Welcome to the latest edition of Technical Roundup.
In developments since the last edition, the Charity SORP making body has published the latest version of the SORP, the IFRS Foundation has published its latest compilation of IFRIC’s agenda decisions and IAASA has published some highlights from their recent Audit Committee Briefing. The EU and UK Government have also updated their sanctions measures.
Read more on these and other developments that may be of interest to members below.
Financial Reporting
The FRC has issued two thematic reviews to enhance the quality of, and provide insights into, UK company reporting in respect of investment companies and share-based payments.
The Financial Reporting Council (FRC) is hosting an online roundtable session on Tuesday 18 November looking for feedback from UK companies who follow the Corporate Governance Code.
The Financial Reporting Council (FRC) has issued a consultation on the Actuarial Standard Technical Memorandum 1 (AS TM1) which proposes no significant amendments to the standard.
The FRC has published a discussion paper on future technical development of UK digital reporting taxonomies inviting feedback from stakeholders across the digital reporting ecosystem. Comments are requested by 11 January 2026.
The FRC has published its guidance to the UK Stewardship Code 2026. This optional guidance offers suggestions for the types of information organisations may want to include in their reports which explain their approach to stewardship.
The International Organization of Securities Commissions (IOSCO) has issued a statement highlighting the importance of high-quality valuation information in financial reporting.
The European Securities and Markets Authority (ESMA) has published the latest edition of its “Spotlight on the Market” Newsletter.
The European Financial Reporting Advisory Group (EFRAG) has published its final comment letter in response to the International Accounting Standards Board’s (IASB’s) Request for Information on the Post-implementation Review of IFRS 16 Leases.
EFRAG are currently holding two surveys of SMEs across the EU. The surveys- which address the needs of start-ups and SMEs, and challenges for finance providers- remain open until 17th November.
The IASB has released a series of webcasts to assist SMEs in applying the third edition of the IFRS for SMEs Accounting Standard. The most recently released webcast looks at Section 12 Fair Value Measurement.
The IASB has released its October 2025 Update and Podcast.
The IFRS Foundation has published Compilation of Agenda Decisions – Volume 13. This covers decisions made by the IFRS Interpretations Committee (IFRIC) from May 2025 to October 2025. IFRIC has also issued its Q3 2025 Podcast.
The UK Endorsement Board (UKEB) has issued a summary of its recent report entitled “An Approach to Estimating Capital Market Effects”.
The UKEB has also published its latest work plan.
Accountancy Europe has issued its October 2025 Newsletter.
The Consultative Committee of Accounting Bodies (CCAB) has published the new edition of the LLPs SORP.
Auditing and Assurance
IAASA has released its third publication as part of its 2025 AQS Insight Series which focuses on key messages for auditors in relation to IFRS 17.
The FRC has published a report setting out the key findings and good practice they have identified in the 2023/4 and 2024/5 inspection cycles related to the audits of the twelve largest audit firms.
IAASA has published highlights from their recent Audit Committee Briefing.
Sustainability
Following on from its “VSME in Action” event held on 6 October, EFRAG have released a summary of the event containing an event report, recordings and slides.
Following its recent response to EFRAG’s Exposure Draft on the amended European Sustainability Reporting Standards, Accountancy Europe has shared some of its thoughts and key suggestions in relation to the proposed amendments.
The International Sustainability Standards Board (ISSB) has issued its October 2025 update.
Following the rejection of the simplified rules for sustainability reporting and due diligence obligations in the EU Parliament on 22 October, MEP’s will again vote on amendments at the upcoming Plenary Session on 13 November.
Charities
The Charity SORP making body has issued the October 2025 edition of the Charity SORP. For Charities who apply the SORP these changes will be effective for periods commencing on or after 1 January 2026 and take into account the changes arising from the 2024 Periodic Review of FRS 102.
The Charities Regulator has established a Consultative Panel on the advancement of human rights as a charitable purpose.
The Charities Regulator has released Issue 36 of its Regulator Newsletter. This includes some updated guidance on internal financial controls for charities, details of a dedicated webpage which summarises the main changes included in the Charities (Amendment) Act 2024 and new guidance on recognising and addressing dominant behaviour in Charities.
Carmichael have issued the 14th edition of their “Governance Dilemma” series, which discusses real-life challenges faced by boards of non-profit organisations. This edition looks at difficult circumstances a charity might be faced with when both a CEO and Board Chair resign suddenly, and a board member encounters pressure to step up to fill the vacant position.
Anti-money laundering and Fraud
The Professional Standards Department at Chartered Accountants Ireland has published its AML Supervision Report 2024/25.
