Readers are reminded that next Monday, 15 December 2025, is the payment deadline for capital gains tax (CGT) liabilities arising in the period 1 January to 30 November 2025. Revenue’s CGT webpage details how to register for CGT via MyAccount. CGT payments can be made online using a debit/credit card or a one-off single debit instruction.

The Department of Finance and Revenue have together launched a public consultation seeking stakeholders views on an eWHT (electronic withholding tax) system in Ireland. eWHT proposes a move toward real-time taxation for self-employed taxpayers subject to withholding tax (WHT). The deadline to respond to the eWHT survey is 5.00pm on Friday 30 January 2026. As part of the public consultation, the stakeholders’ views are sought on the proposed modernisation of Professional Services Withholding Tax (PSWT) and Relevant Contracts Tax (RCT), and the expansion of a WHT mechanism to the platform economy. Feedback is also requested on the introduction of personalised deduction rates for a new modernised and expanded WHT regime for self-employed workers. Taxpayers who will be impacted by the current proposals include: Accountable persons who currently operate PSWT, Providers of professional services subject to PSWT, RCT Principal contractors and subcontractors in the construction, forestry and meat-processing sectors, Platform operators, and Platform workers. In the accompanying press release, Revenue provided details of the eWHT Consultation Hub which contains general information on the background, objectives, and features of the modernisation proposal. The hub also provides details of the impact on both new and existing stakeholders, as well as outlining how eWHT will operate for them.

A new excise duty on electric vehicles (EVs) from 2028, a further freeze on fuel duty until August 2026 and the annual increases in tobacco duty also featured on Budget day. Fuel duty The temporary 5p fuel duty cut has been extended for a further five months from 31 March 2026 to 31 August 2026. Thereafter, the cut is being reversed with three increases in stages as follows: 1p on 1 September 2026, 2p on 1 December 2026, and 2p on 1 March 2027. The planned inflationary increase for 2026/27 will not take place. However fuel duty will begin to increase with inflation again in accordance with the Retail Prices Index (RPI) starting from April 2027. EVs From April 2028 a new EV excise duty (eVED), a new mileage charge for electric and plugin hybrid cars, will take effect. Drivers will pay for their mileage on a per-mile basis alongside their existing vehicle excise duty. EVs will pay half the equivalent fuel duty rate for petrol and diesel cars, and plug-in hybrid cars will pay a reduced rate equivalent to half of the electric car rate. This will be a self-reported per-mile levy. Other electric vehicle types, such as vans, buses, motorcycles, coaches and HGVs, will be out of scope of the eVED when it is introduced as the transition to electric for these vehicle types is less advanced than for cars. At the same time, the Government also announced specific measures to help consumers choose EVs and to support effective and accessible charging infrastructure to support the transition to EVs. A consultation was launched on Budget Day which provides further detail on how the eVED will work and which also seeks views on its implementation. The consultation will remain open until 18 March 2026. According to the Budget Red Book, when the eVED takes effect, an average EV driver will pay around £240 per year or £20 per month. Tobacco duty Duty rates on all tobacco products increased by RPI inflation plus 2 percentage points from 6pm on 26 November 2025. A one-off increase of £2.20 per 100 cigarettes or 50g of other tobacco products and the annual uprating of tobacco duty by RPI plus 2 percentage points next year will take effect from 1 October 2026. Air passenger duty (APD) rates All rates of APD will increase in line with the RPI from 1 April 2027 and will be rounded to the nearest penny. In last Autumn’s Budget the Government announced plans to extend the higher APD rate to private jets over 5.7 tonnes. A summary of consultation responses to the associated consultation has been published which confirms that this will be legislated in Finance Bill 2026 to take effect from 1 April 2027. Alcohol duty All alcohol duty rates will increase in line with RPI inflation from 1 February 2026. The small producer relief discounts will also increase from the same date. Vaping duty The previously announced vaping products duty will commence as planned from 1 October 2026 at a flat rate of £2.20 per 10ml. It will apply to all vaping liquid and will work alongside the vaping duty stamps scheme to drive compliance. £10 million of funding has also been redirected from HMRC to the Border Force in 2026/27 with the aim of enhancing operational information gathering capabilities ahead of the introduction of this new duty and to support enforcement at the border. Gambling duty Following consultation, the Government has decided not to proceed with a single tax on remote betting and gaming. Instead, duties on remote gambling will be increased with different rates applying to remote betting and remote gaming. Remote gaming duty will increase from 21 percent to 40 percent from 1 April 2026. A new remote betting rate will be introduced at 25 percent from 1 April 2027 as part of the general betting duty. This new rate will not apply to self-service betting terminals, spread betting, or pool betting. Remote bets on horseracing will be excluded from these changes and will remain taxed at 15 percent. Bingo duty will be abolished from 1 April 2026. Details of the changes are set out in a policy paper. Gaming duty bands The gross gaming yield bandings for gaming duty will be frozen from 1 April 2026 until 31 March 2027. Duty free allowances A duty free allowance of 50ml per passenger for vaping products will be introduced in October 2026, alongside moving cider and sparkling wine into the beer and still wine duty free categories, respectively. Vehicle excise duty (VED) Search and rescue vehicles will be exempt from VED; work will begin with stakeholders to design and implement this exemption from April 2027. The VED rates for cars, vans, HGVs and motorcycles will increase in line with RPI inflation from 1 April 2026. The HGV levy will also increase in line with RPI inflation from the same date. The VED expensive car supplement threshold will increase from £40,000 to £50,000 for zero-emission vehicles only. This change will take effect from 1 April 2026 and will apply to zero-emission EVs registered from 1 April 2025 onwards.

