Roundup

Welcome to this week’s Technical Roundup.   In developments this week, the Financial Reporting Council (FRC) has issued a consultation on publishing audit quality indicators (AQIs) for the largest UK audit firms, the FRC has issued an updated edition of the Guidance on the Strategic Report to incorporate the new climate-related financial disclosures and MEPs and EU governments struck a provisional agreement on new reporting rules for large companies. The Corporate Sustainability Reporting Directive (CSRD) will make businesses more accountable by obliging them to disclose their impact on people and the planet. Read more on these and other developments that may be of interest to members below. Financial Reporting The deadline for commenting on EFRAG’s discussion paper ‘Better Information on Intangibles – Which is the best way to go?’ is approaching (30 June 2022). The Discussion Paper explores various approaches to improve information on intangibles in financial reports. IFRIC, the IFRS Interpretations Committee, has issued its June 2022 update. The IASB has published a Project Report Feedback Statement concluding its Post-Implementation Review of IFRS 10 Consolidated Financial Statements, IFRS 11 Joint Arrangements and IFRS 12 Disclosure of Interests in Other Entities. The FRC has issued an updated edition of the Guidance on the Strategic Report to incorporate the new climate-related financial disclosures, following changes in legislation made earlier this year. In addition, a number of other amendments were also made to maintain alignment with legislation. For entities within their scope, the new climate-related financial disclosures are effective for financial years beginning on or after 6 April 2022. The FRC has published a consultation on proposed changes to Technical Actuarial Standard 100 which would require actuaries to include climate change risks in the course of their work. The UK Endorsement Board is holding a virtual outreach event on the International Sustainability Standards Board’s Exposure drafts. The event will take place on 30 June 2022. Auditing  The Financial Reporting Council (FRC) has issued a consultation on publishing audit quality indicators (AQIs) for the largest UK audit firms, which would provide users of audited information with greater detail on audit firms’ efforts to deliver high quality audit. The FRC welcome the views of all stakeholders – including users of audit services, investors, audit firms, and others with an interest in this topic by 18 August. A link to the consultation is available here. The Financial Reporting Council (FRC) has published comprehensive professional judgement guidance for auditors to improve how they exercise professional judgement. Professional judgement is key to high quality audit, however the FRC regularly identifies poor professional judgement as one of the most significant issues affecting audit quality. The new guidance includes a framework for making professional judgements and a series of illustrative examples. Insolvency The UK government recently published its interim report on the permanent measures in  the Corporate Insolvency and Governance Act 2020. Those measures are restructuring plans, the stand-alone moratorium, and restrictions on contractual termination (ipso facto) clauses. As part of the review,  the University of Wolverhampton was commissioned to conduct independent research. The report concludes that the permanent measures have been broadly welcomed by stakeholders and are seen as satisfying their policy objectives. It also  includes suggestions as to  how the measures could work even better.Details of the report can be found by following this link . Sanctions and Anti-Money Laundering The Irish Central Bank Director of Enforcement & Anti Money Laundering  has this week contacted business groups and professional representative bodies including Chartered Accountants Ireland regarding financial sanctions obligations. You can read details of the press release  here. The Central Bank  has asked for a letter they have written on sanctions to be circulated to members. The letter advises recipients that the Central Bank is the competent authority for the administration and enforcement of financial sanctions and that the adoption of sanctions places legally binding obligations on all individuals and entities. You can read our news item and the full contents of the letter here. PWC has recently published its Global Economic Crime Survey 2022: UK findings. Almost two in three respondents reported a fraud in the last 24 months. The survey deals with what types of fraud are occurring, who is perpetrating the crimes and how are they being detected. It identifies five key trends in respect of both fraud frameworks and specific risks. They are fraud risk and maturity, data and technology in risk management and detection, supply chain risk and resilience, ESG risk and cybercrime.You can go to their webpage and follow the registration procedure for a copy of the report. Other areas of interest The EU Corporate Sustainability Reporting Directive New social and environmental reporting rules for large companies were agreed this week by the European Council and European Parliament. It is an ambitious deal on compulsory reporting on environment, social affairs and governance. The Corporate Sustainability Reporting Directive (CSRD) will make businesses more accountable by obliging them to disclose their impact on people and the planet. This aims to end greenwashing and lay the groundwork for sustainability reporting standards at global level. New social and environmental reporting rules for large companies | News | European Parliament (europa.eu). Sustainability will become a new pillar of businesses’ performance, moving away from focus on short-term profits and the CSRD EU set to become front-runner in setting global sustainability reporting standards The UK House of Commons Treasury Committee recently issued a report on the future of financial services regulation.It includes consideration of the new regulatory framework (post Brexit),regulatory objectives and priorities and payment innovation including a focus on cryptoassets.You can read a copy of the report here. CLS Chartered Secretaries has published an article which maybe of interest to members on whether a company limited by guarantee  or a dormant Company must make a  filing  with the RBO.You can read more details and their conclusion here. The UK government,HM Treasury recently published the outcome of a consultation launched in July 2021. The consultation outlined how the government intended to amend the UK’s Money Laundering Regulations (the MLRs) to make updates to ensure that the UK continues to meet international standards, whilst also strengthening and ensuring clarity on how the UK’s anti-money laundering and counter-terrorist financing (AML/CTF) regime operates. The recently published  document summarises the responses to the consultation and sets out the government’s final approach to the relevant Statutory Instrument (SI) and you can read it here. Ministers in the Dept. of Enterprise Trade and Employment recently welcomed the publication from the Expert Group on Future Skills Needs (EGFSN) on the skills needed for Ireland to fully benefit from the opportunities presented by Artificial Intelligence.The report is entitled  AI Skills: A Preliminary Assessment of the Skills Needed for the Deployment, Management and Regulation of Artificial Intelligence.You can read the press release here and a copy of the report here. The Irish government recently announced a new €85 million fund, the Digital Transition Fund, to help businesses, at any stage or in any sector to go digital. The fund will be administered by Enterprise Ireland.Funding of €85 million has been allocated during the period to 2026 as part of Ireland’s National Recovery and Resilience Plan. €10 million will be available in 2022. A new online website is being developed and you can read more detail on the fund here. Any one member arrangements (OMA) set up on or after 22 April 2021 must meet the full requirements of the Pensions Act, 1990, as amended, including the new requirements of the IORP II Directive, by 1 July 2022.The Pensions Authority has recently issued a further reminder to trustees about this details of which you can read here. For further technical information and updates please visit the Technical Hub  on the Institute website. 

Welcome to this week’s Technical Roundup.  In developments this week, the European Financial Reporting Advisory Group, jointly with BusinessEurope and EuropeanIssuers, will hold an outreach event on 4 July 2022 to discuss the EFRAG Exposure Drafts on Draft European Sustainability Reporting Standards (ESRS) and the Irish Pensions Authority announced recently that it is launching a short survey of a selection of defined benefit and defined contribution schemes the results of the which will be published in September 2022. Read more on these and other developments that may be of interest to members below. Financial Reporting On 16 June, we welcomed a team from the FRC to our Dublin office for an in-person event for members. During the session Jenny Carter and Stephen Maloney from the accounting and reporting policy team of the FRC gave members an update on financial reporting matters including details of the progress made to date on the ongoing periodic review of FRS 102. Phil Fitz-Gerald from the FRC Lab was also on hand to give attendees an update on recent projects completed by the Lab, including structured reporting, ESG data, Net Zero disclosures and cybersecurity risk disclosures. The Financial Reporting Council has published a consultation on proposed changes to Technical Actuarial Standard 100 which would require actuaries to include climate change risks in the course of their work. EFRAG, jointly with BusinessEurope and EuropeanIssuers, will hold a joint outreach event on 4 July 2022 to discuss the EFRAG Exposure Drafts on Draft European Sustainability Reporting Standards (ESRS). The IASB have released their May 2022 podcast which addresses some highlights from their May meetings. Some of the topics covered include a discussion on the technical staff’s research on Goodwill and Impairment, an analysis of the feedback received on the recent consultation - Targeted Standards level Review of Disclosures and the post implementation review of IFRS 9 - Classification and Measurement. Auditing IAASA has published a consultation paper on its draft work programme for the period 2023-2025. Section 910 of the Companies Act 2014 provides that IAASA must prepare and submit a work programme to the Minister of Enterprise Trade and Employment for each successive period of three years. Sanctions and anti-money laundering The EU recently announced its sixth package of sanctions against Russia. Further details is available on the Institute’s webpages on Sanctions. One prohibition which will be of interest to members is the prohibition on provision directly or indirectly of certain business-relevant services such as accounting, auditing including statutory audit, bookkeeping and tax consulting services to the Russian government, as well as to legal persons, entities or bodies established in Russia. Please click here for some more detailed information and links on the subject on the Institute’s news page. DLA Piper has issued its Anti-Money Laundering Bulletin: Spring/Summer 2022. You can download it by going to this page and in it you can read updates on AML developments in the UK, the US and internationally. The National Crime Agency in the UK has issued its latest Suspicious Activity Report (SAR) Glossary Codes and Reporting Routes as of June 2022. This booklet replaces all previous glossary codes publications and you can access it here. While it relates to credit or financial institutions, the recent publication by the European Banking Authority (EBA) of its guidelines specifying the role and responsibilities of the anti-money laundering and countering the financing of terrorism (AML/CFT) compliance officer and of the management body of credit or financial institutions might be of interest to readers. You can read the press release and download the guidelines here. Sustainability Accountancy Europe are hosting a webinar on 20 June which will bring together key stakeholders to discuss audit committees’ role in the effective implementation of sustainability and ESG aspects in business. They will also present the recent Accountancy Europe paper ESG Governance: recommendations for audit committees. In the last few weeks, the International Sustainability Standards Board (ISSB™ Board), EFRAG and the SEC have all published proposed sustainability reporting standards. All of them represent significant steps towards greater connectivity between sustainability reporting and financial reporting. In a recent podcast the three leaders of the KPMG global corporate and sustainability reporting team offer a high-level overview of the proposals. The government recently announced a new €55 million ‘Green Transition’ fund to help businesses move away from fossil fuels and towards more sustainable, cheaper alternatives. The Green Transition Fund is part of Ireland’s National Recovery and Resilience Plan (NRRP), which is funded by the European Union. It comprises the Climate Planning Fund for Business and the Enterprise Emissions Reduction Investment Fund. You can read more information here. Other Areas of Interest The Companies Registration Office (CRO) have issued their June 2022 Gazette which features new companies; change of name; annual returns received and registered. The Central Bank of Ireland has today (15 June) published the first Financial Stability Review (FSR) of 2022. The FSR outlines key risks facing the financial system and the Central Bank’s assessment of the resilience of the economy and financial system to adverse shocks. You can read the Central Bank governor’s remarks on the review here. The Central Bank recently issued a letter to financial vehicles which are required to register in the central register of beneficial ownership with the Central Bank. The letter gives details of the levy which is payable by those financial vehicles ICAVs, Credit Unions, Unit Trusts, Common Contractual funds and Investment Limited Partnerships for 2021. Details of the letter can be found here. The Irish Pensions Authority announced recently that it is launching a short survey of a selection of defined benefit and defined contribution schemes. The purpose of the survey is to assess schemes’ progress since the original survey on IORP II preparedness, which was conducted in 2020. Results of the survey will be published in September 2022. The Minister of State for Trade Promotion, Digital and Company Regulation recently attended a meeting of the EU Competitiveness Council. Matters discussed included progress on the Consumer Credit Directive and the proposed EU Chips Act which, when adopted, will help further develop and strengthen the EU’s production and innovative capacity. You can read more information here. A joint webinar has been organised by the EUIPO and 4iP Council for 23 June 2022 on how trade secrets can impact the business of SMEs. You will be able to ask questions to the experts and learn the essentials of trade secrets, the risks and advantages and the best way to use them for your business. Please click this link to register for the webinar. The Minister for Public Expenditure and Reform recently announced the next phase of consultation in the ongoing Review of Freedom of Information Act, which will inform the direction of travel for FOI and transparency policy in the coming years. You can read more details here. The Financial Conduct Authority (FCA) is in the course of writing to more than 3,500 lenders to remind them of the standards they should meet as consumers across the country are affected by the rising cost of living. In its letter, the FCA is also telling lenders to make sure that their approach to taking on new borrowers takes account of the financial pressure they may face and the impact on their expenditure. To consider and, if necessary, improve how they treat consumers in vulnerable circumstances and effectively direct customers who need it to money guidance or free debt advice. You can read details on the FCA website by clicking this link. For further technical information and updates please visit the Technical Hub on the Institute website.   

