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Introduction The Economic Crime and Corporate Transparency Act  (ECCTA) which was passed in 2023 continues to bring legal change in the UK. ECCTA introduced identity verification requirements so that UK Companies House will know the identity of anyone setting up, running ,owning or controlling a company in the UK. As part of those changes, ECCTA also introduced the ACSP regime into UK law . A few  strands of the regime, including registration as an ACSP and performing verification and filing are considered in this article. We also consider some challenges which have arisen for our member firms in cases where they are not eligible to register as an ACSP, and we explore further if there are any solutions member firms can adopt. ACSPs :Verification and filing Since 18th November 2025 company directors and people with significant control (PSCs) are legally required to verify their identity under ECCTA. A 12-month transition period is now in place for existing directors and PSCs to comply with the new identity verification requirements by November 2026. The date during the transition period by which directors/PSCs must verify will depend on various factors. This includes whether they are a new director, in which case  they must comply before their registration or appointment as a new director. Existing directors or PSCs must comply based on the company confirmation statement due date during the transition period (and compliance by November 2026 is required). Failure to comply with identity verification requirements on time is an offence. Directors and PSCs can (1) verify themselves directly with Companies House or (2) verify by using an ACSP. Firms which are eligible to register with Companies House as an ACSP (see further below) have been able to register as ACSPs since 18 March 2025. If an accountancy firm  wants to verify its client company directors or PSCs then it must be registered now as an ACSP . Currently there is no change to filing procedures for Companies House and firms can continue to file documents with Companies House in the usual way for their clients without being registered as an ACSP. This will change later in 2026 . In January 2026, Companies House indicated that from no earlier than November 2026, firms will need to be registered as an ACSP to be able to file on behalf of clients. What firms can register with Companies House as an ACSP To become an ACSP, a firm must be supervised within the UK under the UK's Money Laundering Regulations 2017 (the Regulations) by a relevant Anti-Money Laundering (AML) supervisory body. See further details in the following paragraph. What if you cannot register with Companies House as an ACSP The roll out of identity verification and the ACSP regime has given rise to an issue for some Chartered Accountants Ireland member firms which are not AML supervised in the UK . Schedule 1 of the Regulations lists Chartered Accountants Ireland as an AML supervisory authority in the UK in relation to certain "relevant persons", namely relevant persons who are members of the Institute or who are regulated or supervised by it (Regulation 7). The Regulations apply to relevant persons acting in the course of business carried on by them in the United Kingdom. For the purposes of the Regulations a relevant person is to be regarded as carrying on business in the UK where their registered office is in the UK and the day-to-day management of the carrying on of the business is the responsibility of that office, or another establishment in the UK (Regulation 9). Republic of Ireland registered firms may have clients for whom they need to file with Companies House, but if the member firm is supervised for AML purposes in Ireland, not the UK under the Regulations then it is not eligible to register as an ACSP under the legislation as it stands.  In July 2025, the Institute made a representation to the UK Secretary of State for Business and Trade about this issue and for a change in the law to allow Irish AML supervised firms to apply to register as ACSPs. The issue has not yet been resolved to date , and the Institute continues to advocate for this change. If a member firm cannot register because it is not UK AML supervised (firms can check their status with the Institute ) then it might consider putting an arrangement in place with a third party registered  ACSP to carry out verification or filing work on behalf of its clients. If this option is used by member firms, it is considered outsourcing and appropriate outsourcing controls should be implemented by member firms including (1) performance of due diligence regarding the third party registered ACSP prior to appointment, (2) establishment of an outsourcing agreement with the third party ACSP including arrangements regarding information sharing requirements (3) post appointment, the member firm should perform on-going oversight of verification and/or filing activities performed by the third party ACSP on its behalf. The Institute does not endorse or recommend third party ACSPs and we urge members who are considering this route to give careful consideration to the guidance issued by Companies House on the list of ACSPs which it maintains . Members should study the article in full. Please note some of the highlights: the list is not a complete list of all registered ACSPs , it is not updated on a set schedule by