Roundup

Roundup 25 November 2022 Welcome to this week’s Technical Roundup. In developments this week, the European Financial Reporting Advisory Group has announced that it has delivered the first set of draft European Sustainability Reporting Standards (ESRS) to the European Commission. These standards were approved at EFRAG’s meeting on 15 November. The International Sustainability Standards Board have issued their November 2022 update and this includes details of items discussed at their meeting in Frankfurt on 15-16 November. Read more on these and other developments that may be of interest to members below. Auditing IAASA has published its Work Programme for the period 2023 - 2025. IAASA has recently redefined its mission as upholding quality corporate reporting and an accountable profession.  The programme builds on IAASA’s work to date towards achieving that mission across its broad spectrum of activities. The strands of the work programme encompass regulation, promotion of high standards and maximising our impact, and the programme builds strategies around each of these strands and also around the enablers that support the strategies. Commenting on the programme, Chief Executive Kevin Prendergast expects that the Corporate Sustainability Reporting Directive is likely to permeate many aspects of the Authority’s work over the lifetime of the programme, but he is confident that the Authority can deliver on these challenges. The Financial Reporting Council (FRC) has today published a new report setting out examples of good practice to improve auditor scepticism and challenge. Financial Reporting The European Financial Reporting Advisory Group (EFRAG) has announced that it has delivered the first set of draft European Sustainability Reporting Standards (ESRS) to the European Commission (EC). These standards were approved at EFRAG’s meeting on 15 November and will now be considered for adoption by the EC. The ISSB have issued their November 2022 update. This includes details of items discussed at their meeting in Frankfurt on 15-16 November. This update is also available via podcast. The Financial Reporting Council (FRC) have issued amendments to the application guidance to FRS 100. These amendments were consulted on earlier this year, via FRED 80. The amendments to the application guidance to FRS 100 provide guidance on how Irish intermediate parents with a UK parent can assess equivalence of consolidated financial statements when applying section 300 of the Companies Act 2014. Similarly, the amendments provide application guidance on equivalence when applying section 401 of the Companies Act 2006 in the UK. The FRC has published its “Review of Stewardship Reporting”. This report, which looks at the quality of stewardship reporting in 2022 and expectations for 2023 found improvements in multiple areas when compared to 2021. Insolvency A reminder that the Institute is hosting a webinar on SCARP – what we know so far now scheduled for Thursday, 1 December 2022 at 10am. Des Gibney of McStay Luby and Hilary Larkin of Mazars along with Laura-Michelle Moore from Chartered Accountants Ireland will discuss the SCARP process, how to prepare for it, what to look out for and key matters to be aware of when considering it. We will explore some practical issues including how SCARP is working in practice, dealing with creditors and what your balance sheet may look like before entering the process versus afterwards. This is a free event and open to all to attend. Sustainability EFRAG has submitted the first set of draft European Sustainability Reporting Standards (ESRS) to the European Commission in its role as technical adviser to the European Commission. This first set, approved by the EFRAG Sustainability Reporting Board, supported by the EFRAG SR Technical Expert Group, takes into consideration the input from the public consultation on the draft ESRS Exposure Drafts.  See EFRAG's advice package here which includes the ESRSs, and appendices with a TCFD-EFRAG comparative analysis, a comparison of ESRS to IFRS Sustainability Reporting Standards  and final CSRD requirements for ESRS. Accountancy Europe has published some FAQs showing some of the key changes that the Corporate Sustainability Reporting Directive (CSRD) will bring. The Financial Conduct Authority in the UK has announced the formation of a group to develop a Code of Conduct for Environmental Social and Governance (ESG) data and ratings providers. It refers to the increasing reliance on third party ESG data and ratings services by financial services firms as they integrate ESG into their activities and expand their ESG-focussed products. Click here to go to the FCA website to read the background and next steps. The Association for Financial Markets in Europe (AFME) in collaboration with EY, has recently published ‘ESG and the Role of Compliance’, which sets out observations on how compliance functions can support their firms in robustly and transparently managing the regulatory risks associated with Environmental, Societal and Governance (ESG). The landing page describes how the report covers seven themes around the topic of how compliance functions address ESG, including: strategy, organisation and coverage, compliance risk management framework, systems and capabilities, regulatory environment, data and key performance/key risk indicators. You can click here to access a copy of the report. Anti-money laundering/Sanctions Beneficial ownership registers The Court of Justice of the European Union (ECJ) recently held invalid the provisions of fourth (as amended by the fifth) Anti Money Laundering Directive which require information on the beneficial ownership of corporate and other legal entities incorporated within the territory of Member States to be accessible in all cases to any member of the general public. You can read here the press release from the ECJ. Readers may be aware that in order to fulfil its obligations under the Directives Ireland in recent years has introduced a number of registers on which ownership details must be recorded. For example, the register of beneficial ownership of corporate entities, trusts register, register of certain financial vehicles and very recently the register of safe deposit boxes bank and payment accounts .These registers do not give public access to all the information .For example the register of beneficial ownership of corporate entities gives access to all information on the register to certain entities such as law enforcement but restricted access to others .It remains to be seen what effect the ECJ ruling will have on registers already put in place by member states . Central Bank (CBI) The Deputy Governor delivered a speech recently, entitled “Breaking new ground: regulating for emerging risks “at the Annual Irish Funds UK Symposium. She spoke about a number of areas of interest in the sector including sustainable finance and digital assets. On ESG CBI is concerned about the risks to regulated firms’ sound functioning, and more broadly to financial stability and to ensure that investors are fully informed and not misled. On digital assets she said there are many black boxes and clearly not all of them are fully understood.  She said this asset class has done real harm to retail investors in the last year and the digital assets ecosystem is not a suitable or safe space for retail investors. You can read the full contents of her speech here. Other news Companies House in the UK has published a useful article on filing accounts and are encouraging users to file early and file online. Accountancy Europe has published a paper which explores the different corporate governance systems based on a survey of 17 European countries. It identifies significant differences in national legislation and practice to lay the groundwork for EU sustainable corporate governance initiatives to be well integrated into the national corporate structures. New rules have been introduced from 1 December 2022 as to how employers will have to share tips, gratuities and service charges amongst employees. It will also be illegal for employers to use these to form part of the basic wages. Please click here to read some useful information from the Workplace Relations Commission website on key features such as what is a “tip or gratuity” ,what is a mandatory service charge and what happens if an employee is not satisfied with the way tips and gratuities are distributed. The National Cyber Security centre in the UK has issued some good advice on how to stay secure online. Please click here for some tips on keeping your e mail secure, two actions to instantly help to protect-a strong and different password and turning on 2-Step Verification. There are also some other tips for other ways to stay secure online and keep your devices safe. 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 reminder that the Institute is hosting a webinar on SCARP – what we know so far now scheduled for Thursday, 1 December 2022 at 10am. Des Gibney of McStay Luby and Hilary Larkin of Mazars along with Laura-Michelle Moore from Chartered Accountants Ireland will discuss the SCARP process, how to prepare for it, what to look out for and key matters to be aware of when considering it; and the European Financial Reporting Advisory Group (EFRAG) is seeking comments on its draft endorsement advice on amendments to IFRS 16 by 9 January 2023. Read more on these and other developments that may be of interest to members below. Auditing The Financial Reporting Council (FRC) has published a set of principles that it will use to assess whether the public interest is best served by carrying out regulatory, supervisory and enforcement work that is outside of its primary regulatory perimeter as it transitions to the Audit, Reporting and Governance Authority (ARGA). The International Auditing and Assurance Standards Board (IAASB) has published new guidance to help users understand the impact on the International Standards on Auditing (ISAs) due to narrow-scope amendments made to International Accounting Standard (IAS) 1, Presentation of Financial Statements by the International Accounting Standards Board (IASB). While the IAASB remains framework neutral when developing the ISAs, it considers financial reporting framework developments that may affect the ISAs, such as changes to the International Financial Reporting Standards (IFRS). Amendments to IAS 1 and the Impact on the ISAs: Disclosure of Material Accounting Policy Information, among other matters, provides users with guidance on how to address the effect of the amendments on a number of illustrative auditor reports throughout the ISAs that assume, as part of the fact pattern, that the financial statements are prepared by the management of the entity in accordance with IFRSs Financial Reporting On Thursday 17 November the FRC Directors of Strategy and Change, Stakeholder Engagement and Corporate Affairs and the FRC Lab explored via a webinar recently published set of principles that they use to assess whether the public interest is best served by carrying out regulatory, supervisory and enforcement work that is outside of their primary regulatory focus. The IFRS Foundation has published Proposed Update 1 General Improvements and Common Practice, which amends the IFRS Accounting Taxonomy 2022. The proposed changes aim to improve the quality of tagged data and to make the IFRS Accounting Taxonomy easier to use. The European Financial Reporting Advisory Group (EFRAG) is seeking comments on its draft endorsement advice on amendments to IFRS 16. Comments are requested by 9 January 2023. The International Accounting Standards Board will host a research forum in November 2023. The purpose of this forum is to give researchers the opportunity to give recommendations on the projects researchers look into. The deadline for the submission of research papers is 31 March 2023. Insolvency A reminder that the Institute is hosting a webinar on SCARP – what we know so far now scheduled for Thursday, 1 December 2022 at 10am. Des Gibney of McStay Luby and Hilary Larkin of Mazars along with Laura-Michelle Moore from Chartered Accountants Ireland will discuss the SCARP process, how to prepare for it, what to look out for and key matters to be aware of when considering it. We will explore some practical issues including how SCARP is working in practice, dealing with creditors and what your balance sheet may look like before entering the process versus afterwards. This is a free event and open to all to attend. Sustainability The ISSB have released a podcast which discusses their highlights from COP27. The Irish Central Bank  recently hosted a seminar on the Sustainable Finance Disclosures Regulation (SFDR) for the asset management sector. Comments made by the Deputy Governor are reported on the Central Bank website. She said that they are placing significant emphasis on supporting delivery of the sustainable finance agenda through the implementation of related legislative initiatives. She referred to CBI role at ESMA, where the CBI has helped shape and develop the organisation’s ambitious agenda in the ESG/sustainability area and to the Sustainable Finance Roadmap 2022-2024 published in February by ESMA. She also referred to CBI domestic focus, the dedicated Climate Change Unit and legislative implementation and supervision of the new requirements in this area – including the SFDR, Taxonomy Regulation and the amendments to UCITS / AIFMD for management companies. You can read her comments in full at the link above. Also, in November 2022 the Central Bank issued an information note entitled Sustainable finance and the asset management sector: Disclosures, investment processes & risk management. You can read the Information Note here. Anti-money laundering/Sanctions The UK Office of Financial Sanctions Implementation HM Treasury has published its annual review for dates April 2021 to August 2022.In the review OFSI director refers to the extra focus  given to the first 6 months of the invasion of Ukraine to provide context and clarity on what he says is OFSI’s critical  work on sanctions which he says  continues to be integral to the UK’s ability to respond to geo-political issues. Please also click here for the associated HM Treasury news story which reports that the new figures released reveal the full effect of UK sanctions on Russia – with over £18 billion frozen and reported to OFSI. In November 2022 HM Treasury in the UK issued an updated Advisory Notice: High Risk Third Countries. The notice refers to Money Laundering and Terrorist Financing (High-Risk Countries) (Amendment) (No.3) Regulations 2022 and states that the statutory instrument will come into force on 7 November 2022 and substitute the list of high-risk third countries specified in Schedule 3ZA of the Money Laundering Regulations