Welcome to the latest edition of Technical Roundup.
In developments since the last edition, Technical Alert (TA) 02/2024, which was issued in June 2024, has been updated to reflect the transposition the Corporate Sustainability Reporting Directive (“CSRD”) into Irish legislation and the issue of ISAE (Ireland) 3000 by IAASA. The Financial Reporting Council (FRC) has launched a campaign to assist SMEs with access to audit services and to support their growth aspirations.
Read more on these and other developments that may be of interest to members below.
Financial Reporting
The UK Endorsement Board (UKEB) has published the 2025 consolidated UK-adopted international accounting standards on behalf of the UK Government.
UKEB has issued a final call for comments on its Draft Comment Letter in response to the IASB’s Exposure Draft Provisions – Targeted Improvements. Comments are welcome until close of business on 10 February 2025.
The Financial Reporting Council (FRC) has published a draft three year strategy for 2025-28 detailing its commitment to supporting UK economic growth. It has also issued a draft Plan and Budget for 2025-26.
The International Accounting Standards Board (IASB) recently released a webcast explaining the amendments to IFRS 9 and IFRS 7 regarding power purchase agreements. The webcast explains the targeted amendments to both standards which aim to help companies better report the financial effects of nature-dependent electricity contracts
The IASB has released its January 2025 update and podcast.
The FRC has launched a campaign to assist SMEs with access to audit services and to support their growth aspirations.
EFRAG, the European Financial Reporting Advisory Group, is currently inviting financial statement preparers and users to submit their feedback on the voluntary application of IFRS 19 Subsidiaries without Public Accountability: Disclosures, allowing eligible subsidiaries to prepare reduced disclosures under IFRS Accounting Standards. The feedback will assist EFRAG in performing a cost-benefit analysis of applying the standard. The deadline for submission is 28 February 2025.
The International Public Sector Accounting Standards Board (IPSASB) has recently issued Amendments to IPSAS Standards: Specific IFRIC Interpretations.
Auditing
Sample Engagement Letter Terms for CSRD
Technical Alert (TA) 02/2024 which was issued in June 2024 has been updated to reflect the transposition the Corporate Sustainability Reporting Directive (“CSRD”) into Irish legislation and the issue of ISAE (Ireland) 3000 by IAASA.
The International Auditing and Assurance Standards Board (IAASB) and the International Ethics Standards Board for Accountants (IESBA) have launched an integrated effort to support effective implementation of their landmark standards aimed at advancing trust and transparency in sustainability reporting and assurance.
The Financial Reporting Council (FRC) has published the final report from its market study into the assurance of sustainability reporting. The 2024 study found that while the UK’s market for the assurance of sustainability reporting is functioning well, there are concerns over quality consistency amid growing demand. The report recommends three key actions; establish a clear UK policy framework; create a unified regulatory regime and improve the calibre of available information on the quality of sustainability assurance to support how the assurance market functions.
Insolvency
The Insolvency (Amendment) Rules (Northern Ireland) 2024 confirmed that from 10 January 2025 the value of a vehicle disregarded as part of an asset value for a debtor seeking a debt relief order in Northern Ireland will increase from £2,000 to £4,000.
Anti–money laundering and sanctions
Please join us for Chartered Accountants Ireland free webinar on suspicious transaction reporting at 10AM on 12 February 2025.
Accountants in practice, as designated persons under Irish Anti-Money Laundering legislation, have a statutory obligation to report suspicious transactions to both the Financial Intelligence Unit (FIU) of An Garda Síochána and the Irish Revenue Commissioners. Join representatives of both An Garda Síochána and the Revenue Commissioners on Wednesday 12 February as they provide an overview of how to report on the recently updated FIU GoAML system, as well as the Revenue system. This event will be of interest to accountants, trainees and anyone in the firm of a designated person who may come across something suspicious which might raise the obligation to make a suspicious transaction report.
Click here to learn more and to book your place today: Suspicious transaction reporting: all you need to know - ..rteredaccountants.ie
The Deputy Governor of Central Bank of Ireland Derville Rowland spoke recently on the topic of Innovation and technology in financial crime. She referenced some emerging risks and how the new AMLD 6 package will meet them : the use of AI is acknowledged under the package. Firms must ensure that human oversight is applied to decisions proposed by AI tools that may impact customers in certain areas. Details of Virtual IBANs which are linked to other payment accounts will have to be recorded in member states’ Bank Account Registers to allow law enforcement to trace funds. The concept of Information Sharing Partnerships is introduced. Credit and financial institutions will be enabled to share information relating to high-risk customers, subject to important protections.
The Central Bank of Ireland recently published a new Behind the Data (BTD) paper on Irish payment fraud statistics. Click for insights from Irish Payment Fraud Statistics.
Sustainability
The International Sustainability Standards Board (ISSB) is hosting an event on 25 February 2025 to discuss disclosures about transition plans - IFRS S2 Climate-related Disclosures.
The Financial Reporting Council (FRC) has published the final report from its market study into the assurance of sustainability reporting.
The GRI Academy has launched a new ESRS Reporting program for all reporters to prepare to navigate the Corporate Sustainability Reporting Directive (CSRD).
In its recent article, the GRI discuss some practices and steps that companies can take to mitigate against the risk of greenwashing.
The International Sustainability Standards Board (ISSB) has released a podcast hosted by ISSB Chair Emmanuel Faber and ISSB Vice-Chair Sue Lloyd discussing the latest developments around the ISSB.
In its article entitled “CSRD & CSDDD: key provisions and concepts”, Accountancy Europe look at some of the key features, concepts and differences between the two Directives.
The IFRS Foundation has published a guide entitled “Applying IFRS S1 when reporting only climate-related disclosures in accordance with IFRS S2”. This guide is intended to support the implementation of the International Sustainability Reporting Standards
Other news
The Companies Online Registration Environment (CORE) access was restored on 29 January. If your Annual Return is late and you have already contacted the Annual Returns section in the CRO they will be in touch with you soon.
The Irish Pensions Authority recently published a revised personal retirement savings account (PRSA) code of conduct. The revised code includes additional sections on conflicts of interest, risk warning, and product oversight and governance. PRSA providers must comply with the code from 1 August 2025.
The most recent episode of IFAC’s podcast series The Fast Future with IFAC discusses how small and medium sized practices can embrace technology.
The FRC hosted a webinar on Monday 3 February for insights into the feedback heard so far during its consultation on proposed revisions to the UK Stewardship Code.
For further technical information and updates please visit the Technical Hub on the Institute website.
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