European Union: Accounting and Audit

The Central Bank of Ireland has launched Consultation Paper 171, proposing significant refinements to its domestic actuarial regime and guidance for insurance and reinsurance undertakings. These changes affect the Head of Actuarial Function role, reserving policies, peer review requirements, and various life and non-life specific elements, with the consultation open for submissions until October 2026.

The Central Bank of Ireland has published a consultation on proposed refinements to the domestic actuarial regime under Solvency II, while the European Commission adopted a communication addressing competitiveness challenges in the EU banking sector. EIOPA completed its Solvency II review mandate by publishing the final set of guidelines and technical standards for the amended framework.

Given your limited time and the need to allocate it effectively in almost any business, you will need to assign a portion of the accounting workload to an outside expert team.

Grant Thornton Malta operates as an independent member firm within the global Grant Thornton network, providing assurance, tax, and advisory services to clients. Each member firm functions as a separate legal entity, delivering services independently without creating partnership obligations or liabilities between firms. The brand operates under a coordinated international framework while maintaining distinct operational and legal boundaries.

IFRS 18 applies for annual reporting periods beginning on or after 1 January 2027 and will replace IAS 1. Although it does not change recognition and measurement principles, it will significantly affect how financial performance is presented and disclosed.

Germany's financial regulator Bafin is undertaking a major structural reorganization to intensify supervision of anti-money laundering, counter-terrorism financing, and cyber risks across the financial sector. The authority is creating a new specialized Anti-Financial-Crime division and reallocating approximately 30 additional positions to high-risk areas, signaling heightened scrutiny for financial institutions. What does this mean for compliance frameworks and audit preparedness in the German banking sect

El Tribunal Supremo español establece que los activos por impuesto diferido no constituyen "beneficios propios de la explotación" a efectos de liquidar un usufructo de acciones. La sentencia delimita qué reservas societarias deben computarse cuando el usufructuario reclama el incremento de valor de las acciones al extinguirse el derecho real.

The 2026 reform raised the Cyprus corporate tax rate from 12.5% to 15%, and most commentary stopped there. However, the reform left the Cyprus notional interest deduction (NID) untouched. A higher headline rate therefore makes the NID more valuable, not less. For a company funded with equity, it can bring the effective rate on qualifying profit down to 3%.

Effective bookkeeping extends far beyond compliance and record-keeping—it provides the financial visibility, accuracy and insight businesses need to make informed decisions, manage risk and plan for growth. By asking critical questions about financial reporting timeliness, cash flow visibility, reconciliation accuracy, VAT management and data reliability, organisations can identify gaps in their bookkeeping processes before they impact business performance.