The first article Is Goodwill a Wasting Asset? can be accessed through the press release on the IVSC website.

The study assessed the accounts of 296 charities against a new external scrutiny benchmark developed by the Charity Commission to determine whether a minimum standard of scrutiny by auditors and independent examiners had been met. The benchmark is based on the requirements of the Charities Act 2011, the Charities Statement of Recommended Practice (SORP), auditing standards and the Commission’s Directions for independent examiners.

Only three quarters of charities with income over £1 million met the external scrutiny benchmark. This fell to 51% in the case of charities with income of £250,000 - £1 million and just 37% for charities with income below £250,000. Particular issues included incomplete reporting of related party transactions (for which a separate report discussing the findings in more detailed is linked below) and charitable companies failing to provide a separate summary income and expenditure account, or not stating that it was included in the Statement of Financial Activities. The Charity Commission also noted that accounts reviewed by an auditor met the benchmark more frequently than those reviewed by an independent examiner.

As a result of its findings the Charity Commission has issued updated guidance for trustees on independent examination (CC31). It has also made the external scrutiny benchmark available on its website.

Click for (all links to the Charity Commission website):

• the study on external scrutiny;
• the external scrutiny benchmark;
• the report on the findings regarding related party transactions; and
• the updated guidance for trustees on independent examination.

EFRAG is seeking to engage with subject matter experts and practitioners to discuss the following:

• Issuance via initial coin offerings and similar offerings;
• Holding/investing activities and payment services;
• Custodial and storage services; and
• Mining services.

The outreach will be conducted through phone interviews and the questions will be shared before the interview.

Please click for more information on the EFRAG website.

The newsletter provides an update of the Lab's three current projects and a brief overview of its other activities:

• Climate change and workforce reporting;
• Sources and Uses of Cash; and
• Digital Future. 

The full newsletter is available on the FRC website here.

Specifically, this issue features insight into the proposed amendments related to commission paid on short-term insurance contracts with expected renewals and profit recognition on long-term insurance contracts with investment returns.

For more in­for­ma­tion, see the press release and Investor Per­spec­tives article on the IASB’s website.

The meeting will cover an update from the Financial Reporting Lab on its current and future projects including:

• Climate change and workforce reporting; and
• Sources uses of cash.

Click here for more information and how to register.

Anne replaces David Cannon who has served as Chair of the AQRC and a member of the Conduct Committee since September 2015.

The press release can be found on the FRC website here.

Below is an analysis of all changes that were made to the work plan since our last analysis on 29 July 2019.

Standard-setting projects

• No changes

Maintenance projects

• Amendments to IFRS 17 — Discussions on feedback received on the exposure draft is expected to occur in November 2019 (previously fourth quarter of 2019)
• Disclosure initiative — Accounting policies — An exposure draft was published on 1 August 2019, discussions on the feedback received on the exposure draft are expected begin in November 2019
• IBOR reform and its effects on financial reporting (Phase 1) — discussions on the feedback received on the exposure draft were concluded in August 2019, the staff will prepare the final amendments for publication (no date given)
• IBOR reform and its effects on financial reporting (Phase 2) — newly added to the work plan, no date given for the planned exposure draft

Research projects

• SME Implementation Group draft Q&A — newly added o the work plan, discussion of the feedback on the draft Q&A is expected to begin in the fourth quarter of 2019

Other projects

• Updated IFRS Foundation Due Process Handbook — Discussions on feedback received on the exposure draft is expected to occur in October 2019 (previously fourth quarter of 2019)

The above is a faithful comparison of the IASB work plan at 29 July 2019 and at 3 September 2019. For access to the current IASB work plan at any time, please click here.