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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. 

Welcome to the latest edition of Technical Roundup. In developments since the last edition, following public consultation last year IAASA has published a revised Ethical Standard for Auditors (Ireland).  The effective date of the revised standard is for audits of financial statements for periods beginning on or after 15 December 2026. Early adoption is permitted.  The European Council has approved the Commission's proposal to postpone certain sustainability reporting requirements.  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 Final Comment Letter on the IFRS Foundation’s Exposure Draft Proposed Amendments to the IFRS Foundation Due Process Handbook.  The IFRS Foundation is hosting episode 9 of its “Perspectives on Sustainability Disclosure” webinar on 24 April.  The Financial Reporting Council (FRC) has published the key observations from the pilot phase of its actuarial monitoring programme.  The FRC has announced the introduction of a quarterly consultation release schedule. This is intended to provide consistency and clarity for stakeholders as they prepare for and respond to consultations.  The European Securities and Markets Authority (ESMA) has issued a Consultation Paper on the new clearing thresholds under the review of the European Market Infrastructure Regulation (EMIR 3). The consultation will remain open for comments until 16 June which will be followed by a final report and submission of draft technical standards to the European Commission by end 2025.  The European Securities and Markets Authority (ESMA), has published the latest edition of its Spotlight on Markets Newsletter.  The UK Department for Business and Trade has announced the appointment of Paul Lee as the next UK Endorsement Board Chair.  Auditing  Following public consultation last year, IAASA has published a revised Ethical Standard for Auditors (Ireland). The effective date of the revised standard is for audits of financial statements for periods beginning on or after 15 December 2026. Early adoption is permitted.  The International Auditing and Assurance Standards Board (IAASB) has released its revised International Standard on Auditing 570 (Revised 2024), Going Concern. The revised standard responds to corporate failures that raised questions regarding auditors’ responsibilities by significantly enhancing the auditor’s work in evaluating management’s assessment of an entity’s ability to continue as a going concern. The revise standard is effective for audits of financial statements for periods beginning on or after 15 December 2026.  The IAASB also approved ISA 240 (Revised), The Auditor’s Responsibilities Relating to Fraud in an Audit of Financial Statements. The standard will be effective for periods beginning on or after December 15, 2026, which is the same effective date as for the revised going concern standard.  The IAASB have also withdrawn ISAE 3410 Assurance Engagements on Greenhouse Gas Statements, once ISSA 5000 on sustainability assurance becomes effective as ISSA 5000 addresses all sustainability assurance engagements, including greenhouse gas-related information.  Sustainability  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 will be published in the EU’s Official Journal. Member States, including Ireland, will be required to transpose the Directive into their national legislation by 31 December 2025.  The International Sustainability Standards Board (ISSB) has issued its April 2025 update and podcast.  EFRAG has launched a call for input on the revision of the European Sustainability Reporting Standards (ESRSs) Set 1 with comments requested by 6 May 2025.  The IFRS Foundation and the Taskforce on Nature-related Financial Disclosures (TNFD) have signed a ‘Memorandum of Understanding’ (MoU) to formalise their collaboration.   Following on from the European Commission’s Omnibus Proposals, which seek to reduce the reporting burden on European Companies, Accountancy Europe has issued a statement addressing the ESRS Revision Due Process.  Economic Crime & Anti-money laundering   In April 2025 Accountancy Europe issued its new publication “New EU AML rules: advice for accountancy practitioners”. The document “…outlines concrete steps for accountancy practices, national institutes of accountants, auditors and advisors to take to be ready when the EU anti-money laundering and countering the financing of terrorism (AML/CFT) legislation takes effect in 2027….”  The European Banking Authority has recently issued its April EBA AML/CFT Newsletter which contains lots of information on AML matters. It includes news on crypto-assets and the EBA consultation on new rules related to the anti-money laundering and countering the financing of terrorism package AMLD6.  The Minister for Justice invites expressions of interest for appointment of ordinary members of the Advisory Council against Economic Crime and Corruption. The Council was established in 2022 following the Hamilton report. It advises and makes proposals on strategic and policy responses and is responsible for developing a multi-annual strategy to combat economic crime and corruption.  The UK National Crime Agency has published its latest SARs in action magazine Issue 31. You can read the SARs magazine from the link here.  Other news  The Institute has recently published a webpage on Economic Crime and Corporate Transparency Act 2023 - Changes in Companies House. The aim of this webpage is to inform members of the recent Companies House identity verification changes and how to register as an Authorised Corporate Service Provider.   