Companies House so it may be incomplete or out of date. In addition , before a member  uses a third party ACSP they should always check that the ACSP is not on the list of ceased or suspended ACSPs. The work involved in verification to Companies House by an ACSP  An eligible firm may be considering expanding its offering by registering as an ACSP and taking on new business of verifying directors/PSCs for companies . Before undertaking this work, firms should satisfy themselves as to what is involved. For an ACSP to verify a client , Companies House requires ACSPs to have completed identity checks that meet the Companies House identity verification standard. It is important to note that these are different to customer due diligence checks to prevent money laundering. You can click to read guidance on how to meet Companies House identity verification standard. This includes asking for information about the person, getting  evidence to verify the person’s identity and the documents which can be used as evidence. It also covers the checking of identity documents either electronically by identification document validation technology (IDVT) or checking by a person . If this checking is by a person they must be trained in detecting false documents and be familiar with the guidance on examining identity documents to detect basic forgeries. The requirements to verify documents ,laid out in the guidance, is a significant step up from what is acceptable under anti money laundering  legislation. These checks and verifications will take time and may involve investment in technology or upskilling of people. All of this has  cost implications and will impact those practices which decide to register as ACSPs. Such firms must enhance their procedures and training and plan for this uplift in good time. Acting as an ACSP and performing verification and identity checking may be viable for a firm’s existing clients where the firm already knows much about the client . However , firms must give some pause for consideration of whether there is merit and the cost effectiveness of registering as an  ACSP to take on new business versus the risks which could potentially exist with this new business . Accountancy  firms  should perform their own risk assessment when deciding if they will take on this new business and firms should also ensure that the service is covered under their PII policy. Reminder to member firms to register as an ACSP If an eligible firm is willing to undertake the work involved in being an ACSP and is planning to verify the identity of its client directors and PSCs or wishes going forward to file information at Companies House on behalf of clients (or both) , it must  register to be an ACSP. Eligible firms are encouraged to register now and you can click to read more about how to register as a Companies House authorised corporate service provider and  Applying to register as a Companies House authorised agent - GOV.UK Firms are reminded that - To register you must be supervised for AML in the UK, - When completing the application process, you will be asked to provide your firm identity number, that will be your Institute firm number. Please ensure that the firm’s business name, address and any trading names provided to Companies House match what is recorded with the Institute, otherwise your application may be delayed, -A member’s name and membership number should not be used as the Institute’s authorisation for AML supervision is granted to firms not individuals , -if a sole practitioner is applying for authorisation, please use the unincorporated firm option, - You will be asked to complete identity verification as part of the application process, - There will be a registration fee of £55, payable to Companies House, - Once you are registered, you will be provided with a new digital account and unique identity number. This will allow you to file information and complete identity verification for your clients. This information is provided as resources and information only and nothing in these pages 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 pages. 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 these pages, 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 in these pages.  

The Pensions Research Accountants Group (PRAG) has finalised its amendments to the Pension Statement of Recommended Practice (Pension SORP). The updated “Statement of Recommended Practice, Financial Reports of Pension Schemes 2026” will be effective for periods commencing on or after 1 January 2026. PRAG are a leading independent industry body working for the development of occupational pension schemes. Their focus is on financial reporting and internal control, and they are the Financial Reporting Council’s (FRC’s) recognised SORP-making body for Pension Schemes. The Pension SORP was last updated in 2018 and since then, the FRC has made amendments to FRS 102. There have also been several industry developments which impact on pension scheme financial reporting as well as changes to pensions legislation and regulations. In 2025, PRAG held a consultation on its proposed amendments to the SORP. A copy of Chartered Accountants Ireland’s response is here. The following resources are available on PRAG’s website; News item discussing the updated Pension SORP Upcoming free webinar A copy of the updated Pension SORP will be available to purchase in due course.

