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Welcome to the latest edition of Technical RoundUp In developments since the last edition, IFAC has released some practical tools to assist SMEs and Public Sector entities, IAASA has published details of its significant financial reporting enforcement activities in 2023 and 2024, and the FRC has issued a consultation on a proposed UK version of the International Standard on Sustainability Assurance (ISSA) 5000. Read more on these and other developments that may be of interest to members below. Financial Reporting The International Accounting Standards Board (IASB) has announced that it has decided to proceed with issuing seven illustrative examples that aim to improve the reporting of uncertainties in the financial statements. It expects to issue these examples in Q3 of 2025. The IASB has announced that it expects to issue its revised IFRS Practice Statement 1 Management Commentary on 23 June 2025. The IASB has published a Request for Information as part of its Post-implementation Review of IFRS 16 Leases. The Request for Information remains open for public comment until 15 October 2025. ESMA, the European Securities and Markets Authority, has published the latest edition of its Spotlight on Markets Newsletter. The European Accounting Review, in collaboration with the International Accounting Standards Board is accepting submissions for a special issue featuring research proposals. The deadline for submissions is 1 December 2025. The International Federation of Accountants (IFAC) has released some practical tools to support IPSAS Implementation. These tools are designed to help governments and public sector entities adopt and implement IPSAS Standards and help Professional Accountancy Organisations advocate for their use. IFAC has also released an online tool designed to help SMEs to maximise the benefits of incorporating sustainability into their sustainability strategy. IAASA has published an overview of some of its more significant financial reporting enforcement activities undertaken in 2023 and 2024. Auditing and Assurance The Staff of the International Auditing and Assurance Standards Board (IAASB) and the International Ethics Standards Board for Accountants (IESBA) have released new publications to support implementation of the IAASB’s and IESBA’s sustainability-related standards: the International Standard on Sustainability Assurance (ISSA) 5000 and the International Ethics Standards for Sustainability Assurance (IESSA).   These are Frequently Asked Questions (FAQs) on Sustainability Assurance Engagements and IESBA Staff Q&As on IESSA. The Financial Reporting Council (FRC) has issued a consultation on a proposed UK version of the International Standard on Sustainability Assurance (ISSA) 5000, “General Requirements for Sustainability Assurance Engagements”. The consultation proposes ISSA (UK) 5000 for use on a voluntary basis by assurance providers and comments are requested by 31 July 2025. Sustainability The IFRS Foundation is joining London Climate Action Week from 21–29 June 2025.  This event will bring together key stakeholders, policymakers and international organisations. The European Sustainable Energy Week 2025 takes place from 10 to 12 June 2025 in Brussels and online. It brings together leading voices from the clean energy community and high-level speakers to share ideas and help shape Europe’s sustainable energy future.  The IFRS Foundation has published jurisdictional profiles providing transparency and evidencing progress towards adoption of ISSB Standards. The IFRS Foundation has launched new e-learning modules to support companies in getting started with understanding the ISSB Standards. The modules include a mixture of written and visual content and interactive knowledge checks, designed to build foundational knowledge of the ISSB Standards. Accountancy Europe has published its June 2025 Sustainability Update. Anti-money laundering, sanctions, economic crime In June 2025 the EU Commission updated its list of high-risk jurisdictions which present strategic deficiencies in their national anti-money laundering and countering the financing of terrorism regimes. Click for a press release and here for a  copy of the delegated regulation (which delegated act enters into force if the European Parliament or the Council of the EU do not object to it, during the scrutiny period which generally lasts 2 months ). The following countries have been added to the list: Algeria, Angola, Côte d’Ivoire, Kenya, Laos, Lebanon, Monaco, Namibia, Nepal and Venezuela. The following countries have been removed from the list: Barbados, Gibraltar, Jamaica, Panama, the Philippines, Senegal, Uganda, and the United Arab Emirates. Accountancy Europe (AE) has responded to the European Banking Authority’s (EBA) consultation on new rules related to the anti- money laundering and countering the financing of terrorism package. Accountancy Europe’s response to the EBA consultation has focused replies on the draft regulatory technical standard (RTS) on Customer Due Diligence and in particular identified four RTS articles that would benefit from clarification, refinement, or more proportionality. In June 2025 the UK Office of Financial Sanctions Implementation (OFSI) launched six short sanctions videos highlighting six key areas dealing with financial sanctions. The videos will give users valuable insight into the essentials of complying with UK financial sanctions. The videos  detail the work carried out at OFSI and how financial sanctions work, provide an insight into the range of  guidance that OFSI produces to help individuals and companies comply with UK financial sanctions, give an overview of the sanctions consolidated list, outline what to do if you suspect a financial sanctions breach and give an introduction to general licences and detail what a specific licence is and how to apply for one. Click the link for details