Welcome to our March Newswire.
As the clocks go forward and the days lengthen, Spring is most definitely in the air - bringing with it a new tax year. The changes and opportunities that the new tax year brings are a reminder to keep your knowledge and CPD requirements up to date.
Mercia’s extensive on-demand programme makes this easier than ever, giving you 24/7 access to high-quality educational content, enabling you and your firm to benefit from expert-led training anytime, anywhere.
With hundreds of courses available to access now, covering key areas such as tax, audit and financial reporting, you can learn at your own pace and fit CPD around your schedule.
In our March newswire, we look at the latest HMRC guidance on registering as a tax adviser and the review of Budget information security following the leak in Autumn 2025, please see the tax section for details.
On the audit and accountancy side, we examine the IAASB’s post-implementation review of ISA 540 and look at the supporting materials for the 2025 IFRS for SMEs standard released by the IFRS.
FCA Payment Services and Electronic Money Manual
From 7 May 2026, all authorised payment and e-money institutions must undergo an annual external safeguarding audit under the FCA’s new CASS 15 framework.
Our manual gives you everything you need to deliver these audit engagements in line with the FRC’s Client Assets Assurance Standard.
Solicitors Conference 2026
Join us on 28 April 2026 for a focused half‑day virtual event designed to help accountants who work with solicitors stay ahead of changes in the legal sector while gaining all the essential accountancy updates you need in one session.
AUDIT & ACCOUNTANCY
IAASB launches post‑implementation review of ISA 540
The IAASB has opened a public survey to gather feedback on how well ISA 540 (Revised) is working in practice for auditing accounting estimates. The survey is open until 15 June 2026.
IASB consults on clarifying the fair value option in IAS 28
The IASB is seeking views on proposals to clarify when investors can apply the fair value option to associates under IAS 28. The consultation runs until 20 April 2026.
IFRS releases supporting materials for the 2025 IFRS for SMEs standard
The IFRS Foundation has published new resources to help preparers apply the updated IFRS for SMEs standard. The standard is not adopted in the UK, though resources will be of interest for practitioners working in the international market.
IAASB highlights the importance of a ’‘Sceptic's Pause’’
A new IAASB resource emphasises auditor scepticism through pausing to challenge assumptions and evidence.
Pensions
PRAG issues the 2026 Pensions SORP
PRAG has released the final 2026 SORP for pension scheme reporting following extensive consultation. The SORP is applicable for periods beginning on or after 1 January 2026, and features amendments to align the framework with recent changes to the underlying FRS 102 standard.
FCA/CASS
FRC interim guidance on safeguarding assurance
The FRC has issued interim guidance for auditors performing payment and e‑money safeguarding assurance ahead of the full CASS 15 standard.
AML
Guidance on digital identities under the MLRs
The HM Treasury guidance explains how digital identity tools can be used within the UK Digital Identity and Attributes Trust Framework while meeting AML regulatory requirements.
Sustainability
UK SRS S1 and S2 published
The UK government has issued UK Sustainability Reporting Standards S1 and S2, establishing the framework for general sustainability and climate disclosures aligned with IFRS standards. Results of the FCA consultation on aligning listed issuers’ sustainability disclosures with international standards (which closed on 20 March 2026) are also awaited.
ICAEW
Quality Assurance monitoring feedback
ICAEW has published findings from firms on recent monitoring reviews, summarising feedback on review quality and support provided.
ICAEW updates TAS help sheets for 2026 FRS 102 changes
ICAEW has updated multiple helpsheets - including on loan notes, foreign currency, dividends, leases and related‑party disclosures - to align guidance with the revised FRS 102 effective from 1 January 2026.
TAX
Check if and when you need to register as a tax adviser with HMRC
HMRC has released guidance on when to register for an agent services account to interact with it on behalf of your clients.
Budget information security review
The government has published its review of Budget information security in light of the events that occurred in the run up to the 2025 Budget Statement.
Modernising and standardising company tax returns
The government is consulting on implementation timelines for the prescription of Corporation Tax computations, arrangements to ensure a smooth transition from the current rules and proposals for enforcement mechanisms to secure compliance.
The consultation also addresses mandatory online filing for amended company tax returns.
Fraud Strategy launched
The Fraud Strategy 2026 to 2029 sets out how the government will combat fraud against individuals and businesses over this period.
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