Last week the Institute’s tax team and a representative from the NI Tax Committee met with HMRC to feedback our initial reaction to the 2025 Autumn Budget. The Institute highlighted a range of concerns, including our disappointment that the transferability of the £1 million allowance for agricultural property relief and business property relief, whilst welcome, was the minimum attempt made to protect the succession plans of genuine farming activity, family-owned businesses, and older farmers. Members are welcome to feedback their concerns and queries on the Budget’s tax announcements at any time by email to tax@charteredaccountants.ie. Leontia Doran, UK Tax Manager, outlined to HMRC that the early announcement of the soft landing for Making Tax Digital (MTD) for income tax quarterly filings in 2026/27, as one of our ongoing recommendations, was a welcome announcement given the scale of the change that MTD for income tax represents. The Institute also highlighted that the confirmation on Budget Day by the Government that it will not regulate tax advisers, another Institute lobbying win, provided certainty to the regulated tax agent community, and particularly our members, that they would not be facing dual regulation in future. Other matters raised included the roadmap for e-invoicing and how HMRC plans to engage on this ahead of its publication at the next Autumn Budget given our concerns about this for smaller businesses, earlier Self-Assessment payments and the forthcoming consultation on close companies reporting certain  transactions to HMRC. The Institute will continue to engage with HMRC on the Budget’s outcomes and will be discussing its impact on Northern Ireland with local Government in the coming weeks and months. For all things UK Budget related, visit our UK Autumn Budget 2025 page for useful links, news stories, guidance and analysis.  

The OECD has announced that 26 countries and jurisdictions, including Ireland and the United Kingdom, intend to implement the new international framework for the automatic exchange of information regarding offshore property. Tax administrations will have access to offshore real estate information, including ownership details, property value, transaction history and rental income.

The OECD has published two reports prepared by the Global Forum on Transparency and Exchange of Information for Tax Purposes. The reports contain the 2025 peer reviews of the implementation of the international standards of Exchange of Information on Request (EOIR) and the Automatic Exchange of Information (AEOI).

The EU Parliament’s Subcommittee on Tax Matters will host a public hearing on Thursday 11 December on the taxation of ultra-high-net-worth individuals. The hearing will review the use of loopholes and tax planning strategies to minimise tax liabilities, assess transparency measures and consider possibilities for tax authorities to enhance compliance enforcement and cross-border cooperation.

The European Financial Reporting Advisory Group (EFRAG) has published the eagerly awaited draft simplified European Sustainability Reporting Standards (ESRS), along with its technical advice to the European Commission. In its press release, EFRAG have highlighted many of the simplifications implemented which it hopes will help reporting companies integrate sustainability reporting into their business. The simplifications which EFRAG have noted include:  Standards which are “shorter, clearer, easier to understand and to implement” A 61% reduction of datapoints that are required if material Deletion of all voluntary disclosures Substantial reliefs, proportionality mechanisms and ad hoc phasing-in for challenging disclosures Principles based standards for narrative disclosures An emphasis on fair presentation A simplified materiality assessment Measures to reduce pressure in relation to data collection in the value chain Enhanced interoperability with the ISSB standards, with common disclosures preserved where possible    The European Commission will now prepare a Delegated Act to revise the first set of ESRS’s based on EFRAG’s technical advice. Also, on 4 December EFRAG launched the ESRS Knowledge Hub, an interactive online platform designed to support companies, practitioners and stakeholders in navigating the European Sustainability Reporting Standards (ESRS) and broader sustainability reporting materials developed by EFRAG. First time users can click the link to go to the landing page and register to log -in.   

