ACCA's response to EU Green Deal – Revision of the Energy Taxation Directive
ACCA welcomes the opportunity to provide our views to the proposed revision of the Energy Taxation Directive (ETD). We fully support the stated aims of this revision: by sending price signals, taxes are, indeed, an important lever in changing business and consumer behaviour. We particularly welcome the Commission’s intention to shift the tax burden from labour taxation to environmental taxation. ACCA believes that this holistic and system-wide policy response is key to addressing the scale of the environmental and social challenges currently facing not only EU member states, but countries around the world.
Consultation on Economic crime levy: Funding new government action to tackle money laundering
ACCA is a Professional Body Supervisor (PBS) for anti-money laundering (AML) in the UK. We welcome the opportunity to provide views on the design principles of the economic crime levy and how it could operate in practice in order to ensure that it is proportionate and effective.
Call for evidence: raising standards in the tax advice market
ACCA's response to HMRC call for evidence on suggestions about how to raise and maintain high standards of competence and behaviour in the tax advice market in order to protect consumers and improve compliance.
ACCA's response to HMRC Charter consultation. The Charter sets the standard for interactions between HMRC and its customers. We’ve made a number of points including improving customer trust, frameworks for resolving disputes and expertise and training of HMRC staff.
ACCA's response to FCA consultation on the OPBAS Sourcebook, Bounce Back Loan Scheme and a rule clarification to confirm the ability of the FSCS to declare in default firms and successors subject to the proposed new moratorium under the Insolvency Act 1986.
IESBA Proposed Revisions to the Non-Assurance Services (NAS) Provisions of the Code
ACCA and CA ANZ joint response on the proposals to revise the non-assurance services (NAS) provisions of the International Code of Ethics for Professional Accountants (including International Independence Standards) (the Code).
IESBA Proposed Revisions to the Fees-Related Provisions of the Code
ACCA and CA ANZ joint response to IESBA's Exposure Draft aimed at strengthening the fee-related independence provisions of the International Code of Ethics for Professional Accountants (including International Independence Standards) (the Code).
Joint submission by ACCA and CA ANZ on Proposed Revision to the Code Addressing the Objectivity of Engagement Quality Reviewers
Joint submission by Chartered Accountants Australia and New Zealand and the Association of Chartered Certified Accountants to an exposure draft issued for public consultation by the International Ethics Standards Board for Accountants (IESBA)
Consultation by Isle of Man FSA - Fees 2020 (CP19-07/T14)
ACCA welcomes the opportunity to provide feedback on the proposed fees for 2020. We represent ACCA members and firms of accountants registered with the Authority to provide financial services in the Isle of Man. Our response to this consultation is informed by members’ input obtained from the ACCA Members’ Network in the Isle of Man.
Recovering the costs of OPBAS: Feedback on CP19/13 and consultation on fee-rate for 2019/20
ACCA welcomes the opportunity to provide feedback on FCA's proposed fee-rate for OPBAS 2019/20.
In the absence of any clarity or assurance on OPBAS’s strategic plan and costs for 2019/20, ACCA is unable to form a clear opinion on the reasonableness of the proposed variable fee-rate.
To read in full, please download the consultation response.
ACCA welcomes the opportunity to comment on the consultation paper issued by PSAB on Reviewing PSAB’s Approach to International Public Sector Accounting Standards. The ACCA Public Sector Global Forum, staff experts and broader ACCA stakeholders have considered the matters raised and their views are represented in the following.
The Public Sector Accounting Board (PSAB) has clearly undertaken a thorough review of the role of International Public Sector Accounting Standards (IPSAS).
To read in full, please download the consultation response.
FRC Post Implementation Review of the 2016 Auditing and Ethical Standards
ACCA response to The Financial Reporting Council (FRC) consultation proposing important changes to the UK’s Ethical and Auditing Standards. The FRC proposes to set more stringent ethical rules for auditors, in response to findings from recent audit enforcement cases and from audit inspections. In response to feedback from investors, the FRC also proposes to enhance the quality and content of auditor’s reports in order to improve transparency about what is found in the course of an audit.
Statutory audit services: initial consultation on the Competition and Markets Authority recommendations
ACCA response to BEIS consultation on the CMA’s recommendations to improve audit quality, competition and resilience in the statutory audit services market. These recommentions can be found on the Competition and Markets Authority (CMA) final report published on 18 April 2019.
IAASB’s Proposed International Standard on Quality Management 2 (ED-ISQM 2)
ACCA and CA ANZ joint response supports the IAASB’s efforts to continuously improve audit quality. How audit firms manage audit quality is a key component to achieving audit quality. To read in full, please download the consultation response.
IAASB’s Proposed International Standard on Quality Management 1 (ED-ISQM 1)
ACCA and CA ANZ joint response supports the quality management approach which can be described as a more “thinking” approach in comparison to ISQC1. We are also supportive of a risk assessment based approach, subject to specific concerns on aspects of the proposals. We also believe that separating ISQC 1 into two standards is sensible. Our detailed comments on ED-ISQM2 are available in our separate submission letter on that ED.
IAASB’s Proposed International Standard on Auditing 220 (Revised) Quality Management for an Audit of Financial Statements
ACCA and CA ANZ joint response welcomes the opportunity to comment on Proposed International Standard on Auditing 220 (Revised) Quality Management for an Audit of Financial Statements (ED-220). It is important that the process for managing audit quality at the engagement level continuously evolves along with the management of audit quality at the firm level.
IESBA Proposed Revisions to Code of Ethics and Conduct
ACCA welcomes the opportunity to comment on the proposals to revise Part 4B of the Code to reflect terms and concepts used in ISAE 3000 (Revised), and to continue to work with the IESBA in advancing the restructured Code’s relevance and impact.
Independent Review into the quality and effectiveness of audit - call for views
We welcome Sir Donald Brydon’s independent review into the quality and effectiveness of audit. It is vital that the UK economy has efficient and effective capital markets and there is confidence in the corporate framework through greater transparency which works in the context of a global economy.
Business reporting of intangibles: realistic proposals
ACCA welcomes the opportunity to provide views in response to the FRC’s Discussion Paper on the business reporting of intangibles. This has been done with the assistance of members of ACCA’s Global Forum for Corporate Reporting.
Onerous contracts: costs of fulfilling a contract (amendments to IAS 37)
ACCA welcomes the opportunity to provide views in response to the IASB's proposed amendments to IAS 37. This has been done with the assistance of members of ACCA’s Global Forum for Corporate Reporting.
ACCA is grateful for the opportunity to respond to the consultation paper published by the LSB, and for the continuing discussions between our two organisations. This response has been prepared in consultation with the Chairman of ACCA's Regulatory Board.