Welcome to the latest edition of Technical Roundup.
In developments since the last edition, the Central Bank of Ireland has published the annual Financial Conditions of Credit Unions Report which provides an update on the financial performance and position of the sector for the financial year ended 30 September 2024. The European Financial Reporting Advisory Group (EFRAG) has released the March edition of its Podcast covering the latest developments in sustainability and financial reporting.
Read more on these and other developments that may be of interest to members below.
Financial Reporting
The Financial Reporting Council (FRC) has published its annual review of structured digital reporting highlighting key areas for improvement in how UK listed companies present their digital annual reports.
The FRC has released two new podcasts in their “in conversation” series.
The European Financial Reporting Advisory Group (EFRAG) has released the March edition of its Podcast, covering the latest developments in sustainability and financial reporting.
The International Accounting Standards Board (IASB) has announced that it has started its Post-implementation Review of IFRS 16 Leases. The IASB expects to issue a Request for Information (RFI) for this in June 2025. In preparation for this, the UK Endorsement Board has invited preparers who are lessees to complete a survey on the ongoing costs and benefits of applying the standard.
EFRAG has called on stakeholders in the field of corporate reporting to participate in the European Commission’s (EC) consultation on the future EU long-term budget. This consultation runs until 6 May.
The International Accounting Standards Board (IASB) has released its April 2025 podcast and its Q1 2025 IFRS Interpretations Committee podcast.
The CCAB has published an updated draft of its LLP SORP. This will be open for public comment for a 12 week period until 22 July 2025. The draft SORP contains updates which take into account the amendments to FRS 102 following the 2024 periodic review, as well as other factors. Once finalised, it is proposed the SORP would be effective for periods commencing on or after 1 January 2026.
Auditing
IAASB are consulting on a Proposed Narrow-Scope Amendments to Standards Arising from the IESBA’s Using the Work of an External Expert Project
These proposed narrow-scope amendments are aimed at maintaining interoperability between IAASB standards and the International Ethics Standards Board for Accountants’ International Code of Ethics for Professional Accountants (including International Independence Standards) (IESBA Code). Responses are due by 24 July.
The targeted amendments focus on the following IAASB standards:
- ISA 620, Using the Work of an Auditor’s Expert
- ISRE 2400 (Revised), Engagements to Review Historical Financial Statements
- ISAE 3000 (Revised), Assurance Engagements Other than Audits or Reviews of Historical Financial Information
- ISRS 4400 (Revised), Agreed-upon Procedures Engagements
IAASA has released its first publication as part of its 2025 AQS Insight Series which focuses on key messages on auditing related parties.
IAASA has published its annual Profile of the Profession for 2024. The Profile of the Profession provides a statistical profile of the five Prescribed Accountancy Bodies (PABs) within IAASA’s supervisory remit. It includes information on members and students, approved statutory auditors and statutory audit firms, and the regulation and monitoring of members, statutory auditors and statutory audit firms.
Sustainability
EFRAG has submitted its work plan to the European Commission outlining the steps it will take to fulfil the specific mandate received on 27 March 2025 to provide technical advice on the revision and simplification of the European Sustainability Reporting Standards (ESRS).
The IFRS Foundation has signed a Memorandum of Understanding (MoU) with the Inter-American Development Bank (IDB) to promote the adoption and implementation of the ISSB standards across Latin America and the Caribbean.
The International Sustainability Standards Board (ISSB) has published Exposure Draft ISSB/ED/2025/1 ‘Amendments to Greenhouse Gas Emissions Disclosures’ with comments requested by 27 June 2025.
The ISSB has published a new episode of its “Perspectives on sustainability disclosure” series entitled “Ramping up systems and processes for sustainability data”.
Central Bank of Ireland
The Central Bank of Ireland has published the annual Financial Conditions of Credit Unions Report, which provides an update on the financial performance and position of the sector for the financial year ended 30 September 2024.
Other news
Carmichael, a specialist training and support body for non-profits in Ireland has published its latest Governance Dilemma Newsletter. These newsletters look at a real-life challenge that a Board has faced and consider a range of responses to that challenge. The most recent edition considers the issue of procurement contracts being issued where there is a conflict of interest in place.
The Charity Commission for Northern Ireland has announced the appointment of Elaine Armstrong, Chief Executive of the Cedar Foundation, as the new independent Chair of its Stakeholder Engagement Forum.
The Charities Regulator has issues the latest edition of the Charities Regulator News. In it you will find information including more details on charity financial reporting in Ireland. The news includes information on the updated Charities SORP (Statement of Recommended Practice) and details on a (UK) public consultation on the updated Charities SORP which is now open. The deadline for completion of the consultation is midday, Friday 20th June 2025. It is also noted in the magazine that under changes in the (Irish) Charities (Amendment) Act 2024, accounting regulations will be introduced by the Minister for Rural and Community Development (who is the Minister responsible for charities) that are likely to include the Charities’ SORP. There are also updates in the magazine on trustee recruitment and retention and on the Charities Regulator stakeholder forum. They expect to be able to announce the members of the forum by early May.
Accountancy Europe has issued its April 2025 SME Update and Newsletter.
The UK Insolvency Service published guidance relating to director disqualification sanctions, which prohibit individuals designated under the UK sanctions regime from acting as, or being involved in the management, promotion or formation of, a company.
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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