Welcome to this week’s Technical Roundup.  In developments this week, the European Securities and Markets Authority, the EU’s securities markets regulator, has published its latest edition of its Spotlight on Markets Newsletter and Enterprise Ireland this week held its second offshore wind forum. It is an event which provided Irish companies the opportunity to hear from and meet with international developers in the sector. Read more on these and other developments that may be of interest to members below. Auditing As part of their information series on ‘What IAASA does’, IAASA have released a second instalment focusing on the Financial Reporting Supervision (‘FRS’) function. Financial Reporting The Financial Reporting Council (FRC) are hosting a webinar on actuarial regulatory reform on 21 June 2022. Crypto The OECD recently published a report “Institutionalisation of crypto-assets and DeFi [decentralised finance]–TradFi [traditional finance] interconnectedness”. While it is aimed at institutional investor participation in markets for digital assets it may be of interest to those interested in crypto for a few reasons. It analyses the potential for increasing interconnectedness between TradFi and decentralised finance and identifies linkages between the two. It outlines the risks these growing markets may create, examines the potential benefits of the decentralisation of financial services and puts forward policy recommendations. You can access and download the report from the ECD website here. Other Areas of Interest The European Securities and Markets Authority (ESMA), the EU’s securities markets regulator, has published its latest edition of its Spotlight on Markets Newsletter DETE has recently updated their webpage on EU trade sanctions in response to situation in Ukraine as of 3 June 2022 and their guidance notice  to 7 June 2022. The Minister for Public Expenditure and Reform spoke recently at the Irish Tax Institute Annual Dinner. Topics discussed included the economy, public finances, the economic outlook and climate action. He said of the latter that Ireland is committed to doing its part to address the climate crisis through the Climate Action Plan. He referenced the update in the planning code with the passing of the Maritime Area Planning Act 2021 to harness offshore wind and that the Government has committed to carbon pricing through the carbon tax which will be key to moving away from fossil fuels. You can read his speech here. Enterprise Ireland this week held its second offshore wind forum. It is an event which provided Irish companies the opportunity to hear from and meet with international developers in the sector. The first day examined the opportunity that exists in the UK and the UK’s industry ambition, investment, project pipelines and supply chain requirements. The second day focussed on the Irish market. Enterprise Ireland also formally launched the Gael Offshore Network at the event to bring together and grow expertise in Offshore Wind in Ireland. You can read more about the event and network here. The Health and Safety Authority this week published its Annual Report for 2021. It gives details of work carried out during the year and of the proposal to introduce a new Occupational Health division. This new division will centre its focus on various safety and health concerns in the Irish workplace including the impacts of the pandemic in accelerating the move to remote/hybrid working, the continued growth of the ‘gig economy’, the particular needs of vulnerable workers and migrant groups, and the impact of psychosocial issues in the workplace. You can read more details in the press release here and download a copy of the report here. For further technical information and updates please visit the Technical Hub on the Institute website. 

Welcome to this week’s Technical Roundup.  In developments this week, the Financial Reporting Council has welcomed the Government’s response to its consultation ‘Restoring trust in audit and corporate governance’ which sets out the next steps to reform the UK’s audit and corporate governance framework and the Irish Revenue Commissioners recently published their Annual Report for the year ended 31 December 2021, including progress on the implementation of Revenue’s Statement of Strategy and key statistics. Read more on these and other developments that may be of interest to members below. Auditing The UK government has published plans which aim to revamp the UK’s corporate reporting and audit regime through a new regulator, greater accountability for big business and by addressing the dominance of the main audit firms. The plans, which build upon the recommendations of independent reviews by Sir John Kingman, Sir Donald Brydon, and the Competition and Markets Authority, were published on 31 May in the government’s response to a public consultation on audit and corporate governance reform. The Financial Reporting Council (FRC) has published anonymised key findings and good practices reported by its Audit Quality Review (AQR) team in relation to their 2020/21 audit quality inspections at the seven largest audit firms. The FRC has welcomed the Government’s response to its consultation ‘Restoring trust in audit and corporate governance’ which sets out the next steps to reform the UK’s audit and corporate governance framework. Financial Reporting EFRAG have issued the set of Basis for Conclusions of its European Sustainability Reporting Standards Exposure Drafts. The Basis for Conclusion accompanies, but is not part of, the Exposure Drafts and as a result has no authoritative status. Instead, the Basis for conclusion illustrates the objectives and context of the draft standards and the process followed. They are a useful source of information for those who plan on responding to the ESRS public consultation launched on 29th April. The IASB have issued their May 2022 update and the IFRS Foundation has issued its May 2022 monthly news summary. Anti-money laundering Chartered Accountants Ireland is pleased to have been involved this week in publishing training material as part of a joint practice group with GNECB and the Garda FIU and a number of other accountancy bodies. The material aims to assist professional accountants and their staff. Please find attached an open-source document that may be used by any person for the purposes of assisting in understanding the requirements of the Criminal Justice (Money Laundering and Terrorist Financing) Act 2010 to 2021 and to help identify potential money laundering risks with clients. The document can also be found on the Institute's technical hub on the anti-money laundering ‘red flag’ know the signs subpage.  Cryptocurrency/cryptoassets The Central Bank Director of Financial Regulation: Policy & Risk spoke this week at Blockchain Ireland Week 2022. He spoke of the general challenges with blockchain or cryptotechnology including risk mitigation. He also spoke about authorisation with some reference to the Central Bank’s recent experience in respect of VASP authorisation and the European Commission’s draft regulatory framework, draft Markets in Crypto Assets Regulation. You can read the full text of his speech here . Readers with an interest in cryptoassets may also be interested in the Central Bank’s recent reply to a letter from Deputy Emer Higgins TD. That correspondence dated 25 April 2022 noted her recent press release to highlight the risks around crypto assets and her call for an information campaign. The Central Bank pointed to its work in the area including a proposed legislative framework at EU level and warnings which it has issued on the subject. See a copy of the letter here. Other Areas of Interest To build on their existing shared work in supporting registered charities to further enhance levels of public trust and confidence in the sector, the Charity Commission for Northern Ireland and the Charities Regulatory Authority have signed a Memorandum of Understanding (MoU). The Irish Revenue Commissioners recently published their Annual Report for the year ended 31 December 2021, including progress on the implementation of Revenue’s Statement of Strategy and key statistics. You can read a copy of the report here. The Irish Dept. of Justice recently announced that James Hamilton who led the December 2020 “Hamilton Review” (of Structures and Strategies to Prevent, Investigate and Penalise Economic Crime and Corruption) will take up the role of independent chair of the new Advisory Council recommended under that review. The Council will advise and make proposals on strategic and policy responses and will be responsible for developing a multi-annual strategy to combat economic crime and corruption. You can read more about it here. The Dept. of Enterprise Trade & Employment has issued its June newsletter. It includes information on the new Enterprise Digital Advisory Forum and AI Ambassador and Impact 2030: Ireland’s Research and Innovation Strategy. You can click here to access the newsletter. The Competition and Consumer Protection Commission (CCPC) has recently published its consumer protection list for Jan-Dec 2021. It details the CCPC’s consumer protection enforcement activities over the past year such as enforcement actions and compliance notices. This report also has a 2021 Highlight: Pyramid Promotional Schemes. You can read the CCPC’s news item here and read the report here. In other Central Bank news, the Central Bank of Ireland this week published its 2021 Annual Report and Annual Performance Statement 2021-2022. It gives an overview of the key activities and work undertaken by the Central Bank. You can read the press release here and download the report here. The Central Bank governor at a recent meeting of financial leaders discussed the role of central banks in tackling climate change. He said central banks along with others have to play a role in tackling the climate challenge, climate change affects the capacity of central banks to meet their mandates. Of the Central Bank of Ireland, he said they have identified the risks of climate change and support the transition to a carbon-neutral economy as an integral theme in their strategy. He mentioned also the dedicated Climate Change Unit which it has established to help steer that agenda and bring additional focus to their work in this area and their recent call for expressions of interest to join their Climate Forum. The Irish Pensions Authority has recently issued an update for master trusts in advance of the 1 July 2022 compliance deadline for new legislative provisions and the code of practice issued last year. You can access the information update here. A new piece of legislation, The Charities Act (Northern Ireland) 2022, has now come into effect, having received Royal assent on 30 March 2022. The Charity Commission NI has published extensive information on the new Act and the impact it will have on charities and their legal duties here. For further technical information and updates please visit the Technical Hub on the Institute website.   

