Technical resource centre

Welcome to the latest edition of Technical Roundup. In developments since the last edition, the FRC has issued four new audit and financial reporting consultations, IAASA has issued its annual Observations Paper and EFRAG has released two complementary reports to support the application of the VSME standard. Read more on these and other developments that may be of interest to members below. Financial Reporting IAASA has published its annual Observations Paper  which highlights matters that management, audit committees and auditors should consider when preparing, approving and auditing financial statements for 2025 year ends. The Financial Reporting Council (FRC) has published its Annual Review of Corporate Reporting, which looks at that the quality of corporate reporting across FTSE 350 companies during the 2024/25 monitoring cycle. The Financial Reporting Council (FRC) has issued Financial Reporting Exposure Draft (FRED) 88, which proposes no changes to FRS 101 ‘Reduced Disclosure Framework’, as a result of the FRC’s 2025/26 review cycle. FRED 88 is open for comment until 16 January 2026. The IFRS Foundation has published a package of new educational material to support the implementation of the third edition of the IFRS for SMEs Accounting Standard. The International Accounting Standards Board (IASB) has published its IFRIC September 2025 update. This includes details of the decisions reached by the committee in its recent public meetings. EFRAG has issued its draft endorsement advice letter and a separate invitation to comment on the proposed EU adoption of IFRS 19 Subsidiaries without Public Accountability. This remains open for comment until 28th November. The UK Endorsement Board’s (UKEB’s) consultation on its draft endorsement criteria assessment of IFRS 18 remains open for public comment until 7 October. UKEB have also updated their work plan.   Auditing and Assurance IAASA has published its annual Observationspaper highlighting matters that management, Audit Committees and auditors should consider when preparing, approving and auditing financial statements for 2025 year end dates. IAASA has issued an updated version of ISA (Ireland) 600, Audits of Group Financial Statements (Including the Work of Component Auditors). It reflects conforming amendments arising from ISA (Ireland) 505 (Revised March 2024), External Confirmations, which is effective for audits of financial periods beginning on or after 15 December 2024. The Financial Reporting Council (FRC) has launched a consultation on proposed revisions to two key auditing standards, dealing with the auditor’s responsibilities relating to fraud and going concern: ISA (UK) 240 (Revised) The Auditor's Responsibilities Relating to Fraud in an Audit of Financial Statements ISA (UK) 570 (Revised) Going Concern The FRC is updating these standards to align with recent revisions to equivalent international standards issued by the International Audit and Assurance Standards Board (IAASB). The consultation runs until Friday 16 January 2026. The FRC has launched a consultation on proposed revisions to three auditor reporting standards: ISA (UK) 700 – Forming and opinion and reporting on Financial Statements ISA (UK) 701 – Communicating Key Audit Matters in the Independent Auditor’s report ISA (UK) 720 – The Auditor's Responsibilities Relating to Other Information The FRC is updating these standards to simplify and declutter the auditor’s report, discourage boilerplate disclosures, and encourage the inclusion of more relevant information to support investor decision-making. Alongside these proposals, further amendments are being made to align these standards with recent revisions to equivalent international standards issued by the International Audit and Assurance Standards Board (IAASB). The consultation runs until Friday 16 January.   Sustainability EFRAG has released two complementary reports to support the application of the VSME standard. This includes: A report and infographic which provides practical supports to SMEs who wish to report their greenhouse gas emissions under the VSME. This includes a focus on some of the digital tools used by entities in preparing their sustainability reports. A report and infographic providing an overview of over 200 platforms and initiatives for SMEs. This compares the characteristics of those platforms. Accountancy Europe has published a paper entitled “Sustainability Statements Based on ESRS: Compliance or Fair Presentation”. This paper discusses the challenging issues faced by ESRS preparers regarding whether their Sustainability Report should be prepared on a “compliance” or “fair presentation” framework. The piece discusses some differences between the two frameworks, as well as what both would mean for reporters. The International Sustainability Standards Board (ISSB) has published its September 2025 update and podcast. Anti-money laundering and Fraud The National Crime Agency in the UK has published issue 33 of its SARs in Action magazine. Read more about how informal value transfer systems such as Hawala can be misused to facilitate organised immigration crime The publication notes how settlement across multiple jurisdictions through value or cash outside of the banking systems presents challenges for law enforcement. This, in addition to being cost effective and efficient, makes informal value transfer systems  attractive to criminals. The publication also includes a baseline analysis from UK FIU on organised immigration crime in SARs to review the reporting for elements linked to Organised Immigration Crime (OIC ). The results note a rapid increase in reporting of OIC related SARs. Our colleagues in Professional Standards have this week issued their 3rd Regulatory Bulletin for 2025. It includes valuable updates and insights for practitioners across general practice, audit, sustainability assurance, anti-money laundering and other regulated areas. The Banking & Payments Federation Ireland (BPFI) published survey results via its fraud awareness initiative (FraudSMART) regarding money mule risks. New survey shows almost a third of 18-24-year-olds have been approached, or know someone who has been approached, to use their bank account to transfer money. The Accountancy AML Supervisors’ Group (AASG)  in the UK has recently issued AASG Guidance on Verifying Beneficial Owners .The Guidance outlines the steps that auditors, insolvency practitioners, external accountants and tax advisers should take when verifying beneficial owners to ensure consistency in approach across the entire sector. AASG has also issued its AASG risk outlook: Money laundering, terrorist financing and proliferation financing risk in the accountancy sector. The Outlook was updated to reflect the UK's National Risk Assessment 2025. The Risk Outlook sets out the key AML risks and red-flag indicators relevant to the accountancy sector. The UK's National Risk Assessment was last updated in July 2025. It is recommended that firms consider the two documents and update their internal AML policies and procedures accordingly. Central Bank of Ireland (CBI) The CBI published its quarterly Insurance newsletter outlining supervisory insights, insurance and Central Bank updates. Also, read here CBI Director Seána Cunningham’s recent remarks at European Insurance Forum 2025 on how the CBI’s approach to the regulation and supervision of the insurance sector is evolving. Read here CBI Deputy Governor Colm Kincaid’s remarks “Towards Our Future Financial Wellbeing”. The remarks were made a round table at Financial Services Ireland .He outlined how CBI is improving its approach to protecting consumers and investors through its new integrated supervisory model, and via the revised Consumer Protection Code 2026.He also spoke about the importance of financial wellbeing for individuals, families and businesses, and urged the financial services industry to become more active in the social conversation about how the emerging concept of “financial wellbeing” can shape the future of financial services and Ireland’s economic progress more generally. CBI Governor Gabriel Makhlouf recently spoke at British Irish Chamber of Commerce Annual Conference where he discussed the economic outlook in a period of global change and CBI regulatory approach in the changing environment. Finally ,in CBI news Deputy Governor Mary-Elizabeth McMunn spoke yesterday to  the Compliance Institute Annual Conference. Click to read her remarks on regulation and supervision in an uncertain world. Cybersecurity The UK National Cyber Security Centre (NCSC) issued a statement regarding the cyber incident impacting Collins Aerospace urging all organisations to make use of NCSC's free advice and guidance for SMEs and large organisations.   The National Cyber Security Centre (NCSC) in Ireland issued an alert regarding multiple vulnerabilities in Cisco products. 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 Cisco.   The European Union Agency for Cybersecurity (ENISA) published its latest Threat Landscape report providing an overview of the most prominent cybersecurity threats and trends the EU faces in the current cyber threat ecosystem.   ENISA published an article regarding the risks of phishing as part of the European Cybersecurity Month (ECSM) awareness campaign in October. Phishing is one of the primary methods used for initial intrusion in cyberattacks. Other news Minister of State for Trade Promotion, Artificial Intelligence and Digital Transformation Niamh Smith recently met with the Chair and Members of the Company Law Review Group. She welcomed the publication of the Company Law Review Group Annual Report (May 2025) . The CLRG current two-year work programme 2024-2026 may be of interest to readers. It includes some topical items such as court appointed inspectors by third parties and review of examinership law and law on directors’ duties. The Pensions Authority has published a consultation on investment rules for personal retirement savings accounts (PRSAs). The closing date for submissions to the consultation is 17 November 2025. A consultation paper and submission form are available on the Open consultation papers area of the Pensions Authority website. In other pensions news, the Pensions Authority recently hosted its ‘Supervision of Pensions 2025–2029’ conference. The event focused on key developments in the Irish pensions landscape, including scheme consolidation, the Authority’s continued implementation of forward-looking, risk-based supervision, and the growing impact of EU regulatory obligations. The importance of high-quality data in supporting these supervisory efforts was also a central theme. Presentation slides and related materials are now available on the Events page of the Authority’s website. Accountancy Europe has published its September 2025 Newsletter. The three European Supervisory Authorities (EBA, EIOPA and ESMA - ESAs) advise financial institutions to stay alert to stability risks in uncertain and volatile times. The Report highlights various risks and for financial institutions to manage and monitor such risks including geopolitical, uncertainty regarding global trade policies, and cyber risks.    The European Banking Authority (EBA) published its Work Programme outlining the key priorities and initiatives for 2026. The EBA also published a report on the efficiency of the regulatory and supervisory framework detailing 21 actions to enhance its efficiency in the context of the overall EU effort towards simplification and efficiency. The European Commission Newsletter October 2025 includes details of two major initiatives to advance the savings and investments union and deliver tangible benefits for all citizens across the EU. The initiates relate to financial literacy and Savings and investment accounts. Boosting financial literacy and investment opportunities - Finance The Digital Regulators Group (DRG) launched the 'Short Guide to Digital Regulation', aimed at clarifying common queries in the digital regulation space in Ireland.   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.

