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:
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:
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ISA (UK) 700 – Forming and opinion and reporting on Financial Statements
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ISA (UK) 701 – Communicating Key Audit Matters in the Independent Auditor’s report
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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:
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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.
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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.
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