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

IAASA has publised revised procedures governing the conduct of statutory Investigations under Section 934 of the Companies Act 2014.  The revised procedures, which have been developed following the enactment of the Companies Act 2018, will apply to all Investigations initiated from 21 January 2020.  The procedures can be downloaded below: IAASA conducted a public consultation … Continued

IAASA has today published its ISA 701 Thematic Review. This thematic review explores how a sample of auditors of public-interest entities complied with the requirements of International Standard on Auditing (Ireland) 701, Communicating Key Audit Matters in the Independent Auditor’s Report (ISA 701). Key observations in the thematic review include some of the characteristics of … Continued

The European Securities and Markets Authority (ESMA) has issued a public statement addressing the financial reporting implications of the COVID-19 outbreak on the calculation of expected credit losses in accordance with IFRS 9 Financial Instruments.  ESMA is issuing this public statement in order to promote consistent application of International Financial Reporting Standards (IFRS) in the … Continued

The European Securities and Markets Authority (ESMA) has published updated Guidelines on the Enforcement of Financial Information. These revised Guidelines, which are a revision to Guidelines published in July 2014, apply to accounting enforcers when undertaking examinations of financial information under the Transparency Directive.   The revised Guidelines set out the principles EU accounting enforcers, … Continued

IAASA, Ireland’s accounting enforcer, has today published an Information Note IFRS 8 Operating Segments – Identification of Chief Operating Decision Maker (CODM). One of the identifying features of an operating segment is that the segment results are regularly reviewed by the Chief Operating Decision Maker (CODM). Therefore, the identification of the CODM is an important … Continued

IAASA imposes sanctions on EisnerAmper Audit Limited Following audit quality inspections undertaken by IAASA and an investigation under section 934 of the Companies Act 2014, EisnerAmper Audit Limited and two individuals have agreed to the imposition of fines and costs totaling €122,000 and other sanctions. The details are as follows: EisnerAmper Audit Limited A fine … Continued