Welcome to this week’s Technical Roundup.  In developments this week, the Financial Reporting Council has concluded its annual review of FRS 101- 2021/22 cycle. No amendments have been made to FRS 101 as a result of this review and the European Securities and Markets Authority has published the 26th Extract from its database of enforcement decisions taken by EU accounting enforcers. The Extract of enforcement decisions aims to provide issuers and users of financial statements with relevant information on the appropriate application of the International Financial Reporting Standards (IFRS). Read more on these and other developments that may be of interest to members below. Auditing We have published a new Technical Alert and a webpage on the new quality management standards,  these give a brief outline of the scope of the new quality management standards to help firms understand and apply these standards and to direct members to additional sources of information and guidance on the implementation of the revised standards.  The FRC has released 29 updated ISAs (UK), amended to include conforming amendments arising from the revision of ISA (UK) 315 (Revised July 2020) Identifying and Assessing the Risks of Material Misstatement. ISQC (UK) 1 has also been updated. A link to the updated ISAs can be viewed here. Financial Reporting The Financial Reporting Council (FRC) has concluded its annual review of FRS 101- 2021/22 cycle. No amendments have been made to FRS 101 as a result of this review. The FRC has issued FRED 80 Draft amendments to FRS 100 Application of Financial Reporting Requirements Application Guidance The Interpretation of Equivalence. FRED 80 proposes to update the Application Guidance to FRS 100 to reflect changes to company law and decisions on equivalence further to the UK’s exit from the European Union. Comments on FRED 80 are requested by 26 August 2022. Reminder - FRC will be holding a series of roundtables on the periodic review of UK and Irish accounting standards. These will take place in May and June and if you would like to attend you may register for this on the FRC’s website. The European Securities and Markets Authority (ESMA) has published the 26th Extract from its database of enforcement decisions taken by EU accounting enforcers. The Extract of enforcement decisions aims to provide issuers and users of financial statements with relevant information on the appropriate application of the International Financial Reporting Standards (IFRS). As part of its due process in the standard-setting process for sustainability reporting in the EU, the European Financial Reporting Advisory Group (EFRAG) is inviting preparers to participate in its Use Test Focus Group to test the proposed requirements in its exposure drafts for draft ESRS. The focus group is invited to complete a questionnaire on the operational and other challenges when reporting under the draft ESRS. EFRAG has published its Final Letter on the IFRS Interpretations Committee's (IFRS IC's) Tentative Agenda Decision in the final phase of implementing IFRS 17 Insurance Contracts. EFRAG has held educational sessions on the European Sustainability Reporting Standards (ESRS). The UK Endorsement Board has marked one year since receiving delegated powers from the Business Secretary on 22 May 2021. Other Areas of Interest The European Securities and Markets Authority (ESMA), the EU’s securities markets regulator, has published a study looking at the potential reasons behind the relatively lower ongoing costs, and better performance, of environmental, social and governance (ESG) funds compared to other funds, between April 2019 and September 2021 This week marks the 4th anniversary of the entry into application of the GDPR. The European Data Protection Board remarks that much has happened in the last 4 years and, more than ever, strong and swift enforcement is crucial for ensuring a consistent interpretation of the GDPR. The Irish Commissioner for Data Protection, Helen Dixon also marks 4 years since the GDPR came into application and says, "There's a lot more to do, but we're off to a good start". The Department of Public Expenditure and Reform has convened a summer event for dialogue among policymakers and thought leaders, the wider community of academics, experts from within public financial management, economics, public sector innovation and disciplines beyond on the theme of Artificial Intelligence (AI) and the Future of Digital Governance. It will consider how AI impacts the manner in which the Civil and Public Service works, as well as effects on citizens and the wider community. The event is a virtual one to be held on June 9th at 3pm online and you can read the details of how to register here. Dept of Enterprise Trade and Employment recently reminded businesses that if they have questions on what supports are available for their  business, from Brexit to working safely and more they should contact DETE  Enterprise Information Centre on +353 1 631 2002 or email them at infobusinesssupport@enterprise.gov.ie for information. On 3 June next, the OECD is launching its report “The Culture Fix: Creative People, Places and Industries”. The report outlines international trends with new data, addresses issues in cultural and creative sectors in terms of employment, business development, cultural participation and funding. It also provides analysis of how the sectors contribute to economic growth and inclusion, taking into account the impact of the COVID-19 related crisis on jobs and firms. Finally, it offers recommendations on how to capitalise on the role of cultural and creative sectors in national and local recovery strategies. The report will be launched online at 11 am on 3 June and you can find details on how to register for the webinar here. The Minister for Finance this week signed the order commencing the Consumer Protection (Regulation of Retail Credit and Credit Servicing Firms) Act 2022. This requires certain entities to now be regulated by the Central Bank of Ireland,  for example providers of PCPs (Personal Contract Plans) and providers of indirect credit to consumers, such as the providers of ‘Buy Now Pay Later’ type credit. You can read more details in the Dept. of Finance’s press release here. InterTradeIreland recently published its latest Business Monitor for Q1 2022.Intertrade Ireland commented that the figures highlight the resilience of businesses across the island of Ireland, with sales remaining stable or improving for three quarters of companies (74 per cent). It also referenced however the impact of rising costs which have increased sharply with energy bills now the number one concern facing SMEs.You can read more details here and access the business monitor infographic  here. UK authorities, the FCA and the Bank of England with the endorsement of HM Treasury have recently published a discussion paper on Money Market Fund (MMF) reform. There is concern amongst authorities about underlying vulnerabilities within MMFs and threats to financial stability. The discussion paper seeks views to inform the development of MMF reform proposals. You can read more here and read the discussion paper here. Feedback is invited on the reform options by 23 July 2022. The FCA writes also that it is  doing what it can now to deal with MMF resilience and is issuing new non-handbook guidance on the UK MMF Regulation. The chair of the FCA recently delivered a speech at the Centre for Commercial Law Studies, Queen Mary University of London. He spoke on a number of issues and readers may find his remarks on cryptocurrency and its regulation of interest. He spoke about the recent UK Government announcement that it will consult on a world-leading regime for the crypto-market. He also questioned how the FCA will raise the money to pay for the very significant costs of this additional regulation and the realism required about how far many crypto firms will have to improve before they can be authorised. You can read his speech here. For further technical information and updates please visit the Technical Hub on the Institute website.   

Welcome to this week’s Technical Roundup. In developments this week, the International Accounting Standards Board has issued the latest edition of its newsletter 'Investor Update', which profiles recently introduced IFRS Standards and other changes that are in the pipeline as well as how those changes may affect companies and performance and the European Securities and Markets Authority has released a public statement on the implications of Russia’s invasion of Ukraine on half-yearly financial reports. Read more on these and other developments that may be of interest to members below. Auditing The International Auditing and Assurance Standards Board has released non-authoritative guidance, The Fraud Lens – Interactions Between ISA 240 and Other ISAs. The guidance illustrates the relationship and linkages between International Standard on Auditing (ISA) 240, The Auditor’s Responsibilities Relating to Fraud in an Audit of Financial Statements and other ISAs when planning and performing an audit engagement and reporting thereon. The Irish Auditing and Accounting Supervisory Authority (IAASA) has published its 2021 Annual Audit Programme and Activity Report which summarises the activities performed during 2021 to oversee the audit profession in Ireland. Financial Reporting Chartered Accountants Ireland are looking forward to welcoming members of the Financial Reporting Council (FRC) to Chartered Accountants House on 16 June for a free in-person event.  This event will include addresses from members of the Accounting and Reporting Policy team as well as the FRC Lab and will provide attendees with an update on topical financial reporting issues in 2022 and the FRC Lab’s recent and current projects. Members who wish to attend can sign up here. The IASB has issued the latest edition of its newsletter 'Investor Update', which profiles recently introduced IFRS Standards and other changes that are in the pipeline as well as how those changes may affect companies and performance. ESMA has issued a Public Statement on the transparency of disclosures on the adoption of IFRS 17 Insurance Contracts. The European Financial Reporting Advisory Group (EFRAG) is holding a series of educational sessions jointly for the EFRAG Sustainability Reporting Board (SRB) and the EFRAG Sustainability Reporting TEG (SR TEG) on the draft ESRS Exposure Drafts (EDs) issued for public consultation on 29 April. Recordings of previous sessions and registration for upcoming sessions are available on EFRAG’s website. In its recent announcement, the International Sustainability Standards Board have outlined the necessary steps required to establish a comprehensive global baseline of sustainability disclosures. In IFAC’s recent podcast called The Fast Future with IFAC, some issues relevant to small & medium practices worldwide were discussed including technology, cybersecurity & workplace culture. The UK Endorsement Board (UKEB) has announced that it has approved the adoption of the International Accounting Standards Board’s (IASB) IFRS 17 Insurance Contracts for use by UK companies. The FRC has published a thematic review of discount rates. The European Securities and Market Authority (ESMA) has issued a statement on the implications of Russia’s invasion of Ukraine on half-yearly financial reports. Reminder- Have your say on the FRC’s periodic review of UK and Ireland accounting standards. As part of the FRC’s periodic review of UK and Ireland Accounting Standards, a series of roundtable events are being held in May and June to allow stakeholders to have a say on specific topics. The schedule of roundtables, as well as details of how to register, can be obtained from the FRC website. Insolvency The Dáil and Seanad recently approved Ireland’s opt into a regulation amending the Annexes to the European Insolvency Regulation, 2015/848 (EIR Recast). Regulation 2021/2260 (Amending Regulation) which replaces Annex A and B to EIR Recast came into force in January 2022. EIR Recast provides for the recognition and enforcement of cross border insolvency proceedings between EU member states.  Anti-Money Laundering and Sanctions The Institute has this week launched webpages providing information and resources to members in the area of anti-money laundering. The pages are located on the Institute’s technical hub (please click here to access) and cover both the Republic of Ireland and the UK on areas such as legislation, supervision, reporting requirements, red flags -know the signs and other resources which we hope members will find useful. This builds on the information provided by the CCAB-I working group in the recent update of  the CCAB-I Anti Money Laundering Guidance for members TR01/2019 (updated March 2022) and we hope that the information will prove to be valuable to members. The Egmont group has recently made public a report on Financial Intelligence Unit’s role in the fight against money laundering of corruption proceeds within the context of the Covid-19 pandemic. Various FIUs across the Egmont Group (EG) membership contributed. FIUs provided detailed information, including detected corruption-related risks and associated mitigating measures, relevant case examples and lessons learned, and emerging best practices and future challenges. You can access the report here . The UK National Crime Agency has recently published its Annual Plan 2022-23. Read here the strategic priorities for the Agency and you can download a copy of the plan here. The NCA publishes a bulletin called SARs in Action. You can access it by going to this page and searching in the description box by title. Click here to access the March 2022 edition. Other Areas of Interest The Minister for Finance and the Minister of State for Financial Services, Credit Unions and Insurance recently hosted the Retail Banking Review Dialogue, an important event on the future of retail banking in Ireland. You can read details about it by following the link. Also, this week the Dept. of Finance has launched a public consultation seeking stakeholder views on the Retail Banking Review. The focus of the review and consultation is on retail banking services. You can register on the government’s portal to respond. The consultation runs until 8 July 2022. President von der Leyen recently gave details of the Commission's proposals regarding REPowerEU, the EU plan to replace Russian fossil fuels, its investment in defence to address capability gaps and the relief and reconstruction of Ukraine with a proposal  to top up the significant short-term relief provided until now to Ukraine with a new exceptional macro-financial assistance . The Pensions Authority has this week issued a reminder of the compliance deadline of 1 July 2022 for master trusts, one-member arrangements set up on or after 22 April 2021 and new schemes. It has also recently provided an information update in several areas. These are the pension benefit statement, the annual compliance statement, the 2022 EIOPA stress test, the interpretation of the regulated markets requirement and the use of electronic communications provided for under the Pensions Act 1990, as amended. You can read further information on their website. The National Standards Authority of Ireland reports that the UK has introduced a new domestic regulatory regime to ensure consumers are protected from unsafe and non-compliant goods. Manufacturers of goods previously subject to the EU’s CE marking will need to start using the UK Conformity Assessment Marking (UKCA) marking if they are placing goods on the market in Great Britain. There are also new requirements for placing goods on the market in Northern Ireland. Businesses need to start preparing now to ensure they are compliant by 1 January 2023.The UK’s Department for Business, Energy and Industrial Strategy (BEIS) and the National Standards Authority of Ireland (NSAI) have organised a webinar to explain the rules and requirements, and what steps businesses need to take to use the UKCA marking and the UKNI marking for Northern Ireland. The webinar will take place from 11.00 – 12.00 Monday 30th May and you can go to this page to register. The Dept of Public Expenditure and Reform has recently published “An Evaluation of the Impacts of Remote Working “. The publication evaluates the impacts of remote working to the Irish economy and society. It finds that overall, remote working is likely to have a positive impact on the Irish economy and society. You can download a copy of the publication from this page. For further technical information and updates please visit the Technical Hub on the Institute website.   

