Welcome to the latest edition of Technical Roundup.
In developments since the last edition, the Financial Reporting Council (FRC) has published the final revisions to two key auditing standards; ISA (UK) 240 (Revised March 2026) – The Auditor’s Responsibilities Relating to Fraud in an Audit of Financial Statements and ISA (UK) 570 (Revised March 2026) – Going Concern. The FCA recently published a summary of findings on the good and poor practices observed regarding customer due diligence (CDD) areas. The findings were published following a multi-firm review by the FCA of CDD, enhanced due diligence (EDD), and ongoing due diligence controls.
Read more on these and other developments that may be of interest to members below.
Financial Reporting
The FRC has launched a new discussion forum for stakeholders to share and discuss insights from applying FRS 102.
The European Financial Reporting Advisory Group (EFRAG) has published its final comment letter on the International Accounting Standards Board’s (IASB’s) Exposure Draft Amendments to the Fair Value Option for Investments in Associates and Joint Ventures, supporting the proposed amendments.
EFRAG is inviting preparers to give their feedback on the IASB’s proposals on Risk Mitigation Accounting and have issued a survey which will remain open until 31 May 2026.
EFRAG has published its March 2026 Update. This report summarises public technical discussions and decisions taken at EFRAG in the month.
The UK Endorsement Board (UKEB) has published its Final Comment Letter in response to the IASB’s Exposure Draft Amendments to the Fair Value Option for Investments in Associates and Joint Ventures.
UKEB has published its Draft Endorsement Criteria Assessment of Translation to a Hyperinflationary Presentation Currency (Amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates). UKEB are welcoming stakeholder comments until 27 July.
UKEB has also published its Draft Comment Letter in response to the IASB’s Exposure Draft Risk Mitigation Accounting – Proposed amendments to IFRS 9 and IFRS 7.
The Financial Reporting Council (FRC) has established a discussion forum for stakeholders to discuss the application of FRS 102.
Auditing and Assurance
IAASA has published an updated edition of its Compendium of Illustrative Reports.
Key changes in this edition include:
- Sample audit reports of an Equity Listed Public Interest and a Debt Listed Public Interest Entities
- Relevant assumptions are now placed before each of the illustrative reports rather than in the introductory section.
The updated Compendium will be available to download from the auditing and assurance standards page on IAASA's website.
The FRC is inviting stakeholders to take part in two roundtable discussions to share their views on the International Standard for Auditing for Less Complex Entities (ISA for LCE). The next roundtable will take place on Tuesday, 5 May.
IAASA has published two consultation papers with responses requested by 10 July.
- A consultation paper seeking stakeholders’ views on IAASA’s proposal to pilot the collection of Audit Quality Indicators (AQIs) from Irish firms
- A consultation paper seeking stakeholders’ views on IAASA’s proposal to amend the public-interest entity firm levy to include CSRD assurance fee income, alongside statutory audit fee income
Following a consultation late last year the Financial Reporting Council (FRC) has published the final revisions to two key auditing standards. The revised standards which will be effective for audits of financial statements for periods beginning on or after 15 December 2026 are:
Sustainability
EFRAG has produced its own sustainability report for 2025. This has been prepared under the Voluntary Standard for SMEs (VSME), the framework developed by EFRAG and it highlights how sustainability is embedded across their activities. It was prepared using the VSME Digital Template and Converter and demonstrates the practical use of the template. The EFRAG Secretariat identified several challenges commonly encountered by SME preparers in their preparation of the report and these insights will inform EFRAG's future implementation support and serve as a reference for other entities approaching their first-year reporting.
EFRAG have issued their March Update podcast which outlines the latest news and developments in sustainability and financial reporting.
EFRAG has added a new VSME Educational Video to its Knowledge Hub which explores the different functionalities of the VSME section of the Knowledge Hub.
EFRAG has submitted its Sustainability Reporting Work Programme 2026 to the European Commission. This sets out its strategic priorities and planned activities. Some of the key priorities set out by EFRAG include;
- Development of N-ESRS for non-EU groups
- Continuation of the SME ecosystem
- Implementation support
- Advancing interoperability
- Accelerating digitalization
Accountancy Europe has issued its April 2026 Sustainability Update.
The International Sustainability Standards Board (ISSB) has agreed a proposed way forward for nature related disclosures through an IFRS Practice Statement. The ISSB’s existing standards already require companies to disclose material information on all sustainability-related risks and opportunities, including nature-related matters that could reasonably be expected to affect an entity’s prospects. The proposed Practice Statement would sit alongside IFRS S1 General Requirements for Disclosure of Sustainability-related Financial Information and IFRS S2 Climate-related Disclosures, without amending the requirements set out in those Standards.
