Welcome to this week’s Technical Roundup.
In developments this week, IAASA has published a paper setting out information requests that it has raised with companies on their climate-related disclosures in their annual financial reports and did you know about the European Commission’s podcasts? Short episodes are released at the same time as the monthly EU Commission Finance Newsletter on topics related to banks, capital markets, insurance, digital or sustainable finance, anti-money laundering, sanctions, etc.
Read more on these and other developments that may be of interest to members below.
Financial Reporting
In their latest edition of “Insight from SME accountants” series, Accountancy Europe looks at how sustainability matters for the new generation of accountant.
The IASB has produced a series of eight webcasts to explain the Dynamic Risk Management project to date.
The FRC Lab has published a report on the disclosure of net zero commitments. This provides tips for companies on how to consider when disclosing their commitments.
IAASA has published a paper setting out information requests that it has raised with companies on their climate-related disclosures in their annual financial reports.
Anti-Money laundering, sanctions
On 6 October 2022 the European Union announced its eighth package of sanctions. Click here for a press release on the eighth package of sanctions and please also visit our sanctions webpages “Europe & International” for more details of what the eighth package consists of.
HMRC in the UK has recently issued an economic crime supervision annual self-assessment report for the period 1 April 2021 to 31 March 2022 which it says analyses the extent to which HMRC is meeting its obligations under the Money Laundering Regulations 2017, as well as comparing it to the standards set for professional body anti-money laundering supervisors.
The National Cyber Security Centre Ireland has a quick guide to phishing to help to avoid being phished, spotting the giveaway signs of phishing e-mails, and what to do if you think you’ve already clicked the attacker’s bait.
Other
The Minister for Public Expenditure and Reform recently signed the commencement order for the Protected Disclosures (Amendment) Act 2022 to set 1 January 2023 as the date on which the Act will commence in its entirety. Readers may be aware that the new legislation will substantially amend the Protected Disclosures Act 2014. It will expand the categories of protected person to include protections for volunteers, shareholders, board members and job applicants for the first time. It also expands the wrongs in respect of which a protected disclosure can be made. It imposes requirements on organisations to put internal whistleblowing procedures in place and a new Office of the Protected Disclosures Commissioner will be established. You can read more in the Department’s press release on its website here and we will provide more information to members in due course on this topic.
The Department of Enterprise, Trade and Employment has published its October's Enterprise Newsletter. This includes information about Budget 2023 helping businesses and families with escalating energy costs, the Cross-Government launch of a new National Implementation Plan for the Sustainable Development Goals 2022-2024, and EU trade sanctions in response to situation in Ukraine. There are also details of a new pay agreement providing pay increases and wage structure for early learning and childcare workers, publication of the Final Report of the LEEF High-Level Working Group on Collective Bargaining, and public consultation on the Single Market Emergency Instrument. The newsletter can be found here.
The Pensions Authority has published the results of a survey conducted on trustees’ IORP II preparedness. The survey provides information on pension scheme trustees’ progress since a similar survey was carried out in 2020. The survey findings indicate that while significant progress has been made by scheme trustees to meet the requirements of the Act, there is still work to be done by trustees to ensure compliance ahead of the 1 January 2023 deadline. The survey findings also indicate that most DB scheme trustees surveyed intend to continue their scheme, while almost half of the DC trustee respondents noted an intention to wind up their scheme and move to a master trust. Further information and the results can be found here.
Did you know about the European Commission’s podcasts? Short episodes are released at the same time as the monthly EU Commission Finance Newsletter on topics related to banks, capital markets, insurance, digital or sustainable finance, anti-money laundering, sanctions, etc. The latest one “the on about Anti Money laundering dated 29 September 2022 can be accessed now.
Please also click here to read the European Commission’s latest Banking and Finance newsletter where DG FISMA's Director-General talks about topics including the energy crisis and sanctions, and includes a short discussion about cryptocurrencies, the current ‘crypto winter’, and the digital euro.
Cathy Shivnan, the Corporate Enforcement Authority’s (CEA) Director of Insolvency Supervision, sat down recently with Graham Kenny of Eversheds Sutherland LLP to talk about the role of the newly established CEA. The CEA is now the competent authority in Ireland for the investigation of breaches of the Companies Acts and the taking of necessary enforcement actions. You can listen here.
For further technical information and updates please visit the Technical Hub on the Institute website.