Welcome to the latest edition of Technical Roundup.
In developments since the last edition, the Financial Reporting Council (FRC) announced a package of measures regarding audits of small and medium-sized enterprises (SMEs). This includes an updated practice note (PN 28) regarding 'Guidance for audits of small and medium-sized entities' and the final report regarding the FRC's SME Audit Market Study. The CEA published an Information Note on electronic participation in companies’ general meetings. The Information Note provides practical guidance for companies and their directors and members on the lawful and effective conduct of virtual general meetings under the Companies Act 2014 as amended.
Read more on these and other developments that may be of interest to members below.
Financial Reporting
The European Financial Reporting Advisory Group (EFRAG) has called on the International Accounting Standards Board (IASB) to defer the effective date of IFRS 20 Regulatory Assets and Regulatory Liabilities by 1 year to 1 January 2030, highlighting some of the challenges that preparers might face with the current planned effective date of 1 January 2029. IFRS 20 will address situations where an entity and a regulator are parties to a regulatory agreement that prescribes the regulated rate, and where compensation for the period is charged to customers in a different period creating differences in timing. It will mainly affect industries such as utilities, energy and transportation.
EFRAG is seeking users feedback on the IASB’s Risk Mitigation Accounting Proposals via a survey which remains open until 15 May 2026. The survey relates to disclosures concerning interest rate risk management.
The IFRS Foundation has published some new educational resources to help stakeholders apply the IFRS for SMEs Accounting Standard.
The IFRS Foundation has published its March 2026 National Standard-setters Newsletter.
The IASB has published its March 2026 Update and podcast. The IFRS Interpretations Committee (IFRIC) has also published its March 2026 Update and podcast.
The IFRS Foundation has published its 2025 Annual Report which outlines the steps taken by the organisation to be “fit for the future”.
IAASA has released a podcast entitled “IAASA – Two Decades On”, in which Chief Executive, Kevin Prendergast, reflects on the establishment of IAASA in 2006, highlights key milestones over the past two decades, and discusses the continuing relevance of IAASA’s core vision: public trust and confidence in quality auditing and accounting.
Auditing and Assurance
The Financial Reporting Council (FRC) announced a package of measures regarding audits of small and medium-sized enterprises (SMEs). This includes an updated practice note (PN 28) regarding 'Guidance for audits of small and medium-sized entities' and the final report regarding the FRC's SME Audit Market Study.
Beginning in April 2026 and following extensive engagement with stakeholders, the FRC announced an evolution of its audit supervisory model, introducing a more proportionate, effective and integrated framework designed to enhance audit quality and reinforce resilience across the UK audit market. The FRC published 'An evolved audit supervision approach' document regarding the new audit supervisory model.
The FRC launched two calls for stakeholder feedback to support the development of UK audit policy. It is calling for stakeholders to share their views on the International Standard for Auditing for Less Complex Entities (ISA for LCE) to inform its ongoing engagement with the International Auditing and Assurance Standards Board (IAASB). The FRC is also re-consulting on its proposals to revise two auditing standards to ensure auditors take a proportionate approach to a key area of their engagements with entities. The two auditing standards include ISA (UK) 250: Consideration of Laws and Regulations in an Audit of Financial Statements and ISA (UK) 270: Special Considerations for Audits of Public Interest Entities - Communicating and Reporting to an Appropriate Authority Outside the Entity.
The FRC published its Annual Plan and Budget for 2026-2027, marking the second year of its three-year strategy for 2025-2028 and setting out a programme of work to uphold high standards in audit, corporate reporting, and governance in support of UK economic growth.
The FRC published guidance for audit firms on using generative and agentic AI tools in audit engagements.
The FRC published updated Public Interest Entity (PIE) Auditor Registration Regulations (Regulations) and accompanying guidance in respect of PIE Auditor Registration, strengthening its oversight of audit firm restructuring and reducing, where possible, administrative burdens on audit firms registered on the PIE Auditor Register (PAR).
