Welcome to the latest edition of Technical Roundup.
In developments since the last edition, Chartered Accountants Ireland, the Central Bank of Ireland and the EU Sanctions Helpdesk will hold an online webinar on 20 January at 10.30am, which will provide practical compliance support and guide participants through the essentials of EU sanctions compliance, the support available to Irish businesses, and how the EU Sanctions Helpdesk assists Small & Medium-sized Enterprises (SMEs). The International Federation of Accountants has announced the publication of the 2026 edition of the Handbook of International Education Standards.
Read more on these and other developments that may be of interest to members below.
Financial Reporting
Chartered Accountants Ireland has issued its response to FRED 88 FRS 101 Reduced Disclosure Framework- 2025/26 cycle. The Financial Reporting Council (FRC) review FRS 101 each year to decide whether FRS 101 should provide exemptions from new disclosure requirements or whether other consequential amendments are required. In FRED 88, the FRC proposed that no amendments should be made to FRS 101 in this cycle. The Institute agreed with this proposal in its response.
The European Financial Reporting Advisory Group (EFRAG) has published the report of its intangible assets workshop series which were held in November 2025. This report discusses many areas of relevance, including the information needs of users of specific types of intangible assets.
Auditing and Assurance
IAASA has updated five ISAs (Ireland) to reflect the adoption of the new Irish Corporate Governance Code, which applies to Euronext Dublin–listed entities for periods beginning 1 January 2025.
Revised standards:
ISA (Ireland) 260, 570, 700, 701, and 720.
The revisions do not introduce new auditor requirements; they mainly align the standards with the new Code and update references. The revised standards are available on the IAASA website.
The International Auditing and Assurance Standards Board (IAASB) has issued narrow‑scope amendments to several of its standards in response to changes introduced by the International Ethics Standards Board for Accountants (IESBA) through its Using the Work of an External Expert project.
These revisions align with IESBA’s recent updates to the International Code of Ethics for Professional Accountants (including International Independence Standards), which now include explicit ethical requirements for using the work of external experts in audit, assurance, and non‑assurance engagements. The IAASB’s amendments ensure continued interoperability and reflect strong coordination between both standard‑setting boards.
Impacted IAASB Standards
The targeted amendments apply to the following 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
The IAASB has also released a Basis for Conclusions providing background and rationale for the updates.
Sustainability
The European Commission issued an update regarding the Carbon Border Adjustment Mechanism (CBAM) operational procedures. In addition, various documents have also been published to support businesses in scope of CBAM including the CBAM Compliance Essentials for Importers and Indirect Customs Representatives as from 1 January 2026, CBAM Quick Guide, and a list of National Competent Authorities for CBAM. The Environment Protection Agency (EPA) has been appointed as the national competent authority in Ireland. CBAM becomes fully operational on 1 January 2026, marking the end of the two-year transitional phase (2023-2025).
Following the release of the draft simplified European Sustainability Reporting Standards (ESRS), EFRAG has published the following documents, which are aimed at supporting users of the standard;
Basis for Conclusions
Cost–benefit analysis
Logs of amendments for the 12 standards and for Annex II (Aggregated acronyms and glossary of terms)
Comparative table of texts (Set 1 / ED / Technical Advice) for the 12 standards and for Annex II (Aggregated acronyms and glossary of terms)
Explanatory note on Article 29b and its Annex
The International Sustainability Standards Board (ISSB) has issued its Q1 Implementation Insights Podcast. This episode highlights some of the resources available to support companies applying the ISSB standards.
The European Supervisory Authorities (ESAs) including EBA, EIOPA and ESMA published Joint Guidelines on environmental, social, and governance (ESG) stress testing. These Guidelines provide national insurance and banking supervisors with clear guidance on how to integrate ESG risks into supervisory stress tests, both when using established frameworks and when conducting complementary assessments of ESG risk impacts. The Joint Guidelines apply from 1 January 2027.
Anti-money laundering and sanctions
Chartered Accountants Ireland, the Central Bank of Ireland, and the EU Sanctions Helpdesk will hold an online webinar on 20 January at 10.30am, which will provide practical compliance support and guide participants through the essentials of EU sanctions compliance, the support available to Irish businesses, and how the EU Sanctions Helpdesk assists SMEs. Through real-world case studies, participants will gain valuable insights into how to navigate due diligence challenges. There will be a Q&A with the panel. Registration is available at the following link.
The European Anti-Money Laundering Authority (AMLA) deepened its partnerships across the EU as the AMLA Chair concluded a Road Show of member states. Throughout the Road Show, the Chair held roundtable discussions with key stakeholders in each Member State. These roundtables were designed to encourage open dialogue and enable Financial Intelligence Units (FIUs), financial and non-financial supervisors, and the private sector to share their views. They exchanged perspectives on the new AML system, national risk landscapes, expectations, and perceived challenges, as well as trends in money laundering and terrorist financing.
The UK is moving to a single list for UK sanctions designations from 28 January 2026. Guidance has been issued by the UK's Foreign, Commonwealth & Development Office, HM Treasury, and Office of Financial Sanctions Implementation (OFSI) to help business and industry prepare to use the UK Sanctions List as the only source for UK sanctions designations after the closure of the OFSI Consolidated List of Asset Freeze Targets.
The UK's Office of Trade Sanctions Implementation (OTSI) published an update providing an overview of OTSI activities within its first year of operation, 2024 to 2025, and a forward look at future priorities.
