MIA NEWS

MIA COMMITTEES

AND FOCUS GROUPS A PREVIEW OF WHAT THEY HAVE BEEN UP TO

Audit & Assurance Committee has created detailed guidance on the implications of COVID-19 on auditing whilst a working group, has been specifically established to address guidance on auditing European Single Electronic Format (ESEF) statements.

Digitalisation/IT Committee currently there is an ongoing project together with the SMP Advisory Group to understand the needs and challenges faced by SMPs with regards to IT and lack of resources. Another project in the pipeline is to issue guidance on remote working and on ESEF.

Ethics Committee continued the work on the implementation of the NOCLAR standard and the local transposition of the 2018 Revised and Restructured Code of the International Ethics Standards Board for Accountants (IESBA), in collaboration with the Accountancy Board.

Financial Reporting Committee has supported the Institute’s technical team with the issuance of the guidelines on the implications of COVID-19 on accounting and reporting; and is in discussions with the Accountancy Board to advance the GAPSME draft legal notice. The working group has responded to the European Commission’s Consultation document on the review of the Non-Financial Reporting Directive and on the Renewed Sustainable Finance Strategy.

Indirect Taxation Committee is currently discussing the CfR to finalise the project to update the VAT technical information on the CfR’s website. Another project that the Indirect Taxation Committee is working on is issuing a guidance on blocked VAT supplies, such guidance will provide clarity on claiming input tax for grey areas.

Small and Medium Practitioners (SMP) Advisory Group was highly involved in the CSP Consultation Document feedback submitted to the MFSA and also met with the MBR to align on the various challenges being faced. During the COVID-19 situation, members of the Group were in close contact with the Institute voicing the concerns of the SMP members which they represent and continue to contribute on behalf of other SMPs. Anti-Money Laundering Committee in close collaboration with members of the Accountancy Board and FIAU representatives, are currently actively involved in the drafting of Sector-Specific Implementing Procedures (IPs Part II).

Direct Taxation Committee was actively involved in providing feedback to the Organisation for Economic Co-operation Development (OECD) Public Consultation Document: review of Country-by-Country Reporting (BEPS Action 13). The committee was involved in detailed discussions with the CfR in relation to; the changes to IFRSs and their impact on taxation, New Tax Return Attachments (TRA) 111 and 112 and the COVID wage supplement and double funding considerations amongst others.

Financial Services Committee Technical Release Document, regarding ‘R4-3.2.7 of Part BI of the Investment Services Rules applicable to MiFID Firms’ for Basis Year 2019 has been published and the guidelines for 2020 are in progress. Other objectives for the term include CPEs for the sector and further collaboration with the MFSA, as required.

Gaming Committee The Gaming Committee has continued building relationships with the Malta Gaming Authority (MGA) through the drafting of Agreed Upon Procedures in accordance with ISRS 4400. Whilst the Committee is in the process of issuing further guidance which shall aid practitioners in the field.

Professional Accountants in Business (PAIB) & Advisory Group The focus here is to better engage PAIBs with the Institute. In the beginning of the year the group worked intensely to organise the ‘Brace for Impact’ conference, however this had to be postponed because of the pandemic. The group also issued articles and supported other PAIBs during the pandemic situation.

Young Members Group created separate working groups to focus on different areas comprised of the ‘Branding and Education Working Group’, the ‘Community Working Group’ and the ‘Engagement Working Group’. The Group are also reaching out through a separate Facebook page - ‘The Young Members of the Malta Institute of Accountants’, targeting the younger members of the Institute. Click like!