Welcome to the latest edition of Technical Roundup. In developments since the last edition, the Irish Government summer legislative programme for 2025 has recently been published by the Dept of the Taoiseach. The Global Reporting Initiative (GRI) has written to the European Financial Reporting Advisory Group (EFRAG) setting out its recommendations of how simplification of the European Sustainability Reporting Standards could be achieved.  Read more on these and other developments that may be of interest to members below. Financial Reporting The IFRS Foundation has issued Compilation of Agenda Decisions — Volume 12 which contains all the agenda decisions made by the IFRS Interpretations Committee from November 2024 to April 2025. The IFRS Foundation has published an updated version of its educational material to support the consistent application of IFRS Accounting Standards related to going concern assessments. The FRC has published insights from stakeholders in its discussion paper "Opportunities for Future UK Digital Reporting”. This confirmed stakeholder support for digital reporting and ongoing collaboration between regulators and preparers to reduce complexity. IAASA is seeking feedback on a proposed policy – Publication of Information regarding IAASA’s Corporate Reporting Supervision Activities. This policy paper sets out IAASA’s policy on the publication of the outcomes of its corporate reporting examination activities as well as the nature and extent of information to be published. The proposed changes are open for public comment until Friday, 18 July 2025. In episode 2 of the ‘IAASA Insights’ series, IAASA discuss some key insights from its recent “Profile of the Profession” publication. The European Financial Reporting Advisory Group (EFRAG) has submitted its endorsement advice on IFRS 18 Presentation and Disclosure in Financial Statements to the European Commission. In its submission, EFRAG concluded that IFRS 18 meets the technical criteria for endorsement, is not contrary to the principle of true and fair view and that its adoption would be conducive to the European public good. EFRAG therefore recommended its endorsement. Auditing The FRC invites stakeholders to join an upcoming webinar (Wednesday 4 June, 13:00-14:00) where the ‘International Standard on Auditing for Audits of Financial Statements of Less Complex Entities’ (ISA for LCE) will be discussed. This webinar is part of the FRC’s campaign to support UK SMEs access audit services.   Following the approval of the International Standard on Sustainability Assurance (ISSA) 5000, General Requirements for Sustainability Assurance Engagements the International Auditing and Assurance Standards Boards (IAASB) has approved the withdrawal of International Standard on Assurance Engagements (ISAE) 3410, Assurance Engagements on Greenhouse Gas Statements. The withdrawal of ISAE 3410 will take effect from the effective date of ISSA 5000 which is in 2026. The IAASB has published a new Frequently Asked Questions (FAQ) document to support stakeholders as they implement International Standard on Auditing 570 (Revised 2024), Going Concern. The FAQ document addresses key questions on the enhanced auditor reporting model for going concern that is included in the revised standard. Specifically, it focuses on the implications for the auditor’s report when reporting entity specific going concern matters in a section titled ‘Going Concern’ or ‘Material Uncertainty Related to Going Concern.’ It also provides an illustrative example of an auditor’s report that provides a description of how the auditor evaluated management’s assessment of going concern. Readers should note that these FAQs are on the revised standard issues by the IAASB in 2024.  The standard in effect in Ireland is ISA (Ireland) 570 (Revised October 2019) Insolvency The CCAB-I Insolvency Committee are shortly publishing a guidance document which is a workbook for Creditor Voluntary Liquidations. On 10 June, Derek Wilson, a licensed insolvency practitioner and experienced insolvency monitor, and Sarah-Jane O’Keeffe, director at Azets, along with Chartered Accountants Ireland are hosting a free webinar which will provide an overview of best practice and introduce the new Creditor Voluntary Liquidation workbook. The workbook has been produced to assist Liquidators in complying with legislative and SIP requirements when conducting statutory meetings, reporting to creditors and approval of remuneration. To register for this free webinar, click here. Sustainability The European Securities and Markets Authority (ESMA) has published a Consultation Paper on draft Regulatory Technical Standards (RTS) under the ESG Rating Regulation. The International Sustainability Standard Board (ISSB) has posted the agenda for its next meeting to be held at its offices in Montreal on 15 May 2025.  The ISSB will receive an update on the enhancement of the SASB standards project, in particular with regard to the project activities and the project approach. Accountancy Europe has issued its May 2025 Sustainability update. The Global Reporting Initiative (GRI) has written to the European Financial Reporting Advisory Group (EFRAG) setting out its recommendations of how simplification of the European Sustainability Reporting Standards could be achieved. In its response to EFRAG’s public call for input on the matter, GRI has stressed the importance of three key considerations for the simplification process; Europe needs to remain a global leader in promoting the green economy Effective corporate reporting is a key enabler for sustainable development Simplification is welcome – if it is defined, applied and managed well EFRAG has released the event materials from its “VSME in Action: Empowering SMEs for a Sustainable Future” event, which was held on 7th April 2025. EFRAG has also released a series of 10 educational videos focused