Roundup

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.                  

Welcome to this week’s Technical Roundup.   In developments this week, the IFRS Foundation’s fourth Compilation of Agenda Decisions, which brings together agenda decisions published by the IFRS Interpretations Committee from October 2020 to March 2021, has been published; EFRAG has welcomed its role in the European Commission’s proposal for a new Corporate Sustainability Reporting Directive; Accountancy Europe have released a podcast, An inside look into the BEIS consultation, with Mark Babington, Executive Director of Regulatory Standards from FRC. Read more on these and other developments that may be of interest to members below. Financial Reporting Launching an IFRS 17 Insurance Contracts survey specifically for users, the UK Endorsement Board (UKEB) secretariat says that this is an opportunity for users with an interest in the financial reporting of UK insurers to engage in the assessment of this standard. The survey seeks views on: awareness of the implications of IFRS 17 and the level of engagement with insurers; anticipated benefits to users of insurers’ accounts; attractiveness of the insurance industry to investors post implementation; potential wider impacts; and implementation costs for users of insurers’ accounts. The deadline for completion of the survey is Wednesday 12 May 2021. The UKEB secretariat has also published its response to the IASB ED/2020/4 Lease Liability in a Sale and Leaseback (Proposed Amendment to IFRS 16). On 5 May the EFRAG (European Financial Reporting Advisory Group) Board will meet for the first time in its new composition and the agenda, documents, and registration details are available. The IFRS Foundation’s fourth Compilation of Agenda Decisions, which brings together agenda decisions published by the IFRS Interpretations Committee (Committee) from October 2020 to March 2021, has been published. The agenda decisions are organised by the IFRS Standard to which they relate and the document is intended to make the already published work of the Committee more accessible. In other news from IFRS Foundation bodies, the March 2021 Accounting Standards Advisory Forum meeting summary has been made available, as has an Addendum to the IFRIC Update March 2021. The May 2021 IFRS Advisory Council agenda and meeting papers are also available. In March 2018, the European Commission (EC) initiated a "fitness check assessment" on public reporting by EU companies. The final results of this assessment have now been published. The effectiveness of the EU framework for public reporting by EU companies was first assessed against the immediate objectives of providing stakeholders with financial and non-financial information that is sufficient in quantity and quality, relevant, comparable, reliable and timely. The framework was then assessed in terms of its contribution to broader EU objectives of (i) an efficient functioning of the single market, (ii) an integrated capital market, (iii) financial stability and (iv) sustainable growth. Please click to access the final report on the fitness check, which also looked at the Accounting Directive, the Bank Accounts Directive, the Insurance Accounts Directive, and the Transparency Directive, on the EC website. Sustainability / Non-Financial Reporting EFRAG has welcomed its role in the European Commission’s proposal for a new Corporate Sustainability Reporting Directive (CSRD). The European Commission’s proposal for a CSRD envisages the adoption of EU sustainability reporting standards. The draft standards would be developed by EFRAG. EFRAG note that the standards will be tailored to EU policies, while building on and contributing to international standardisation initiatives. Also from EFRAG, on 25 May, the European Lab Project Task Force on the reporting of non-financial risks and opportunities and the linkage to the business model (PTF-RNFRO) invites you to an outreach event that aims to get stakeholder feedback on the PTF-RNFRO draft report’s key findings. Auditing Recognition of the Institute of Chartered Accountants in England and Wales (ICAEW) Following the application by the ICAEW to the Irish Auditing and Accounting Supervisory Authority (IAASA) for revocation of its recognition the ICAEW will no longer be a prescribed accountancy body under the Act and therefore, will no longer come under the remit of IAASA with effect from 21 July 2021. This will mean that ICAEW may no longer authorise individuals or firms as statutory auditors or public auditors in Ireland or undertake any audit related regulatory functions from 21 July 2021. The Financial Reporting Council (FRC) has announced that it will be holding an international conference in June entitled ‘Audit Firm Culture: Challenge. Trust. Transformation’. Announcing the event, the FRC note that the conference will 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 comprise of a week (21 June 2021 to 25 June 2021) of lunchtime sessions (virtual webinars), involving speakers and panel debates. Find out more about the event and register to attend any of the webinars here. The International Auditing and Assurance Standards Board (IAASB) has published its Public Report detailing its progress to support the public interest between July 2019 and December 2020. During this 18-month period, the IAASB completed five major standards aimed at enhancing audit and assurance quality, adopted a four-year strategy focused on the public interest, and established a new work plan focused on emerging issues. The IAASB also responded to a new environment sparked by the global pandemic by issuing guidance and engaging with a broad range of stakeholders in order to sustain trust in audit and assurance. Anti-Money Laundering The provisions of the Criminal Justice (Money Laundering and Terrorist Financing) (Amendment) Act 2021 were commenced this week as were the European Union (Anti-Money Laundering: Beneficial Ownership of Trusts) Regulations 2021. The regulations bring into effect a central register for beneficial ownership of trusts. This register is to be established and maintained by the Irish Revenue Commissioners and there is a six-month period (up to 24th October 2021) for registrations of already  existing trusts.  For a more detailed review of the Act and the regulations please see our news item here. Other areas of interest The Dept. of the Taoiseach has this week published its summer legislative programme.  