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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.    

A notable decision of the UK Court of Appeal Mints & Ors v PJSC National Bank Trust & Anor [2023] EWCA Civ 1132 was handed down on 6 October 2023. The case concerns the UK Russian sanctions’ regime. There were three issues raised in the appeal and they are set out at paragraph 3 of the judgment. (The regulations referred to in the judgment are the Russia (Sanctions) (EU Exit) Regulations 2019 (“Regulations”). The first issue raised was whether a judgment can lawfully be entered for a designated person by the English court following a trial at which it has been established that the designated person has a valid cause of action; The second is the circumstances whereby Treasury /OFSI can license certain payments; The third is whether a designated person controls an entity within the meaning of Regulation 7 where the entity is not a personal asset of the designated person, but the designated person is able to exert influence over it by virtue of the political office that he or she holds at the relevant time. (The control issue). The Court of Appeal found that as (1) the entry of  a money judgment in favour of a designated person was not prohibited by the UK sanctions regime and (2) the payments/litigation steps could be authorised by licence, the issue of control did not arise .However the judge said that as the control issue was fully argued and of some general  significance he would briefly address it .The remarks are therefore obiter dicta ,not a binding part of the decision and of persuasive authority only . The judge said  that the wording of Regulation 7 does not distinguish between different forms of “non-ownership control” or “calling the shots”. He concluded that control can be established under Regulation 7 by whatever means including political and corporate office. In any event the judge said that even though he would have found for the appellants on this issue, because they lost on the first two issues, the appeal must be dismissed. Following the decision the UK Foreign ,Commonwealth and Development Office (FCDO)  issued a statement on the Mint decision saying that it was carefully considering its impact. It said that the FCDO would look to designate a public body where possible when designating a public official if FCDO considered that the relevant official was exercising control over the public body. It went on to say that there is no presumption on the part of the Government that a private entity based in or incorporated in Russia or any jurisdiction in which a public official is designated is in itself sufficient evidence to demonstrate that the relevant official exercises control over that entity. The statement helps to support the conclusion that the UK government did not intend for all Russian companies to be subject to sanctions restrictions by virtue of Mr Putin’s designation, but legislative clarity on this issue would be best to ensure certainty in this area. 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 Economic Crime & Corporate Transparency Act (ECCTA) 2023 received Royal Assent on 26 October 2023, and the provisions of the Act are starting to be implemented. The primary aims of the ECCTA are to enhance corporate transparency and reduce economic crime, therefore providing increased benefit to the UK economy, for both businesses, and individuals. To facilitate these aims, the Act implements provisions about companies, limited partnerships and other corporate entities, including the registration of overseas entities and the individuals associated with them. As part of implementation of the Act, Companies House will have new and enhanced powers to improve the quality of the information held on the Companies Register. Companies and individuals will also be required to comply with their obligations to deliver documentation on time and in the correct format. A number of the changes are being implemented from March 2024; these are outlined below. The changes will apply to incorporated entities, limited partnerships and limited liability partnerships. It will also apply to their members and directors. Companies House has set out the following important changes:  • Appropriate registered postal and email addresses – Companies will need to ensure their registered office address is “appropriate”, meaning that any document delivered to that address would be reasonably expected to come to the attention of a person acting on behalf of the company, and acknowledgement of delivery can be provided. For these reasons, PO Boxes will no longer be permitted as registered office addresses. Companies will also need to supply an appropriate email address with their next confirmation statement. As part of the transition, we understand Companies House will communicate to companies both by post and by email, with an eventual move to email-only communication. • Lawful purpose – On incorporation, the subscribers (the members of the entity at point of incorporation) will need to make a statement that the entity is being formed for a lawful purpose. A similar statement will be required for all entities on their next confirmation statement, confirming that all intended future activities are lawful. • Greater powers for Companies House – The Registrar will have enhanced powers to scrutinise, query and reject information it believes to be incorrect or inconsistent with information already held on the Register. In some cases, the Registrar will have the power to remove previously filed information. Annotations will also be made public on the Register to make stakeholders aware of potential issues with information supplied. • Enforcement and sanctions – Companies House will be given greater power to take action where a company, and its directors, do not respond to formal requests for information, or where their registered office is not an appropriate address. Sanctions could include financial penalties, annotations on the company’s public record, or even in the most severe cases prosecution. In addition to the above, Companies House will be closing their Belfast office to the public from 4 March 2024. Therefore, filing paper documents, including financial statements and confirmation statements in person will not be possible at the Belfast office from that date. Individuals wishing to file information in paper format will need to post the documents to the Registrar’s office in Cardiff. Electronic filing options are available for almost all documents, and Companies House are encouraging companies to avail of these filing options, as they phase out paper filings. Further information on the remaining significant changes, such as the identity verification requirements and changes in filing options, will be available in the coming months from Companies House. Article written by Maeve Hunt, Principal – Head of Accounting Services Grant Thornton (NI) LLP and Chair of the Members in Practice Committee. Originally published in Practice News February 2024. The opinions expressed are solely those of the writer and not to be construed as those of the Institute. The purpose of technical articles is solely to draw the attention of the reader to issues, and these should never be construed as guidance or relied on. To the fullest extent permitted by law, no liability is accepted by the Institute or the author for persons acting or failing to act as a result of anything contained in this article.  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.