The UK government announced in its AML Supervision Reform Response Document that AML/CFT responsibilities including supervision for professional services (legal, accountancy, and trust and company service providers (TCSPS)) will be consolidated and handled by the Financial Conduct Authority (FCA) creating a Single Professional Services Supervisor (SPSS). It has now issued a consultation on the subject which will run from 6th November 2025 to 24th December 2025.
The European Banking Authority (EBA) published its fifth and final report on the Functioning of Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) Colleges. This report sets out findings and observations from the EBA's monitoring of AML/CFT colleges, which suggest that, overall, competent authorities continued to use colleges to share relevant information that could enhance the effectiveness of supervision. The EBA also highlights the need for continued progress on key priorities of the AML/CFT Colleges to ensure effectiveness of the work and functioning of the Colleges going forward. From 1 January 2026, the responsibility to monitor AML/CFT colleges will be transferred to the European AML Authority (AMLA). The findings from this report will be relevant for AMLA as it builds its supervisory framework. AML/CFT colleges will remain a key cooperation tool under the new legislative framework, as the AML/CFT colleges framework was enshrined in the AMLD6.
The European Banking Authority (EBA) responded to the European Commission’s Call for Advice on the key components of the new AML/CFT framework. This advice puts forward a risk-based and proportionate approach that will support the swift and effective start of the Anti-Money Laundry Authority (AMLA) operations. The EBA’s response outlines details regarding certain draft regulatory technical standards in key areas including the risk assessment AMLA will use to determine the institutions it will directly supervise and information obliged entities will have to obtain as part of the customer due diligence process under the new AML/CFT regime. Please refer to the attached detailed report for details of all areas covered in this Call for Advice.
The Financial Action Task Force (FATF) published an update from its Plenary meeting including an update regarding FATF assessments under the new round of mutual evaluations, jurisdictions under Increased Monitoring and an update regarding jurisdictions no longer under Increased Monitoring. In addition, an update regarding jurisdictions subject to a Call for Action was also included. The FATF also approved a new Horizon Scan, to notify public and private sectors around the world about current and potential future illicit finance risks presented by artificial intelligence (AI) and deepfakes.
Sanctions news
The European Union has adopted the 19th package of sanctions against Russia. The new package of sanctions substantially increases the pressure on the Russian war economy, targeting key sectors such as energy, finance, the military industrial base, special economic zones, as well as enablers and profiteers of its war of aggression. Sanctions include an introduction of a total ban on Russian Liquefied Natural Gas (LNG) and a further clamp-down on the shadow fleet. Measures also target financial services and infrastructure (including for the first time crypto), as well as trade, the services sector, and strengthen anti-circumvention tools.
The UK Government is making some changes and updates in relation to sanctions .On 3 November it launched a new sanctions enforcement action page on GOV.UK that brings together sanctions enforcement information from across HM Government - including penalty notices, annual reviews, case studies and key lessons for industry.
In the UK the Office of Financial Sanctions Implementation (OFSI) issued its Annual Review 2024 to 2025 and click to read more on the OFSI webpages.
It was also announced that there will be a move to a single list for UK sanctions designations from 28 January 2026. Currently the OFSI Consolidated List from HMT provides information relating to asset freeze and investment ban targets across all financial sanctions’ regimes implemented in the UK. This list will close at 09:00GMT on Wednesday 28 January 2026 and from then the UK Sanctions List will be the only source for all UK sanctions designations. Guidance has been issued on moving to a single list for UK sanctions designations where you can read more about the changes.
Central Bank of Ireland (CBI)
In a speech by the Deputy Governor Colm Kincaid to the Central Bank of Ireland’s Consumer Protection Code Workshop, the Deputy Governor highlighted what firms should consider when implementing modernised provisions to protect consumers in vulnerable circumstances. This is in the context of the new Consumer Protection Code, which will come into force for regulated financial service providers in March 2026.
The CBI provided an update on the Eurosystem moving to the next phase of the digital Euro project. The Governing Council of the European Central Bank (ECB) has decided to move to the next phase of the digital euro project. This decision follows the successful completion of the preparation phase, launched by the Eurosystem in November 2023, which laid the foundations for issuing a digital euro.
The CBI announced an enforcement action against a virtual asset service provider for breaching its anti-money laundering and counter terrorist financing transaction monitoring obligations between 2021 and 2025. The fine amounted to €21,464,734. For more details, please refer to the following link on the CBI’s website.
Artificial Intelligence (AI)
The Workplace Relations Commission (WRC) has issued a Guidance Document for use by all parties who may apply AI tools to assist them in the preparation and submission of material or documents with respect to evidence in their case.
The Department of Enterprise, Tourism, and Employment (DETE) announced that the Expert Group on Future Skills Needs (EGFSN) published a new report examining ‘How AI is transforming the Irish labour market’. The report highlights that Ireland leads in terms of the demand for AI related jobs, AI related jobs and usage in Ireland have doubled since 2023, and Ireland ranks 3rd in the EU in terms of digital skills.