of the UK Government’s improvements to navigation of GOV.UK sanctions content following a cross-government review and an ask from users for clearer, better structured sanctions content. In June 2025 the UK Dept. for Business and Trade issued its second progress report on the Economic Crime and Corporate Transparency Act 2023. The report describes Companies House activity including the querying and removal of  false, misleading or incorrect information from the registers, with an impact on 100,400 companies from 4 March 2024 to 3 March 2025 inclusive. The report also includes information on limited partnership reform, the register of overseas entities and collaboration between Companies House and the Insolvency Service. New or proposed legislation The Minister for Children, Disability and Equality recently implemented the European Union (Gender Balance on Boards of Certain Companies) Regulations 2025. These regulations impose new gender balance requirements for boards of listed companies by 30 June 2026. The regulations do not apply to micro, small and medium-sized enterprise (SME) or unlisted companies. Under the regulations relevant listed companies must have the objective that at least 40% of the non-executive directors of the relevant listed company concerned are members of the underrepresented sex. The ‘28th regime’ a new EU legal framework for innovative companies is  a proposed legal framework that is additional to the national legal frameworks of the 27 Member States .It was referenced in the European Commission’s Competitiveness Compass of January 2025 and its work programme of February 2025. The idea behind it is that the EU will  offer a parallel, elective legal framework that businesses can choose to operate under simplifying applicable rules and  bypassing the different national legal frameworks. In June 2025 the EU Commissioner for Justice Democracy and the rule of law, Michael Mc Grath, appointed Dr Tom Courtney a solicitor, leading author on Irish Company law and previous chair of the Irish Company Law Review Group as his special adviser to advise him on the proposal for a new 28th regime company. Dr Courtney writes that this is a very important EU initiative to make it possible for companies to benefit from a simpler harmonised set of EU wide rules. The UK Companies and Limited Liability Partnerships (Annotation) Regulations 2025 (2025 Regulations) allows the UK Registrar of Companies to annotate the Register of Companies. Under the Companies Act 2006, the Registrar currently has the authority to issue notices requiring specific information from overseas entities within a time limit set by the Registrar. Under the 2025 Regulations the Registrar may annotate the Register to indicate that a notice to the Overseas Entity was issued and not complied with. Other power of annotation under the 2025 Regulations includes the annotation of the Register that a person who appears in the Register as a director is subject to director disqualification sanctions. Other news The Central Bank of Ireland has in June 2025 issued its Central Bank second quarterly bulletin headlining slower pace of domestic growth amid trade tensions and global uncertainty. The Charity Commission for Northern Ireland has launched a new series of guides designed to help charity trustees run their organisations effectively and in line with their legal duties. The June edition of Enterprise Newsletter from Enterprise Ireland has been published.     The Minister for Enterprise, Tourism and Employment Peter Burke has established The Cost of Business Advisory Forum with the aim of reducing the cost of running a business and addressing delays which can impact the operation of businesses in Ireland. The Group will be chaired by former Labour Court Judge Kevin Foley and the group includes representatives from Chartered Accountants Ireland. We recently reported that the Irish Companies Registration Office has launched an Open Data Portal which provides access to key company data. Please click here for a useful article by CLS Chartered Secretaries which gives examples of the types of information available on the portal and practical tips to make the most of the portal. Accountancy Europe has outlined its support of the ongoing work of the European Union Intellectual Property Office and has compiled some key points, conclusions and actions for the future in its recent publication. Accountancy Europe has also published an information paper covering the evolution and impact of private equity investment in the European accountancy profession over the last decade. The Irish National Cyber Security Centre has launched  a useful  ‘plain English’ guide to keeping your online accounts secure designed to make the often complex and confusing information around keeping online accounts secure more accessible to the public. Technical Roundup is taking a break for the summer and the next Roundup will be issued on Friday 5 September. Any updates during this period will be published on the technical hub on the Institute's 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

From the Professional Accountancy team... In June 2025 the EU Commission updated its list of high-risk jurisdictions which present strategic deficiencies in their national anti-money laundering and countering the financing of terrorism regimes. Click for a press release and here for a  copy of the delegated regulation (which delegated act enters into force if the European Parliament or the Council of the EU do not object to it, during the scrutiny period which generally lasts 2 months ). The following countries have been added to the list: Algeria, Angola, Côte d’Ivoire, Kenya, Laos, Lebanon, Monaco, Namibia, Nepal and Venezuela The following countries have been removed from the list: Barbados, Gibraltar, Jamaica, Panama, the Philippines, Senegal, Uganda, and the United Arab Emirates. 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.  