Welcome to this week’s Technical Roundup.  In developments this week, the European Financial Reporting Advisory Group have issued a feedback statement summarising the main comments received by them on its discussion paper- Accounting for Crypto-Assets (Liabilities) and the Financial Reporting Council are inviting stakeholders to attend a webinar to learn more about the work of the newly formed International Sustainability Standards Board (ISSB) and its first two proposed standards. Read more on these and other developments that may be of interest to members below. Financial Reporting The FRC Lab have published their first insight into current market issues. This publication explores questions about supply chain risks and reporting. The European Financial Reporting Advisory Group (EFRAG) have issued a feedback statement summarising the main comments received by them on its discussion paper- Accounting for Crypto-Assets (Liabilities). EFRAG have issued feedback statements in relation to its recent comment letters on IASB Exposure Drafts ED/2021/9- Non Current Liabilities with Covenants and ED/2021/10 Supplier Finance Arrangements. EFRAG have also issued an updated Endorsement Status Report as well as their April 2022 update. The IFRS Foundation have issued their April 2022 monthly news summary and IASB April 2022 update. Sustainability EFRAG has launched a public consultation on the Draft ESRS Exposure Drafts (EDs) developed by the EFRAG PTF-ESRS. The consultation period will run until 8 August 2022. The International Sustainability Standards Board (ISSB) held two live webinars at the end of April for all stakeholders on its proposed standards on general sustainability-related disclosures and climate-related disclosures, the recordings of which are available online. The FRC are also inviting stakeholders to attend a webinar to learn more about the work of the newly formed International Sustainability Standards Board (ISSB) and its first two proposed standards. Anti-Money Laundering and Sanctions On 4 May the European Commission President announced a sixth package of sanctions against Russia. The package is still to be agreed and details known to date are the sanctioning of high-ranking military officers and other individuals who committed war crimes, the exclusion from SWIFT of Sberbank and two other major banks, a ban on three Russian state-owned broadcasters from EU airwaves and a ban on Russian oil. This will be a complete import ban on all Russian oil, seaborne and pipeline, crude and refined. Further detailed information will when available be updated for members on the  Institute’s dedicated sanctions page. IFAC, together with the ICAEW, have released their latest instalment in its Anti-Money Laundering: The Basics educational series: Instalment Nine: Tools to Fight Back.  The publication is part of a 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. Instalment nine examines the tools professional accountants have at their disposal to address money laundering once it’s suspected. Other Areas of Interest The FCA are consulting on rules which will allow Authorised Fund Managers to create separate unit classes (side pockets) for retail investment funds affected by the invasion of Ukraine. It says that the Russian invasion of Ukraine has resulted in some investments becoming illiquid or untradeable. You can access the consultation document here and feedback on the  proposals should be given on the online response form by Monday, 16 May 2022. Last week we reported that the European Data Protection supervisor (EDPS) recently published his Annual Report 2021. This week the EPDS issued its monthly newsletter which includes information on the EPDS conference in June, a joint opinion on the extension of the EU Digital COVID Certificate Regulation and issuance of a reprimand to the European Border and Coast Guard Agency (Frontex) for moving to the cloud without proper data protection assessment. You can access the newsletter here. The Summer 2022 Legislation Programme has been published recently by Government Chief Whip Jack Chambers. Among the priority legislation is a Work -life balance bill the heads of which are in preparation. The Assisted Decision Making Capacity (Amendment) Bill, Right to Request Remote Work Bill and Central Bank (Individual Accountability Framework) Bill all of which heads have been approved, are also on the priority list. Others which may be of interest are the Cyber Security Bill and the Cybercrime Bill and ones which have been in previous programmes are referenced: the Co-operative Societies Bill, Limited Partnership Bill and Charities (Amendment) Bill. The Government has recently published the general scheme of the Charities (Amendment) Bill 2022. The Bill proposes to update existing charity law to improve the ability of the Charities Regulator to conduct its statutory functions and ensure greater public trust and confidence in the sector. It will also deal with other matters such as clarification on the general duties of trustees and strengthening the Regulator’s powers in relation to the protection of charitable organisations. You can read the press release from the Minister at the Dept of Rural and Community Development and download the general scheme of the Bill here. Charities Act (Northern Ireland) 2022: Chief Executive of the Charity Commission for Northern Ireland, Frances McCandless, gives a brief overview of the impact of the new Charities Act (Northern Ireland) 2022 in the first of a series of vlogs (opens in YouTube): https://youtu.be/IXvok54YJ3U  The Dept. of Enterprise Trade and Employment (DETE) has invited expressions of Interest for appointment as Ministerial Nominees to the Company Law Review Group. The CLRG is a statutory advisory expert body charged with advising the Minister for Enterprise, Trade and Employment on the review and development of company law in Ireland.  CLRG members have expertise and an interest in the development of company law, including practitioners (the legal profession and accountants). You can read details of the expressions of Interest here and the closing time and date is 3pm on Thursday, 19 May 2022. DETE has also published its monthly newsletter which is available here and includes details of the recently published Consumer Rights Bill 2022. The Government is in the process for the nomination of a person to be appointed as President of the High Court. The current President, the Hon Ms Justice Mary Irvine, is due to retire in July 2022. A non-statutory Advisory Committee will be established to assist with identifying eligible and qualified persons, including serving judges, for the post of President of the High Court. It will consider their suitability and make recommendations to the Minister for Justice on preferred candidates. The EU Commission has made a proposal for a new EU initiative, the Single Market Emergency Instrument (SMEI) to enable the EU to respond quickly to emergencies and crises (such as a public health crisis or a natural disaster) that threatens the functioning of the single market. It is holding a public consultation with a deadline of 11 May 2022 for responses. You can read more about the SMEI here. For further technical information and updates please visit the Technical Hub on the Institute website. 

In developments this week, Accountancy Europe has written a letter to the European Commission's Commissioner Mairead McGuinness on the development of purposeful and effective European sustainability reporting standards and IAASA has published its annual Profile of the Profession for 2021 which presents an overview of the Prescribed Accountancy Bodies’ members and students and includes statistics about regulatory and monitoring activities. Read more on these and other developments that may be of interest to members below. Financial Reporting EFRAG has published a Draft Letter on the IFRS Interpretation Committee's Tentative Agenda Decisions in the final phase of implementing IFRS 17 Insurance Contracts and seeks constituents' views on the letter. The IFRS Interpretations Committee have issued its April 2022 update which includes the details of its recent meeting on 20th April. The Financial Reporting Council (FRC) has published new research, in conjunction with the UK Anti-Slavery Commissioner and Lancaster University, which has identified significant shortcomings in the quality of companies’ modern slavery reporting. Auditing IFAC has published “Audit Fees Survey 2022: Understanding Audit and Non-Audit Service Fees, 2013-2020”. As part of its ongoing consultation in relation to the proposed amendments to ISA (UK) 600, the FRC has invited stakeholders to its upcoming webinar on 4th May and virtual roundtables on 11th and 12th May The FRC has made changes to its Publication Policies for the Audit Enforcement Procedure (AEP) and the Accountancy and Actuarial Schemes (the Schemes). Sustainability Accountancy Europe has written a letter to the European Commission's Commissioner Mairead McGuinness on the development of purposeful and effective European sustainability reporting standards. Anti-Money Laundering and Sanctions FATF has recently published its first report on the state of effectiveness and compliance with the FATF standards. It gives a comprehensive overview of the state of global efforts to tackle money laundering, terrorist and proliferation financing. It states that the non-financial sector, including accountants generally have a poor understanding of risks from money laundering and terrorist financing and struggle to mitigate them. There are also some harsh conclusions on systems to monitor and enforce transparency in beneficial ownership. Fscom, a UK compliance firm, has recently published a handbook entitled “AML in Crypto Handbook“ which is a short introduction to Anti-Money Laundering in the context of cryptoassets. Their aim is to provide a beginner’s insight to cryptoassets from the point of view of an AML professional. The handbook is free to download from their website. The UK Financial Conduct Authority (FCA) recently conducted a review of financial crime controls in “challenger“  banks. Broadly speaking such banks are a sub-sector of retail banks which aim to reduce the market concentration of traditional high street banks through the use of technology and more up-to-date IT systems and some of them are online-only banks. The review found there is a need to improve how such banks  assess financial crime risk. Some are failing to adequately check their customers’ income and occupation, and, in some instances, challenger banks did not have financial crime risk assessments in place for their customers. You can read the press release here and the finding of the multi firm review here. The House of Commons library has recently published a research briefing entitled “Sanctions against Russia”. In it the briefing deals with the UK Sanctions regime prior to 2022, what prompted fresh sanctions, what sanctions the UK is imposing, co -ordinating with allies and the imposition of secondary sanctions. Readers should go to the website of the Workplace Relations Commission to read about information for Ukrainian Nationals on employment rights in Ireland. There is information on the website on employment law rights in Ireland in the Ukrainian language and the Russian language. The European Banking Authority (EBA) recently published a statement addressed to both financial institutions and supervisors to ensure they make every effort to provide access for Ukrainian refugees to at least basic financial products and services. They also set out how AML/CFT guidelines should apply .You can read details of the statement here. Members are reminded that you can locate further detailed information on sanctions generally on the Institute’s dedicated sanctions page which is being regularly updated at the moment. Other Areas of Interest Minister Robert Troy announced on 28 April 2022 that the “interim period” introduced under the Companies (Miscellaneous Provisions) (Covid-19) Act 2020 (“2020 Act”) has been further extended to 31 December 2022. It had been due to expire on 30 April 2022. The 2020 Act among other provisions made it possible for company meetings, for example AGMs and EGMs, class meetings and scheme meetings to be held virtually. It also increased the period of company examinership to 150 days and increased the threshold at which a company is deemed unable to pay its debts to €50,000. The Minister said this is likely to be the final extension but also noted that work is ongoing to put virtual AGMs and general meetings on a permanent statutory footing. The European Data Protection supervisor (EDPS) recently published his Annual Report 2021 - you can read the press release here and the executive summary here. The report covers a huge amount including an overview of the EDPS’ supervisory activities such as the supervision of Europol and the European Public Prosecutor’s Office. In one of its news items on the annual report the EDPS refers to its’ work on international transfers of personal data; on COVID-19; on the Area of Freedom, Security and Justice; as well as the EDPS' legislative consultations and technology monitoring activities. Late last year the Central Bank gave notice of its intention to establish a Climate Risk and Sustainable Finance Forum. In recent days it has published a call for interest to the forum. You can read the press release here. The forum will be consultative and will meet twice a year, with the inaugural meeting taking place on 29 June 2022. It is looking for expressions of interest from the likes of financial sector representative bodies, financial sector participants (firms), experts on climate change. Selection criteria are set out in the call for interest and you can complete the expression of interest form here. The Central Bank Director General of Financial conduct recently addressed an Institute of Banking/Compliance Institute seminar on “The importance of effective governance, culture, and agility in a changing environment". She spoke about topics including the Central Bank’s strategic approach, standards and the enhanced Individual Accountability Framework, Structural changes in the Irish retail banking sector and Sustainable finance and the risks of greenwashing. You can read her remarks here. The Dept of Finance (DOF) this week launched Ireland’s first Women in Finance Charter. The Charter is open to all financial services firms operating in Ireland and signatories commit their organisations to improving the number of women in management and board level positions to achieve better gender balance and a more inclusive working environment. You can read the press release here and see the current list of signatories to the Charter. DOF has also recently published its Economic Insights – Spring 2022 which provides analysis and insights on topical economic issues and developments. You can download here. IAASA has published its annual Profile of the Profession for 2021 which presents an overview of the Prescribed Accountancy Bodies’ (PABs) members and students and includes statistics about regulatory and monitoring activities. The Charity Commission for Northern Ireland has issued some useful information on the Charities Act (Northern Ireland) 2022. Readers may be interested in the recent publication of the Consumer Rights Bill 2022. This new draft legislation will bring about a number of positive changes for consumers and for the first time, consumer protections will be extended to digital goods and services so that consumers are protected when they use cloud services or buy downloadable or streamed goods and services, including games, films, music and software. The Competition and Consumer Protection Commission has welcomed the publication of the bill and you can read more about it on their website here where you will also find a link to the draft legislation. National Standards Authority of Ireland is Ireland’s official standards body under the auspices of DETE. It recently launched its new strategy for 2022-2026 – Innovating to Shape a Safer, Better, and Sustainable Future. The strategy is stated to give priority to Climate Action and Sustainability; to Digital Transformation; to Construction, with a particular focus on housing; and to Medical Technology. You can download the strategic plan here . In other FCA news, the CEO recently delivered a speech on the critical issues in financial regulation: The FCA's perspective. He mentioned issues such as the war in Ukraine, economic, social and governance (ESG) reforms, diversity and inclusion, accountability and performance and innovation and crypto. You can read the speech here. For further technical information and updates please visit the Technical Hub on the Institute website. 

