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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.  

In December 2025 the Institute published Technical Alert TA 05/2025 - Outline of selected changes under the European Union 6th Anti Money Laundering Package. The Alert provides a high-level outline of some of the changes which will occur when AMLD6 comes into force in 2027.Readers can read a news item on Technical Alert TA05/2025 and the changes here . The Professional Accounting team has now updated our Technical Hub to include links to the Technical Alert , the December news item on the alert and some links to Accountancy Europe resources on AMLA and AMLD 6 .   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.  

From the Professional Accountancy team…... 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. 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.    

IAASA has revised five International Standards on Auditing (Ireland) (ISAs (Ireland)) to reflect the adoption of the Irish Corporate Governance Code. Entities with an equity listing on Euronext Dublin are required to use the Code for financial years beginning on or after 1 January 2025. The revised standards are: ISA (Ireland) 260 Communication with Those Charged with Governance  ISA (Ireland) 570 Going Concern ISA (Ireland) 700 Forming an Opinion and Reporting on Financial Statements  ISA (Ireland) 701 Communicating Key Audit Matters in the Independent Auditor’s Report ISA (Ireland) 720 The Auditor’s Responsibilities Relating to Other Information The revisions do not introduce new requirements for auditors or remove existing ones. They mainly reflect the adoption of the Irish Corporate Governance Code by Euronext Dublin. Additionally, IAASA has updated references to other ISAs (Ireland) and removed a limited number of footnotes that no longer apply in the revised standards. The effective date of the revisions is for periods starting 1 January 2025, consistent with the Irish Corporate Governance Code. The revised standards are available on the Auditing Standards page of IAASA's website.

Welcome to the latest edition of Technical Roundup.  In developments since the last edition, the International Federation of Accountants (IFAC) has issued five videos that capture the key themes from a recent panel discussion on the implications of artificial intelligence on business and the accountancy profession.  IAASA has published its observations on Wave 1 Corporate Sustainability Reporting Directive (CSRD) reporting summarising key findings from their supervisory work during the first year of CSRD implementation in Ireland. Read more on these and other developments that may be of interest to members below.  Financial Reporting   The European Financial Reporting Advisory Group (EFRAG) has published its feedback statement on its discussion paper “The Statement of Cash Flows-Objectives, Usages and Issues”. EFRAG has published its November 2025 Update. The International Accounting Standards Board (IASB) has issued its December 2025 update and podcast. The IFRS Interpretations Committee (IFRIC) has issued its November 2025 Update. The UK Endorsement Board (UKEB) has adopted IFRS 18 Presentation and Disclosure in Financial Statements for use in the UK. The standard was issued by the IASB in April 2024 and replaces IAS 1 Presentation of Financial Statements. The standard is effective for periods commencing on or after 1 January 2027, with early application permitted. In their 10 December Episode of the Financial Reporting Council's In Conversation podcast series, Kate O'Neill, Director of Stakeholder Engagement and Corporate Affairs, is joined by Anthony Barrett, Executive Director of Supervision, and Jamie Symington, Deputy Executive Counsel, to discuss the progress of the FRC's consultation on proposed amendments to the Audit Enforcement Procedure which launched in October 2025. Auditing and Assurance  The Financial Reporting Council (FRC) has issued a consultation on its draft plan and budget for 2026-27 which sets out its priorities and resources for the year ahead. Accountancy Europe has published a paper setting out principles and good practices to support more effective and coherent audit supervision in the EU, particularly for PIE and cross-border audits where multiple national authorities are involved. Sustainability  In the EU, Omnibus I concluded on 16 December 2025 when the European Parliament (EP) approved a provisional agreement to simplify and reduce the scope of sustainability reporting and due diligence requirements for companies. Only EU companies with over 1,000 employees on average and a net annual turnover exceeding €450 million will be in scope for the CSRD. The CSDDD will apply only to EU companies with over 5,000 employees and a net annual turnover above €1.5 billion. Please see the final text of the proposal which provides further details. Accountancy Europe has shared some of its views in relation to the political compromise on the  Sustainability Omnibus Proposals. The International Sustainability Standards Board (ISSB) has issued targeted amendments to greenhouse gas (GHG) emissions