In June 2025 the UK Office of Financial Sanctions Implementation (OFSI) launched six short sanctions videos highlighting six key areas dealing with financial sanctions. The videos will give users valuable insight into the essentials of complying with UK financial sanctions. The videos  detail the work carried out at OFSI and how financial sanctions work, provide an insight into the range of  guidance that OFSI produces to help individuals and companies comply with UK financial sanctions, give an overview of the sanctions consolidated list ,outline what to do if you suspect a financial sanctions breach and give an introduction to general licences and detail what a specific licence is and how to apply for one. In other news on sanctions, click the link for details of the  UK Government’s improvements to navigation of GOV.UK sanctions content following a cross-government review and an ask from users for clearer, better structured sanctions content. 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 ... The ‘28th regime’ a new EU legal framework for innovative companies is  a proposed legal framework that is additional to the national legal frameworks of the 27 Member States .It was referenced in the European Commission’s Competitiveness Compass of January 2025 and the European Commission's work programme of February 2025 .The idea behind it is that the EU will offer a parallel, elective legal framework that businesses can choose to operate under ,simplifying applicable rules and  bypassing the different national legal frameworks. In June 2025 the EU Commissioner for Justice Democracy and the Rule of Law ,Michael Mc Grath, appointed Dr Tom Courtney a solicitor ,leading author on Irish company law and previous chair of the Irish Company Law Review Group as his special adviser to advise him on the proposal for a new 28th regime company .Dr Courtney writes that this is a very important EU initiative to make it possible for companies to benefit from a simpler harmonised set of EU wide rules . 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.  

On 20 May 2025 the EU adopted its 17th package of sanctions against Russia. The European Council writes that the package is part of an even broader set of EU measures also targeting Russia’s hybrid activities, domestic violations of human rights and the use of riot control agents by Russian forces in Ukraine, under three other sanctions regimes. The measures agreed cover Russia’s shadow fleet, energy, military, and occupied territories. You can read more details on the 17th Package on the European Council webpage which has links to the various legal acts to bring the 17th package into force.   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 CCAB-I Insolvency Committee has published a new Creditors Voluntary Liquidation Statutory Meeting Handbook. The purpose of the Handbook is to aid directors in the pre-appointment period and insolvency professionals in the post appointment period. The Financial Reporting Council (FRC) is hosting a series of roundtables to discuss their Future of Audit Supervision Strategy (FASS). The first roundtable takes place on Monday 9th June with additional dates scheduled throughout the summer. Read more on these and other developments that may be of interest to members below. Financial Reporting The Financial Reporting Council (FRC) is hosting a series of roundtables to discuss their Future of Audit Supervision Strategy (FASS). The first roundtable takes place on Monday 9th June with additional dates scheduled throughout the summer. The European Financial Reporting Advisory Group (EFRAG) has published its draft endorsement advice on IFRS 19 ‘Subsidiaries without Public Accountability: Disclosures’. The draft advice recommends that IFRS 19 should be endorsed in the EU. The invitation to comment which accompanies the draft endorsement advice is open for public comment until of 3 September 2025. EFRAG has published its Annual Review 2024. This review provides a comprehensive overview of its activities, milestones, and strategic developments over the past year. EFRAG has also published its April 2025 update. This summarises the public technical discussions held and decisions taken over the past month. The IFRS Foundation has published a two-part webcast series which explain the main changes to the IFRS Taxonomy following the introduction of IFRS 18 Presentation and Disclosure in Financial Statements. The FRC has published the UK Stewardship Code 2026 which presents a framework for reporting that demonstrates high quality stewardship to support economic growth and investment. Auditing and Assurance The Financial Reporting Council (FRC) has issued a consultation on a proposed UK version of the International Standard on Sustainability Assurance (ISSA) 5000, “General Requirements for Sustainability Assurance Engagements”. The consultation proposes ISSA (UK) 5000 for use on a voluntary basis by assurance providers and comments are requested by 31 July 2025.  