Big changes are coming for Ireland’s infrastructure. This week, the Government published its Accelerating Infrastructure Report and Action Plan – a comprehensive blueprint to tackle delays and bottlenecks that have slowed down critical infrastructure projects for years. The report sets out 30 specific actions designed to speed up delivery and make the system more effective.  It is the outcome of months of work by experts on the Accelerating Infrastructure Taskforce identifying barriers to infrastructure delivery.  Why this report matters Ireland’s Revised National Development Plan commits €102billion in capital investment to 2030. But as we discussed at our recent Chartered roundtable event, investment alone isn’t enough. Projects have been stuck in planning, legal challenges, and layers of regulation. This report aims to change that, with reforms grouped under four pillars: Legal Reform, Regulatory Reform and Simplification, Co-ordination and Delivery Reform, and Public Acceptance along with 30 specific action points. It states that "Joined-up thinking is at the heart of this approach: housing, climate, energy, and competitiveness are interconnected, and this Action Plan ensures that infrastructure delivery supports all of these priorities."  We have reviewed the four pillars and pulled out the key points that you can read below.  Pillar 1: Legal reform   Legal reform is about breaking the judicial gridlock that has stalled vital projects. Judicial reviews have been a major source of delay, often tying up developments for years. The plan introduces reforms to narrow who can bring challenges, require viability checks before cases proceed, and allow emergency powers for critical infrastructure projects. These changes aim to strike a balance between protecting legal rights and ensuring essential projects can move forward without unnecessary obstruction.  Pillar 2: Regulatory reform and simplification  Regulatory Reform and Simplification is the pillar that focuses on reforming planning, licensing, consenting, and regulatory processes for critical infrastructure to make them proportionate, efficient, and balanced. Its goal is to cut unnecessary regulatory burdens, reducing time and costs while fostering innovation in delivery.  In parallel with examining the structures of the regulatory sector, the plan commits to a “major legislative reform exercise”, reviewing the legislative base that applies to the development of critical infrastructure in Ireland.  Critically, several of the actions in this pillar are focused on EU legislation, referencing the principle of proportionality as enshrined in European law and applied through a three-part test involving suitability, necessity, and balance. The government intends “that these principles cascade through the European Directives into the national legislation and associated regulatory frameworks.” This is a positive development, providing the opportunity for Ireland to rationalise and simplify existing legislative structures where necessary.   In addition, an early warning system for EU directives being transposed into Irish law will also be established, to flag any potential knock-on impacts on the delivery of infrastructure, so they can be dealt with early.  If implemented effectively, these measures could significantly reduce timelines and give businesses greater certainty.  Pillar 3: Co-ordination and delivery reform  This pillar focuses on breaking down silos and improving coordination - ensuring problems are solved speedily and responsibilities are clear. The report sets out that a new Joint Utilities and Transport Clearing House will be set up. It will centrally coordinate the state’s utilities to resolve blockages quickly, implement a statutory duty for departments and local authorities to cooperate, and introduce clear accountability measures.  The plan aims to tackle the culture of risk aversion within the public sector, including the civil service and state agencies. It proposes introducing risk appetite statements to give senior decision-makers greater confidence and protection when advancing critical infrastructure projects.  Pillar 4: Public acceptance  Infrastructure delivery is not only a technical challenge – it is a societal one. Public acceptance is fundamental to timely progress, and the report stresses the importance of clear communication, transparent evidence, and early engagement to build trust and reduce resistance. Public acceptance of the need for electrical, water and transport infrastructure development is essential for the building of a sustainable, decarbonised and successful economy.  While there is broad recognition of the need for infrastructure, opposition often emerges when local impacts are perceived, leading to delays, legal challenges, and difficulties in securing land access. To address this, the report outlines four specific actions including a duty on State Bodies to make land available for critical infrastructure, enhanced national communication campaigns to explain the benefits of infrastructure and, the establishment of a Benefits Realisation Framework for infrastructure projects.   What’s next?  