Welcome to this week’s Technical Roundup.  In developments this week, the European Financial Reporting Advisory Group (EFRAG) have released a feedback statement on its draft comment letter to the IASB Exposure Draft ED/2021/7 Subsidiaries without Public Accountability and the Financial Reporting Council is calling on asset managers, pension funds, sell-side analysts, ratings agencies, proxy advisors and sovereign wealth funds to be representatives of the investor community for a new Investor Advisory Group. Read more on these and other developments that may be of interest to members below. Financial Reporting The IASB has issued a podcast on the developments of the IFRS Interpretations Committee during the first quarter of 2022. The European Financial Reporting Advisory Group (EFRAG) have released a feedback statement on its draft comment letter to the IASB Exposure Draft ED/2021/7 Subsidiaries without Public Accountability. EFRAG has published a Draft Letter on the IFRS Interpretation Committee’s Tentative Agenda Decisions in the final phase of implementing IFRS 17 Insurance Contracts and is seeking constituents' views on the letter. Comments are requested by 17 May 2022. The Financial Reporting Council (FRC) is calling on asset managers, pension funds, sell-side analysts, ratings agencies, proxy advisors and sovereign wealth funds to be representatives of the investor community for a new Investor Advisory Group (IAG). Auditing The Financial Reporting Council (FRC) has published a new Audit Firm Governance Code for the Big Four audit firms and firms that audit FTSE-350 companies and significant numbers of public interest entities (PIEs).  Sustainability On 28 April 2022, the International Sustainability Standards Board (ISSB) is offering a live webinar on its proposed standards on general sustainability-related disclosures and climate-related disclosures. Other Areas of Interest The UK’s Prudential Regulatory Authority has published its 2022/3 Business Plan. For further technical information and updates please visit the Technical Hub on the Institute website.   

Welcome to this week’s Technical Roundup. In developments this week, the International Sustainability Standards Board is holding two live webinars on 28 April for all stakeholders on its proposed standards on general sustainability-related disclosures and climate-related disclosures and the Financial Reporting Council are consulting on revisions to ISA (UK) 600 Special Considerations - Audits of Group Financial Statements with comments due by 8 July. Read more on these and other developments that may be of interest to members below. Financial Reporting In the Institute’s recent article “Financial Reporting implications of the war in Ukraine under FRS 102”, we look at some areas of consideration for preparers who have been impacted by the economic effects of the war. The International Sustainability Standards Board (ISSB) is holding two live webinars on 28 April for all stakeholders on its proposed standards on general sustainability-related disclosures and climate-related disclosures. HM Treasury are committed to producing an annual best practice report, taking examples from departmental annual report and accounts, with the intention of highlighting recognised best practice for account preparers to access when planning their annual reporting for subsequent years. It has recently released its latest report “Best practice examples from 2020-21”. Auditing The FRC are consulting on revisions to ISA (UK) 600 Special Considerations - Audits of Group Financial Statements. Comments are due by 8 July. A new Audit Firm Governance Code was published by the Financial Reporting Council (FRC) on Thursday 13 April. It applies to firms regulated by the FRC and that audit FTSE-350 companies and significant numbers of public interest entities (PIEs). The code applies in addition to requirements of the International Standards of Quality Management which apply to audit firms of all sizes. Read more here: https://www.frc.org.uk/news/april-2022-(1)/new-audit-firm-governance-code-published Sustainability On 28 April 2022, the International Sustainability Standards Board (ISSB) is offering a live webinar on its proposed standards on general sustainability-related disclosures and climate-related disclosures. Sanctions On 8 April 2022 the EU adopted a fifth package of sanctions. You can read details in the European commission press release here. The Irish Central Bank has a dedicated page relating to Russia/Ukraine Regulations where it publishes up to date information. Its page also contains information on the European Commission’s resources relating to the sanctions adopted, including helpful FAQs. Its most recent update relates to changes to the Russia/Ukraine Regulations as of 8 April 2022. The Central Bank writes this week that additionally, it has updated the information on its website relating to financial sanctions more generally. These updates relate to Sanctions Reporting, including a new Sanctions Return Form to be used when reporting information regarding frozen assets to the Central Bank and Derogations, including a new Sanctions Derogation Application Form to be used when applying for a derogation from a sanctions measure. Members are reminded once again that you can locate further detailed information on the  Institute’s dedicated sanctions page which is being regularly updated at the moment. Other Areas of Interest The Irish Pension Authority recently gave details on its website of the launch of 2022 EU-wide stress test of occupational pension schemes The Irish government has recently published a new trade strategy for Ireland. The strategy outlines seven top actions, for example establishing an expert group on global value chains and supply chains to identify global supply chain opportunities and threats. Also, launching a Government of Ireland communications campaign to highlight the benefits of international trade and investment to a broader Irish domestic audience. You can read more about the strategy here.  Enterprise Ireland recently reported that it invested more than €28 million in Irish start-ups and supported over 125 start-up companies last year. Investment was provided to Irish companies and entrepreneurs in the form of equity through Competitive Start Fund (CSF) and High Potential Start-Up (HPSU) funding programmes by the Department of Enterprise, Trade and Employment, through Enterprise Ireland. You can read more details and comment from the Taoiseach and others here. For further technical information and updates please visit the Technical Hub on the Institute website.   

The FRC has published the Exposure Draft of Proposed ISA (UK) 600 Special Considerations -Audits of Group Financial Statements (Including the Work of Component Auditors). The revisions build upon the recently revised international version of the standard, with an enhanced focus on the risk of material misstatement at the financial statement level and the need for robust communication between group and component auditors. The proposed standard is available here.  The conforming and consequential amendments is available here.  The invitation to comment and impact assessment is available here.  The deadline for comments is 8 July 2022.

Welcome to this week’s Technical Roundup.  In developments this week, IAASA has launched an information series on ‘What IAASA does’ to promote awareness and understanding of its role. Each instalment will focus on a key function that it performs under the Companies Act 2014 and the Central Bank recently published its Research Bulletin 2021 which provides an overview of economic research conducted by staff in the past year 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 update on the progress of its periodic review of UK and Ireland accounting standards as at April 2022. Auditing IAASA has launched an information series on ‘What IAASA does’. This series is intended to promote awareness and understanding of its role. Each instalment will focus on a key function that IAASA performs under the Companies Act 2014. It will include a short explainer video along with factsheets and a set of useful links to access other relevant information. The first instalment focuses on the auditing standard setting function. The Financial Reporting Council (FRC) has published its 3-Year Plan which sets out the FRC’s progress towards establishing the new Audit, Reporting and Governance Authority (ARGA).  The FRC’s 3-Year Plan follows the government’s 2021 consultation ‘Restoring Trust in Audit and Corporate Governance’, which moved the FRC closer to its aim of becoming ARGA.  The International Auditing and Assurance Standards Board (IAASB) has released International Standard on Auditing (ISA) 600 (Revised). The revised standard addresses special considerations that apply to audits of group financial statements (group audits). Group audits are often more complex and challenging than single-entity audits because a group may have many entities or business units across multiple jurisdictions, and component auditors may be involved. The revised standard becomes effective for audits of group financial statements for periods beginning on or after December 15, 2023. Accounting The Financial Reporting Council (FRC) has issued an update on the progress of its periodic review of UK and Ireland accounting standards as at April 2022. To support the review, the FRC will be holding a series of roundtables so that stakeholders can have their say on specific topics. The International Accounting Standards Board (IASB) has released a podcast featuring IASB Chair Andreas Barckow and Executive Technical Director Nili Shah discussing deliberations at the March 2022 Meeting. The European Financial Reporting Advisory Group (EFRAG) have issued their Due Process Procedures for Sustainability Standard Setting. EFRAG have reported on three key achievements for sustainability reporting to be completed by the end of April 2022. The organisation of its Sustainability reporting pillar; The finalisation of a first set of exposure drafts; and The launch of the public consultation on the exposure drafts. EFRAG have also issued their March 2022 update. The IFRS Foundation have issued their March 2022 monthly news summary and also their 2021 annual report. The UK Endorsement Board (UKEB) has published its Final Comment Letter and feedback statement on the IASB’s Exposure Draft: Supplier Finance Arrangements (Proposed Amendments to IAS 7 and IFRS 7). Anti-Money laundering, Economic Crime, Cyber security The Economic Crime (Anti-Money Laundering) Levy Regulations 2022 came into force in the UK on 1st April 2022. The levy is intended to fund government action and initiatives to tackle money laundering. The amount is charged on persons carrying on business under money laundering legislation and is to be based on UK revenue depending on whether the entity is considered “medium”,” large” or “very large” as defined in the Finance Act 2022. On 5 April, the European Commission president announced a fifth package of sanctions against Russia to sustain utmost pressure on Putin and the Russian government in respect of the war in Ukraine. To date the fifth round has failed to be approved by the EU, there seems to be division over the coal ban. Further detailed information will when available be updated for members on the  Institute’s dedicated sanctions page. The UK House of Commons Treasury Committee has published its Economic Crime Report for 2021-2022. The report makes a number of recommendations including making economic crime a priority for law enforcement, that the payment systems regulator be given the powers to make it mandatory for payment service providers to reimburse victims of authorised push payment fraud and that consumer protection regulation be introduced for the cryptoasset industry. Other Areas of Interest The Central Bank recently published its Research Bulletin 2021. It provides an overview of economic research conducted by Central Bank of Ireland staff in the past year. It contains details of economic letters, financial stability notes, technical research papers and the Central Bank’s Behind the Data series which takes a closer look at emerging financial and economic trends in statistics collected by the Central Bank. The Central Bank has recently issued its most recent credit union news pamphlet. It documents recent news items in relation to credit unions including regulatory developments, Financial Conditions of Credit Unions and Review of Credit Union Exempt Services as well as referencing climate change with this requiring action from all participants in the financial sector including credit unions. The Central Bank recently issued its Quarterly Bulletin No.2 of 2022. Items in the bulletin include recent developments in the economy, labour market developments, assessing implications of the war in Ukraine on the economy, the public finances and fiscal outlook 2022-2024. The Dept of Enterprise Trade & Employment has issued its April Enterprise newsletter details of which can be found here. It contains information on topical items from the department including for example the Sick Leave bill and the call for views/submissions from stakeholders by Friday, 13 May 2022 on the European Commission’s public consultation on the harmonised rules on fair access to and use of data (Data Act). The Financial Conduct Authority in the UK recently launched a three-year strategy to improve outcomes for consumers and in markets throughout the UK. The three-year strategy prioritises resources to prevent serious harm, set higher standards and promote competition. You can read more about the strategy here. For further technical information and updates please visit the Technical Hub on the Institute website.   