As part of its campaign to support small and medium-sized enterprises (SMEs) access audit services, the Financial Reporting Council (FRC) has issued additional material to help SMEs effectively engage with the annual audit process. The Irish Auditing and Accounting Supervisory Authority (IAASA) recently published its 2024 Annual Audit Programme and Activity Report. The report details IAASA's oversight of the audit profession during 2024, providing valuable transparency into how audit quality is regulated in Ireland. IAASA mentions its key highlights in 2024 which includes completion of supervisory reviews of accountancy bodies' investigation and disciplinary systems and support for implementation of the Corporate Sustainability Reporting Directive (CSRD) in Ireland. Insolvency The CCAB-I Insolvency Committee has published a new Creditors Voluntary Liquidation Statutory Meeting Handbook. The purpose of the Creditors Voluntary Liquidation (CVL) Statutory Meeting Handbook is to aid directors in the pre-appointment period and insolvency professionals in the post appointment period. This document provides a compendium of statutory meeting templates and guidance around the various meetings during the course of a CVL. It also assists Liquidators in complying with legislative and SIP requirements when conducting statutory meetings, reporting to creditors and approval of remuneration. On 11 June, Derek Wilson, a licensed insolvency practitioner and experienced insolvency monitor, and Sarah-Jane O’Keeffe, director at Azets, along with Chartered Accountants Ireland, are hosting a free webinar which will provide an overview of best practice and introduce 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. Click here to register for this free webinar. Sustainability Wim Bartels, Chair of Accountancy Europe’s Sustainability Policy Group and member of EFRAG’s Sustainability Reporting Board, spoke on behalf of Accountancy Europe at the European Parliament (EP) Legal Affairs Committee hearing on sustainability reporting obligations on 13 May. During this, he shared some of the early insights of the CSRD and ESRD based on the first year of implementation. The International Sustainability Standards Board (ISSB) May 2025 update and podcast have been published. The International Sustainability Standards Board (ISSB) has published the recording of its tenth 'Perspectives on sustainability disclosure' webinar. The webinar is titled ‘Governance of sustainability-related risks and opportunities’. Artificial intelligence Minister of State for Trade Promotion, Artificial Intelligence and Digital Transformation Niamh Smyth made a high-profile visit to Singapore at the end of May at the invitation of the Singaporean Government to participate in Asia Tech x Singapore (ATxSG) 2025. Anti-money laundering and sanctions The Central Bank of Ireland has announced that Derville Rowland, Deputy Governor Consumer and Investor Protection, will join the newly established Anti-Money Laundering Authority (AMLA). Central Bank of Ireland (CBI) The Central Bank of Ireland published its Annual Report and Annual Performance Statement for 2024 on 29 May. Click to read the Governor’s blog on the CBI 2024 Annual Report. We reported in our last edition on the passing into law of the Finance (Provision of Access to Cash Infrastructure) Act 2025. CBI recently welcomed the enactment of the legislation saying that CBI is committed to ensuring that cash is readily available as a means of payment and it warmly welcomes the signing into law of this significant legislation. CBI has published its May 2025 Investment Firm and Intermediary Newsletter. It is a twice-yearly publication by supervision teams within the Investment Firms & Retail Intermediary Supervision Division of the Capital Markets & Funds Directorate. While the newsletter main focus is on new items on its website and regulatory issues that MiFID investment firms need to be aware of, the information on DORA Digital Operational Resilience and the EU Accessibility Act may be of general interest to readers. Click to read comments of the CBI Director, Capital Markets and Funds at the recent Blockchain Ireland Summit 2025 including some insights on the implementation of the Markets in Crypto-Assets Regulation (MiCAR) regime. Other news The Financial Reporting Council (FRC) has published the UK Stewardship Code 2026, an updated set of principles which offers a framework for reporting that demonstrates high quality stewardship to support economic growth and investment. The new Code takes effect from 1 January 2026 and aims to support