In developments since the last edition, the Institute has responded to two IAASA consultations on behalf of members – the first regarding proposed changes to the Public Interest Entity (PIE) firm levy and the second regarding the suggested use of Audit Quality Indicators. As well as this, we have worked with the Insolvency Committee to create and issue a helpsheet on Collective Redundancies for Insolvency Practitioners. In addition, IAASA and the CEA have both recently issued their Annual Reports for 2025. Read more on these and other developments that may be of interest to members below.
Financial Reporting
The International Accounting Standards Board (IASB) has issued targeted amendments to clarify which investments in associates and joint ventures a company is eligible to measure using the fair value option in IAS 28 Investments in Associates and Joint Ventures. These are necessary as companies prepare to implement IFRS 18 Presentation and Disclosure in Financial Statements as stakeholders have reported diverse interpretations of how its new requirements interact with the fair value option in IAS 28. The amendments take effect when a company first applies IFRS 18.
The European Financial Reporting Advisory Group (EFRAG) published the conference report and other conference resources celebrating its 25th anniversary.
EFRAG has issued the May edition of its Podcast. This sets out some of the latest developments in sustainability and financial reporting.
Insolvency
The Professional Accountancy team and Insolvency Committee has recently published Technical Alert 04 2026 Helpsheet on Collective Redundancies for Insolvency Practitioners. This helpsheet is to assist Insolvency Practitioners in dealing with employee collective redundancies in an insolvency scenario. It outlines the legislation, process, discusses the issues and identifies some potential practical solutions for Insolvency Practitioners. This is a complex area with each case having its own nuances and legal advice should be obtained.
Auditing and Assurance
The institute has responded to two recent IAASA consultations:
- Chartered Accountants Ireland has raised concerns about proposed changes to the public-interest entity (PIE) firm levy in a consultation response to the Irish auditing regulator, IAASA.
- The suggested use of Audit Quality Indicators as proposed by IAASA in their recent consultation. The Institute’s consultation response, while supporting IAASA’s objective of enhancing audit quality, expresses significant reservations about implementing a formal AQI reporting framework now.
The Financial Reporting Council (FRC) has revised three auditing standards and issued new guidance clarifying auditor responsibilities under the revised UK Corporate Governance Code:
- The changes update three UK auditing standards - ISA (UK) 700, ISA (UK) 701 and ISA (UK) 720 following a public consultation that received broad support from stakeholders across the audit, investment and governance sectors. Chartered Accountants Ireland responded to the consultation in January this year. Read the revised standards, which take effect from 15 December 2026: ISA (UK) 700, ISA (UK) 701 and ISA (UK) 720.
- The FRC also published a Mythbuster, which sets out information for stakeholders that may assist in determining the auditor’s responsibilities under ISAs (UK) in audits of financial statements where the accompanying annual report contains the Provision 29 statement required by the UK Corporate Governance Code 2024.
As part of a wider transition to an integrated regulatory model, the FRC has updated its Audit Enforcement Procedure (AEP), enhancing its toolkit to better align supervision, investigation and enforcement activities, support earlier risk detection, enable more timely intervention, and drive continuous improvement in the audit market. The revised AEP came into effect on 1 July 2026.
The FRC has issued a new staff guidance note following the launch of the Private Intermittent Securities and Capital Exchange System (PISCES) in 2025. Read the new staff guidance note.
The International Auditing and Assurance Standards Board (IAASB) has released a new Frequently Asked Questions (FAQ) publication to support implementation of the International Standard on Sustainability Assurance (ISSA) 5000, General Requirements for Sustainability Assurance Engagements. The FAQs focus on the application of materiality in sustainability assurance engagements and are intended to promote consistent understanding and effective application of the concept under ISSA 5000.
IAASA published its 2025 Annual Report. The report outlines the Authority’s work in upholding quality corporate reporting and an accountable profession.