disclosure requirements in IFRS S2 Climate-related Disclosures in response to specific application challenges that were identified as companies started to apply the Standard. The International Sustainability Standards Board (ISSB) and the German Standard-Setter (ASCG) are jointly hosting the second Sustainability Standards Conference in Frankfurt on 18 May 2026. The ISSB has published its December 2025 update and podcast. IAASA has published its observations on Wave 1 CSRD reporting, summarising key findings from their supervisory work during the first year of CSRD implementation in Ireland. The European Financial Reporting Advisory Group (EFRAG) has published three guides to help SMEs report on disclosures identified as particularly challenging in the public consultation and field test on VSME. EFRAG has also published its report into the VSME Market Acceptance. This explores the level of awareness in relation to the VSME, as well as its acceptance as a voluntary sustainability reporting tool. GRI, the Global Reporting Initiative, has conducted research into the value of sustainability reporting. In 22 of the 30 studies reviewed by GRI, a positive correlation was found between companies who disclose their sustainability impacts and improved financial performance. Anti-money laundering and sanctions  Chartered Accountants Ireland, the Central Bank of Ireland, and the EU Sanctions Helpdesk will hold an online webinar on 20th 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 Commission announced planned changes to the list of high-risk jurisdictions including adding Russia to the list in order to strengthen the international fight against financial crime. In addition, updates were also announced for the high-risk jurisdictions list following the decisions taken at the FATF and its list of ‘Jurisdictions under Increased Monitoring’ (‘grey list’), following the FATF Plenaries of June and October 2025. For further information regarding the planned changes to the list of high-risk jurisdictions, please refer to the following details recently published by European Commission. These changes will not enter into force until published in the Official Journal. Chartered Accountants Ireland announced the issuance of a Technical Alert (TA 05/2025) covering an outline of selected changes under the European Union 6th Anti Money Laundering Package (AMLD6). A copy of the TA is available at the following link. The HM Treasury in the UK published its Anti-Money Laundering and Counter-Terrorist Financing Supervision Report providing information about the activities of AML and counter-terrorist financing (CTF) supervisors (including accountancy Professional Body Supervisors (PBSs)) for the 2024-2025 financial year. This fulfils HM Treasury’s obligation, under Regulation 51 of the Money Laundering Regulations (MLRs), to publish an annual report on supervision activity using information requested from supervisors.  The Central Bank of Ireland published the first edition of its Financial Crime Bulletin. The purpose of this biannual bulletin is to provide an update on key regulatory and supervisory developments in the areas of AML, Combatting the Financing of Terrorism (CFT), Financial Sanctions (FS), and Fraud.  FATF published results regarding Belgium's recent Mutual Evaluation Report (MER) outlining an assessment of the measures used to counter money laundering, terrorist financing and proliferation financing.  Accountancy Europe published a recap summarising the stakeholder dialogue roundtable, which was held in November to discuss ‘Shaping the future of AML standards’. It was hosted by Accountancy Europe, together with FSR - Danish Auditors. The roundtable included representatives from the EU’s Anti-Money Laundering Authority (AMLA), the European Commission, the Danish EU Presidency, and non-financial sector entities, including auditors, accountants, tax advisers, lawyers, and notaries. The AMLA slide presentation is also available at the following link. AMLA announced the steps it is currently taking to harmonise EU AML supervision and the supporting instruments it will use to assess risks and how AMLA will select the entities it will directly supervise. In this context, AMLA published the draft RTS on risk assessments, which specifies data points and criteria that national supervisors will use to assess the entities they supervise. The draft RTS on selection was also published, which will apply these same data points and criteria to set out how AMLA will assess risks for the purposes of selecting entities for direct supervision. As part of its preparation for direct supervision, AMLA also launched a public consultation on draft implementing technical standards that set out how AMLA and national financial supervisors will cooperate during the selection process and when transferring supervisory powers for institutions or groups that will be directly supervised by AMLA. Stakeholders are invited to provide input through the public consultation by 27 January 2026.  