered Accountants Ireland issued a response to the FRC’s request for views to inform the periodic review of FRS 102. As outlined by the FRC, Any changes to accounting standards that are proposed as a result of the periodic review will be subject to public consultation at a later date, not expected to be before 2022.  The effective date for any amendments is currently expected to be 1 January 2024. The FRC has published a report to help premium listed companies prepare for mandatory Taskforce on Climate-related Financial Disclosures (TCFD) reporting. The report includes practical advice and examples that better address aspects of TCFD reporting from those companies already adopting the framework on a voluntary basis. The IFRS Interpretations Committee has published volume 5 of its compilation of Agenda Decisions which brings together agenda decisions published from April to October 2021. On 3rd November, the Chartered Accountants Ireland Leinster Society presented the 44th Published Accounts Awards 2021. Awards were granted across 16 different categories with ESB picking up the top award of “overall winner”. Accounting The IASB have updated their current Work Plan. Auditing Accountancy Europe have published a briefing paper entitled “Non-Audit Services and auditor’s Independence- why do auditors provide other assurance services to their audit clients”. This publication aims to contribute to the ongoing debate at both European and national level on the auditor’s role in providing other assurance services. Sustainability The G20 has released its Leaders Declaration from the G20 Leaders’ Summit held in Rome on 30/31 October. The Irish Central Bank, a member of the Network for Greening the Financial System (NGFS) this week  endorsed the NGFS ‘Glasgow Declaration’  .In its recent press release it also gives details of a letter the Governor sent to chairs and CEOs of regulated financial service providers setting out supervisory expectations of regulated firms regarding climate and other ESG issues. During his speech at COP26 on 3 November 2021, the Chair of the IFRS Foundation Trustees, Erkki Liikanen announced three significant developments to provide the global financial markets with high-quality disclosures on climate and other sustainability issues. A live panel discussion was also held at COP26 on this topic. Accountancy Europe have published some FAQs on sustainability information assurance. Other Areas of Interest The European Securities and Markets Authority (ESMA) has issued its annual Public Statement on European Common Enforcement Priorities (Statement). This year’s priorities cover the impact of COVID-19 and climate-related matters, provide guidance on the measurement of expected credit losses and highlight disclosure obligations pursuant to Article 8 of the Taxonomy Regulation. The Chartered Governance Institute UK &Ireland have some useful summary information on their website on B1 Annual Return filing with a link to the Irish companies office website on how to file an annual return. Members are reminded of a news item we brought you earlier this year on Section 78(2) of the Companies (Accounting) Act 2017 .This section delayed implementation of the requirement in Section 1274 of the Companies Act 2014 for certain private unlimited companies to file financial statements, to financial years beginning on or after 1 January 2022. With this date fast approaching, members may wish to review the area as applicable to them and /or their clients. Two senior central bank members recently attended a joint Oireachtas committee to discuss the Central Bank (Individual Accountability Framework) Bill 2021.Read here the opening statement by Gerry Cross Central Bank Director of Financial Regulation - Policy & Risk . The Dept. of Enterprise Trade and Employment has published its November newsletter. Items of interest include details of the Brexit Impact Loan Scheme a successor to the Brexit Loan Scheme. Loans are competitively priced and offered at favourable terms with loans available now for up to six years (rather than three). The newsletter also details changes to the Irish Employment Permits System. Money laundering and Economic Crime In a news item earlier this week we brought  details of the Consultative Committee of Accountancy Bodies’ (CCAB) recently published  Economic Crime Manifesto outlining what more must be done to build and maintain the UK's resilience to  economic crime. Also, further details on the proposed Economic Crime (Anti-Money Laundering ) Levy  have been published by HM Revenue this week on who is likely to be affected and amounts they can expect to pay under the levy . The FATF and Egmont Group recently adopted a report on Digital Transformation of AML/CFT for Operational Agencies to assist Financial Intelligence Units (FIUs) in leveraging technology to strengthen their operational capability and resilience. The report focuses on the detection of suspicious activities and analysis of financial intelligence. The full report is available to public authorities. A summary highlighting key findings of the report, including the drivers and strategic considerations, and the benefits and opportunities that digital transformation can offer, is available for download. The Industry Committee of the European Parliament has recently adopted legislative text for new draft law to set tighter cybersecurity obligations .The original cybersecurity directive was adopted in 2017. However, EU countries implemented it in different ways, thereby fragmenting the single market, which led to insufficient levels of cybersecurity. Given the current high level of cybersecurity threats, this updated legislation is much needed, say MEPs. Also, read here for the background to the new draft legislation. The draft must now progress through parliament  and we will keep readers updated of progress. For further technical information and updates please visit the Technical Hub and the Covid-19 Hub on the Institute website. 