Welcome to this week’s Technical Roundup.  In developments this week, a new piece of legislation, The Charities Act (Northern Ireland) 2022, is about to come into force, bringing with it a number of changes to charity regulation. The Charity Commission for Northern Ireland has published extensive information on the new Act and the impact it will have on charities and their legal duties and the International Forum of Independent Audit Regulators has published its tenth annual survey of inspection findings arising from its member regulators’ individual inspections of audit firms. 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 updated its Endorsement Status Report following amendments to IAS 12 - Income Taxes. EFRAG has published its comment letters in response to the IASB's Exposure Drafts ED/2021/9 Non-Current Liabilities with Covenants and ED/2021/10 Supplier Finance Arrangements. IFRIC, the IFRS Interpretations Committee, have issued their March 2022 update which summarises the decisions reached by the Committee during its meetings on 15th and 16th March. IFRIC has also issued an Addendum to the February 2022 update. The IASB have issued its March 2022 update and its March 2022 IFRS for SMEs update. The IFRS Foundation and Global Reporting Initiative (GRI) have announced a collaboration agreement under which their respective standard-setting boards, the International Sustainability Standards Board (ISSB) and the Global Sustainability Standards Board (GSSB), will seek to coordinate their work programmes and standard-setting activities. Auditing The International Forum of Independent Audit Regulators (IFIAR) has published its tenth annual survey of inspection findings arising from its member regulators’ individual inspections of audit firms. IFIAR’s 2021 survey of inspection findings is available here. 52 IFIAR members contributed to the survey and reported findings affiliated with the six largest global audit firm networks: BDO, Deloitte, EY, Grant Thornton, KPMG and PricewaterhouseCoopers. The inspection results included in the 2021 survey are predominantly for inspections of audits that concluded prior to the advent of the pandemic. The Financial Reporting Council (FRC) has published the latest list of companies whose reports and accounts have been reviewed by its Corporate Reporting Review function. The list can be viewed here.  The European Securities and Markets Authority (ESMA) has published its report “2021 Corporate reporting enforcement and regulatory activities”. ESMA’s Report aims to assist companies, Audit Committees and their auditors to further improve future financial and non-financial reports, by assessing how companies comply with International Financial Reporting Standards (IFRS) and non-financial reporting obligations and adhere to ESMA’s recommendations. The Report, with the objective of protecting investors, provides an overview of the activities carried out by ESMA and EU national enforcers on financial and non-financial information. The majority of the enforcement actions concerned disclosures to be corrected in the future financial statements. The Charities Act (Northern Ireland) 2022: A new piece of legislation, The Charities Act (Northern Ireland) 2022, is about to come into force, bringing with it a number of changes to charity regulation. The Charity Commission for Northern Ireland has published extensive information on the new Act and the impact it will have on charities and their legal duties here. Sustainability This week the Irish Government published the Circular Economy bill heralded as a “landmark Bill that will introduce world-leading moves to reduce waste and influence behaviour”. You can read the press release here. The Bill adopts reduce, reuse, recycle principles. It will also empower detection and prevention of unsightly and illegal dumping. Under the proposed legislation it is also proposed to phase out a range of single-use disposable products. Disposable coffee cups will be banned for sit- in customers and there will be a levy on disposable cups. You can read the text of the Bill here. Consultation on International Sustainability Standards On 31 March, the International Sustainability Standards Board (ISSB) launched a consultation on its first two proposed standards which stakeholders can respond to: IFRS S1 General Requirements for Disclosure of Sustainability-related Financial Information; and IFRS S2 Climate-related Disclosures The creation of the ISSB was announced on 3 November 2021 at COP26 following the increased desire from stakeholders for high quality, transparent, reliable and comparable reporting by companies on climate and other environmental, social and governance matters. The proposed standards set out requirements for the disclosure of material information about a company’s significant sustainability-related risks and opportunities that is necessary for investors to assess a company’s enterprise value. IFRS Sustainability Disclosure Standards are intended to provide a global baseline and to be compatible with jurisdiction-specific requirements, including those intended to meet broader stakeholder information needs. The ISSB are inviting comments to the consultations by 29 July 2022. Anti-Money laundering, Economic Crime, Cyber security The UK Financial Services Authority recently issued a reminder to all regulated firms of their existing obligations when they are interacting with or exposed to cryptoassets and related services. They set out on their page some areas of risk that firms need to consider and also remind readers of the latest guidance on how firms should manage financial crime risks associated with cryptoassets in the ongoing Russia/Ukraine conflict.   The European Commission recently proposed new rules to establish common cybersecurity and information security measures across the EU institutions, bodies, offices and agencies. The press release describes the proposed Cybersecurity Regulation and key elements of the proposal. The European Banking Authority recently published the findings from its assessment of competent authorities’ approaches to the anti-money laundering and countering the financing of terrorism (AML/CFT) supervision of banks. It found that anti-money laundering and countering the financing of terrorism supervision is improving but not always effective yet. You can read the press release and conclusions here. The Central Bank has drawn the reader’s attention to the dedicated webpage the European Commission has set up, entitled Sanctions adopted following Russia’s military aggression against Ukraine, which contains information on the various sanctions adopted, including Frequently Asked Questions. The page is regularly updated, and the Central Bank encourages natural and legal persons to regularly visit this page for the latest information, in particular before contacting the Central Bank with queries relating to sanctions adopted in this regard. Readers are also again reminded that information on financial sanctions imposed on Russia and Belarus in response to the crisis in Ukraine can be found on the Institute’s dedicated sanctions page. The page is currently being updated regularly. In their latest instalment of Anti-Money Laundering Thought Leadership series, IFAC and the ICAEW examine recent crime trends. The UK National Crime Agency (NCA) in a recent tweet reminds readers of the danger of payment diversion fraud, what it is and how to stop it. Please click here for more information. This week is fraud awareness week in Ireland and the Garda National Economic Crime Bureau has warned that email scams are becoming ever-more sophisticated. Recent figures showing that almost €6m was stolen from Irish-based companies via fraudulent emails last year. This week also the NCA draws attention to and urges the public not to buy in to modern slavery. There is a link to a webpage on ethical consumer choices where you can read more about this. The Irish Minister for Justice recently published the Justice Plan 2022. The Plan will continue the implementation of the recommendations of the Hamilton Review to tackle white collar crime and corruption .Under goal 1 it is proposed to progress a number of actions to combat money laundering. It states that among Q4 objectives are to implement EU anti-money laundering measures to facilitate the use of financial and bank account information to prevent and combat serious crime more effectively, to strengthen regulatory enforcement capability of the Anti-Money Laundering Compliance Unit (AMLCU) and to support compliance with anti-money laundering legislation through the issuing of a set of written guidelines. Other Areas of Interest The Financial Services and Pensions Ombudsman recently published its Overview of Complaints 2021. In her message the Ombudsman referred to investment fraud and cryptocurrency and urged consumers to know the risks. It was noted that banking complaints represent 57% of all complaints received in 2021. Also, among the complaints documented the report provides a number of case studies and their outcome on cryptocurrency.  It is expected that the Consumer Protection (Regulation of Retail Credit and Credit Servicing Firms) Bill 2021 will be passed into law this year. The Central Bank has recently given Notice of Intention to extend its Retail Credit Firm and Credit Servicing Firm authorisation regimes. This is because following commencement of the legislation, authorisation requirements will be extended to certain entities. For example, entities providing credit through hire purchase agreements; also, certain firms will require authorisation as credit servicing firm. You can read the text of the Notice of Intention here. The Central Bank Governor and various Central Bank directors are appearing before the Committee on Finance, Public Expenditure and Reform, and Taoiseach this week. You can click on the Central Bank website to read the opening statements of each of the Governor and the Director, Financial Regulation - Policy & Risk. The European Securities and Markets Authority (ESMA) has proposed targeted amendments to some of its Regulatory Technical Standards (RTS 1 and RTS 2) which specify the Markets in Financial Instruments Regulation (MiFIR) transparency requirements for equity and non-equity respectively. OECD has recently adopted a recommendation for the good design of defined contribution pension plans. It is intended to assist governments in designing both occupational and personal pension plans where retirement income depends on contributions paid, investment returns, and the way assets are paid out over retirement (defined contribution pension plans). For further technical information and updates please visit the Technical Hub on the Institute website.   

Welcome to this week’s Technical Roundup.  Andreas Barckow, Chair of the International Accounting Standards Board, delivered a keynote speech at the International Corporate Governance Network’s (ICGN) Global Sustainability Standards: Convergence and the Future event on 16 March 2022. He discussed what the IASB already has in place on accounting for sustainability-related matters in the financial statements and where the IASB may go in the future and the Irish Pensions Authority recently published its summary of regulatory activity for 2021 which is available on its website. 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 seeking input from stakeholders on its academic study on the effects of IFRS 15 Revenue from Contracts with Customers. The study will be important for EFRAG's work related to the IASB's Post-implementation Review of IFRS 15. Stakeholders wishing to contribute can complete this online survey. Andreas Barckow, Chair of the International Accounting Standards Board, delivered a keynote speech at the International Corporate Governance Network’s (ICGN) Global Sustainability Standards: Convergence and the Future event on 16 March 2022. He discussed what the IASB already has in place on accounting for sustainability-related matters in the financial statements and where the IASB may go in the future. The IFRS Foundation has announced its annual IFRS Foundation conference, which is to be held on 23–24 June 2022. The conference will include discussions and speeches on both, IASB and ISSB developments. It will be held in a hybrid format. Auditing The International Ethics Standards Board for Accountants (IESBA) released for public comment the Exposure Draft Proposed Revisions to the Code Relating to the Definition of Engagement Team and Group Audits. The proposed revisions establish provisions that comprehensively address independence considerations for firms and individuals involved in an engagement to perform an audit of group financial statements. The proposals also address the independence implications of the change in the definition of an engagement team―a concept central to an audit of financial statements―in the International Auditing and Assurance Standards Board’s (IAASB) International Standard on Auditing (ISA) 220, Quality Management for an Audit of Financial Statements. Comments are requested by May 31, 2022. Sustainability The Securities & Exchange Commission (SEC) has issued a proposed rule, 'The Enhancement and Standardization of Climate-Related Disclosures for Investors'. The proposal would require “registrants to include certain climate-related disclosures in their registration statements and periodic reports, including information about climate-related risks that are reasonably likely to have a material impact on their business, results of operations, or financial condition, and certain climate-related financial statement metrics in a note to their audited financial statements.” Anti-Money Laundering, Economic Crime The ECON and LIBE Committees of the European Parliament recently held a public hearing on the new anti-money laundering package, which encompasses different legislative proposals presented by the Commission on 20 July 2021 External experts were invited to this public hearing, including the President of the Financial Action Task Force, the Heads of the French and Latvian FIUs, and representatives from Refinitiv, the Council of Bars and Law Societies in Europe and Transparency International. They highlighted the outstanding elements of the package from their perspective, before engaging in a question-and-answer sessions with the members. You can click here to go to the press release and to watch a recording of the hearing and please see here for a draft program and related material. FATF has this week issued its report on Money Laundering and Terrorist Financing risks arising from migrant smuggling. It analyses the money laundering and terrorist financing risks associated with migrant smuggling and identifies the most common methods to transfer and launder the proceeds of migrant smuggling. You can read more about the report here and download the report here. Readers are reminded that information on financial sanctions imposed on Russia and Belarus in response to the crisis in Ukraine can be found on the Institute’s dedicated sanctions page .The page is currently being updated regularly. UK financial regulatory authorities issued a joint statement on sanctions and the cryptoasset sector on 11 March 2022 reiterating that all UK financial services firms, including the cryptoasset sector, are expected to play their part in ensuring that sanctions are complied with. You can read details of the joint statement on the Financial Conduct Authority website. UK Parliament has recently passed the Economic Crime (Transparency and Enforcement) Act 2022. Its long title describes it as a Bill to set up a register of overseas entities and their beneficial owners and require overseas entities who own land to register in certain circumstances; to make provision about unexplained wealth orders; and to make provision about sanctions. You can access the details of the legislation here. In relation to suspicious activity reporting, a new SAR Glossary Code has been launched relating to suspicious activity consistent with money laundering and linked to entities sanctioned by the UK, US, EU and other overseas jurisdictions. Details and the code (XXSNEXX) can be found in the recent  note available on the National Crime Agency website. Central Bank of Ireland The Central Bank has issued its 2021 Innovation Hub update. It shares detail on the nature of enquiries and trends observed via the Innovation Hub. The Innovation Hub helps the Central Bank of Ireland to stay open and engaged with stakeholders and it was noted that continued growth in enquiry numbers was seen in 2021. The Central Bank recently issued a fresh warning on the risks of investing in crypto assets, as part of a European-wide campaign by the European Supervisory Authorities .It emphasised that crypto assets are highly risky and speculative, and may not be suitable for retail customers. Click here for the press release and here for a plain English explainer for consumers on cryptocurrencies. The Central Bank in partnership with the Economic and Social Research Institute and the European Investment Bank, recently hosted an event, “Business Finance & Investment: Recovering from the Pandemic, Preparing for Future Challenges.” You can read the press release and get links to further information here. The event featured four presentations – “Corporate investment in the wake of Covid-19 – perspectives from the EIB Investment Survey” – Deborah Revoltella, EIB Group; “SME Investment Trends in Ireland: Covid-19 and the Barriers” – Conor O’Toole, ESRI; “The Department of Finance SME Credit Demand Survey: Some Insights Ten Years On” – Leona Cantillon, Department of Finance; “Credit supply and demand in the pandemic recovery” – Niall McGeever, Central Bank of Ireland. Click here for the opening remarks by the Central Bank governor and here for closing remarks by deputy Central Bank governor. Other Areas of Interest The Pensions Authority recently published its summary of regulatory activity for 2021. The summary is available on its website which you can read here. Also from the Pensions Authority, it recently published a link to the International Organisation of Pension Supervisors' (IOPS) set of good practices for designing presenting and supervising pension projections. The information can be found on the IOPS website. The Tánaiste spoke at a webinar this week held by the Institute of International and European Affairs on the future of Ireland’s industrial policy. He referred to Government approval to develop a new White Paper on Enterprise Policy which will be published later this year, setting out a vision for Ireland’s enterprise policy to 2030 and beyond. He also spoke about climate, digital transition, supporting companies to innovate and scale and investing in people. You can read the full content of the speech here. IFAC have released the second episode of their podcast series entitled “The Fast Future”. This podcast discusses some pressing issues that small to medium practitioners worldwide are faced with and focuses on pricing models used by practitioners. For further technical information and updates please visit the Technical Hub on the Institute website.   