on the VSME reporting standards. Twenty consumer authorities, including Ireland’s Competition and Consumer Protection Commission have issued an open letter to the fashion retail sector on the use of environmental claims including advising fashion retailers to avoid vague and general terms. Artificial intelligence We have recently published some webpages on Artificial Intelligence. They are housed in our “Business and Regulation” section of the Technical Hub. The aim of the webpages is to inform members of the European Union's Artificial Intelligence Act, Regulation (EU) 2024/1689 ("EU AI Act"). This includes the scope of the EU AI Act, key dates, risk factors and penalties and a news page for recent news we think readers might be interested in. Readers may be interested in the Massive Open Online Course (MOOC) which the Law Society will be running on Artificial Intelligence. The course will run over a period of 5 weeks from 10 June until 8 July. It is free and is open to everyone and anyone who has a general interest in learning more about AI developments. Click to find out more about the MOOC and to register. The Irish Department of Public Expenditure, NDP Delivery and Reform has recently published a webpage containing Artificial Intelligence Resources. It contains information on links on a range of resources and practical tools designed to support the adoption of AI in the Public Service. This includes Guidelines for the Responsible Use of Artificial Intelligence in the Public Service and a tutorial dedicated to the AI Guidelines to assist participants in applying the guidelines in their own workplaces. Central Bank of Ireland (CBI) CBI recently held Spring meetings of its Financial Industry Forum and its three subgroups (Domestic, International and Innovation), facilitating strategic dialogue and engagement across the financial sector. They discussed topics such as CBI’s approach to supervision, its Innovation Sandbox Programme and Innovation Hub, the revised Consumer Protection Code, AI in Financial Services and EU and International policy and regulatory developments. Click for details on the CBI Forum and here for a summary of the discussion of the Financial Industry Forum International Subgroup. The Director of the Horizontal Supervision Directorate of CBI spoke at a recent Anti-Financial Crime Summit on “AML and Innovation – Opportunities and Challenges”. She referred to CBI’s decision last year to evolve its approach to supervision and regulation. To change towards a more integrated approach to supervision and build out a more integrated supervisory framework to look at risk in a more holistic way. She referenced Europol’s 2025 Serious and Organised Crime Threat Assessment. One of its core points is that AI is “fundamentally reshaping” the organised crime landscape, but CBI’s role is not to eliminate risks, or stymie innovation rather to ensure risks and innovation are appropriately managed. It is important that the threats and opportunities which these new technologies present are reflected in their development, adoption and regulatory supervision and that the use of innovative tools is compatible with international standards of data protection, privacy, and cybersecurity. Other recent CBI publications which may be of interest to readers are its Authorisations and Gatekeeping Report 2024 and Planning for the Transition to Net Zero - Our Perspective. Other news The Irish Companies Registration Office has in recent days announced the creation of the Open Data Portal. This is to comply with EU Open Data Regulations and for users to access essential company information in a clear, intuitive way. Readers can visit the CRO Open Data Portal here. The Financial Conduct Authority (FCA) is seeking views on the future regulation of specific crypto-asset activities, ahead of legislation to bring them within regulation. The Prudential Regulatory Authority (PRA) has published its April 2025 Regulatory Digest which highlights key regulatory news and publications delivered for the month. The European Securities and Markets Authority (ESMA) has published its advice to the European Commission (EC) to support the Listing Act's goals to simplify listing requirements and enhance access to public capital markets for EU companies. The Irish Government summer legislative programme for 2025 has recently been published by the Department of the Taoiseach. Click to read the press release on Finance (Provision of Access to Cash Infrastructure) Bill which was passed into law in recent days. Its objectives are to ensure sufficient and effective access to Cash in the State; to provide a framework to manage future changes to the cash infrastructure in fair, equitable and transparent manner; and that cash-in-transit providers and independent ATM deployers be registered and supervised by the Central Bank of Ireland. The UK Department for Business and Trade is researching how company directors balance their legal duty to make the business successful, while considering the interests of employees, customers, suppliers, communities and the environment (section 172 of the Companies Act). There are no plans to change these duties, but feedback will help the government to review how the legislation works in practice. The Dept. is seeking a range of views, including those from directors, secretaries, lawyers, accountants, and anyone else who has knowledge and experience of Section 172. Click to read more about the survey which is live until 30 May 2025. The Corporate Enforcement Authority (CEA) has recently published its May CEA newsletter. It has many interesting items including several on directors and their duties. Readers can click to subscribe to the CEA newsletter. Click to read the latest IDA News update and the Newsletter (114) of the European Data Protection Supervisor. 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.  

