Welcome to the latest edition of Technical Roundup.
In developments since the last edition, in its article entitled ‘DORA Review: Balancing Digital Resilience and simplification’, Accountancy Europe discusses the reasons why the Audit Directive, and not the Digital Operational Resilience Act (DORA), is the most appropriate framework to strengthen digital-resilience requirements for statutory auditors and audit firms. The Global Reporting Initiative (GRI) has launched a new checklist to help entities align their climate reporting using the GRI standards with the UN’s official approach to setting credible climate commitments, targets and transition plans.
Read more on these and other developments that may be of interest to members below.
Financial Reporting
EFRAG, the European Financial Reporting Advisory Group, has published its October 2025 update. This report summarises the public technical discussions and decisions taken at EFRAG during the month.
The comment period for responses to EFRAG’s draft Endorsement Advice for Amendments to IFRS 19 Subsidiaries without Public Accountability: Disclosures remains open until 28th November 2025.
In its Annual Review of Corporate Governance Reporting, the Financial Reporting Council (FRC) has highlighted some reporting trends and practices among 100 UK-listed companies against the 2018 UK Corporate Governance Code.
In its Thematic Review “Reporting by the UK’s smaller listed companies”, the FRC examines annual reports from 20 companies listed outside the FRSE 350. The Thematic Review aims to help companies improve their reporting quality in four key areas - Revenue recognition, Cash flow statements, Impairment of non-financial assets and financial instruments - which have historically identified room for improvement.
The FRC has published the 2026 UK Taxonomy Suite which incorporates changes to the FRC Taxonomy Suite, Charities Taxonomy, and Irish Taxonomy.
The International Accounting Standards Board (IASB) has issued amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates. These changes are intended to clarify how companies should translate financial statements from a non-hyperinflationary currency into a hyperinflationary one.
The IASB has published recordings and presentations from its recent Research Forum.
Auditing and Assurance
The Financial Reporting Council (FRC) has issued International Standard on Sustainability Assurance (UK) 5000, “General Requirements for Sustainability Assurance Engagements”, which provides UK companies, investors and assurance providers with a consistent, internationally aligned assurance standards for voluntary use in sustainability assurance engagements.
The Law Society of Ireland has announced that its new online portal for Reporting Accountants to upload an annual or closing reporting accountant’s report for a Solicitor client on to the Law Society’s system is at an advanced stage and is nearly ready to launch.
Sustainability
The European Parliament has voted in favour of a simplification of the sustainability reporting requirements for European companies. Following the release of the Omnibus proposals in February, there has been much debate and discussion regarding the scope of companies who should be subject to the European Sustainability Reporting Standards, as well as the extent and rigour of these standards. Following these negotiations, the European Parliament has voted in favour of limits which will mean that only businesses with over 1,750 employees and annual turnover of €450 million will be subject to these rules. The CSDDD limits have also been increased to 5,000 employees and turnover of €1.5 billion.
GRI, the Global Reporting Initiative, has criticised the simplification noting that the position adopted by the Parliament “is a backward step for the EU – and undermines European leadership on sustainability”.
The Global Reporting Initiative (GRI) has launched a new checklist to help entities align their climate reporting using the GRI standards with the UN’s official approach to setting credible climate commitments, targets and transition plans.
EFRAG is hosting a conference ‘EFRAG unveils Draft Simplified ESRS: A European Milestone for Sustainability Reporting’ on 4 December 2025. The schedule includes presentations from expert teams, the launch of the ESRS Knowledge Hub and keynote speeches.
The Irish Auditing and Accounting Supervisory Authority (IAASA), in collaboration with the Irish Accounting and Finance Association (IAFA), recently hosted a webinar on CSRD Reporting and Assurance.
Accountancy Europe has published its November 2025 Sustainability Update.
Accountancy Europe has responded to EFRAG’s VSME Market Acceptance survey.
The European Banking Authority (EBA) announced the release of the Network for Greening the Financial System (NGFS) declaration on the economic cost of climate inaction during the 2025 United Nations Climate Change Conference (COP30) in Belém, Brazil. The EBA is an active member of NGFS, which represents a group of central banks and supervisors sharing best practices and contributing to the development of environment and climate risk management in the financial sector. The declaration underscores the mounting macroeconomic and financial risks of delayed climate action and reaffirms the NGFS’s commitment to supporting a well-managed transition to a low-carbon economy. Please refer to following link for a copy of the declaration.
Anti-money laundering
On 9 December 2025 (09:00 - 12:00) Accountancy Europe is hosting an in-person event in Brussels titled “Beyond compliance – the human cost of money laundering to explore the real-life impacts and human cost of financial crime and discuss how cooperation across sectors can make a tangible difference. Speakers include the EU Commissioner Maria Luís Albuquerque. Readers who may wish to attend can click here for more details and to register.
The Financial Conduct Authority (FCA) published findings from a review of risk assessment processes and controls in firms. The findings highlight good and poor practice to help firms reflect on how they are meeting the existing risk assessment requirements.