Welcome to this week’s Technical Roundup.  In developments this week, the FRC has published the annual review of corporate reporting which outlines the top ten areas where improvements are needed, IAASA has published a video briefing for audit committees and the EFRAG has released it’s third of three podcasts on “good practices in reporting the business model, sustainability risks and opportunities”. The Financial Reporting Lab has published a report to help companies prepare for mandatory TCFD reporting. Read more on these and other developments that may be of interest to members below. Financial Reporting The Financial Reporting Council (FRC) has published its Annual Review of Corporate Reporting, which outlines the FRC’s ‘top ten’ areas where improvements to reporting are required. These include reporting on judgements and estimates, revenue and cash flow statements. https://frc.org.uk/news/october-2021/frc-to-focus-on-climate-related-reporting-as-new-d The IASB has prepared a series of five bitesize webcasts on the Exposure Draft Management Commentary. This has been produced to address frequently asked questions about the International Accounting Standards Board’s proposals for a new framework for preparing management commentary. The European Financial Reporting Advisory Group (EFRAG) released it’s third of three podcasts on “good practices in reporting the business model, sustainability risks and opportunities”. This third and final episode in the series highlights the current and potential role of technology in sustainability reporting. FRC publishes oversight responsibilities and independent supervisor reports The FRC has also published its annual report to the Secretary of State for Business, Energy, and Industrial Strategy (BEIS) on how the FRC has discharged its oversight responsibilities in 2020/21 and its Report of the Independent Supervisor on Auditors General. The Financial Reporting Lab (the Lab) has published a report to help companies prepare for mandatory TCFD reporting.  It includes practical advice and examples that better address aspects of TCFD reporting from those companies already adopting the framework on a voluntary basis. https://frc.org.uk/news/october-2021/preparing-for-mandatory-tcfd-reporting,-including Auditing IAASA have published videos for those who would like to view their recent Audit Committee Briefing. Sustainability 57 organizations have released an open letter for the European Union to act on ESG disclosure standards. They encourage the European Commission to promote a global baseline set of standards through supporting the IFRS Foundation on the launch of the International Sustainability Standards Board (ISSB). The Irish Central Bank Deputy Governor Sharon Donnery was a panellist at the recent awards ceremony for G20 Tech Sprint 2021 on green and sustainable Finance  where the central banks’ mandate and roles in the area was discussed including the dedicated climate change units. Fraud and money laundering Read Mairead Mc Guinness’ recent  opening statement before the European Parliament on  increased efforts to fight money laundering including the proposed single rule book and the new EU supervisory authority. The UK Government recently published a fraud sector charter containing an assessment of fraud threats in the accountancy sector.  This voluntary charter sets out actions to tackle fraud in the accountancy sector including improving information regarding fraud and enhancing Companies House data. The UK National Economic Crime Centre has launched a campaign aimed at raising awareness of payment diversion fraud. The aim is to help small and medium sized businesses and home-buyers protect themselves. Click here to read more about the campaign. The European Data Protection Supervisor recently issued its latest newsletter  which contains information on the EDPS views on matters such as  the European Commission’s proposed Anti-Money Laundering legislative package  which it supports but suggests improvements to protect individuals’ personal data.  Other Areas of Interest The Department of Enterprise Trade and Employment has published the revised work safely protocol recently. Entitled the “COVID-19 National Protocol for Employers and Workers” it has been reviewed by employers and employee representative groups following the most recent public health advice received by Government.  On 20 October 2021, a guidance note was published by the Labour Employer Economic Forum, which supports the guidance set out in the Protocol. Following on from its recent Annual Conference 2021 - Opportunities and Aspirations for the Assisted Decision-Making (Capacity) Act 2015, the National Disability Authority has added presentations and other resources to their website. Also, recordings of the conference sessions can be watched via the NDA Youtube channel. The Property Services Regulatory Authority (PSRA) issued its Annual Report which presents an overview of the activities and outputs of the Authority in 2020. For further technical information and updates please visit the Technical Hub and the Covid-19 Hub on the Institute website. 

