Technical Hub

Welcome to the latest edition of Technical Roundup. In developments since the last edition, the FRC has issued four new audit and financial reporting consultations, IAASA has issued its annual Observations Paper and EFRAG has released two complementary reports to support the application of the VSME standard. Read more on these and other developments that may be of interest to members below. Financial Reporting IAASA has published its annual Observations Paper  which highlights matters that management, audit committees and auditors should consider when preparing, approving and auditing financial statements for 2025 year ends. The Financial Reporting Council (FRC) has published its Annual Review of Corporate Reporting, which looks at that the quality of corporate reporting across FTSE 350 companies during the 2024/25 monitoring cycle. The Financial Reporting Council (FRC) has issued Financial Reporting Exposure Draft (FRED) 88, which proposes no changes to FRS 101 ‘Reduced Disclosure Framework’, as a result of the FRC’s 2025/26 review cycle. FRED 88 is open for comment until 16 January 2026. The IFRS Foundation has published a package of new educational material to support the implementation of the third edition of the IFRS for SMEs Accounting Standard. The International Accounting Standards Board (IASB) has published its IFRIC September 2025 update. This includes details of the decisions reached by the committee in its recent public meetings. EFRAG has issued its draft endorsement advice letter and a separate invitation to comment on the proposed EU adoption of IFRS 19 Subsidiaries without Public Accountability. This remains open for comment until 28th November. The UK Endorsement Board’s (UKEB’s) consultation on its draft endorsement criteria assessment of IFRS 18 remains open for public comment until 7 October. UKEB have also updated their work plan.   Auditing and Assurance IAASA has published its annual Observationspaper highlighting matters that management, Audit Committees and auditors should consider when preparing, approving and auditing financial statements for 2025 year end dates. IAASA has issued an updated version of ISA (Ireland) 600, Audits of Group Financial Statements (Including the Work of Component Auditors). It reflects conforming amendments arising from ISA (Ireland) 505 (Revised March 2024), External Confirmations, which is effective for audits of financial periods beginning on or after 15 December 2024. The Financial Reporting Council (FRC) has launched a consultation on proposed revisions to two key auditing standards, dealing with the auditor’s responsibilities relating to fraud and going concern: ISA (UK) 240 (Revised) The Auditor's Responsibilities Relating to Fraud in an Audit of Financial Statements ISA (UK) 570 (Revised) Going Concern The FRC is updating these standards to align with recent revisions to equivalent international standards issued by the International Audit and Assurance Standards Board (IAASB). The consultation runs until Friday 16 January 2026. The FRC has launched a consultation on proposed revisions to three auditor reporting standards: ISA (UK) 700 – Forming and opinion and reporting on Financial Statements ISA (UK) 701 – Communicating Key Audit Matters in the Independent Auditor’s report ISA (UK) 720 – The Auditor's Responsibilities Relating to Other Information The FRC is updating these standards to simplify and declutter the auditor’s report, discourage boilerplate disclosures, and encourage the inclusion of more relevant information to support investor decision-making. Alongside these proposals, further amendments are being made to align these standards with recent revisions to equivalent international standards issued by the International Audit and Assurance Standards Board (IAASB). The consultation runs until Friday 16 January.   Sustainability EFRAG has released two complementary reports to support the application of the VSME standard. This includes: A report and infographic which provides practical supports to SMEs who wish to report their greenhouse gas emissions under the VSME. This includes a focus on some of the digital tools used by entities in preparing their sustainability reports. A report and infographic providing an overview of over 200 platforms and initiatives for SMEs. This compares the characteristics of those platforms. Accountancy Europe has published a paper entitled “Sustainability Statements Based on ESRS: Compliance or Fair Presentation”. This paper discusses the challenging issues faced by ESRS preparers regarding whether their Sustainability Report should be prepared on a “compliance” or “fair presentation” framework. The piece discusses some differences between the two frameworks, as well as what both would mean for reporters. The International Sustainability Standards Board (ISSB) has published its September 2025 update and podcast. Anti-money laundering and Fraud The National Crime Agency in the UK has published issue 33 of its SARs in Action magazine. Read more about how informal value transfer systems such as Hawala can be misused to facilitate organised immigration crime