Roundup

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. 

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. 

In developments this week, IAASA has published its annual Observations paper highlighting some significant topics that those charged with governance should consider when preparing their financial statements for 2021; A new forum aimed at supporting and improving communications on issues around charity law, regulation and trends has been launched by The Charity Commission for Northern Ireland. Read more on these and other developments that may be of interest to members below. Accounting The International Accounting Standards Board (IASB) have issued the latest issue of their Investor Perspectives edition. Financial Reporting IAASA has published its annual Observations paper highlighting some significant topics that those charged with governance should consider when preparing their financial statements for 2021.  The FRC has published the findings of its review of companies’ viability and going concern disclosures which found there were several areas where viability and going concern reporting could be improved.  Clear and comprehensive disclosures on these matters are particularly important given the backdrop of the Covid-19 pandemic which caused greater uncertainty for some companies.  Uncertainties that impact viability or going concern should be clearly explained to stakeholders. The FRC has published FAQs on International Sustainability Standards Setting. The purpose of the FAQs is to inform UK company stakeholders of developments in sustainability standard setting by the International Financial Reporting Standards Foundation (IFRS Foundation). This is a fast moving agenda that has the potential to impact corporate reporting significantly in the future. The Financial Action Task Force (FATF) will host a webinar on “Money Laundering from Environmental Crime” on 30 September. The webinar will discuss important aspects of a recent FATF report on the topic, including how to identify red-flag information to help detect and trace the illicit finances of criminals engaged in environmental crimes.  It also looks at how to overcome challenges, such as the lack of governmental or institutional prioritisation, limited awareness and data, de-risking, and limited domestic and international co-ordination. Participants can register here. Other Areas of Interest A new forum aimed at supporting and improving communications on issues around charity law, regulation and trends has been launched by The Charity Commission for Northern Ireland. For further technical information and updates please visit the Technical Hub and the Covid-19 Hub on the Institute website. 

In developments this week, the Institute has issued Technical Alert TA 03/2021 to highlight to members the key new requirements of the ISAs applicable in Ireland and to add some clarification; the International Federation of Accountants (IFAC) has published a framework for implementing global sustainability standards at the local level, focusing on the building blocks approach published in May 2021. Read more on these and other developments that may be of interest to members below. Auditing The Financial Reporting Council (FRC) has published a letter providing feedback on the actuarial aspects of insurance entity audits.  The feedback is based on recent AQR reviews across various audit firms.  Guidance on revised ISAs Revised International Standards on Auditing (ISAs) (Ireland) were issued in November 2020 by IAASA and are effective for audits of financial statements for periods beginning on or after 15 July 2021, with early adoption permitted. We have issued Technical Alert TA 03/2021 to highlight to members the key new requirements of the ISAs applicable in Ireland and to add some clarification. ICAS The Institute of Chartered Accountants of Scotland (‘ICAS’) has applied to IAASA to have its recognition revoked in December 2021. If ICAS’ recognition were to be revoked, it would mean that ICAS would no longer be able to approve statutory auditors in Ireland. It also means that ICAS members in Ireland would no longer be regulated by IAASA.  Sustainability The International Federation of Accountants (IFAC) has published a framework for implementing global sustainability standards at the local level, focusing on the building blocks approach published in May 2021 Other Areas of interest Many small and medium sized enterprises (SMEs) in Europe are technology innovators or have taken major steps towards digitalisation. Accountancy Europe have just issued a paper setting out how professional accountants help with this digitalisation. The International Valuation Standards Council (IVSC) has published a per­spec­tives paper 'Time to get Tangible about In­tan­gi­ble Assets' that notes that despite the im­por­tance of in­tan­gi­ble assets to the capital markets, only a small per­cent­age are recog­nised on balance sheets.  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, as part of the next periodic review of UK and Ireland accounting standards, the Financial Reporting Council is seeking views from a wide range of stakeholders about the type of areas they would like to be considered for review and will be hosting a short webinar to provide additional information on Monday, 13 September; the agenda and meeting papers for the October 2021 Accounting Standards Advisory Forum meeting are now available online. Read more on these and other developments that may be of interest to members below. Financial Reporting The Financial Reporting Council has published a list of successful signatories to the UK Stewardship Code which sets high standards of stewardship for those investing money on behalf of UK savers and pensioners As part of the next periodic review of UK and Ireland accounting standards, the FRC is seeking views from a wide range of stakeholders about the type of areas they would like to be considered for review and will be hosting a short webinar to provide additional information on Monday, 13 September. The FRC will also be holding two roundtable events on 23 September and 13 October so that stakeholders can discuss the review in more detail and share their views directly. To register for either of the roundtables please email: stakeholderengagement@frc.org.uk. The FRC’s Financial reporting Lab have published the results of their survey on  preparations for the introduction of structured electronic reporting for annual financial reports (ESEF) from May 2020. The agenda and meeting papers for the October 2021 Accounting Standards Advisory Forum meeting are now available online. Auditing The IAASB has published new documents related to its open consultation on the audits of less complex entities: Proposed supplemental guidance on auditor reporting to provide further guidance on modifications and other changes to the auditor’s report when using the proposed standard; and “Mapping” documents to help users navigate between existing, equivalent International Standards on Auditing and the requirements in the newly proposed International Standard on Auditing for Less Complex Entities (ISA for LCE). Sustainability The FRC has published the findings of its review of reporting on emissions, energy consumption and related matters under the new Streamlined Energy and Carbon Reporting (SECR) rules which came into effect from 1 April 2019. The FRC’s review considered how a sample of companies and Limited Liability Partnerships (LLPs) had complied with the new SECR requirements, identified examples of emerging good practice and outlined its expectations for future reporting. The International Federation of Accountants (IFAC) published a framework for implementing global sustainability standards at the local level, focusing on the building blocks approach published in May 2021. IFAC believes that jurisdictions must begin examining how global standards that the International Sustainability Standards Board (ISSB) intends to develop, starting with climate, can fit together with sustainability-related reporting requirements set at the jurisdictional level. Read more here. Other areas of interest The Minister for Finance, announced that the Business Resumption Support Scheme (or BRSS) is now open for registration on Revenue Online Service’ (ROS). The BRSS is a new support scheme for businesses with reduced turnover as a result of public health restrictions. Qualifying businesses will be able to apply to Revenue for a cash payment, representing an advance credit for trading expenses that are deductible for income and/or corporation tax purposes. Read the full press release here. What's next for the FRC, governance and reporting Earlier this year, the Department for Business, Energy & Industrial Strategy (BEIS) in the UK published its consultation into "Restoring trust in audit and corporate governance: proposals on reforms". A webinar on September 17th, 2021 will explore what the consultation means for the FRC as it transitions into the Audit, Reporting and Governance Authority (ARGA). Attendee's will also hear about the next steps in corporate reform to protect and promote the interests of investors, other users of corporate reporting, and the wider public interest. Link to the registration page https://us02web.zoom.us/webinar/register/WN_KRPBgwzLQD6LuE0iTBg0GQ Changes to the ODCE The Companies (Corporate Enforcement Authority) Bill 2021 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). This invests the CEA with the same functions and powers that the Director of Corporate Enforcement has with some modifications. These include encouraging compliance with the Companies Act 2014, investigations of suspected offences and non-compliance under that Act, prosecution of summary offences, referring indictable offences to the Director of Public Prosecutions and the exercise of certain supervisory functions with respect to liquidators and receivers. https://www.oireachtas.ie/en/bills/bill/2021/107/ The Department of Enterprise, Trade and Employment has published it’s monthly newsletter which includes details of the Sustaining Enterprise and Accelerated Recovery Fund. 