On 20 May 2025 the EU adopted its 17th package of sanctions against Russia. The European Council writes that the package is part of an even broader set of EU measures also targeting Russia’s hybrid activities, domestic violations of human rights and the use of riot control agents by Russian forces in Ukraine, under three other sanctions regimes. The measures agreed cover Russia’s shadow fleet, energy, military, and occupied territories. You can read more details on the 17th Package on the European Council webpage which has links to the various legal acts to bring the 17th package into force.   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 CCAB-I Insolvency Committee has published a new Creditors Voluntary Liquidation Statutory Meeting Handbook. The purpose of the Handbook is to aid directors in the pre-appointment period and insolvency professionals in the post appointment period. The Financial Reporting Council (FRC) is hosting a series of roundtables to discuss their Future of Audit Supervision Strategy (FASS). The first roundtable takes place on Monday 9th June with additional dates scheduled throughout the summer. Read more on these and other developments that may be of interest to members below. Financial Reporting The Financial Reporting Council (FRC) is hosting a series of roundtables to discuss their Future of Audit Supervision Strategy (FASS). The first roundtable takes place on Monday 9th June with additional dates scheduled throughout the summer. The European Financial Reporting Advisory Group (EFRAG) has published its draft endorsement advice on IFRS 19 ‘Subsidiaries without Public Accountability: Disclosures’. The draft advice recommends that IFRS 19 should be endorsed in the EU. The invitation to comment which accompanies the draft endorsement advice is open for public comment until of 3 September 2025. EFRAG has published its Annual Review 2024. This review provides a comprehensive overview of its activities, milestones, and strategic developments over the past year. EFRAG has also published its April 2025 update. This summarises the public technical discussions held and decisions taken over the past month. The IFRS Foundation has published a two-part webcast series which explain the main changes to the IFRS Taxonomy following the introduction of IFRS 18 Presentation and Disclosure in Financial Statements. The FRC has published the UK Stewardship Code 2026 which presents a framework for reporting that demonstrates high quality stewardship to support economic growth and investment. Auditing and Assurance The Financial Reporting Council (FRC) has issued a consultation on a proposed UK version of the International Standard on Sustainability Assurance (ISSA) 5000, “General Requirements for Sustainability Assurance Engagements”. The consultation proposes ISSA (UK) 5000 for use on a voluntary basis by assurance providers and comments are requested by 31 July 2025.  As part of its campaign to support small and medium-sized enterprises (SMEs) access audit services, the Financial Reporting Council (FRC) has issued additional material to help SMEs effectively engage with the annual audit process. The Irish Auditing and Accounting Supervisory Authority (IAASA) recently published its 2024 Annual Audit Programme and Activity Report. The report details IAASA's oversight of the audit profession during 2024, providing valuable transparency into how audit quality is regulated in Ireland. IAASA mentions its key highlights in 2024 which includes completion of supervisory reviews of accountancy bodies' investigation and disciplinary systems and support for implementation of the Corporate Sustainability Reporting Directive (CSRD) in Ireland. Insolvency The CCAB-I Insolvency Committee has published a new Creditors Voluntary Liquidation Statutory Meeting Handbook. The purpose of the Creditors Voluntary Liquidation (CVL) Statutory Meeting Handbook is to aid directors in the pre-appointment period and insolvency professionals in the post appointment period. This document provides a compendium of statutory meeting templates and guidance around the various meetings during the course of a CVL. It also assists Liquidators in complying with legislative and SIP requirements when conducting statutory meetings, reporting to creditors and approval of remuneration. On 11 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. Click here to register for this free webinar. Sustainability Wim Bartels, Chair of Accountancy Europe’s Sustainability Policy Group and member of EFRAG’s Sustainability Reporting Board, spoke on behalf of Accountancy Europe at the European Parliament (EP) Legal Affairs Committee hearing on sustainability reporting obligations on 13 May. During this, he shared some of the early insights of the CSRD and ESRD based on the first year of implementation. The International Sustainability Standards Board (ISSB) May 2025 update and podcast have been published. The International Sustainability Standards Board (ISSB) has published the recording of its tenth 'Perspectives on sustainability disclosure' webinar. The webinar is titled ‘Governance of sustainability-related risks and opportunities’. Artificial intelligence Minister of State for Trade Promotion, Artificial Intelligence and Digital Transformation Niamh Smyth made a high-profile visit to Singapore at the end of May at the invitation of the Singaporean Government to participate in Asia Tech x Singapore (ATxSG) 2025. Anti-money laundering and sanctions The Central Bank of Ireland has announced that Derville Rowland, Deputy Governor Consumer and Investor Protection, will join the newly established Anti-Money Laundering Authority (AMLA). Central Bank of Ireland (CBI) The Central Bank of Ireland published its Annual Report and Annual Performance Statement for 2024 on 29 May. Click to read the Governor’s blog on the CBI 2024 Annual Report. We reported in our last edition on the passing into law of the Finance (Provision of Access to Cash Infrastructure) Act 2025. CBI recently welcomed the enactment of the legislation saying that CBI is committed to ensuring that cash is readily available as a means of payment and it warmly welcomes the signing into law of this significant legislation. CBI has published its May 2025 Investment Firm and Intermediary Newsletter. It is a twice-yearly publication by supervision teams within the Investment Firms & Retail Intermediary Supervision Division of the Capital Markets & Funds Directorate. While the newsletter main focus is on new items on its website and regulatory issues that MiFID investment firms need to be aware of, the information on DORA Digital Operational Resilience and the EU Accessibility Act may be of general interest to readers. Click to read comments of the CBI Director, Capital Markets and Funds at the recent Blockchain Ireland Summit 2025 including some insights on the implementation of the Markets in Crypto-Assets Regulation (MiCAR) regime. Other news The Financial Reporting Council (FRC) has published the UK Stewardship Code 2026, an updated set of principles which offers a framework for reporting that demonstrates high quality stewardship to support economic growth and investment. The new Code takes effect from 1 January 2026 and aims to support long-term sustainable value creation while significantly reducing the reporting burden for signatories. The European Securities and Markets Authority (ESMA) has issued a Call for Evidence (CfE) on the retail investor journey under MiFID II in order to assemble feedback from stakeholders to better understand how retail investors engage with investment services and whether regulatory or non-regulatory barriers may be discouraging participation in capital markets. The Minister for Enterprise, Tourism and Employment, Peter Burke, TD, has announced the establishment of a dedicated Small Business Unit, based in the Department of Enterprise, Trade and Employment. Accountancy Europe has published its May 2025 update which discusses many matters of relevance to accountants across Europe including AML and sustainability. The Irish Pensions Authority recently published the text of an address in March 2025 by the Pensions Regulator to the Irish Association of Pension Funds’ Spring Conference. The address was about the Pensions Authority’s recent supervisory review activities, its plans for the rest of 2025 and its longer-term priorities. 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 CCAB-I Insolvency Committee has today published a new Creditors Voluntary Liquidation Statutory Meeting Handbook. The purpose of the Creditors Voluntary Liquidation (CVL) Statutory Meeting Handbook is to aid directors in the pre-appointment period and insolvency professionals in the post appointment period. This document provides a compendium of statutory meeting templates and guidance around the various meetings during the course of a CVL. It also assists Liquidators in complying with legislative and SIP requirements when conducting statutory meetings, reporting to creditors and approval of remuneration. Additionally, 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. To register for this free webinar, click here.  

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.