The actions are split into 138 sub-actions, and the Institute is pleased to see that the sub-actions are primarily for delivery in 2026 and are particularly weighted towards completion in the first two quarters of 2026. This prioritisation reflects urgency, which is extremely welcome. The actions have set deadlines for implementation, and the report identifies the departments and agencies charged with implementation. The relevant Ministers and secretaries general of the various departments have been made ultimately responsive for ensuring the actions are completed.   The message is clear: change is coming to make infrastructure delivery faster, more predictable, and more accountable – good news for business and Ireland’s growth ambitions.  Want to know more? Linked below are some interesting reads in the media this week on the Accelerating Infrastructure Action Plan. Some items may require a subscription to read in full.  Business Post, 3 December 2025: Everything you need to know about the government’s new infrastructure plan Business Post, 3 December 2025: ‘A starting point, not a conclusion’ - business leaders on the infrastructure plan Business Post, 4 December 2025: 5 ways Ireland can learn from expensive mistake on infrastructure Business Post, 3 December 2025: Stripe and Meta chiefs among 25 to sign letter urging government action on infrastructure Irish Times, 4 December 2025: We can’t keep objecting to wind farms 10km out to sea if we want Ireland to progress Irish Times, 4 December 2025: People who object to infrastructure projects could be offered damages under new plan Irish Times, 4 December 2025: Infrastructure or bust? Nothing more important for Coalition than making this work RTÉ.ie, 3 December 2025: Government plan to speed up delivery of housing and infrastructure

  In this week’s Sustainability/ESG Bulletin, read about the reduction in Ireland’s GHG emissions, along with warnings from the Irish Fiscal Advisory Council that now is the time to prepare to address climate change. Also covered is the UK’s public consultation on new Electric Vehicle Excise Duty, Northern Ireland’s renewable electricity use, a report showing how climate reporting strengthens public bodies’ risk management, and the UK FCA proposals to ensure transparency, reliability and comparability of ESG ratings, as well as the latest articles, resources, jobs and upcoming events.   IRELAND Accelerating Infrastructure Report and Action Plan publishes The Government has this week published its Accelerating Infrastructure Report and Action Plan to address delays and bottlenecks that have slowed down critical infrastructure projects in recent years. The outcome of months of work by experts on the Accelerating Infrastructure Taskforce, the report sets out 30 specific actions designed to speed up delivery of critical infrastructure projects and make the system overall more efficient. Emphasising the importance of ‘joined-up’ thinking, the report stresses the interconnectedness of housing, climate, energy, and competitiveness with infrastructure delivery as the key to addressing the current shortcomings in all of these areas. Decarbonisation is identified as key to delivering the Government’s strategic priorities: “A resilient, decarbonised and internationally competitive electricity system is essential for the delivery of the Government’s key strategic priorities, including housing development, economic competitiveness, investment, growth and climate action.” Find further reaction to the report by the Chartered Accountants Ireland team here. Ireland’s greenhouse gas emissions down 2.0 percent from 2023 Ireland’s greenhouse gas emissions in 2024 were down 2.0 percent from 2023 and 5.4 percent from the 1990-1994 average figure. This is according to figures released from the Central Statistics Office (CSO) this week, in a statistical release titled Environmental Indicators Ireland 2025 - Global Context and Climate. The release also shows that Ireland had the second highest emissions of greenhouse gases per capita (behind Luxembourg) in the EU-27 in 2023, and that the average annual temperature in Ireland was 10.45o Celsius in 2024, the third warmest year since data became available in 1961. Environmental Indicators Ireland was first published in 2012. This release is the first of two for 2025, and covers Global Context, Greenhouse Gases and Climate Change, Water and Land Use. The second release, which will publish in the coming months, will look at the thematic areas of the Environmental Economy, Air, Energy, Transport, Waste and Biodiversity. Irish Fiscal Advisory Council warns that now is the time to prepare The Irish Fiscal Advisory Council has warned in its latest Fiscal Assessment Report that now is the time to prepare for future budgetary pressures while the economy is strong. The Report, which referred to research carried out by Eddie Casey and Killian Carroll (2023) What climate change means for Ireland’s public finances, which warns that climate change will have a significant impact on Ireland’s public finances, involving higher spending and resulting in some revenue streams falling and needing to be replaced. The pressure of addressing climate change, along with the pressure of supporting an ageing population, could amount to 6 percent of national income by 2050 (€20 billion in today’s terms). NORTHERN IRELAND/UK Public consultation on new Electric Vehicle Excise Duty The UK Government has opened a public consultation on