Welcome to the latest edition of Technical Roundup. In developments since the last edition, Technical Alert (TA) 02/2024, which was issued in June 2024, has been updated to reflect the transposition the Corporate Sustainability Reporting Directive (“CSRD”) into Irish legislation and the issue of ISAE (Ireland) 3000 by IAASA.  The Financial Reporting Council (FRC) has launched a campaign to assist SMEs with access to audit services and to support their growth aspirations.  Read more on these and other developments that may be of interest to members below. Financial Reporting The UK Endorsement Board (UKEB) has published the 2025 consolidated UK-adopted international accounting standards on behalf of the UK Government. UKEB has issued a final call for comments on its Draft Comment Letter in response to the IASB’s Exposure Draft Provisions – Targeted Improvements. Comments are welcome until close of business on 10 February 2025. The Financial Reporting Council (FRC) has published a draft three year strategy for 2025-28 detailing its commitment to supporting UK economic growth.  It has also issued a draft Plan and Budget for 2025-26. The International Accounting Standards Board (IASB) recently released a webcast explaining the amendments to IFRS 9 and IFRS 7 regarding power purchase agreements. The webcast explains the targeted amendments to both standards which aim to help companies better report the financial effects of nature-dependent electricity contracts The IASB has released its January 2025 update and podcast. The FRC has launched a campaign to assist SMEs with access to audit services and to support their growth aspirations.   EFRAG, the European Financial Reporting Advisory Group, is currently inviting financial statement preparers and users to submit their feedback on the voluntary application of IFRS 19 Subsidiaries without Public Accountability: Disclosures, allowing eligible subsidiaries to prepare reduced disclosures under IFRS Accounting Standards. The feedback will assist EFRAG in performing a cost-benefit analysis of applying the standard. The deadline for submission is 28 February 2025. The International Public Sector Accounting Standards Board (IPSASB) has recently issued Amendments to IPSAS Standards: Specific IFRIC Interpretations. Auditing Sample Engagement Letter Terms for CSRD Technical Alert (TA) 02/2024 which was issued in June 2024 has been updated to reflect the transposition the Corporate Sustainability Reporting Directive (“CSRD”) into Irish legislation and the issue of ISAE (Ireland) 3000 by IAASA. The International Auditing and Assurance Standards Board (IAASB) and the International Ethics Standards Board for Accountants (IESBA) have launched an integrated effort to support effective implementation of their landmark standards aimed at advancing trust and transparency in sustainability reporting and assurance. The Financial Reporting Council (FRC) has published the final report from its market study into the assurance of sustainability reporting. The 2024 study found that while the UK’s market for the assurance of sustainability reporting is functioning well, there are concerns over quality consistency amid growing demand. The report recommends three key actions; establish a clear UK policy framework; create a unified regulatory regime and improve the calibre of available information on the quality of sustainability assurance to support how the assurance market functions. Insolvency The Insolvency (Amendment) Rules (Northern Ireland) 2024 confirmed that from 10 January 2025 the value of a vehicle disregarded as part of an asset value for a debtor seeking a debt relief order in Northern Ireland will increase from £2,000 to £4,000. Anti–money laundering and sanctions Please join us for Chartered Accountants Ireland free webinar on suspicious transaction reporting at 10AM on 12 February 2025. Accountants in practice, as designated persons under Irish Anti-Money Laundering legislation, have a statutory obligation to report suspicious transactions to both the Financial Intelligence Unit (FIU) of An Garda Síochána and the Irish Revenue Commissioners. Join representatives of both An Garda Síochána and the Revenue Commissioners on Wednesday 12 February as they provide an overview of how to report on the recently updated FIU GoAML system, as well as the Revenue system. This event will be of interest to accountants, trainees and anyone in the firm of a designated person who may come across something suspicious which might raise the obligation to make a suspicious transaction report. Click here to learn more and to book your place today: Suspicious transaction reporting: all you need to know - ..rteredaccountants.ie The Deputy Governor of Central Bank of Ireland Derville Rowland spoke recently on the topic of Innovation and technology in financial crime. She referenced some emerging risks and how the new AMLD 6 package will meet them : the use of AI is acknowledged under the package. Firms must ensure that human oversight is applied to decisions proposed by AI tools that may impact customers in certain areas. Details of Virtual IBANs which are linked to other payment accounts will have to be recorded in member states’ Bank Account Registers to allow law enforcement to trace funds. The concept of Information Sharing Partnerships is introduced. Credit and financial institutions will be enabled to share information relating to high-risk customers, subject to important protections. The Central Bank of Ireland recently published a new Behind the Data (BTD) paper on Irish payment fraud statistics. Click for insights from Irish Payment Fraud Statistics. Sustainability The International Sustainability Standards Board (ISSB) is hosting an event on 25 February 2025 to discuss disclosures about transition plans - IFRS S2 Climate-related Disclosures.  