Welcome to the latest edition of Technical Roundup.
In developments since the last edition, Accountancy Europe has published its 2024 Annual Report which highlights its key achievements, impacts and insights during the year. The International Sustainability Standards Board (ISSB) has released its March 2025 podcast hosted by ISSB Chair Emmanuel Faber and Vice-Chair Sue Lloyd discussing the latest developments around the ISSB.
Read more on these and other developments that may be of interest to members below.
Financial Reporting
The SORP making body responsible for developing the Charity SORP has launched its public consultation on the next update to the Charity SORP. The update included in the Exposure Draft released includes proposed changes to reflect the amendments made in 2024 to FRS 102 as part of the periodic review of that standard. The consultation period will run until 20 June 2025.
Carmichael, a specialist training and support body for nonprofits in Ireland, is hosting a webinar on 15 April to discuss the proposed updates to the SORP, including the implications it may have for charities.
The International Accounting Standards Board (IASB) has released its March 2025 update and podcast.
The IFRS Foundation has released a recording of its recent event “Disclosures about transition plans”.
The IFRS Foundation has published its annual report and audited financial statements for 2024. This highlights some of the achievements made by the organisation in 2024.
The IFRS Foundation has released a podcast and webcast to help users understand the changes set out in the third edition of the IFRS for SMEs Accounting Standard. It has also released the March 2025 IFRS for SMEs Accounting Standard Update.
The Financial Reporting Council (FRC) has issued minor amendments to the FRS 102 and FRS 105 standards. These amendments reflect the recent increase to the UK company size thresholds, which are referred to in both standards. For more information on this please see our recent news item.
The European Financial Reporting Advisory Group (EFRAG) has released its February 2025 update and podcast.
EFRAG is inviting preparers, users, auditors, regulators and other stakeholders to participate in their upcoming roundtable on 25 April entitled “Practical Considerations of Connecting Financial and Sustainability Reporting”.
Accountancy Europe has published its 2024 Annual Report which highlights its key achievements, impacts and insights during the year.
The UK Endorsement Board (UKEB) has published its 2025/28 Regulatory Strategy and Feedback Statement.
UKEB has published its final comment letter in relation to the IASB Exposure Draft Proposed Amendments to the IFRS Foundation Due Process Handbook.
Auditing
The Financial Reporting Council (FRC) has published an updated letter regarding its approach to capital restructuring at UK audit firms. Originally issued in September 2024, it provides further clarity on the FRC's position on this area.
UKFIU material on anti-money laundering, EU Sanctions Helpdesk
The UK FIU has published its 2024 Annual Report. The report covers key statistics around Suspicious Activity Reports (SARs) in the Financial Year 2023 to 2024 and includes £240.1million being denied to suspected criminals because of Defence Against Money Laundering (DAML) requests. Click here to read the Report.
As part of sector specific SAR Best Practice Workshops, the UKFIU Engagement Team’s April 2025 workshop webinar will be for the Accountancy sector and is scheduled for 29 April 2025 Register here. It is aimed at Money Laundering Reporting Officers (MLROs), Nominated Officers (NOs) or colleagues who write SAR submissions within organisations with AML compliance teams of 5 or less.
Finally in UK FIU news, please click to hear a UKFIU podcast with the issue of professional enablers discussed by panellists.
A new service, the EU Sanctions Helpdesk has been set up to support European SMEs in complying with sanctions. The service is funded by the European Union. The Helpdesk offers resources and personalised assistance free of charge to companies performing sanctions due diligence checks. It also manages a dedicated website featuring sanctions-related information, events, tips, lessons learned, and more. Readers can click to read more about the EU Sanctions Helpdesk, Visit the EU Sanctions Helpdesk website, Submit a request to the EU Sanctions Compliance Support Service & read Frequently asked questions and access the Audiovisual Service.
Sustainability
European Commission Omnibus proposal: The Minister for Enterprise, Tourism and Employment, Peter Burke, has issued a statement in which he welcomed proposals by the European Commission to introduce significant changes to the requirements for companies to report on corporate sustainability matters. The Institute previously issued a news item outlining the main changes proposed to the regulations.
The European Commission and the European Parliament has recently approved the ‘stop the clock’ proposal which postpones the application of all reporting requirements in the CSRD for companies that are due to report in 2026 and 2027 (so-called wave 2 and 3 companies) and which postpones the transposition deadline and the first wave of application of the CSDDD by one year to 2028. This will now be sent for approval by the European Council.
In other news on the Omnibus, Maria Luís Albuquerque, the EU Commissioner for Financial Services and Investments, sent a letter to EFRAG asking for updated recommendations to comply with the current proposal. The letter asks EFRAG to initiate the process to develop technical advice for the modification of the ESRS, including substantially reducing the number of mandatory ESRS datapoints. EFRAG has until April 15th to draft a workplan with a target completion deadline of October 31st 2025.
The International Sustainability Standards Board (ISSB) has published the recording of its eighth 'Perspectives on sustainability disclosure' webinar. The webinar is titled 'The future of integrated reporting and integrated thinking'.
The International Sustainability Standards Board (ISSB) has released its March 2025 podcast hosted by ISSB Chair Emmanuel Faber and ISSB Vice-Chair Sue Lloyd discussing the latest developments around the ISSB.
The IFRS Foundation has published a ‘Roadmap Development Tool’, which is intended to support jurisdictions in the planning and the design of their adoption roadmaps for ISSB standards.
The IFRS Foundation has released a series of webcasts to support companies in identifying and disclosing material information about sustainability-related risks and opportunities.
Central Bank of Ireland
In March 2025 the Central Bank of Ireland (CBI) published its revised Consumer Protection Code. Please click to access the Central Bank’s page on the Consumer Protection Code 2025. The existing Consumer Protection Code of 2012 continues to apply to regulated firms, and the protections that are currently in place remain effective until the revised Code takes effect on 24 March 2026. Please also click to access the Central Bank's Consumer Code feedback document giving its reasons for its approach to the update Code and click here to read the Central Bank Governor’s opening remarks at the new Code’s launch.
In other Central Bank news click to read the Central Bank’s Deputy Governor address to the Institute of Bankers in April 2025 entitled “Shocks and shifts – Regulation and Supervision in a changing world“.Topics she spoke about included the Central Bank’s more integrated approach to supervision and the regulatory simplification agenda.
Finally in CBI news, readers interested in the area of cryptoassets will be interested to read the Central Bank’s Director of Capital Markets & Funds remarks at a Markets in Cryptoassets Regulation (MiCAR) Industry Briefing in March 2025. He considers how CBI thinks about MiCAR and cryptoassets and what it is focusing on in implementing MiCAR: governance and culture, consumer interests and crime and fraud.
Other news
In the height of AGM season 2025 readers may find useful A&L Goodbody LLP solicitors guide to some of the key themes and issues which may be on the agenda for Irish listed companies this year. Click to read the guide “What’s on the agenda? AGM Season 2025”.
Readers may be interested in the recent publication by the Dept. of Enterprise Trade and Employment (DETE) of the Employment (Contractual Retirement Ages) Bill 2025. When enacted it will deliver a new employment right allowing but in no way compelling an employee to stay in employment until the State Pension Age (66). It will allow workers whose contract has a retirement age of 65 or under to work to State Pension Age of 66, if they so wish. Click here for a DETE press release on the draft legislation.
The text has been published of the speech the Pensions Regulator gave to the Irish Association of Pension Funds’ Spring Conference in March 2025. Topics he spoke on include the Pensions Authority’ recent supervisory review activities, it’s plans for the rest of 2025 and its longer-term priorities.
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