UK sets out plan to regulate cryptoassets; FRC opens consultation

The UK government is proposing regulation of a broad suite of cryptoasset activities, consistent with its approach to traditional finance, a press release said.

"These proposals will place responsibility on crypto trading venues for defining the detailed content requirements for admission and disclosure documents — ensuring crypto exchanges have fair and robust standards," the release said.

An 82-page consultation paper invites stakeholders to provide responses to questions and to share their views on the proposed approach to regulating cryptoassets.

The consultation will close on 30 April, and comments can be submitted to cryptoasset.consultation@hmtreasury.gov.uk.

IASB updates Business Combinations project

The IASB has published information to explain two major decisions that have been made in the Business Combinations — Disclosures, Goodwill, and Impairment project, an IFRS news release said.

Following its review of feedback on the Discussion Paper, the IASB decided to prioritise examining:

• How companies could disclose better information about business combinations, and
• Whether to retain the impairment-only model to account for goodwill or to explore reintroducing amortisation of goodwill.

"In December 2022, [the IASB] decided to move the project to our standard-setting work plan," an IASB document said. "… Once we have made decisions on all the topics in the scope of the project, we will consider the package of tentative decisions and decide whether they meet the project's objective, and whether to publish an exposure draft."

FRC launches consultation on revising TAS 400

The UK's Financial Reporting Council (FRC) has published a position paper summarising the responses from last year's Call for Feedback on sector-specific Technical Actuarial Standards (TAS), an FRC news release said.

The FRC has launched a consultation on revising TAS 400, the release said, proposing revisions to include new requirements for actuaries' responsibilities, such as approvals and transfers, along with other proposed changes listed in the exposure draft.

The consultation is open for feedback until 12 April. Comments can be sent to APT@frc.org.uk.

FRC sets out ESG focus areas

Since publishing the 2021 Statement of Intent on Environmental, Social and Governance (ESG), the FRC has undertaken a significant number of initiatives both in the UK and internationally to assist and support its wide range of stakeholders and drive best practice in high-quality and comparable ESG reporting and disclosure, an FRC news release said.

The FRC has updated its statement, setting out areas where ongoing challenges remain in ESG reporting, suggesting actions for preparers to produce decision-relevant information, and the FRC's plans to engage with the market to ensure that stakeholder needs are met as demand for ESG information continues to evolve, the release said.

The report highlights the FRC's key areas of focus regarding ESG reporting during 2023, which include projects and thematics on:

• ESG data and how and where to find it and use it effectively.
• Materiality disclosures — what should be considered when determining what are material issues?
• Support for FRS 102 preparers.
• ESG reporting requirements of the Corporate Governance Code.
• The link between investors and ESG reporting.

— To comment on this article or to suggest an idea for another article, contact Steph Brown at Stephanie.Brown@aicpa-cima.com.