AMLA also published a public statement outlining its approach regarding the public consultation process. Fraud The UK Government announced its new UK Anti-Corruption Strategy covering its approach to stopping corruption at home and abroad. It builds on the 2017 to 2022 strategy and reflects the evolving nature of the threats posed by corruption to the UK’s economy, security and democracy. The European Banking Authority (EBA) and European Central Bank (ECB) published a report regarding the 2025 edition of their joint report on payment fraud. The report covers the semi-annual data for 2022 to 2024 and confirms that the legal requirement for strong customer authentication (SCA) introduced in 2020 has contributed to reducing fraud levels. However, it also highlights the need for continued vigilance and for security measures to be adapted to combat new emerging types of fraud. The three European Supervisory Authorities (EBA, EIOPA and ESMA - ESAs) published key tips to help consumers detect, prevent, and act on online frauds and scams. The tips including details on how to stay alert are outlined in two factsheets regarding crypto frauds and associated scams and online financial frauds and scams in an AI world. The National Cyber Security Centre (NCSC) in the UK announced that almost one billion attempts to access malicious sites were blocked (in less than a year) by a new government cyber tool. The Share and Defend service developed by experts at NCSC works to disrupt online crime and fraud by sharing near real-time data on known fraudulent and malicious websites with internet service providers, which can then prevent customers from clicking through.  Central Bank of Ireland (CBI) The CBI launched a public consultation on the implementation of the CBI's new responsibilities under the Access to Cash legislation. The public consultation covers two parts of the new Access to Cash regime including the identification of local deficiencies in the cash infrastructure and setting minimum ATM service standards and notifications requirements for firms operating ATMs. The CBI's Governor Gabriel Makhlouf delivered a speech to the eighth meeting of the Climate Risk and Sustainable Finance Forum covering climate risk and sustainable finance in Ireland and the EU, and the progress that has been made to date, highlighting the need to ensure climate action remains a priority for the financial sector. The speech also emphasised the Central Bank’s focus on climate risk and sustainable finance and continued encouragement to promote a collaborative approach to how the financial sector supports the transition and adaptation to net-zero. The CBI published a report regarding the roadmap to deliver a more effective and efficient regulatory framework building on the work of the CBI in terms of the integrated supervisory approach. The report outlines how the Central Bank will, in line with initiatives across Europe, enhance the effectiveness and efficiency of its supervision and domestic regulatory framework, improve gatekeeping processes, and deliver a more integrated and less burdensome reporting and data framework.  The CBI announced a consultation regarding the application of the Consumer Protection Code 2025 (CPC 2025) to all regulated credit union activities. The consultation paper sets out the rationale for this position and outlines the proposed approach for applying CPC 2025 to all regulated credit union activities. The CBI's Governor Gabriel Makhlouf delivered a speech to The Royal Irish Academy covering economic resilience and priorities needed in this area in the context of Ireland, Europe, and at an international level.  The CBI released the first edition of its Payment and E-Money Newsletter. The purpose of the newsletter is to provide updates on key regulatory developments in the Payment and E-Money sector and to signpost relevant upcoming changes. The CBI published its fourth and final Quarterly Bulletin of 2025. The bulletin noted that the outlook for the Irish economy in the medium term is being shaped by differing sectoral performances, ongoing structural change, geopolitical tensions and policy actions both at home and abroad.  The CBI published its quarterly Insurance Newsletter covering supervisory insights and updates for the insurance sector. Artificial Intelligence (AI) The International Federation of Accountants (IFAC) has issued five videos that capture the key themes from a recent panel discussion on the implications of artificial intelligence on business and the accountancy profession. The Oireachtas Joint Committee on Artificial Intelligence announced the issuance of its First Interim Report, which includes 85 recommendations on Ireland’s approach to the development, deployment, regulation, and ethical considerations of AI, and on the means of ensuring that the approach supports economic growth, innovation, public trust, and societal benefit while safeguarding rights and mitigating risks. The First Interim Report is available at the following link. The NCSC in the UK published an alert on the "dangerous” misunderstanding of emergent class of vulnerability (AI prompt injection) in generative AI applications. The NCSC has shared critical insights cautioning cyber security professionals against