Some draft legislation, which may be of interest to members, includes the Personal Insolvency (Amendment) Bill 2020 which is at Seanad stage. Also, heads are in preparation of the Companies (Amendment) Bill which is to provide for a dedicated rescue process for small companies and to make changes to relevant provisions of company law in respect of the rights of employees, as creditors, concerning the liquidation of a company. Recent media coverage indicates that the Minister for State at the Department of Enterprise will bring proposals in relation to it to Cabinet this week. The same media coverage indicates the passage of the bill into law by the summer; developments will be tracked in a future round up. Thirdly of possible interest is the Companies (Corporate Enforcement Authority) Bill, the general scheme of which has been published since 2018. Fuller details of all the legislative proposals can be found at Summer Legislative Programme 2021. The Data Protection commission has issued its Regulatory Strategy  for 2021 -2026 Consultation. The DPC’s strategic goals are set out. They are listed as regulating consistently and effectively, safeguarding individuals and promoting data protection awareness, prioritising the protection of children and other vulnerable groups, bringing clarity to stakeholders and to support organisations and driving compliance. Proposals as to how it will achieve those outcomes are outlined and stakeholders are invited to submit their views. The closing date for receipt of submissions is 30 June 2021. The FRC is continuing its series of webinars following publication of the UK Government’s Restoring trust in audit and corporate governance consultation. The FRC is holding the webinars and other outreach events to provide stakeholders with further insight into key aspects of the consultation and to hear views on the government’s proposals. You can find out more about the FRC’s extensive outreach programme, the consultation, and how to get involved here. Accountancy Europe have released a podcast, An inside look into the BEIS consultation, with Mark Babington, Executive Director of Regulatory Standards from FRC. In the podcast Mark Babington discusses what is in the consultation and the work that FRC has done in the area of audit reform. The Charities Regulator recently published its Irish Public Survey into society’s attitudes and engagement with registered charities in Ireland. It responded to findings of concern about lack of openness and transparency about how donations are used by encouraging all registered charities to publish their full accounts and provide information about their activities and what they have achieved on their websites. While there is no requirement to submit accounts to the Charities Regulator at present it noted that this will change if proposed amendments to the Charities Act 2009 are enacted imposing a requirement on all registered charities to submit accounts to the Charities Regulator. 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 UKEB secretariat has published for comment, a draft UK Endorsement Criteria Assessment on the IASB’s amendment ‘Covid-19-Related Rent Concessions beyond 30 June 2021 (Amendment to IFRS 16)’; the FRC proposes extending the application period for accounting requirements covering COVID-19-related rent concessions; an independent review of Charity Regulation in Northern Ireland has been commissioned. Read more on these and other developments that may be of interest to members below. Financial Reporting The Financial Reporting Council (FRC) has issued an Exposure Draft that proposes to extend the application period 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 FRC note that FRED 78, ‘Draft amendments to FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland and FRS 105 The Financial Reporting Standard applicable to the Micro-entities Regime - COVID-19-related rent concessions beyond 30 June 2021’, proposes that 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 UK Endorsement Board (UKEB) secretariat has published a draft UK Endorsement Criteria Assessment on the IASB’s amendment Covid-19-Related Rent Concessions beyond 30 June 2021 (Amendment to IFRS 16). The UKEB secretariat welcomes stakeholders’ views to inform its recommendation to the BEIS Secretary of State to adopt the Amendment in the UK. The Invitation to Comment and draft UK Endorsement Criteria Assessment can be found here. Views are also invited on the UKEB secretariat’s draft response to the IASB’s Request for Information on its Post-implementation Review of IFRS 10, IFRS 11 and IFRS 12. In other news from the UKEB, the agenda and papers for the Board meeting on 22 April 2021 were made available ahead of the meeting and a recording will also be available on their website in due course for those unable to register to listen to this meeting. The International Accounting Standards Board (IASB) has published for public consultation proposed amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates. They note that the proposed amendments aim to help companies determine whether a currency can be exchanged into another currency, and what accounting to apply if the currency cannot be exchanged. The Exposure Draft is accompanied by a webcast to provide an overview of the Exposure Draft and answer some commonly asked questions. The IASB has also published for comment, a proposed update to the IFRS Taxonomy 2021 for certain amendments to IFRS Standards - ‘Proposed IFRS Taxonomy Update: IFRS Taxonomy 2021 - Disclosure of Accounting Policies and Definition of Accounting Estimates’. Also from the IASB, the agenda and papers for the April meeting (to be held on 27 and 28 April) have been made available, and Issue 23 of the IASB Investor Update has been published. The IFRS Foundation Trustees are seeking candidates to fill vacancies on the International Accounting Standards Board (IASB) and the IFRS Advisory Council. They are also seeking a Chair for the Advisory Council. Further details are available on the IFRS Foundation website. The IFRS for SMEs Update, a staff summary of news, events and other information about the IFRS for SMEs® Standard and related SME activities, has been published and is available on the IFRS Foundation website. EFRAG, the European Financial Reporting Advisory Group, issued the agendas and public documents ahead of its joint EFRAG TEG-User Panel webcast meeting on Wednesday 21 April 2021 and its EFRAG TEG webcast meeting on Thursday 22 April 2021. These, along with on-demand recordings of the meetings, are available here. On 26 March 2021, the IASB, in conjunction with the European Accounting Association (EAA) and EFRAG, held a virtual research workshop that provided an overview of the Board’s Request for Information: Post-implementation Review of IFRS 10, IFRS 11, and IFRS 12, and a recording of the workshop is now available. The workshop was moderated by the EAA President and included an overview of the Request for Information by the IASB technical staff; an academic reflection; EFRAG’s summary of the initial input gathered by European constituents; and a Q&A session with the presenters and an IASB Board Member. Sustainability / Non-Financial reporting In its efforts to revise the EU Non-Financial Reporting Directive (NFRD), the European Commission (EC) has published a proposal for a Corporate Sustainability Reporting Directive (CSRD). The objective of the proposed CSRD is to improve sustainability reporting to better exploit the potential of the European single market and to contribute to the transition to a fully sustainable and inclusive economic and financial system in line with the European Green Deal and the UN Sustainable Development Goals. Anti-Money Laundering and Financial Crime The UK Office for Professional Body AML Supervision recently issued the OPBAS Update to deal with the obligations on the Professional Body Supervisors (PBSs) to produce an annual report in accordance with UK money laundering law. OPBAS supervises the PBSs. The update is intended to aid the PBSs in drafting their annual reports. Annual