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 issued guidance for auditors on addressing potential exceptions when using data analytics in an audit, the IAASB has developed an outreach plan for its proposed new standard for audits of financial statements of less complex entities, and the FCA have issued a statement reminding firms about potential financial crime risks linked to Afghanistan. Read more on these and other developments that may be of interest to members below. Accounting The IASB has issued the latest edition of its newsletter Investor Update, which profiles recently introduced IFRS Standards and other changes that are in the pipeline as well as how those changes may affect companies and performance. The European Financial Reporting Advisory Group (EFRAG) has published a discussion paper Better information on intangibles – which is the best way to go? EFRAG is asking constituents whether preparers can provide better information on intangibles, and if so, how. Comments are welcome by 30 June 2022. The IFRS Foundation have announced the next World Standard-setters meeting will be held on 27–28 September 2021. The conference provides an opportunity for national standard-setters to get an update on and discuss the IFRS Foundation’s activities. The World Standard-setters Conference is open to all national standard-setters. Audit The Financial Reporting Council (FRC) has issued guidance for auditors on addressing potential exceptions when using data analytics in an audit. In this guidance, the FRC have laid out general principles for dealing with outliers when using audit data analytics to respond to identified risks in an audit, a potential approach auditors could take and included an illustrative example based on a real-world scenario. The guidance is available here. The IAASB has developed an outreach plan for its proposed new standard for audits of financial statements of less complex entities, which responds to demands to have a set of high-quality audit requirements tailored for the needs of less complex entities. The plan details upcoming virtual and in-person events as well as the IAASB’s plans to gather feedback from different stakeholder groups. Sustainability Reporting EFRAG is consulting on proposed Due Process Procedures stipulating the requirements to be followed in its role as technical advisor to the European Commission in the preparation of draft European Sustainability Reporting Standards (ESRS) or draft amendments of ESRS. Comments, on all aspects of the proposals, are expected no later than 15 September 2021. Read more here. The European Central Bank (ECB) have published an article discussing how central banks must do their part in fighting global warming. Other Areas of interest The Central Bank of Ireland has published the pre-budget letter from Governor Gabriel Makhlouf to Minister for Finance, Paschal Donohoe, ahead of Budget 2022. Read the full press release from the CBI here. The European Securities and Markets Authority (ESMA) has published a Consultation Paper on draft Regulatory Technical Standards under the Markets in Financial Instruments Regulation (MiFIR) regarding suitability assessments of DRSP management body members. The Financial Conduct Authority (FCA) have issued a statement reminding firms about potential financial crime risks linked to Afghanistan. The FCA have noted that developments in Afghanistan have highlighted the continuing need for robust systems and controls that respond to changing risks. 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 Global Public Policy Committee have issued a paper designed to provide guidance primarily to those charged with gov­er­nance on their oversight role of the external auditors and in assessing the ef­fec­tive­ness of the external auditor’s response; the Financial Reporting Council has issued a feedback statement following publication of its thought leadership paper on the Future of Corporate Reporting. Read more on these and other developments that may be of interest to members below. Financial Reporting The July 2021 IASB Podcast is now available.  In this episode Andreas Barckow, new Chair of the IASB and Vice-chair Sue Lloyd talk about the IASB’s discussions at the meetings that were held on 20 and 21 July 2021, as well as its joint educational session with the Financial Accounting Standards Board (FASB) on 23 July 2021. The European Financial Reporting Group (EFRAG) has issued a summary report of the EFRAG-IASB joint webinar 'Targeted Disclosure: How it would work in practice? Blueprint for future IFRS disclosures', which addressed the proposals in the IASB's Exposure Draft Disclosure Requirements in IFRS Standards - A Pilot Approach. At the event, European stakeholders with different backgrounds shared their views on the proposals in the Exposure Draft and related practical issues. The FRC has issued a feedback statement following publication of its thought leadership paper on The Future of Corporate Reporting. The International Public Sector Accounting Standards Board (IPSASB) has issued a consultation on it’s work programme for 2019-2023. the  IPSASB is seeking input on the new projects that it believes best meet public benefit priorities to gauge stakeholder support. Auditing The Global Public Policy Committee (GPPC) have issued a paper designed to provide guidance primarily to those charged with gov­er­nance on their oversight role of the external auditors and in assessing the ef­fec­tive­ness of the external auditor’s response. Other areas of interest The International Valuation Standards Council (IVSC) has issued an updated version of the suite of International Valuation Standards (IVSs) which become effective from 31 January 2022. The European Securities and Markets Authority (ESMA), the EU’s securities markets regulator, has this week published its latest edition of the Newsletter Spotlight on Markets. The European Banking Authority (EBA) has published a consultation paper on new draft guidelines regarding the role, tasks and responsibilities of anti-money laundering and countering the financing of terrorism compliance officers under the Fourth Money Laundering Directive. The consultation runs until 2 November 2021. The EBA will hold a virtual public hearing on the draft guidelines on 28 September 2021. Once adopted, the guidelines will apply to all financial sector operators that are within the scope of MLD4.  The Department of Trade, Enterprise and Employment has issued the August edition of their Enterprise Newsletter which includes a checklist for remote working. EFRAG, Accountancy Europe, BusinessEurope, EFFAS and the IASB will host a joint outreach event on the IASB's Third Agenda Consultation and EFRAG's Proactive Research Agenda on 9 September 2021. Read the full programme and register now. 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 IASB has published the exposure draft 'Subsidiaries without Public Accountability: Disclosures', The IAASB published an exposure draft of its new, stand-alone standard for audits of financial statements of less complex entities, and The Minister for Finance received agreement to approve the drafting of the Central Bank (Individual Accountability Framework) Bill. Read more on these and other developments that may be of interest to members below. Accounting The International Accounting Standards Board (IASB) has published the exposure draft 'Sub­sidiaries without Public Ac­count­abil­ity: Dis­clo­sures' that would permit eligible sub­sidiaries that are small and medium-sized entities (SMEs) to apply IFRSs but with reduced dis­clo­sure re­quire­ments. The deadline for sub­mit­ting comments is 31 January 2022. The IASB has proposed a narrow-scope amendment to the transition requirements in IFRS 17 Insurance Contracts. The proposed amendment does not affect any other requirements in IFRS 17. The proposed narrow-scope amendment to IFRS 17 would provide insurers with the option to present comparative information for certain financial assets in a manner consistent with IFRS 9. The Exposure Draft Initial Application of IFRS 17 and IFRS 9—Comparative Information is available for comment until 27 September 2021. The European Financial Reporting Advisory Group (EFRAG) has published its Draft Comment Letter in response to the IFRS Practice Statement Exposure Draft ED/2021/6 Management Commentary and seeks constituents' views on the proposals. Comments on the Draft Comment Letter are requested by 15 November 2021. Audit The International Auditing and Assurance Standards Board (IAASB) published an exposure draft of its new, stand-alone standard for audits of financial statements of less complex entities. Based on the feedback from a discussion paper and outreach, the IAASB has developed a draft standard that is proportionate to the typical nature and circumstance of an audit of a less complex entity and is responsive to those stakeholders challenges and is a global solution. The public consultation on this draft new standard is open until 31 January 2022. The Financial Reporting Council (FRC) operates the Audit Enforcement Procedure (AEP). The FRC has reviewed the AEP and intends to amend it. The FRC have launched a consultation, seeking feedback and comment on the proposed amendments. The consultation period closes on 7 October 2021. Other areas of interest The Minister for Finance, Paschal Donohoe TD, received agreement from his Cabinet colleagues to approve the drafting of the Central Bank (Individual Accountability Framework) Bill, the main purpose of which is to improve accountability in the financial sector. The draft legislation includes a Senior Executive Accountability Regime (SEAR), which places obligations on firms and senior individuals within them to set out clearly where responsibility and decision-making lies. Read more here. The Financial Conduct Authority (FCA) has launched a consultation on proposals to improve transparency for investors on the diversity of listed company boards and their executive management teams. The FCA is also proposing changes to its disclosure and transparency rules to require companies to ensure any existing disclosure on diversity policies addresses key board committees and also considers broader aspects of diversity. The  FRC’s Financial Reporting Lab has released its second newsletter for 2021. 