Economic Crime and Corporate Transparency Act 2023 Just published see our short guide on the UK’s Economic Crime and Corporate Transparency Act 2023.The guide details some of the changes which will be brought about by the Act. 

The UK Money Laundering and Terrorist Financing (Amendment) Regulations 2023 (Regulation 1371/2023) which took effect on 10 January 2024, provides that for the purpose of assessing risk, the starting point is that domestic (i.e.UK) PEPs present a lower level of risk than non-domestic PEPs .If no enhanced risk factors are present, the extent of enhanced customer due diligence measures to be applied in relation to that customer or potential customer is less than the extent to be applied in the case of a non-domestic PEP. A parliamentary statement on lower risk of domestic PEPs explains the change is to ensure that relevant persons take a proportionate and risk-based approach to the treatment of domestic PEPs, and to allay concerns that a number of holders of prominent public positions and their family have encountered problems accessing financial services due to their status as Politically Exposed Persons. 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 UK Government published its first sanctions strategy on 22 February 2024. The strategy addresses how it uses sanctions as a foreign and security policy tool. It sets out the continued investment, partnerships and structures that support UK government sanctions and the cross-government architecture built to deliver sanctions. It outlines the partnerships developed with the private sector, NGOs, and international partners, and the steps being taking to strengthen sanctions implementation and enforcement. 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 Digital Services Act 2024 (“DS Irish Act”) was passed into law on 11 February 2024 and came into force from 17 February 2024.Please click here for a DETE press release giving more details of the DS Irish Act. The EU Regulation (“Regulation”) commonly referred to as the Digital Services Act applies in full in all Member States from 17 February 2024.The Regulation establishes a pioneering regulatory framework to protect EU users of digital services and their fundamental rights online.  While the Regulation has direct legal effect in EU Member States, it was necessary to have national legislation to implement those provisions of the Regulation that provide for the supervision and enforcement of those obligations. The DS Irish Act 2024 fulfils Ireland’s obligations in this regard. The DS Irish Act formally designates and empowers Coimisiún na Meán as the Irish Digital Services Coordinator and the Competition and Consumer Protection Commission as a competent authority for online marketplaces under the Regulation. When the DS Irish Act was published as a bill late last year it was clarified at the time in a press release from DETE that it was a technical bill, drafted to address specific obligations on Member States of the EU to give effect to the supervision and enforcement provisions of the Regulation. The bill did not add to or amend the obligations on online platforms under the Regulation. Those obligations have direct legal effect in all Member States of the EU and do not require any implementing measures in national law. 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 Department of Enterprise, Tourism and Employment (DETE) has launched a public consultation regarding a new Green Growth Strategy. The Financial Reporting Council has issued amendments to FRS 102 to provide entities with an updated framework to use when adapting their balance sheet format.    Read more on these and other developments that may be of interest to members below.   Financial Reporting   As part of its Corporate Reporting Supervision activities, IAASA has published a paper summarising the outcomes of its 2025 financial reporting examinations.  The Financial Reporting Council (FRC) has issued amendments to FRS 102 to provide entities with an updated framework to use when adapting their balance sheet format. These amendments have been developed to maintain alignment with the presentation requirements of IFRS following the introduction of IFRS 18 Revenue from Contracts with Customers.  The FRC has issued a consultation regarding revisions to Technical Actuarial Standard 310. The revised standard is intended to come into force on 31 July 2026 with a deadline for comments of 23 March.   The European Union has published a Commission Regulation endorsing IFRS 18 ‘Presentation and Disclosures in Financial Statements. EFRAG has also updated its Endorsement Status Report to reflect this.  The UK Endorsement Board hosted a roundtable to seek stakeholder’s early feedback on the IASB’s Exposure Draft on Risk Mitigation Accounting. A summary of this roundtable is now available.  The International Accounting Standards Board (IASB) has launched a consultation which proposes targeted amendments to IAS 28 Investments in Associates and Joint Ventures. The proposed amendments are intended to clarify which investments a company is eligible to measure using the fair value option under IAS 28.  