ACCA's response to targeted amendments to the IFRS Foundation Constitution
ACCA welcomes the opportunity to provide views in response to the IFRS Foundation’s Exposure Draft, ‘Proposed targeted amendments to the IFRS Foundation to accommodate an International Sustainability Standards Board to set IFRS Sustainability Standards.’
ACCA's response to BEIS consultation - Restoring trust in Audit and Corporate Governance
ACCA welcomes the consultation on the Government’s proposals for restoring trust in audit and corporate governance and its aim to improve the wider financial reporting ecosystem as a whole. It is vital that the UK economy has efficient and effective capital markets and there is confidence and trust in the corporate framework. We welcome any opportunity to be involved in the next steps and remain committed to providing our support as the Government proceeds with the implementation of its proposals.
ACCA's response to the EC's consultation on Sustainable Corporate Governance
ACCA welcomes the opportunity to contribute to the EC consultation on a Proposal for an Initiative on Sustainable Corporate Governance, and foremost agrees that sustainability needs to be further embedded into corporate governance frameworks. Covid-19 has forced companies to re-think their purpose and strategy for the long-term and now is a better time than ever to introduce more effective measures to make sure this happens, otherwise businesses will not be able to survive, thrive and make better impacts on people, the environment and society at large. As we have noted before, sustainable corporate governance is not only about compliance it is also about creating value and building a viable recovery.
FRC's Discussion Paper - Future of Corporate Reporting
ACCA welcomes the opportunity to provide views in response to the Financial
Reporting Council’s discussion paper, A Matter of Principles: The Future of Corporate
Reporting. This has been done with the assistance of members of ACCA’s Global
Forum for Corporate Reporting.
FRC Proposed International Standard on Auditing (UK) 240 (Revised 2021)
ACCA welcomes the proposed International Standard on Auditing (UK) 240 (Revised 2021), The Auditor’s responsibilities Relating to Fraud in Audit of Financial Statements, as part of the FRC’s response to the concerns regarding the lack of clarity in the standard as to the auditor’s obligations raised particularly in the Brydon’s report.
IASB's Business Combinations — Disclosures, Goodwill and Impairment consultation
ACCA welcomes the opportunity to provide views in response to the IASB’s discussion
paper on business combinations. This has been done with the assistance of members
of ACCA’s Global Forum for Corporate Reporting.
IFRS Foundation - Consultation on Sustainability Reporting
ACCA welcomes the opportunity to provide views in response to the IFRS Foundation’s
consultation paper on sustainability reporting. This has been done with the assistance
of members of ACCA’s Global Forum for Corporate Reporting.
ACCA's feedback to Isle of Man FSA 2021/22 proposed fees consultation
ACCA welcomes the opportunity to provide feedback on the proposed fees for 2021-2022. We represent ACCA members and firms of accountants registered with the Authority to provide financial services in the Isle of Man (IOM). Our response to this consultation is informed by members’ input obtained from the ACCA Members’ Network in the IOM.
EFRAG's Mandate on Non-Financial Reporting Standard Setting
ACCA is pleased to contribute our views to assist Mr Gauzès with the mandate to consider the changes in its governance and finance that might be needed if EFRAG took on the role of setting non-financial reporting (NFR) standards for Europe. We have done so using the questions raised in the Annexe to Mr Gauzès letter.
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.