Welcome to this week’s Technical Roundup.  In developments this week, the UK Financial Stability Board has welcomed the publication of the 2021 status report by the industry-led Task Force on Climate-related Financial Disclosures; Public trust and confidence in charities research has recently been published by the Charity Commission for Northern Ireland. According to new research 87% of respondents marked 'doing what they say they will do' as a major factor that influences their trust in a charity. Read more on these and other developments that may be of interest to members below. Financial Reporting The Financial Reporting Council (FRC) has published the findings of its review into IAS 37 ‘Provisions, Contingent Liabilities and Contingent Assets’, which has been identified as a recurrent problem area by the FRC.  The International Accounting Standards Board (IASB) is currently consulting on proposals for a new accounting standard that would permit eligible subsidiaries to apply IFRS Standards with reduced disclosure requirements in their financial statements. The comment period is open until 31 January 2022. The IASB recently released a short video which introduces the board’s proposals set out in the exposure draft. The European Financial Reporting Advisory Group (EFRAG) released it’s second of three podcasts on “good practices in reporting the business model, sustainability risks and opportunities”. In this second podcast, Giuseppe Milici, Task Force member and Sustainability Services Senior Manager at Deloitte Italy, provides insights on the good practices identified in the report’s supplement, the selection process set by the Task Force, observed common threads among the identified good practices and the challenges encountered by the Task Force. The UK Endorsement Board secretariat has published its survey on IASB Exposure Draft ED/2021/3 Disclosure Requirements in IFRS Standards – A Pilot Approach (the Disclosure Pilot). The ED proposes replacing today’s mandatory disclosure regime with a series of disclosure objectives, giving companies more freedom to decide what should be disclosed to meet the objectives. Read more here. Q&A We have published a number of Questions & Answers to answer some of the most common questions members and other stakeholders have in relation to audit and assurance engagements financial reporting and insolvency. Other Areas of Interest The Financial Stability Board (FSB) has welcomed the publication of the 2021 status report by the industry-led Task Force on Climate-related Financial Disclosures (TCFD), which reports on the further progress in TCFD-aligned disclosures by firms. The Irish Pensions Authority recently published information on trustees obligations to notify the Authority of outsourcing arrangements. From 1 December 2021, trustees must notify the Authority when they enter an outsourcing arrangement for the provision of the internal audit and risk management key functions. Trustees who have entered these arrangements since 22 April 2021 must also notify the Authority. As part of Charity Trustees’ Week  on 15-19 November 2021 the Irish Charities’ Regulator together with Boardmatch Ireland, Carmichael, The Wheel, Volunteer Ireland, Charities Institute Ireland, Pobal and Dóchas, have put together a timetable of diverse events to suit trustees from every type of charity such as the Charities Governance Code Workshop for Small Non-Complex Charities on 18 November 2021 and the Charities Governance Code Workshop for Registered Charities on the 19 November. Places are limited so register now if interested. Public trust and confidence in charities research published by the Charity Commission for Northern Ireland. According to new research from the Charity Commission for Northern Ireland, 87% of respondents marked 'doing what they say they will do' as a major factor that influences their trust in a charity. Fraud and Money laundering The ICAEW has produced a useful insights article on payment diversion fraud. It outlines what it is and how businesses can avoid it for example by training and vigilance. It also provides advice  on what to do if it happens to your business and a link to the NCA brochure . HMRC has recently updated its guidance “Help and support for money laundering supervision”. There are a series of webinars on its pages on money laundering supervision containing information for all businesses and sectors including Accountancy Service Providers and Trust or company service providers registered with HMRC . For further technical information and updates please visit the Technical Hub and the Covid-19 Hub on the Institute website. 