Fraud
Central Bank of Ireland issued a warning to consumers about the changing fraud landscape and also launched a campaign to help consumers avoid scams by highlighting how scammers' techniques are evolving including use of social media and digital channels for scams. Common scams now used by financial fraudsters include fake comparison websites, fraudulent recovery scheme scams, investment scams, and use of deepfakes. The CBI has published advice and information for consumers outlining what steps can be taken to verify that the individual or company they are dealing with is real and trustworthy before making any financial decisions or providing personal information.
FraudSMART (a fraud awareness initiative developed by Banking & Payments Federation Ireland (BPFI) in conjunction with member banks), issued a fresh warning to consumers to be on alert as highly convincing investment scams continue to rise, which use AI generated adverts. The Garda National Economic Crime Bureau noted a concerning 21% increase has been recorded in the three months up to October 2025. For pointers on how to avoid investment scams, FraudSMART has also published a 'Spotlight on Investment Scams information leaflet'.
Central Bank of Ireland (CBI)
The Central Bank of Ireland (CBI) published the second Financial Stability Review report for 2025 outlining that the main risks facing Ireland's financial system include stretched valuations in global markets and economic uncertainty.
Gerry Cross, the CBI's Director for Capital Markets and Funds gave a keynote speech at the annual Retail Intermediaries Roadshow covering the evolving regulation of financial intermediaries, the importance of this sector for consumers, the outcomes that the Central Bank sees as important for this sector, and simplification and proportionality in regulation and supervision.
Artificial Intelligence
The European Commission has published a Proposal for regulation on simplification for AI rules, designed to simplify its digital regulatory framework, including the AI Act and data privacy rules. The ‘Digital Omnibus’ package introduces several measures, including delaying the stricter regulation of ‘high-risk’ AI applications until late 2027.
On Wednesday, 19 November Minister of State for Trade Promotion, Artificial Intelligence and Digital Transformation Niamh Smyth launched a public consultation on the new Responsible Business Compass, an online pilot tool designed to help Irish businesses understand and comply with sustainability-related EU Regulations and Directives. The project is being developed by the OECD in cooperation with the European Commission.
Cybersecurity
The National Cyber Security Centre (NCSC) in the UK published an article regarding the NCSC's 'Cyber Action Toolkit, which can help small businesses to improve their cybersecurity framework. The NCSC's toolkit is available at the following link.
The National Cyber Security Centre in Ireland issued an alert regarding a critical vulnerability impacting Fortinet's FortiWeb product. 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 Fortinet.
The European Union Agency for Cybersecurity (ENISA) announced its expanded role to support cybersecurity vulnerability management in the EU and new responsibilities that will occur under the European Cyber Resilience Act including the implementation of a single reporting platform for manufacturers to notify actively exploited vulnerabilities.
Companies Office - Busy Filing period
We reiterate the advice of the Companies Registration office to file early, if at all possible. Please see latest news from the CRO outlining the issues being faced as the peak filing date of 25 November draws closer. Readers are also referred to our recently published tips and pointers for the busy Annual Return filing season which may help you navigate the process with the Companies Registration Office.
Digital Operational Resilience Act (DORA)
The European Supervisory Authorities (EBA, EIOPA, and ESMA - the ESAs) published the list of designated critical ICT third-party providers (CTPPs) under the Digital Operational Resilience Act (DORA). This designation marks a crucial step in the implementation of the DORA oversight framework. The list of designated critical ICT third-party providers subject to direct oversight and examination is included in this document.
Under Article 58(3) of DORA, the European Commission (EC), after consulting the European Supervisory Authorities (ESAs) and the Committee of European Auditing Oversight Bodies (CEAOB), must, by 17 January 2026, assess whether DORA or the Audit Directive is the most appropriate framework to strengthen digital-resilience requirements for statutory auditors and audit firms. Accountancy Europe’s recent article highlights the upcoming assessment process by the EC and outlines reasons why it would not make sense to expand DORA’s scope to include auditors.
Other news
The Financial Reporting Council (FRC) has published a report to support signatories as they prepare to apply to the updated Stewardship Code which takes effect from 1 January 2026.
The European Securities and Markets Authority (ESMA) has published the results of a peer review which found that the foundational frameworks for the supervision of depositaries are in place.
The Pensions Authority has published its defined benefit scheme statistics for 2024 which statistics are compiled from the annual actuarial data returns submitted to the Authority. In other Pensions Authority news it has published information on the 2025 annual compliance statement that is provided for under the Pensions Act. It has also extended the deadline for submissions to its public consultation on in-scheme drawdown. The closing date for submissions is now 20 January 2026.
The Minister of State for Employment, Small Business and Retail, Alan Dillon, has announced a public consultation seeking the views of members of the public, employers and other interested parties on the right to request a remote working arrangement, provided for within the Work Life Balance and Miscellaneous Provisions Act 2023.
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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