The IASB has released two new webcasts to assist SMEs in implementing the third edition of the IFRS for SMEs.  Overview of the revised Section 23 Revenue from Contracts with Customers — Requirements  Overview of the revised Section 23 Revenue from Contracts with Customers — Application guidance and transition  The IASB has also issued a podcast on the highlights of its January 2026 meeting highlights.  EFRAG has published its Draft Comment Letter on the IASB's Exposure Draft Risk Mitigation Accounting-Proposed amendments to IFRS 9 and IFRS 7  with a comment deadline of 22 June.  Auditing and Assurance   The International Auditing and Assurance Standards Board (IAASB) has published a summary of feedback from its global Technology Quality Management roundtables.    The FRC is consulting on a temporary amendment to its Third Country Auditor (TCA) policy.  Insolvency   The Institute is hosting three in-person sessions which will provide an introduction to the new Creditor Voluntary Liquidation workbook. The workbook has been produced to assist Liquidators in complying with legislative and SIP requirements when conducting statutory meetings, reporting to creditors and approval of remuneration.  The sessions will also cover compliance matters and will include potential issues and problems that can arise and how to avoid or best navigate these. It will also include some practical examples and a Q&A session.  The sessions are targeted at professionals taking on insolvency appointments and acting as Liquidator, and those training or working in the insolvency sector looking to gain expertise in this area.     Each of these three-hour sessions are free to attend and will take place on the following dates:  Tuesday, 3 March at 1pm  Cork Book Now    Wednesday, 4 March at 9am  Galway  Book now   Thursday, 5 March at 9am Dublin  Book now  Sustainability   The GRI has launched a new guide to help companies report on biodiversity.  Last December, following the publication of the draft simplified European Sustainability Reporting Standards, the European Commission invited the European Central Bank (ECB), the European Securities and Markets Authority (ESMA), the European Banking Authority (EBA) and the European Insurance and Occupational Pensions Authority (EIOPA) to comment on the draft standards. These opinions have recently been published. All four authorities welcomed the simplification of the standards. However, they have also outlined some concerns including identifying permanent reliefs which will reduce the availability of meaningful information and recommend that these are time-limited. Please see the opinions published by ECB, ESMA, EBA and EIOPA, all of which make for interesting reading.   Anti-money laundering  AMLA published a press release launching several public consultations regarding key mandates for the private sector and harmonised supervision. The consultations cover the following draft Regulatory Technical Standards (RTSs):  The draft RTS on Customer Due Diligence. The deadline for the consultation response is 8 May 2026.  The draft RTS on criteria for identifying business relationships, occasional and linked transactions and lower thresholds. The deadline for the consultation response is 8 May 2026.  The draft RTS on pecuniary sanctions, administrative measures and periodic penalty payments. The deadline for the consultation response is 9 March 2026.  AMLA also highlighted that it welcomes input regarding the above consultations from the non-financial sector and has published an explainer regarding the role of the non-financial sector for the new EU Anti-Money Laundering and Countering the Financing of Terrorism Framework.  The Financial Action Task Force (FATF) published an update following its February 2026 Plenary meeting in Mexico. The update included the addition of Kuwait and Papua New Guinea to the list of jurisdictions under increased monitoring (FATF's "grey list"). Members in the UK are reminded that changes to FATF’s list of jurisdictions under increased monitoring are directly applicable in the UK following HM Treasury’s advisory notice in October 2025.  FATF also provided an update regarding adoption of assessment reports for Austria, Italy, and Singapore under the new round of mutual evaluations. The FATF also approved new publications on cyber-enabled fraud and virtual assets to support countries to stay alert to evolving threats and harness technology to mitigate against risks.   In an interview published in the print edition of Italian financial daily ‘Il Sole 24 Ore’ on 17 February 2026, AMLA Chair Bruna Szego discussed the Authority's risk analysis model, its preparations for direct supervision starting in 2028, and how a single European framework will replace 27 different national approaches to anti-money laundering and counter-terrorist financing.  Central Bank of Ireland (CBI)  The CBI's Governor Gabriel Makhlouf published his latest blog outlining why the Governing Council decided to keep the main policy interest rate unchanged. The blog highlights areas including the Euro area inflation position, the Euro area economy and growth, and the risk outlook.   