From the Professional Accountancy team…... The Irish Department of Public Expenditure, NDP Delivery and Reform has recently published a webpage containing Artificial Intelligence Resources. It contains information and links on a range of resources and practical tools designed to support the adoption of AI in the Public Service. This includes Guidelines for the Responsible Use of Artificial Intelligence in the Public Service and a tutorial dedicated to the AI Guidelines to assist participants in applying the guidelines in their own workplaces.   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 Professional Accountancy team…... In May 2025 the European Commission published a Q &A page on AI literacy. Article 4 of the EU AI Act requires providers and deployers of AI systems to ensure a sufficient level of AI literacy for their staff and any other users who are interacting with AI systems. It entered into application on 2 February 2025. Most readers are likely to be AI deployers meaning users of AI. Questions and answers are provided such as what is literacy for Article 4 and what should be the minimum content to consider for an AI literacy programme complying with Article 4.   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.  

Readers may be interested in the Massive Open Online Course (MOOC) which the Law Society will be running on Artificial Intelligence. The course will run over a period of 5 weeks from 10 June until 8 July. It is free and is open to everyone and anyone who has a general interest in learning more about AI developments. To find out more about the course and to register you can click here https://mooc2025.lawsociety.ie/    

Welcome to the latest edition of Technical Roundup. In developments since the last edition, the Central Bank of Ireland has published the annual Financial Conditions of Credit Unions Report which provides an update on the financial performance and position of the sector for the financial year ended 30 September 2024.  The European Financial Reporting Advisory Group (EFRAG) has released the March edition of its Podcast covering the latest developments in sustainability and financial reporting. 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 annual review of structured digital reporting highlighting key areas for improvement in how UK listed companies present their digital annual reports. The FRC has released two new podcasts in their “in conversation” series. Discussing the FRC’s end-to-end enforcement process review Transforming access to company data The European Financial Reporting Advisory Group (EFRAG) has released the March edition of its Podcast, covering the latest developments in sustainability and financial reporting. The International Accounting Standards Board (IASB) has announced that it has started its Post-implementation Review of IFRS 16 Leases. The IASB expects to issue a Request for Information (RFI) for this in June 2025. In preparation for this, the UK Endorsement Board has invited preparers who are lessees to complete a survey on the ongoing costs and benefits of applying the standard. EFRAG has called on stakeholders in the field of corporate reporting to participate in the European Commission’s (EC) consultation on the future EU long-term budget. This consultation runs until 6 May. The International Accounting Standards Board (IASB) has released its April 2025 podcast and its Q1 2025 IFRS Interpretations Committee podcast. The CCAB has published an updated draft of its LLP SORP. This will be open for public comment for a 12 week period until 22 July 2025. The draft SORP contains updates which take into account the amendments to FRS 102 following the 2024 periodic review, as well as other factors. Once finalised, it is proposed the SORP would be effective for periods commencing on or after 1 January 2026. Auditing IAASB are consulting on a Proposed Narrow-Scope Amendments to Standards Arising from the IESBA’s Using the Work of an External Expert Project These proposed narrow-scope amendments are aimed at maintaining interoperability between IAASB standards and the International Ethics Standards Board for Accountants’ International Code of Ethics for Professional Accountants (including International Independence Standards) (IESBA Code). Responses are due by 24 July. The targeted amendments focus on the following IAASB standards: ISA 620, Using the Work of an Auditor’s Expert ISRE 2400 (Revised), Engagements to Review Historical Financial Statements ISAE 3000 (Revised), Assurance Engagements Other than Audits or Reviews of Historical Financial Information ISRS 4400 (Revised), Agreed-upon Procedures Engagements IAASA has released its first publication as part of its 2025 AQS Insight Series which focuses on key messages on auditing related parties. IAASA has published its annual Profile of the Profession for 2024.  