From the Professional Accountancy team…... The Institute held three in-person events in early March 2026 in Cork, Galway and Dublin. Sarah Jane O’Keeffe, Partner in Azets, and Derek Wilson, former inspector in the Institute presented at the well-attended events and provided attendees with great practical examples. Attendees were given a comprehensive overview of the Creditors Voluntary Liquidation Handbook  published last year to assist Liquidators in complying with legislative and Statement of Insolvency Practice (SIP)  requirements when conducting statutory meetings, reporting to creditors and approval of remuneration. The sessions also covered compliance matters and potential issues and problems that can arise and how to avoid or best navigate these.  Attendees were also reminded of the resource available from the Corporate Enforcement Authority the form of the Liquidator’s report on conduct of directors in a winding up of an insolvent company. Finally, readers are reminded to check out the Professional Accountancy Team’s Technical Hub which includes a dedicated Insolvency section and to keep up to date with other technical material also. This information is provided as resources and information only and nothing in these pages 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 pages. 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 these pages, 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 in these pages.  

Welcome to the latest edition of Technical Roundup.   In developments since the last edition, the final omnibus directive, which amends the audit directive, the accounting directive, the Corporate Sustainability Reporting Directive (CSRD) and the Corporate Sustainability Due Diligence Directive (CSDDD) has been published in the EU Official Journal. In the UK, the government has published the final UK Sustainability Reporting Standards (UK SRS) for voluntary use in the UK and are based on IFRS S1 and IFRS S2. The Corporate Enforcement Authority (CEA) has recently highlighted its Information Note on circumstances leading to disqualification under the Companies Act 2014 and the associated consequences.    Read more on these and other developments that may be of interest to members below.   Financial Reporting   In the fourth episode of its “IAASA Insights” podcast series, IAASA explore the key themes from their recent 2025 Corporate Reporting Observations Document. Themes covered are economic uncertainty and its impact on financial reporting, new sustainability reporting requirements under CSRD & ESRS, and financial reporting topics including financial instruments.  The International Accounting Standards Board (IASB) has issued its February 2026 update. The update covers preliminary decisions of the Board at its recent meeting on the following issues:  Financial Instruments with Characteristics of Equity   Post-implementation Review of IFRS 16 - Leases   Amortised Cost Measurement   Equity Method   Post-implementation Review of IFRS 9 -Hedge Accounting   Provisions  The IASB has issued some videos which explain the aims of the proposed Risk Mitigation Accounting model. These videos support the ongoing consultation which is open for comment until 31 July 2026.  The IASB has released a webcast to provide an overview of the upcoming standard IFRS 20 Regulatory Assets and Regulatory Liabilities. The new standard is expected to be issued in the second quarter of 2026 and will be effective for periods beginning on or after 1 January 2029.  The European Financial Reporting Advisory Group (EFRAG) has issued its final endorsement advice letter to the European Commission on the proposed EU adoption of Amendments to IAS 21 Translation to a Hyperinflationary Presentation Currency, and has recommended adoption of the amendments. In light of this, EFRAG has also updated its Endorsement Status Report.  EFRAG has issued a draft comment letter on the IASB's Exposure Draft ‘Amendments to the Fair Value Option for Investments in Associates and Joint Ventures- Proposed amendments to IAS 28’.   The UK Endorsement Board (UKEB) has published its draft comment letter on the same Exposure Draft and has also issued its updated Work Plan.  EFRAG has published the December 2025 and January 2026 update reports and podcasts. These summarise public technical discussions and decisions taken at EFRAG as well as open consultations, future events and vacancies.  Auditing and Assurance   The IAASB published an invite for stakeholders worldwide to participate in its public consultation survey as part of its post-implementation review of International Standard on Auditing (ISA) 540 (Revised), Auditing Accounting Estimates and Related Disclosures. The survey is open until 15 June 2026.  Accountancy Europe has published its March 2026 Audit Policy Update.  