The publication notes how settlement across multiple jurisdictions through value or cash outside of the banking systems presents challenges for law enforcement. This, in addition to being cost effective and efficient, makes informal value transfer systems  attractive to criminals. The publication also includes a baseline analysis from UK FIU on organised immigration crime in SARs to review the reporting for elements linked to Organised Immigration Crime (OIC ). The results note a rapid increase in reporting of OIC related SARs. Our colleagues in Professional Standards have this week issued their 3rd Regulatory Bulletin for 2025. It includes valuable updates and insights for practitioners across general practice, audit, sustainability assurance, anti-money laundering and other regulated areas. The Banking & Payments Federation Ireland (BPFI) published survey results via its fraud awareness initiative (FraudSMART) regarding money mule risks. New survey shows almost a third of 18-24-year-olds have been approached, or know someone who has been approached, to use their bank account to transfer money. The Accountancy AML Supervisors’ Group (AASG)  in the UK has recently issued AASG Guidance on Verifying Beneficial Owners .The Guidance outlines the steps that auditors, insolvency practitioners, external accountants and tax advisers should take when verifying beneficial owners to ensure consistency in approach across the entire sector. AASG has also issued its AASG risk outlook: Money laundering, terrorist financing and proliferation financing risk in the accountancy sector. The Outlook was updated to reflect the UK's National Risk Assessment 2025. The Risk Outlook sets out the key AML risks and red-flag indicators relevant to the accountancy sector. The UK's National Risk Assessment was last updated in July 2025. It is recommended that firms consider the two documents and update their internal AML policies and procedures accordingly. Central Bank of Ireland (CBI) The CBI published its quarterly Insurance newsletter outlining supervisory insights, insurance and Central Bank updates. Also, read here CBI Director Seána Cunningham’s recent remarks at European Insurance Forum 2025 on how the CBI’s approach to the regulation and supervision of the insurance sector is evolving. Read here CBI Deputy Governor Colm Kincaid’s remarks “Towards Our Future Financial Wellbeing”. The remarks were made a round table at Financial Services Ireland .He outlined how CBI is improving its approach to protecting consumers and investors through its new integrated supervisory model, and via the revised Consumer Protection Code 2026.He also spoke about the importance of financial wellbeing for individuals, families and businesses, and urged the financial services industry to become more active in the social conversation about how the emerging concept of “financial wellbeing” can shape the future of financial services and Ireland’s economic progress more generally. CBI Governor Gabriel Makhlouf recently spoke at British Irish Chamber of Commerce Annual Conference where he discussed the economic outlook in a period of global change and CBI regulatory approach in the changing environment. Finally ,in CBI news Deputy Governor Mary-Elizabeth McMunn spoke yesterday to  the Compliance Institute Annual Conference. Click to read her remarks on regulation and supervision in an uncertain world. Cybersecurity The UK National Cyber Security Centre (NCSC) issued a statement regarding the cyber incident impacting Collins Aerospace urging all organisations to make use of NCSC's free advice and guidance for SMEs and large organisations.   The National Cyber Security Centre (NCSC) in Ireland issued an alert regarding multiple vulnerabilities in Cisco products. The NCSC strongly recommends installing updates for vulnerable systems with the highest priority, after thorough testing. Affected organisations should review the latest release notes and install the relevant updates from Cisco.   The European Union Agency for Cybersecurity (ENISA) published its latest Threat Landscape report providing an overview of the most prominent cybersecurity threats and trends the EU faces in the current cyber threat ecosystem.   ENISA published an article regarding the risks of phishing as part of the European Cybersecurity Month (ECSM) awareness campaign in October. Phishing is one of the primary methods used for initial intrusion in cyberattacks. Other news Minister of State for Trade Promotion, Artificial Intelligence and Digital Transformation Niamh Smith recently met with the Chair and Members of the Company Law Review Group. She welcomed the publication of the Company Law Review Group Annual Report (May 2025) . The CLRG current two-year work programme 2024-2026 may be of interest to readers. It includes some topical items such as court appointed inspectors by third parties and review of examinership law and law on directors’ duties. The Pensions Authority has published a consultation on investment rules for personal retirement savings accounts (PRSAs). The closing date for submissions to the consultation is 17 November 2025. A