Sustainability
The IFRS Foundation is holding episode 13 of its “Perspectives on sustainability disclosure” webinar series on 13 April.
The International Sustainability Standards Board (ISSB) has published its March 2026 ISSB update and podcast.
The UK Endorsement Board is conducting research to aimed to better understand company experiences in relation to the UK’s climate-related financial disclosures reporting regime.
Accountancy Europe has issued its March 2026 Sustainability Update.
Anti-money laundering, fraud
On 24 March 2026, AMLA held its first public hearing (over two sessions), marking an important milestone in the development of the EU's new AML/CFT framework. Each session addressed one of two draft regulatory technical standards (RTSs) that form a cornerstone of the Single Rulebook - (1) the draft RTS regarding the criteria for identifying business relationships, occasional transactions, and linked transactions and (2) the draft RTS regarding customer due diligence. The public hearing is one part of a broader consultation process. Written submissions on both RTSs remain open until 8 May 2026, and AMLA strongly encourages all stakeholders, particularly from the non-financial sector, to contribute.
Draft legislation has been introduced by UK Parliament related to improving the effectiveness of the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017. The draft regulations are the Money Laundering and Terrorist Financing (Amendment) Regulations 2026 (“draft Regulations”). A draft explanatory memorandum was also published regarding the draft regulations. The draft Regulations are subject to Parliamentary scrutiny and approval, so may be subject to change. They are expected to come into force later this year with the draft Regulations specifying various dates for the coming into force of various pieces of the legislation.
Irish small and medium enterprises (SMEs) lost almost €19 million over the past two years through email-related scams as invoice‑redirection fraud and CEO impersonation continue to dominate, according to new figures published by FraudSMART, the fraud awareness initiative led by Banking & Payments Federation Ireland (BPFI). The press release associated with the publication of these new figures noted that SMEs can put in place simple controls such as verifying any change to supplier bank details, introducing dual approval for higher‑value payments, and making sure every member of staff knows the warning signs. SMEs are also encouraged to put regular fraud training in place for their workforce. FraudSMART provides a free guide with information and tips on business fraud.
The Financial Action Task Force (FATF) recently participated in the Global Fraud Summit hosted by INTERPOL and the UN Office on Drugs and Crime (UNODC) to discuss the rapidly evolving threat of fraud. To encourage concrete action to respond to these growing threats, the FATF also hosted a side event - 'Stopping Fraud with the FATF Anti-Money Laundering Toolkit'. A copy of FATF’s toolkit is also attached at the above link.
Central Bank of Ireland (CBI)
Central Bank of Ireland issued their first report to Coimisiún na Meán relating to CBI’s activities under the Digital Services Act covering the period from April to December 2025. The report notes that the CBI reported 333 suspect URLs to internet service providers. The Central Bank was the first entity to be granted ‘Trusted Flagger’ status in Ireland, and the first in Europe to be appointed as a ‘Trusted Flagger’ under the Digital Services Act in respect of financial frauds and scams.
The CBI published a press release to mark the coming into force of the modernised Consumer Protection Code on March 24. The modernised Code gives consumers stronger protections when using banks, insurance companies, and other financial services. For further information, please refer to the dedicated Consumer Protection Code web page on the CBI's Consumer Hub and the Consumer Protection Code 2025 regulations, tools, and guidance.
The CBI published its latest Quarterly Bulletin No.1 2026 in the context of renewed surge in international energy prices testing domestic economic resilience.
The CBI published the annual Financial Conditions of Credit Unions Report for 2025, which provides an update on the financial performance and the position of the sector for the financial year ended 30 September 2025. The publication provides sectoral data and commentary and aims to inform credit union boards and management in carrying out their own strategic analysis and decision-making. Commenting on the report, the Registrar of Credit Unions noted that maintaining and building strong reserves and liquidity, and strengthening operational resilience, should remain a key focus for credit union boards and management.
The CBI published financial stability assessments of the non-bank sector covering Irish hedge funds and open-ended funds emphasising that strengthening the financial stability lens in the oversight of the non-bank sector remains an important priority for the Central Bank.