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, IAASA has published a Consultation Paper on its proposals to issue a revised version of ISA (Ireland) 240 which covers auditor’s responsibilities relating to fraud; IAASA has decided to revoke the recognition of the Institute of Chartered Accountants in England and Wales as a prescribed body in Ireland following an application by ICAEW and Accountancy Europe have released a podcast A 360 view on Sustainable Corporate Governance. Read more on these and other developments that may be of interest to members below. Auditing IAASA has published a Consultation Paper on its proposals to issue a revised version of ISA (Ireland) 240, The Auditor’s Responsibilities Relating to Fraud in an Audit of Financial Statements. The purpose of this consultation paper is to obtain the views of stakeholders with regard to IAASA’s proposals to issue revised standard and conforming amendments. Read more here. IAASA has decided to revoke the recognition of the Institute of Chartered Accountants in England and Wales (‘ICAEW’) granted under S.930 of the Act with effect from 21 July 2021. This means that ICAEW may no longer authorise individuals or firms as statutory auditors or public auditors in Ireland or undertake any audit related regulatory functions. This decision follows the application by the ICAEW to IAASA for revocation of its recognition. As a result of this revocation, ICAEW is no longer a prescribed accountancy body under the Act and therefore, no longer comes under the remit of IAASA. Read more. The International Forum of Independent Audit Regulators (IFIAR) established the Internationally Relevant Developments in Audit Markets Task Force to monitor developments in IFIAR Member jurisdictions, focusing on developments relevant to the audits of public interest entities. To do so, the task force conducted an extensive survey amongst IFIAR Members in the beginning of 2020 and the report issued by IFIAR this week summarizes these observations. Financial Reporting The Accounting Reg­u­la­tory Committee (ARC) voted in favour of endorsing IFRS 17 'Insurance Contracts' (including the amend­ments to IFRS 17 issued in June 2020) for use in the EU. Final endorsement is currently expected in the fourth quarter of 2021. The European Se­cu­ri­ties and Markets Authority (ESMA) has published further extracts from its con­fi­den­tial database of en­force­ment decisions taken by European national enforcers. This batch deals with decisions in relation to IFRS 9 (three decisions), IFRS 16 (two decisions), IFRS 9/IFRS 7, IAS 1, IAS 1/IAS 34, IAS 1/IFRS 7 and IAS 7. Sustainability A summary of the The IFRS Foun­da­tion Trustees’ meeting on 13 July 2021 is now available. During the meeting progress and next steps to establish a new board focused on sus­tain­abil­ity-re­lated dis­clo­sure standards was discussed. An update was also provided in relation to a recent meeting of some of the Trustees with the Monitoring Board that allowed the Trustees to provide a detailed update on progress and next steps in their work to establish the proposed International Sustainability Standards Board. The Chair of the Trustees reported on his participation in a policy panel on regulations, disclosures, financial risk and private financing for the green economy as part of the recent International Conference on Climate Change. The Trustees also noted the G20 support for the IFRS Foundation’s work to establish a new board. Accountancy Europe have released a podcast A 360 view on Sustainable Corporate Governance. The podcast features European Parliament Vice-President Heidi Hautala and Olivier Boutellis-Taft, CEO of Accountancy Europe. Other areas of interest The Pensions Authority has this week published a draft code of practice for trustees of occupational pension schemes and trust RACs. IFAC has released an article Greater Transparency and Accountability in the Public Sector. The article explores the need for strong governance and public financial management, so that governments and public sector entities around the world can make informed, data-driven decisions for people, the planet, and the economy. It also outlines how the accountancy profession, with its public interest mandate, can support the public sector in achieving long-term financial sustainability and resilience, to help create a better world with stronger economies and fairer societies.    

Welcome to this week’s Technical Roundup.   In developments this week, The European Commission have issued their Strategy for Financing the Transition to a Sustainable Economy; The European Fin­an­cial Re­port­ing Ad­vis­ory Group has pub­lished an EFRAG Update sum­mar­ising public tech­nical dis­cus­sions held and de­cisions made during June 2021; Accountancy Europe’s recent publication Building a credible Green Bond Market presents the accountancy profession’s views on how to strengthen the confidence in the green bond market in light of the European Union Green Bond Standard (EU GBS) proposal. 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 pub­lished an EFRAG Update sum­mar­ising public tech­nical dis­cus­sions held and de­cisions made during June 2021.  In the latest IFRS Interpretations Committee Podcast, IFRS Interpretations Committee Chair and Vice-Chair of the International Accounting Standards Board Sue Lloyd joins Technical Staff Member Patrina Buchanan to talk about recent activities to support the consistent application of IFRS Standards during the second quarter of 2021 The International Accounting Standards Board (IASB) is holding a live webinar for all stakeholders on its Request for Information Third Agenda Consultation on Wednesday 14 July 2021. This webinar will provide an overview of the agenda consultation and give participants an opportunity to ask questions. The deadline for comments on the Request for Information Third Agenda Consultation is 27 September 2021. The June 2021 IFRS for SMEs Update is now available. The IFRS for SMEs Update is a staff summary of news, events and other information about the IFRS for SMEs® Standard and related SME activities. The staff summary has not been reviewed by the IASB. Audit In November 2020, the Irish Auditing and Accounting Supervisory Authority (IAASA) issued a revised ethical standard for auditors,  Ethical Standard for Auditors (Ireland) 2020. The revisions build on existing changes made to the standards in 2017 which implemented the requirements of the EU Audit Regulation and Directive. The purpose of the Technical Release (TR 02/2021) Reporting Breaches of Ethical Standard for Auditors (Ireland) 2020 is to alert members to these new requirements and to provide an example of the report that may be submitted to the Recognised Accountancy Body and IAASA. Sustainability Accountancy Europe’s recent publication Building a credible Green Bond market presents the accountancy profession’s views on how to strengthen the confidence in the green bond market. In light of the European Union Green Bond Standard (EU GBS) proposal, The European Commission have issued their Strategy for Financing the Transition to a Sustainable Economy. The new sustainable finance strategy aims to support the financing of the transition to a sustainable economy by proposing action in four number of areas: transition finance, inclusiveness, resilience and contribution of the financial system and global ambition. Read more here. Other areas of interest Registration opens on 26 July 2021 for the Central Register of the Beneficial Ownership of Trusts (CRBOT). Trustees (or their agents, advisors or employees) will register through the ‘Trust Register’ portal on Revenue's Online Service (ROS). Anti-money laundering legislation requires each EU Member State to establish the CRBOT. The purpose of the CRBOT is to help prevent money laundering and terrorist financing by improving transparency on who ultimately owns and controls Irish trusts. For trusts that were established on or before 23 April 2021, the registration deadline is 23 October 2021. Trusts created after 23 April 2021 must be filed within 6 months of their creation. Read more here. The Central Bank of Ireland published their Q3 Quarterly Bulletin. Speaking on the release, Mark Cassidy, Director of Economics and Statistics said “As the COVID-19 restrictions have relaxed, we are seeing that domestic economic activity is rebounding. While the possibility of a more protracted recovery in certain sectors cannot be discounted, the prospects for the economy as a whole appear to be more favourable, and risks to the growth outlook appear to be relatively balanced. The progress of the vaccination programme, more positive consumer and business sentiment and supportive fiscal and monetary policy all bolster the outlook. With domestic demand back above pre-pandemic levels next year, domestic policy should increasingly focus on supporting people’s move into employment, ensuring resilience in the public finances, and addressing structural and longer-term challenges in areas such as housing and climate change.” The new Chair of the IASB Andreas Barckow, has of­fi­cially taken up his role. The World Standard-setters Conference will take place virtually on 27–28 September. The event  provides an opportunity for national standard-setters to get an update on and discuss the IFRS Foundation’s activities. 