reports are to be published no later than 1 November 2021. The Irish Department of Justice has recently published its Dept of Justice Implementation Plan to combat economic crime and corruption across legislative, policy and regulatory fields. It contains plans for example to establish an Advisory Council against economic crime and corruption and to publish and enact the Criminal Procedure Bill as well as to make changes to the 2010 money laundering legislation. The report of joint Oireachtas Committee re Companies (Corporate Enforcement Authority) Bill 2018 was launched recently. It made seven recommendations and called on the Government to give the proposed Corporate Enforcement Authority the structures, power and resources to tackle ‘white collar crime’. The Central Bank’s Director General, Financial Conduct spoke at a recent international fraud prevention conference. Her remarks were focused on fraud prevention vis a vis national and international Anti-Money Laundering/Countering the Financing of Terrorism frameworks and the role of the Central Bank in these frameworks. Other areas of interest The Central Bank of Ireland is developing its new strategic plan to shape its strategic direction and guide its work for the next three to five years. It is seeking public engagement as part of the development of the plan .You can down load and comment here on the form public engagement on central bank strategic plan . For example, what do you consider to be the key current and emerging risks and issues that the Central Bank should consider in the development of its next strategic plan? Responses should be returned by 6 May 2021. Read the Closing remarks of Central Bank’s Deputy Governor at the recent conference which she participated in on Enterprise financing and investment in Ireland – tackling the challenges of COVID-19, digitalisation and climate change. The themes of the conference she said tie in closely with one of the most important policy goals of the Central Bank: economic and financial resilience. The FRC is continuing its series of webinars following publication of the UK Government’s Restoring trust in audit and corporate governance consultation. The FRC is holding the webinars and other outreach events to provide stakeholders with further insight into key aspects of the consultation and to hear views on the government’s proposals. You can find out more about the FRC’s extensive outreach programme, the consultation, and how to get involved here. An independent Review of Charity Regulation in Northern Ireland has been commissioned by the Minister for Communities. The review will consider the Charities Act (Northern Ireland) 2008 and the roles of the Charity Commission and the Department thereunder. It will examine whether the legislation and the operation of the Commission within the existing legal framework strikes the right balance. It will make recommendations on changes to improve the operation of the regulatory framework going forward. You can find out more and how to register for one of their webinars 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 has published an article ‘Accounting and disclosure considerations for Covid-19-related Government Supports under FRS 102’; and IAASA has published its Transparency Reporting – Thematic Review.  The Charity Commission in England and Wales has published guidance to help with running a charity during the coronavirus (COVID-19) outbreak. This includes information on government financial support for charities, fundraising and SORP guidance.   Read more on these and other developments that may be of interest to members below. Financial Reporting The Institute has published an article ‘Accounting and disclosure considerations for Covid-19-related Government Supports under FRS 102’. In view of the supports being made available to business by Governments in both the UK and Ireland to help them cope with the pandemic, the purpose of this article is to remind members of the requirements of FRS 102 on accounting for and disclosing government grants and disclosing government assistance. The IFRS Interpretations Committee has posted the agenda and papers for its next meeting, which will be held on 20 April 2021. The IFRS Foundation has introduced a substantial update to its website. They note that the update includes an improved search function and advanced options for customising how to search and receive information, including a new IFRS Standards Navigator. They have also refreshed their ‘Follows’ tool, which enables users to decide what type of alerts they will receive and how often. The recording of the inaugural UK Endorsement Board (UKEB) meeting, which was held on 26 March 2021, the agenda, and the papers are now available. The topics discussed included adoption of the Terms of Reference and approval of Delegation of Authority to UKEB Chair. A recording of the 30 March 2021 webinar the UKEB secretariat held on the UK endorsement of IFRS 17 is also available. They note that the webinar, aimed primarily at users of accounts, featured a presentation by IASB Board member Nick Anderson on how IFRS 17 works and some key improvements it introduces, and also included initial views from equity analyst and ratings agency perspectives on how the standard could impact their analysis of insurance business. EFRAG has published its draft comment letter on the IASB Exposure Draft ED/2021/1 Regulatory Assets and Regulatory Liabilities and seeks constituents' views on the proposals by 28 July 2021. Also from EFRAG, is a podcast series in which EFRAG Secretariat and experts discuss the issues addressed in the Discussion Paper on Accounting for Crypto-Assets (Liabilities) published by EFRAG in July 2020, and related topics. Auditing IAASA has published its Transparency Reporting – Thematic Review. The objective of this thematic review was to assess the effectiveness of transparency reporting by PIE audit firms in Ireland, to share areas of good practice and other reporting innovations, and to highlight areas where firms need to make improvements. Insolvency At their video conference on 16 April 2021 Eurogroup, an informal body where the ministers of the euro area member states discuss matters relating to their shared responsibilities, will hold a thematic discussion on insolvency frameworks based on a technical note prepared by the European Commission. Other areas of interest Two  new statutory instruments ,entitled Rules of the Superior Courts (Affidavits) 2021 and the District Court (Affidavits)  Rules 2021 came into force recently allowing for the remote swearing of affidavits in circumstances where it is not practicable for the deponent to physically attend for the purposes of the swearing .The statutory instruments set out the rules around such a swearing. The Department of Enterprise Trade and Employment has published its monthly newsletter for April which includes  information about recent developments on the right to disconnect, the Small Business Assistance Scheme for COVID (SBASC) (closing date for receipt of applications is Wednesday, 21 April 2021) and the Government’s agreement to  extend the €2bn Credit Guarantee Scheme. It will remain open for applications until the end of 2021. Following publication of  the BEIS Consultation Document Restoring trust in audit and corporate governance  the Financial Reporting Council (FRC) will be holding a series of webinars and roundtables to provide stakeholders with further insight into key aspects of the consultation and to hear your views on the government’s proposals. You can find out more about the FRC’s extensive outreach programme and register to attend any of the webinars here.   