The Profile of the Profession provides a statistical profile of the five Prescribed Accountancy Bodies (PABs) within IAASA’s supervisory remit. It includes information on members and students, approved statutory auditors and statutory audit firms, and the regulation and monitoring of members, statutory auditors and statutory audit firms. Sustainability EFRAG has submitted its work plan to the European Commission outlining the steps it will take to fulfil the specific mandate received on 27 March 2025 to provide technical advice on the revision and simplification of the European Sustainability Reporting Standards (ESRS). The IFRS Foundation has signed a Memorandum of Understanding (MoU) with the Inter-American Development Bank (IDB) to promote the adoption and implementation of the ISSB standards across Latin America and the Caribbean. The International Sustainability Standards Board (ISSB) has published Exposure Draft ISSB/ED/2025/1 ‘Amendments to Greenhouse Gas Emissions Disclosures’ with comments requested by 27 June 2025. The ISSB has published a new episode of its “Perspectives on sustainability disclosure” series entitled “Ramping up systems and processes for sustainability data”. Central Bank of Ireland The Central Bank of Ireland has published the annual Financial Conditions of Credit Unions Report, which provides an update on the financial performance and position of the sector for the financial year ended 30 September 2024.   Other news Carmichael, a specialist training and support body for non-profits in Ireland has published its latest Governance Dilemma Newsletter. These newsletters look at a real-life challenge that a Board has faced and consider a range of responses to that challenge. The most recent edition considers the issue of procurement contracts being issued where there is a conflict of interest in place. The Charity Commission for Northern Ireland has announced the appointment of Elaine Armstrong, Chief Executive of the Cedar Foundation, as the new independent Chair of its Stakeholder Engagement Forum. The Charities Regulator has issues the latest edition of the Charities Regulator News. In it you will find information including more details on charity financial reporting in Ireland. The news includes information  on the updated  Charities SORP (Statement of Recommended Practice) and details on  a (UK) public consultation on the updated Charities SORP which is now open. The deadline for completion of the consultation is midday, Friday 20th June 2025. It is also noted in the magazine that under changes in the (Irish) Charities (Amendment) Act 2024, accounting regulations will be introduced by the Minister for Rural and Community Development (who is the Minister responsible for charities) that are likely to include the Charities’ SORP. There are also updates in the magazine on trustee recruitment and retention and on the Charities Regulator stakeholder forum. They expect to be able to announce the members of the forum by early May. Accountancy Europe has issued its April 2025 SME Update and Newsletter. The UK Insolvency Service published guidance relating to director disqualification sanctions, which prohibit individuals designated under the UK sanctions regime from acting as, or being involved in the management, promotion or formation of, a company. 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 14 April, the European Council approved the European Commission’s proposal to postpone the dates of application of certain sustainability reporting and due diligence requirements. The proposal (often referred to the “Stop the clock” proposal) postpones;  by two years the entry into application of the Corporate Sustainability Reporting Directive (CSRD) requirements for large companies that have not yet started reporting, as well as listed SMEs, and  by one year the transposition deadline and the first phase of the application (covering the largest companies) of the Corporate Sustainability Due Diligence Directive (CSDDD).  Following the approval by the European Council, the legislative act was published in the EU’s Official Journal on 16 April. Member States, including Ireland, will be required to transpose the Directive into their national legislation by 31 December 2025.