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 Institute have issued Technical Alert (TA 02/2021) Guidance on the revised Ethical Standard for Auditors (Ireland) 2020 to highlight to members the key new requirements of the Ethical Standard applicable in Ireland from 15 July; One of the biggest factors influencing the public's trust and confidence in charities is that the organisation does what it says it will.  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. Read more on these and other developments that may be of interest to members below. Audit Revised Ethical Standard for Auditors The Institute have issued Technical Alert (TA 02/2021) Guidance on the revised Ethical Standard for Auditors (Ireland) 2020 to highlight to members the key new requirements of the Ethical Standard applicable in Ireland from 15 July. Sustainability At a CFA In­sti­tute sym­posium this week, Erkki Liik­anen, Chair of the IFRS Found­a­tion Trust­ees, talked about the Found­a­tion’s work to meet the in­form­a­tion needs of in­vestors and other capital market par­ti­cipants re­gard­ing sus­tain­ab­il­ity-re­lated in­form­a­tion. The Board of the In­ter­na­tional Or­gan­iz­a­tion of Se­cur­it­ies Com­mis­sions (IOSCO) has pub­lished a report on issuers’ sus­tain­ab­il­ity-re­lated dis­clos­ures that elab­or­ates on IOSCO's vision and ex­pect­a­tions for the IFRS Found­a­tion’s work towards a global baseline of in­vestor-fo­cused sus­tain­ab­il­ity stand­ards to improve the global con­sist­ency, com­par­ab­il­ity and re­li­ab­il­ity of sus­tain­ab­il­ity re­port­ing. In ad­di­tion, the manuscript of a speech by IOSCO Chair Ashley Alder on the 'crucial' IFRS global baseline has been made avail­able. Global practices for sustainability assurance—including the prevalence of assurance, level of assurance, and standard and practitioner used—varies widely by jurisdiction, according to a new study from the International Federation of Accountants (IFAC) and the AICPA & CIMA (representing the Association of International Certified Professional Accountants). Financial Reporting The IASB will be holding a webinar on 13 July 2021 to provide an over­view of Ex­pos­ure Draft (ED) ‘Man­age­ment Com­ment­ary’. Fol­low­ing the IASB's June 2021 meeting, they have ana­lysed the IASB work plan to see what changes have res­ul­ted from the meet­ings and other de­vel­op­ments since it was last revised in May 2021. Three new main­ten­ance pro­jects have been added to the plan. The IFRS Foundation held a webinar about the International Accounting Standards Board’s Exposure Draft Disclosure Requirements in IFRS Standards—A Pilot Approach. The webinar featured a question and answer session with Board Members Tadeu Cendon and Tom Scott, exploring in more detail the proposed new approach to developing disclosure requirements in IFRS Standards. This included discussion of the Board’s views on particular aspects of the proposed approach, such as the application of judgement, comparability, auditability and enforceability and digital reporting. In this month’s IASB podcast, Hans Hoogervorst and Sue Lloyd, Chair and Vice-Chair of the International Accounting Standards Board (Board) respectively, talk about the Board’s discussions at the meeting held virtually from 22 and 23 June 2021. Topics discussed on the podcast include the addition of narrow-scope amendment projects related to the initial application of IFRS 17 Insurance Contracts and IFRS 9 Financial Instruments; IAS 1 Presentation of Financial Statements; and Supplier Finance Arrangements to the Board’s work plan. On Tuesday 6 July 2021, EFRAG will hold a webinar, in which the speakers will express their views on the issues related to accounting for crypto-assets (liabilities) under IFRS standards. Other areas of interest One of the biggest factors influencing the public's trust and confidence in charities is that the organisation does what it says it will.  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. UK Corporate reporting review In March, the UK Government published a consultation Restoring trust in audit and corporate governance, which contains a number of proposals for enhancing the regulation of corporate reporting. One proposal is to give the regulator a statutory power to publish a summary of its findings of its individual reviews of company reports and accounts.  As an interim step towards greater transparency of its corporate reporting review function, the FRC is publishing summaries of its findings of recently closed substantive reviews. https://www.frc.org.uk/accountants/corporate-reporting-review/crr-reviews-of-corporate-reporting/company-names-published-in-june-2021 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 IFRS Foun­da­tion has launched a new webpage on its site which contains in­for­ma­tion and meeting summaries related to the Technical Readiness Working Group (TRWG); The latest Accountancy Europe blog discusses how the modern economy is flawed as it tends to ignore non-financial ‘externalities’, like the environment, when considering a company’s bottom line. As a result, our planet is at risk of massive environmental degradation. Read more on these and other developments that may be of interest to members below. Financial Reporting The IFRS Foun­da­tion has launched a new webpage on its site which contains in­for­ma­tion and meeting summaries related to the Technical Readiness Working Group (TRWG). At its meeting this week, the International Accounting Standards Board discussed a possible nar­row-scope amendment to IFRS 17 'Insurance Contracts' presented by the staff. The staff has developed an optional clas­si­fi­ca­tion overlay approach that would address one-time clas­si­fi­ca­tion dif­fer­ences that may arise in the com­par­a­tive in­for­ma­tion that insurers will present on initial ap­pli­ca­tion of IFRS 17 and IFRS 9. The European Banking Authority has published its Report on management and supervision of ESG risks for credit institutions and investment firms. On Wednesday 30 June, EFRAG and the IASB will host a webinar: Targeted disclosure: how would it work in practice? Blueprint for future IFRS disclosures. Michael Fechner, EFRAG Board member, will moderate three different panel discussions. The panellists from EFRAG TEG, EFRAG TEG working groups and observers will provide the views of users, preparers, auditors, enforcers and for IAS 19, an actuary, on the topic. Sustainability The latest Accountancy Europe blog discusses how the modern economy is flawed as it tends to ignore non-financial ‘externalities’, like the environment, when considering a company’s bottom line. As a result, our planet is at risk of massive environmental degradation. The Financial Conduct Authority has published new proposals on climate-related disclosure rules for listed companies and certain regulated firms. The proposals follow the introduction of climate-related disclosure rules for the most prominent listed commercial companies in December 2020 which are aligned with the recommendations of the Taskforce on Climate-related Financial Disclosures (TCFD). Other areas of interest The Irish Government have approved the publication of the Companies (Rescue Process for Small and Micro Companies) Bill 2021. The Bill amends the Companies Act 2014 to provide for a new dedicated rescue process for small and micro companies. While Ireland’s current rescue framework, examinership, is internationally recognised and successful in its own right, the associated costs mean it may be beyond the reach of small and micro enterprises. The Bill ensures that these companies now have access to an alternative framework; the Small Company Administrative Rescue Process (SCARP). Read the full announcement here. The Central Bank of Ireland has published an update to their Anti-Money Laundering/Countering the Financing of Terrorism Guidelines. The Guidelines have been amended to reflect changes made to Irish law by the EU’s Fifth Anti-Money Laundering Directive. They have also updated their guidance on internal governance requirements, de-risking and data protection. The Office of the Director of Corporate Enforcement has issued its 2020 Annual Report outlining the key activities for the year. 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 International Auditing and Assurance Standards Board has released two guides to help stakeholders implement its suite of quality management standards; The IFRS Foundation is inviting users of its website to comment on the kind of digital content it creates and Accountancy Europe have published SME risk management: sustainability which explains how and why SMEs need to put sustainability at the forefront. Read more on these and other developments that may be of interest to members below. Audit IAASB release guides on quality management The International Auditing and Assurance Standards Board (IAASB) has released two guides to help stakeholders implement its suite of quality management standards.  