The Charity Commission in England and Wales has published guidance to help with running a charity during the coronavirus (COVID-19) outbreak. This includes information on government financial support for charities,  fundraising and SORP guidance.  https://www.gov.uk/guidance/coronavirus-covid-19-guidance-for-the-charity-sector Trinity College Law school is hosting a series of webinars some of which may be of interest to members. See  Trinity Law School Spring Series .The  webinars are on the topics of 100 Day of Brexit. (Tuesday 20 April, 6pm) and Time to Get SEARious – the proposed Senior Executive Accountability Regime (Tuesday 11 May, 6pm).There are also webinars on  the topics of The Gig Economy ( Tuesday 4 May, 6pm) and  Assessing the Future of Irish Defamation Law (Tuesday 27 April, 6pm)  .The webinars are free but registration is required .Click the above link for registration details. 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, EFRAG has submitted its endorsement advice regarding Covid-19-Related Rent Concessions beyond 30 June 2021 (Amendment to IFRS 16) and on IFRS 17 Insurance Contracts to the European Commission; , the International Auditing and Assurance Standards Board (IAASB) published Non-Authoritative Guidance on Applying ISAE 3000 (Revised) to Extended External Reporting (EER) Assurance Engagements; and the Central Bank has issued its quarterly bulletin for Q2-2021 dealing with matters such as the Irish economy and the international economic outlook, the year of the pandemic , trade flows in the early aftermath of Brexit and fiscal outlook 2020-2022. 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 completed its due process regarding Covid-19-Related Rent Concessions beyond 30 June 2021 (Amendment to IFRS 16) (‘the Amendment’) and has submitted its Endorsement Advice Letter to the European Commission. EFRAG assesses that the Amendment meets the technical endorsement criteria of the IAS Regulation and is conducive to the European public good. It therefore recommends its endorsement. EFRAG has also finalised its due process around IFRS 17 and has submitted its Final Endorsement Advice on IFRS 17 Insurance Contracts including the June 2020 Amendments to the European Commission. The Final Endorsement Advice includes the assessment of IFRS 17 against the ‘True and Fair View’-criteria and the assessment of whether IFRS 17 is conducive to the European public good. The final endorsement advice provides conclusions on a number of specific issues that the European Commission and/or the European Parliament considered in their request for endorsement of IFRS 17. It is available here. In other news from EFRAG, the March 2021 edition of the EFRAG Update, summarising public technical discussions held and decisions taken during that month, has been published, and a reminder that EFRAG is seeking members for its financial instruments working group. The Irish Auditing and Accounting Supervisory Authority (IAASA) has noted the issuing of the European Securities and Markets Authority (ESMA) Public Statement “Brexit: Clarifications on the application of the TD requirements by UK issuers with securities admitted to trading on regulated markets in the EU” concerning the application of transparency requirements by UK issuers with securities admitted to trading on regulated markets in the EU under Article 4 of the Transparency Directive (Directive 2004/109/EC) (TD). ESMA notes that the aim of the statement is to ensure a common supervisory approach by all National Competent Authorities concerning the application of the accounting frameworks used by UK issuers, in relation to consolidated and individual financial statements of single and group entities. IAASA has also noted the publishing by ESMA of its report “Enforcement and regulatory activities of European enforcers in 2020”. The Report provides an overview of the 2020 activities of ESMA and of European accounting enforcers when examining compliance of financial and non-financial statements of European issuers. It presents further activities contributing to supervisory convergence and to development of a single rulebook in the area of corporate reporting. The UK Endorsement Board (UKEB) secretariat has launched its survey on IASB Discussion Paper DP/2020/2 Business Combinations Under Common Control (BCUCC). The UKEB is seeking views on the proposals in the Discussion Paper, as well as information about past experiences with BCUCC.To partake in the survey, contact the UKEB. The March 2021 monthly news summary, a brief summary of news and events from the International Accounting Standards Board (IASB) and the IFRS Foundation over the past month is available. The IASB’s user advisory groups, the Capital Markets Advisory Committee, and the Global Preparers Forum met recently and the summary recordings of the meeting discussions, agendas and other related papers are available. The April 2021 IFRS Advisory Council agenda and agenda papers are also available. Sustainability / Non-Financial Reporting Marking a significant step forward in supporting assurance for non-financial reporting, the International Auditing and Assurance Standards Board (IAASB) published Non-Authoritative Guidance on Applying ISAE 3000 (Revised) to Extended External Reporting (EER) Assurance Engagements. The Guidance responds to ten key stakeholder-identified challenges commonly encountered in applying International Standard on Assurance Engagements 3000 (Revised), Assurance Engagements Other than Audits or Reviews of Historical Financial Information. Anti-Money Laundering The Egmont Centre of FIU Excellence and Leadership (ECOFEL) is a body of Financial Intelligence Units (FIUs) andprovides a platform for the secure exchange of expertise and financial intelligence to combat money laundering and terrorist financing. It recently published its Egmontgroup ecofel-covid-19-best-practices-public-summary .The paper makes observations from FATF, Europol, Interpol and others about emerging risks in the pandemic, why COVID 19 is producing emerging risks, what are the emerging risks seen by FIUs: fraud, cybercrime and corruption and what FIUs are doing about those risks .The paper includes some recommendations for FIUs. The Executive Director of Enforcement and Market Oversight in the UK Financial Conduct Authority recently gave a speech on anti-money laundering controls –“The importance of purposeful anti-money laundering controls”. In it he refers among other things to two very large sanctions imposed for failure to address financial crime and anti-money laundering risks . Both cases highlighted inadequate systems and controls and failure to assess relevant risk factors. He also referred to emerging risks including risks from cryptocurrency firms. Other areas of interest The Central Bank has issued its quarterly bulletin for Q2-2021 dealing with matters such as the Irish economy and