The Financial Reporting Council (FRC) has published the final report from its market study into the assurance of sustainability reporting. The GRI Academy has launched a new ESRS Reporting program for all reporters to prepare to navigate the Corporate Sustainability Reporting Directive (CSRD). In its recent article, the GRI discuss some practices and steps that companies can take to mitigate against the risk of greenwashing. The International Sustainability Standards Board (ISSB) has released a podcast hosted by ISSB Chair Emmanuel Faber and ISSB Vice-Chair Sue Lloyd discussing the latest developments around the ISSB. In its article entitled “CSRD & CSDDD: key provisions and concepts”, Accountancy Europe look at some of the key features, concepts and differences between the two Directives. The IFRS Foundation has published a guide entitled “Applying IFRS S1 when reporting only climate-related disclosures in accordance with IFRS S2”. This guide is intended to support the implementation of the International Sustainability Reporting Standards Other news The Companies Online Registration Environment (CORE) access was restored on 29 January.  If your Annual Return is late and you have already contacted the Annual Returns section in the CRO they will be in touch with you soon. The Irish Pensions Authority recently published a revised personal retirement savings account (PRSA) code of conduct. The revised code includes additional sections on conflicts of interest, risk warning, and product oversight and governance. PRSA providers must comply with the code from 1 August 2025. The most recent episode of IFAC’s podcast series The Fast Future with IFAC discusses how small and medium sized practices can embrace technology. The FRC hosted a webinar on Monday 3 February for insights into the feedback heard so far during its consultation on proposed revisions to the UK Stewardship Code. 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.  

Welcome to the latest edition of Technical Roundup. In developments since the last edition, the International Federation of Accountants (IFAC) has published the results of a survey among its members 'International Standards: 2024 Global Adoption Status Snapshot’ including research results on the adoption of IFRSs. EFRAG has released a document that maps the voluntary Eco-Management and Audit Scheme (EMAS) against the European Sustainability Reporting Standards (ESRSs). Read more on these and other developments that may be of interest to members below. Financial Reporting The International Accounting Standards Board (IASB) has launched a new podcast series dedicated to the forthcoming third edition of the IFRS for SMEs accounting standard. The series discusses some key updates to the standard.  The IASB has released a webcast which explains the proposed targeted improvements to IAS 37 Provisions, Contingent Liabilities and Contingent Assets as set out in its recent Exposure Draft. The comment period for this Exposure Draft remains open until 12 March 2025.   EFRAG, the European Financial Reporting Advisory Group, is holding an event entitled “Financial Reporting: What’s Ahead for 2025” on 6 February. This event will focus on upcoming changes in the reporting landscape in 2025. EFRAG has published its December 2024 update. This summarises the public technical discussions held, decisions taken, open consultations, future events and vacancies. EFRAG has published its final comment letter on the IASB’s Exposure Draft Equity Method of Accounting IAS 28 Investments in Associates and Joint Ventures. EFRAG has issued its latest Endorsement Status Report. The International Federation of Accountants (IFAC) has published the results of a survey among its members 'International Standards: 2024 Global Adoption Status Snapshot’ including research results on the adoption of IFRSs. IAASA has published a summary of the outcomes of its 2024 financial report examinations which highlights the various issues IAASA addresses with companies as part of its corporate reporting supervision.  It indicates a strong overall compliance with financial reporting requirements.  The summary lists the financial statement examinations completed in 2024 and the outcomes of those examinations. The UK Endorsement Board (UKEB) has published a Draft Endorsement Criteria Assessment on the potential use in the UK of the IASB’s Annual Improvements to IFRS Accounting Standards – Volume 11. Auditing The IAASB have published their plans for 2025 which includes approval of the revisions to the Fraud standard and complete the project on Listed and PIE entities.   