The guides will help stakeholders understand the standards and properly implement the requirements in the manner intended. Financial Reporting The IFRS Foundation is inviting users of its website to comment on the kind of digital content it creates. The European Financial Reporting Advisory Group (EFRAG), the European Federation of Financial Analysts Societies (EFFAS), the Association Belge des Analystes Financiers (ABAF/BVFA), and the International Accounting Standards Board (IASB) will host a joint webinar on 12 July 2021 on the proposals in the IASB’s Exposure Draft (ED) ‘Reg­u­la­tory Assets and Reg­u­la­tory Li­a­bil­i­ties’. The International Accounting Standards Board (IASB) will be holding a live webinar on the Discussion Paper Business Combinations under Common Control on 30 June 2021. Board Member Bruce Mackenzie and technical staff will discuss feedback received in the initial outreach activities, and address some of the frequently asked questions from stakeholders. Sustainability The 14th European Development Days (EDD), a leading global forum on international partnerships and cooperation, this week began to reflect on the road to the UN Biodiversity Conference (CBD) COP15 in Kunming in October and COP26 in Glasgow in November 2021. The European Financial Reporting Advisory Group (EFRAG) Secretariat seeks comments from stakeholders on its Public Consultation Paper: EFRAG Due Process Procedures on EU Sustainability Reporting Standard-Setting. Comments are welcome by 15 September 2021. The proposal for a CSRD requires that EFRAG’s Technical Advice is prepared with ‘proper due process, public oversight and transparency, and with the expertise of relevant stakeholders, and it is accompanied by cost-benefit analyses that include analyses of the impacts of the Technical Advice on sustainability matters’, contributing to the delegated acts through which the ESRS will be adopted in the EU. Read more here. Small businesses are at the heart of our economies. Accountancy Europe have published SME risk management: sustainability which explains how and why SMEs need to put sustainability at the forefront. It outlines how accountants can help SMEs become more sustainable organisations so they can deal with these new realities. Other areas of interest The European Securities and Markets Authority (ESMA), the EU’s securities markets regulator, has published its Annual Report, which reviews its achievements in 2020 against its priorities and objectives in meeting its mission of enhancing investor protection and promoting stable and orderly financial markets in the European Union. Read more here. 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 Task Force on Cli­mate-re­lated Financial Dis­clo­sures (TCFD) is con­sult­ing on updates to its final rec­om­men­da­tions on cli­mate-re­lated financial dis­clo­sures; the European Financial Reporting Advisory Group (EFRAG) is inviting stake­hold­ers to par­tic­i­pate in a two-part survey. The feedback from the survey will be used to assist the IASB and EFRAG on possible future projects. Read more on these and other developments that may be of interest to members below. Financial Reporting The European Financial Reporting Advisory Group (EFRAG) is inviting stake­hold­ers to par­tic­i­pate in a two-part survey on the following: (1) EFRAG’s con­sul­ta­tion on the IASB’s Third Agenda Con­sul­ta­tion and (2) EFRAG’s con­sul­ta­tion on its Proactive research agenda.  The feedback from the survey will be used to assist the IASB and EFRAG on possible future projects. EFRAG announced that it will hold its EFRAG TEG-CFSS webcast meeting on Wednesday 16 June 2021. To watch the webcast please register here. Agenda items include Business Combinations under Common Control, Goodwill and Impairment, IAS 21 amendments, and Sustainability Reporting. The full agenda and papers can be found here. In May 2021, the IFRS Foun­da­tion initiated a series of webinars on the IASB exposure draft ‘Dis­clo­sure Re­quire­ments in IFRS Standards — A Pilot Approach’. The second webinar in the series will be held on 17 June 2021. The FRC has issued Amendments to FRS 102 and FRS 105 – COVID-19-related rent concessions beyond 30 June 2021. These amendments extend the application of requirements that cover the accounting treatment of temporary rent concessions occurring as a direct consequence of the COVID-19 pandemic by one year. The requirements, originally introduced into FRS 102 and FRS 105 in October 2020, apply to rent concessions that reduce only lease payments originally due on or before 30 June 2022, provided the other conditions for applying the requirements are met. The amendments are effective for accounting periods beginning on or after 1 January 2021, with early application permitted. Auditing and Ethical Standards In November 2020, the Irish Auditing and Accounting Supervisory Authority (IAASA) issued revised ethical and auditing standards. These new amendments, which were the subject of a formal consultation in 2020, are effective for audits of financial statements for periods beginning on or after 15 July 2021, with early adoption permitted. This article summarises the main changes in the Ethical Standard (Ireland) for Auditors, the International Standards on Auditing (Ireland), and International Standard on Quality Control (Ireland) 1. Sustainability Accountancy Europe is amongst a group of 10 stakeholders who have recently issued a joint statement welcoming the European Commission’s timely initiative on sustainable corporate governance. The Task Force on Cli­mate-re­lated Financial Dis­clo­sures (TCFD) set up by the Financial Stability Board (FSB) to develop voluntary, con­sis­tent cli­mate-re­lated financial risk dis­clo­sures for use by companies and other stake­hold­ers is con­sult­ing on updates to its final rec­om­men­da­tions on cli­mate-re­lated financial dis­clo­sures as dis­clo­sure practices and the use of dis­clo­sures by financial and non-fi­nan­cial or­gan­i­sa­tions have continued to progress since 2017. The Taskforce on Na­ture-re­lated Financial Dis­clo­sures (TNFD) is a new global mar­ket-led ini­tia­tive which aims to provide financial in­sti­tu­tions and cor­po­rates with a complete picture of their en­vi­ron­men­tal risks and op­por­tu­ni­ties. The TNFD will deliver a framework for or­gan­i­sa­tions to report and act on evolving na­ture-re­lated risks, building on the success of the Task Force on Cli­mate-re­lated Financial Dis­clo­sures (TCFD). The IFRS Foundation Trustees announced the establishment of an Eminent Persons Group, chaired by Jean-Claude Trichet, to provide strategic advice and counsel to the Trustees on the proposed formation of the International Sustainability Standards Board (ISSB) and its connectivity with jurisdictional initiatives. Read more here. On 7 July 2021, the IFRS Foundation Trustees invite interested stakeholders to join them for live webinars that offer an update on the Trustees’ work on setting up a proposed new standard-setting board—International Sustainability Standards Board—that would develop sustainability-related disclosure requirements to meet investors' needs. The webinars will summarise feedback gathered during the Trustees’ 2020 Consultation and how the Trustees have responded to that feedback. The speakers will also outline the Trustees’ strategic decisions and the remaining steps before the Trustees make a final determination on the new board by the United Nations COP26 conference in November 2021. Other areas of interest The Central Bank of Ireland has issued its Annual Report and Performance Statement for 2020. The Tánaiste and Minister for Enterprise, Trade and Employment Leo Varadkar T.D., this week opened the Small Business Assistance Scheme for COVID (SBASC) for a second round of applications from both SMEs and microenterprises. Businesses that received the grant in the first round can receive a second grant provided they are still eligible. From today SMEs and microenterprises can apply for a grant of €4,000 for those with turnover above €50,000 and €1,000 for microenterprises with a turnover of between €20,000 and €49,999, via a new streamlined application process through their Local Authority or Local Enterprise Office. Read more here. Members are reminded that the Companies Registration Office  extension is to Friday 11 June 2021 and all elements of the annual return for companies with an Annual Return Date of 30 September 2020  must be filed by that date. 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 Department of Enterprise, Trade, and Employment has this week announced an extension of the interim period in the Companies (Miscellaneous Provisions) (Covid-19) Act 2020, Commissioner McGuinness invites EFRAG to start technical work on draft sustainability reporting standards and proceed with governance reforms as soon as possible; and the FRC has published a Thematic Briefing: The audit of cash flow statements. Read more on these and other developments that may be of interest to members below. Financial Reporting Ahead of the 2021 interim reporting season, a review by the Financial Reporting Council (FRC) has highlighted examples of good practice in company’s interim reporting and areas where further improvements are required. The FRC reviewed the reports of 20 quoted companies across a range of industries to assess the quality of interim reporting. Launching the publication ‘Thematic Review: Interim Reporting’, the FRC’s Executive Director of Supervision, said “Given the ongoing impact of the Covid-19 pandemic, the 2021 interim reporting season is likely to be one of the most important and consequential for users of corporate reports. High-quality reporting is vital for investors and other users of accounts to make better informed decisions about a company’s health and prospects...” The agenda and papers for the May International Accounting Standards Board (IASB) meeting, to be held on 24-27 May, are available, along with a link to watch the meeting online. European Financial Reporting Advisory Group (EFRAG), has issued a summary report of the Explanatory Webinar on the IASB’s Request for Information on the Post-Implementation Review of Consolidated