Insolvency   The Institute held three in-person events this week in Cork, Galway and Dublin. These well attended events provided a comprehensive overview of the Creditors Voluntary Liquidation Handbook  published last year to assist Liquidators in complying with legislative and Statement of Insolvency Practice (SIP)  requirements when conducting statutory meetings, reporting to creditors and approval of remuneration. The sessions also covered compliance matters and potential issues and problems that can arise and how to avoid or best navigate these. Sarah Jane O’Keeffe, Partner in Azets, and Derek Wilson, former inspector in the Institute presented at the events and provided attendees with great practical examples.   A recent High Court decision regarding the recognition and enforcement of an Individual Voluntary Agreement in Northern Ireland is noted as being significant in the post-Brexit landscape. This is a practical example of the development cross-border insolvency in Ireland. Philip Lee Solicitors have more information available here.   The Corporate Enforcement Authority (CEA) has recently highlighted its Information Note on circumstances leading to disqualification under the Companies Act 2014 and the associated consequences.  The Information Note is available to read in full here.    Sustainability   The final omnibus directive, which amends the audit directive, the accounting directive, the Corporate Sustainability Reporting Directive (CSRD) and the Corporate Sustainability Due Diligence Directive (CSDDD) has been published in the EU Official Journal. It will take effect 20 days after publication, with Member States required to transpose its provisions into national law within 12 months. The Department of Enterprise, Tourism and Employment will be responsible for transposing the Directive in Ireland.  The UK government has published the final UK Sustainability Reporting Standards (UK SRS) for voluntary use in the UK. The standards are based on IFRS S1 and IFRS S2.   The International Sustainability Standards Board (ISSB) has published a Jurisdictional Readiness Assessment Guide for the adoption or other use of ISSB Standards.  The International Sustainability Standards Board (ISSB) has released a podcast hosted by ISSB Chair Emmanuel Faber and ISSB Vice-Chair Sue Lloyd discussing the latest developments around the ISSB.  The Global Reporting Initiative (GRI) has published a report that analyses the pollution disclosure practices of 1,000 publicly listed companies across high-emitting sectors.  Accountancy Europe published a statement regarding the revised ESRS highlighting that stability is needed in the reporting ecosystem calling on the European Commission to keep the standard-setting process technical and avoid subjecting it to political pressures.  Accountancy Europe published a briefing paper regarding 'Preventing Greenwashing' and the importance of corporate ecosystem roles'. The publication highlights that mitigating greenwashing risks requires a systemic approach and examines how different actors in the corporate ecosystem (across the three lines of defence) can identify and mitigate greenwashing risks, clarifying how each contributes to safeguarding the integrity of sustainability disclosures.   The Department of Enterprise, Tourism and Employment (DETE) announced the findings of the second phase of SME Sustainability Research – Wave 2 noting that 85% of businesses say sustainability is important to their business on a day-to-day basis. DETE commissioned Amárach to conduct research among Irish SMEs in relation to sustainability and wider trends.  In its response to the public consultation of the Greenhouse Gas Protocol on the proposed changes to Scope 2 Guidance, the European Financial Reporting Advisory Group (EFRAG) has called for a balanced and cost effective approach to the proposed changes, whilst also raising some strong concerns regarding the complexity of some of the proposals.  EFRAG has released an updated version of the VSME digital template. The template now includes language support in Irish.  Anti-money laundering  The Financial Action Task Force (FATF) published its Annual Report 2024-2025 outlining the work by the FATF during the first year of the Mexican Presidency.  FATF published a 'Cyber-Enabled Fraud - Digitalisation and Money Laundering, Terrorist Financing and Proliferation Financing Risks' paper. The paper examines the evolving threat of cyber-enabled fraud and how jurisdictions can harness the FATF Standards to combat it. This is in the context of cyber-enabled fraud now being one of the most widespread and damaging profit-motivated forms of crime, generating large volumes of illicit proceeds through the exploitation of victims around the world.  The UK's HM Treasury has published guidance regarding Using digital identities with the Money Laundering Regulations - GOV.UK. This guidance has been created to provide information on how the UK digital verification services trust framework and the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (MLRs) interact. It is approved guidance for the purposes of compliance with the MLRs. The Using digital identities with the Money Laundering Regulations Guidance sets out how entities regulated under the Money Laundering Regulations can use digital verification services for customer due diligence checks.  The European Commission proposes new measures to prevent and counter terrorism. A factsheet was also published to support this proposal.  