Welcome to the latest edition of Technical Roundup. In developments since the last edition, the Department of Enterprise, Tourism and Employment has issued an Action Plan on Competitiveness and Productivity which contains 85 actions for strengthening our competitiveness and productivity performance presented across six themes. The Financial Reporting Council has also released two new Factsheets to assist FRS 102 preparers and readers may be interested in registering for some of our free upcoming CPD events. Read more on these and other developments that may be of interest to members below. Financial Reporting The Financial Reporting Council (FRC) has issued two new factsheets to support entities applying FRS 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’. The European Securities and Markets Authority (ESMA) has published its second risk monitoring report of 2025 setting out the key risk drivers currently facing EU financial markets. Registration is still open for our free, in-person events with the FRC in Belfast on 15 October and Dublin on 16 October. These events will focus on the implementation of the 2024 Periodic Review amendments to FRS 102 and FRS 105. Places are limited and are booking fast so register now if you would like to attend. The IFRS Foundation is hosting a webinar on 30 September with the theme of how companies are integrating IFRS Accounting Standards into products and services. Auditing and Assurance IAASA has released its second publication as part of its 2025 AQS Insight Series which focuses on key messages in relation to auditing of financial statement disclosures. The FRC has launched a new initiative to support the development of the capability and quality management by small audit firms looking to establish a greater presence in the UK Public Interest Entity (PIE) audit market. The Scalebox Programme will introduce a new and more proportionate supervisory approach, designed to enhance audit quality and reflect the unique needs of smaller firms. The European Commission has announced an intention to launch a consultation which could lead to measures to further convergence in audit supervision. Accountancy Europe’s recent article discusses the implications of this and has recommended some key priorities of any future supervision reform. Artificial intelligence (AI) In September 2025 the Irish government advanced the rollout of the EU Artificial Intelligence (AI) Act, confirming the designation of 15 National Competent Authorities under the AI Act. Ireland becomes one of the first six Member States to reach the critical milestone of designating the competent authorities which will be responsible for enforcement of the Act. Sustainability On Tuesday 23 September, Chartered Accountants Ireland will be hosting a webinar with the European Financial Reporting Advisory Group (EFRAG) on the Revised European Sustainability Reporting Standards (ESRS). If you would like to register to attend this free outreach event, you can do so via our website. IAASA has released a Thematic Desktop Examination on Sustainability-linked financing. The thematic examination looked at the annual reports of 17 equity issuers listed on the main market of Euronext Dublin. As the public consultation on the ESRS enters its final few days, EFRAG has prepared some informative videos and a factsheet on the proposed simplifications to the standards. The consultation remains open until 29 September. EFRAG are hosting a hybrid event on 6 October on the VSME standard entitled “The VSME Standard in Action: From the European Commission’s Recommendation to Digital Solutions.” Accountancy Europe has updated its CSRD Transposition Overview which monitors the CSRD transposition status across the EEA countries. The International Sustainability Standards Board (ISSB) will be hosting episode 12 of their “Perspectives on sustainability disclosure” webinar series on 6th October. Accountancy Europe has published its September 2025 Sustainability Update. Anti-money laundering and sanctions From our Professional Standards colleagues: we remind readers of how to be an Authorised Corporate Service Provider (ACSP) with Companies House in the UK. From 18 March 2025, you can apply to become an ACSP using Companies House new service ‘Apply to register as a Companies House authorised agent’. - To register you must be supervised for AML in the UK. - When completing the application process, you will be asked to provide your firm identity number - that will be your Institute firm number. Please ensure that the firm’s business name, address and any trading names provided to Companies House match what is recorded with the Institute, otherwise your application may be rejected. Central Bank of Ireland (CBI) The Central Bank has published its third Quarterly Bulletin of 2025.  The Central Bank has launched a consultation regarding proposed amendments to the Central Bank Undertakings for Collective Investment in Transferable Securities (UCITS) Regulations and the Central Bank Guidance on performance fees for UCITS and certain types of Retail Investor Alternative Investment Funds (AIFs). The Central Bank has launched a consultation regarding proposed amendments to the Central Bank Alternative Investment Fund Rulebook (AIF Rulebook). Other news With busy filing season almost upon us again we outline some tips and pointers for the busy Annual Return filing season which may help you navigate the process with the Companies Registration Office. We advise readers to file early if at all possible. In September 2025 the President of the European Commission delivered her State of the Union address to the European Parliament. She shares her vision for the EU, takes stock of