Transparency Regulations – information requests (PDF, 557KB)
The primary purpose of this Paper is to provide preparers, auditors and users of financial statements with information to encourage discussion and stimulate debate as to whether or not issuers have adequately considered the requirements of the Transparency (Directive 2004/109/EC) Regulations 2007 (S.I. 277 of 2007) (‘Transparency Regulations’) regarding the content of Management Reports.

Annual Audit Programme and Activity Report 2022
This report provides useful insights into IAASA’s work in overseeing the audit profession, explaining the oversight activities relating to audit quality. For further information about the full range of IAASA’s regulatory and supervisory activities, please refer to the report on IAASA’s website.  

IFRS 13 Fair Value Measurement – information requests (PDF, 520KB)
The purpose of this publication is to provide preparers, auditors, and users of financial statements with information to encourage discussion and stimulate debate as to whether or not issuers have adequately considered the requirements of IFRS 13 Fair Value Measurement in preparing periodic financial statements.

Audit Committee Briefing
IAASA hosts an annual audit committee briefing on a wide range of topics specific to audit committees, including regulatory updates, accounting developments and sustainability reporting. Links to previous years events together can be accessed on the link above.   IAASA will host its 2023 annual audit committee briefing on 17 October 2023 – tickets are available here.

Overview of ISA 600
IAASA has released a video presentation on the key changes of the revised standard ISA 600 (Ireland) (Revised February 2023)  

Financial Reporting Supervision – Observations on selected financial reporting issues – Years ending on or after 31 December 2022
This IAASA observations paper highlights matters for companies to consider when preparing their 2022 financial statements.

FRC publishes “What makes a good Annual Report and Accounts” report
This FRC report sets out the attributes for a high-quality Annual Report and Accounts.

FRC publishes minimum standard for audit committees
On 22 May 2023, the FRC announced the Audit Committees and the External Audit: Minimum Standard, which comes after careful consideration of the consultation responses received from stakeholders.

FRC publishes conversation starters to boost Investor-Audit Committee engagement
The FRC launched a new web page providing conversation starters aimed at promoting better engagement between investors and audit committees to facilitate better understanding of companies and their approach to financial reporting and internal control.

FRC publishes latest list of companies whose Reports and Accounts have been reviewed
The FRC has published the latest list of companies whose reports and accounts have been reviewed by its Corporate Reporting Review Function, including summaries of its findings from recently closed reviews that resulted in a substantive question to a company.

The FRC Launches Consultation on Revisions to the Corporate Governance Code
The FRC has launched a public consultation on proposed revisions to the UK Corporate Governance Code. This follows the UK Government’s response to the White Paper, Restoring Trust in Audit and Corporate Governance, which identified areas of reform related to particular focus on director’s responsibilities for internal control, risk, audit and corporate reporting.

The FRC supports the publication of the Government’s call for evidence on the Non-Financial Reporting Review
The FRC welcomes the publication of the call for evidence on the Non-Financial Reporting Review, which will look at the framework behind non-financial reporting, and the wider legal landscape in which sustainability disclosures and other planned reforms will be situated. The review will also consider the thresholds used to determine which companies must comply with reporting obligations under the Companies Act 2006. The review is an opportunity for stakeholders to provide feedback on the UK’s non-financial reporting framework.

FRC concludes annual review of FRS 101 Reduced Disclosure Framework
On 19 May 2023, the FRC issued Amendments to Basis for Conclusions FRS 101 Reduced Disclosure Framework – 2022/2023 cycle which brings a close to the 2022/23 annual review of FRS 101 Reduced Disclosure Framework.

FRC publishes IFRS 9 Banking Audit Methodology Thematic
The FRC has published a thematic review on the Big 4 audit firms’ methodology around IFRS 9, focusing on the audit of Expected Credit Losses (ECL) for larger banks.

ESG reporting and disclosure: Navigating the data challenges (PDF, 794KB)
The challenges faced when meeting the increased data requirements of the Corporate Sustainability Reporting Directive should not be underestimated, and in this KPMG paper, we will explore how best to position your organisation for successful Non-Financial Reporting implementation.

The Individual Accountability Framework: What it means for Directors
Remarks by Gerry Cross, Director of Financial Regulation, Policy and Risk.

On 9 March 2023, the Central Bank (Individual Accountability Framework) Act 2023 was enacted. The Act provides for the introduction of the Individual Accountability Framework, which is designed to improve governance, performance, and accountability in firms providing financial services to individuals and businesses by establishing a framework of enhanced clarity as to who is responsible for what within firm. Remarks were made on 1 June 2023 at the Institute Directors event addressing the Individual Accountability Framework.