The CBI's Governor Gabriel Makhlouf provided details of the outlook for the macro-financial environment and financial services landscape and the CBI's regulatory and supervisory priorities for 2026 in a letter to the Tánaiste and Minister for Finance Simon Harris. The CBI also published a press release associated with the above letter highlighting the advice provided to the Government regarding building economic resilience in the face of unprecedented uncertainty.  The CBI's Deputy Governor Vasileios Madouros delivered a speech at Technological University Dublin (TU Dublin) focused on 'Enabling a decade of higher investment' highlighting that over the course of the next decade, there will be a need to allocate more collective resources towards domestic investment. Deputy Governor Madouros noted that looking ahead, like many other countries, Ireland is facing profound economic and societal shifts in years to come, and a common denominator in terms of how Ireland navigates these shifts is through increasing investment sustainably. The CBI also published a press release regarding this speech.  The CBI's Governor Gabriel Makhlouf delivered a speech to the Head of EU Missions regarding 'Reinforcing Resilience, Responding to Change: Priorities for the Year Ahead'.  The CBI's Governor Gabriel Makhlouf delivered a speech to the Blavatnik School of Government in Oxford regarding ‘Institutions, Anchors, and Their Discontents: The Role of Central Banks’. This keynote address outlined the critical role of central bank independence in delivering price stability and supporting economic prosperity for society.   Artificial Intelligence (AI)  Accountancy Europe (AE) recently organised an educational session in partnership with Scope Solutions titled ‘AI, the accountant’s new toolkit’. This session was designed to introduce accountants to the world of AI, explore industry-specific trends, and move beyond the hype, focusing on what accountants need to do today to evolve along with the accounting industry. For further information, a recording of this session is available on AE’s website.  The Government updated its national digital and AI strategy titled 'Digital Ireland - Connecting our People, Securing our Future'. The strategy sets out the Government’s ambition and vision to meet key objectives by 2030 and to ensure Ireland remains a digital leader in an increasingly competitive global environment. There are five strategic ambitions included in the strategy - Apply, Grow, Invest, Lead, and Empower, which reflect the agile approach needed to succeed in a fast-evolving digital world.  To support these ambitions, the strategy details 20 high-level objectives and 90 specific deliverables across many Government Departments and Agencies.  Cybersecurity   The European Union Agency for Cybersecurity (ENISA) published its revised International Strategy renewing the Agency’s approach to engagement with its international partners. It strengthens the alignment to the EU’s international cybersecurity policies, the promotion of EU values, and fortifies ENISA’s mission to achieve higher common level of cybersecurity across Europe. ENISA therefore seeks to strategically engage with its international partners outside of the EU working within its mandate.   The National Cyber Security Centre in Ireland published a blog covering 'Quantum Computing and the Risk to Encryption'.  The National Cyber Security Centre in the UK published a blog regarding 'Improving your response to vulnerability management' .  ENISA published the 'Cybersecurity Exercise Methodology', which is an end-to-end guide on how to plan, run, and evaluate a cybersecurity exercise. It has been developed to help support organisations with simulation and training and building resilience and agility in mitigating cyber risks.  The NIS Cooperation Group composed of EU Member States representatives, the European Commission, and the EU Agency for cybersecurity (ENISA), has adopted an EU ICT Supply Chain Security Toolbox. The toolbox will help Member States and public and private actors to bolster the security of ICT supply chains in the EU. The toolbox includes useful risk scenario examples and details of recommendations on how to strengthen the cybersecurity and resilience of ICT supply chains.  Digital Operational Resilience Act (DORA)  The CBI held a 'DORA Industry Briefing session' on Wednesday 4 February regarding the upcoming 2026 Register of Information (RoI) preparation and submission process. The CBI published the DORA briefing slides and the recording from this session on the DORA communications and publications section of its website. In addition, the CBI included additional updates on its Register of Information website regarding the RoI process.  Internal Audit  The Chartered Institute of Internal Auditors (IIA) in the UK and Ireland published an update regarding its ‘Risk in Focus 26/27 Report’ including the approach and timelines that will be used for Risk in Focus 26/27 Report during 2026. As in previous years, Chartered IIA in the UK and Ireland also plans to issue a survey to chief audit executives (CAEs) to gather insights for this report. It is planned to launch the survey on 2 March, and it will be open until the end of March.   