Welcome to this week’s Technical Roundup. In developments this week, the European Financial Reporting Advisory Group has published its feedback statement on their draft comment letter relating to the IASB's Exposure Draft 2021/3 Disclosure Requirements in IFRS Standards – A Pilot Approach (the 'ED') and Accountancy Europe has issued an overview of the responses from its members following the invasion of Ukraine. Read more on these and other developments that may be of interest to members below. Financial Reporting The European Financial Reporting Advisory Group (EFRAG) have published its updated Endorsement Status Report. This follows the endorsement of amendments to IAS 1 and IAS 8. The amendments are effective for periods commencing on or after 1 January 2023. EFRAG has published the next set of Project Task Force European Sustainability Reporting Standards Cluster Working Papers. These papers are not subject to public consultation and have been published to inform stakeholders in transparent manner about the progress on the preparation of draft EU Sustainability reporting standards. EFRAG has published its feedback statement on their draft comment letter relating to the IASB's Exposure Draft 2021/3 Disclosure Requirements in IFRS Standards – A Pilot Approach (the 'ED') and explains how EFRAG considered this feedback in developing its Final Comment Letter. Accountancy Europe has issued an overview of the responses from its members following the invasion of Ukraine. The IASB has issued its February 2022 podcast. The UK Endorsement Board (UKEB) is undertaking a research project to analyse the impact of potential changes to the subsequent measurement of goodwill under IFRS. The project is intended to provide UK-specific information to the IASB during its re-deliberations on its Discussion Paper Business Combinations: Disclosures, Goodwill and Impairment. Willing participants in this project can find more information on this here. The UKEB have published its final comment letter in relation to the IASB’s Exposure Draft- Subsidiaries without Public Accountability : Disclosures. Auditing FRC encouraged by investors embracing the spirit of the UK Stewardship Code The FRC has today published an updated list of signatories to the UK Stewardship Code. This now includes successful applicants who submitted their report at the end of October 2021. The FRC received 105 applications which was substantially more than expected, of which 74 were successful. This takes the number of signatories to 199[1], including asset managers with £33 trillion in global assets under management. It is a positive sign that so many investors and service providers want to demonstrate their commitment to effective stewardship. Sustainability The International Forum of Accounting Standard Setters (IFASS) held its spring meeting on 8 March as a virtual conference. Other Areas of Interest The Director General of financial conduct of the Central Bank spoke recently at the UCD Sutherland School of Law on ‘Changing individual behaviour and culture in financial services”. The topics she touched on included accountability and she spoke about the Individual Accountability Framework (IAF) and what its core components should consist of .She said that when the IAF legislation is enacted the Central Bank will  consult and engage with key stakeholders on the operationalisation of the IAF. This consultation will, she said, include draft regulations and accompanying guidance .You can read the news article containing her speech here. In other news the Central Bank has recently issued its latest Corporate Social Responsibility Annual Report highlighting its efforts to give back to the community and be a good corporate citizen. You can watch the video by following the link on this page and you can  read the full report giving details of its many CSR initiatives here . The Pensions Authority has recently published its Statement of Strategy 2022 – 2024. The Pensions Regulator said the Authority’s most important role is the supervision of scheme trustees and PRSAs. Due to the transposition of the IORP II directive the obligations on scheme trustees are much more demanding and complex and the Authority’s work has become more challenging and extensive with expectation that the Authority must provide much more information and guidance than in the past in addition to supervisory responsibilities. You can read the press release here and the Statement of Strategy here. In other Pension Authority news, The Irish Regulator recently made a presentation to Society of Actuaries in Ireland on Defined benefit risk management. He said that the content is particularly suitable for pension scheme trustees. A transcript of the presentation has now been made available on the website and you can access it here. A summary of the outcomes of the recently held FATF Plenary, can be accessed here. It includes tougher global rules to tackle anonymous shell companies with an agreement to revise FATF Recommendation 24 and its Interpretive Note, which require countries to ensure that competent authorities have access to adequate, accurate and up-to-date information on the true owners of companies. The public statement on the revision to R24 can be found here . The Charities Regulator recently published its latest e zine news magazine, the first of 2022. It contains information on the proposed Charity Classification standard, the New FAQs from the Charity Services Unit and advice on how the reader can support Ukraine. In other news from the Charities Regulator, it is hosting a lunchtime Information session about its proposed Charity Classification standard. The webinar with have a Q&A session and will be on Monday the 14th of March at 12.30pm.You can click here to get the link to register. Two new codes of practice developed by the Irish Human Rights and Equality Commission have been launched recently. The codes are legally admissible in evidence in proceedings before the courts, the WRC and the Labour Court. The Code of Practice on Equal Pay provides employers, trade unions and employees with practical guidance on the right to equal pay, how to eliminate pay inequality, and how to resolve pay disputes. The Code of practice on Sexual Harassment and Harassment at Work sets out what is meant by employment-related sexual harassment and harassment, how it can be prevented; and the necessary steps to ensure that organisations are ready to deal with it, and to prevent it from happening again. You can read more about and follow the links to find both codes  on the IHREC website. The Registrar of Credit Unions, spoke recently at Credit Union Development Association 2022 Annual Conference. His remarks focused on financial resilience and critical areas of focus to strengthen resilience, growth in new areas of lending, assessment of the quality of credit union risk management and review of the credit union policy framework and regulatory focus going forward. For further technical information and updates please visit the Technical Hub on the Institute website. 

Welcome to this week’s Technical Roundup.  In developments this week, the Financial Action Task Force is holding a plenary session of meetings this 1-4 March 2022. Key issues include revisions to the FATF Recommendations to strengthen transparency of beneficial ownership information and the Financial Reporting Council has issued a consultation on proposed changes to its statutory Guidance to the Recognised Supervisory Bodies (RSBs) on the recognition of Key Audit Partners for local audit. Read more on these and other developments that may be of interest to members below. The latest Technical Representations issued by Chartered Accountants Ireland can be viewed here. Financial Reporting The European Financial Reporting Advisory Group (EFRAG) and The European Federation of Financial Analysist Societies (EFFAS) are hosting a webinar on Tuesday 29 March 2022 to discuss users’ directions for better information on intangibles. EFRAG has published its Final Comment Letter in response to the IASB's Exposure Draft ED/2021/7 Subsidiaries without Public Accountability: Disclosures. It has also made available its February 2022 update summarising public technical discussions held and decisions taken during the month. The UK Endorsement Board has also published its Final Comment Letter in response to the IASB's Exposure Draft ED/2021/7 Subsidiaries without Public Accountability: Disclosures. The UK Endorsement Board has released a recording of its February 2022 meeting. Accountancy Europe have released their 2021 Annual Report. The IASB has released its February 2022 update, meeting notes from its SME Implementations group January meeting and its February 2022 monthly news summary. The IFRS Foundation have signed a memoranda of understanding to establish the presence of the International Sustainability Standards Board (ISSB) in Frankfurt. Auditing The Financial Reporting Council (FRC) has issued a consultation on proposed changes to its statutory Guidance to the Recognised Supervisory Bodies (RSBs) on the recognition of Key Audit Partners for local audit. IAASA has published its 2021 quality assurance review report in respect of seven firms that perform statutory audits of public-interest entities in Ireland. Accounting Following their February 2022 meeting, the IASB work plan has been revised to see what changes have resulted from the meetings and other developments since it was last reviewed in January. Financial Sanctions, Anti-Money laundering and Economic Crime Chartered Accountants Ireland, Professional Standards department, together with the other members of CCAB Ireland have issued a joint statement to the profession following recent and ongoing developments in Ukraine. This guidance considers members’ obligations in relation to sanctions, ethical considerations and obligations under AML legislation. The UK government has recently brought forward the Economic Crime (Transparency and Enforcement) Bill in light of Russia’s invasion of Ukraine. The draft legislation proposes to establish a new Register of Overseas Entities which will require anonymous foreign owners of UK property to reveal their real identities. It also proposes reforms to the Unexplained Wealth Orders (UWO) regime including expanding the definition of an assets holder to ensure individuals cannot hide behind opaque shell companies and foundations. You can read more about the proposals on the UK government website and click the following link here to read a fact sheet on the Register of Overseas Entities. The legislative proposals are accompanied by a new white paper on corporate transparency and register reform .This provides further details of changes in the law that the government will pursue in a further Economic Crime Bill. The Financial Action Task Force (FATF) is holding a plenary session of meetings this 1-4 March 2022. Key issues include revisions to the FATF Recommendations to strengthen transparency of beneficial ownership information. Delegates will also deal with other matters such as finalising a report that focuses on the money laundering and terrorist financing risks arising from migrant smuggling. The Egmont Group which is an international network of Financial Intelligence Units recently announced the launch of its new website and that of Egmont Centre of Excellence and Leadership (ECOFEL) .You can read about new features of the websites here including a  Frequently Asked Questions page and an improved Resources section designed to optimize finding key EG documents. The managing director of the UK Payment Systems Regulator spoke recently at a Counter Fraud Conference on mitigating public sector fraud. He spoke about Authorised Push Payment (APP) Fraud and how to prevent it. He also referred to the PSR’s recent action on fraud, the next phase of PSR action and how the online safety bill, a first step into greater regulation of online content, will start to create responsibilities on the part of social media platforms for the content they host – including content from criminals. IFAC & ICAEW have released the 7th instalment of their Anti-Money Laundering, the basics series, entitled “Virtual Assets”. The UK Financial Conduct Authority (FCA) publicised recently how it is taking assertive action to tackle harm in the consumer investments market. You can read more about it in their press release here including details of the  ScamSmart campaign which encourages those considering investing to check its dedicated website. The site features an online tool, and the Warning List, which allows users to find out more about the risks associated with an investment and view a list of firms the FCA knows are operating without its authorisation.  Other Areas of Interest Following our news piece last week readers will know that certain Companies Registration Office forms are  mandatory online filings only from March 1st. The CRO has put some new 'how to' videos on its CRO YouTube page explaining how to file some of the CRO latest online forms. Please follow this link to find them - CRO - YouTube The Irish Charities Regulator (Regulator) has proposed a classification standard for regulated charities. It envisages that a charity would select primary and secondary classification categories into which it would fall, for example social community services or health .Details of the proposed classification standard can be found here. The Regulator suggests that benefits which might accrue from classification include for example facilitating the production of better statistics and information for study and comparison of charities. The Regulator has now opened a public consultation seeking feedback on the proposed standard from charities and the general public. It is open until 15 April 2022. You can find more details and participate here. Eurofi is a European think tank dedicated to financial services. Views and contributions are provided by key public and private sector decision-makers to issues and proposals of Eurofi. It recently held a three day event in Paris. You can find details of the programme and sessions here. It covered many diverse topics including sustainability and anti-money laundering.  The Irish Finance Minister and Eurogroup president Paschal Donohoe contributed to the session on how to improve Economic and Monetary Union. Other speakers included commissioner Mairead Mc Guinness and Derville Rowland of the Irish Central Bank. Eurofi  publishes a bi-annual Eurofi Magazine which is a large volume but some of the topics covered or contributors may be of interest to members and the February 2022 edition is available now. CCAB-I recently responded to a consultation held by the Department of Enterprise Trade & Employment on the operation and implementation of the Industrial and Provident Societies Acts 1893 – 2014. This is the legislation which currently regulates co-operative societies. While work on the legislation is ongoing and there have been two previous consultations in 2009 and 2016, the Department is finalising proposals for comprehensive, substantive and complex new legislation on co-operatives. The consultation was on certain aspects of the proposed new legislation for example on audit exemption and financial statements. CCAB-I response was somewhat limited due to time constraints and details of the consultation can be found here. Enterprise Ireland is running a six-part webinar series “Equity Matters”. The series will help Enterprise Ireland clients understand investor motivations, investment terms, share rights and how to develop long term strategies for managing equity. The webinars will include discussion on topics such as early-stage investors, the benefits and disadvantages of each investor type and investor type fit with long term funding strategy. Another one will discuss share transfers, decision making rights and restricted transactions. You can find out more details about the webinars and how to register by clicking this link. The Department of Enterprise Trade & Employment recently issued its Enterprise newsletter for March 2022.In it you will find information of interest such as the European Commission consultation on upgrading digital company law which closes 8 April and InterTradeIreland’s Venture Capital Conference 2022 which will be held on 14-15 March giving an insight into the Venture Capital Industry and current themes and trends .Click into the newsletter to register. For further technical information and updates please visit the Technical Hub on the Institute website.   

