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Technical new in brief June 2023

ICAEW's Audit and Assurance Faculty brings you the latest technical updates on developments in auditing and assurance, financial reporting and ethics.

FRC publish insight report: Disclosure of dividends revisited 

Financial Reporting | 29 June 2023 

The Financial Reporting Council (FRC) has published their latest insight report looking at the disclosure of dividends.  

ISSB request feedback on PIR of IFRS 15 

Financial Reporting | 26 June 2023

The International Sustainability Standards Board (ISSB) has called for stakeholder feedback to inform the post implementation review (PIR) of the IFRS Accounting Standard for revenue from contracts with customers, IFRS 15. Deadline for comment 27 October 2023. 

PCAOB issues consultation on auditor responsibilities when using technology-assisted analysis 

Audit and Assurance | 26 June 2023 

The Public Company Accounting Oversight Board (PCAOB) today issued for public comment a proposal to bring greater clarity to performing audit procedures that involve technology-assisted analysis of information in electronic form. Deadline for comment 28 August 2023. 

ISSB issued global sustainability disclosure standards 

Financial Reporting | 26 June 2023 

The International Sustainability Standards Board (ISSB) issued its inaugural global sustainability disclosure standards IFRS S1 and IFRS S2. The standards will help to improve trust and confidence in company disclosures about sustainability to inform investment decisions. Both standards fully incorporate the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD).  

FRC publishes research about Audit Committee Chairs’ views on ESG activities and reporting

Audit and Assurance | 19 June 2023

The Financial Reporting Council (FRC) has published a research report about Audit Committee Chairs’ views on, and approach to Environmental, Social and Corporate Governance (ESG) activities and reporting. ACCs showed a strong interest and understanding of ESG activities within their organisations. However, their involvement in decision-making processes, particularly related to environmental and social elements, is often limited and their primary role lies in risk management, compliance, and ensuring effective reporting.

FRC publishes Audit Enforcement Procedure consultation response

Audit and Assurance | 16 June 2023

The Financial Reporting Council (FRC) has published a response to the consultation on proposed amendments to the Audit Enforcement procedure (AEP) and related guidance in April 2023. Following engagement with stakeholders the FRC has decided to give effect to the amendments to the AEP proposed in the consultation which will come into force on 30 June 2023.

IPSASB begins development of climate-related disclosures standards for the public sector

Financial Reporting | 14 June 2023

The International Public Sector Accounting Standards Board (IPSASB) has decided to move forward with the development of a public sector specific Climate-Related Disclosures standard and has published a project brief for this major new piece of work. This follows feedback on their May 2022 consultation paper on Advancing Public Sector Sustainability Reporting.FRC publishes review of fair value measurement

Audit and Assurance | 13 June 2023

The Financial Reporting Council (FRC) has published its thematic review of fair value measurement. Clear and transparent disclosure of fair value measurements are likely to become increasing important in the current challenging economic environment and the review highlights scope for improvement.

European Commission published the draft first set of European Sustainability Reporting Standard

Financial Reporting | 9 June 2023

The European Commission (EC) has published the draft delegated act with the first set of European Sustainability Reporting Standards (ESRS). This included a note on the main changes to EFRAG’s Draft ESRS in areas such as materiality, additional phasing in, more flexibility or voluntary disclosures, coherence with EU legal framework, interoperability with global standard-setting initiatives and other editorial changes. Deadline for comment 7 July 2023.

PCAOB issues proposal to increase auditor vigilance against fraud

Audit and Assurance | 6 June 2023

The Public Company Accounting Oversight Board (PCAOB) issued for public comment a proposal that would amend PCAOB auditing standards related to the auditor’s responsibility for considering a company’s non-compliance with laws and regulations, including fraud. If adopted, the proposal would strengthen auditor requirements to identify, evaluate and communicate possible or actual non-compliance with laws and regulation. Deadline for comment 7 August 2023.

FRC restructuring of Professional Oversight Team

Audit and Assurance | 1 June 2023

The Financial Reporting Council (FRC) has announced that the Professional Oversight team (POT) has been restructured and will now be known as the Professional Bodies Supervision (PBS) team. The new structure will enhance the leadership and management of PBS and will deepen and strengthen their supervision of the Professional Bodes. 

IASB consultation on proposed amendments to IFRS for SMEs Accounting Standard related to international tax reform

Financial Reporting | 1 June 2023

The International Accounting Standards Board (IASB) has proposed amendments to the IFRS for SMEs Accounting Standard to help small and medium sizes entities (SMEs) respond to international tax reform. The proposed amendment would provide the same relief as the amendments to IAS 12 Income Taxes issued in May 2023, and are in response to the Organisation for Economic Co-operation and Development’s (OECD) international tax reform. 

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