achievements and announces major upcoming initiatives. Please click for the Letter of Intent where she detailed the actions the Commission intended to take in the following year by means of legislation and other initiatives. Click here for the document “From promise to progress: first year in office Von der Leyen Commission 2024-2029”. The Department of Enterprise, Tourism and Employment (DETE) has issued an Action Plan on Competitiveness and Productivity which contains 85 actions for strengthening our competitiveness and productivity performance presented across six themes. In other DETE news, it is holding a webinar on export controls on 25 September 2025 from 10AM to 12.30PM. The webinar is designed for current exporters, potential exporters and agents acting on behalf of exporters. Click to find out more details and to register for the webinar. The Pensions Authority has published its Annual Report and Accounts 2024. The Report and Accounts, and an accompanying statement from the Pensions Regulator is available here. The National Cyber Security Centre (NCSC) continues to flag critical vulnerabilities identified in September 2025 regarding cyber security issues that may affect Ireland as part of the ‘Alerts and Advisories’ section of its website. Recent vulnerabilities noted for SAP products, Ivanti products, and Adobe products. Th NCSC recommends installing updates for vulnerable systems. Click NCSC: News for further details. For further technical information and updates please visit the Technical Hub on the Institute website.      This information is provided as resources and information only and nothing in the information purports to provide professional advice or definitive legal interpretation(s) or opinion(s) on the applicable legislation or legal or other matters referred to in the information. If the reader is in doubt on any matter in this complex area further legal or other advice must be obtained. While every reasonable care has been taken by the Institute in the preparation of the information we do not guarantee the accuracy or veracity of any resource, guidance, information or opinion, or the appropriateness, suitability or applicability of any practice or procedure contained therein. The Institute is not responsible for any errors or omissions or for the results obtained from the use of the resources or information contained herein.

The Financial Reporting Council has issued two new Factsheets to support entities applying FRS 102 and FRS 105. There are currently eleven factsheets in issue and each Factsheet aims to assist stakeholders by highlighting certain requirements set out in FRS 102 and other FRSs. The following Factsheets have been issued; FRS Factsheet 12 - Presentation of the financial statements- This Factsheet sets out the financial statement presentation options available to entities. While the factsheet is primarily focussed on FRS 102, the considerations for entities applying FRS 101 and FRS 105 are also addressed. The Factsheet also considers the option available to FRS 102 preparers to adapt the format of the profit and loss account and balance sheet. FRS Factsheet 13 - The Going Concern Basis of Accounting for Small Companies and Micro-entities- This factsheet aims to assist directors of small companies and micro-entities on how to address going concern- both in terms of performing going concern assessments and in preparing financial statements disclosures about their conclusions on going concern.

Tips and pointers for the busy filing season  Important dates For the majority of Irish companies, the following timelines apply: For a financial year end date of 31 December, the 30 September is the most common Annual Return Date (ARD). Therefore, by Tuesday 25 November, 56 days from the ARD, the company’s Annual Return, financial statements and signed signature page should be electronically filed (only-no manual filing is permitted). Please note that not every 31 December year end has an ARD of 30 September so it is important to confirm the ARD and then it is 56 days from that date. Please click here for the Companies Registration Office information on peak filing. File early! We would encourage presenters to file early if at all possible. Do not leave filing till the last minute. The Companies Registration Office’s (CRO) position on timing of receipt of a document is when it has been received by the CRO and not when it has been sent by you or your agent. Therefore, if there are delays in the system which result in the documents being received after midnight on 25th November then the document is late even if it had been sent before midnight. Also, early filing will help to avoid problems with potential CRO systems and resource deficiencies. At a stakeholder meeting with the CRO on 3 September 2025 the CRO reported that it has a backlog of 20,000 B1’s to process. They estimate that this is a 6-week backlog. They anticipate that this will reduce by the beginning of peak filing season, but early filing may mitigate potential difficulties and delays. Please click for more companies office information on common errors on form B1. Other matters to keep in mind Please also check if there have been any changes in the company since the last annual return and that the forms have been filed to reflect these changes, and then update the B1 accordingly. Confirm that if you are claiming any exemptions such as audit exemption, abridgement or Section 357 Guarantee you are entitled to do so and check if there have been changes in the company size or the group thresholds. Remember also that the financial statements must be uploaded before the signature page is generated so anyone leaving it to the last day will have