The Restrictive Measures Guidelines issued by European Banking Authority (EBA) apply as of 30 December 2025. These guidelines outline internal policies, procedures and controls to ensure the implementation of Union and national restrictive measures (targeted financial sanctions and sectoral measures e.g., economic and financial measures). Although the guidelines are for financial institutions, the guidelines do provide useful guidance for establishing internal governance arrangements and the policies, procedures and controls, which entities should have in place to be able to comply with restrictive measures.
The UK National Crime Agency issued its SARs Annual Report April 2024-March 2025 on 29 December 2025.
Central Bank of Ireland (CBI)
The CBI's Governor Gabriel Makhlouf published his final blog of 2025 reflecting on Ireland and the Euro area’s economic performance in 2025 and looking ahead to 2026, drawing on CBI's December 2025 Quarterly Bulletin and the latest Eurosystem projections. The blog highlights that the economic narrative in 2025 has been dominated by geopolitical events that are reshaping the global economy. As a small, open economy, Ireland is exposed to these developments including potential fallout from increasing US tariffs. In 2026, there will need to be a focus on preparing for the unexpected and building resilience in the local and the Euro area economy.
The CBI's Governor Gabriel Makhlouf delivered a speech at the annual Economics Winter Workshop for 2025 gathering of the Irish economics community to connect economists and policymakers from diverse backgrounds. The aim of the annual workshop is to foster collaborations that sustain the value of shared inquiry and fact-based research and analysis.
Artificial Intelligence (AI)
The Financial Action Task Force (FATF) published its horizon scan providing a forward-looking perspective of current and potential Artificial Intelligence (AI) related risks and trends including risks associated with deepfakes. Artificial intelligence and deepfake technologies are reshaping the financial crime landscape, introducing both unprecedented risks and new opportunities for detection and prevention. The FATF’s horizon scan on this topic underscores the need for enhanced vigilance and continuous innovation.
Cybersecurity
Ireland's National Cyber Security Centre (NCSC) published a vulnerability alert for MongoDB Server regarding unauthenticated information disclosure of secrets. The NCSC 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 MongoDB Inc. Further information regarding this vulnerability is available at the following link.
The UK's Information Commissioner's Office (ICO) issued a response to the Cyber Security and Resilience Bill welcoming its introduction and its aim to strengthen the UK’s cyber defences and build the resilience of essential services, infrastructure, and digital services. The changes in the Bill and the updates to the NIS regulations in the UK reflect the fact that the cyber threat landscape is constantly evolving. This response was published following the Secretary of State for the Department for Science, Innovation and Technology introducing the Cyber Security and Resilience (Network and Information Systems) Bill (the Bill) to UK's parliament in late 2025.
In December 2025, the European Commission updated resources regarding the Cyber Resilience Act (CRA) including a document regarding FAQs covering implementation of the CRA. The CRA entered into force on 10 December 2024, and the main obligations introduced by the Act will apply from 11 December 2027, with reporting obligations to apply as of 11 September 2026. The EU's CRA aims to make sure all digital products are safe from cyber threats and this rulebook will require that hardware and software are designed, updated, and maintained to protect users in an increasingly digital world.
Ireland’s NCSC published a vulnerability alert for Net-SNMP regarding memory buffer overflow. The NCSC 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 Net-SNMP. Further information regarding this vulnerability is available at the following link.
Other news
The European Council and Parliament agreed on an updated retail investment framework to empower and protect consumers when they invest. It aims to foster trust and increase competitiveness in the EU’s financial markets. This will also contribute to the EU’s savings and investments union (SIU) and to the simplification of financial services regulation - both priority initiatives to improve how the EU’s financial system channels savings into productive investments. The package takes the form of a directive containing targeted amendments to a number of other EU directives in the area of financial services such as the markets in financial instruments directive (MIFID), the Solvency II directive, the directive for undertakings for collective investment in transferable securities (UCITS) and the alternative investment and managers directive (AIFMD), and a regulation amending the packaged retail and insurance-based investment products (or ‘PRIIPs’ regulation).
Northern Ireland’s Chief Charity Commissioner Gerard McCurdy has issued a New Year Message around Building trust, driving impact and shaping the future.
In December 2025 the Institute responded to a consultation by the Irish Dept of Enterprise Tourism and Employment on proposed changes to the Companies Act 2014 and related legislation. The consultation related to access to the residential addresses of company officers. The Institute welcomes the proposed changes in relation to directors’ addresses and we understand that the changes will generally be welcomed by the company secretarial community. Similar proposed changes are suggested in the drafting of the Co-Operative Societies Bill and the Registration of Limited Partnership and Business Names Bill. Progress on both these pieces of draft legislation is awaited and hopefully will be advanced by the Government in 2026.
The International Federation of Accountants (IFAC) has announced the publication of the 2026 edition of the Handbook of International Education Standards (IES). These Standards establish the principles, concepts and requirements that underpin high-quality accountancy education worldwide.
Department of Enterprise, Tourism and Employment has published the Sectoral Capital Plan 2026-2030 as part of the government’s National Development Plan. The plan sets out how the department will spend €4.7 billion in capital investment over the next five years to strengthen Ireland’s enterprise and employment base, attract foreign direct investment, promote innovation and support tourism development across all regions.
The EBA published its final draft Regulatory Technical Standards (RTS) on cooperation and colleges of supervisors for third country-branches. These standards are designed to enhance collaboration and information exchange among competent authorities supervising third-country branches in the EU. They also set out practical arrangements for organising colleges of supervisors, ensuring comprehensive supervision of all activities conducted by third-country groups within the Union.
The UK's ICO signed a Memorandum of Understanding (MOU) with His Majesty's Government. This MOU sets out a shared understanding of working towards better government data security and use.
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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