the international economic outlook ,the year of the pandemic, trade flows in the early aftermath of Brexit and fiscal outlook 2020-2022. The Financial Reporting Council (FRC) has produced short podcasts on the key corporate governance proposals, enforcement proposals, and quality and competition proposals included in the UK Government’s Restoring trust in audit and corporate governance consultation. Further, the FRC will be holding a series of webinars and roundtables to provide stakeholders with further insight into key aspects of the consultation and to hear your views on the government’s proposals. Find out more about the FRC’s outreach programme and opportunities to hear more about the consultation and to get involved and share your views on the proposals here. The FRC has also published its Strategy for 2021/22 after a period of consultation. Tánaiste and Minister for Enterprise, Trade & Employment has in the last weekbrought in a new code of practice which was developed by the Workplace Relations Commission entitled the WRC code of practice on the right to disconnect .The right to disconnect gives employees the right to switch off from work outside of normal working hours, including the right to not respond immediately to emails, telephone calls or other messages. He is also inviting views on his plans to put the right to ask for remote working into law. You will find more information here on how to make a submission .Closing date for submissions is 7 May 2021. The Independent Review Panel of Charity Regulation seeks views on how well the charities regulatory framework, which is administered by the Charity Commission for Northern Ireland, is working and what could work better. A series of seminars are being held for more details see: https://www.nicva.org/article/independent-review-of-charity-regulation-engagement-meetings The European Securities and Markets Authority (ESMA), has updated its Questions and Answers regarding market structures issues under the Market in Financial Instruments Directive (MiFID II) and Regulation (MiFIR). The purpose of ESMA’s Q&As on market structures issues is to promote common supervisory approaches and practices in the application of MiFID II and MiFIR. 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 FRC has published summaries of its corporate reporting reviews and  has published a new report on supervision; IAASA has published an Information Note: IAS 36 Impairment of Assets – information requests from IAASA; EFRAG and the European Commission have met with leading international sustainability reporting standard setters; the Central Bank of Ireland has issued a consultation paper on stakeholder engagement. Read more on these and other developments that may be of interest to members below. Financial Reporting The International Accounting Standards Board (IASB) is seeking public comments on a new approach to developing disclosure requirements in IFRS Standards and new disclosure requirements for the Standards on fair value measurement and employee benefits. The Exposure Draft Disclosure Requirements in IFRS Standards—A Pilot Approach (Proposed amendments to IFRS 13 and IAS 19), along with a Snapshot which provides an overview of the proposals, and a short video introducing the proposals, are available here. The Board is asking for stakeholder comments by 21 October 2021. The IASB has also published a consultation document to seek views on what the Board’s priorities should be over the next five years. In the March episode of the monthly IASB podcast, the Chair and Vice-Chair of the IASB talk about the Board’s discussions at the supplementary meeting on 10 March to discuss IFRS 16 Leases and covid-19-related rent concessions, as well as at the regular monthly meeting held virtually on 23 and 24 March 2021. The March 2021 IASB Update has also been published and the work plan updated. The IASB has decided to extend by 30 days the comment period for the Exposure Draft Regulatory Assets and Regulatory Liabilities to give stakeholders more time to respond. The comment period will now end on 30 July 2021. The IASB has extended by one year the application period of the practical expedient in IFRS 16 Leases to help lessees accounting for covid-19-related rent concessions. The Board has extended the relief by one year to cover rent concessions that reduce only lease payments due on or before 30 June 2022. Further information is available here. Each year, the Financial Reporting Council (FRC) conducts over 200 corporate reporting reviews to assess whether company reports and accounts comply with relevant accounting and reporting requirements. Announcing a new approach to publishing corporate reporting reviews, the FRC has, for the first time, and aligned with a recommendation of Sir John Kingman’s Independent Review of the FRC that reviews should be made publicly available, published summaries of its corporate reporting reviews. IAASA has published an Information Note: IAS 36 Impairment of Assets – information requests from IAASA. IAASA notes that the primary purpose of this Information Note is to provide preparers, auditors and users of financial statements with information to encourage discussion and stimulate debate as to whether or not issuers have adequately considered the requirements of IAS 36, and that, with the aim of achieving this primary purpose, IAASA is publishing a selection of the IAS 36 information requests that it has made to issuers during recent financial statement examinations. Find out more here. Reaching out to stakeholders, EFRAG has released the final podcast of its four-episode series dedicated to the post-implementation review of IFRS 10, IFRS 11 and IFRS 12, along with a survey to collect stakeholders’ views. Noting the issuing of the IASB consultation Request for Information - Third Agenda Consultation (mentioned above), the UK Endorsement Board (UKEB) has invited those interested in being involved in their outreach on this project to email them at agendaconsultation@endorsement-board.uk. Separately, the UKEB has launched a video guide on IASB DP/2020/2 Business Combinations Under Common Control. The International Organization of Securities Commissions (IOSCO) has issued a Statement on Going Concern Assessments and Disclosures during the COVID-19 Pandemic. Auditing The Financial Reporting Council (FRC) has published a new report Our Approach to Audit Supervision, which sets out what firms can expect from the FRC in the course of supervision with a focus on audit quality and firm resilience. A link to the report is available here. Sustainability / Non-Financial Reporting EFRAG and the European Commission have met with leading international sustainability reporting standard setters and other related initiatives to present recommendations for the development of EU sustainability reporting standards and explore possible cooperation in a co-constructive spirit, promoting convergence and maintaining momentum. Find out more here. In the latest In Conversation podcast the FRC's Deputy Director of Stakeholder Engagement and Corporate Affairs speaks to the Head of Clean Growth at the Department for Business, Energy and Industrial Strategy (BEIS) on the UK Government's consultation to require mandatory TCFD reporting. Anti-Money Laundering