long-term sustainable value creation while significantly reducing the reporting burden for signatories. The European Securities and Markets Authority (ESMA) has issued a Call for Evidence (CfE) on the retail investor journey under MiFID II in order to assemble feedback from stakeholders to better understand how retail investors engage with investment services and whether regulatory or non-regulatory barriers may be discouraging participation in capital markets. The Minister for Enterprise, Tourism and Employment, Peter Burke, TD, has announced the establishment of a dedicated Small Business Unit, based in the Department of Enterprise, Trade and Employment. Accountancy Europe has published its May 2025 update which discusses many matters of relevance to accountants across Europe including AML and sustainability. The Irish Pensions Authority recently published the text of an address in March 2025 by the Pensions Regulator to the Irish Association of Pension Funds’ Spring Conference. The address was about the Pensions Authority’s recent supervisory review activities, its plans for the rest of 2025 and its longer-term priorities. 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 CCAB-I Insolvency Committee has today published a new Creditors Voluntary Liquidation Statutory Meeting Handbook. The purpose of the Creditors Voluntary Liquidation (CVL) Statutory Meeting Handbook is to aid directors in the pre-appointment period and insolvency professionals in the post appointment period. This document provides a compendium of statutory meeting templates and guidance around the various meetings during the course of a CVL. It also assists Liquidators in complying with legislative and SIP requirements when conducting statutory meetings, reporting to creditors and approval of remuneration. Additionally, on 10 June, Derek Wilson, a licensed insolvency practitioner and experienced insolvency monitor, and Sarah-Jane O’Keeffe, director at Azets, along with Chartered Accountants Ireland are hosting a free webinar which will provide an overview of best practice and introduce the new Creditor Voluntary Liquidation workbook. To register for this free webinar, click here.  

Welcome to the latest edition of Technical Roundup. In developments since the last edition, the Irish Government summer legislative programme for 2025 has recently been published by the Dept of the Taoiseach. The Global Reporting Initiative (GRI) has written to the European Financial Reporting Advisory Group (EFRAG) setting out its recommendations of how simplification of the European Sustainability Reporting Standards could be achieved.  Read more on these and other developments that may be of interest to members below. Financial Reporting The IFRS Foundation has issued Compilation of Agenda Decisions — Volume 12 which contains all the agenda decisions made by the IFRS Interpretations Committee from November 2024 to April 2025. The IFRS Foundation has published an updated version of its educational material to support the consistent application of IFRS Accounting Standards related to going concern assessments. The FRC has published insights from stakeholders in its discussion paper "Opportunities for Future UK Digital Reporting”. This confirmed stakeholder support for digital reporting and ongoing collaboration between regulators and preparers to reduce complexity. IAASA is seeking feedback on a proposed policy – Publication of Information regarding IAASA’s Corporate Reporting Supervision Activities. This policy paper sets out IAASA’s policy on the publication of the outcomes of its corporate reporting examination activities as well as the nature and extent of information to be published. The proposed changes are open for public comment until Friday, 18 July 2025. In episode 2 of the ‘IAASA Insights’ series, IAASA discuss some key insights from its recent “Profile of the Profession” publication. The European Financial Reporting Advisory Group (EFRAG) has submitted its endorsement advice on IFRS 18 Presentation and Disclosure in Financial Statements to the European Commission. In its submission, EFRAG concluded that IFRS 18 meets the technical criteria for endorsement, is not contrary to the principle of true and fair view and that its adoption would be conducive to the European public good. EFRAG therefore recommended its endorsement. Auditing The FRC invites stakeholders to join an upcoming webinar (Wednesday 4 June, 13:00-14:00) where the ‘International Standard on Auditing for Audits of Financial Statements of Less Complex Entities’ (ISA for LCE) will be discussed. This webinar is part of the FRC’s campaign to support UK SMEs access audit services.   