HM Treasury is collecting data from UK AML supervised firms to prepare for the UK’s upcoming FATF Mutual Evaluation and the update of the Proliferation Financing National Risk Assessment (PF NRA). Chartered Accountants Ireland encourages firms to take part. The survey closes on 31 March 2026. Chartered Accountants Ireland also published a recent news item regarding the FATF and Proliferation Financing Survey.  Central Bank of Ireland (CBI)  The CBI published its 'Regulatory and Supervisory Outlook (RSO)' report, which sets out its latest assessment of the risk landscape facing the financial sector and the supervisory work it will undertake in response. The report includes an overview of the global macro environment, major trends and drivers of risk, assessment of the key risks facing the entities regulated by the CBI, overarching supervisory priorities, and key areas of supervisory focus and planned activities for financial services' sectors. The RSO also features three articles addressing specific topics in more detail including a supervisory perspective on artificial intelligence, the importance of operational resilience in service provision, and the approach for supporting better outcomes for consumers and investors.  The CBI's Governor Gabriel Makhlouf published his latest blog 'Reflections on Building Resilience and Anchoring Stability'. The blog covers several areas including responding to change, strengthening resilience, access to cash and safeguarding a foundational service, the importance of the Central Bank's independence, and the CBI's 2026 work programme.  The CBI published its first quarterly access to cash report. The Finance (Provision of Access to Cash Infrastructure) Act 2025 has put in place a framework to ensure sufficient and effective access to cash across the State. The report uses newly collected data to show the number, location and opening hours of ATMs and cash service points across eight geographical regions in Ireland, as of 31 December 2025. The Minister for Finance set the access to cash criteria in November 2025. The Central Bank monitors whether these criteria are met. From July onwards, people can make a submission to the Central Bank if they believe there is a local deficiency in relation to access to cash.   Deputy Governor of the Central Bank of Ireland Colm Kincaid welcomed the publication of the OECD's Consumer Finance Risk Monitor 2026, which is a comprehensive global assessment examining consumer protection challenges across 60 international jurisdictions. The Consumer Finance Risk Monitor 2026 examines trends, issues, and risks across the banking and payments, consumer credit, insurance, investments, and pensions sectors. The 2026 report highlights that 85% of responding jurisdictions report that financial scams and frauds are a top risk facing consumers.  The CBI published details regarding the International Women’s Day event hosted by the European Central Bank (ECB) on 2 March 2026, where President Christine Lagarde and several guest speakers discussed the gender gap in financial literacy. The event also provided an opportunity to reflect on the progress made regarding the financial literacy commitments agreed upon by the President and central bank Governors in 2025, and to reinforce the importance of further coordinated action across the Eurosystem. During the event, the ECB, together with Central Bank of Ireland and other participating central banks, launched the “EuroSteps Walking Challenge”. For further details, please refer to CBI's 'EuroSteps Challenge for Financial Literacy' webpage.   The CBI published a Discussion Paper examining the potential role of Distributed Ledger Technology (DLT) and tokenisation in the financial system. An associated press release was also published regarding the discussion paper.  The CBI’s CP166 consultation regarding Prohibition Notices Under the Fitness and Probity Regime is currently open. The CBI is planning to provide additional guidance regarding Prohibition Notice procedures (the Supplemental Guidance) and is seeking stakeholders’ views regarding the Supplemental Guidance. The consultation closes on 25 March 2026. The CBI is hosting a webinar on 11 March which will provide an overview of CP166 Consultation on Prohibition Notices under the Fitness & Probity Regime.   Artificial Intelligence  The Department of Enterprise, Tourism and Employment announced that as part of the Presidency of the Council of the European Union 2026, Ireland will host the International AI Summit, opening European AI innovation Month, in partnership with the European Commission. This event, taking place on 14 October 2026 in Dublin, will bring together over a thousand EU & global leaders, Heads of Government, CEOs, investors, innovators and academics, under the theme: Enabling AI to Power European Growth.   Cybersecurity   The National Cyber Security Centre in the UK advises UK organisation to take action following conflict in the Middle East and is advising organisations to review their cyber security posture.  