with a new list. This list will continue to mirror both the Financial Action Task Force’s (FATF) ‘Jurisdictions under increased monitoring’ and ‘High-risk jurisdictions subject to a call for action’ documents. Click here to read the advisory notice. Central Bank Readers may know about Irish regulations passed in February 2022 which provided for a central database of information to be supplied by credit institutions to the Irish Central Bank on safe-deposit boxes and bank and payment accounts. The regulations were brought into force to give further effect to the EU fourth and fifth Anti-Money Laundering Directives. In recent weeks the Irish Central Bank has launched a webpage Ireland Safe Deposit Box Bank and Payment Accounts Register (ISBAR) which  sets out the information to be contained on the register and says that the register ensures that flows of money can be properly traced to individuals, entities and illicit networks at an early stage .Technical guidance documents, a reporting template and some FAQs are also accessible on the page. Please also click here for a recent Institute news item on the register. Other news The Irish Companies registration office has in  recent weeks publicised on its website the Christmas 2022 deadline for company incorporations, change of name, re-registration and company name reservations which readers should take note of. The CRO says that it cannot guarantee that submissions received after the dates set out below will be processed before the Christmas break. Fé PHRAINN ONLINE SCHEME 14 December 2022 A1 ORDINARY ONLINE SCHEME 8 December 2022 CHANGE OF NAME 8 December 2022 REREGISTRATIONS 8 December 2022 COMPANY NAME RESERVATIONS 16 December 2022 Readers may recall that earlier this year, the Institute, as part of CCAB-I, responded to a public consultation from the Dept of Enterprise, Trade and Employment on new legislation for the co-operative sector. The Government has now approved the drafting of what is billed as ground-breaking legislation for the sector. Please click here for more details contained in the press release and here to go to the page with a link to the General Scheme of the Co-operative Societies Bill 2022. You can also click here to read the submissions made to the Department in February  2022 including the CCAB-I response. This week the Tánaiste announced the introduction of a national living wage. It will be set at 60% of the hourly median wages in line with the recommendations of the Low Pay Commission. It will be introduced over a four-year period and will be in place by 2026, at which point it will replace the National Minimum Wage. Readers can find  more details in the Dept. news  here . The latest InterTradeIreland Business Monitor (Q3 2022) more details on which, including a Q3 2022  infographic, you can find here, reveals that while businesses are still expanding, the pace of growth is starting to flatten. The latest data shows that while sales and profits remain relatively buoyant, quarter-on-quarter, a pattern of slowing growth is emerging as rising costs pile on the pressure. Last week the Pensions Authority published information for group pension schemes that are subject to the 1 January 2023 compliance deadline for pension schemes, and it has issued a video reminder of it this week. You can click here for the press release and to access the video. The Companies House in the UK has published its  annual report and accounts for the period 1 April 2021 to 31 March 2022. The companies register had grown to holding information on around 4.9 million incorporated companies at the end of March 2022. NI Charity regulator opens a consultation: Joint consultation on draft Strategic Plan 2023-2026 and Engagement Strategy The Commission is developing a new strategic plan alongside a new engagement strategy, both of which are being undertaken following the Independent Review of Charity Regulation commissioned by the Minister for Communities in January 2021. The draft strategic plan will set out the Commission’s priorities over the next three years as it responds to the review of charity regulation, the new Charities Act (Northern Ireland) 2022 and delivers charity regulation in Northern Ireland. The engagement strategy will set out how the Commission will become more outward facing and actively engage with stakeholders. This engagement is designed to support charities in complying with charity law while also educating and raising awareness of the Commission’s work amongst the public, including those who support, work for or avail of the services offered by charities. For further technical information and updates please visit the Technical Hub on the Institute website. 

Roundup 11 November 2022 Welcome to this week’s Technical Roundup. In developments this week, the European Financial Reporting Advisory Group (EFRAG) has issued its October 2022 edition of the EFRAG Update. This summarises public technical discussions held and decisions taken during the month; the Irish Pensions Authority published information this week for group pension schemes that are subject to the 1 January 2023 compliance deadline where these pension schemes must meet the full requirements of the Pensions Act, 1990, as amended, including the new requirements of the IORP II Directive, from 1 January 2023 onwards. Read more on these and other developments that may be of interest to members below. Auditing The Financial Reporting Council (FRC) has launched a consultation on its draft proposal for a minimum standard for audit committees.  This follows the UK Government's Response to its consultation on Restoring Trust in Audit and Corporate Governance, which set out its intention to give ARGA statutory powers to mandate minimum standards for audit committees in their role on the external audit. The FRC are holding a webinar entitled “Effective and Transparent Regulating” on 24 November. This will provide an update of the work of the FRC in 2022 and a look ahead to 2023. Financial Reporting The European Financial Reporting Advisory Group (EFRAG) has issued its October 2022 edition of the EFRAG Update. This summarises public technical discussions held and decisions taken during the month. EFRAG and the IASB are holding a joint online roundtable for preparers, users and auditors on Primary Financial Statements on Tuesday 15 November. The International Forum of Accounting Standard Setters (IFASS) have released a report with their key messages from their September 2022 meeting.               The IASB has published a user feedback newsletter on the IFRS for SMEs Accounting standard update. This newsletter explains how the IASB has responded to feedback from users of SMEs’ financial statements and describes the proposals the IASB published in its recent Exposure Draft. On 7 December 2022, EFRAG will hold its conference "Where is Corporate Reporting heading?" in Brussels to celebrate its 21-year anniversary and discuss EFRAG's major accomplishments, past and future. It will be an occasion to debate the new trends in corporate reporting following the Environmental, Social and Governance (ESG) revolution and the connectivity with financial reporting. Insolvency The Institute is hosting a webinar on SCARP – what we know so far now scheduled for Thursday, 1 December 2022 at 10am. Des Gibney of McStay Luby and Hilary Larkin of Mazars along with Laura-Michelle Moore from Chartered Accountants Ireland will discuss the SCARP process, how to prepare for it, what to look out for and key matters to be aware of when considering it. We will explore some practical issues including how SCARP is working in practice, dealing with creditors and what your balance sheet may look like before entering the process versus afterwards. This is a free event and open to all to attend. Sustainability The European Parliament has this week adopted the Corporate Sustainability Reporting Directive (CSRD) with 525 votes in favour, 60 votes against and 28 abstentions. The CSRD was originally proposed by the European Commission in April 2021, and it will make companies more accountable by obliging them to disclose information on their societal and environmental impact. This will now go forward to the Council of the European Union for adoption of the proposal on 28 November 2022. The first new sustainability reporting standards will be adopted by the Commission in 2023 with these becoming mandatory over the next few years, beginning in 2024 for the very large companies. Please see the press release and the text of the CSRD adopted by the EU Parliament for further information. CDP, the not-for-profit which runs the global environmental disclosure platform for corporations, and the IFRS Foundation have announced that CDP will incorporate the International Sustainability Standard Board’s (ISSB) IFRS S2 Climate-related Disclosures Standard [IFRS S2] into its global environmental disclosure platform, in a major step towards delivering a comprehensive global baseline for capital markets through the adoption of ISSB standards. The ISSB have also made some other announcements in the past week, including; Details of discussions held on the reference to other standards to support interoperability with other sustainability related standards November 2022 supplementary update A summary of its main achievements, in the year following its creation at COP 26 in November 2021. Announcement of implementation steps that will help jurisdictions prepare for its implementation. The Irish government this week launched a report outlining the skills required by the domestic retail financial services sector to finance Ireland’s net zero transition. You can read the press release here. The report highlights how education and training in sustainable finance to date has concentrated on the financial and capital markets, such as green bonds, regulatory developments, and sustainable investment funds, with a greater focus on the Irish retail financial services sector talent development a next key step. Click here for a copy of the report. In its recently released report “Getting to Net Zero: A Global Review of Corporate Disclosures” the International Federation of Accountants (IFAC) have highlighted the inconsistency and incomparability of target disclosures and have highlighted that COP27 is the perfect time to dig into what is being disclosed and to explore how emission disclosures can become more decision-useful. Anti-money laundering The latest edition of the UK Financial Intelligence Unit (UKFIU)'s SARs Reporter Booklet is now available on the NCA website and can be accessed here. It is a product for reporters of Suspicious Activity Reports (SARs) and readers are reminded that if you are making a SARs report you must use a glossary code, details of which are set out in the booklet. Chartered Accountants Ireland Professional Standards has recently issued the UK AML Supervision Report 2021/2022 in accordance with Reg 46A of the Money Laundering Regulations 2017 (as amended). The report reflects the significant efforts of Chartered Accountants Ireland in meeting its anti-money laundering (AML) supervisory obligations for the year to 5 April 2022. It also provides details of firm inspection activity for the year and the results arising from this. Readers can access a copy of the report here . Other news A reminder to readers that Charity Trustees’ Week is taking place from 14 - 18 November 2022.It is hosted in partnership by the Charities Regulator, Boardmatch Ireland, Carmichael, Charities Institute Ireland, Dóchas, Pobal, The Wheel, and Volunteer Ireland. The Charities Regulator has put up a calendar of events on its website and you can click here to get further information on those events. The Pensions Authority published information this week for group pension schemes that are subject to the 1 January 2023 compliance deadline where these pension schemes must meet the full requirements of the Pensions Act, 1990, as amended, including the new requirements of the IORP II Directive, from 1 January 2023 onwards. Please click here to see the press release on the Authority’s website. The Irish government recently amended the Work Life Balance Bill and approved the integration of the right to request remote work for all workers into the Work Life Balance and Miscellaneous Provisions Bill. This bill is expected to be delivered by the end of the year. Under the new legislation employees will have a legal right to request remote working from their employer. In addition, employers will now be required to have regard to a code of practice when considering requests. The principal differences in the integrated Bill compared with the original Right to Request Remote Working Bill are in the grounds for refusal and the right to redress.  Readers can find out further information on this development in the press release here . The latest blog from the Governor of the Central Bank may be of interest to some readers. It discusses the sector of non -banks, their growth, vulnerabilities, and the need for well-developed macroprudential policy for non-banks. You can read the blog here. The Minister for Public Expenditure and Reform this week issued interim guidance for public bodies and prescribed persons on the Protected Disclosures Act. Amending legislation will commence on 1 January 2023.The interim guidance has been prepared to assist public sector employers and prescribed persons in implementing the new requirements of the amended legislation as regards the establishment and operation of internal and external reporting channels. Following commencement, this interim Guidance will be issued as formal Statutory Guidance. Please  click here for the press release and click here and scroll to bottom of the page  for a copy of the interim guidance. The UK FCA Chief Data, Information and Intelligence Officer, spoke recently on the area of regulation and risk management of Artificial Intelligence in financial services. Topics included the central role of the governance framework for AI and the key question for financial services of whether AI can be managed through fine-tuning the existing regulatory framework, or whether a new approach is needed. Here she made reference to the FCA and Bank of England’s AI Discussion Paper which can be accessed from within the speech. Access to the contents of the speech can be found here. The UK Charity Commission have provided some guidance on their new way of engaging with charities via their “My Charities Commission Account”. The Charity Commission in Northern Ireland has released a report on its Independent Review of Charity Regulation. The report contains 93 recommendations on changes that could be considered to improve the delivery of services and the operation of the regulatory framework. For further technical information and updates please visit the Technical Hub on the Institute website. 