The President of the Chartered IIA in the UK and Ireland published the latest ‘President’s Blog’ highlighting the importance of integrity in business, and the need for facts, evidence and a proportionate and effective response during internal audit work including the use of AI to interrogate data more effectively. The blog also highlights the launch of The IIA’s Global Audit Committee Center, which provides resources and thought leadership to help boards and audit committees strengthen internal audit oversight and drive governance excellence.  Data Protection  The European Data Protection Board (EDPB) and the European Data Protection Supervisor (EDPS) adopted a Joint Opinion on the Proposal for a Regulation as regards the simplification of the digital legislative framework (Digital Omnibus). The EDPB and EDPS joint opinion notes that there is support for simplification and competitiveness but also raised some additional points for consideration regarding items included in the Digital Omnibus that may adversely affect the level of protection enjoyed by individuals and may result in the creation of certain legal uncertainties.  The EDPB adopted its Work Programme for 2026 - 2027. Built on the four pillars of the EDPB strategy, the work programme focuses on 1) enhancing harmonisation and promoting compliance, 2) reinforcing a common enforcement culture and effective cooperation, 3) safeguarding data protection in the developing digital and cross-regulatory landscape, and 4) contributing to the global dialogue on data protection. The work programme also reaffirms the commitment of the EDPB to simplifying GDPR compliance for organisations, which includes the development of a series of ready-to-use templates for organisations.   The EDPB also adopted a report on its Coordinated Enforcement Framework (CEF) action on the right to be forgotten (Art.17 GDPR). EDPB selected this topic as it is one of the most frequently exercised data subject rights and has given rise to many complaints in European jurisdictions and results in a growing number of decisions from supervisory authorities. The report includes a list of recommendations for controllers and actions that supervisory authorities and the EDPB may consider for issues related to the right to erasure.  The UK's Information Commissioner's Office (ICO) published data protection complaints guidance explaining what organisations need to do to meet the new requirements to implement a data protection complaints process, as set out in the Data (Use and Access) Act. Although these requirements are not in force until 19 June 2026, the UK ICO is publishing this guidance now so that organisations are ready for these changes.   Other News  Charities in Northern Ireland are preparing for a new registration threshold which is coming into effect.     Charities with annual income of £20,000 or less, and  Assets of £100,000 or less  will not have to register or submit annual reports and accounts to the Commission.  The Department of Enterprise, Tourism and Employment (DETE) launched a public consultation regarding a new Green Growth Strategy. DETE is seeking the views of interested stakeholders to inform the development of a new Green Growth Strategy, which is linked to commitments in the Programme for Government 2025 - Securing Ireland’s Future.  Accountancy Europe has issued a publication and factsheet outlining the proposed changes to the Carbon Border Adjustment Mechanism (CBAM) by the European Commission.  Accountancy Europe has also published its February 2026 SME update.  IDA Ireland has recently published its IDA Ireland newsletter for February 2026.  The ECB published its latest Economic Bulletin (Issue 1, 2026) highlighting economic, financial, and monetary developments.  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 Financial Reporting Council (FRC) has updated its Guidance on the Strategic Report. The Guidance, which was first published in 2014, is designed to help UK entities meet their reporting requirements to prepare a Strategic Report under the Companies Act 2006. As well as companies, the Guidance is also relevant to other entities such as limited liability partnerships and qualifying partnerships that are required to prepare a strategic report. The updated guidance supersedes the previous edition of the guidance issued in June 2022 and incorporates the following; Various changes in the corporate reporting framework including the Corporate Governance Code 2024, the Companies (Accounts and Reports) (Amendment and Transitional Provision) Regulations 2024, the Companies Directors’ Report (Payment Reporting) Regulations 2025 and other developments in sustainability-related and wider corporate reporting practice Changes which emphasise the status of the guidance. Mandatory requirements are clearly indicated and distinguished from good practice guidance in the updated document Updates which emphasise the purpose and objectives of reporting and communication principles Structural improvements to the Guidance which should make it easier to navigate and more accessible. Sections are now ordered by general principle instead of by entity type The scoping tables are now published as a separate document