Welcome to the latest edition of Technical Roundup.
In developments since the last edition, Chartered Accountants Ireland recently responded to AMLA’s public consultation on the draft Regulatory Technical Standards on Customer Due Diligence. The Central Bank of Ireland recently published new research regarding ‘Beyond the Big Three: A Broader View of Competition in the Irish Loan Market’ drawing on granular loan-level data from the Central Credit Register.
Read more on these and other developments that may be of interest to members below.
Financial Reporting
The European Securities and Markets Authority (ESMA) has published its report on 2025 Corporate Reporting Enforcement and Regulatory Activities. This report, which is addressed to issuers, auditors and investors, discusses how national enforcers across the EEA supervised Corporate Reporting during 2025 and is intended to help strengthen the quality and transparency of corporate reporting going forward.
The IFRS Foundation has published a revised version of its Due Process Handbook. This handbook sets out the procedures and processes applied by the organisation in developing and maintaining accounting and sustainability standards.
The UK Endorsement Board has adopted IFRS 19 Subsidiaries without Public Accountability on 8th May 2026. The standard permits eligible entities to apply the recognition, measurement and disclosure requirements of IFRS Accounting Standards, but with reduced disclosure requirements. The standard is effective for periods beginning on or after 1 January 2027, with early application permitted.
The UK Endorsement Board is inviting stakeholders to take part in their series of four one-hour online workshops which will discuss accounting for intangible assets.
The International Accounting Standards Board (IASB) has published an Exposure Draft proposing narrow-scope amendments to the IFRS for SMEs Accounting Standard.
Auditing and Assurance
The International Auditing and Assurance Standards Board (IAASB) has released for public consultation an Exposure Draft that proposes revisions to International Standard on Review Engagements (ISRE) 2410, Review of Interim Financial Information by the Independent Auditor of the Entity’s Annual Financial Statements.
Insolvency
A new Directive aimed to harmonise certain aspects of insolvency rules within the EU has been published in the Official Journal of the European Union and is now in force. These new rules aim to make the EU more attractive to cross-border investors by reducing the difficulty of differing national insolvency rules. Each Member States has until 22 January 2029 to transpose the Directive into national law.
Sustainability
The European Commission have issued a call for views on the draft regulation for the Revised ESRS. The adoption of the revised European sustainability reporting standards represents a significant step towards simplifying sustainability reporting across the EU. Companies that remain within scope will benefit from clearer and more streamlined requirements, helping to reduce compliance burdens and costs while maintaining key policy objectives. The consultation period is 4 weeks and responses are due by 3 June. Commission adoption is planned by the end of Q2 2026.
The European Commission have also issued a call for views on draft delegated regulation for the VSME. Companies in the value chain of a company subject to mandatory sustainability requirements often face requests for information from their reporting business partner. These value-companies include those with fewer than 1,000 employees on average during the financial year. This initiative aims to help value-chain companies and companies not subject to mandatory sustainability reporting requirements disclose sustainability-related information, thereby reducing their reporting burden. The consultation period is 4 weeks and responses are due by 3 June. Commission adoption is planned by the end of Q2 2026.
The European Financial Reporting Advisory Group (EFRAG) is holding a SME Forum Informative Session on 20th May. At this session, representatives from the European Commission will present the draft VSME standard.
The International Sustainability Standards Board (ISSB) has published the transcript of a speech that its Chair, Emmanuel Faber, held at the International Sustainability Conference in Beijing on 23 April 2026.
Anti-money laundering
Chartered Accountants Ireland recently published a news item summarising some of the proposed changes to UK Money Laundering Regulations 2017.
Chartered Accountants Ireland recently responded to AMLA’s public consultation on the draft Regulatory Technical Standards on Customer Due Diligence. Our response supports AMLA’s risk-based approach for CDD albeit highlighting that certain requirements are quite prescriptive and lack flexibility. Concerns regarding data collection obligations which may be challenging for obliged entities, particularly those in the non-financial sector were also highlighted.
The Financial Action Task Force (FATF) published the mutual evaluation report for Singapore.
Central Bank of Ireland (CBI)
The CBI recently published new research regarding “Beyond the Big Three: A Broader View of Competition in the Irish Loan Market (PDF 1.9MB)” drawing on granular loan-level data from the Central Credit Register. This research provides an analysis of competition in the Irish loan market. The research notes that one-third of Irish firms including 40% of SMEs borrow from multiple lender types, indicating an active and competitive ecosystem rather than a captive market.
Artificial Intelligence
The European Parliament and Council negotiators reached a provisional deal on amending certain rules within the EU’s Artificial Intelligence (AI) Act as part of the digital omnibus package. The Department of Enterprise, Tourism and Employment (DETE) also published a press release following this provisional agreement on the digital omnibus package for the AI Act. The provisional agreement needs to be formally adopted by both Parliament and Council before it can enter into law. The co-legislators intend to adopt it before 2 August 2026, the start date for current rules on high-risk systems.
Cybersecurity
The National Cyber Security Centre (NCSC) in the UK is advising all organisations, irrespective of size, to plan and prepare for the vulnerability patch wave that is expected to address decades of technical debt.
Other News
The Pensions Authority has announced the introduction of eXtensible Business Reporting Language (XBRL) reporting for pension schemes; trustees are advised to begin preparing for future XBRL-based reporting including assessing their operational readiness.
The Pensions Authority has published its 2025 supervisory activities report. While the Authority note that the findings set out in this report are not exhaustive, it expects all trustee boards and their advisers to consider these findings and evaluate their own practices to establish if any improvements are required.
The Financial Conduct Authority (FCA) in the UK is launching a review of the claims management market following concerns that consumers are being failed by some claims management companies (CMCs) and law firms.
The Global Preparers Forum (GPF) is inviting applications from experienced financial statement preparers to join as members from 1 October 2026.
Accountancy Europe has responded to the joint consultation by the International Auditing and Assurance Standards Board (IAASB) and the International Ethics Standards Board for Accountants (IESBA) on their proposed Strategy and Work Plan for 2028–2031.
For further technical information and updates please visit the Technical Hub on the Institute website.
This information is provided as resources and information only and nothing in the information purports to provide professional advice or definitive legal interpretation(s) or opinion(s) on the applicable legislation or legal or other matters referred to in the information. If the reader is in doubt on any matter in this complex area further legal or other advice must be obtained. While every reasonable care has been taken by the Institute in the preparation of the information, we do not guarantee the accuracy or veracity of any resource, guidance, information or opinion, or the appropriateness, suitability or applicability of any practice or procedure contained therein. The Institute is not responsible for any errors or omissions or for the results obtained from the use of the resources or information contained herein.
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