Roundup 4 November 2022 Welcome to this week’s Technical Roundup. In developments this week, the Financial Reporting Council has published its inspection findings into the quality of major local body audits in England, which includes large health and local government bodies; the International Federation of Accountants has issued a call to G20 leaders to cooperate to solve long-term pressing issues including sustainability, public financial management and corruption, and the need to work together for collective prosperity. Read more on these and other developments that may be of interest to members below.  Auditing IAASA has published its October 2022 edition of Standards Newsletter which is available here. IFAC has released the first instalment in a three-part series to help small and medium sized practices implement the IAASB’s new Quality Management Standards. The Financial Reporting Council (FRC) has published its inspection findings into the quality of major local body audits in England, which includes large health and local government bodies. Financial Reporting The International Accounting Standards Board (IASB) has issued amendments to IAS 1- Presentation of Financial Statements. These amendments will provide improved disclosures relating to long term debts with covenants and provide clarity on the treatment of such debt. The amendments are effective for annual reporting periods beginning on or after 1 January 2024, with early adoption permitted. The IFRS Foundation has issued its October 2022 news summary. The IFRS Interpretations Committee has published Volume 7 of its Compilation of Agenda Decisions. This brings together agenda decisions published from May 2022 to October 2022. IFAC has issued a call to G20 leaders to cooperate to solve long-term pressing issues including sustainability, public financial management and corruption, and the need to work together for collective prosperity. The FRC has published its annual review of corporate reporting 2021/2022. As part of the 2021/2022 review cycle, the FRC carried out 252 reviews (comprising full scope reviews and thematic reviews). The FRC has highlighted the need for high-quality disclosures from companies during periods of economic uncertainty. The FRC have also published Review of Corporate Governance Reporting. This report looks at how 100 FTSE 350 and Small Cap companies have reported on their governance in line with the principles and provisions of the UK Corporate Governance Code. The European Securities and Markets Authority (ESMA) has published its European common enforcement priorities for 2022 annual financial reports document. This sets out the areas that ESMA and national enforcers will pay particular attention to when monitoring and assessing the application of relevant reporting requirements. Insolvency The Institute is hosting a webinar on SCARP – what we know so far on Tuesday, 15 November 2022 at 10am. Des Gibney of McStay Luby and Hilary Larkin of Mazars along with Laura-Michelle Moore from Chartered Accountants Ireland will discuss the SCARP process, how to prepare for it, what to look out for and key matters to be aware of when considering it. We will explore some practical issues including how SCARP is working in practice, dealing with creditors and what your balance sheet may look like before entering the process versus afterwards. This is a free event and open to all to attend. The CCAB-I Insolvency Committee responded to the Corporate Enforcement Authority’s public consultation on the draft Information Note on Early Warning Tools and Restructuring Frameworks. The response is available to read here. Sustainability The International Sustainability Standards Board (ISSB) unanimously confirmed this week that companies will be required to use climate-related scenario analysis to inform resilience analysis.  They voted to confirm that companies are required to use climate-related scenario analysis to report on climate resilience and to identify climate-related risks and opportunities to support their disclosures.  The ISSB also agreed to provide application support to preparers including making use of materials developed by the Task Force for Climate-Related Financial Disclosures (TCFD) to provide guidance to preparers on how to undertake scenario analysis. This decision responds to questions from stakeholders about what is meant by the term 'climate-related scenario analysis'. Please see here for further details. Anti-money laundering The European Commission has published a report on the assessment of the risk of money laundering and terrorist financing (“ML/TF”) affecting the internal market and relating to cross-border activities The report analyses the ML/TF risks for the EU internal market based on categories of products and services and proposes actions that can be taken to address this. Other news Accountancy Europe has welcomed the proposed EU regulation to ban products made with forced human labour. This represents a step in the ongoing fight against modern day slavery. Accountancy Europe has also set out some key messages to policymakers in their endeavours to address this issue. It also provides details about the Payment of Wages (Amendment) (Tips and Gratuities) Act 2022 which will come into effect on 1 December 2022. The Financial Reporting Council has published its Annual Review of Corporate Governance Reporting which found an improvement in the quality of reporting against the UK Corporate Governance Code. The Department of Enterprise, Trade and Employment has issued its latest Enterprise Newsletter which includes details of the new €200M Ukraine Enterprise Crisis Scheme and was set up to assist viable but vulnerable firms of all sizes in the manufacturing and internationally traded services sectors. The newsletter also gives details about the Payment of Wages (Amendment) (Tips and Gratuities) Act 2022 will come into effect on 1 December 2022 which, amongst other matters, will give employees legal rights over the payment of tips. The Wheel are hosting Charity Trustees week from 14th to 18th November. This includes some free events which charity trustees may be interested in. Opening remarks were made by Governor Gabriel Makhlouf at the Financial System Conference which is designed to bring together diverse perspectives from the Central Bank of Ireland's wide range of stakeholders – including industry leaders, consumer representatives, and policymakers from Ireland and across the EU – to discuss and debate the forces shaping the financial system. The UK government webpage giving information on the changes being introduced by the Charities Act 2022 has been updated as a result of Charities Act 2022 provisions that have come into effect on 31 October 2022. The NI Charity Commission have published a blog which outlines recent changes to the online application for charity registration (opens on YouTube): https://youtu.be/fziaypsqPcg For further technical information and updates please visit the Technical Hub on the Institute website. 