to make sure that the director and secretary are available to sign if there is no electronic filing agent , EFA appointed to the company. Please note that the Companies Registration Office (CRO) will not accept electronically signed documents. The signature page(s) must be physically signed i.e. “wet ink” and then scanned for submission. If you require help with CORE or have technical issues with filing your annual return, please contact the CRO Helpdesk support@cro-helpdesk.cloud.gov.ie. Agents who use software packages should contact their software vendor directly for information in relation to technical issues, such as upgrades of these systems. All other queries for Annual Returns can be directed to the dedicated mailbox CRO Annual Returns annualreturns@cro.ie Adverse consequences of late filing Late filing can have the following adverse consequences: Late filing fees Loss of audit exemption. The rules have changed since July 2025 .Click for a news item on the changes to audit exemption rules Possible application to district court for extension of time to file Involuntary strike off of the company Disqualification of director 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 Office for Professional Body Anti-Money Laundering Supervision (OPBAS) in the UK supervises the 25 professional body supervisors in the legal and accountancy sectors including Chartered Accountants Ireland. OPBAS has done work in 2025 on assessing the quality of suspicious activity reports (SARs). In order to improve the quality of SARs it is actively working with the UKFIU to support training sessions on SAR quality. UKFIU has recently released a series of videos to support SAR submissions. We encourage our members and firms to view these six SARs Best Practice Videos, available on YouTube and accessible by clicking the links below 1. What is a SAR and why do I need to submit one? 2. Know your Glossary Codes 3. Reason for Suspicion 4. Best practice for completing the criminal / terrorist property section 5. Best practice for completing the prohibited act section 6. What happens after you submit a DAML or DATF? 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, our first edition after the summer break. This edition contains updates from 1 July to date. In developments since the last edition, Minister Burke has announced the commencement of Section 22 of the Companies (Corporate Governance, Enforcement and Regulatory Provisions) Act 2024 resulting in a change to the current audit exemption regime, and the Minister has also signed into law Statutory Instrument S.I. No. 309/2025 - European Union (Corporate Sustainability Reporting) Regulations 2025 which transposes the ‘stop the clock’ EU Directive  and corrects other anomalies. 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 response to the IASB’s Exposure Draft Provisions – Targeted Improvements. The Feedback Statement sets out the feedback received from stakeholders and explains how this input was used to inform their final comment letter. EFRAG has also updated its EU Endorsement Status Report, which includes some recently endorsed IASB and IFRS documents. The Financial Reporting Council (FRC) has proposed some narrow scope amendments to FRS 102 in its Exposure Draft FRED 87. This proposes changes to the prescribed formats for balance sheets where an entity applying FRS 102 uses the option to adapt the presentation format. FRED 87 remains open for public comment until 10 October 2025. The IFRS Foundation Conference 2025 took place on 23 and 24 June with the theme of ‘Knowledge in Practice’. In June, the International Accounting Standards Board launched its review of IFRS 16 Leases. The initial stage of this review involves a Request for Information, which is open for comment until 15 October 2025. EFRAG and the UK Endorsement Board have both published drafts of their comment letters. The IFRS Foundation has developed stand-alone modules for each section of the IFRS for SMEs with the second of the updated modules now available. Free CPD- learn about the upcoming changes to FRS 102 Please join us for some free CPD at our events in Belfast on 15th October and Dublin on 16th October, registrations can be made through these links. The focus of these sessions is the upcoming changes to FRS 102, which are effective from 1 January 2026. These changes will result in many FRS 102 preparers changing the way in which they measure and recognise leases and income, and these events will look at some examples of how accounting for these may change after 1 January 2026. Auditing and Assurance A new guidance Document TR 02/2025 Reporting under The Central Bank and Financial Services Authority of Ireland Act 2004 has been issued. This replaces two previously published documents: (1) Miscellaneous Technical Statement M46 which was issued in 2006 to provide guidance on the statutory duty on auditors to make an annual confirmation to the Financial Regulator as to whether there are matters to report in addition to, and including, any reports already submitted to them. (2) TA 05/2016 Update for auditors regarding prescribed enactments for the purposes of section 27B of the Central Bank Act 1997 which was a supplementary piece of guidance. All guidance can be found on the Institute’s Technical Hub. The FRC has published a Practice Note Exposure Draft – Guidance for audits of smaller and/or less complex entities to help auditors deliver more proportionate audits of small and medium-sized enterprises (SMEs). The consultation period is open until 17 October. The FRC has published a consultation on proposed amendments to the PIE auditor Registration Regulations in the UK. The consultation period is open until 2 October. IAASA has issued its Insights Podcast Episode #3: Understanding the Annual Audit Programme and Activity Report. The FRC has published its first guidance on the use of artificial intelligence (AI) in audit.  