Following the approval of the International Standard on Sustainability Assurance (ISSA) 5000, General Requirements for Sustainability Assurance Engagements the International Auditing and Assurance Standards Boards (IAASB) has approved the withdrawal of International Standard on Assurance Engagements (ISAE) 3410, Assurance Engagements on Greenhouse Gas Statements. The withdrawal of ISAE 3410 will take effect from the effective date of ISSA 5000 which is in 2026. The IAASB has published a new Frequently Asked Questions (FAQ) document to support stakeholders as they implement International Standard on Auditing 570 (Revised 2024), Going Concern. The FAQ document addresses key questions on the enhanced auditor reporting model for going concern that is included in the revised standard. Specifically, it focuses on the implications for the auditor’s report when reporting entity specific going concern matters in a section titled ‘Going Concern’ or ‘Material Uncertainty Related to Going Concern.’ It also provides an illustrative example of an auditor’s report that provides a description of how the auditor evaluated management’s assessment of going concern. Readers should note that these FAQs are on the revised standard issues by the IAASB in 2024.  The standard in effect in Ireland is ISA (Ireland) 570 (Revised October 2019) Insolvency The CCAB-I Insolvency Committee are shortly publishing a guidance document which is a workbook for Creditor Voluntary Liquidations. On 10 June, Derek Wilson, a licensed insolvency practitioner and experienced insolvency monitor, and Sarah-Jane O’Keeffe, director at Azets, along with Chartered Accountants Ireland are hosting a free webinar which will provide an overview of best practice and introduce 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. To register for this free webinar, click here. Sustainability The European Securities and Markets Authority (ESMA) has published a Consultation Paper on draft Regulatory Technical Standards (RTS) under the ESG Rating Regulation. The International Sustainability Standard Board (ISSB) has posted the agenda for its next meeting to be held at its offices in Montreal on 15 May 2025.  The ISSB will receive an update on the enhancement of the SASB standards project, in particular with regard to the project activities and the project approach. Accountancy Europe has issued its May 2025 Sustainability update. The Global Reporting Initiative (GRI) has written to the European Financial Reporting Advisory Group (EFRAG) setting out its recommendations of how simplification of the European Sustainability Reporting Standards could be achieved. In its response to EFRAG’s public call for input on the matter, GRI has stressed the importance of three key considerations for the simplification process; Europe needs to remain a global leader in promoting the green economy Effective corporate reporting is a key enabler for sustainable development Simplification is welcome – if it is defined, applied and managed well EFRAG has released the event materials from its “VSME in Action: Empowering SMEs for a Sustainable Future” event, which was held on 7th April 2025. EFRAG has also released a series of 10 educational videos focused on the VSME reporting standards. Twenty consumer authorities, including Ireland’s Competition and Consumer Protection Commission have issued an open letter to the fashion retail sector on the use of environmental claims including advising fashion retailers to avoid vague and general terms. Artificial intelligence We have recently published some webpages on Artificial Intelligence. They are housed in our “Business and Regulation” section of the Technical Hub. The aim of the webpages is to inform members of the European Union's Artificial Intelligence Act, Regulation (EU) 2024/1689 ("EU AI Act"). This includes the scope of the EU AI Act, key dates, risk factors and penalties and a news page for recent news we think readers might be interested in. Readers may be interested in the Massive Open Online Course (MOOC) which the Law Society will be running on Artificial Intelligence. The course will run over a period of 5 weeks from 10 June until 8 July. It is free and is open to everyone and anyone who has a general interest in learning more about AI developments. Click to find out more about the MOOC and to register. The Irish Department of Public Expenditure, NDP Delivery and Reform has recently published a webpage containing Artificial Intelligence Resources. It contains information on links on a range of resources and practical tools designed to support the adoption of AI in the Public Service. This includes Guidelines for the Responsible Use of Artificial Intelligence in the Public Service and a tutorial dedicated to the AI Guidelines to assist participants in applying the guidelines in their own workplaces. Central Bank of Ireland (CBI) CBI recently held Spring meetings of its