the Electric Vehicle Excise Duty (eVED), announced by the Government in Budget 2025. The eVED is a new mileage charge for electric and plug-in hybrid cars, which will take effect from April 2028. The deadline for responses is Wednesday 18 March 2026 and you can find details including how to response here: Consultation on the Introduction of Electric Vehicle Excise Duty (eVED). Northern Ireland renewable electricity use A total of 44.2 percent of total metered electricity consumed for the year ending September 2025 was generated from metered renewable sources located in Northern Ireland. The ‘Electricity Consumption and Renewable Generation in Northern Ireland: Year ending September 2025’, which published this week, details the percentage of electricity consumption in Northern Ireland generated from renewable sources, and includes information on the type of renewable generation. Of all renewable electricity generated within Northern Ireland over the 12-month period October 2024 to September 2025, 82.2 percent was generated from wind. This compares to 81.9 percent for the previous 12-month period (year ending September 2024). Climate reporting strengthens public bodies’ grasp of risk, report finds A report from the UK’s National Audit Office (NAO) suggests that the requirement to file annual climate reports has strengthened public bodies’ grasp of relevant risk factors, leading to a range of further improvements. The report, titled Implementation of climate-related reporting in central government annual reports, evaluates the effects of new obligations upon central government bodies to report in line with the framework devised by the Taskforce on Climate-related Financial Disclosures (TCFD). The UK was among the first nations globally to introduce an internationally recognised framework of climate-related disclosure into annual reporting in central government. The NAO reportedly found examples of emerging good practice, particularly where there was integration between different government professions – such as finance, sustainability, risk and policy – and clear senior ownership of the risks and disclosures. This suggests that TCFD-aligned reporting has potential to deliver significant and valuable benefits to public bodies: “Respondents said that using TCFD to prepare their disclosures has boosted senior engagement with climate issues. In the process, it has helped leaders to improve their understanding of related risks, strengthen financial management and identify potential cost efficiencies.” FCA publishes proposals to ensure transparency, reliability and comparability of ESG ratings The UK’s Financial Conduct Authority (FCA) has published proposals to ensure that environmental, social and governance (ESG) ratings are transparent, reliable and comparable. ESG ratings inform investment decisions, risk management and regulatory reporting, and global spending on ESG data (including ratings) is projected to reach $2.2 billion in 2025. The proposal follows the decision by the UK Government to bring ESG ratings within the FCA’s remit which was supported by 95 percent of those who responded to its consultation. The aim of introducing clear, proportionate rules for transparency and governance is to help to build the market’s trust in ESG ratings and address concerns through proportionate oversight benefits business and reinforce the UK’s reputation as a global sustainable finance hub, supporting innovation and continued growth. Feedback on the proposals is invited until 31 March 2026. WORLD Greenhushing and climate communications Research conducted by the BBC, and reported upon by FTI Consulting, has found that companies may not be as reluctant to share information on climate commitments as commonly thought. The phenomenon of companies not wishing to talk about their science-aligned climate targets was described by South Pole, the Switzerland-based climate consultancy which originally coined the term ‘greenhushing’ in 2022.  Recent research by Harvard, has also found that only 13 percent of surveyed companies scaled back their sustainability efforts or public messaging, findings echoed by PwC in its 2025 Decarbonisation Report  which noted that the number of companies overall making climate commitments continued to grow showing a strong commitment to sustainability as a source of business value. “Companies may be talking less about their climate pledges, but many are focused on addressing rising energy demands, protecting value at risk, responding to evolving customer expectations, and designing their operations to secure long-term growth and resilience”.   