This new guidance outlines a rational approach to implementing a hypothetical AI-enabled tool designed to support innovation across the profession. On 18 July 2025, the FRC has published version 2.1 of Technical Actuarial Standard 300: Pensions (TAS 300). The FRC has issued a podcast ‘In Conversation: What’s the difference between statutory audit and assurance?’ hosted by Kate O'Neill, Director of Stakeholder Engagement and Corporate Affairs. Sustainability The European Securities and Markets Authority (ESMA) has issued a thematic note on sustainability-related claims used in non-regulatory communications. The International Sustainability Standards Board (ISSB) has published two exposure drafts proposing amendments to the SASB Standards and consequential amendments to the Industry-based Guidance on Implementing IFRS S2. In an interesting and thought provoking article published by the IFRS Foundation, Jenny Bofinger-Schuster, member of the International Sustainability Standards Board (ISSB) looks at some of the deeper insights on the topic of disclosure of information about anticipated financial effects  of sustainability-related risks and opportunities in a company’s financial statements. The European Commission has adopted a set of measures to simplify the application of EU Taxonomy which will reduce the administrative burden for EU companies while preserving core climate and environmental goals. ESMA and the European Environment Agency recently signed a Memorandum of Understanding to reinforce their collaboration in the area of sustainable finance. The International Auditing and Assurance Standards Board is hosting a three-part webinar series in October to assist sustainability assurance practitioners and professional organizations as they adopt, implement, or apply International Standard on Sustainability Assurance (ISSA) 5000, General Requirements for Sustainability Assurance Engagements (ISSA 5000). European Sustainability Reporting Standards On 31 July, the European Financial Reporting Advisory Group (EFRAG) launched a 60-day public consultation on the revised and simplified European Sustainability Reporting Standards (ESRS). This consultation is a major step and follows on from the European Commission’s Omnibus proposal which seeks to make reporting under the CSRD more manageable, while maintaining alignment with the European Green Deal. The public consultation remains open until 29 September and some of the notable goals achieved in the revised draft standard include; Mandatory datapoints (which need to be reported if material) have been reduced by 57% The full set of disclosures (both mandatory and voluntary) have been reduced by 68% The overall length of the standards has been shortened by over 55% VSME Over the Summer, the Voluntary Sustainability Reporting Standard for non-listed SMEs (VSME) was recommended for voluntary use by the European Commission. While the use of this standard is not mandatory, the Commission believes that its use may be beneficial for SMEs, particularly those who are in the value chain of companies who report- or will report - under the CSRD. UK Sustainability Reporting Standards Over the Summer the UK government launched three separate consultations which aim to develop the sustainability reporting framework in the UK. These consultations address the following; UK Sustainability Reporting Standards Assurance of sustainability reporting Climate-related transition plan requirements European Union (Corporate Sustainability Reporting) Regulations 2025 In July, the Minister for Enterprise, Tourism and Employment signed into law Statutory Instrument S.I. No. 309/2025 - European Union (Corporate Sustainability Reporting) Regulations 2025. The purpose of this Statutory Instrument (S.I.) is to transpose the ‘stop the clock’ EU Directive into Irish law and to amend the anomalies that were present in previous S.I.s relating to the transposition of the Corporate Sustainability Reporting Directive (CSRD) in Ireland. For more information on this please refer to our news item. Reports issued in July/August 2025 IAASA has published its 2024 Annual Report.   The Corporate Enforcement Authority (CEA) has published its Annual Report for 2024. A new report has been published showing the progress made on the recommendations from the Independent Review of Charity Regulation in Northern Ireland. The Charities Regulator has published its 2024 annual report. The UK Companies House has issued its annual business plan which outlines their priority commitments for the year ahead. The Competition and Consumer Protection Commission’s (CCPC) Annual Report for 2024 was published in July 2025. Anti-Money Laundering & Sanctions Chartered Accountants Ireland has introduced an Annual Return for those firms supervised for AML purposes pursuant to the Anti-Money Laundering Supervision Regulations - TCSPs and Bookkeepers. Readers can find out more by clicking to read a news item on the new Annual Return from our colleagues in Professional Standards. AMLA, the EU’s new Authority for Anti-Money Laundering and Countering the Financing of Terrorism has published its Annual Work Programme (AWP) for 2025. The Europe Banking Authority (EBA) published its 2025 Opinion on money laundering and terrorist financing (ML/TF) risks affecting the EU’s financial sector in July 2025. Click link for the full EBA report. On July 30, 2025, HM Treasury in the UK issued a consultation response on improving the effectiveness of