Following the webinar the Institute hosted with Sean Tierney from the Corporate Enforcement Authority (CEA) on 25 March 2025 "Directors’ duties and responsibilities – what you need to know” we have published some of the questions and potential answers which were discussed at the webinar on the Business law and regulation pages on the Technical Hub.  Readers should also note that there are very useful FAQs on the CEA website – cea.gov.ie CEA-FAQs if readers have further questions about company law or the CEA’s work.   The Pensions Authority has published its supervisory activities report for 2024 which details observations and findings identified over the course of 2024.  The European Securities and Markets Authority (ESMA) has published its Consultation Paper on the remaining Regulatory Technical Standards (RTS) for external reviewers under the European Green Bonds Regulation.  On Monday, 7 April 2025 the European Insurance and Occupational Pensions Authority (EIOPA) launched its fifth EU-wide stress test for pension schemes (IORPs) which will focus on the impact of adverse market developments on the liquidity position of IORPs.   The European Commissioner for Democracy, Justice, the Rule of Law and Consumer Protection Michael Mc Grath recently welcomed the launch of a new set of guidelines for businesses in Ireland. The guidelines focus on what traders must do to uphold consumer rights when selling goods and services, following the introduction of new rules in the Consumer Rights Act 2022. Click the link above to read more about the guides which cover consumer remedies in sale of goods contracts and consumer remedies in service contracts.  The Minister for Enterprise, Tourism and Employment, Peter Burke has announced government approval to accelerate the development of a new whole-of-government Action Plan on Competitiveness and Productivity with a suite of measures designed to bolster business resilience and support competitiveness.  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 April 8th, the Institute published Technical Release TR 01/2025 Guidance on the Corporate Sustainability Reporting Directive (CSRD). This Technical Release covers the application of the CSRD in Ireland, including; An introduction to the CSRD Transposition of the CSRD in Ireland Scoping and timelines The Technical Release covers the CSRD legislation as currently drafted in Ireland. It does not address the potential implications of the recent Omnibus Proposals. This Technical Release is available to members by logging in to the Institute Technical Content section of the website. We hope to update this publication with supplementary content in coming months.

Following public consultation last year, IAASA has published a revised Ethical Standard for Auditors (Ireland). As part of the revisions to the standard, IAASA has also updated its Glossary of Terms. IAASA has also published a feedback paper which summarises its response to the main points raised by the consultation respondents. The effective date of the revised standard is for audits of financial statements for periods beginning on or after 15 December 2026. Early adoption is permitted. The feedback paper is available here. The responses received are available here. The revised standard is available here. The revised Glossary of Terms is available here.    

The International Auditing and Assurance Standards Board (IAASB) has released its revised International Standard on Auditing 570 (Revised 2024), Going Concern. The revised standard responds to corporate failures that raised questions regarding auditors’ responsibilities by significantly enhancing the auditor’s work in evaluating management’s assessment of an entity’s ability to continue as a going concern. The revise standard is effective for audits of financial statements for periods beginning on or after 15 December, 2026. ISA 570 (Revised 2024) introduces several key changes: Robust risk assessment. Auditors must conduct, in a more timely manner, thorough risk assessments to determine whether events or conditions are identified that may cast significant doubt on the entity’s ability to continue as a going concern. Evaluating Management’s Assessment. Auditors must evaluate management’s assessment of going concern irrespective of whether events or conditions are identified. In doing so, auditors must consider the potential for management bias and evaluate the underlying method, significant assumptions, and data used when management formed its assessment. Additionally, auditors must evaluate whether management’s judgements and decisions indicate potential bias. Extended date of evaluation period. The auditor’s evaluation period for going concern now extends at least twelve months from the date of approval of the financial statements, contributing to an assessment of more relevant, decision-useful information. Enhanced transparency. The standard requires clearer communication in the auditor’s report about the auditor’s responsibilities and work related to going concern and strengthened communications with those charged with governance and external parties. The IAASB also developed a fact sheet and Basis for Conclusions, which are available on the IAASB’s website. The IAASB will also issue a frequently asked questions document and technical overview video to support the revised standard’s implementation.

