Welcome to the latest edition of Technical Roundup.
In developments since the last edition, the Central Bank of Ireland have issued their Quarterly Bulletin No. 1 2025 which includes commentary on the latest economic and market developments. The Financial Reporting Council has launched a new public tool designed to improve free access to structured company reporting data.
Read more on these and other developments that may be of interest to members below.
Financial Reporting
The Financial Reporting Council (FRC) has published its Strategy for 2025-28 and its Annual Business Plan and Budget for 2025-26.
In its response to the IASB’s Exposure Draft IASB/ED/2024/8- Provisions – Targeted Improvements Proposed amendments to IAS 37, the Institute’s Financial Reporting Technical Committee have outlined some areas where the proposed amendments to the IAS 37 standard could be improved. These include;
- A recommendation that examples are included within Application Guidance to the standard
- A recommendation that the difference between a “transfer” and “exchange of economic resources” is better explained
- Concerns regarding the proposed deletion of paragraph 18 of IAS 37
The UK Endorsement Board (UKEB) has also published its Final Comment Letter and Feedback Statement in response to the same Exposure Draft.
The Institute’s Financial Reporting Technical Committee has responded to the Financial Reporting Council’s (FRC’s) Exposure Draft FRED 86 Draft amendments to FRS 101 Reduced Disclosure Framework 2024/25 cycle. The Institute noted its general agreement with the FRC’s proposed changes.
The UKEB has published a Draft Endorsement Criteria Assessment (DECA) on the potential use in the UK of the IASB’s Amendments to IFRS 9 and IFRS 7 - Contracts Referencing Nature-dependent Electricity.
The European Financial Reporting Advisory Group (EFRAG) has published a Feedback Statement on its response to the International Accounting Standards Board’s (IASB’s) Exposure Draft- Equity Method of Accounting. The Statement explains how the feedback received was considered by EFRAG in reaching the positions reflected in its final comment letter.
The IASB has begun discussions on its next agenda consultation, which will shape its technical strategy and work plan from 2027. It expects to launch a request for information from stakeholders in relation to this in the fourth quarter of 2025.
In response to the Government’s changes to UK company size thresholds, due to come into effect from 6 April 2025, the FRC)has released updates to relevant existing publications. The FRC has also published a summary document, outlining the changes to provide clarity for those reporting in line with the updated framework.
Auditing
Technical Alert 02/2025 – Illustrative Management Representation Letter in respect to the provision of Limited Assurance under the Corporate Sustainability Reporting Directive. TA 02/2025 provides an illustrative example of a management representation letter that may be used by the assurance provider when conducting a limited assurance engagement required under the Corporate Sustainability Reporting Directive (“CSRD”) as transposed in Ireland into Part 28 of the Companies Act 2014.
IAASA has published its 2024 quality assurance review reports in respect of seven firms that perform statutory audits of public-interest entities (PIEs) in Ireland. The reports summarise IAASA’s inspection of each firm’s internal system of quality management. The reports include any findings and recommendations made by IAASA to the firms regarding these systems.
As part of its campaign to support small and medium-sized enterprises (SMEs) access audit services, the FRC has published the first in its series of supporting materials to help SMEs to engage with the annual audit process effectively and confidently. The summary document provides an introduction to audit standards, setting out the role International Standards on Auditing (ISAs) play in delivering transparent and accountable capital markets, and setting out the process for the development of standards in both the UK and international context. To engage further with the FRC and discuss this important topic, stakeholders can sign-up for roundtables or email stakeholderengagement@frc.org.uk.
Anti-money laundering and sanctions
Europol’s EU Serious and Organised Crime Threat Assessment 2025 (EU-SOCTA 2025) has just been published which is an intelligence-driven report offering insights into how organised crime is changing and its impact on our societies. A press conference to launch the publication took place on Tuesday, 18 March 2025 at the Europol’s headquarters in The Hague, the Netherlands.
Sustainability
Following on from the recently published Omnibus proposals, the Chair of the Global Sustainability Standards Board has highlighted the short-term pressures that exist to weaken regulations and why now is the time for the EU to show global leadership.
The European Financial Reporting Advisory Group (EFRAG) are holding an event on 7 April entitled “VSME in Action: Empowering SMEs for a Sustainable Future”. The event will look at how the standard can be implemented.
EFRAG and the CDP have published correspondence mapping between the CDP question bank and ESRS E1.
IFAC has finalised revisions to the International Education Standards. The standards embed sustainability throughout aspiring professional accountants training. IFAC has called on stakeholders to begin preparing for implementation, with early adoption encouraged ahead of the 1 July 2026 effective date.
Legislation 2025
The UK Government has published in draft the Companies (Directors' Remuneration and Audit) (Amendment) Regulations 2025. They have not yet been adopted, and that date is currently unknown.
If adopted the legislation will repeal most requirements relating to the reporting of directors’ remuneration by quoted companies that were added in 2019 to implement the EU revised Shareholder Rights Directive.
Readers can find more information about the changes in the explanatory memorandum to the Companies (Directors’ Remuneration and Audit) (Amendment) Regulations 2025 and click here to read a recent news item on the draft corporate reporting regulations.
Other news
A Policy Paper has recently been issued setting out an outline transition plan for the UK Companies House in relation to the Economic Crime and Corporate Transparency Act.
The FRC has launched a new public tool designed to improve free access to structured company reporting data.
The Central Bank of Ireland have issued their Quarterly Bulletin No. 1 2025. This Bulletin includes commentary on the latest economic and market developments with regular features on the Domestic Economy and Financial Developments. A recent significant rise in policy uncertainty is the most striking factor due to the recent negative shift as regards the trade/investment relationship between the EU and US.
Companies House (UK) is hosting a webinar on 2 April 2025 which will share helpful information on registering as an Authorised Corporate Service Provider. You can register to attend this webinar here.
DETE are holding a Market Access Day 2025 on 9th April in the Clayton Hotel, Ballsbridge. Readers can register here. Registration closes at 5pm on 2 April 2025.It is a free event aimed towards companies who may be first-time exporters, companies that may not have operated outside the EU market previously, or those who have encountered trade barriers. Topics will include implementation and enforcement of EU trade policy and its benefits for Irish businesses, available tools for business looking to export outside the EU Single Market, EU trade policy instruments (Access to Markets and Single-Entry Point), Trade barriers and solutions, Trade policy in the changing geopolitics, EU Free Trade Agreements and their concrete benefits to companies, Trade defence instruments.
The Dept. of Foreign Affairs recently launched the Communicating Europe Initiative 2025 round. This provides government funding to voluntary organisations, educational bodies and civil society groups and bodies, for projects intended to deepen public awareness of the role that the European Union plays in our daily lives. €400,000 is being made available to eligible applicants and readers can click for more details.
For further technical information and updates please visit the Technical Hub on the Institute website.
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