EU endorses IFRS 18
The International Accounting Standards Board has issued IFRS 18, Presentation and Disclosure in Financial Statements to replace IAS 1. The new standard introduces defined categories in the statement of profit or loss (operating, investing, financing); requires disclosure of management-defined performance measures; and enhances guidance on aggregation and disaggregation.
The aim is to improve comparability, transparency and consistency across companies’ financial reporting. The new standard is effective for periods beginning on or after 1 January 2027 (early application permitted). Read ACCA’s summary of the requirements and watch this video for more information.
Auto-enrolment
The Department of Social Protection has issued an update on the progress of the MyFutureFund, the automatic enrolment retirement savings system launched on 1 January 2026.
More than 763,000 employees have been automatically enrolled in MyFutureFund
To date, more than 763,000 employees who work for almost 104,000 employers have been automatically enrolled in MyFutureFund, and more than 5,000 employees have applied to join the scheme voluntarily. A total of over €60m of contributions has already been invested with the three contracted investment managers.
IAASA review
The Irish Auditing and Accounting Supervisory Authority (IAASA) has published a paper summarising financial reporting examinations completed in 2025, outlining key issues raised with companies as part of its corporate reporting supervision. The examinations covered the annual and half‑yearly reports of issuers listed primarily on Euronext Dublin, and include Bank of Ireland Group, Barclays Bank, Cairn Homes, FBD Holdings, Glanbia, Kenmare Resources, Kerry Group and Kingspan Group. The IAASA secured 28 voluntary undertakings from the companies reviewed.
FRS 102 amendments
Some companies use ‘adapted’ formats for their FRS 102 financial statements, which more closely align to IFRS formats. However, IFRS has changed after the introduction of IFRS 18, and the Financial Reporting Council has issued amendments to FRS 102 to reflect this. Companies that do not choose to adapt their financial statement formats under FRS 102 will not be impacted by these amendments.
DORA
The Digital Operational Resilience Act (DORA) is an EU regulation that requires banks, insurers and financial firms to manage cyber risks, report incidents, test digital resilience and oversee third-party technology providers to ensure that the financial system remains stable during disruptions. Presentation slides and a recording from a Central Bank of Ireland industry briefing session regarding the upcoming 2026 Register of Information preparation and submission process are available. There is also a Registers of Information website, which should assist in achieving DORA compliance.
Governance frameworks
The IAASA has reviewed the governance arrangements for the professional accounting bodies in Ireland. See the Prescribed Accountancy Bodies’ Governance of Regulatory Frameworks document.
CSRD amendments
EU Directive 2026/470, which amends the Corporate Sustainability Reporting Directive and the Corporate Sustainability Due Diligence Directive (CSDDD), was published in the EU Official Journal on 26 February 2026. The Department of Enterprise, Tourism and Employment is required to transpose its provisions into Irish law within 12 months. The directive also introduces updates to the CSDDD, with those elements to be transposed by 26 July 2028.
Directive (EU) 2026/470 is part of the EU’s Omnibus I legislative package and revises existing rules on corporate sustainability reporting and due diligence. It narrows mandatory sustainability reporting to companies with over €450m turnover and more than 1,000 employees; raises thresholds for due-diligence obligations; and introduces protections for smaller suppliers in corporate value chains.
Practice investment
The International Federation of Accountants has released new global research analysing the growth of private equity investment in professional accountancy firms and its potential implications for the future of the profession.
Audit monitoring
The IAASA publishes reports on the quality assurance review of the seven firms that perform statutory audits of public-interest entities in Ireland: BDO, Deloitte, EY, Forvis Mazars, Grant Thornton, KPMG and PwC.
The UK and the EU have created a new Sanitary and Phytosanitary Agreement
The IAASA undertook 24 inspections of individual audit files in these seven firms in 2025 (compared with 31 in 2024). Of these, 21 (25 in 2024) were graded as good audits, three (five in 2024) required improvement, and none (one in 2024) required significant improvement. The most common areas for improvement were in respect of engagement quality reviews and the audit of financial statement disclosures. Read the full report.
PAYE and employers
Revenue has published a comprehensively revised Employers’ Guide to PAYE, with updates to several sections including those on determining the employment status of an individual; what pay includes; non-cash payment; annual membership fees paid to a professional body; and expenses payments made to directors.
UK-EU trade agreement
The UK and the EU have created a new Sanitary and Phytosanitary (SPS) Agreement. This, together with the Windsor Framework, will make it easier, cheaper and more predictable for goods to move not just between the UK and the EU, but also from Great Britain to Northern Ireland.
This agreement covers the trade, production and movement of plants, animals and their products; food and feed safety; broader nutrition-related areas such as food supplements, fortified foods, food for specific groups, nutrition and health claims, and nutrition labelling; wider agrifood rules related to food labelling, organics, key agrifood marketing standards and compositional standards; and regulation of pesticides and biocides.
More information has been published by the UK Department for Environment, Food and Rural Affairs (Defra). This includes whom these changes will apply to and when; the benefits and what these will mean for businesses; what businesses can do now (including signing up for Defra email alerts); and the launch of a ‘call for information’ to understand the impact of the agreement and what further support businesses will need in order to prepare.
