The Regulatory & Monitoring Supervision Unit holds a wide range of responsibilities relating to supervision of the accountancy profession. Its key activities relate to oversight of how the eight Prescribed Accountancy Bodies in Ireland regulate and monitor their members as well as oversight of how the five Recognised Accountancy Bodies perform the regulatory functions assigned … Continued

The European Securities and Markets Authority (ESMA) has issued a Public Statement addressing actions that market participants have to take in relation to the COVID-19 outbreak in order to preserve investor protection, the integrity of markets and financial stability. That Public Statement includes recommended actions in relation to financial reporting, as follows: “Financial Reporting – … Continued

IAASA, Ireland’s accounting enforcer, has today published an Information Note IAS 36 Impairment of Assets – information requests from IAASA. The objective of IAS 36 is to prescribe the procedures that an issuer applies to ensure that its assets are carried at no more than their recoverable amount. An asset is carried at more than … Continued

IAASA has today published its 2019 Annual Audit Programme and Activity Report.  This report provides a summary of the activities performed by IAASA during 2019 to oversee the audit profession in Ireland. In particular, it outlines the outcome of its quality assurance review of auditors of public–interest entities as well as its oversight of the … Continued

IAASA, Ireland’s accounting enforcer, has today published an Information Note setting out how companies have accounted for leases under IFRS 16 – Leases, the new leases accounting standard. IAASA has identified scope for improvement in the disclosures made in companies’ first set of annual financial statements following their adoption of the Standard. Overall, IAASA noted … Continued

In August 2020, IAASA published its consultation on the proposal to revise ISA (Ireland) 315, Identifying and Assessing the Risks of Material Misstatement, in line with the revisions made by the Financial Reporting Council (FRC) and the International Auditing and Assurance Standards Board (IAASB). IAASA notes that respondents were in agreement with the proposal to … Continued

IAASA has created a Covid hub on its website. The hub includes statements and publications from various regulatory bodies in the context of Covid-19. It also includes a statement from IAASA on the challenges for audit arising from Covid-19. IAASA continually engages with auditors of public-interest entities and recognised accountancy bodies to understand the difficulties … Continued

The European Securities and Markets Authority (‘ESMA’) has published its annual priorities statement titled ‘European common enforcement priorities for 2020 annual financial reports. That Statement sets out the topics which European accounting enforcers believe those charged with governance should particularly consider when preparing, reviewing and auditing International Financial Reporting Standards (IFRS) financial statements for the year … Continued

On 17 April 2020, the European Securities Markets Authority (ESMA) published a Q&A on the implementation of the ESMA Guidelines on Alternative Performance Measures in the context of COVID-19.  The Q&A:  highlights the main principles of the ESMA Guidelines on Alternative Performance Measures;  encourages issuers to use caution when adjusting APMs and when including new … Continued

The European Securities and Markets Authority (ESMA) has issued a public statement promoting co-ordinated action by National Competent Authorities (NCAs) – in Ireland’s case, the Central Bank of Ireland – regarding issuers’ obligations to publish periodic information for reporting periods ending on or after 31 December 2019 in the context of the COVID-19 outbreak. ESMA … Continued