Financial Statements, Joint Arrangements and Disclosures – A User’s Perspective, held on 1 March 2021. The aim of the outreach event was to stimulate discussion on the IASB’s Request for Information, and to seek input on investors’ information needs regarding interests in subsidiaries, joint arrangements, associates, and unconsolidated structured entities. Also, the recording of the EFRAG TEG webcast meeting of 19 and 20 May 2021, along with agenda and public documents, is available here. Auditing IAASA has published its annual Profile of the Profession which contains statistical data regarding the eight Prescribed Accountancy Bodies (‘PABs’) within IAASA’s supervisory remit in Ireland for the year 2020. The Profile, which was compiled with the assistance of the PABs, presents an overview of the PABs’ memberships, student numbers and profiles, as well as the nature and scale of their regulatory and monitoring activities. The FRC has published a Thematic Briefing: The audit of cash flow statements. The briefing document highlights the results of the FRC's Constructive Engagement key findings and the steps taken by audit firms to strengthen the audit of cash flow statements. The FRC will be holding an international conference in June entitled ‘Audit Firm Culture: Challenge. Trust. Transformation’ to explore the link between audit firm culture and audit quality with the objective of accelerating the pace of change for cultural transformation in the audit profession. The conference will consist of five lunchtime webinars (Monday 21 June – Friday 25 June) with a range of speakers and panelists. The session topics include Building an audit firm culture that supports high quality audit, The role of the Audit Committee, Developing a mindset of professional scepticism and challenge, Embedding and measuring organisational culture, and Audit firm culture, audit quality and the role of the regulator. You can find out more and register for the sessions at the links above. Insolvency The UK Financial Conduct Authority (FCA) has recently issued Guidance for insolvency practitioners on how to approach regulated firms. It is aimed at firms which are authorised or registered by the FCA and provides its view of how an Insolvency practitioner should ensure regulated firms meet their ongoing financial services regulatory obligations following appointment. Sustainability Reporting In a recent letter, Commissioner McGuinness has invited European Financial Reporting Advisory Group to launch as soon as possible the necessary technical work to develop draft sustainability reporting standards. This work is to be undertaken in parallel with the negotiations of the proposed Corporate Sustainability Reporting Directive (CSRD). The Commissioner has also asked EFRAG to move ahead with governance reforms. Accountancy Europe have published a 3-Step Sustainability Assessment for SMEs. This sustainability assessment checklist helps SME accountants and advisors to support their SME clients to build their sustainability profile. It can be the first step to enable a smoother shift to more durable business models and translate these challenges into new opportunities. Fraud/Anti-Money Laundering The UK National Crime Agency May 2021 edition of Suspicious Activity Report (SAR) Glossary Codes and Reporting Routes is available now. Also, click here for the NCA webpage on  SARs, what their value is and guidance on making a SAR. The UK Serious Fraud Office has this week launched its business plan 2021/2022. In it is set out its missions and values, successes in 2020/2021 and its key priorities in 2021/2022. The EU Financial Services, Financial Stability and Capital Markets Union Commissioner (Mairead McGuinness) spoke at the recent AML Intelligence Boardroom Series  . She shared some elements of the forthcoming EU plans to combat money laundering. The plans are subject to confirmation and not set in stone but encompass more harmonised rules and a new AML Authority at EU level. The idea is to have common standards, common application and common supervision of our rules. The package is to be unveiled in July this year. Other areas of interest The Department of Enterprise, Trade, and Employment has this week announced an extension of the interim period in the  Companies (Miscellaneous Provisions) (Covid-19) Act 2020 until 31st December 2021. This extension continues until then provisions for virtual general meetings, leaves in place the threshold at which a company is deemed unable to pay its debts at €50,000 and the  extension of examinership to 150 days . The Department of Enterprise, Trade, and Employment has recently extended eligibility for the Small Business Assistance Scheme for COVID (SBASC). SBASC is for businesses that are down 75% or more of turnover and are not eligible for CRSS or other sector specific grants. Businesses operating from a non-rateable premises such as a home office or hot-desk can now apply for a €4,000 payment to help with fixed costs. Self-employed working from home, wedding planners, on-course bookmakers, travel counsellors & photographers are among those expected to benefit. Further details, including the go-live date for Q2, will be announced shortly. Closing date for Phase 2 applications will be 21 July. The Department also announced the relaunch of the Micro Enterprise Assistance Scheme for companies facing particular hardship and that do not qualify for other government schemes. It will provide a grant of up to €1,000 to businesses with previous turnover of less than €50,000 that meet the other criteria for SBASC. The European Commission recently issued its Spring 2021 economic forecast. It projects that the EU economy will expand in 2021 and in 2022. Public investment is set to reach its highest level in more than a decade in 2022, labour market conditions are slowly improving and inflation will vary significantly over the course of this year. Follow the link above for more details and the press release. The UK Financial Services Compensation Scheme wrote recently about the worrying rise in online financial scams. It describes how one in four investment scam victims in the past year were aged over 55, losing nearly £26,000 on average and  more than £78 million was lost to brand cloning scams in 2020.The release describes what the UK government is doing to fight scams and provides useful links on signs to look out for and to the booklet A little booklet of Investment scams which provides  useful advice on how to protect yourself from investment scams. The Irish Charities Regulator recently updated its Coronavirus (COVID-19) and Charities FAQ document. Take a look at the latest version here. 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 Institute’s Accounting Committee responds to recent financial reporting consultations; UK-adoption of Amendments for Covid-19-Related Rent Concessions beyond 30 June 2021 and to the IASB’s Request for Information: ‘Post-implementation Review of IFRS 10 Consolidated Financial Statements, IFRS 11 Joint Arrangements, and IFRS 12 Disclosure of Interests in Other Entities’; The International Accounting Standards Board (IASB) has issued targeted amendments to IAS 12, the IFRS Standard on income taxes; The Minister for Trade Promotion, Digital and Company Regulation, Robert Troy TD, launched a public consultation on the European Commission’s recently announced proposal for a Corporate Sustainability Reporting Directive. Read more on these and other developments that may be of interest to members below. Financial Reporting The Institute’s Accounting Committee has responded to the FRC’s FRED 78 ‘Draft amendments to FRS 102 and FRS 105 - COVID-19-related rent concessions beyond 30 June 2021’ and to the IASB’s Request for Information: ‘Post-implementation Review of IFRS 10 Consolidated Financial Statements, IFRS 11 Joint Arrangements, and IFRS 12 Disclosure of Interests in Other Entities’. Find out more and access the consultation responses here. The Secretary of State for Business, Energy and Industrial Strategy in the UK, adopted on 12 May 2021, the following amendment to international accounting standards for use within the United Kingdom: ‘Covid-19-Related Rent Concessions beyond 30 June 2021 (Amendment to IFRS 16)’. The adoption statement, the UK-adopted international accounting standard and the updated Adoption Status Report are all available on the UK Endorsement Board (UKEB) website. The IFRS Foundation will be holding a series of live webinars to discuss the proposals in the Exposure Draft Disclosure Requirements in IFRS Standards—A Pilot Approach. The Exposure Draft was published by the International Accounting Standards Board (IASB) in March 2021. The first webinar will be held on Wednesday, 19 May 2021 and will introduce the Exposure Draft, provide an overview of the IASB’s proposals and give participants an opportunity to ask questions. The IFRS Foundation is also inviting preparers of financial statements to participate in fieldwork to test the proposals in the Exposure Draft. The Board is conducting fieldwork to better understand the practical consequences of applying the proposed new approach. The International Accounting Standards Board (IASB) has issued targeted amendments to IAS 12, the IFRS Standard on income taxes, to specify how companies should account for deferred tax on transactions such as leases and decommissioning obligations. The European Financial Reporting Advisory Group (EFRAG) has published its draft comment letter on ED/2021/3 Disclosure Requirements in IFRS Standards—A Pilot Approach (Proposed amendments to IFRS 13 and IAS 19), seeks constituents' view on and invites preparers to participate in field testing the proposals. EFRAG, in coordination with EFRAG Member Organisations and other European National