the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (MLRs). The response contains a summary of the UK Government’s feedback and next steps setting out the areas where it intends to make changes to the MLRs. Readers can access the consultation response on MLRs here. In Sept 2025 the UK Government issued a draft statutory instrument (SI) and policy note on the proposed amendments to the MLRs. It seeks review of the practical operability, clarity, and effectiveness of the SI and welcomes feedback on errors, ambiguities, or unintended consequences by 30 September 2025. In sanctions news, on 18 July 2025 the EU adopted its 18th package of sanctions against Russia. In August 2025 the EU Sanctions Helpdesk issued a guide on ownership and control. It details the rules about a Listed Person owning or controlling an entity, what ‘ownership’ of an entity and ‘control’ of an entity means and there is also some discussion of firewalls about which see more on our Technical Hub sanctions pages. Central Bank of Ireland (CBI) The Central Bank of Ireland updated and republished the Cross Industry Guidance on Operational Resilience in July 2025. The guidance is updated to align with the Digital Operational Resilience Regulation and Directive (DORA). Click link for the Guidance document. Credit Union Lending Regulation Changes The CBI announced planned targeted changes to credit union lending regulations on 14 August 2025. This will allow the sector increased scope to provide house and business lending to members following changes in lending limits. The announcement of these changes came about following an evidence-based review and public consultation process regarding proposed changes to the lending regulations for credit unions set out in Part 4 of the Credit Union Act 1997 (Regulatory Requirements) Regulations 2016. In addition, the CBI consulted with the Minister for Finance and various stakeholders including the Credit Union Advisory Committee (CUAC) and credit union bodies regarding the draft amending regulations. The final changes to these lending regulations will come into effect on 30 September 2025. CBI AML/CFT Sector Specific Risk Evaluation Questionnaires The CBI is adapting its supervisory approach for AML/CFT risk in the context of Financial Action Task Force (FATF) standards, the new EU AML Framework, and future data requests from the EU Anti-Money Laundering Authority (AMLA). This is resulting in a phased implementation of sector specific AML/CFT Risk Evaluation Questionnaires (‘REQs’), which was recently announced by the CBI. Initial implementation will apply to credit, payment, and electronic money institutions. Revised REQ templates have been published for these sectors. The REQ reporting requirements apply to Regulated Financial Service Providers (RFSPs), which are subject to supervision by the CBI. This change is being highlighted for Institute members who work in RFSPs. News on the Charities sector Click for the press release on the Charities Regulators 2024 Report. The report includes details on statutory investigations and actions and the new tool to shine light on compliance status for charities. The Charities Regulator recently issued their third e-zine for 2025 It includes details of publication of their new Statement of Strategy 2024-2027. The Strategy outlines the Regulator’s Strategic Objectives and Indicators being the regulatory approach, the Register, Stakeholder Engagement and Organisational Capability. Other interesting items in the e -zine include how to carry out a board appraisal and dates are confirmed for Charity Trustees’ Week 2025 which is from Monday, 10 November to Friday 14 November 2025. A recently published article from the Charity Commission for Northern Ireland highlights some reflections from the Charity SORP-making body on the responses it received from the recent consultation on the proposed amendments to the Charity SORP. While the final version of the SORP is not yet available, the article sets out some of the feedback received from the almost 150 responses to the consultation. New or proposed legislation Minister Burke has announced the commencement of Section 22 of the Companies (Corporate Governance, Enforcement and Regulatory Provisions) Act 2024.  This provision relates to a change to the current audit exemption regime, whereby small and micro sized companies will not, in future, automatically lose the privilege of audit exemption on a first occasion, in a five-year period, of late filing of an annual return with the Companies Registration Office.  Please see the press release here. The UK Government has passed the Protection and Disclosure of Personal Information (Amendment) Regulations 2025 which extends the types of personal information an individual can request that Companies House makes unavailable (including signature, date of birth, residential address) on the public register. The UK Parliament published a draft of the Companies (Directors’ Report) (Payment Reporting) Regulations 2025 (“Regulations”). It has also published a draft explanatory memorandum. The purpose of the draft Regulations is stated to be to make changes to reporting requirements to require large companies to report information about their payment practices and performance within directors’ reports. Click for an Institute news item with further information. Artificial Intelligence & Cyber The EU Agency for Cybersecurity (ENISA) published guidance on the skills and roles for the cybersecurity professionals needed to meet NIS2 legal requirements.  