Welcome to the latest edition of Technical Roundup, our first edition after the summer break.
This edition contains updates from 1 July to date.
In developments since the last edition, Minister Burke has announced the commencement of Section 22 of the Companies (Corporate Governance, Enforcement and Regulatory Provisions) Act 2024 resulting in a change to the current audit exemption regime, and the Minister has also signed into law Statutory Instrument S.I. No. 309/2025 - European Union (Corporate Sustainability Reporting) Regulations 2025 which transposes the ‘stop the clock’ EU Directive and corrects other anomalies.
Read more on these and other developments that may be of interest to members below.
Financial Reporting
The European Financial Reporting Advisory Group (EFRAG) has published its Feedback Statement on its response to the IASB’s Exposure Draft Provisions – Targeted Improvements. The Feedback Statement sets out the feedback received from stakeholders and explains how this input was used to inform their final comment letter.
EFRAG has also updated its EU Endorsement Status Report, which includes some recently endorsed IASB and IFRS documents.
The Financial Reporting Council (FRC) has proposed some narrow scope amendments to FRS 102 in its Exposure Draft FRED 87. This proposes changes to the prescribed formats for balance sheets where an entity applying FRS 102 uses the option to adapt the presentation format. FRED 87 remains open for public comment until 10 October 2025.
The IFRS Foundation Conference 2025 took place on 23 and 24 June with the theme of ‘Knowledge in Practice’.
In June, the International Accounting Standards Board launched its review of IFRS 16 Leases. The initial stage of this review involves a Request for Information, which is open for comment until 15 October 2025. EFRAG and the UK Endorsement Board have both published drafts of their comment letters.
The IFRS Foundation has developed stand-alone modules for each section of the IFRS for SMEs with the second of the updated modules now available.
Free CPD- learn about the upcoming changes to FRS 102
Please join us for some free CPD at our events in Belfast on 15th October and Dublin on 16th October, registrations can be made through these links. The focus of these sessions is the upcoming changes to FRS 102, which are effective from 1 January 2026. These changes will result in many FRS 102 preparers changing the way in which they measure and recognise leases and income, and these events will look at some examples of how accounting for these may change after 1 January 2026.
Auditing and Assurance
A new guidance Document TR 02/2025 Reporting under The Central Bank and Financial Services Authority of Ireland Act 2004 has been issued. This replaces two previously published documents: (1) Miscellaneous Technical Statement M46 which was issued in 2006 to provide guidance on the statutory duty on auditors to make an annual confirmation to the Financial Regulator as to whether there are matters to report in addition to, and including, any reports already submitted to them. (2) TA 05/2016 Update for auditors regarding prescribed enactments for the purposes of section 27B of the Central Bank Act 1997 which was a supplementary piece of guidance. All guidance can be found on the Institute’s Technical Hub.
The FRC has published a Practice Note Exposure Draft – Guidance for audits of smaller and/or less complex entities to help auditors deliver more proportionate audits of small and medium-sized enterprises (SMEs). The consultation period is open until 17 October.
The FRC has published a consultation on proposed amendments to the PIE auditor Registration Regulations in the UK. The consultation period is open until 2 October.
IAASA has issued its Insights Podcast Episode #3: Understanding the Annual Audit Programme and Activity Report.
The FRC has published its first guidance on the use of artificial intelligence (AI) in audit. This new guidance outlines a rational approach to implementing a hypothetical AI-enabled tool designed to support innovation across the profession.
On 18 July 2025, the FRC has published version 2.1 of Technical Actuarial Standard 300: Pensions (TAS 300).
The FRC has issued a podcast ‘In Conversation: What’s the difference between statutory audit and assurance?’ hosted by Kate O'Neill, Director of Stakeholder Engagement and Corporate Affairs.
Sustainability
The European Securities and Markets Authority (ESMA) has issued a thematic note on sustainability-related claims used in non-regulatory communications.
The International Sustainability Standards Board (ISSB) has published two exposure drafts proposing amendments to the SASB Standards and consequential amendments to the Industry-based Guidance on Implementing IFRS S2.
In an interesting and thought provoking article published by the IFRS Foundation, Jenny Bofinger-Schuster, member of the International Sustainability Standards Board (ISSB) looks at some of the deeper insights on the topic of disclosure of information about anticipated financial effects of sustainability-related risks and opportunities in a company’s financial statements.
The European Commission has adopted a set of measures to simplify the application of EU Taxonomy which will reduce the administrative burden for EU companies while preserving core climate and environmental goals.
ESMA and the European Environment Agency recently signed a Memorandum of Understanding to reinforce their collaboration in the area of sustainable finance.
The International Auditing and Assurance Standards Board is hosting a three-part webinar series in October to assist sustainability assurance practitioners and professional organizations as they adopt, implement, or apply International Standard on Sustainability Assurance (ISSA) 5000, General Requirements for Sustainability Assurance Engagements (ISSA 5000).