Standard Setters and the IASB, will conduct field-testing of the IASB's proposals. EFRAG have also issued an updated EFRAG Endorsement Status Report. The Endorsement Status Report now reflects the publication of Deferred Tax related to Assets and Liabilities arising from a Single Transaction, amending IAS 12 Income Taxes by the IASB on 7 May 2021 and other timing changes. The EFRAG symposium at the EAA congress on Friday 28 May will discuss intangibles both from a financial reporting as well as a sustainability reporting perspective – further details are available here. EFRAG has also published a feedback statement summarising the main comments received by EFRAG on its draft comment letter to the IASB Exposure Draft ED/2020/4 Lease Liability in a Sale and Leaseback, and explaining how these were considered by EFRAG during its technical discussions. The agenda and papers for the UKEB meeting which will be held on 18 May 2021 can be found here. Anyone wishing to listen to the meeting must register by emailing the UKEB team at: ukendorsementboard@endorsement-board.uk detailing their name, entity, contact number and email address by 16:00 on 17 May 2021. Auditing The Institute’s Audit and Assurance Committee has responded to the consultation by  International Ethics Standards Board for Accountants “Proposed Revisions to the Definitions of Listed Entity and Public Interest Entity in the Code”. You can read this and other institute representations here. The Institute has recently issued guidance for members when asked by clients to provide reports to third parties.  Often these requests contain pro forma  reports or standard forms that are not suitable for accountants to sign.  The accountant may be able to carry out an assurance engagement (reasonable assurance or limited assurance) or an agreed-upon-procedures engagement and provide the client with a report which will meet the needs of the third party.  This Technical Release TR 01/2021 aims to provide a “roadmap” to relevant international standards and supporting materials that are available to accountants to meet their clients needs. Miscellaneous Technical Statement M39 Reporting to Third Parties has been withdrawn. Insolvency The Minister for Trade Promotion, Digital and Company Regulation announced this week that he has secured government approval for the priority drafting of the Companies (Small Company Administrative Rescue Process and Miscellaneous Provisions) Bill 2021. The Bill proposes to amend the Companies Act 2014 to provide for a new dedicated rescue process for small and micro companies. These companies which to date may not have been able to access the examinership process because of cost will have access to an alternative framework, which incorporates key elements of the existing examinership model in an administrative context. The new legislation also proposes to make permanent provision for virtual meetings and to address  the provision of information to employees as creditors during a liquidation. Sustainability / Non-Financial Reporting Building on its 2020 thematic review on climate change, the Financial Reporting Council (FRC) has commissioned a ‘Scenario Analysis Research Project’, to explore the use of scenario analysis by FTSE 350 companies. The FRC note that the objective is to learn more about the processes through which companies develop their scenario analyses, how these processes shape the outcomes produced and how those outcomes in turn influence companies’ strategic planning and decision making. The over-riding purpose is to inform the FRC’s future regulatory strategy and its delivery. Further details, and an invite for expressions of interest from individuals and teams within FTSE 350 companies who would like to participate, are available on the FRC website. In episode 8 of The Compliance Files, a podcast series by The Association of Compliance Officers in Ireland (ACOI), hear about the Sustainable Finance Disclosure Regulation (SFDR). The conversation touches on what kind of entities will be affected by SFDR, greenwashing, who is responsible for enforcing compliance with SFDR, taxonomy regulation and more. The Minister for Trade Promotion, Digital and Company Regulation, Robert Troy TD, launched a public consultation on the European Commission’s recently announced proposal for a Corporate Sustainability Reporting Directive. The proposal, which revises the current rules on Non-Financial Reporting substantially increases the detail of the information which must be provided in particular through the development of new EU sustainability reporting standards. Read more here. Anti-Money Laundering The European Banking Authority recently launched a public consultation on technical standards for  a central database on anti-money laundering and countering the financing of terrorism (AML/CFT) in the EU.The database will contain  information on AML/CFT weaknesses identified in respect of individual financial institutions by member state competent authorities and  on the measures competent authorities have taken to rectify those material AML/CFT weaknesses. The consultation runs until 17 June 2021. Other areas of interest In the UK, a briefing House of Commons Library; Corporate CriminalLiability has been published recently.  It  discusses the circumstances in which corporates can commit crimes in England and Wales and  sets out recent developments and proposals for reform. London Interbank Offered Rates (or LIBOR) has historically been one of the main interest rate benchmarks used in global financial markets and it underpins trillions of dollars of financial contracts. However, the way banks fund themselves has changed and consequently LIBOR is not now perceived to be a reliable benchmark for interest rates.  Therefore, LIBOR as a reference rate in loan agreements or derivatives will be discontinued from 31 December 2021. For further guidance please see our webpage. https://www.charteredaccountants.ie/News/libor-transition The Financial Services Regulatory Initiatives Forum has published the third edition of the Regulatory Initiatives Grid, which this year includes contributions from the FRC for the first time. The FRC note that the Regulatory Initiatives Grid is published twice a year and includes upcoming regulatory activity that may have a significant operational impact on stakeholders within the financial services industry. The Forum is comprised of the FRC, Bank of England (including the Prudential Regulation Authority), Financial Conduct Authority, Payment Systems Regulator, Competition and Markets Authority, the Pensions Regulator, and the Information Commissioner’s Office, with HM Treasury attending as an observer member. As part of a series of research commissioned by the FRC to support future policy and improve guidance for companies when reporting against the UK Corporate Governance Code, the FRC note that according to new research conducted by the FRC and The University of Portsmouth, companies are better aligning their Board remuneration policy and practices with long-term shareholder interests. This research assessed a sample of FTSE 350 companies to determine the extent to which they have applied requirements set by the updated UK Corporate Governance Code in 2020. The UK government has recently updated its small business guide on cyber security. The guide gives some quick and easy steps to help protect your money and data online and is a worthwhile read to remind us all how to keep safe online. In episode 9 of the Compliance Files, a podcast series by The Association of Compliance Officers in Ireland (ACOI), there is a discussion on the principles and practices of good corporate governance for regulated firms and the guests give their insights on expectations from the Central Bank, inspections, HR tools & policies as well as the evolution of corporate governance as a result of the pandemic and SEAR, Diversity and Inclusion. The Minister for Finance recently spoke in Seanad Éireann on the future of banking in Ireland. He spoke about matters such as supporting our economy and  society through covid-19 and re building of trust .He referred to the forthcoming Central Bank Amendment Bill which will make a significant contribution, introducing the SEAR regime . He also spoke about Personal Contract Plan (PCP) Bill which would  bring the providers of PCP, hire purchase and consumer hire agreements within the regulatory remit of the Central Bank.He hopes that both pieces of legislation will be drafted shortly. Any developments of interest to members will be brought to you in a future round up. The Minister for Business, Employment and Retail recently  launched Enterprise Ireland’s €1m Competitive Start Fund for early-stage start-ups .Early-stage companies from all sectors with an eligible innovative product or service set for global markets can apply. The fund will award up to €50,000 in equity funding for up to 20 successful applicants. A number of online workshops will be held over the coming weeks.  Click here for details of workshops and the application form. The closing date for applications is 3pm on 25 May 2021. 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 announced the appointment of 19 members to the Advisory Panel; The April 2021 edition of the EFRAG Update, summarising public technical discussions held and decisions taken during that month, has been published; IAASA has published its 2020 Annual Audit Programme and Activity Report which provides a summary of the activities performed during 2020 to oversee the audit profession in Ireland. Read more on these and other developments that may be of interest to members below. Financial Reporting Following the establishment of the Advisory Panel in January 2021, the Financial Reporting Council (FRC) has announced the appointment of 19 members to this Panel with effect from 1 May 2021.  