On 31 July, only three weeks after the end of the public consultation on the draft delegated act, but a month behind the schedule set by the Corporate Sustainability Reporting Directive (CSRD), the European Commission adopted the final regulation on the first set of European Sustainability Reporting Standards (ESRS), after making a few last-minute changes based on the responses (more than 600) received.
The final text of the ESRS is expected to be published in the Official Journal of the European Union by the end of this year (provided the European Parliament and the Council do not raise any objection), for entry into force from 1 January 2024 for the first companies concerned by the CSRD.
Audit & assurance news
In an era where Artificial Intelligence (AI) is reshaping the insurance landscape, traditional audit methods are facing a new challenge: black box reserving models. These sophisticated systems promise efficiency and precision but present a realm of new complexities. Black box models compute input information to produce outputs – but offer little visibility of their inner workings. These systems are...
Since the start of the year, many Central Bank of Ireland (CBI) articles and speeches have called out the Payments Institutions (PI) and Electronic Money Institutions (EMI) sector as being one of increased risk. One area of focus has been the wind-down plans for relevant institutions, ensuring that these are credible and prioritising minimising any negative impact on consumers.
2024 has seen the appointment of two new commissioners in the Data Protection Commission (DPC). The Digital Services Act is now effective, with several large organisations already being required to comply and establish a new regulator, Comisiún na Meán.
Documents
Beyond the GAAP no.179 - July - August 2023
Index - Beyond the GAAP no.179 - June - August 2023