comparing prompt injection and more classical application vulnerabilities classed as Structured Query Language (SQL) injection. It suggests efforts should turn to reducing the risk and impact of prompt injection and driving up resilience across AI supply chains. Full details are available at the following link. Cybersecurity  The European Union Agency for Cybersecurity (ENISA) published the annual NIS Investments report, which presents the findings of a survey conducted by ENISA to explore how cybersecurity policy translates into practice across organisations in the EU and its effects on their investments, resources, and operations. The report calls out key highlights noting that investment focus is shifting from people to technology and outsourcing, and the fact that supply chain risk is still prevalent. ENISA organised a webinar to discuss the latest developments and considerations on engineering personal data protection in the Post-Quantum Cryptography (PQC) era. For details regarding this webinar including related slides, please refer to the following link. The NCSC in the UK published a 'Cyber Essentials Supply Chain Playbook' providing a guide that will help companies protect their business from cyber-attacks through support with embedding cyber essentials in the supply chain. The National Cyber Security Centre (NCSC) in Ireland published an alert regarding critical vulnerabilities in React server components. 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. Digital Operational Resilience Act (DORA) The CEAOB responded to the European Commission in the context of the DORA review clause (Article 58(3)) to assess the applicability and possible extension of DORA to statutory auditors and audit firms.  Other news  The European Commission announced the market integration package, which aims to fully integrate EU financial markets and it is designed to remove barriers and unlock the full potential of the EU single market for financial services. This package is a central component of the European Savings and Investments Union (SIU) strategy. The proposals must now be negotiated and approved by the European Parliament and the Council. Please see attached factsheet regarding this package. The European Data Protection Board (EDPB) published various updates including recommendations to make online shopping more respectful of users’ privacy as part of an ongoing public consultation. It also released details of a preliminary discussion regarding the Digital Omnibus proposal. The ECB published a blog regarding the digital Euro outlining how the ECB plans to prepare for the potential issuance of the digital euro by 2029, assuming the European co-legislators adopt the necessary regulation by 2026. Preparatory steps, including pilot exercises and initial transactions, could begin as early as mid-2027. The ECB published a press release regarding the Governing Council proposal for simplification of the EU banking rules.  Cathy Shivnan, the Corporate Enforcement Authority’s (CEA) Director of Insolvency Supervision, recently featured in the All-Ireland Business Foundation's Entrepreneur Times discussing the CEA's public protection role when it comes to insolvency supervision and director accountability and responsibilities. For further details, please read the full piece here. The Financial Conduct Authority (FCA) in the UK published its ‘Regulatory Initiatives Grid’, which sets out the regulatory pipeline over the next two years. This document provides an overview for the financial services industry and other stakeholders to understand and plan for the timing of regulatory initiatives that may have a significant operational impact on them.  The Professional Standards Department (PSD) of Chartered Accountants Ireland published Issue 43 of the Regulatory Bulletin providing key updates and reminders for members’ attention in various areas including Audit and Assurance, Quality Assurance, and AML. Minister for Enterprise, Tourism and Employment Peter Burke TD, and Minister for Further and Higher Education, Research, Innovation and Science, James Lawless TD recently announced funding of almost €39 million for seven additional projects under Call 7 of the Disruptive Technologies Innovation Fund (DTIF) to foster innovation and collaboration between SMEs, multinationals, and research institutions. The Competition and Consumer Protection Commission (CCPC) published the ‘State of Competition Report’, which assesses how competitive conditions have evolved in Ireland’s non-financial services sector over a 15-year period (2008-2022) and the barriers that most affect entry and expansion in 2025. For further details regarding this report, please see the following link. The Department of Enterprise, Tourism and Employment also welcomed the publication of this report. For further technical information and updates please visit the Technical Hub on the Institute website.       -    The next edition of Technical Roundup will issue on Friday, 9 January 2026   -   Wishing all of our members a very Happy Christmas and best wishes for 2026     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.  