Click link for the Guidance document. The Joint Committee on Artificial Intelligence established by the Oireachtas held its first public meeting in June 2025. IBEC have recently launched their new AI Hub as part of their campaign to reinforce their role as a trusted partner to policymakers, influencers, regulators, and members on their AI journey. Other News   The Companies Registration Office has recommenced the involuntary strike-off process in mid-August 2025. Approximately 35,000 companies are facing involuntary strike-off due to a failure to file annual returns. The backlog is because the process was paused during Covid-19 and was again paused in 2024. It will take some time to work through the backlog, but companies with the most annual returns outstanding will be dealt with in the first instance. The Housing Agency is holding evening information meetings around the country for stakeholders, including residents, owners, and directors of Owner Management Companies (OMCs).  The meetings will take place in Carrick on Shannon, Galway, Dublin, Limerick and Cork. They will cover challenges faced by OMCs and managed estates, roles and responsibilities and resources available. The case of Downtul Limited (in liquidation) contains an extensive examination of the grounds for restricting a director under section 819 of Companies Act 2014. Click here to read the Institute’s recent news item on the Starbucks case. The respondents were found to have discharged the burden of showing they acted honestly but because they had not acted responsibly this was enough to trigger the operation of the restriction provisions. The directors were restricted for 5 years. The Institute made a representation to the Department of Public Expenditure, Infrastructure, Public Service and Digitalisation to raise concerns expressed by members regarding the Statement on Internal Control (SIC) – a key requirement under the Code of Practice for the Governance of State Bodies. IAASA has issued its Work Programme draft 2026-2028.  While the date for response to the consultation has passed readers may still find the draft programme of interest. Readers may find interesting the Irish Revenue Commissioners e brief on Taxation of Partnerships dated July 2025. In addition to providing guidance on the taxation of partnerships, it describes the background to partnerships, the 3 types of partnership available under Irish law, the main types of partners and gives some information on joint and several liability. The Pensions Authority Supervision of pensions 2025 – 2029 conference will be held on Wednesday 17 September 2025 in the Round Room at the Mansion House, Dublin 2. It issued the Pensions Authority statement of strategy 2025 to 2029 in July 2025. Readers can find out more details and about the objectives in the press release issued on 10 July 2025.     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 A new service, the EU Sanctions Helpdesk was established in  March 2025. The service is funded by the European Union and will support European SMEs in complying with sanctions. In August 2025 the helpdesk published a new guide on ownership and control in EU sanctions compliance .It details the rules about a Listed Person owning or controlling an entity, what ‘ownership’ of an entity and ‘control’ of an entity means and there is also some discussion of firewalls about which see more on our Technical hub sanctions pages .   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 18 July 2025 the EU adopted its 18th package of sanctions against Russia. The European Council writes that the package focusses on five building blocks: cutting Russia's energy revenues, hitting Russia's banking sector, further weakening its military‑industrial complex, strengthening anti‑circumvention measures, and holding Russia accountable for its crimes against Ukrainian children and cultural heritage. The 18th package includes energy measures, financial measures ,trade measures Anti‑circumvention measures ,targeting Russia's military capabilities and supply chains ,Russia's accountability, measures to protect member states from arbitration and new measures against Belarus. You can read more details on the 18th Package on the European Council webpage (see link above which has links to the various legal acts to bring the 18th 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.      

UK Parliament has published a draft of the Companies (Directors’ Report) (Payment Reporting) Regulations 2025 (“Regulations”). It has also published a draft explanatory memorandum. The purpose of the draft Regulations is stated to be to make changes to reporting requirements to require large companies to report information about their payment practices and performance within directors’ reports. For further information on company size thresholds please click to access the Institute webpage on UK company thresholds. The draft Regulations when enacted will require the directors' report to include items such as the payment period specified in a company’s standard payment terms in its qualifying contracts between it and its suppliers. Where there are variations to standard payment terms, details of the variations and notifications/consultations with suppliers before making the variation should also be reported. Details should also be included about payments made including percentages and total sums not made within the company’s payment period. See the draft Regulations for full details. “Qualifying contracts” are defined in the draft Regulations, and the definition relates to exclusion of contracts for financial services and other terms dealing with the choice of law of the contract. The draft Regulations are stated to come into force on 1 January 2026 and will have effect in respect of a company’s financial year beginning on or after 1st January 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.