Cybersecurity
Following the adoption of a regulation to establish the European Digital Identity Framework, the European Commission has requested the European Union Agency for Cybersecurity (ENISA) to provide support for the certification of European Digital Identity (EUDI) Wallets, including the development of a candidate European cybersecurity certification scheme in accordance with the Cybersecurity Act. A public consultation has been initiated to gather feedback on the proposed cybersecurity elements.
The UK’s NCSC published an alert regarding targeted cyber-attacks on messaging apps, targeting high-risk individuals and provides guidance and details of actions for individuals and organisations, which can help to prevent and mitigate the risk of such attacks.
Data Protection
The European Data Protection Board (EDPB) published a summary of topics discussed at the EDPB's 'Cross-regulatory interplay and cooperation in the EU: a data protection perspective' conference, which took place in March. The conference included various discussions regarding data protection and competition, and the Digital Markets Act (DMA) and the Digital Services Act (DSA) in the context of GDPR.
The EDPB published its 2025 Annual Report. The report provides an overview of the EDPB work carried out in 2025. The report reflects on important milestones including the adoption of the Helsinki Statement on Enhanced Clarity, Support, and Engagement to facilitate easier GDPR compliance, to enhance the dialogue with a broad range of stakeholders, to strengthen consistency, and to develop cross-regulatory cooperation in the new digital regulatory landscape.
Internal Audit
The Chartered Institute of Internal Auditors (IIA) in the UK and Ireland published an article regarding the use an AI agent to benefit a small internal audit team using CoPilot to assist audit planning.
Other News
The Irish Companies Office recently confirmed that it plans to start prosecuting directors and companies for non-filing of annual returns. In addition, the Irish Companies Office confirmed that it plans to start prosecuting liquidators for non-filing offences before the end of 2026.
The CEA published an Information Note on electronic participation in companies’ general meetings. The Information Note provides practical guidance for companies and their directors and members on the lawful and effective conduct of virtual general meetings under the Companies Act 2014 as amended. The guidance explains the permanent statutory basis for hybrid and virtual meetings, clarifies obligations, and highlights best practices, particularly in ensuring inclusive participation for stakeholders who may be less digitally proficient.
The Pensions Authority issued a reminder to trustees of one-member arrangements (OMAs) regarding the action they must take to comply with their obligations under the Pensions Act from 22 April 2026.
Following a review of associated consultation responses, a single FCA, PRA and Bank of England regulatory regime for operational incident and third party reporting, will apply from 18 March 2027.
The European Supervisory Authorities (EBA, EIOPA and ESMA – the ESAs) published their spring 2026 Joint Committee update on risks and vulnerabilities in the EU financial system. The update focuses on the challenges arising from ongoing geopolitical tensions and developments in private finance.
Minister for Enterprise, Tourism and Employment Peter Burke TD, launched a public consultation on proposed changes to merger and acquisitions notifications to the Competition and Consumer Protection Commission (CCPC). The deadline for responses is 1 May 2026.
The Tánaiste and Minister for Finance, Simon Harris TD recently convened the first Annual Savings and Investment Forum, bringing together key stakeholders from across the financial services sector, consumer representatives, and policymakers to support the continued evolution of Ireland’s savings and investment landscape. The 2026 forum will focus on advancing a framework for a Personal Investment Account in Ireland, aligned with the European Commission’s recommendation to develop accessible, consumer-friendly savings and investment accounts across Member States.
The Financial Conduct Authority (FCA) published an update regarding operational resilience insights and observations one year on from the end of the operational resilience transition period.
The Minister for Public Expenditure, Infrastructure, Public Service Reform and Digitalisation (DPER), Jack Chambers, and the Minister of State at the Department of Public Expenditure, Infrastructure, Public Service Reform and Digitalisation, Frank Feighan has announced the launch of a public consultation and testing phase to help shape Ireland’s new Government Digital Wallet.
For further technical information and updates please visit the Technical Hub on the Institute website.
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