EU accounting enforcement
The European Securities and Markets Authority has published its 2021 Corporate reporting enforcement and regulatory activities report, which details the enforcement of IFRS Standards in the EU.
Cryptocurrency
The Central Bank recently issued a fresh warning on the risks of investing in crypto assets, as part of a Europe-wide campaign by the European Supervisory Authorities.
SMP podcasts
The International Federation of Accountants has released the second episode of its podcast series, The Fast Future. This podcast discusses some pressing issues that small- to medium-sized practitioners (SMPs) worldwide are facing and focuses on pricing models.
Meanwhile, ACCA’s Practice Room offers a peer-to-peer community series dedicated to supporting SMPs.
PAYE tax returns
MyAccount is Revenue's online system for declaring additional income, claiming tax credits and submitting a tax return – something that would have been done on a Form 12 in the past. To assist taxpayers, Revenue has now issued a MyAccount user manual.
Sustainability disclosures
Accountants in large companies are already implementing sustainability disclosures, and small companies will be doing so within the next few years. The International Sustainability Standards Board (ISSB) has issued consultations on general sustainability-related disclosure requirements and climate-related disclosure requirements.
The standards set out requirements for the disclosure of material information about a company’s significant sustainability risks and opportunities, and are intended to provide a global baseline. The ISSB is inviting comments to the consultations by 29 July.
In related developments, the European Commission has adopted technical standards to be used when disclosing sustainability-related information under the Sustainable Finance Disclosures Regulation. Under these rules, financial market participants will provide detailed information about how they tackle and reduce any possible negative impacts that their investments may have on the environment and society in general.
The Charities Act (Northern Ireland) 2022
The Charities Act (Northern Ireland) 2022 received Royal Assent on 30 March. The Charity Commission for Northern Ireland has produced a summary of its requirements and an information pack.
Licensing and Registration of Clubs (Amendment) Act (NI) 2021
Phase 2 of this legislation came into effect on 6 April, with phase 3 due on 2 June. The Department for Communities has published a guide to implementation.
Circular Economy Bill
The Circular Economy, Waste Management (Amendment) and Minerals Development (Amendment) Bill 2022 has been published. The bill encourages the principles of reduce, reuse and recycle, and will assist in the detection and prevention of illegal dumping.
The legislation also covers the phasing out of a range of single-use disposable products, bans the use of disposable coffee cups for sit-in customers and places a levy on disposable takeaway cups.
Financial Services and Pensions Ombudsman
The Financial Services and Pensions Ombudsman recently published its Overview of Complaints 2021. This shows that 4,658 complaints were received, with 5,010 closed in the year. A quarter of all complaints were about the level of customer service, and there was a marked increase in the number of complaints about investing in unregulated activities such as cryptocurrency trading.
Consumer Protection Act 2007 (Grocery Goods Undertakings) Regulations 2016
The statutory instrument enacted to regulate matters such as 'hello money' in supermarkets – payment from a supplier as a condition of stocking, displaying or listing – and certain business practices such as unilateral supply cancellation clauses in supermarket supply contracts has been revoked by SI 150/2022. Find out more.
