Going concern
The IFRS standard-setter has published revised guidance on going concern. First published in 2021, the guidance covers the going concern issues that need to be addressed to comply with IAS 8 and/or IFRS 18.
In addition, the International Auditing and Assurance Standards Board (IAASB) has published a set of FAQs to assist accountants implementing International Standard on Auditing 570 (Revised 2024), Going Concern, which is effective for audits of financial statements for periods beginning on or after 15 December 2026.
ISA 570 will be adopted into Irish auditing standards in due course, strengthening auditors’ evaluation of management’s assessment of an entity’s ability to continue as a going concern as well as the communication and reporting on matters related to going concern.
IFRS 18
The European Financial Reporting Advisory Group (EFRAG) has submitted its endorsement advice on IFRS 18, Presentation and Disclosure in Financial Statements, to the European Commission. The accounting standard aims to offer investors a better basis for analysing and comparing corporate performance by improving the way companies communicate information in their financial statements.
EU regulation classifies AI systems into four risk categories
AI
The European Union’s artificial intelligence regulation establishes a comprehensive legal framework for the development and use of AI across the bloc. It classifies AI systems into four risk categories: unacceptable, high, limited and minimal. Under the EU’s AI Act, the Brussels-based European AI Office oversees implementation and compliance, with national authorities designated by member states, and AI regulatory sandboxes set up to support innovation in a controlled environment.
The Irish Department of Public Expenditure, NDP Delivery and Reform has created a webpage with AI resources, including guidelines for the responsible use of AI in the public service.
CRO
Some of the data stored in the Companies Registration Office (CRO) can now be accessed through an open data portal. The data includes a structured and machine-readable register of all companies recorded by the CRO in Ireland. A dashboard shows information including company types by status over the past four years, company statuses in different sectors, quarterly company registrations and strike-offs, and the top 10 industry sectors for registrations.
Resilience planning
In planning for a net-zero future, the Central Bank of Ireland has highlighted the importance of credible transition plans as a means to build resilience. Its net-zero planning transition guide aims to assist regulated firms in navigating the regulatory landscape and provides an accessible roadmap for transition planning. It helps businesses to plan better, articulate the transition-alignment of the business model and support stakeholders in transition planning.
Legislative plan
The Irish government has published its legislative programme for summer 2025. There are 23 bills prioritised for publication, 28 bills scheduled for priority drafting, and 63 other bills under development across various departments. Among the upcoming legislation is the National Cyber Security Bill, which seeks to put the National Cyber Security Centre on a statutory footing, with a formal legal mandate and powers to address growing cyber threats.
Creditors voluntary liquidation
The Consultative Committee of Accountancy Bodies Ireland (CCAB-I) has published a new handbook for creditors voluntary liquidation statutory meetings to aid directors in the pre-appointment period and insolvency professionals in the post-appointment period. It offers a compendium of statutory meeting templates and guidance around the various meetings required during the course of a creditors voluntary liquidation.