At their December board meeting the IAASB approved ISA 570 (Revised 2024) Going Concern, which will be effective for periods beginning on or after December 15, 2026. Anti–money laundering and sanctions Please join us for Chartered Accountants Ireland free webinar on suspicious transaction reporting at 10AM on 12 February 2025. Accountants in practice, as designated persons under Irish Anti-Money Laundering legislation, have a statutory obligation to report suspicious transactions to both the Financial Intelligence Unit (FIU) of An Garda Síochána and the Irish Revenue Commissioners. Join representatives of both An Garda Síochána and the Revenue Commissioners on Wednesday 12 February as they provide an overview of how to report on the recently updated FIU GoAML system, as well as the Revenue system. This event will be of interest to accountants, trainees and anyone in the firm of a designated person who may come across something suspicious which might raise the obligation to make a suspicious transaction report. Click here to learn more and to book your place today: Suspicious transaction reporting: all you need to know - ..rteredaccountants.ie The Joint Practice Group (JPG ) comprising representatives of the professional accountancy bodies, the Association of Chartered Certified Accountants, Chartered Accountants Ireland, Association of International Accountants, and Chartered Institute of Management Accountants with input from the Garda National Economic Crime Bureau and FIU Ireland has recently issued a bulletin on payment diversion fraud. Click for more details. Sustainability The Financial Reporting Council (FRC) has published a thematic review of Climate-related Financial Disclosures by AIM and large private companies, following their first cycle of mandatory reporting in the UK. EFRAG has published a document that maps the voluntary Eco-Management and Audit Scheme (EMAS) against the European Sustainability Reporting Standards (ESRSs). Accountancy Europe has set up a tracker that monitors the transposition of the EU Corporate Sustainability Reporting Directive (CSRD) across the European Economic Area (EEA). In an interesting article, Accountancy Europe have discussed the European Commission’s efforts to reduce administrative and reporting burdens for European companies. While welcoming the efforts being made, Accountancy Europe have highlighted some concerns as well as some suggestions on how reporting burdens could be reduced. The Department of Enterprise, Trade and Employment hosted a free online event focused on responsible business and the environment on 6 November 2024.  The presentations are now available to download from their website. Legislation The UK’s Public Procurement Act 2023 will be implemented shortly pursuant to the Procurement Act 2023 (Commencement No. 3 and Transitional and Saving Provisions) Regulations 2024. The explanatory notes describe the purpose of the Procurement Act 2023 as to reform the United Kingdom’s public procurement regime following its exit from the European Union, creating a simpler and more transparent system not based on transposed EU Directives. The Department of Enterprise, Trade and Employment has published a Transposition Table of EU Directives as of 31 December 2024. Other news The International Ethics Standards Board for Accountants has begun a standard-setting project to create a principles-based framework on a firm’s culture and governance. The objective of the project is to develop a culture and governance framework that promotes, supports and reinforces a high standard of ethical behaviour by a firm's leadership, other partners, and staff across all of the firm’s services, thereby helping the firm develop a reputation as a highly ethical firm, mitigate the risks of unethical behaviour and strengthen public trust and confidence in all of its services. Readers may find of interest the High court judicial review case taken by the Irish Registrar of Companies in connection with two companies’ delivery of annual returns to the Companies Registration Office. Under section 343 of Companies Act 2014 a court can make one order (only) to extend the time for filing an annual return. In Registrar Of Companies and Greenway Limited ; Registrar Of Companies and Kitchen Innovations Limited the High Court quashed a decision by the District court where the District Court erroneously granted a second extension of time for filing of  annual returns. With the coming into force of Digital Operational Resilience Act (DORA) on 17 January 2025, readers may be interested in some DORA related news. Please click to read  an article of January 17th entitled “What do you need to know now that DORA is here?” Also, the Pensions Authority recently published details of how pension schemes subject to the DORA regulation can report major ICT-related incidents and make voluntary reports of significant cyber threats. Readers can find details here. 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.  