Welcome to this week’s Technical Roundup.  In developments this week, the recently published Companies (Corporate Enforcement Authority) Bill 2021 (the Bill) establishes the Office of the Director of Corporate Enforcement (ODCE) as a standalone statutory body with a commission structure, to be called the Corporate Enforcement Authority (CEA); In its third quarterly podcast, the IFRS Interpretations Committee Chair and Vice-Chair of the International Accounting Standards Board Sue Lloyd joined Technical Staff Member Patrina Buchanan to talk about recent activities to support the consistent application of IFRS Standards during the third quarter of 2021 Read more on these and other developments that may be of interest to members below. Auditing The International Auditing and Assurance Standards Board (IAASB) has issued a proposed International Standard on Auditing of Financial Statements of Less Complex Entities. The consultation is open until 31 January 2022. The Institute's Audit and Assurance Technical Committee is considering this proposal in detail. To keep our members informed and updated on this important development we have published a webpage where members can access the consultation papers and submit their comments to us. IAASA have issued a revised version of ISA (Ireland) 240 The Auditor’s Responsibilities Relating to Fraud in an Audit of Financial Statements. The main changes to the standard are designed to provide increased clarity about the auditor's obligations to detect material fraud and enhance the requirements for the identification and assessment of the risk of material misstatement due to fraud and the procedures to respond to those risks. Read more here. Financial Reporting In its third quarterly podcast, the IFRS Interpretations Committee Chair and Vice-Chair of the International Accounting Standards Board Sue Lloyd joined Technical Staff Member Patrina Buchanan to talk about recent activities to support the consistent application of IFRS Standards during the third quarter of 2021. Topics discussed in the podcast included; Non-refundable VAT on lease payments Accounting for warrants that are financial liabilities on initial recognition Demand deposits with restrictions on use Cash received via electronic transfer as settlement for a financial asset. The FRC’s Lab published a report that supports companies in the move towards high-quality digital reporting. The Lab report sets out key considerations and tips for companies covering: how to set up the structured reporting process; how to enhance the usability of structured reports; and common tagging issues to avoid. The Financial Reporting Council (FRC) has published the findings of its review into IAS 37 ‘Provisions, Contingent Liabilities and Contingent Assets’, which has been identified as a recurrent problem area by the FRC. In it’s latest podcast, the European Financial Reporting Advisory Group (EFRAG) provided an insight into the European Lab Project Task Force on the reporting of non-financial risks and opportunities and the linkage to the business model (PTF-RNFRO) report : Towards Sustainable Businesses: Good Practices for Business Model, Risk and Opportunities, Reporting in the EU and Supplementary Document: Good Reporting Practices. Other Areas of interest The recently published Companies (Corporate Enforcement Authority) Bill 2021 (the Bill) establishes the Office of the Director of Corporate Enforcement (ODCE) as a standalone statutory body with a commission structure, to be called the Corporate Enforcement Authority (CEA). Listen to the Association of Compliance Officers’ podcast series. Compliance files- Season 2, Episode 1.This week they speak with Ian Drennan, Director of Corporate Enforcement, on the role and powers of his Office, the implications of the Hamilton Report and the Implementation Plan which can be found on the Department of Justice website. One of the strands is the Advisory Council one of the key responsibilities of which will be developing Ireland’s first multi annual strategy for combatting crime and economic corruption. The director also makes reference to the above Bill which he says the legislature hope to have in force by year end, so a recent priority of his office has been work in this area to have the CEA ready to go by January 2022. As part of European Cybersecurity Month ISME are hosting a webinar on cybercrime with Department of Justice and  An Garda Síochána on protecting your business from cybercriminals.    The free webinar is on 28 October, and you can register by clicking the link above. The Department of Enterprise Trade and Employment has issued a Budget day newsletter with a link to the department’s Budget 2022 allocation. The newsletter gives details of some of the business focused measures contained in Budget 2022 such as enhanced tax arrangements for remote working and funding for digital and green funds. The Central Bank’s Director General Derville Rowland spoke recently at  the A&L Goodbody Corporate Crime and Regulation Summit about the evolution of enforcement at the Central Bank. She referred to  areas such as establishing and maintaining the credible threat of enforcement by the Central Bank and also about the proposed Individual Accountability Regime under the General Scheme of the Central Bank (Individual Accountability Framework) Bill 2021 making reference also to the UK experience in relation to this. HMRC has issued its October edition of its  bi-monthly magazine for employers and agents giving them the latest information on topics and issues that may affect them. Also, in the anti-money laundering supervision area, HMRC has recently updated its Guidance on Understanding risks and taking action for Trust or Company Service Providers. Sustainability Sustainable Finance Ireland in conjunction with the UN-convened FC4S, has launched Ireland's Sustainable Finance Roadmap, in collaboration with public and private stakeholders across Ireland including the Department of Finance, Skillnet Ireland, and internationally. Developing sustainable finance talent will be prioritised as a key pillar of the roadmap. In launching the report, the Minister for Finance Paschal Donohoe said the roadmap was a priority Action Measure under the Ireland for Finance Action Plan 2021, demonstrating sustainable finance’s increasing prominence as a priority for Ireland and an essential tool in addressing the climate crisis. For further technical information and updates please visit the Technical Hub and the Covid-19 Hub on the Institute website. 