The International Sustainability Standards Board (ISSB) has released a new Transition Implementation Group (TIG) resource to support the implementation of the IFRS S1 and S2 standards. The resource presents responses to questions submitted to the TIG that were categorised as questions that can be answered applying the words in the ISSB Standards where a specific paper on the question was not prepared for discussion by the TIG. This resource will be updated as implementation questions that fall within this category are received and reported to the TIG.
The ISSB has released its April 2026 Update and Podcast.
Anti-money laundering, fraud
AMLA has launched two public consultations on draft instruments that establish how obliged entities should identify, assess, and manage money laundering and terrorist financing risks.
The FCA recently published a summary of findings on the good and poor practices observed regarding customer due diligence (CDD) areas. The findings were published following a multi-firm review by the FCA of CDD, enhanced due diligence (EDD), and ongoing due diligence controls.
AMLA is planning to hold a stakeholder roundtable session regarding 'Risk Assessment Methodology for the Non-Financial Sector' to gather early input from key stakeholders.
The Financial Action Task Force (FATF) Ministers recently agreed key priorities in the fight against illicit finance and published an associated ministerial declaration. The declaration highlights the importance and priority to focus efforts on the growing threat of fraud and strengthening an effective risk-based implementation of the FATF Standards.
The FATF published the mutual evaluation report for Italy.
The FATF published the mutual evaluation report for Austria.
The EU adopted the 20th package of sanctions against Russia. The new sanctions have a strong anti‑circumvention angle and include robust energy measures, as well as the activation for the first time of the “anti‑circumvention” tool. Please also refer to the EU Sanctions Helpdesk press release regarding the 20th sanctions package. The EU Sanctions Helpdesk supports small and medium-sized enterprises to comply with EU sanctions.
Central Bank of Ireland (CBI)
The CBI published a report highlighting that more than one in three Irish adults (35%) have experienced fraud or scams, with nearly two-thirds of victims suffering financial losses. Please also refer to the associated CBI press release.
Artificial Intelligence
The Law Society of Ireland recently issued details of their 2026 Massive Open Online Course (MOOC) ‘The Impact of Social Media, AI and the Law’, which starts on Tuesday, 9 June 2026. The MOOCs are free online courses open to all and are part of the Law Society’s Public Legal Education initiative.
IDA Ireland published an article regarding 'What the EU AI Act means for companies operating in Ireland'.
Cybersecurity
The National Cyber Security Centre (NCSC) in the UK published a blog on retaining defensive advantage in the age of frontier AI cyber capabilities.
The NCSC in the UK published points to consider when organisations are adopting AI as part of their cyber defence framework. The NCSC continues to insist that organisations improve their cyber security by also implementing basic cyber hygiene.
Data Protection
The European Data Protection Board (EDPB) has adopted a template for Data Protection Impact Assessments (DPIA). The template will help companies structure, harmonise, and evidence their DPIA reporting processes.
The EDPB marked the 10th anniversary of the GDPR’s adoption. The GDPR is now part of a broader and evolving European digital framework, alongside other digital laws such as the Digital Services Act, the Digital Markets Act, and the AI Act.
Internal Audit
The Chartered Institute of Internal Auditors (IIA) in the UK and Ireland recently announced that May is Internal Audit Awareness Month. This May, the Chartered IIA is recommending every internal auditor in the UK and Ireland to dedicate just 30 minutes to increasing awareness of why organisations and their boards need internal audit. Chartered IIA provides some ideas to increase awareness throughout the month of May.
The Chartered IIA in the UK and Ireland published a report regarding internal control failures analysing FCA enforcement action from 2021-2025 and examining cases where weaknesses in internal controls are clearly identifiable. The report notes that most control failures were concentrated in anti-money laundering (AML), fraud, and financial crime areas.
Other News
The Charities Regulator has recently issued its latest Charities e -zine. It covers topics such as who is a charity trustee, who is not a trustee, and what does the role entail? It also examines whether charities are using their registered charity number correctly and gives details of the Regulator’s newly published regulatory strategy and regulatory approach.
The Charities Commission for Northern Ireland (CCNI) has published a leaflet setting out the thresholds at which charities need to register with and submit annual reports to the Commission.
The CCNI is also conducting a survey asking charities who have experienced a drop in income to provide their views on why this is occurring.
The Irish Government recently published its Legislation Programme for Summer 2026. Click for a recent news item detailing legislation, which might be of interest to members.
Accountancy Europe recently held an event regarding the 28th Regime (EU Inc) and relevance for SMEs.
CEA issued its latest podcast covering the 'Fundamentals of Company Law'.
The Irish Companies Registration office (CRO) has recently posted that as of 30 April 2026 it will no longer be accepting Verified Identity forms (VIF) witnessed online. Click for the full Institute news item on VIF forms.
Accountancy Europe published a new factsheet on the European Single Access Point (ESAP), which will be established as an EU-wide digital platform providing centralised access to financial and sustainability information disclosed by companies within the European Union.
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.
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