Listen to the Association of Compliance officers  podcast series. This week the Deputy Money Laundering Reporting Officer of a financial institution discusses the importance of firm-wide AML frameworks, the role of the compliance professional and the role of the first line of defence in managing AML risk. Previous podcasts in the series includes a conversation with the Director of Enforcement and Anti Money laundering at the Central Bank of Ireland about the CBI priorities 2021; she discusses diversity and inclusion, the CBI fitness and probity regime, PCFs and what’s new on the anti-money laundering front. Other areas of interest UK extension of dates of coronavirus temporary measures The UK government’s  Corporate Insolvency and Governance Act 2020 (Coronavirus) (Extension of the Relevant Period) Regulations 2021 came into force on 26th March 2021. It extends the restrictions on the use of statutory demands and winding up petitions to 30 June 2021 (from 31 March), extends  the modifications to moratorium provisions and temporary moratorium rules to 30 September 2021 (from 30th March ) and extends the small supplier exemption from termination clause provisions to 30 June 2021( from 30 March 2021 ). It also extends provisions suspending liability for wrongful trading to 30 June 2021 (from 30 April 2021). Central Bank of Ireland Consultation with Stakeholders The Central Bank of Ireland has issued a consultation paper on stakeholder engagement. Consultation Paper 136 Enhancing our Engagement with Stakeholders. As a body representing accountants, we welcome this engagement. Details are in the attached and the consultation runs until 11 May. 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 starts the next periodic review of FRS 102 and is seeking views from stakeholders; the Institute’s Accounting Committee responds to the IASB Exposure Draft ‘Lease Liability in a Sale and Leaseback (Proposed amendment to IFRS 16)’; the FRC issues a revised Practice Note 14 ‘The Audit of Housing Associations in the United Kingdom’; The IFRS Foundation Trustees announce a working group to accelerate convergence in global sustainability reporting standards focused on enterprise value; and BEIS has published a consultation seeking views on proposals to mandate climate-related financial disclosures by certain companies and LLPs. Read more on these and other developments that may be of interest to members below. Financial Reporting The Financial Reporting Council (FRC) is starting the next periodic review of FRS 102 (and other UK and Ireland accounting standards). Part of this process is seeking views from stakeholders on areas that might be considered as part of the review. The FRC note that this might include new issues/transactions that should be addressed, or comments or suggestions in relation to the current requirements. In addition to stakeholder feedback the review will consider recent developments in financial reporting (such as changes in IFRS) and relevant developments in the wider reporting framework. Stakeholders can provide comments to the FRC on any aspect of the standards to ukfrsperiodicreview@frc.org.uk by 31 October 2021. The FRC note that any changes to accounting standards that are proposed as a result of the periodic review will be subject to public consultation at a later date, not expected to be before 2022, and that the effective date for any amendments is currently expected to be 1 January 2024. The FRC also expects to hold roundtable events for stakeholders to provide their views. The Chair of the UK Endorsement Board, has announced the appointment of ten members to form the inaugural UK Endorsement Board (UKEB). The UKEB has been set up to endorse and adopt new or amended international accounting standards on behalf of the UK. The International Accounting Standards Board (IASB) has published a webcast for investors summarising the Board’s consultation on reporting mergers and acquisitions between companies under common control (transfers of businesses from one company within a group to another). The Board invites investors to comment on its suggestions by completing a short investor survey, or to arrange a 1:1 interview. The meeting report from the SME Implementation Group (SMEIG) meeting held on 4–5 February 2021 is now available. SMEIG, a consultative group of the IASB, supports the international adoption of the IFRS for SMEs Standard and monitors its implementation. The Institute’s Accounting Committee has responded to the IASB Exposure Draft ED/2020/4: Lease Liability in a Sale and Leaseback (Proposed amendment to IFRS 16). The IASB’s proposed amendment would specify the method a seller-lessee uses in initially measuring the right-of-use asset and liability arising in a sale and leaseback transaction and how the seller-lessee subsequently measures that liability. The response is available to read here. The IFRS Foundation has published the IFRS Taxonomy 2021. The IFRS Taxonomy 2021 is based on IFRS Standards as at 1 January 2021, including those issued but not yet effective. A short webcast introducing the IFRS Taxonomy 2021 is also available. The March 2021 IFRIC Update is now available. IFRIC Update is a summary of the decisions reached by the IFRS Interpretations Committee in its public meetings. The Committee met on 16 March 2021. EFRAG has announced that it will hold its EFRAG Board webcast meeting on Monday 29 March 2021. The agenda and public documents for the meeting, along with details on how to watch the live webcast, can be found here. Auditing The FRC has issued a revised Practice Note 14 (PN 14) (Revised March 2021) The Audit of Housing Associations in the United Kingdom. PN 14 provides sector specific guidance on applying the FRC’s auditing standards to audits of Housing Associations. The Technology Working Group of the International Auditing and Assurance Standards Board (IAASB) has released non-authoritative support material to help auditors address the risk of overreliance on technology, whether it arises from using automated tools and techniques or from using information produced by an entity’s systems. Following publication of the UK Government’s consultation Restoring trust in audit and corporate governance the FRC will be hosting a series of webinars and roundtables to provide further insight on key aspects of the consultation and to provide interested stakeholders with an opportunity to share their views and comment on the government’s proposals. Further details about how to participate in the FRC’s engagement programme is available here. Sustainability / Non-Financial Reporting The Trustees of the IFRS Foundation have announced the formation of a working group to accelerate convergence in global sustainability reporting standards focused on enterprise value and to undertake technical preparation for a potential international sustainability reporting standards board under the governance of the IFRS Foundation. Find out more on the work and membership of the group. At its March 2021 meeting last week, the IAASB approved Non-Authoritative Guidance on Applying ISAE 3000 (Revised) to Extended External Reporting (EER) Assurance Engagements, which will be published in April. To help stakeholders understand the role of both the guidance and ISAE 3000 (Revised), the IAASB Chair has published an article ‘Assurance Standards keeping pace on non-financial reporting’ detailing the guidance and how it supports the application of ISAE 3000 (Revised), growing demands for non-financial information reporting and assurance thereon, and the IAASB’s ongoing commitment to the consistent performance of quality engagements. The Department for Business, Energy & Industrial Strategy in the UK has published a consultation seeking views on proposals to mandate climate-related financial disclosures by publicly quoted companies, large private companies and Limited Liability Partnerships (LLPs).  