European Sustainability Reporting Standards
On 31 July, the European Financial Reporting Advisory Group (EFRAG) launched a 60-day public consultation on the revised and simplified European Sustainability Reporting Standards (ESRS). This consultation is a major step and follows on from the European Commission’s Omnibus proposal which seeks to make reporting under the CSRD more manageable, while maintaining alignment with the European Green Deal. The public consultation remains open until 29 September and some of the notable goals achieved in the revised draft standard include;
- Mandatory datapoints (which need to be reported if material) have been reduced by 57%
- The full set of disclosures (both mandatory and voluntary) have been reduced by 68%
- The overall length of the standards has been shortened by over 55%
VSME
Over the Summer, the Voluntary Sustainability Reporting Standard for non-listed SMEs (VSME) was recommended for voluntary use by the European Commission. While the use of this standard is not mandatory, the Commission believes that its use may be beneficial for SMEs, particularly those who are in the value chain of companies who report- or will report - under the CSRD.
UK Sustainability Reporting Standards
Over the Summer the UK government launched three separate consultations which aim to develop the sustainability reporting framework in the UK. These consultations address the following;
European Union (Corporate Sustainability Reporting) Regulations 2025
In July, the Minister for Enterprise, Tourism and Employment signed into law Statutory Instrument S.I. No. 309/2025 - European Union (Corporate Sustainability Reporting) Regulations 2025. The purpose of this Statutory Instrument (S.I.) is to transpose the ‘stop the clock’ EU Directive into Irish law and to amend the anomalies that were present in previous S.I.s relating to the transposition of the Corporate Sustainability Reporting Directive (CSRD) in Ireland. For more information on this please refer to our news item.
Reports issued in July/August 2025
IAASA has published its 2024 Annual Report.
The Corporate Enforcement Authority (CEA) has published its Annual Report for 2024.
A new report has been published showing the progress made on the recommendations from the Independent Review of Charity Regulation in Northern Ireland.
The Charities Regulator has published its 2024 annual report.
The UK Companies House has issued its annual business plan which outlines their priority commitments for the year ahead.
The Competition and Consumer Protection Commission’s (CCPC) Annual Report for 2024 was published in July 2025.
Anti-Money Laundering & Sanctions
Chartered Accountants Ireland has introduced an Annual Return for those firms supervised for AML purposes pursuant to the Anti-Money Laundering Supervision Regulations - TCSPs and Bookkeepers. Readers can find out more by clicking to read a news item on the new Annual Return from our colleagues in Professional Standards.
AMLA, the EU’s new Authority for Anti-Money Laundering and Countering the Financing of Terrorism has published its Annual Work Programme (AWP) for 2025.
The Europe Banking Authority (EBA) published its 2025 Opinion on money laundering and terrorist financing (ML/TF) risks affecting the EU’s financial sector in July 2025. Click link for the full EBA report.
On July 30, 2025, HM Treasury in the UK issued a consultation response on improving the effectiveness of the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (MLRs). The response contains a summary of the UK Government’s feedback and next steps setting out the areas where it intends to make changes to the MLRs. Readers can access the consultation response on MLRs here. In Sept 2025 the UK Government issued a draft statutory instrument (SI) and policy note on the proposed amendments to the MLRs. It seeks review of the practical operability, clarity, and effectiveness of the SI and welcomes feedback on errors, ambiguities, or unintended consequences by 30 September 2025.
In sanctions news, on 18 July 2025 the EU adopted its 18th package of sanctions against Russia. In August 2025 the EU Sanctions Helpdesk issued a guide on ownership and control. It details the rules about a Listed Person owning or controlling an entity, what ‘ownership’ of an entity and ‘control’ of an entity means and there is also some discussion of firewalls about which see more on our Technical Hub sanctions pages.
Central Bank of Ireland (CBI)
The Central Bank of Ireland updated and republished the Cross Industry Guidance on Operational Resilience in July 2025. The guidance is updated to align with the Digital Operational Resilience Regulation and Directive (DORA). Click link for the Guidance document.
Credit Union Lending Regulation Changes
The CBI announced planned targeted changes to credit union lending regulations on 14 August 2025.
This will allow the sector increased scope to provide house and business lending to members following changes in lending limits. The announcement of these changes came about following an evidence-based review and public consultation process regarding proposed changes to the lending regulations for credit unions set out in Part 4 of the Credit Union Act 1997 (Regulatory Requirements) Regulations 2016. In addition, the CBI consulted with the Minister for Finance and various stakeholders including the Credit Union Advisory Committee (CUAC) and credit union bodies regarding the draft amending regulations. The final changes to these lending regulations will come into effect on 30 September 2025.