The Institute has today published a webpage on Economic Crime and Corporate Transparency Act 2023 - Changes in Companies House.  The aim of this webpage is to inform members of the recent Companies House identity verification changes and how to register as an Authorised Corporate Service Provider. These identity verification requirements came into effect on a voluntary basis on 8 April 2025 and will be mandatory for all company directors and People with Significant Control from Autumn 2025.  It also sets out other changes to be introduced by Companies House at a later date and reminds members of the changes from phase 1 last year.   

In April 2025 Accountancy Europe issued its publication “New EU AML rules: advice for accountancy practitioners”. The document “…outlines  concrete steps for accountancy practices, national institutes of accountants, auditors and advisors to take to be ready when the EU anti-money laundering and countering the financing of terrorism (AML/CFT) legislation takes effect in 2027….”   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, Accountancy Europe has published its 2024 Annual Report which highlights its key achievements, impacts and insights during the year. The International Sustainability Standards Board (ISSB) has released its March 2025 podcast hosted by ISSB Chair Emmanuel Faber and Vice-Chair Sue Lloyd discussing the latest developments around the ISSB. Read more on these and other developments that may be of interest to members below. Financial Reporting The SORP making body responsible for developing the Charity SORP has launched its public consultation on the next update to the Charity SORP. The update included in the Exposure Draft released includes proposed changes to reflect the amendments made in 2024 to FRS 102 as part of the periodic review of that standard. The consultation period will run until 20 June 2025. Carmichael, a specialist training and support body for nonprofits in Ireland, is hosting a webinar on 15 April to discuss the proposed updates to the SORP, including the implications it may have for charities. The International Accounting Standards Board (IASB) has released its March 2025 update and podcast. The IFRS Foundation has released a recording of its recent event “Disclosures about transition plans”. The IFRS Foundation has published its annual report and audited financial statements for 2024. This highlights some of the achievements made by the organisation in 2024. The IFRS Foundation has released a podcast and webcast to help users understand the changes set out in the third edition of the IFRS for SMEs Accounting Standard. It has also released the March 2025 IFRS for SMEs Accounting Standard Update. The Financial Reporting Council (FRC) has issued minor amendments to the FRS 102 and FRS 105 standards. These amendments reflect the recent increase to the UK company size thresholds, which are referred to in both standards. For more information on this please see our recent news item. The European Financial Reporting Advisory Group (EFRAG) has released its February 2025 update and podcast. EFRAG is inviting preparers, users, auditors, regulators and other stakeholders to participate in their upcoming roundtable on 25 April entitled “Practical Considerations of Connecting Financial and Sustainability Reporting”. Accountancy Europe has published its 2024 Annual Report which highlights its key achievements, impacts and insights during the year. The UK Endorsement Board (UKEB) has published its 2025/28 Regulatory Strategy and Feedback Statement. UKEB has published its final comment letter in relation to the IASB Exposure Draft Proposed Amendments to the IFRS Foundation Due Process Handbook. Auditing The Financial Reporting Council (FRC) has published an updated letter regarding its approach to capital restructuring at UK audit firms. Originally issued in September 2024, it provides further clarity on the FRC's position on this area. UKFIU material on anti-money laundering, EU Sanctions Helpdesk The UK FIU has published its 2024 Annual Report. The report covers key statistics around Suspicious Activity Reports (SARs) in the Financial Year 2023 to 2024 and includes £240.1million being denied to suspected criminals because of Defence Against Money Laundering (DAML) requests. Click here to read the Report. As part of sector specific SAR Best Practice Workshops, the UKFIU Engagement Team’s April 2025 workshop webinar will be for the Accountancy sector and is scheduled for 29 April 2025 Register here. It is aimed at Money Laundering Reporting Officers (MLROs), Nominated Officers (NOs) or colleagues who write SAR submissions within organisations with AML compliance teams of 5 or less. Finally in UK FIU news, please click to hear a UKFIU podcast with the issue of professional enablers discussed by panellists. A new service, the EU Sanctions Helpdesk has been set up to support European SMEs in complying with sanctions. The service is funded by the European Union. The Helpdesk offers resources and personalised assistance free of charge to companies performing sanctions due diligence checks. It also manages a dedicated website featuring sanctions-related information, events, tips, lessons learned, and more.  