IAASA has published a consultation paper seeking stakeholders’ views on IAASA’s proposal to issue General Guidelines for Prescribed Accountancy Bodies. The consultation paper sets out IAASA’s proposed General Guidelines and the specific matters which IAASA is consulting on and responses are due by Friday 4 September.
Chartered Accountants Ireland would like to remind members of statutory auditor reporting obligations under the EU’s public country-by-country requirements. Details of these requirements are included in the recently issued Compendium of Illustrative Auditor’s Reports published by IAASA (in May 2026) to comply with S.I No 322/2023 - European Union (Disclosure of Income Tax Information by Certain Undertakings and Branches) Regulations 2023. For further information, members can refer to the recent news item published by Chartered Accountants Ireland.
Sustainability
EFRAG and the European Commission are hosting webinars on 22 July on the development of the draft ESRS for Third-Country Undertakings, previously called ESRS for Non-EU Groups. The European Commission will focus on the legal context and reporting requirements under Article 40a CSRD, and EFRAG will discuss the Exposure Draft ESRS for Third-Country Undertakings, including the proposed approach and timeline for its development. There same webinar will run three times on 22 July, and you can register here.
EFRAG has released the second edition of the mappings to support the application of the future Voluntary Standard and the VSME Recommendation including two reports:
EFRAG has published the 2026 State of Play Report on the implementation of the ESRS. This report is based on a study of more than 900 sustainability reports in 2025 and looks at implementation practices and what this might indicate about the future of sustainability reporting in Europe. EFRAG have also released a webcast to discuss the report and its findings.
The European Commission's Directorate-General for Taxation and Customs Union (DG TAXUD) published a new Carbon Border Adjustment Mechanism (CBAM) factsheet outlining a decision tree on how importers can report emissions using default values provided by the Commission or actual values.
Accountancy Europe has sent a letter to Commissioner Albuquerque regarding the European Sustainability Reporting Standard for third country/non-EU groups (N-ESRS), currently under development at EFRAG.
Economic crime/Anti-money laundering
In June 2026, the UK Dept. of Business & Trade released their Third progress report on the implementation and operation of the Economic Crime and Corporate Transparency Act 2023. The report reveals the strides being made to improve the accuracy of the Companies House register and disrupt economic crime. Click for the news story on the report .
Here is a link to the Dept. of Finance recently published 30‑Point Priority Action Implementation Plan designed to strengthen Ireland’s response to financial crime. The Plan contains practical measures focused on for example protecting people and supporting law enforcement. Key measures include stronger intelligence sharing between agencies and enhanced safeguards around crypto-assets and digital finance and tougher anti-money laundering measures in the area of gambling, and increased transparency around company ownership.
The sixth and final Financial Action Task Force (FATF) Plenary meeting under the Mexican Presidency took place in June, with a comprehensive range of initiatives agreed to bolster the global fight against illicit finance. These initiatives include an update of jurisdictions under increased monitoring (FATF's grey list) with Algeria and Namibia removed from the list and with Bosnia and Herzegovina and Iraq added to the grey list. The Plenary discussed and adopted reports of the joint FATF-Asia/Pacific Group (APG) mutual evaluation of Canada and the FATF mutual evaluation of Turkey, which will be published in September - October timeframe. Several strategic initiatives were also discussed and approved to strengthen global defences in the fight against illicit finance.
The FATF updated its recommendations in June 2026, which set out a comprehensive and consistent framework of measures which countries should implement to combat money laundering and terrorist financing, as well as the financing of proliferation of weapons of mass destruction. This included an update of its Recommendation 6 on targeted financial sanctions related to terrorism and terrorist financing to better support humanitarian activities.
The FATF launched its 2026-2028 Roadmap on Combatting Fraud.
As terrorist financing threats continue to evolve with the development of new technologies and digital platforms, the FATF has issued a new publication to raise awareness of key trends and typologies through which social media, instant messaging applications and streaming platforms (SMSPs) are being abused to finance terrorist activity.