Roundup 28 October 2022 Welcome to this week’s Technical Roundup. In developments this week, the International Accounting Standards Board has announced that it has expanded the scope of its maintenance project on the work plan for proposed narrow-scope amendments to IFRS 9 Financial Instruments; the European Securities and Markets Authority has recently published an updated ESEF Reporting Manual applicable to the 2022 financial year. Read more on these and other developments that may be of interest to members below. Auditing Updates to International Standards on Auditing (Ireland) ISA (Ireland) 315 (Revised October 2020), Identifying and Assessing the Risks of Material Misstatement, is effective for audits of financial statements beginning on or after 15 December 2021. Several other standards have been updated to reflect the conforming amendments and can be found on IAASA’s website.  The updates also include any corrections in the 2020 edition of the International Auditing and Assurance Standards Board’s Handbook. The updated standards are available here. The UK’s FRC standards are available here Financial Reporting The European Securities and Markets Authority (ESMA) has published its annual priorities statement titled European common enforcement priorities for 2022 annual financial reports.  IFRIC, the IFRS Interpretations Committee, has released its quarterly podcast which discusses its activities over the past 3 months. The IASB has released its October 2022 update which highlights preliminary decisions of the IASB. The IASB has also released its October 2022 podcast. The IASB has announced that it has expanded the scope of its maintenance project on the work plan for proposed narrow-scope amendments to IFRS 9 Financial Instruments. The proposed amendments cover contractual cash flow characteristics, electronic cash transfers and equity instruments & other comprehensive income. The International Sustainability Standards Board (ISSB) has issued its October 2022 update and podcast. The European Securities and Markets Authority (ESMA) has recently published an updated ESEF Reporting Manual applicable to the 2022 financial year. This manual includes the requirement to mark up the notes to and the accounting policies of the IFRS consolidated financial statements, following the “block tagging” approach. Sustainability The ISSB has announced that it has made significant progress in refining the first two of its proposed sustainability standards (IFRS S1 General Requirements for Disclosure of Sustainability-related Financial Information and IFRS S2 Climate-related Disclosures.). At its recent meeting, the ISSB voted unanimously to require company disclosures on Scope 1, Scope 2 and Scope 3 greenhouse gas (GHG) emissions. As part of these requirements, the ISSB will develop relief provisions to help companies apply the Scope 3 requirements. The FCA in the UK is proposing new rules to tackle greenwashing. It is proposing a package of new measures including investment product sustainability labels and restrictions on how terms like ‘ESG’, ‘green’ or ‘sustainable’ can be used. The measures are among several potential new rules which will protect consumers and improve trust in sustainable investment products. You can read more on this here. Anti-money laundering, sanctions We continue to keep our sanctions webpages updated and readers can access the pages here. The Irish Dept. of Justice announced this week that it is removing the Russian Federation and Belarus from the Irish Short-Stay Visa Waiver Programme. The programme allows nationals of certain countries who have entered the United Kingdom on foot of certain UK short stay visas, to travel to Ireland without the requirement to obtain an Irish visa. The Minister for Justice said in a press release that the action is being taken in light of the continued Russian aggression against Ukraine. She also announced the non-recognition in Ireland of Russian passports issued in occupied foreign regions to counter the Russian practice of handing out ordinary Russian passports to residents of non-government-controlled areas in Ukraine and Georgia. The US Dept of the Treasury recently issued an alert entitled Impact of Sanctions and Export Controls on Russia’s Military-Industrial Complex which might be of interest and which can be accessed here. It gives a summary of actions taken in response to Russia’s unjust war and contains a piece on sanctions evasion and gives some links to further information. In March this year the European Banking Federation and SAS gave a joint virtual series of masterclasses including one on de mystifying Artificial Intelligence for Anti Money laundering. They have just released the webinar recently and you can access it here. The FATF Plenary was held this month in Paris. Details of its outcomes are available on FATF webpages, please click here where you can read some details of compliance with FATF standards and strategic initiatives including Improving Access to Beneficial Ownership Information. Insolvency The CCAB-I Insolvency Committee has recently updated the Technical Release 02/2019 General Data Protection Regulation – Guidance for Insolvency Practitioners. The main updates are to reflect the impact of Brexit and other updates since it was originally issued in early 2019. The Institute is hosting a webinar on SCARP – what we know so far on Tuesday, 15 November 2022 at 10am. Des Gibney of McStay Luby and Hilary Larkin of Mazars along with Laura-Michelle Moore from Chartered Accountants Ireland will discuss the SCARP process, how to prepare for it, what to look out for and key matters to be aware of when considering it. We will explore some practical issues including how SCARP is working in practice, dealing with creditors and what your balance sheet may look like before entering the process versus afterwards. This is a free event and open to all to attend. The Institute’s Insolvency Technical Committee has responded to the call for evidence by The Insolvency Service on the review of the personal insolvency framework for England and Wales. The Department of Enterprise, Trade & Employment has recently published an Information Note on the European Union (Preventive Restructuring) Regulations 2022. Other The Charities Regulator has issued its latest newsletter. It includes news of the Charities Regulator’s submission on the General Scheme of the Charities (Amendment) Bill 2022 and there is guidance in this issue for submitting your charity’s annual report to the Charities Regulator, along with details of the resources on the website to help. 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 IFRS Foundation has issued a summary of the recent World Standard Setters Conference held on 26-27 September. This includes updates on recent, ongoing and upcoming work by the IASB and ISSB and the European Securities and Markets Authority (ESMA) and the EU’s financial markets regulator and supervisor, has recently published its latest edition of its Spotlight on Markets Newsletter. Read more on these and other developments that may be of interest to members below. Financial Reporting The Financial Reporting Lab is launching a project to understand how companies develop, assess and use materiality and to consider how enhancements to disclosure about materiality processes might assist investors. The project is expected to cover financial and non-financial reporting. The IASB have released the final instalment of its Dynamic Risk Management (DRM) webcast series. These webcasts explain the DRM project based on the IASB’s tentative decisions to date. The IFRS Foundation has issued a summary of the recent World Standard Setters Conference, held on 26-27 September. This includes updates on recent, ongoing and upcoming work by the IASB and ISSB. The FRC will be holding a webinar on Structured digital reporting – improving quality and usability on 8 November. This will cover some of the key points raised in the FRC Lab’s recent report on Structured Digital Reporting. The FRC will also be holding a webinar on this year’s Annual Review of Corporate Reporting on 2 November. EFRAG has released its educational session on the Primary Financial Statements project. Audit - Quality Management IAASA over recent weeks has published a series of videos designed to provide information on the new suite of Quality Management Standards in Ireland. The full series is available here. To accompany the video series, IAASA has published a factsheet for each Quality Management Standard available here. The new standards apply to periods from 15 December 2022. See our QM resource pages for links to the standards and further guidance. Anti-money laundering, sanctions Click here for the “Inside FCA Podcast: Fighting Financial Crime” where the FCA Executive Director of Markets speaks at the Financial Crime Summit in London. Also see the remarks by the  interim Chair of the FCA and Chief Executive of the FCA delivered recently at the FCA's 2022 Annual Public Meeting. The UK National Crime Agency’s latest edition of SARs in action is now available. It includes items on the red alert issued by the Joint Money Laundering Intelligence Taskforce in July 2022 on Russia elite and enablers, non-fungible tokens and money laundering and trade-based money laundering. Please click here to access the October issue. Other The Corporate Enforcement Authority, (CEA), has drafted an Information Note concerning the European Union (Preventive Restructuring) Regulations 2022. The Note will provide a list of potential early warning indicators which may help directors to identify that the company is approaching financial difficulties. It will also give information on the restructuring options available to companies facing financial difficulties, but which may otherwise have a reasonable prospect of survival. CEA is inviting interested parties to submit their views on the draft Information Note by 5pm on 1 November 2022.Readers can access the draft information note here. Revenue has announced a 12-month extension to the Debt Warehousing Scheme to continue to support businesses. Under the scheme, businesses with warehoused debt were due to enter into an arrangement with Revenue to deal with that debt by the end of the year - or by 1 May 2023 for those subject to an extended deadline.  But given the current economic uncertainty, Revenue said it was now extending that timeline to 1 May 2024. Th Minister for Business, Employment and Retail recently introduced draft legislation, the Employment Permits Bill 2022 which if enacted will help modernise the Employment Permit system in Ireland. You can read the press release and access the draft bill on this page. The Deputy Governor of Central Bank of Ireland recently spoke at Climate Finance Week 2022 on the topic of addressing Climate Risk in the Financial System today. She talked about prioritising climate risk at the Central Bank and how firms should identify and manage climate risks. You can click here to read the speech. Announcing the Northern Ireland Charity Commission’s first public meeting since pre COVID-19, Chief Charity Commissioner, Nicole Lappin, highlighted the event as an important opportunity for the charity sector, and for the Commission itself.  The event will include an overview of the Commission’s work and development in recent years, the changes brought in following new Charities Act (Northern Ireland) 2022 as well as the regulator’s plans for the future. Date: Wednesday 16 November 2022 Time: 10am – 12.30pm (registration from 9.45am, refreshments will be available) Venue: Chestnut Suite, Lagan Valley Island, Lisburn The European Securities and Markets Authority (ESMA), the EU’s financial markets regulator and supervisor, has recently published its latest edition of its Spotlight on Markets Newsletter. 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, IAASA has published a paper setting out information requests that it has raised with companies on their climate-related disclosures in their annual financial reports and did you know about the European Commission’s podcasts? Short episodes are released at the same time as the monthly EU Commission Finance Newsletter on topics related to banks, capital markets, insurance, digital or sustainable finance, anti-money laundering, sanctions, etc. Read more on these and other developments that may be of interest to members below. Financial Reporting In their latest edition of “Insight from SME accountants” series, Accountancy Europe looks at how sustainability matters for the new generation of accountant. The IASB has produced a series of eight webcasts to explain the Dynamic Risk Management project to date. The FRC Lab has published a report on the disclosure of net zero commitments. This provides tips for companies on how to consider when disclosing their commitments. IAASA has published a paper setting out information requests that it has raised with companies on their climate-related disclosures in their annual financial reports. Anti-Money laundering, sanctions On 6 October 2022 the European Union announced its eighth package of sanctions. Click here for a press release on the eighth package of sanctions and please also visit our sanctions webpages “Europe & International” for more details of what the eighth package consists of. HMRC in the UK has recently issued an economic crime supervision annual self-assessment report for the period  1 April 2021 to 31 March 2022 which it says  analyses the extent to which HMRC is meeting its obligations under the Money Laundering Regulations 2017, as well as comparing it to the standards set for professional body anti-money laundering supervisors. The National Cyber Security Centre Ireland has a quick guide to phishing to help to avoid being phished, spotting the giveaway signs of phishing e-mails, and what to do if you think you’ve already clicked the attacker’s bait. Other The Minister for Public Expenditure and Reform recently signed the commencement order for the Protected Disclosures (Amendment) Act 2022 to set 1 January 2023 as the date on which the Act will commence in its entirety. Readers may be aware that the new legislation will substantially amend the Protected Disclosures Act 2014. It will expand the categories of protected person to include protections for volunteers, shareholders, board members and job applicants for the first time. It also expands the wrongs in respect of which a protected disclosure can be made. It imposes requirements on organisations to put internal whistleblowing procedures in place and a new Office of the Protected Disclosures Commissioner will be established. You can read more in the Department’s press release on its website here and we will provide more information to members in due course on this topic. The Department of Enterprise, Trade and Employment has published its October's Enterprise Newsletter. This includes information about Budget 2023 helping businesses and families with escalating energy costs, the Cross-Government launch of a new National Implementation Plan for the Sustainable Development Goals 2022-2024, and EU trade sanctions in response to situation in Ukraine. There are also details of a new pay agreement providing pay increases and wage structure for early learning and childcare workers, publication of the Final Report of the LEEF High-Level Working Group on Collective Bargaining, and public consultation on the Single Market Emergency Instrument. The newsletter can be found here. The Pensions Authority has published the results of a survey conducted on trustees’ IORP II preparedness. The survey provides information on pension scheme trustees’ progress since a similar survey was carried out in 2020. The survey findings indicate that while significant progress has been made by scheme trustees to meet the requirements of the Act, there is still work to be done by trustees to ensure compliance ahead of the 1 January 2023 deadline. The survey findings also indicate that most DB scheme trustees surveyed intend to continue their scheme, while almost half of the DC trustee respondents noted an intention to wind up their scheme and move to a master trust. Further information and the results can be found here. Did you know about the European Commission’s podcasts? Short episodes are released at the same time as the monthly EU Commission Finance Newsletter on topics related to banks, capital markets, insurance, digital or sustainable finance, anti-money laundering, sanctions, etc. The latest one “the on about Anti Money laundering dated 29 September 2022 can be accessed now. Please also click here to read the European Commission’s latest Banking and Finance newsletter where DG FISMA's Director-General talks about topics including the energy crisis and  sanctions, and includes a short discussion about cryptocurrencies, the current ‘crypto winter’, and the digital euro. Cathy Shivnan, the Corporate Enforcement Authority’s (CEA) Director of Insolvency Supervision, sat down recently with Graham Kenny of Eversheds Sutherland LLP to talk about the role of the newly established CEA. The CEA is now the competent authority in Ireland for the investigation of breaches of the Companies Acts and the taking of necessary enforcement actions. You can listen here. For further technical information and updates please visit the Technical Hub on the Institute website. 