Internal Audit  The Chartered Institute of Internal Auditors (IIA) in the UK published a blog regarding 'What does professional judgement mean in practice?'. The blog highlights that professional judgement comes at the start of the internal audit process - when an internal audit plan is developed. It continues through the middle of the process – when the Internal Audit team identifies what is important and at the end of the process - when the Internal Audit team selects where and how to communicate conclusions and whether any challenge is needed.   The Chartered IIA in the UK released a survey regarding its ‘Risk in Focus 2026/27’ report. The survey is open to Chief Audit Executives (CAEs) and Heads of Internal Audit until 27 March 2026. This leading annual poll of CAEs across Europe identifies the top risks their organisations face as they prepare their audit plans for the year ahead.   Data Protection  The Data Protection Commission (DPC) published a statement welcoming the publication of the European Data Protection Board’s (EDPB) report on the implementation of its Coordinated Enforcement Framework (CEF) action on the right to be forgotten.  Financial returns for childcare core funding  Core Funding is a grant scheme provided directly to Early Learning and Childcare service providers administered by the Department of Children, Disability and Equality (the Department). Under the Core Funding Partner Service Agreement, all service providers that had an active core funding contract during the 1 September 2024 - 31 August 2025 programme year (Year 3) must engage a qualified professional accountant to submit a financial return. The returns must be submitted by 31 March 2026. The Department requires that these financial returns must be submitted by a qualified professional accountant.   The accountant can be an employee of the provider (if certain conditions are met) or an independent qualified accountant who holds a Practising Certificate (PC) and professional indemnity insurance. Accountants linked to childcare service providers received a letter (attached) from the Department at the end of February outlining the steps to complete for submitting the financial returns. Please refer to the Chartered Accountants Ireland news item and a dedicated webpage for further details regarding financial returns for childcare core funding.  Other News  Minister for State for European Affairs [Thomas Byrne] strongly encourages eligible applicants to apply for the Communicating Europe Initiative to foster an ongoing nationwide conversation about the benefits of Ireland’s EU membership and the upcoming EU Presidency.  Communicating Europe Initiative grant applications opened by Minister McEntee and Minister Byrne.  The Minister for Public Expenditure, Infrastructure, Public Service Reform and Digitalisation, Jack Chambers, announced the establishment of a new Regulatory Simplification Unit to support faster delivery of critical infrastructure projects.   Accountancy Europe responded to the European Commission’s public consultation on professional qualifications for regulated and third country professions. Accountancy Europe noted in its response that it welcomes efforts to enhance transparency and digitalisation of qualifications across the EU, while stressing that quality, proportionality, and simplification must remain central to any future EU action.   The International Federation of Accountants (IFAC) released new global research analysing the rapid growth of private equity (PE) investment in professional accountancy firms and its potential implications for the future of the profession. The analysis includes thirteen key take-aways to help accountancy professionals understand, assess and guide PE investment decisions.  The Department of Enterprise, Tourism and Employment (DETE) and the Department of Foreign Affairs and Trade published the First Progress Report on the Government’s Action Plan on Market Diversification. A commitment was made to publish a progress report on the actions contained within the Government Action Plan on Market Diversification after six months (following the publication of the action plan in August 2025).   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.  

The EU Directive 2026/470, which amends the Corporate Sustainability Reporting Directive (CSRD) and the Corporate Sustainability Due Diligence Directive (CSDDD), was published in the EU Official Journal on 26 February 2026. Part of the Omnibus I package, the Directive aims to streamline and simplify the EU’s sustainability reporting framework. It will take effect 20 days later, with Member States required to transpose its provisions into national law within 12 months. The Department of Enterprise, Tourism and Employment will be responsible for transposing the Directive in Ireland. The Directive also introduces updates to the CSDDD, with those elements to be transposed by 26 July 2028. Overall, the changes are intended to reduce administrative burdens, increase efficiency, and offer greater flexibility to companies while supporting the EU’s broader competitiveness goals. Please see our recent article in Accountancy Ireland for further details.

