In developments since the last edition, the UK Government is continuing with its Companies House accounts reforms set out in the Economic Crime and Corporate Transparency (ECCT) Act 2023 and updates are outlined below. A dedicated website has launched for the upcoming Irish Presidency of the Council of the European Union which contains details of the programme and events scheduled throughout Ireland's Presidency of the Council of the European Union. The agenda will focus on Competitiveness, Values and Security.
Read more on these and other developments that may be of interest to members below.
Financial Reporting
The IASB has issued its June 2026 IFRS for SMEs Accounting Standard Update.
The European Financial Reporting Advisory Group (EFRAG) has issued a preparatory draft of its Endorsement Advice Letter as well as a separate invitation to comment relating to the endorsement of amendments to IAS 28 in relation to the Fair Value Option for Investments in Associates and Joint Ventures. The comment period remains open until 17 July 2026.
Insolvency
We want to remind members of their obligations under Section 623 of the Companies Act 2014. This section notes that a liquidator shall lodge any monies in respect of unclaimed dividends to an account set out by the Minister for Finance. A person claiming to be entitled to any dividend out of a lodgement made may make an application to the court. After a period of 7 years, the amount remaining unclaimed shall be paid to into the Exchequer.
Auditing and Assurance
The Financial Reporting Council has published reforms to its Audit Enforcement Procedure (AEP) modernising its regulatory toolkit. Additional information on these reforms is available on the dedicated AEP section of the FRC's website.
IAASA is seeking stakeholders’ views on proposed revisions to ISA (Ireland) 240 The Auditor’s Responsibilities Relating to Fraud in an Audit of Financial Statements and ISA (Ireland) 570 Going Concern. Responses are requested by 4 September, and the proposed effective date is periods beginning on/after 15 December 2026.
Sustainability
The International Organization for Standardisation (ISO) has published ISO 32212 Sustainable finance — Net zero transition planning for financial institutions.
The European Commission (EC) has published comment letters received in response to its consultations on simplified European Sustainability Reporting Standards (ESRSs) and on the voluntary standard for sustainability reporting. The comment period for both consultations ended on 3 June 2026.
In its response to the above consultations, the Global Reporting Initiative (GRI) has welcomed the progress made on the revised ESRS and has highlighted some key opportunities to strengthen the alignment of the standard with international standards.
EFRAG has launched a call for interest for stakeholders to participate in the field test of the draft Non-EU ESRS (N-ESRS) in advance of its publication with deadline for registrations before 1 July 2026.
EFRAG has issued a series of nine videos featuring European SMEs that used the VSME standard for the first time to prepare their sustainability reports.
EFRAG, in collaboration with the OECD is holding a webinar on 26 June which will explore how digital tools and voluntary sustainability reporting can support SMEs in accessing sustainable finance opportunities.
The European Commission welcomed the Council's agreement on strengthening the Carbon Border Adjustment Mechanism (CBAM) and extending it to specific downstream goods to reinforce existing anti-circumvention safeguards.
On Thursday 7 May 2026, the European Commission’s Directorate-General for Taxation and Customs Union (DG TAXUD) hosted a webinar on the implementation of the EU’s CBAM. Information and a recording of this webinar is available at the following link.
Anti-money laundering
Accountancy Europe responded to the public consultation on the draft Regulatory Technical Standards on criteria for business relationships, occasional transactions and linked transactions under Article 19(9) of Regulation (EU) 2026/1624 (AMLR).
AMLA concluded its first conference on 9 June 2026. A summary of the opening and keynote addresses and panel discussions are available on AMLA's website.
Commissioner Albuquerque's keynote speech at AMLA's inaugural conference highlighted the importance of effective implementation of the AMLR and AMLD6 requirements, consistency and convergence in AML supervision, the implementation of a risk-based proportionate approach, and the use of technology and data in the fight against financial crime.
The FCA recently published a report setting out its findings from an assessment of over 150 firms regarding sanctions systems and controls. UK sanctions have become more complex in recent years. This report outlines the review of financial firms’ controls, highlighting good and poor practices and areas for improvement to support better compliance with sanctions rules.
The UK's Money Laundering and Terrorist Financing (Amendment) Regulations 2026 passed both the House of Commons and House of Lords on June 9. Authorities will roll them out on a staggered basis from late June and July 2026. Please refer to a recent Institute news item on the proposed changes in the 2026 Regulations.
UK announces new sanctions package targeting Russia’s war effort across multiple areas.
The sixth and final Financial Action Task Force (FATF) Plenary meeting under the Mexican Presidency is taking place from 17 to 19 June 2026 and will conclude FATF Week, which began on 15 June. A summary of the Plenary outcomes will be published on the FATF website following the conclusion of the meeting. This Plenary is also expected to discuss the FATF-Asia Pacific Group (APG) mutual evaluation report of Canada and the FATF mutual evaluation report of Türkiye under the new round of mutual evaluations.