The Advisory Panel is a group of appointed non-executive subject matter specialists, who are called on to provide expert advice and input across the breadth of the FRC’s activities. The new Panel members include Úna Curtis from the Institute’s Accounting Committee.  The recording of the UK Endorsement Board (UKEB) meeting, which was held at on 22 April 2021, is now available. The topics discussed included the draft response to the IASB Post Implementation Review of IFRS 10, 11, 12, and the IASB Agenda consultation. The UKEB secretariat has completed its feedback statement on the IASB ED/2020/4 Lease Liability in a Sale and Leaseback (Proposed Amendment to IFRS 16) project. The feedback statement summarises UK stakeholder views shared with the UKEB secretariat and describes how those views were reflected in the final comment letter submitted to the IASB. It will be available on the UKEB website shortly. The past, present and future of financial reporting, and its global impact, will be discussed by a host of speakers in this year’s IFRS Foundation Virtual Conference, being held on 3–4 June. To coincide with the 20th anniversary of the International Accounting Standards Board (IASB) this year, the conference will include a panel discussion on developments in capital markets and international financial reporting during the past 20 years; an interactive panel session on the future of corporate reporting with investors, preparers and auditors; and the latest developments in the IFRS Foundation Trustees’ work on sustainability reporting. Also from the IFRS Foundation boards, committees and advisory bodies: The April 2021 IASB Update has been published and the work plan updated. This IASB Update highlights preliminary decisions of the IASB. The IASB met remotely on 27–28 April 2021. And, in the April 2021 episode of the monthly IASB podcast, the Chair and Vice-Chair of the IASB talk about the Board’s discussions at the meeting. The IFRIC Update is also available. IFRIC Update is a summary of the decisions reached by the IFRS Interpretations Committee (IFRIC) in its public meetings. The Committee met on 20 April 2021. Also, in the first episode of the IFRIC podcast in 2021, just released, the IFRIC Chair and Vice-Chair of the IASB join Technical Staff to talk about recent activities to support the consistent application of IFRS Standards during the first quarter of 2021. The agenda and papers are available for the May 2021 meeting of the IFRS Advisory Council, to be held on 11 May. The EFRAG (European Financial Reporting Advisory Group) April 2021 edition of the EFRAG Update, summarising public technical discussions held and decisions taken during that month, has been published. Also, the EFRAG Secretariat has issued a Briefing as part of the EFRAG strategy to stimulate debate on the IASB discussions on how to account for business combinations under common control. The views expressed in this Briefing are tentative and reflect the EFRAG Secretariat’s understanding of how the proposals included in the IASB’s discussion paper Business Combinations under Common Control would be applied. The Charities SORP-making body has made a new SORP example available on its website, noting that this is the first (of two) examples (‘SORP examples illustrating the impact of the COVID-19 pandemic: England and Wales’), and that this example illustrates the impact of the pandemic on a grant-maker and the effect on both its income and activities. Separately, it is also reported that, following feedback from the SORP engagement strands, the Charities SORP Committee has agreed 15 topics to be reviewed as part of the process for updating the SORP. Access these stories on the Charities SORP-making body website here. Auditing The Irish Auditing and Accounting Supervisory Authority (IAASA) has published its 2020 Annual Audit Programme and Activity Report which provides a summary of the activities performed by IAASA during 2020 to oversee the audit profession in Ireland. The report outlines the outcome of IAASA’s quality assurance review of auditors of public–interest entities as well as IAASA’s oversight of the recognised accountancy bodies who supervise auditors of other Irish entities. The report is available here. The International Auditing and Assurance Standards Board (IAASB) has published its new Framework for Activities. The Framework describes the IAASB’s operating processes and procedures for advancing standard setting and other related activities. The Framework also provides additional public transparency around the IAASB’s prioritization activities, beyond the formally approved due process. After consultations with the Public Interest Oversight Board, the IAASB has published a revised detailed work plan that supersedes the work plan published on February 1, 2021. The IAASB revised the work plan to account for the continued impact of the COVID-19 pandemic on both board operations and stakeholders’ capacity to implement new standards and participate in the IAASB’s due process. Insolvency The European Systemic Risk Board (ESRB) is responsible for oversight of the EU financial system and the prevention and mitigation of systemic risk. It was set up in 2010 following the financial crisis with a mandate to oversee risk in the financial system. It has recently published its ESRB -Prevention and management of a large number of corporate insolvencies. It assesses the risk of a rise in insolvencies in the next couple of years, how a steep rise could be prevented and considers the impact of insolvencies on the banking sector. Click also the link for the press release ESRB . In the UK The Insolvency Service Guidance has been issued about the requirement for independent scrutiny of disposals of company assets in an administration. The regulations the guidance references are The Administration (Restrictions on disposal etc. to Connected Persons) Regulations 2021. Anti-Money Laundering Arising from the recent commencement of  the  Criminal Justice (Money Laundering and Terrorist Financing) (Amendment) Act 2021 the RBO Portal where companies and industrial and provident  societies must register beneficial owners has added an FAQ (17) dealing with the legal obligation of “designated persons” to inspect the RBO and report discrepancies and non compliance. The UK government has issued its Statement of Progress on economic crime Plan (2019-2022). The plan was issued in 2019 and the statement highlights some key achievements at the halfway point. It notes that the UK legislature will explore opportunities to introduce legislation that will strengthen the response to economic crime. Sustainability / Non-Financial Reporting The Trustees of the IFRS Foundation have published proposed amendments to the Constitution of the Foundation to accommodate the potential formation of a new International Sustainability Standards Board (ISSB) within the governance structure of the organisation. In addition, the Trustees have published a Feedback Statement that summarises feedback received to their consultation on sustainability reporting. The proposed Constitution amendments and Feedback Statement can be found here. Other areas of interest The Department of Enterprise Trade and Employment has issued its May 2021 newsletter which includes information on the Covid-19 Online Retail Scheme (see more below) and its annual Employment Survey 2020 and Annual Business Survey of Economic Impact 2019. It also contains information on webinars which may be of interest. For example a forum on Wed 12th May at 11 am to inform stakeholders on a proposal for a Corporate Sustainability Reporting Directive to be hosted by the Minister for Trade Promotion, Digital and Company Regulation, Robert Troy T.D. Have you been asked to help a client to apply for the Covid-19 Online Retail Scheme, administered by Enterprise Ireland? The scheme will enable Irish-owned retailers to enhance their digital capability and to develop a more competitive online offer. Successful applicants will be awarded funding to support a maximum of 80% of the project eligible costs with a maximum grant of €40,000. Minimum grant amount payable is €10,000 so proposed company expenditure must be a minimum of €12,500 .See Enterprise Ireland website for full details and a starter guide on how to apply. Applicant companies must provide latest statutory accounts (no more than 2 years old) with the application. Applications close on 25 May 2021 at 12 noon. The European Data Protection Supervisor (EDPS) has issued its latest EDPS Newsletter. Items of interest include data protection and online communication, the European Commission proposal for an Artificial Intelligence Act and the  EU Data protection authorities  joint Opinion on the Digital Green Certificate proposals. The Pensions Authority has welcomed the transposition of the EU Directive (IORP II) on the activities and supervision of institutions for occupational retirement provision into Irish law and these are available at European Union (Occupational Pension Schemes) Regulations 2021. IORP II sets minimum standards for the management and supervision of pension schemes in order to protect the entitlements of members and beneficiaries. Further information and details of the new obligations is available from the Pensions Authority. The Financial Services and Pensions Ombudsman is seeking the input and views of parties that share an interest in the role of the FSPO and the manner in which it delivers against its statutory responsibilities. See here for its Strategic Plan 2021-2023 Stakeholder survey. The closing date for responses is 18 May 2021. For further technical information and updates please visit the Technical Hub and the Covid-19 Hub on the Institute website.