consultation paper and submission form are available on the Open consultation papers area of the Pensions Authority website. In other pensions news, the Pensions Authority recently hosted its ‘Supervision of Pensions 2025–2029’ conference. The event focused on key developments in the Irish pensions landscape, including scheme consolidation, the Authority’s continued implementation of forward-looking, risk-based supervision, and the growing impact of EU regulatory obligations. The importance of high-quality data in supporting these supervisory efforts was also a central theme. Presentation slides and related materials are now available on the Events page of the Authority’s website. Accountancy Europe has published its September 2025 Newsletter. The three European Supervisory Authorities (EBA, EIOPA and ESMA - ESAs) advise financial institutions to stay alert to stability risks in uncertain and volatile times. The Report highlights various risks and for financial institutions to manage and monitor such risks including geopolitical, uncertainty regarding global trade policies, and cyber risks.    The European Banking Authority (EBA) published its Work Programme outlining the key priorities and initiatives for 2026. The EBA also published a report on the efficiency of the regulatory and supervisory framework detailing 21 actions to enhance its efficiency in the context of the overall EU effort towards simplification and efficiency. The European Commission Newsletter October 2025 includes details of two major initiatives to advance the savings and investments union and deliver tangible benefits for all citizens across the EU. The initiates relate to financial literacy and Savings and investment accounts. Boosting financial literacy and investment opportunities - Finance The Digital Regulators Group (DRG) launched the 'Short Guide to Digital Regulation', aimed at clarifying common queries in the digital regulation space in Ireland.   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.

Welcome to the latest edition of Technical Roundup. In developments since the last edition, the Department of Enterprise, Tourism and Employment has issued an Action Plan on Competitiveness and Productivity which contains 85 actions for strengthening our competitiveness and productivity performance presented across six themes. The Financial Reporting Council has also released two new Factsheets to assist FRS 102 preparers and readers may be interested in registering for some of our free upcoming CPD events. Read more on these and other developments that may be of interest to members below. Financial Reporting The Financial Reporting Council (FRC) has issued two new factsheets to support entities applying FRS 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’. The European Securities and Markets Authority (ESMA) has published its second risk monitoring report of 2025 setting out the key risk drivers currently facing EU financial markets. Registration is still open for our free, in-person events with the FRC in Belfast on 15 October and Dublin on 16 October. These events will focus on the implementation of the 2024 Periodic Review amendments to FRS 102 and FRS 105. Places are limited and are booking fast so register now if you would like to attend. The IFRS Foundation is hosting a webinar on 30 September with the theme of how companies are integrating IFRS Accounting Standards into products and services. Auditing and Assurance IAASA has released its second publication as part of its 2025 AQS Insight Series which focuses on key messages in relation to auditing of financial statement disclosures. The FRC has launched a new initiative to support the development of the capability and quality management by small audit firms looking to establish a greater presence in the UK Public Interest Entity (PIE) audit market. The Scalebox Programme will introduce a new and more proportionate supervisory approach, designed to enhance audit quality and reflect the unique needs of smaller firms. The European Commission has announced an intention to launch a consultation which could lead to measures to further convergence in audit supervision. Accountancy Europe’s recent article discusses the implications of this and has recommended some key priorities of any future supervision reform. Artificial intelligence (AI) In September 2025 the Irish government advanced the rollout of the EU Artificial Intelligence (AI) Act, confirming the designation of 15 National Competent Authorities under the AI Act. Ireland becomes one of the first six Member States to reach the critical milestone of designating the competent authorities which will be responsible for enforcement of the Act. Sustainability On Tuesday 23 September, Chartered Accountants Ireland will be hosting a webinar with the European Financial Reporting Advisory Group (EFRAG) on the Revised European Sustainability Reporting Standards (ESRS). If you would like to register to attend this free outreach event, you can do so via our website. IAASA has released a Thematic Desktop Examination on Sustainability-linked financing. The thematic examination looked at the