Anti-Money Laundering Together with ICAEW, the International Federation of Accountants (IFAC) has released the sixth installment in its Anti-Money Laundering: The Basics educational series: Installment 6: Businesses in Difficulty. IFAC note that the publication is part of a 6-month short series helping accountants enhance their understanding of how money laundering works, the risks they face, and what they can do to mitigate these risks and make a positive contribution to the public interest. They also note that the installment series, with its focus on accessibility and ease of use, will be a resource for Small and Medium Practices, and accountants less familiar with AML, while also providing guidance for those looking for a quick refresher or reference. Other areas of interest The Charites Regulator and the Revenue Commissioners have agreed an updated cooperation arrangement. Noting the issuing of the memorandum of understanding, the Charities Regulator says that it supports cooperation and collaboration in the interest of ensuring appropriate sharing and assessment of information by both parties, and that the overarching aim of the arrangement is to uphold the integrity of charitable organisations and charitable trusts in Ireland and support public confidence in charities operating in Ireland or under Irish law. 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 UKEB has published its feedback on the Business Combinations: Disclosures, Goodwill and Impairment project; the meeting notes from the February IFAC Advisory Council are now available; in the UK the BEIS has just issued its much anticipated white paper  - Restoring trust in audit and corporate governance; and the Criminal Justice (Money Laundering and Terrorist Financing) (Amendment) Act 2020 was signed into law. Read more on these and other developments that may be of interest to members below. Financial Reporting  The UK Endorsement Board (UKEB) secretariat has published its feedback statement on the Business Combinations: Disclosures, Goodwill and Impairment project. The feedback statement summarises UK stakeholder views shared with the UKEB secretariat and how those views were reflected in the final comment letter submitted to the IASB’s Discussion Paper DP/2020/1 Business Combinations, Disclosures, Goodwill and Impairment. Investors, analysts and other users of insurance company accounts are invited to attend a webinar on IFRS 17 – UK endorsement. Following the UK’s exit from the EU, IFRS 17 needs to be assessed by the UKEB if it is to be adopted for use in the UK. This webinar, which will be held on 30 March, forms part of the UKEB's engagement with stakeholder groups and is intended to initiate discussion around key aspects of the standard from the user perspective. The webinar will include an outline from the UKEB secretariat of the project to assess IFRS 17 for UK adoption and explain how you can get involved in outreach. The meeting papers and agenda for the International Accounting Standards Board (IASB) meeting to be held on 23–24 March 2021 are now available. The topics for discussion include a work plan update, the equity method research project, management commentary, goodwill and impairment, primary financial statements, and the second comprehensive review of the IFRS for SMEs Standard. The links to the webcasts will be available in due course. The IFRS Advisory Council met on 23 February 2021 to discuss an update on the IASB’s work plan, sustainability reporting and post-covid-19 planning. The Advisory Council Chair’s report on the meeting is now available, summarising these discussions. EFRAG has requested comments on its draft endorsement advice on Disclosure of Accounting Policies (Amendments to IAS 1 and IFRS Practice Statement 2) and on Definition of Accounting Estimates (Amendments to IAS 8). EFRAG's overall preliminary assessment is that both sets of amendments satisfy the criteria for endorsement for use in the EU and therefore recommends their endorsement. Comments are requested by 7 June 2021. Auditing IAASB Meeting The IAASB share the agenda and papers for their meetings two to three weeks in advance of the meeting.  The next meeting is 15-19 March and the aganda and papers can be accessed here https://www.iaasb.org/meetings.  Minutes and highlings of previous meetings are also available on this website and observers can register to view the meeting on the IAASB YouTube channel.    IAASA has published a quality assurance review report in respect of each of Ireland’s seven audit firms that perform statutory audits of public interest entities (PIE audit firms). Each of the reports summarise IAASA’s findings arising from the quality assurance reviews of the PIE audit firms that took place in 2020. Department of Business Energy & Industrial Strategy white paper The Department of Business Energy & Industrial Strategy (BEIS) in the UK has just issued its long awaited white paper  ‘Restoring trust in audit and corporate governance: proposals on reforms’. This proposes some significant changes to corporate governance and a number of sweeping reforms for the audit sector. The consultation period is 16 weeks and the closing date is 8 July 2021.     Sustainability reporting The International Federation of Accountants (IFAC) last week convened over 150 chief executives and senior leaders of professional accountancy organizations around the world, together with its Board of Directors, to discuss critical issues relevant to the future of the accountancy profession. A key focus of the meetings was hearing from key stakeholders on the future of corporate and sustainability-related reporting, and how these fit into the broader context of sustainable business and finance, where professional accountants will need to play a pivotal leadership role based on their core competencies and ethical codes. Read more here.  