Welcome to this week’s Technical Roundup. In developments this week, the IFRS Foundation has published its September 2022 monthly news summary which highlights the news and events from the past month and in a recently released episode of the International Accounting Standards Board podcast, Chair Andreas Barckow and Executive Technical Director Nili Shah, talk through the highlights from the September 2022 IASB meeting. Read more on these and other developments that may be of interest to members below. Financial Reporting IAASA has published its annual Observations paper highlighting matters that those charged with governance should consider when preparing their financial statements for 2022. The Financial Reporting Council (FRC) Lab have issued their September 2022 news roundup. EFRAG, the European Financial Reporting Advisory Group has published its September 2022 update. In its September 2022 podcast, the ISSB discuss the highlights from its recent board meeting. The IASB have also released its September 2022 podcast. The IFRS Foundation has published its September 2022 monthly news summary which highlights the news and events from the past month. The FRC has published a report on Navigating barriers to senior leadership for people from minority ethnic groups in FTSE 100 and FTSE 250 companies.  Auditing and Assurance The Financial Reporting Council (FRC) has opened a post implementation review of the auditing standard (ISA) (UK) 540 (Revised December 2018) Auditing Accounting Estimates and Related Disclosures. This ISA became effective for audits of accounting periods beginning on or after 15 December 2019. Interested stakeholders are also invited to attend one of two roundtables to support the call for feedback. These are being held on: Wednesday 23 November 2022, 14:00-15:00 (online) Thursday 24 November 2022, 11:00-12:00 (in person at the FRC’s offices) To RSVP for the roundtables please email stakeholderengagement@frc.org.uk. The call for feedback is open until 13 January 2023. Accounting In a recently released episode of the IASB podcast, Chair Andreas Barckow and Executive Technical Director Nili Shah talk through the highlights from the September 2022 IASB meeting. Ethics and the Ukraine Conflict The Staff of the International Ethics Standards Board for Accountants have released the Staff Alert, The Ukraine Conflict: Key Ethics and Independence Considerations. The publication draws the attention of professional accountants in business and in public practice, including firms, to a number of important provisions in the International Code of Ethics for Professional Accountants (including International Independence Standards) with which they must comply in carrying out their work as they navigate the unprecedented challenges and risks arising from the Russia-Ukraine war. Other The Pensions Authority has published its Annual Report and Accounts for 2021. The Annual Report and Accounts for 2021 and an accompanying statement from the Pensions Regulator, Brendan Kennedy, can be read here. Also in Pensions Authority news, they recently published information in relation to exit charges, trustee annual reports and audited accounts for one member arrangements (OMAs) migrating into a master trust. You can read more details from their website here. The Pensions Authority has also published an update for trustees in relation to trustee annual reports and audited accounts for group schemes with less than 100 active and deferred members transferring to a master trust or PRSAs. The UK Financial Conduct Authority has published research showing that a quarter of consumers it surveyed would withdraw pension savings earlier to cover cost of living – making them vulnerable to scammer ‘misdirection’. It has recently launched its latest ScamSmart campaign aimed at giving consumers the knowledge and tools to avoid pension scams and you can read more about it here. The Central Bank has recently announced a review of the Consumer Protection Code 2012 (“Code”) to modernise it and ensure it is fit for purpose. The Code is a set of principles and rules that regulated financial firms must follow when they sell financial products and services, give financial information or advice, advertise financial products or services and handle complaints of consumers. A discussion paper has been published and you can click on the link to access the discussion paper and complete the survey. The Central Bank published its final Quarterly Bulletin of 2022 and  you can read the press release here. Chartered Accountants Ireland Western Society was pleased to co-host the launch of the Bulletin in the Galmont Hotel Galway on 6 October 2022. The event was an opportunity to discuss the general outlook for the Irish economy and the Bulletin which noted that energy-driven inflation is causing uncertainty and challenges for domestic growth. Following a short presentation, attendees were invited to ask questions from the panel moderated by Dr Brian Keegan, Director of Advocacy and Voice, Chartered Accountants Ireland.  The panel included Robert Kelly, Director of Economics and Statistics, Ireland; Tara McIndoe-Calder – Senior Economist, Central Bank of Ireland and Cathal O'Donoghue – Established Chair, Social and Public Policy, National University of Ireland, Galway. Please click here to access a podcast by Europol on Ransomware. A number of cybercrime specialists speak about how law enforcement dealt with a cybercriminal network selling ransomware services. Also in Ireland on this topic, the National Cyber Security Centre and the Garda National Cyber Crime Bureau this week launched a joint public awareness campaign for European Cyber Security Month. The campaign this year is focused on the twin themes of phishing and ransomware, urging vigilance and outlining their potential impacts on the everyday lives of Irish citizens and businesses. You can read more in the Dept. of Justice press release here. On Wednesday of this week there was a cross government launch of  the new National Implementation Plan for the Sustainable Development Goals 2022-2024. Its purpose is to  increase Ireland’s ambition and strengthen implementation structures to achieve the Sustainable Development Goals (which are set out in the plan). The Minister of State at the Department of Finance with special responsibility for Financial Services, Credit Unions and Insurance, Seán Fleming, recently launched an update of the Ireland for Finance strategy. This update charts the future development of the international financial services sector in Ireland to the end of 2026. Under the updated strategy the government has a target to grow employment in the sector by 5,000 net new jobs. You can read the press release here and access the updated strategy by clicking here and clicking the Updated Ireland for Finance Strategy. 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 Irish Pensions Authority recently published information for trustees on the appointment of a service provider to carry out more than one key function and the Financial Reporting Council has published the revised ISA (UK) 600 (Revised September 2022) Special Considerations - Audits of Group Financial Statements (Including the Work of Component Auditors). Read more on these and other developments that may be of interest to members below. Financial Reporting The UK Endorsement Board (UKEB) has published a report entitled “Subsequent Measurement of Goodwill: A Hybrid Model”. This report contributes to the ongoing international debate on the subsequent measurement of goodwill. The Financial Reporting Council Lab has published a report entitled “Structured Digital Reporting - Improving quality and usability”. This report identifies lessons learned from the first year of mandatory structured digital reporting. The FRC are holding a joint webinar with the Financial Conduct Authority (FCA) to discuss the regulators views on the first year of TCFD-aligned disclosures. The FRC has also published its thematic review of the accounting and reporting for business combinations. The European Financial Reporting Advisory Group (EFRAG) has published a discussion paper on Accounting for Variable Consideration from a Purchaser’s Perspective, and invites constituents to comment by 31 May 2023. IAASA has published a Consultation Paper on its proposed revised Policy Paper – Publication of information regarding IAASA’s financial reporting supervision activities. The International Accounting Standards Board (IASB) has issued narrow-scope amendments to IFRS 16 Leases, which add to requirements explaining how a company accounts for a sale and leaseback after the date of the transaction. These amendments will apply for periods beginning on or after 1 January 2024, with early adoption permitted. The IASB has issued its September 2022 update. The taskforce on Disclosures about Expected Credit Losses has published a report entitled “Recommendations on a comprehensive set of IFRS 9 Expected Credit Loss disclosures”. The guidance is aimed primarily at the biggest UK-headquartered banks and building societies but is also likely to be relevant to a much wider group of preparers. Auditing and Assurance Revisions to ISA (UK) 600 The FRC has published the revised ISA (UK) 600 (Revised September 2022) Special Considerations -Audits of Group Financial Statements (Including the Work of Component Auditors). IAASA has published its fourth video in a series designed to provide information on the Quality Management Standards in Ireland. This video provides an overview of International Standard on Quality Management 2 – Engagement Quality Reviews. Click here to access the video. Sustainability The IFRS Foundation staff has prepared the staff request for feedback on the draft of the IFRS Sustainability Disclosure Taxonomy. The document outlines staff recommendations reflecting the proposals in the two exposure drafts published by the International Sustainability Standards Board: [Draft] IFRS S1 General Requirements for Disclosure of Sustainability-related Financial Information; and [Draft] IFRS S2 Climate-related Disclosures. The European Securities and Market Authority (ESMA) has updated its sustainable finance implementation timeline with an interesting infographic. EFRAG is establishing Community Sector Groups across a number of sectors to allow a range of external stakeholders to provide their input in the development of sector specific draft European Sustainability Reporting Standards. Stakeholders with a direct interest in the sectors listed below can apply to join these groups via the EFRAG website. The groups being established cover the following sectors; Agriculture, Farming and Fishing Coal Mining & Mining Energy and Utilities Food and Beverages Motor Vehicles Oil and Gas Mid to Downstream & Oil and Gas Upstream Road Transport Textiles, Accessories, Jewellery and Footwear The International Sustainability Standards Board (ISSB) has issued its September 2022 update. Corporate Governance The Wates Principles have been widely adopted by large private companies and have become an important part of the UK’s corporate governance environment.  