Welcome to this week’s Technical Roundup.  In developments this week, the Chartered Governance Institute UK & Ireland recently published a very useful summary of company law changes including some changes to the Companies Act 2014. The provisions of the Companies (Corporate Enforcement Authority) Act 2021 have not yet been commenced but that is expected very shortly and the Financial Reporting Council has issued the first in-depth assessment of the quality of reporting from private companies who have chosen to follow the Wates Principles. The report, which was conducted with the University of Essex, shows that the Wates Principles are the most widely adopted corporate governance code used by large private companies. Read more on these and other developments that may be of interest to members below. Financial Reporting The European Financial Reporting Advisory Group (EFRAG) invites users and preparers to complete either or both of its online questionnaires on Non-current Liabilities with Covenants and Supplier Finance Arrangements by 4 March 2022. EFRAG has issued a Feedback Statement on the post implementation review of IFRS 9 classification and measurement. This feedback statement summarises constituents' feedback on EFRAG's Draft Comment Letter and explains how EFRAG considered this feedback in developing its Final Comment Letter. The UK Endorsement Board (UKEB) has published its draft Due Process Handbook on the UKEB website. It sets out the due process the Board plans to apply to its activities, enabling it to uphold its guiding principles of accountability, independence, transparency and thought leadership when fulfilling its statutory functions. Auditing The International Auditing and Assurance Standards Board (IAASB) have released a First-time Implementation Guide for ISA 220, Quality Management for an Audit of Financial Statements. The guide will help stakeholders understand the standard and properly implement its requirements as intended. Insolvency The Companies Registration Office has confirmed that from 1 March 2022 certain forms which includes certain insolvency forms will be become mandatory online filings only. The list of forms for mandatory online filing are available here and it is noted that forms received by post after this date will be returned for online submission. Other Areas of Interest The Institute recently responded to Phase II of a consultation by the Decision Support Service (DSS). The DSS’s new statutory service will include the replacement of wardship for adults. As part of the new arrangements a circuit court can make an order appointing a suitable person to the role of decision-making representative (DMR) from a panel of experts. A DMR’s role is to make certain decisions on behalf of a person if they are unable to make those decisions themselves. As a DMR can be appointed to make decisions about property or money matters, accountants may be required to sit on this panel. In Phase II, the DSS consulted on a number of codes including the draft Code of Practice for Decision-Making Representatives. The Institute responded to the consultation, highlighting matters of potential concern to members who may be appointed a DMR including potential conflicts of interest issues and record keeping requirements. Companies are embracing the spirit of the Wates Principles.  The Financial Reporting Council has issued the first in-depth assessment of the quality of reporting from private companies who have chosen to follow the Wates Principles. The report, which was conducted with the University of Essex, shows that the Wates Principles are the most widely adopted corporate governance code used by large private companies. The Chartered Governance Institute UK & Ireland recently published a very useful summary of company law changes including some changes to the Companies Act 2014. The provisions of the Companies (Corporate Enforcement Authority) Act 2021 have not yet been commenced but that is expected very shortly .You can read the summary of changes by following the link here. Readers interested in crypto assets might be interested in a recent report of the Financial Stability Board (FSB) “Assessment of Risks to Financial Stability from Crypto-assets“. FSB is an international body that monitors and makes recommendations about the global financial system. The report provides the FSB’s view on recent developments in crypto-asset markets and their implications for global financial stability. You can also click here to hear an interview on Times Radio by FSB Secretary General Dietrich Domanski who explains the FSB's assessment of risks arising from crypto-assets. The Department for Digital, Culture, Media and Sport in the  UK has recently published its Cyber Security Sectoral Analysis 2022 Research report. The Cyber Security Sectoral Analysis project has helped to track the growth and performance of the UK’s cyber security sector since 2018.The report builds on previous reports and contains information about the UK cyber security sector, including the number of businesses, the sector’s contribution to the UK economy, the number of people employed and the products and services offered by these firms. The Central Bank Governor recently addressed the European Financial Forum speaking on Trends and Transitions: an Irish perspective on global and European regulation. He spoke on some familiar themes including  economic resilience, the green transition and  digital transition and also the changing financial system with large growth in the financial sector outside the traditional banking system and open economic and financial strategic autonomy with the aim of boosting the role of the European Union on the world stage. In other Central Bank activity, the Director of Financial Regulation spoke recently to the Compliance Institute about evolving financial regulation and how effective regulation supports economic activity. He also spoke about the individual accountability regime and consumer protection. On Thursday 24 February the Irish Commissioner for Data Protection launched the Irish Data Protection Commission’s Annual Report for 2021.You can read the press release here and details of the report here including figures for complaints ,queries and breach notifications and the inquiries and investigations carried out . Readers may be interested in the Low Pay Commission Consultation on the National Minimum Wage 2023.The Low Pay Commission makes recommendations to the Minister for Enterprise, Trade and Employment designed to set a minimum wage that is fair and sustainable. It is currently looking for views on the National Minimum Wage rate for 2023.The consultation is open from 23 February to 23 March 2022. Companies have been urged to take advantage of Local Enterprise Week across the country. Free online and physical events are being hosted by enterprise offices from 7 to 11 March supported by local authorities and Enterprise Ireland. Some of the topics include “Future Proofing Your Small Business”, “Internationalising Your Business”, “Going Green” and “Show Me the Money”. Click here for the press release and here for more information on the events and how to register. For further technical information and updates please visit the Technical Hub on the Institute website. 

Welcome to this week’s Technical Roundup.  In developments this week, the European Financial Reporting Advisory Group is requesting responses from banking analysists and investors to a questionnaire regarding the reporting for portfolio hedging of interest rate risk and the use of the EU carve-out from IAS 39 - Financial Instruments and the Financial Reporting Council has published a new FRC Staff Guidance, Auditor responsibilities under ISA (UK) 720, in respect of climate related reporting by companies required by the Financial Conduct Authority.  Read more on these and other developments that may be of interest to members below. Financial Reporting The FRC has published a consultation paper on proposed changes to the Actuarial Standard Technical Memorandum 1 (AS TM1) (and its Annex: Exposure Draft of version 5.0 of TM1) to reflect the new environment that will exist once pensions dashboards display Estimated Retirement Income illustrations. The FRC recently celebrated the ten-year anniversary of the Financial Reporting Lab (Lab). As the reporting landscape becomes more complex and interconnected, with sustainability and technology as key drivers, the need for market-led solutions is ever more important.  The FRC are hosting a hybrid event on Wednesday, 16th March to discuss what’s next for the Lab and the reporting challenges ahead. The European Financial Reporting Advisory Group (EFRAG) is requesting responses from banking analysists and investors to a questionnaire regarding the reporting for portfolio hedging of interest rate risk and the use of the EU carve-out from IAS 39- Financial Instruments. The IFRS Interpretations Committee (IFRIC) has issued its February 2022 update which includes details of items discussed at its latest meeting on 1 February 2022. Auditing The FRC has published a new FRC Staff Guidance, Auditor responsibilities under ISA (UK) 720, in respect of climate related reporting by companies required by the Financial Conduct Authority.  Insolvency The Institute recently hosted a webinar with David Swinburne and Sinead Mc Namara of FitzGerald Legal & Advisory LLP on the new Companies (Rescue Process for Small and Micro Companies) Act 2021 (SCARP). SCARP will offer many small and micro sized Irish companies which will need to restructure their business over the coming months and years an opportunity to do so without having to resort to the more expensive examinership process. The webinar discussed the new SCARP process, how to prepare for it and key matters to be aware of when considering it. You can access a recording of the webinar at the following link https://youtu.be/IgFXxepsaIE. Sustainability The IFRS Foundation has issued an update on the appointments to the inaugural International Sustainability Standards Board. The European Banking Federation (EBF) has this month brought together senior representatives from leading European banks to generate new insights and exchange ideas on sustainability and climate issues. The newly launched ‘Chief Sustainability Officers Roundtable’ will meet regularly to share best practices and explore collective action to enhance the banking sector’s contribution to the European Union’s sustainable transition. The European Securities and Markets Authority is an independent European Union Authority that contributes to safeguarding the stability of the EU's financial system. ESMA recently published its  Sustainable Finance Roadmap 2022-2024. The RoadMap is a tool to ensure the coordinated implementation of ESMA’s broad sustainable finance mandate for the period 2022-2024.You can read more about it in the press release here. Other Areas of Interest The Irish Commission on Taxation and Welfare is hosting an open Public Meeting in relation to its task from government to independently consider how best the taxation and welfare systems can support economic activity and promote increased employment and prosperity in Ireland. You can read the commission's terms of reference here and you can register here for the meeting which will be held on March 2nd at 7 pm. The Minister for Business, Employment and Retail recently announced the opening for applications of €1m Enterprise Ireland Competitive Start Fund (CSF). The competition is open to early-stage companies from all sectors with an eligible innovative product or service set for global markets. The fund will award up to €50,000 in equity funding for up to 20 successful applicants. The closing date for applications is Tuesday, 8 March 2022 at 3 pm. Application Support Workshops for the CSF will be held online by Business Innovation Centres (BIC) nationwide from the end of this week. You can find details of the free workshops on the Enterprise Ireland website. The Minister for Public Expenditure and Reform published the General Scheme of the Regulation of Lobbying (Amendment) Bill 2022 this week. One of the purposes of the Bill is to extend the definition of lobbying to ensure that business representative bodies and coalitions of business interests, regardless of the number of employees, are brought within the scope of lobbying legislation. You can read about it and the other purposes by clicking the link above. The minister said that the legislative proposals detailed in the General Scheme will help to strengthen regulation of lobbying regime even further and ensure it continues to deliver on the objectives set for it. For further technical information and updates please visit the Technical Hub on the Institute website.