On 18 June 2026 the Irish Dept. of Finance (DoF) published Ireland’s National Risk Assessment on Money Laundering, Terrorist Financing and Proliferation Financing (NRA). The NRA provides a comprehensive, system-wide evaluation of the threats and vulnerabilities facing Ireland and will strengthen understanding of these risks across both the public and private sectors, supporting the development of targeted and effective mitigation measures. DoF also published a new 30‑Point Action Plan designed to strengthen Ireland’s response to financial crime. The Plan contains practical measures focused on for example protecting people and supporting law enforcement. Key measures include stronger intelligence sharing between agencies and enhanced safeguards around crypto-assets and digital finance and tougher anti-money laundering measures in the area of gambling, and increased transparency around company ownership.
Central Bank of Ireland
The Central Bank of Ireland (CBI) published its 2025 Annual Report and the Annual Performance Statement 2025-2026.
The CBI published an updated 'Approach to Supervision' document (Supervisory Document) in May 2026.
The CBI published its most recent Authorisations and Gatekeeping Report, which provides data on authorisation and gatekeeping activity across all regulated financial sectors during 2025.
The CBI published its '2026 Report on Implementation of Recommendations' following the 2024 independent Fitness and Probity Review of its fitness and probity approval process.
The CBI published a consultation paper to seek views on its proposals for a regulatory framework for credit union investment in credit union service organisations (CUSOs).
Artificial Intelligence
Minister for Enterprise, Tourism and Employment, Peter Burke and Minister of State for Trade Promotion, Artificial Intelligence and Digital Transformation, Niamh Smyth have welcomed the Government’s approval to publish the Regulation of Artificial Intelligence Bill 2026. The Bill, once enacted, will give effect in Ireland to the EU Artificial Intelligence Act.
The UK Government announced it is launching the advisory AI Growth Lab. This will bring together regulators to give AI innovators and adopters clear, practical information on how existing regulations apply to novel AI applications.
Data Protection
The UK's Information Commissioner's Office (ICO) published finalised guidance on consumer Internet of Things (IoT) products and services, setting out clear expectations for manufacturers and developers on how to use people’s personal information responsibly.
The European Data Protection Board (EDPB) has adopted a common template for data breach notifications, which is currently open to public consultation until the 5 August 2026. The common template has been developed to help organisations and Data Protection Authorities (DPAs) to structure, harmonise, and unify their data breach notification processes.
Internal Audit
The Chartered Institute of Internal Auditors (IIA) in Ireland and UK published its most recent ‘Research Blog’ highlighting recent reports and research published by the Chartered IIA.
Other News
From July to December 2026, Ireland will hold the Presidency of the Council of the European Union, a leadership role central to EU decision-making. A dedicated website was launched for the upcoming Irish Presidency of the Council of the European Union. This website includes details of the programme and events scheduled throughout Ireland's Presidency of the Council of the European Union. The agenda will focus on Competitiveness, Values and Security. A detailed Policy Programme was recently issued, which can be downloaded here.
The Charities Regulator has issued its latest update - Issue 40 of its E-zine.
Accountancy Europe recently published an article about private equity in the accountancy and audit sector including associated insights, trends, and resources.
To support stakeholders in understanding the EU’s 28th Regime proposal, Accountancy Europe has published a new factsheet outlining the key concepts, features, and other key elements of the proposed Regulation. As a next step, both the European Parliament and the Council need to provide their positions on what the Commission has proposed and eventually reach a compromise agreement on the text that will then eventually become EU law. The co-legislators are aiming for a final agreement by the end of 2026
The European Banking Authority (EBA) published its 2025 Annual Report, outlining its main achievements and activities in delivering on its mandates under its Work Programme. In 2025, the EBA focused on streamlining and improving the efficiency of the EU regulatory framework while expanding its supervisory role, particularly under the Digital Operational Resilience Act (DORA) and Markets in Crypto-Assets Regulation (MiCA).
Click for a news item to read more about the UK Government which continues with its Companies House accounts reforms set out in the Economic Crime and Corporate Transparency (ECCT) Act 2023.
The Companies Registration Office (CRO) published its first quarterly report, which provides statistics about some of the major events in the life cycle of a company. These include incorporations, restructuring (examinerships and receiverships), liquidations, company strike offs, and the most frequently filed submissions.
Minister for Enterprise, Tourism and Employment Peter Burke has signed a Ministerial Order to raise the thresholds at which mergers and acquisitions must be notified to the Competition and Consumer Protection Commission (CCPC).
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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