The FRC invites you to an event on 25 October that will explore benefits and opportunities the principles bring to individual companies and the good practice in corporate governance. Other The Irish Pensions Authority recently published information for trustees on the appointment of a service provider to carry out more than one key function. Read further information in their press release. The Authority reminds trustees that they must notify the Authority of any arrangement concerning the outsourcing of a key function within a certain timeframe and it also provides guidance on its website on how to notify the Authority of key function holder appointments. The European Securities and Markets Authority (ESMA), the EU’s securities markets regulator, has this week published its Report on the distributed ledger technology pilot regime (DLT Pilot). The Central Bank is holding a conference on 2/3 November 2022 the theme of which will be Supporting the Economy, Delivering for the Consumer. Discussions will cover the challenges and opportunities facing the financial system, including climate change, consumer protection, innovation, disruption and regulation. There is a good line up of speakers already with more to be announced. Interested readers can go to the relevant webpage here for further information. Arbitration Ireland recently published “A Concise Guide to Arbitration in Dublin”. It describes the guide as providing the essentials for anyone participating in an arbitration in Dublin, from the basis of the arbitration agreement, the appointment of arbitrators, to the making, challenging and enforcement of the award. This text includes a synopsis of decisions under the Arbitration Act 2010, a summary of the Commercial Court in Ireland and considers the role of Ireland’s designated arbitration judge in addition to general guidance on Irish contract law. Interested readers can download their free copy by following this link. The Financial Conduct Authority in the UK has recently updated its page on Cryptoassets: AML / CTF regime. Click the link to access the page for further information. In the UK the government has recently introduced the Economic Crime and Corporate Transparency Bill  Click here to read the UK Government press release on the Bill  and click here for a government factsheet. According to an article on the Bill by Eversheds Sutherland the Bill builds on the Economic Crime (Transparency and Enforcement) Act 2022 which came into effect in the UK on 15 March 2022. The Bill proposes to expand the powers given to Companies House and to improve transparency over UK companies to better protect the UK economy and improve its reputation as a place of legitimate business. It also includes plans to expand the Serious Fraud Office’s  investigative powers. Also see here an article from Reynolds Porter Chamberlain LLP solicitors (RPC) on the provisions in the Bill to make it quicker and easier for law enforcement agencies, such as the National Crime Agency, to seize, freeze and recover cryptoassets used by criminals to launder the proceeds of crime. According to RPC the Bill is due to have its second reading in October and a number of amendments can be expected before the Bill is enacted. In its fifth episode of “The Fast Future with IFAC” Amy Bridges, Professional Development Manager at CPA.com offers an expert view of the market for client advisory services and a wide range of opportunities and challenges for Small and Medium Practitioners. The Department of Children, Equality, Disability, Integration and Youth has informed the Decision Support Service (DSS) that a ‘go-live’ date of 21 November 2022 has been selected for the full commencement of the Assisted Decision-Making (Capacity) Act 2015 (the 2015 Act). The DSS will provide further updates in advance of its commencement. 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 FRC has published its thematic review of deferred assets and IOSCO welcomes the work of the international audit and assurance standard setters – the International Auditing and Assurance Standards Board (IAASB) and the International Ethics Standards Board for Accountants (IESBA) – on assurance of sustainability-related corporate reporting. Read more on these and other developments that may be of interest to members below. Financial Reporting FRC review of companies' deferred tax asset disclosures The Financial Reporting Council (FRC) has published its thematic review of deferred tax assets. The review considers the basis of recognition of, and disclosure in relation to, deferred tax assets in the light of the effect of the Covid-19 pandemic on companies’ profitability. It follows the FRC's previous tax thematic review, issued in October 2016. The IFRS Interpretations Committee (IFRIC) has issued its September 2022 update. This summarises the decisions reached by the committee in its public meetings. The European Financial Reporting Advisory Group (EFRAG), in coordination with the IASB will conduct roundtable discussions with preparers focused on a selection of tentative decisions made by the IASB. These will take place on 24 October and 2 November. Participants who wish to attend can register on the EFRAG website. Auditing and Assurance IAASB and IESBA welcome IOSCO statement of support for developing standards relating to assurance of sustainability-related information The International Auditing and Assurance Standards Board (IAASB) and International Ethics Standards Board for Accountants (IESBA) welcome the announcement from the International Organization of Securities Commissions (IOSCO) of its support and encouragement for the IAASB’s and IESBA’s work on developing standards relating to assurance of sustainability-related information. The IAASB and IESBA acknowledge that stakeholders are increasingly seeking assurance of sustainability-related information and that it is important to respond to market demands with robust standards applicable to all sustainability assurance providers. The IAASB and IESBA will continue to closely collaborate with IOSCO and other regulatory and standard-setting bodies to inform the development of robust standards that foster independent, high-quality engagements and globally consistent practices. Insolvency Readers may find of interest the recent judgment of Butler J in the Irish High Court in the case of Bayview Hotel (Waterville) Limited (the “Company “) and the Companies Act 2014. The judgment considered winding up on the grounds contained in the Companies Act ,2014 and gave some consideration to the exercise of discretion by the court. You can click here for an Institute  news item and a link to the judgment. Anti-Money Laundering and Sanctions The European Commissioner spoke recently at a European court of auditors seminar on  the new EU AML-CTF supervision model: expectations vs feasibility'  She outlined an overview of the proposal – with a particular focus on the new EU AML Authority. There will be a two-tier system, one tier of European direct supervision, and another tier of national supervision with more coordination at a European level. She said there will be Joint Supervisory Teams involving national supervisors, similar to how the Single Supervisory Mechanism supervises banks. You can read the full speech by following the link above. The Egmont Group (EG) , a body of 166 Financial Intelligence Units, has issued its 2022-2027 Egmont Group Strategic Plan entitled  “Turning Aspirations into Outcomes”. EG will focus on four thematic areas of action with strategic goals to fulfil its aspirations over the next five years: to enhance the framework for effective information exchange between FIUs, to strengthen cooperation with international partner organizations, to develop and promote knowledge of new or emerging AML/CFT methods and trends, best practices, and EG requirements and to enhance EG support for members and candidate FIUs. Please click here to access a very interesting webinar held recently on recent developments in UK sanctions .The speakers were  Michael O’Kane ,senior partner at Peters & Peters LLP Maya Lester QC and Giles Thompson Director of OFSI. Other Autumn legislative programme 2022 Government Chief Whip Jack Chambers recently published the autumn legislative programme for the forthcoming autumn Oireachtas session. Click here for the press release and you can follow the links to the programme .Since our last report in May on the summer legislative programme, heads have been approved on the Work-life Balance bill, the Assisted Decision Making Capacity (Amendment) Bill and Central Bank (Individual Accountability Framework) Bill are making their way through the Oireachtas while pre legislative scrutiny has taken place on the Right to Request Remote Work Bill. Heads are in preparation of a Credit Union (Amendment) Bill to give effect to the outcome of the review of policy framework of credit unions. Pre legislative scrutiny is ongoing on the Charities (Amendment) Bill which was also on the summer legislative programme. There is no change in status on the Cybersecurity Bill and the Cybercrime bills. Work is still underway on both bills. In the summer programme, work was underway on a Companies (Miscellaneous Provisions) Bill to provide for miscellaneous amendments to the Companies Act 2014. This seems to have given way to a Companies (Administrative, Governance & Insolvency Amendment) Bill on which work is underway and which is stated to give effect to outstanding Programme for Government commitments on rights of workers as creditors; trading entities splitting operations; and transactional avoidance. One final bill which may be of interest is Protection of Employees (Employers’ Insolvency) (Amendment) Bill on which heads are in preparation and which is stated to be to comprehensively review and update the legislation governing the protection of employees during their employer’s insolvency. Women in Finance Charter officially launched in April 2022 and is part of the government’s Ireland for Finance Strategy. The Charter is an industry-led, government-supported measure to encourage gender diversity in the financial services industry in Ireland. The Minister of State in the Department of Finance recently appointed Financial Services Ireland director Patricia Callan as chairperson of the steering group. Interested readers can find out more in the press release here and more about the initiative and how to participate on the Better Balance website.   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 Union has published a Commission Regulation endorsing the amendments to IFRS 17 Insurance contracts: Initial Application of IFRS 17 and IFRS 9 – Comparative Information. The amendments are effective on initial application of IFRS 17 and the UK Endorsement Board has published the findings of its first Annual Board Effectiveness Review. Read more on these and other developments that may be of interest to members below. Financial Reporting EFRAG, the European Financial Reporting Advisory Group, has released its Annual Review for 2021 which highlights the main achievements of the organisation in the past year. The European Union has published a Commission Regulation endorsing the amendments to IFRS 17 Insurance contracts: Initial Application of IFRS 17 and IFRS 9 – Comparative Information. The amendments are effective on initial application of IFRS 17. As a result, the EFRAG Endorsement Status report has been updated. Accountancy Europe has published an article entitled “Accountants and Ethics: Promoting Trust in the Public Sector”. The UK Endorsement Board has published the findings of its first Annual Board Effectiveness Review. The FRC has published its thematic review of earnings per share. This highlights the requirements of local and international standards in relation to reporting EPS, as well as some common errors. Auditing and Assurance A financial statement compilation is a service to assist the management of a business in presenting its financial statements. Members undertaking compilation engagements should refer to International Standard on Related Services 4410 (Revised) Compilation Engagements (ISRS4410) for guidance on the completion of such engagements.  