CBI AML/CFT Sector Specific Risk Evaluation Questionnaires
The CBI is adapting its supervisory approach for AML/CFT risk in the context of Financial Action Task Force (FATF) standards, the new EU AML Framework, and future data requests from the EU Anti-Money Laundering Authority (AMLA). This is resulting in a phased implementation of sector specific AML/CFT Risk Evaluation Questionnaires (‘REQs’), which was recently announced by the CBI. Initial implementation will apply to credit, payment, and electronic money institutions. Revised REQ templates have been published for these sectors. The REQ reporting requirements apply to Regulated Financial Service Providers (RFSPs), which are subject to supervision by the CBI. This change is being highlighted for Institute members who work in RFSPs.
News on the Charities sector
Click for the press release on the Charities Regulators 2024 Report. The report includes details on statutory investigations and actions and the new tool to shine light on compliance status for charities.
The Charities Regulator recently issued their third e-zine for 2025 It includes details of publication of their new Statement of Strategy 2024-2027. The Strategy outlines the Regulator’s Strategic Objectives and Indicators being the regulatory approach, the Register, Stakeholder Engagement and Organisational Capability. Other interesting items in the e -zine include how to carry out a board appraisal and dates are confirmed for Charity Trustees’ Week 2025 which is from Monday, 10 November to Friday 14 November 2025.
A recently published article from the Charity Commission for Northern Ireland highlights some reflections from the Charity SORP-making body on the responses it received from the recent consultation on the proposed amendments to the Charity SORP. While the final version of the SORP is not yet available, the article sets out some of the feedback received from the almost 150 responses to the consultation.
New or proposed legislation
Minister Burke has announced the commencement of Section 22 of the Companies (Corporate Governance, Enforcement and Regulatory Provisions) Act 2024. This provision relates to a change to the current audit exemption regime, whereby small and micro sized companies will not, in future, automatically lose the privilege of audit exemption on a first occasion, in a five-year period, of late filing of an annual return with the Companies Registration Office. Please see the press release here.
The UK Government has passed the Protection and Disclosure of Personal Information (Amendment) Regulations 2025 which extends the types of personal information an individual can request that Companies House makes unavailable (including signature, date of birth, residential address) on the public register.
The UK Parliament published a draft of the Companies (Directors’ Report) (Payment Reporting) Regulations 2025 (“Regulations”). It has also published a draft explanatory memorandum. The purpose of the draft Regulations is stated to be to make changes to reporting requirements to require large companies to report information about their payment practices and performance within directors’ reports. Click for an Institute news item with further information.
Artificial Intelligence & Cyber
The EU Agency for Cybersecurity (ENISA) published guidance on the skills and roles for the cybersecurity professionals needed to meet NIS2 legal requirements. Click link for the Guidance document.
The Joint Committee on Artificial Intelligence established by the Oireachtas held its first public meeting in June 2025.
IBEC have recently launched their new AI Hub as part of their campaign to reinforce their role as a trusted partner to policymakers, influencers, regulators, and members on their AI journey.
Other News
The Companies Registration Office has recommenced the involuntary strike-off process in mid-August 2025. Approximately 35,000 companies are facing involuntary strike-off due to a failure to file annual returns. The backlog is because the process was paused during Covid-19 and was again paused in 2024. It will take some time to work through the backlog, but companies with the most annual returns outstanding will be dealt with in the first instance.
The Housing Agency is holding evening information meetings around the country for stakeholders, including residents, owners, and directors of Owner Management Companies (OMCs). The meetings will take place in Carrick on Shannon, Galway, Dublin, Limerick and Cork. They will cover challenges faced by OMCs and managed estates, roles and responsibilities and resources available.
The case of Downtul Limited (in liquidation) contains an extensive examination of the grounds for restricting a director under section 819 of Companies Act 2014. Click here to read the Institute’s recent news item on the Starbucks case. The respondents were found to have discharged the burden of showing they acted honestly but because they had not acted responsibly this was enough to trigger the operation of the restriction provisions. The directors were restricted for 5 years.
The Institute made a representation to the Department of Public Expenditure, Infrastructure, Public Service and Digitalisation to raise concerns expressed by members regarding the Statement on Internal Control (SIC) – a key requirement under the Code of Practice for the Governance of State Bodies.
IAASA has issued its Work Programme draft 2026-2028. While the date for response to the consultation has passed readers may still find the draft programme of interest.
Readers may find interesting the Irish Revenue Commissioners e brief on Taxation of Partnerships dated July 2025. In addition to providing guidance on the taxation of partnerships, it describes the background to partnerships, the 3 types of partnership available under Irish law, the main types of partners and gives some information on joint and several liability.
The Pensions Authority Supervision of pensions 2025 – 2029 conference will be held on Wednesday 17 September 2025 in the Round Room at the Mansion House, Dublin 2. It issued the Pensions Authority statement of strategy 2025 to 2029 in July 2025. Readers can find out more details and about the objectives in the press release issued on 10 July 2025.
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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