The United Kingdom has taken over the Presidency of the FATF, committing to focus international efforts on collaboration and partnerships to fight crime and combat the global fraud epidemic. The new FATF President, Giles Thomson, has set out the objectives of the Presidency including strengthening the FATF’s efforts to tackle the financial flows that fuel crime, terrorism and proliferation of weapons of mass destruction, and to support safer, more resilient and more inclusive economies.
The recap of the AMLA conference held in June is now available, featuring key insights, highlights, and videos from the event's keynote speeches and panel discussions.
AMLA has published an advisory note on the money laundering and terrorist financing risks linked to the end of the Markets in Crypto-Assets Regulation (MiCAR) transitional period on 1 July 2026.
AMLA and the European Data Protection Board (EDPB) announced that they are planning to develop Joint Guidelines on partnerships for information sharing to fight financial crime while protecting personal data. AMLA and the EDPB will hold an event later this year to gather early views on the elements that would benefit from clarification in the Joint Guidelines. In addition, AMLA and the EDPB are planning to launch a public consultation on the draft Guidelines in the first half of 2027.
AMLA has launched a public consultation on a common format for reporting suspicions and providing transaction records. A public hearing on the matter will be held on 9 September 2026, from 10:00 to 12:00 CEST. For more information on the implications for reporting entities and FIUs, please access the Factsheet.
On the 2 July, AMLA concluded its public hearing on draft guidelines on ongoing monitoring of business relationships. Details of the public hearing including the slides are available on AMLA’s website. The consultation remains open until 3 September 2026.
The European Commission has proposed measures to strengthen the EU’s response to an evolving criminal landscape that is becoming more sophisticated, international, and digital. The European Commission has proposed to strengthen the capacities and roles of Europol and Eurojust to improve the fight against crime, bring criminals to justice more efficiently, and better protect EU citizens.
As previously reported, most of the provisions amending the UK’s Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 came into force on 30 June 2026. The only measures that will come into force at a later date are the new cryptoasset enhanced due diligence requirements (1 February 2027) and the new cryptoasset change-in-control regime (25 October 2027), with limited transitional provisions commencing 30 June 2026. The UK AML supervision pages in the technical hub have been updated to reflect the changes.
Central Bank of Ireland (CBI)
Any member who may themselves be or have clients which are subject to CBI’s Fitness & Probity regime will be interested in an upcoming webinar, which the CBI is hosting. The webinar will be held on Thu 23 July 2026 @ 11 AM. This is a webinar information session on Fitness & Probity Assessments and readers can find out more and register here. Questions can be submitted in advance. The session will be a practical information one on the pre-approval controlled function (PCF) assessment process. CBI writes that the webinar is for anyone who will be assessed for a PCF role and for employees at financial institutions, advisors and/or law firms who are involved in such applications.
The CBI recently launched a public consultation on evolving regulation. The CBI is seeking views on its approaches to Regulatory Impact Assessments (RIAs) and consultation with stakeholders. The consultation is open until 30 September 2026.
The CBI announced that it is taking further steps to safeguard access to cash. An 'Access to cash' web page has been established by the CBI, which includes a new map showing the location of every ATM and cash service points in the country. The public can now also notify the Central Bank if they believe there is insufficient access to cash in their community.
In June, the CBI issued its CBI Quarterly Bulletin No.2 2026. The latest Bulletin details recent developments and a forecast summary of the outlook for the Irish economy. Forecast detail includes consideration of external environment (such as closure of the Strait of Hormuz), inflation, labour market and earnings, and public finances.
Artificial Intelligence
The European Council gave its final green light on a new regulation aiming to streamline and simplify certain rules regarding artificial intelligence (AI). The new law forms part of the so-called ‘Omnibus VII’ legislative package in the EU’s simplification agenda. The package includes proposals for two regulations aiming to simplify the EU’s digital legislative framework and the implementation of harmonised rules on AI. This includes new application dates of 2 December 2027 for stand-alone high-risk AI systems and 2 August 2028 for high-risk AI systems embedded in products. The legislative act will be published in the EU’s official journal shortly and will enter into force on the third day after this publication.