Trustees should be aware of their obligations to register details of the beneficial ownership of their trust with the Central Register of Beneficial Ownership of Trusts (CRBOT) on or before the 23rd October. That deadline is fast approaching and trustees should be reviewing their internal registers and preparing to register if they have not already done so. The obligation to register with CRBOT was introduced under the 4th and 5th Anti-Money Laundering Directives which require each EU Member State to establish a Central Register of Beneficial Ownership of Trusts. Legislation was introduced on 23 April 2021 (Statutory Instrument 194 of 2021) to transpose those requirements into Irish law. The purpose of this legislation is to provide transparency both in Ireland and the EU around who ultimately owns and controls Irish trusts. This will help to identify and tackle circumstances where trusts are being used to fund criminal and terrorist organisations. The legislation also assigned the responsibility for CRBOT to the Office of the Revenue Commissioners. Trustees (or their agents, advisors or employees) can register for the CRBOT through the ‘Trust Register’ portal on Revenues Online Service (ROS). For individual trustees who do not have ROS access, the ‘Trust Register’ is available on MyAccount. Revenue.ie also contains a series of Frequently Asked Questions which should assist trusts and their agents, advisors or employees to determine whether they are obliged to register and how they can meet their obligations. Further information can be accessed at the link below - https://www.revenue.ie/en/crbot/index.aspx Any queries regarding the Central Register of Beneficial Ownership of Trusts (CRBOT) can be sent via MyEnquiries on ROS or MyAccount. For direct contact to the CRBOT team please ensure the relevant titles below are selected for both drop down menus: Select ‘Trust Register (Central Register of Beneficial Ownership of Trusts)’ from menu ‘Enquiry relates to’ Select ‘General Query’ from menu ‘More specifically’

Welcome to this week’s Technical Roundup.   In developments this week, the Irish Government has recently approved a plan for a review of the Freedom of Information Act to seek out ways in which the FOI model can be brought up to date to ensure that it is suitable for today’s technology and needs; the European Financial Reporting Advisory Group has issued a draft comment letter on the IASB Exposure Draft ED/2021/7 ‘Subsidiaries without Public Accountability: Disclosures.’ Read more on these and other developments that may be of interest to members below. Financial Reporting The European Financial Reporting Advisory Group (EFRAG) has issued a draft comment letter on the IASB Exposure Draft ED/2021/7 ‘Subsidiaries without Public Accountability: Disclosures.’ The International Accounting Standards Board (IASB) is requesting feedback as part of the post-implementation review of the classification and measurement requirements in its financial instruments Standard, IFRS 9. The Charity Commission for Northern Ireland has published a checklist looking at some of the things that preparers and examiners of charity accounts must consider relevant before submission of financial statements to the charity regulator. Checklist: The significance of COVID-19 for the preparation of accounts under The Charities SORP | The Charity Commission for Northern Ireland (charitycommissionni.org.uk) Sustainability The European Lab@EFRAG Project Task Force on the reporting of non-financial risks and opportunities has issued a Report: ‘Towards Sustainable Businesses: Good Practices in Business Model, Risks and Opportunities Reporting in the EU’ and supporting 'Supplementary Document: Good Reporting Practices'.  Other Areas of Interest The World Standard-setters Conference took place on 27–28 September 2021 as a fully virtual meeting. Recordings of the individual sessions are now available to view online. The European Securities and Markets Authority (ESMA), the EU’s securities markets regulator, has published its latest edition of its Spotlight on Markets Newsletter Members are reminded about the DETE  public consultation to seek views on new rights to improved terms and conditions for workers. EU Directive 2019/1152 on Transparent and Predictable Working Conditions is to be transposed into Irish law by August 2022.It will limit the length of probationary periods at the beginning of a job and give workers the right to seek additional employment, with a ban on exclusivity clauses and limits on incompatibility clauses. Some   aspects of the Directive were pre-empted by The Employment (Miscellaneous Provisions) Act 2018 but the Directive goes further. The deadline for submissions is 3pm on Monday, 25 October 2021. The DETE has issued its October newsletter. In it details can be found of workshops ( in the construction, Supplies and Services, Health and Consortia and joint ventures sectors) which InterTradeIreland is running through its Go-2-Tender programme to help SMEs to improve tendering capability and details of the DETE’s  updated Work Safely Protocol. .The Irish Government has recently approved a plan for a review of the Freedom of Information Act to  seek out ways in which the FOI model can be brought up to date to ensure that it is suitable for today’s technology and needs. A public consultation on the scope of the review will commence later this year and in early 2022 a consultation paper will be published and a full public consultation will be undertaken. Future round up news will keep members informed of developments of interest. The Central Bank has published its Q4 Quarterly Bulletin. The Bulletin deals with items such as the effect of the COVID pandemic on public finances, Fiscal Outlook 2021-2023 and an article on the ECB’s Review of its Monetary Policy Strategy. For further technical information and updates please visit the Technical Hub and the Covid-19 Hub on the Institute website.