The goAML system for making suspicious transaction reports (STRs) which the Irish Financial Intelligence Unit administers, is being upgraded. The upgrade is scheduled to go live the week of 10 February 2025. The FIU is carrying out internal training and there may be delays in processing STRs during this upgrade period. Firms registered on goAML will have received a communication from the FIU about the upgrade and in particular how to make urgent STRs during the upgrade period. Please click here to view further details from the FIU.   This information is provided as resources and information only and nothing in these pages 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 pages. 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 these pages, 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 in these pages.

From the Institute's Professional Accounting team .... In December 2024 the UK Government laid legislation, the Companies (Accounts and Reports) (Amendment and Transitional Provision) Regulations 2024 before Parliament to increase the monetary size thresholds for micro, small and medium-sized entities. It also removes certain requirements from the Directors’ Report.  The new monetary size threshold changes are effective from 6 April 2025. Please also click to read the explanatory memorandum to the legislation for further insight into the changes.                                This information is provided as resources and information only and nothing in these pages 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 pages. 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 these pages, 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 in these pages.

Welcome to the latest edition of Technical Roundup. In developments since the last edition, the Institute has published new guidance Technical Alert 04/2024 – Sample CSRD Limited Assurance Report in accordance with ISAE (Ireland) 3000 as required by Section 1613 of the Companies Act 2014. The UK Endorsement Board (UKEB) has published a Draft Endorsement Criteria Assessment on the potential use in the UK of the International Accounting Standards Board’s ‘Amendments to the Classification and Measurement of Financial Instruments’. Read more on these and other developments that may be of interest to members below. Financial Reporting On 10 December, the European Financial Reporting Advisory Group (EFRAG) held their 2024 conference entitled ‘Advancing Transparency & Competitiveness in Challenging Times’. A recording of this event is now available to view on EFRAG’s website. The body responsible for drafting the next version of the Charity SORP has provided an update on the development of the next version of the standard, which will incorporate the recent changes in UK and Irish GAAP. The SORP making body plan to submit a draft SORP to the Financial Reporting Council (FRC) in January 2025. Once the draft has been approved by the FRC, the draft SORP will be subject to a 12-week consultation period (expected no later than March). The SORP making body have also stated that they expect the updated SORP to be issued in Autumn 2025, with an effective date of 1 January 2026. The FRC is hosting a webinar on Wednesday, 15 January on the topic of recent amendments to FRS 102 to discuss how it will impact UK charities and how they can start preparing for implementation of the updated reporting requirements. The UK Endorsement Board (UKEB) has published a Draft Endorsement Criteria Assessment on the potential use in the UK of the International Accounting Standards Board’s Amendments to the Classification and Measurement of Financial Instruments. Comments are welcomed by UKEB by 10 January. UKEB has published a draft comment letter for public consultation in response to the International Accounting Standards Board’s (IASB) Exposure Draft Provisions – Targeted Improvements. Comments are welcomed by UKEB until 10 February 2025. The UK Government have issued their Government Financial Reporting Manual (FReM) which sets out guidance for preparing government annual reports and accounts in the United Kingdom. Auditing The Institute has published new guidance ‘Technical Alert 04/2024 – Sample CSRD Limited Assurance Report in accordance with ISAE (Ireland) 3000 as required by Section 1613 of the Companies Act 2014’. The Technical Alert has been prepared to assist members reporting on the limited assurance engagements under the Corporate Sustainability Reporting Directive (“CSRD”) and in compliance with International Standard on Assurance Engagements (Ireland) 3000 . Anti–money laundering and sanctions In December 2024 the Minister for Justice passed Regulations which from 30 December prescribes crypto asset service providers as a designated person under the Criminal Justice (Money Laundering and Terrorist Financing ) Act 2010 and prescribes the Central Bank of Ireland as the competent authority for crypto-asset service providers. Accountancy Europe have issued a factsheet: Navigating the EU Anti-Money Laundering Regulation: Key Issues for the Accountancy Profession on their website. The European Banking Authority latest newsletter was published in the last few weeks. Take a look for a roundup of the last few months and a preview of what lies ahead. Please click to access the EBA AML CFT newsletter here. On 16 December 2024 the European Union adopted its 15th package of sanctions measures. The package includes travel bans and