Cybersecurity
Members who are involved in the cyber security area might be interested to note that the Irish government’s Joint Committee on Enterprise, Tourism and Employment is running a Public Consultation on the EU Cybersecurity Act 2 (CSA2) and invites written submissions from interested groups or individuals on this topic.
The National Cyber Security Centre (NCSC), under the Department of Justice, Home Affairs and Migration recently published “Securing AI Adoption in the Public Sector”, which provides new guidance to help public sector bodies adopt artificial intelligence securely and with confidence. While the guidelines are designed for the public sector, the principles and measures they set out are applicable to organisations of every kind. The NCSC also published an accompanying AI Cyber Security Risk Assessment document.
The European Union Agency for Cybersecurity (ENSIA) published its SME Cyber Resilience Act (CRA) survey report. The survey gathered information on how ready SMEs are to comply with the CRA. The CRA is a new EU regulation that introduces cybersecurity requirements for all products with digital elements placed on the EU market. Its aim is to ensure that software and hardware are designed securely, include proper vulnerability management and receive necessary security updates throughout their life cycle. The CRA affects manufacturers, importers and distributors of software and hardware products of all sizes, including SMEs.
ENISA published its 2025 Annual Activity Report setting out the achievements and progress in delivering the Agency’s 2025 work programme and strategy, with the aim to achieve a high common level of cybersecurity across the EU. Achievements include launch of the European Vulnerability Database as provided for by the NIS 2 Directive and continued support of the implementation of the Cybersecurity Act but also other key legislation, including the NIS 2 Directive, the Cyber Resilience Act, and the Cyber Solidarity Act.
The NCSC in Ireland published a high-level overview of threats in the cyber domain with reference to Ireland’s EU Presidency.
Data Protection
The Irish Data Protection Commission has published its Annual Report, 2025. Click for the press release on the 2025 Annual Report which outlines some of the highlights. It is interesting to note the comments of the Chairperson, Commissioner for Data Protection, that the DPC saw an unprecedented 45% increase in cases many of which involved the use of Artificial Intelligence (AI) by persons making complaints, adding to the volume and complexity of the documentation presented.
New legal requirements on how organisations handle data protection complaints are now in force in the UK, marking a significant change for businesses following the commencement of the Data (Use and Access) Act (DUAA). Friday 19 June marked the 12-month commencement of the DUAA, which means that all outstanding provisions of the Act are now in force.
Other News
The Corporate Enforcement Authority has published its 2025 Annual Report which includes 27 case studies demonstrating the CEA’s focus on individual accountability.
Accountancy Europe provided feedback on the European Commission’s proposed Regulation establishing a new 28th regime framework and the “EU Inc.” legal form.
EFRAG published its Assessment Report on the voluntary information template for SMEs and startups at the European Single Access Point (ESAP), concluding that stakeholder interest is insufficient for the template to be a meaningful and impactful tool. The assessment is based on outreach activities conducted with more than 100 stakeholders and on feedback received in response to EFRAG’s draft Assessment Report, which was issued for public consultation on 2 April 2026.
Ireland's Presidency of the Council of the European Union officially began on 1 July and will run until December 2026. Members can keep up to date with relevant presidency news on the website dedicated to the Irish Presidency of the Council of the European Union.
The European Securities and Markets Authority (ESMA), the EU financial markets regulator and supervisor, has launched a consultation on technical advice to the European Commission (EC) on selected KPIs under the Taxonomy Disclosures Delegated Act, focusing on simplification and reduction of reporting burdens for market participants.
The Financial Conduct Authority (FCA) in the UK announced the establishment of crypto rules including financial resilience requirements, capital and stress testing, and rules to mitigate the risks associated with insider trading and market manipulation. The new framework also sets out specific rules for stablecoins. The new rules will come into effect in October 2027.
Technical Roundup is taking a break for the summer, and the next Roundup will be issued on Friday 4 September. Any updates during this period will be published on the technical hub on the Institute's 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.
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