Core Funding is a grant scheme provided directly to Early Learning and Childcare service providers administered by the Department of Children, Disability and Equality (the Department). Under the Core Funding Partner Service Agreement, all service providers that had an active core funding contract during the 1 September 2024 - 31 August 2025 programme year (Year 3) must engage a qualified professional accountant to submit a financial return.  The returns must be submitted by 31 March 2026. The Department requires that these financial returns must be submitted by a qualified professional accountant. The accountant can be an employee of the provider (if certain conditions are met) or an independent qualified accountant who holds a Practising Certificate (PC) and professional indemnity insurance.  Accountants linked to childcare service providers will have received a letter (attached)  from the Department this week outlining the steps to complete and submit the financial returns.  For the 2024/2025 programme year (Year 3), accountants will need to submit a trial balance prepared at site level using accruals-based accounting. Submission of the trial balance prepared using accruals-based accounting is a change for Year 3 given that returns submitted in Years 1 and 2 used cash-based accounting. The Department’s portal website  www.cfcrrs.ie  is now open for submission of the financial returns and guidance documents for Year 3 have been added to Department's Early Years Hive website. Members can read further information and links to some further guidance on our dedicated webpage.

The Financial Reporting Council (FRC) has issued amendments to FRS 102 which update the framework a company uses when adapting the format of their balance sheet and profit and loss account. Following a consultation period last year, the FRC has introduced changes to FRS 102 to reflect the replacement of IAS 1 Presentation of Financial Statements with IFRS 18 Presentation and Disclosure in Financial Statements. IFRS 18 is effective for periods commencing on or after 1 January 2027. Company law gives certain entities the option to adapt the format used for its balance sheet and/or profit and loss account. FRS 102 sets out the specific formats to be used when an entity chooses this option. Where an entity does not choose to adapt their balance sheet or profit and loss format, these changes will have no impact to the reporting entity. In addition to this change, the FRC has also made amendments to FRS 102 and FRS 105 which are intended to make limited clarifications to the 2024 Periodic Review amendments. Amendments have been made to the following sections of FRS 102 and FRS 105. Section 9 Consolidated and Separate Financial Statements of FRS 102. The wording of paragraph 9.3 has been amended to provide clarification. Section 13 Inventories of FRS 102. Paragraph 13.14 (Cost of inventories of a service provider) has been deleted, and Section 10 Inventories of FRS 105. Paragraph 10.13 (Cost of inventories of a service provider) has been deleted.

The Corporate Enforcement Authority (CEA) has recently highlighted its Information Note on circumstances leading to disqualification under the Companies Act 2014 and the associated consequences.  The Information Note outlines the two primary reasons in which the disqualification of a company director arises: in the context of a liquidator's report on the conduct of the directors of the insolvency companies under section 682 of the Act;  in the context of the CEA, or others, making applications to the High Court under section 842 of the Act.  The Information Note is available to read in full here.  

On 17 November 2023 HM Treasury published guidance on Ownership and Control: Public Officials and Control guidance. The guidance sets out that the Foreign, Commonwealth and Development Office  does not generally consider designated public officials to exercise control over a public body in which they hold a leadership function, such that the affairs of that public body should be considered to be conducted in accordance with the wishes of that individual. However, if there was sufficient evidence to demonstrate that the designated individual exercises control over the public body within the meaning of the relevant regulations, then the relevant legal test under UK sanctions regulations may be met. The guidance follows on from a notable decision of the UK Court of Appeal Mints & Ors v PJSC National Bank Trust & Anor [2023] EWCA Civ 1132 which was handed down 6 October 2023. Please click here for our recent news item on the judgment. Please also see the recent UK High court case of 15 November 2023 Litasco SA Claimant, Der Mond Oil and Gas Africa SA and Locafrique Holding SA. There the High court judge appears to create a test that distinguishes between actually existing control and prospective control, stating his belief that the better interpretation of Regulation 7(4) is that it is concerned with an existing influence of a designated person over a relevant affair of the company …. not a state of affairs which a designated person is in a position to bring about. Were matters otherwise, it would follow that President Putin was arguably in control, for Regulation 7(4) purposes of companies of whose existence he was wholly ignorant, and whose affairs were conducted on a routine basis without any thought of him. Readers can also listen to a recent (20th Nov 2023) interesting webinar on the subject entitled “Webinar with UK government on sanctions ownership/control”. The webinar was hosted by UK firm Peters & Peters and the UK deputy director of sanctions David Drake and deputy director in OFSI Beth Davis spoke on the topic. Acknowledgement that any links to BAILII website (above) are free. This information is provided as resources and information only and nothing in these pages 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 pages. 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 these pages, 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 in these pages.