asset freeze measures against natural persons and legal persons, entities, or bodies, updated sectoral sanctions and extension of derogations. Click to read the European Council press release giving details of the 15th package. The derogation in certain circumstances from the prohibition on provision of services including accounting and auditing services (which prohibition exists since the 6th package of sanctions in 2022) has been extended to 31 December 2025. Please click for further details in our news item. Sustainability Accountancy Europe have published a new webpage of FAQs: fundamentals to assurance on sustainability reporting which provides answers to frequently asked questions on sustainability reporting assurance. EFRAG has published an addendum to EFRAG IG 3 ‘ESRS Datapoints’, which is part of EFRAG's non-authoritative implementation guidance on the European Sustainability Reporting Standards (ESRSs).   The International Federation of Accountants (IFAC) and the We Mean Business Coalition (WMBC), together with the Global Accounting Alliance (GAA), have published a report titled ‘Building Trust in Sustainability Reporting and Preparing for Assurance: Governance and Controls for Sustainability Information’. Accounting for Sustainability (A4S) is preparing a series focused on nature to assist accountants and finance professionals in shaping a nature-positive economy that supports long-term value creation. The first guide in the series, The Business Case for Nature, explains why nature is vital to business and offers clear steps and practical tips for developing the business case for your organization. Central Bank of Ireland The Central Bank of Ireland has announced the establishment of a dedicated Fitness and Probity Unit. Other news The Institute has revised the Public Practice Regulations with effect from 1 January 2025. Please click here for a news item on revision of Public Practice Regulations from the Institute’s Professional Standards Department on the amendments. The Institute has revised the CPD Regulations with effect from 1 January 2025. Please click here for a news item on revision of CPD Regulations from the Institute’s Professional Standards Dept. on the changes. In December 2024 the UK Government laid the legislation, the Companies (Accounts and Reports) (Amendment and Transitional Provision) Regulations 2024 before Parliament to increase the monetary size thresholds for micro, small and medium-sized entities. It also removes certain requirements from the Directors’ Report. Please also click to read the explanatory memorandum to the legislation for further insight into the changes. The new monetary size threshold changes are effective from 6 April 2025.                        In conjunction with commencement of Screening of Third Country Transactions Act 2023 on 6 January 2025, the Dept. of Enterprise Trade and Employment has launched an Inward Investment Screening mechanism whereby transactions that meet certain criteria are notified using a new Inward Investment Screening (IIS) online portal, and checked to make sure all is in order before being given the green light to proceed, or to modify or cancel the investment. Please click for all the details on the new system, including access to the new IIS portal. The European Securities and Markets Authority (ESMA) has published a Feedback Statement summarising the responses it received to its Consultation Paper (CP) on the securitisation disclosure templates under the Securitisation Regulation (SECR). The International Organisation of Pension Supervisors (IOPS) has launched a public consultation on its draft Revised IOPS Principles of Private Pension Supervision.  The process is due to be closed by 14 February 2025. The Corporate Enforcement Authority have recently issued ‘A graduated response’ which details specific criminal offences and the range of civil enforcement measures available under the Companies Act 2014. 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.  

On 16 December 2024 the European Union adopted its 15th package of sanctions measures. The package includes travel bans and asset freeze measures against natural persons and  legal persons, entities, or bodies, updated sectoral sanctions and extension of derogations. Click to read the European Council press release giving details of the 15th package . The derogation from the prohibition on provision of services including accounting and auditing  services (which prohibition exists since the 6th package of sanctions in 2022) has been extended to 31  December 2025 .To avail of the derogation the  provision of services must be strictly necessary for the divestment from Russia or the wind-down of business activities in Russia and certain conditions must be fulfilled: that the services are provided to and for the exclusive benefit of the legal persons, entities or bodies resulting from the divestment; and that  competent authorities deciding on requests for authorisations have no reasonable grounds to believe that the services might be provided, directly or indirectly, to the Government of Russia or a military end-user or have a military end-use in Russia.   This information is provided as resources and information only and nothing in these pages 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 pages. 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 these pages, 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 in these pages.