Readers can click to read more about the EU Sanctions Helpdesk, Visit the EU Sanctions Helpdesk website, Submit a request to the EU Sanctions Compliance Support Service & read Frequently asked questions and access the Audiovisual Service. Sustainability European Commission Omnibus proposal: The Minister for Enterprise, Tourism and Employment, Peter Burke, has issued a statement in which he welcomed proposals by the European Commission to introduce significant changes to the requirements for companies to report on corporate sustainability matters. The Institute previously issued a news item outlining the main changes proposed to the regulations. The European Commission and the European Parliament has recently approved the ‘stop the clock’ proposal which postpones the application of all reporting requirements in the CSRD for companies that are due to report in 2026 and 2027 (so-called wave 2 and 3 companies) and which postpones the transposition deadline and the first wave of application of the CSDDD by one year to 2028. This will now be sent for approval by the European Council. In other news on the Omnibus, Maria Luís Albuquerque, the EU Commissioner for Financial Services and Investments, sent a letter to EFRAG asking for updated recommendations to comply with the current proposal. The letter asks EFRAG to initiate the process to develop technical advice for the modification of the ESRS, including substantially reducing the number of mandatory ESRS datapoints.  EFRAG has until April 15th to draft a workplan with a target completion deadline of October 31st 2025. The International Sustainability Standards Board (ISSB) has published the recording of its eighth 'Perspectives on sustainability disclosure' webinar. The webinar is titled 'The future of integrated reporting and integrated thinking'. The International Sustainability Standards Board (ISSB) has released its March 2025 podcast hosted by ISSB Chair Emmanuel Faber and ISSB Vice-Chair Sue Lloyd discussing the latest developments around the ISSB. The IFRS Foundation has published a ‘Roadmap Development Tool’, which is intended to support jurisdictions in the planning and the design of their adoption roadmaps for ISSB standards. The IFRS Foundation has released a series of webcasts to support companies in identifying and disclosing material information about sustainability-related risks and opportunities. Central Bank of Ireland In March 2025 the Central Bank of Ireland (CBI) published its revised Consumer Protection Code. Please click to access the Central Bank’s page on the Consumer Protection Code 2025. The existing Consumer Protection Code of 2012 continues to apply to regulated firms, and the protections that are currently in place remain effective until the revised Code takes effect on 24 March 2026. Please also click to access the Central Bank's Consumer Code feedback document giving its reasons for its approach to the update Code and click here to read the Central Bank Governor’s opening remarks at the new Code’s launch. In other Central Bank news click to read the Central Bank’s Deputy Governor address to the Institute of Bankers in April 2025 entitled “Shocks and shifts – Regulation and Supervision in a changing world“.Topics she spoke about included the Central Bank’s more integrated approach to supervision and the  regulatory simplification agenda. Finally in CBI news, readers interested in the area of cryptoassets will be interested to read the Central Bank’s Director of Capital Markets & Funds remarks at a Markets in Cryptoassets Regulation (MiCAR) Industry Briefing in March 2025. He considers how CBI thinks about MiCAR and cryptoassets and what it is focusing on in implementing MiCAR: governance and culture, consumer interests and crime and fraud. Other news In the height of AGM season 2025 readers may find useful A&L Goodbody LLP solicitors guide to some of the key themes and issues which may be on the agenda for Irish listed companies this year. Click to read the guide “What’s on the agenda? AGM Season 2025”. Readers may be interested in the recent publication by the  Dept. of Enterprise Trade and Employment (DETE) of the Employment (Contractual Retirement Ages) Bill 2025. When enacted it will deliver a new employment right allowing but in no way compelling an employee to stay in employment until the State Pension Age (66). It will allow workers whose contract has a retirement age of 65 or under to work to State Pension Age of 66, if they so wish. Click here for a DETE press release on the draft legislation. The text has been published of the speech the Pensions Regulator gave to the Irish Association of Pension Funds’ Spring Conference in March 2025. Topics he spoke on include the Pensions Authority’ recent supervisory review activities, it’s 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 Financial Reporting Council (FRC) has issued minor amendments to the FRS 102 and FRS 105 standards. These amendments reflect the recent increase to the UK company size thresholds, which are referred to in appendix 3 of both standards. The changes have been published as an amendment document and should be read together with the current version of the full standards to constitute the latest edition. As part of the update, the following documents have been published. A summary document which outlines the changes FRS 102 and FRS 105 amendments effective from 6 April 2025 An updated Overview of the financial reporting framework document Updated scoping tables An updated FRS 102 Factsheet 8 – Climate-related matters