We recently issued a technical alert, TA 04 2022 Chartered Accountants’ Reports on The Compilation of Financial Information to highlight a number of matters that may be helpful to an accountant in Ireland/UK undertaking such an engagement. Insolvency The Revenue Commissioners has recently issued a document entitled Guidance for Procedures for Small Company Administrative Rescue Process. This document provides an overview of the Small Company Administrative Rescue Process (SCARP) and Revenue's procedures including the role of the Insolvency Unit and information required by Revenue. It also includes templates for several documents including a Statement of Affairs, notices of appointment and proxy forms.  Anti-Money Laundering and Sanctions A representative of the Financial Conduct Authority spoke recently at a financial crime summit in London. Some of the key themes included that the FCA expects financial crime to become even more prolific during the cost-of-living crisis, that their work is ongoing on sanctions, that they use data and intelligence to identify firms with potential weaknesses in controls, and then data tools to test firms sanction screening systems effectiveness.  They also warn firms which use vendor solutions for sanction screening processes, to ensure that the solution is tailored and suitable for their customer and business profile. Readers may be interested in the webpage with information and links to a recent UK Parliament debate on the UK Government’s regulatory approach to crypto-assets and currencies. You can also download the full report which deals with matters including what are cryptoassets and UK regulation of cryptoassets. The Central Bank of Ireland recently updated its ‘financial sanctions updates’ webpage to include two recent EU legislative developments published on 9 September which concern restrictive measures directed against certain persons, entities and bodies in view of the situation in Ukraine. The Financial Action Task Force (FATF) and INTERPOL recently launched a joint initiative to deprive criminals of their dirty money holding its first ever FATF-INTERPOL Roundtable Engagement (FIRE) event. It brought together law enforcement agencies, financial intelligence units, asset recovery offices, prosecutors, policy makers, international organizations and private sector industry leaders and you can read more details about it 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 responded to the International Sustainability Standards Board’s request for feedback to inform future development of the IFRS Sustainability Disclosure Taxonomy for Digital Reporting and the European Securities and Markets Authority has this week published its latest edition of its Spotlight on Markets Newsletter. Read more on these and other developments that may be of interest to members below. Financial Reporting The International Accounting Standards Board has published its proposals to update the IFRS for SMEs Accounting Standard. The updates are intended to reflect changes that have been made in full IFRS Accounting Standards while keeping the overall standard suitable for the small and medium entities that apply it. Comments are welcomed by 7 March 2023. EFRAG, the European Financial Reporting Advisory Group has published its August 2022 monthly update. The Global Preparers Forum (GPF) is seeking new members to join the GPF from 1 November 2022. Successful candidates are expected to participate for a term of at least two years, with a maximum term of five years. Sustainability The Climate Change Unit of the Central Bank has issued its latest Financial Stability Note and is titled “Climate Risks in the Financial System: An Overview of Channels, Impact, and Heterogeneity". Please click here for the press release which gives summary details of the note. The International Organization of Securities Commissions (“IOSCO”) recently published its final report on retail investor education in the context of sustainable finance markets and products. The purpose of the report is to enhance investor education and protection and support the sound development of the sustainable finance market. It also includes educational activities that regulators should consider, and it  includes some key messages that securities regulators should consider for their financial education programs, to help retail investors understand how a “smart investor” would behave when faced with sustainable finance products. Auditing IAASA has published a third video in a series designed to provide information on the Quality Management Standards in Ireland. This video provides an overview of the eight components of a system of quality management as set out in International Standard on Quality Management 1. Previous videos recently published in the series are available on the IAASA YouTube channel, and there will be further videos available over the coming weeks, which will provide greater detail on ISQM 2 and ISA 220. Anti-Money Laundering and Sanctions IFAC, the International Federation of Accountants has issued its action plan to enhance the accountancy profession’s contribution to, and support of, a robust anti-corruption ecosystem. The Anti-money Laundering and Counter Terrorism Financing, Example Red Flag Training Material, issued in May 2022 is a publication by a Joint Practice Group with GNECB and the Garda Financial Intelligence Unit, and the Irish accountancy bodies including Chartered Accountants Ireland. A second update has been made to this document in September 2022. The changes are mainly to provide an explanation of the use of the word “fungible “in case study 7, to ensure correct reference to “FIU Ireland” and “suspicious transaction reports” throughout the document and to reference a threshold for suspicion being reached (rather than breached). You can access the red flags updated document here and details are also included on our “red flags -know the signs” page on our AML hub which you can access here. FATF’s recent webinar on Beneficial Ownership Transparency of Legal Persons which discussed new FATF obligations on beneficial ownership transparency, national experiences, challenges, and lessons and the role of private sector is now available to watch or listen to. In its recent second report, the EBA has called for more proactive engagement between  supervisors in anti-money laundering and counter-terrorist financing colleges to ensure ongoing collaboration and proactive information exchange. Colleges are permanent structures that serve to enhance cooperation between different supervisors involved in the supervision of cross-border institutions. In 2021, a total of 227 AML/CFT colleges were established and the EBA is a member of each college. In the report the EBA sets out its observations of good practices with an aim to help competent authorities to enhance their effectiveness in future, reminds the supervisors of the importance of consistent and timely exchange of information in colleges and emphasises the need for colleges to be organised in a more risk-sensitive manner. On the same subject, the EBA has recently issued the latest EBA AML/CFT newsletter (Issue 8) which may contain some news items of interest to readers. The UK FIU issued a recent reminder that Suspicious Activity Reports (SARs) are a vital source of intelligence that help detect and prevent money laundering, terrorist finance and all other types of crime and you can watch their latest video here to learn about the usefulness of SARs.  Chartered Accountants Ireland is currently regularly updating its webpage on sanctions. You can now read an update on the recent High Court judgment in the case of Pola Logistics Limited as plaintiff and GTLK Europe DAC, GTLK Malta Four Limited and Central Bank of Ireland (CBI) as defendants. The judgment is available free of charge from the Irish courts service website. The case which considered a number of matters provides some interesting insights into the role of CBI in the sanctions regime. Also on the webpage are details of a recent UK High court case (which readers can access free from the BAILII website). This case saw minority shareholders of London-listed gold producer Petropavlovsk failing to persuade an English judge to adjourn its sale to a Russian metals’ producer, days after he allowed the transaction to go ahead in the wake of UK and EU sanctions. See in particular the Appendix to the judgment which considers the application of the relevant sanctions’ legislation, the relevant UK sanctions legislation and the relevant EU sanctions regime. Other areas of interest The Financial Reporting Council (FRC) has published the list of signatories to the UK Stewardship Code (the Code) following its Spring 2022 assessment.  Following an extensive review process which considered organisations’ investment styles, sizes and types, 43 new signatories were added, taking the total number of signatories to 236, with assets under management (AUM) of £40.7tn, up from £33.3tn. The Equality and Human Rights Commission, Britain’s national equality body (EHRC) has made tackling discrimination in Artificial Intelligence  a major strand of its strategic plan for 2022-2025. EHRC has recently published new guidance to help organisations avoid breaches of equality law, including the public sector equality duty (PSED). The guidance gives practical examples of how AI systems may be causing discriminatory outcomes.  Please also click the link here to read the EHRC news item on their strategic plan. The Decision Support Service (DSS) has published a short video message on behalf of the Director of the DSS, Áine Flynn, to potential future service users, which outlines the current position on the progress of amending legislation to the Assisted Decision-Making (Capacity) Act 2015. The Department of Enterprise, Trade and Employment has issued its September Enterprise newsletter recently. In it you can read about various items of interest including a proposal for a  new law which will help to modernise the Employment Permits system in Ireland. Also read about the Screening of Third Country Transactions Bill which was published in August 2022. This legislation was drafted in response to the potential threat posed to security and public order from some third country investments and when enacted will establish a screening mechanism for third country investments into Ireland for the first time. It is also drafted to give further effect to an EU regulation on the matter. We will bring you more information on this draft legislation as relevant to members as it passes through the Dail. For further technical information and updates please visit the Technical Hub on the Institute website.     