Ethics IESBA have issued an exposure draft of proposed revisions to the International Code of Ethics for Professional Accountants (including International Independence Standards) that broadens the definition of a public interest entity (PIE). These revisions include more categories of entities, given the level of public interest in their financial condition, for the purposes of additional independence requirements to enhance confidence in their audits. The comment period is due to end on May 3, 2021 and IESBA are running a webinars in March to explain the key proposed changes To read the exposure draft:https://www.ethicsboard.org/publications/proposed-revisions-definitions-listed-entity-and-public-interest-entity-code Re register for a webinar : https://www.ethicsboard.org/events/webinar-highlighting-proposals-january-2021-pie-exposure-draft-0 Central Bank The Central Bank’s Innovation Hub  2020 Update   provides details of types of queries received during the year including queries from  accounting firms looking to register as Account Information Service Providers (AISPs) to help auto-import financial accounts. The hub was launched in April 2018 to facilitate open and active engagement with the FinTech sector. It  provides a direct and dedicated point of contact for all firms, from small start-ups to incumbents, to engage with members of the Central Bank’s Fintech Network. New legislation The Criminal Justice (Money Laundering and Terrorist Financing) (Amendment) Act 2020 was signed into law by the President this week. It brings the fifth Anti Money Laundering Directive into Irish law. More details on the new act will be available shortly on the Institute website. Forthcoming proposed legislation The Department of justice action plan 2021 was published recently. Areas which might be of interest include plans during the year to carry out remote anti money laundering inspections, to commence drafting of a general scheme of a Cybercrime Bill, to enact the Personal Insolvency (Amendment) (No.1) Bill to ensure that sufficient supports are in place for mortgage holders with repayment difficulties including those due to the pandemic and complete statutory review of Personal Insolvency Acts 2012-2015 and prepare Scheme of Personal Insolvency (Amendment) (No. 2) Bill based on the outcome of the review. 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 met to redeliberate the proposals in its recent consultation on Covid-19-Related Rent Concessions; the IFRS Foundation Trustees announce strategic direction and further steps based on feedback to their sustainability reporting consultation; EFRAG has published two reports submitted to the European Commission setting out recommendations on the development of EU sustainability reporting standards; and listen to the latest in the EFRAG podcast series on the PIR of IFRS 10, IFRS 11 and IFRS 12.   Read more on these and other developments that may be of interest to members below.  Financial Reporting   A supplementary International Accounting Standards Board (IASB) meeting was held on 10 March to redeliberate the proposals in the February 2021 Exposure Draft Covid-19-Related Rent Concessions beyond 30 June 2021 (Proposed Amendment to IFRS 16). A summary of the supplementary meeting, along with details of the next step is available here. Reaching out to stakeholders, EFRAG has released its third episode, out of a series of four podcasts, dedicated to the post-implementation review of IFRS 10, IFRS 11 and IFRS 12. With the aim of collecting stakeholders' views, EFRAG has also launched a survey on the application of these IFRS Standards and looks forward to receiving responses by 16 April 2021.  The Trustees of the IFRS Foundation have invited applications from suitable candidates to fill two vacancies on the IFRS Interpretations Committee. EFRAG is renewing the membership of its Financial Instruments Working Group and has invited suitable candidates to send their applications by 15 April 2021. EFRAG is also seeking an academic fellow to work with EFRAG during a sabbatical leave period of between 6 months and two years - applications are welcome by 15 April 2021. Hans Hoogervorst, Chair of the IASB, delivered a speech at a meeting of the International Forum of Accounting Standard Setters (IFASS). He reflected on his 10-year tenure, as it comes to an end in June 2021; how IFRS Standards have evolved during that time; and on the importance of independent standard-setting.  The FRC Financial Reporting Lab has released its first newsletter for 2021. In this issue, the team reflect on the work it completed over the past year, provide updates on the Lab’s ongoing projects and other areas of reporting.  Sustainability reporting  The Trustees of the IFRS Foundation met in early March to continue their analysis and discussions of the feedback received to their Consultation Paper on Sustainability Reporting. Based on the feedback to the Consultation, and encouraged by the IOSCO Board statement, the Trustees have reached views on the strategic direction and further steps in their initiative. The new board to be set up would: focus on information that is material to the decisions of investors, lenders and other creditors; initially focus its efforts on climate-related reporting, while also working towards meeting the information needs of investors on other ESG matters; build upon the well-established work of the Financial Stability Board’s Task Force on Climate related Financial Disclosures (TCFD), as well as work by the alliance of leading standard-setters in sustainability reporting focused on enterprise value; and by working with standard-setters from key jurisdictions, issue standards that would provide a globally consistent and comparable sustainability reporting baseline, while also providing flexibility for coordination on reporting requirements that capture wider sustainability impacts.          Read the announcement here.          Further, IFAC have noted their support of the next steps and strategic direction of         the IFRS Foundation’s work on sustainability.    Two reports were published this week, prepared in response to the mandates given by the European Commission to EFRAG and to the EFRAG Board President. The reports set out recommendations to the European Commission for the elaboration of possible EU sustainability reporting standards and for possible changes to EFRAG's governance and funding if it were to become the EU sustainability reporting standard setter. The final report of the Project Task Force on preparatory work for the elaboration of possible EU non-financial reporting standards proposes ‘a roadmap for the development of a comprehensive set of EU sustainability reporting standards.’ Read more and access the report here.  Other areas of interest   ESMA turned 10 on 1 January 2021 and as part of their anniversary celebrations, will host an online conference on 23 March to reflect on the progress the Authority has made as a financial regulator and look to its future. Registrations are now open, and the details of the agenda and speakers are available.  The Criminal Justice (Money Laundering and Terrorist Financing) (Amendment) Bill 2020 was due back before the Dáil this week for consideration of amendments from the Seanad. When the Bill is passed into law, details of the legislation will be provided in a future Roundup.  Section 78(2) of the Companies (Accounting) Act 2017 delayed implementation of the requirement in Section 1274 of the Companies Act 2014 for certain private unlimited companies to file financial statements, to financial years beginning on or after 1 January 2022. With the expiry of this delayed implementation approaching, members may wish to review the area as applicable to them and /or their clients.  The Department of Enterprise, Trade and Investment has issued its March monthly Enterprise Newsletter, which includes information on the Department's initiatives, schemes and latest publications.   For further technical information and updates please visit the Technical Hub and the Covid-19 Hub on the Institute website.