IAASA has published its observations on Wave 1 CSRD reporting, summarising key findings from their supervisory work during the first year of CSRD implementation in Ireland. The paper provides insights from corporate reporting examinations, assurance quality inspections, and highlights the challenges faced by entities and audit firms as they adapt to evolving sustainability reporting requirements. Despite ongoing uncertainties surrounding the Omnibus Directive, IAASA’s supervisory remit for Wave 1 CSRD reporting will continue into 2026. The paper also sets out key messages for the year ahead, including IAASA’s approach in the context of an evolving regulatory landscape. 👉 Read the observations paper to understand the findings and prepare for 2026.

The Solicitors Regulation Authority who regulate solicitors and law firms in England and Wales is consulting on proposals to strengthen the accountants' reports regime. The proposals aim to improve transparency and provide better assurance of compliance by requiring the submission of all qualified and unqualified accountants' reports, firm declarations, and direct report submission to the SRA by reporting accountants.     They welcome feedback from members of the accounting profession to help shape the final requirements. The consultation paper is available on the SRA website SRA | Further consultation on client money in legal services: Protecting the client money that solicitors hold | Solicitors Regulation Authority. The consultation will close at 12.00 on Friday 20 February 2026.

From the Professional  Accounting team … Members and readers may be aware that the European Anti Money Laundering Authority (AMLA) commenced its work this year. Part of its remit is to provide regulatory technical standards (RTSs) and guidelines for both financial and non-financial obliged entities on areas dealt with in the AML Regulation and AML Directive, the European Union 6th Anti-Money laundering package, informally known as AMLD6. These laws were passed in 2024 but most of the provisions do not come into force until 2027. The provisions apply to all obliged entities including accountants, auditors, and tax advisors. As AMLA’s work continues over the coming years (throughout 2026 and 2027), the Institute will monitor and distribute more information and guidance of interest and importance to members in the anti-money laundering area. In the meantime, we have prepared Technical Alert 05/2025, which outlines selected changes to current AML law under AMLD6. The Alert provides a high-level outline of some of the changes which will occur when AMLD6 comes into force in 2027. While this seems like a relatively long time away, it will pay to gain an early insight and understanding of the changes prior to provisions coming into force. The Alert highlights differences from current law, which are likely to be of most relevance or interest to our members. It is a comparison document rather than specific or detailed instructions or guidance on AMLD6. Nonetheless, we hope that it will provide some useful information for our members in gaining further understanding of the new compliance requirements under the AMLD6 package. Some of the changes, which members should take note of include: More detailed requirements for customer due diligence (CDD) procedures. EU Ban on cash payments over €10,000. Individual member states may set even lower limits. More closely defined AML roles, governance structures, and internal control framework. An independent audit function within entities or the possibility to outsource this to an external expert. This may pose challenges for sole practitioners, and it is going to be an additional cost of being in practice (where independent audit functions do not currently exist). New outsourcing rules and outsourcing prohibitions. Wider definition of a Politically Exposed Person (e.g. to include the siblings of PEPs in certain cases). More detailed beneficial ownership provisions. The Institute will continue to keep track of AMLA’s work and deliverables over the coming months. 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 European Financial Reporting Advisory Group (EFRAG) has published the eagerly awaited draft simplified European Sustainability Reporting Standards (ESRS), along with its technical advice to the European Commission. In its press release, EFRAG have highlighted many of the simplifications implemented which it hopes will help reporting companies integrate sustainability reporting into their business. The simplifications which EFRAG have noted include:  Standards which are “shorter, clearer, easier to understand and to implement” A 61% reduction of datapoints that are required if material Deletion of all voluntary disclosures Substantial reliefs, proportionality mechanisms and ad hoc phasing-in for challenging disclosures Principles based standards for narrative disclosures An emphasis on fair presentation A simplified materiality assessment Measures to reduce pressure in relation to data collection in the value chain Enhanced interoperability with the ISSB standards, with common disclosures preserved where possible    The European Commission will now prepare a Delegated Act to revise the first set of ESRS’s based on EFRAG’s technical advice. Also, on 4 December EFRAG launched the ESRS Knowledge Hub, an interactive online platform designed to support companies, practitioners and stakeholders in navigating the European Sustainability Reporting Standards (ESRS) and broader sustainability reporting materials developed by EFRAG. First time users can click the link to go to the landing page and register to log -in.