Welcome to this week’s Technical Roundup In case you missed it over the Summer…. The Protected Disclosures (Amendment) Act 2022  was signed into law in July 2022. It has not been commenced yet. It provides for a comprehensive overhaul of the statutory framework for the protection of whistleblowers in Ireland and for the transposition of the EU Directive 2019/1937 on the protection of persons who report breaches of Union law. A new Office of the Protected Disclosures Commissioner will be established in the Office of the Ombudsman to support the operation of the new legislation. You can read here the press release on the Act from the Dept of Public Expenditure and Reform. The Dept. of Enterprise Trade and Employment announced the establishment of the Corporate Enforcement Authority (CEA) on 7 July. Click here for our recent article on what the CEA is. We also provided an information sheet recently on changes to the Companies Act 2014 made by the Companies (Corporate Enforcement Authority) Act 2021 the same legislation which established the CEA. Please click here to access our publication on the changes to the Companies Act 2014. The Register of Overseas Entities came into force in the UK on 1 August 2022 through the new Economic Crime (Transparency and Enforcement) Act 2022. The Economic Crime (Transparency and Enforcement) Act 2022 (Commencement No. 3) Regulations 2022 commenced section 3 of the Act. The Register is held by Companies House. Overseas entities who want to buy, sell or transfer property or land in the UK, must register with Companies House and provide information on who their registrable beneficial owners or managing officers are. Companies House has some guidance here on the register and how you can add an overseas entity and its registrable beneficial owners or managing officers to the Register of Overseas Entities. On the AML front there were a few publications over the summer which may be of interest to readers. The UK National Crime Agency’s issued the July edition of its SARs in Action publication. The Consultative Committee of Accountancy Bodies (CCAB) published a number of helpful client due diligence case studies which readers can access here. Readers dealing with or having an interest in the Virtual Asset Service Providers (VASP) sector should take a look at the Irish Central Bank’s latest Anti Money Laundering (AML) bulletin published in July 2022. During the summer we continued to update our sanctions pages with relevant news items. These included the addition of details to our webpage of the EU maintenance and alignment package adopted in July 2022,the issuance in the UK by the National Economic Crime Centre (NECC) of a red alert on Financial Sanctions Evasion Typologies: Russian Elites and Enablers and the coming into force of the UK legislative ban on providing accounting services to Russia. Our news item explaining the scope of the regulations bringing the ban into force as well as defences, exceptions and licences can be accessed here . In July, the Minister for Finance, Paschal Donohoe TD, received agreement from his Cabinet colleagues to approve the drafting of the Central Bank (Individual Accountability Framework) Bill, the main purpose of which is to improve accountability in the financial sector. The general scheme of the bill has now been published and you can read it here. You can also read here the press release  delivered on the publication of the general scheme for the bill . The European Union (Preventive Restructuring) Regulations 2022 (“Regulations”) came into force at the end of July 2022.Their purpose is to amend examinership provisions in Companies Act 2014 so as to implement the directive (2019/1023) on preventive restructuring frameworks. Please click here to read our recent news item on the Regulations which provides some information on the content of the Regulations and links to several useful articles explaining further the Regulations and some different aspects. Over the summer, the European Financial Reporting Advisory Group (EFRAG) held a public consultation on its draft European Sustainability Reporting Standards (ESRSs). This consultation involved the consideration of 13 Exposure Drafts covering general disclosure requirements as well as specific Environmental, Social and Governance Standards. These standards will be used by larger companies under the Corporate Sustainability Reporting Directive (CSRD) to report on sustainability matters in their annual report. The 100-day consultation period closed on 8th August with over 750 submissions made by stakeholders. This included the response of the Institute. Our response outlined support for the introduction of ESRSs, but highlighted some significant practical difficulties with the standards as currently drafted. The UK Endorsement Board has published its 2021/2022 Annual Reports.  The Financial Reporting Council (FRC) has published regulations for the upcoming PIE Auditor Register. The FRC Lab published a report on digital security risk disclosures to help companies improve the disclosure of digital security strategies, risks and governance. The FRC published its thematic review of judgements and estimates update. The FRC published guidance on running effective AGMs.                                                               ****** In developments this week, Accountancy Europe have issued a summary which explains some of the key points made in their recent response to the European Sustainability Reporting Standards and the Financial Reporting Council is inviting investors, equity analysts and debt analysts to take part in one of two roundtables to discuss how auditor reporting in the UK can be further improved.  This will be an in-person event taking place at their London Wall offices on 12 September. Read more on these and other developments that may be of interest to members below. Sustainability The FRC is hosting a webinar on navigating the ESG and Sustainability reporting landscape on 7 September, an area that can be confusing and challenging for many of the entities we regulate. Accountancy Europe have issued a summary which explains some of the key points made in their recent response to the European Sustainability Reporting Standards. 65 different organisations comprising companies, investors and professional accountants have endorsed a joint statement calling for stronger alignment of regulatory and standard-setting efforts around sustainability disclosure. The statement encourages the International Sustainability Standards Board, the US Securities Exchange Commission and the European Financial Reporting Advisory Group to continue to work closely together in achieving their common goals. Financial Reporting The UK Endorsement Board has announced the appointment of Pauline Wallace as its first permanent chair. The Financial Reporting Council Lab has published a report on ESG data production designed to help companies consider how to collect and use ESG data more effectively to support better decision-making. Auditing The International Auditing and Assurance Standards Board (IAASB) has issued a non-authoritative publication  featuring Frequently Asked Questions addressing some of the common questions related to reporting going concern matters in the auditor’s report.  The Financial Reporting Council (FRC) is inviting investors, equity analysts and debt analysts to take part in one of two roundtables to discuss how auditor reporting in the UK can be further improved.  This will be an in-person event taking place at their London Wall offices on 12 September. Anti-Money Laundering The UK National Crime Agency  has issued its latest SARs in Action bulletin for September 2022. In it you can read about SARs case studies and how the UKFIU engages with a number of AML groups from a range of industries and sectors. Other areas of interest IAASA has this week published the second video in a series designed to provide information on the Quality Management Standards in Ireland. The Revenue Commissioners have updated their webpage on the information required for the Central Register of the Beneficial Ownership of Trusts (CRBOT). This includes the new requirement to provide the personal public service number (PPSN) for each beneficial owner. If the individual does not have a PPSN they must provide and upload proof of one of the following: foreign tax registration number passport number or national identity number. Further information on the CRBOT can be found here. The Central Bank’s third Quarterly Bulletin of 2022 forecasts continued economic growth but high rate of inflation will weigh on households and businesses. The Competition and Consumer Protection Commission has recently published its submission to the Department of Finance’s Banking Review, the  public consultation on banking. In it the CCPC expressed concerns about the impending increase in the concentration levels of the retail banking sector in Ireland as a result of the exits of KBC and Ulster Bank and made a number of recommendations to promote competition and the consumer interest. For further technical information and updates please visit the Technical Hub  on the Institute website.           

Welcome to this week’s Technical Roundup.   The IASB has issued its June 2022 IFRS for SMEs Accounting Standard Update. They have also stated that they expect to publish the Exposure Draft proposing amendments to the standard in September 2022 and EU policymakers have reached an agreement on the Corporate Sustainability Reporting Directive (CSRD). Read more on these and other developments that may be of interest to members below. - Technical Roundup is taking a break for the summer and the next Roundup will be issued on Friday 2 September. Any updates during this period will be published on the technical hub on the Institute's website. - Financial Reporting EFRAG are reminding preparers and users of IFRS 15 that they can contribute to the ongoing survey that they are supporting. The IASB has issued its June 2022 IFRS for SMEs Accounting Standard Update. They have also stated that they expect to publish the Exposure Draft proposing amendments to the standard in September 2022. The IASB has also issued its June 2022 news summary and its June 2022 podcast. The UK Endorsement Board has published a Draft UK Endorsement Criteria Assessment on a set of three narrow-scope amendments to international accounting standards published by the IASB in 2021 but with an effective date of 1 January 2023. Audit The FRC will be holding two webinars on audit and corporate governance reform. IAASA has published a report on good repute for Statutory Auditors and Audit firms. This provides a summary of how the recognised accountancy bodies (RABs), that approve and supervise Statutory Auditors and Audit firms in Ireland, consider the good repute of these parties. Sustainability Several United Nations (UN) organisations have responded with a joint statement to the proposed standards of the International Sustainability Standards Board (ISSB). EU policymakers have reached an agreement on the Corporate Sustainability Reporting Directive (CSRD). The text introduces obligations for companies to publicly disclose information on their sustainability impacts, risks and opportunities in their management report based on mandatory sustainability reporting standards. The reported sustainability information will have to be independently audited. EFRAG are continuing to hold outreach events to discuss the Exposure Drafts on the first set of Draft European Sustainability Reporting Standards (ESRS). Their full program of events can be accessed on their website. The UK Endorsement board held an outreach event on the IFRS Foundation’s International Sustainability Standards Board’s (ISSB) exposure drafts. A recording of the event can be accessed here. Other areas of interest Europol recently published its Environmental Crime - Threat assessment 2022 in the age of climate change. You can access the report here. Europol writes that opportunities for high profits, legal discrepancies among countries, low risk of detection and marginal penalties make environmental crime a very attractive business for criminal entrepreneurs. Their report combines the analytical results of the 2021 Serious and Organised Crime Threat Assessment (SOCTA) with the operational intelligence gathered by Europol, in order to provide the most comprehensive analysis of environmental crime threats targeting the EU. The Irish Central Bank has issued a recent reminder that scams are on the rise, so it is important to be able to recognise a potential scam and know how to protect yourself. They have issued a video and explainer on how to spot a scam using the SAFE test: Stop, Assess, Fact check, expose and report. You can read more and access the video here. The Executive Director, Markets of the UK Financial Conduct Authority (FCA) recently gave a wide-ranging speech at the CityUK Annual Conference. Among other things she spoke about crypto. She said the FCA is looking closely at it (crypto) and the opportunities and challenges associated with it and is working with the UK government and others to explore what regulatory standards could be put in place to manage risks to consumers, while boosting market integrity and competition in supporting the digitalisation of financial services and markets. You can click here to read the full content of her speech. FATF recently issued its Targeted Update on Implementation of The FATF  Standards On Virtual Assets And Virtual Asset Service Providers. Read more details here. The update focusses on FATF’s Travel Rule, which requires the private sector to obtain/exchange beneficiary and originator information with virtual asset transfers. It also provides a brief update on general implementation of FATF’s Recommendation 15 (you can read FATF recommendations here) and its Interpretative Note, as well as emerging risks and market developments that FATF continues to monitor, such as Decentralised Finance (DeFi), Non-Fungible Tokens (NFTs), and unhosted wallets. Chartered Accountants Ireland was pleased to co-host the launch of the Central Bank of Ireland’s Quarterly Bulletin in the Central Bank offices in Dublin on Thursday 7 July. The event was an opportunity to discuss the Central Bank’s Quarterly Bulletin and the general economic outlook. Following a short presentation, attendees were invited to ask questions from the panel moderated by Dr Brian Keegan, Director of Advocacy and Voice, Chartered Accountants Ireland.  The panel included Robert Kelly, Director of Economics and Statistics, Central Bank of Ireland, Martin O’Brien, Head of Irish Economic Analysis, Central Bank of Ireland and Loretta O’Sullivan, Chief Economist, Bank of Ireland. Last week the Central Bank (CB) hosted the inaugural meeting of the Climate Risk and Sustainable Finance Forum and  published its Sustainable Investment Charter. The Climate Forum will meet twice a year. Click here for more information in the press release. The purpose of the Charter is to guide the Central Bank in considering how sustainable investment principles will apply to their investment practices. CB will report annually on progress made in their commitment to incorporating sustainable investment principles and the charter will be updated every three years. The establishment of the Corporate Enforcement Authority (CEA) was announced by the Dept. of Enterprise Trade and Employment in a press release on 7 July. The CEA is a new statutory independent agency with the staff and resources to investigate and prosecute breaches of company law. The Office of the Director of Corporate Enforcement recently encouraged people to follow the Corporate Enforcement Authority on LinkedIn and Twitter at @CEA_Ireland and here is a link to their website which is up and running with information and resources. Accountancy Europe has published an article entitled “SMP Talks: How small practitioners can keep bringing value to SMEs”. This highlights some lessons and skills learned by a small practitioner in Europe. The Workplace Relations Commission recently published its 2021 Annual Report. Please see here for the press release and here to get a copy of the report. The Dept. of Enterprise Trade and Employment (DETE) recently published its enterprise newsletter for July. In it are details of topical matters such as DETE’s public consultations on the preparation of the White Paper on Enterprise and one on the phasing in of a living wage and a further government low cost COVID-19 Loan Scheme for business. The Pensions Authority has recently publicised the introduction of several legislative amendments. They are amendments to the Occupational Pension Schemes (Disclosure of Information) Regulations 2006 and amendments to the Trust RACs (Disclosure of Information) Regulations 2007. You can read details in their news items on their website. 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 (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.