Financial Industry Forum and its three subgroups (Domestic, International and Innovation), facilitating strategic dialogue and engagement across the financial sector. They discussed topics such as CBI’s approach to supervision, its Innovation Sandbox Programme and Innovation Hub, the revised Consumer Protection Code, AI in Financial Services and EU and International policy and regulatory developments. Click for details on the CBI Forum and here for a summary of the discussion of the Financial Industry Forum International Subgroup. The Director of the Horizontal Supervision Directorate of CBI spoke at a recent Anti-Financial Crime Summit on “AML and Innovation – Opportunities and Challenges”. She referred to CBI’s decision last year to evolve its approach to supervision and regulation. To change towards a more integrated approach to supervision and build out a more integrated supervisory framework to look at risk in a more holistic way. She referenced Europol’s 2025 Serious and Organised Crime Threat Assessment. One of its core points is that AI is “fundamentally reshaping” the organised crime landscape, but CBI’s role is not to eliminate risks, or stymie innovation rather to ensure risks and innovation are appropriately managed. It is important that the threats and opportunities which these new technologies present are reflected in their development, adoption and regulatory supervision and that the use of innovative tools is compatible with international standards of data protection, privacy, and cybersecurity. Other recent CBI publications which may be of interest to readers are its Authorisations and Gatekeeping Report 2024 and Planning for the Transition to Net Zero - Our Perspective. Other news The Irish Companies Registration Office has in recent days announced the creation of the Open Data Portal. This is to comply with EU Open Data Regulations and for users to access essential company information in a clear, intuitive way. Readers can visit the CRO Open Data Portal here. The Financial Conduct Authority (FCA) is seeking views on the future regulation of specific crypto-asset activities, ahead of legislation to bring them within regulation. The Prudential Regulatory Authority (PRA) has published its April 2025 Regulatory Digest which highlights key regulatory news and publications delivered for the month. The European Securities and Markets Authority (ESMA) has published its advice to the European Commission (EC) to support the Listing Act's goals to simplify listing requirements and enhance access to public capital markets for EU companies. The Irish Government summer legislative programme for 2025 has recently been published by the Department of the Taoiseach. Click to read the press release on Finance (Provision of Access to Cash Infrastructure) Bill which was passed into law in recent days. Its objectives are to ensure sufficient and effective access to Cash in the State; to provide a framework to manage future changes to the cash infrastructure in fair, equitable and transparent manner; and that cash-in-transit providers and independent ATM deployers be registered and supervised by the Central Bank of Ireland. The UK Department for Business and Trade is researching how company directors balance their legal duty to make the business successful, while considering the interests of employees, customers, suppliers, communities and the environment (section 172 of the Companies Act). There are no plans to change these duties, but feedback will help the government to review how the legislation works in practice. The Dept. is seeking a range of views, including those from directors, secretaries, lawyers, accountants, and anyone else who has knowledge and experience of Section 172. Click to read more about the survey which is live until 30 May 2025. The Corporate Enforcement Authority (CEA) has recently published its May CEA newsletter. It has many interesting items including several on directors and their duties. Readers can click to subscribe to the CEA newsletter. Click to read the latest IDA News update and the Newsletter (114) of the European Data Protection Supervisor. 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.  

From the Professional Accountancy team…... The Irish Department of Public Expenditure, NDP Delivery and Reform has recently published a webpage containing Artificial Intelligence Resources. It contains information and links on a range of resources and practical tools designed to support the adoption of AI in the Public Service. This includes Guidelines for the Responsible Use of Artificial Intelligence in the Public Service and a tutorial dedicated to the AI Guidelines to assist participants in applying the guidelines in their own workplaces.   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.