annual reports of 17 equity issuers listed on the main market of Euronext Dublin. As the public consultation on the ESRS enters its final few days, EFRAG has prepared some informative videos and a factsheet on the proposed simplifications to the standards. The consultation remains open until 29 September. EFRAG are hosting a hybrid event on 6 October on the VSME standard entitled “The VSME Standard in Action: From the European Commission’s Recommendation to Digital Solutions.” Accountancy Europe has updated its CSRD Transposition Overview which monitors the CSRD transposition status across the EEA countries. The International Sustainability Standards Board (ISSB) will be hosting episode 12 of their “Perspectives on sustainability disclosure” webinar series on 6th October. Accountancy Europe has published its September 2025 Sustainability Update. Anti-money laundering and sanctions From our Professional Standards colleagues: we remind readers of how to be an Authorised Corporate Service Provider (ACSP) with Companies House in the UK. From 18 March 2025, you can apply to become an ACSP using Companies House new service ‘Apply to register as a Companies House authorised agent’. - To register you must be supervised for AML in the UK. - When completing the application process, you will be asked to provide your firm identity number - that will be your Institute firm number. Please ensure that the firm’s business name, address and any trading names provided to Companies House match what is recorded with the Institute, otherwise your application may be rejected. Central Bank of Ireland (CBI) The Central Bank has published its third Quarterly Bulletin of 2025.  The Central Bank has launched a consultation regarding proposed amendments to the Central Bank Undertakings for Collective Investment in Transferable Securities (UCITS) Regulations and the Central Bank Guidance on performance fees for UCITS and certain types of Retail Investor Alternative Investment Funds (AIFs). The Central Bank has launched a consultation regarding proposed amendments to the Central Bank Alternative Investment Fund Rulebook (AIF Rulebook). Other news With busy filing season almost upon us again we outline some tips and pointers for the busy Annual Return filing season which may help you navigate the process with the Companies Registration Office. We advise readers to file early if at all possible. In September 2025 the President of the European Commission delivered her State of the Union address to the European Parliament. She shares her vision for the EU, takes stock of achievements and announces major upcoming initiatives. Please click for the Letter of Intent where she detailed the actions the Commission intended to take in the following year by means of legislation and other initiatives. Click here for the document “From promise to progress: first year in office Von der Leyen Commission 2024-2029”. The Department of Enterprise, Tourism and Employment (DETE) has issued an Action Plan on Competitiveness and Productivity which contains 85 actions for strengthening our competitiveness and productivity performance presented across six themes. In other DETE news, it is holding a webinar on export controls on 25 September 2025 from 10AM to 12.30PM. The webinar is designed for current exporters, potential exporters and agents acting on behalf of exporters. Click to find out more details and to register for the webinar. The Pensions Authority has published its Annual Report and Accounts 2024. The Report and Accounts, and an accompanying statement from the Pensions Regulator is available here. The National Cyber Security Centre (NCSC) continues to flag critical vulnerabilities identified in September 2025 regarding cyber security issues that may affect Ireland as part of the ‘Alerts and Advisories’ section of its website. Recent vulnerabilities noted for SAP products, Ivanti products, and Adobe products. Th NCSC recommends installing updates for vulnerable systems. Click NCSC: News for further details. 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 has issued two new Factsheets to support entities applying FRS 102 and FRS 105. There are currently eleven factsheets in issue and each Factsheet aims to assist stakeholders by highlighting certain requirements set out in FRS 102 and other FRSs. The following Factsheets have been issued; FRS Factsheet 12 - Presentation of the financial statements- This Factsheet sets out the financial statement presentation options available to entities. While the factsheet is primarily focussed on FRS 102, the considerations for entities applying FRS 101 and FRS 105 are also addressed. The Factsheet also considers the option available to FRS 102 preparers to adapt the format of the profit and loss account and balance sheet. FRS Factsheet 13 - The Going Concern Basis of Accounting for Small Companies and Micro-entities- This factsheet aims to assist directors of small companies and micro-entities on how to address going concern- both in terms of performing going concern assessments and in preparing financial statements disclosures about their conclusions on going concern.