Cybersecurity
The National Cyber Security Centre (NCSC) in Ireland issued an alert regarding F5 devices and products. The advisory applies to organisations operating F5 BIG-IP, BIG-IP Next, F5OS-A/C, or Silverline devices, particularly those running versions listed in the advisory. NCSC advises to take certain actions including reviewing the security incident advisory and F5 guidance document, consulting details regarding affected versions and patch levels, applying recommended fixes and patches, and perform any necessary upgrades.
In addition, the NCSC Ireland also issued an alert regarding a remote code execution vulnerability in Windows Server Update Service (WSUS) and strongly recommends installing updates for vulnerable systems with the highest priority, after thorough testing. Affected organisations should review the latest release notes and install the relevant updates from Microsoft.
The US Cybersecurity and Infrastructure Security Agency (CISA), in partnership with the National Security Agency and international cybersecurity partners, has released Microsoft Exchange Server Security Best Practices. This is a guide to help network defenders harden on-premises Exchange servers against exploitation by malicious actors.
The European Union Agency for Cybersecurity (ENISA) published a report regarding cyber threats faced by the public administration sector in the EU in 2024. The report highlights how EU public administrations are increasingly targeted by hacktivists, primarily resorting to Distributed Denial-of-Service (DDoS) attacks. Recommendations are also included in the report to mitigate common cyber threats encountered in the public administration sector.
Companies Office - Busy Filing period
The Irish Companies Registration office has published a notice regarding the annal returns peak filing period. Readers are also referred to our recently published tips and pointers for the busy Annual Return filing season which may help you navigate the process with the Companies Registration Office. We echo the CRO advice to file early, if at all possible.
Other news
Readers can access here a recent Institute news item on the introduction of the Companies (Protection of Title: Accountant) Bill 2025 in Dáil Éireann.
Please click to read the Dept of Enterprise Tourism and Employment Statement of Strategy 2025-2028 which was published in October 2025. Click here to read the Statement of Strategy 2025-2028 press release .Actions referred to include removing unnecessary regulatory or administrative burdens on business, undertaking a periodic critical review of the Irish Auditing and Accounting Supervisory Authority and ensure Ireland has an effective auditing and accounting regime, establishing an updated legal framework for co-ops and enacting the Registration of Limited Partnerships and Business Names Bill, to modernise the legal regime applicable to limited partnerships and facilitate ease of use of this legal vehicle.
The Pensions Authority has published a consultation on in-scheme drawdown with a closing date for submissions of 5 December 2025.
The Financial Conduct Authority has issued a warning to investors in Contracts for Difference (CFDs) that they risk losing out on protections.
The European Data Protection Board (EDPB) has adopted the European Commission’s opinions on the extension of the validity of the UK adequacy decisions under the General Data Protection Regulation (GDPR) and the Law Enforcement Directive (LED) until December 2031. The EDPB notes that extension of the validity of the UK adequacy decisions will allow organisations and competent authorities based in Europe to continue transferring data to UK-based organisations and authorities without implementing additional guarantees. It also demonstrates continuing alignment between the UK and Europe’s data protection framework.
The European Commission published its 2026 work programme. The 2026 Commission work programme sets out the key strategies, action plans and legislative initiatives that will lay the foundation for the work ahead during this mandate and will help deliver on European Commission’s ambition to build a strong, secure, and prosperous Europe. The focus of the work programme includes sustainable prosperity and competitiveness and simpler rules and stronger delivery.
Accountancy Europe has outlined some of the key initiatives on the 2026 work programme that it will be following and contributing to.
The European Securities and Markets Authority (ESMA) published a statement welcoming the strong initial engagement by National Competent Authorities (NCAs) on cyber risk and digital resilience and calls for continued efforts on the Union Strategic Supervisory Priorities (USSPs) in the context of ESG disclosures.
The Financial Reporting Council (FRC) has published updated guidance on the remuneration of non-executive directors (NEDs) as part of its regular updates to the guidance supporting the UK Corporate Governance Code 2024.
For further technical information and updates please visit the Technical Hub on the Institute website.
This information is provided as resources and information only and nothing in the information purports to provide professional advice or definitive legal interpretation(s) or opinion(s) on the applicable legislation or legal or other matters referred to in the information. If the reader is in doubt on any matter in this complex area further legal or other advice must be obtained. While every reasonable care has been taken by the Institute in the preparation of the information we do not guarantee the accuracy or veracity of any resource, guidance, information or opinion, or the appropriateness, suitability or applicability of any practice or procedure contained therein. The Institute is not responsible for any errors or omissions or for the results obtained from the use of the resources or information contained herein.
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