A number of important regulatory and professional updates are taking effect or have been published this month. Here is a brief round-up for SPA members, covering the Fair Work Agency, the latest IFRS for SMEs Accounting Standard update, and the final phase of HMRC’s multi-factor authentication rollout for agents.
Fair Work Agency: what employers need to know
The Fair Work Agency (FWA) began operating on 7 April 2026 under the Employment Rights Act 2025.
The new agency brings together a range of labour market enforcement functions previously carried out by different bodies, alongside new enforcement powers. Its remit includes employment agency standards, National Minimum Wage and National Living Wage requirements, gangmaster licensing and protections against serious labour exploitation.
The FWA has powers to investigate suspected breaches of employment law, request information and documents, inspect records and workplaces, and take enforcement action where appropriate.
Further information is available here: Fair Work Agency enforcement statement – GOV.UK
September 2026 IFRS for SMEs Accounting Standard Update
The IFRS Foundation has published the September 2026 edition of its IFRS for SMEs Accounting Standard Update, providing a summary of recent news, developments and resources relating to the Standard and SME activities.
The September edition includes:
- a spotlight on accounting for agricultural activities;
- an update on the status of the Exposure Draft Consolidation Exception;
- news about a call for candidates for the SME Implementation Group (SMEIG);
- resources published to support implementation of the Standard; and
- an update on the use of the Standard around the world.
HMRC multi-factor authentication - final activation window
The final phase of HMRC’s rollout of multi-factor authentication (MFA) for agent accounts will take place from 28 September to 15 October 2026.
Any remaining agent accounts that have not already had MFA activated will be included in this final activation window. HMRC is unable to provide individual agents with a specific activation date.
HMRC is encouraging agents who have not yet had MFA activated to prepare in advance to help avoid disruption to their access to online services.
Further guidance on preparing for MFA is available in HMRC’s Tax Agent’s Handbook.