ARTICLES ‘If we wait it will be too late’: Why 500 scientists are backing this urgent climate declaration (Euronews) PCAF Launches Updated Emissions Measurement and Reporting Standard for Financials (ESG Today) Global accounting body consults on new model for assessing bank risks (Reuters) If COP won't deliver, others will (Climate Action for Associations - CAFA) The wins of COP that nobody noticed (Financial Times) Banks should see climate resilience as a business opportunity (Sustainable Views – Subscription needed) In everyone’s interest: How the ECB can support the energy transition with green interest rates (WWF)       Events   Equality Commission for Northern Ireland, Event to Help Employers Apply Reasonable Adjustments This in-person event will help employers create inclusive workplaces for people with disabilities by demonstrating how reasonable adjustments can and should be applied. Hear from employers A&O Shearman and Belfast City Council on effective approaches, and learn about support services and programmes from disability sector representatives and government departments. Girdwood Community Hub, Belfast, Thursday 11 December 2025, 9:30am – 1:00pm | Cost: Free Pentland Centre for Sustainability in Business - Lancaster University,  SMEs - Learning about Nature and Biodiversity This is the first in a series of three free webinars from the Pentland Centre for Sustainability in Business aimed at SMEs curious about nature and biodiversity links to business activity. This session provides a natural science introduction to ecosystems and explains how these aspects impact business operations, with examples from different sectors. Virtual, Thursday 15 January 2026, 8:00am – 9:00am | 4.00pm – 5.00pm Dublin Chamber, The Sustainability Academy: Green Public Procurement Training Join us on Wednesday the 4th of February for Half-day virtual workshop on Green Public Procurement as part of Sustainable Academy, sponsored by AIB. All companies now need to learn the green public procurement rules to bid and win new contracts with the public sector. Virtual,  Wed 4th Feb 2026 | 9am - 12.30pm. Pentland Centre for Sustainability in Business - Lancaster University, Starting Your Journey with Tools and Frameworks Second in the series, this webinar explores tools and frameworks that support decision-making for nature and biodiversity, including the Natural Capital Protocol and TNFD. Learn how these approaches help businesses identify relevant priorities and communicate outcomes effectively. Virtual, Thursday 12 February 2026, 8:00am – 9: 00am | 4.00pm – 5.00pm Pentland Centre for Sustainability in Business - Lancaster University, What Does ‘Good’ Look Like in Corporate Reporting? The final session in the Pentland Centre’s free webinar series for SMEs explores what effective reporting on nature and biodiversity looks like. Drawing on global examples, this webinar highlights best practices and practical approaches for integrating nature and biodiversity into corporate reporting. Virtual, Thursday 12 March 2026, 8:00am – 9:00am | 4.00pm – 5.00pm   Sustainability Centre You can find information, guidance and supports to understand sustainability and meet the challenges it presents in our online Sustainability Centre.  

Welcome to the latest edition of Technical Roundup.  In developments since the last edition, IAASA has published its Work Programme for 2026-2028, Accountancy Europe has published a new paper which looks at third party ownership in the European accounting sector and EFRAG has published its eagerly awaited draft simplified European Sustainability Reporting Standards.  Read more on these and other developments that may be of interest to members below.  Financial Reporting   Chartered Accountants Ireland has responded to the IFRS Interpretations Committee (IFRIC) Tentative Agenda Decision on Classification of a Foreign Exchange Difference from an Intragroup Monetary Liability (or Asset) (IFRS 18). In its submission, the Institute highlighted its concerns regarding the Tentative Agenda Decision and encouraged IFRIC to undertake additional technical analysis on the issue to decide whether standard setting on this matter is necessary.  The European Financial Reporting Advisory Board (EFRAG) has updated its Endorsement Status Report to reflect the recent amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates: Translation to a Hyperinflationary Currency.  The International Accounting Standards Board (IASB) has issued its November 2025 update and podcast.  The IASB has issued illustrative examples which demonstrate how companies can apply IFRS Standards when reporting the effects of uncertainties in their financial statements.  In its recently published Exposure Draft entitled “Risk Mitigation Accounting Proposed amendments to IFRS 9 and IFRS 7”, the IASB has proposed a new accounting model which it hopes will “better reflect how financial institutions manage interest rate risk throughout their portfolios”. The Exposure Draft remains open for public comment until 31 July 2026.  As part of its work in response to the IASB research project on the Statement of Cash Flows and Related Matters, the UK Endorsement Board has published its fifth research paper on the topic. This paper covers the prevalence of net debt disclosures globally, their importance to users of financial statements, and how the IASB might improve the accessibility and comparability of this key financial performance metric.  The International Public Sector Accounting Standards Board (IPSASB) has issued an updated IPSAS 33 ‘First-time Adoption of Accrual Basis International Public Sector Accounting Standards’.  Auditing and Assurance  The Irish Auditing & Accounting Supervisory Authority (IAASA) has recently published its Work Programme for 2026–2028.   The Financial Reporting Council (FRC) has published its annual 'Audit Market and competition developments' report, showing that initiatives to promote a more resilient and competitive audit market have supported firms outside of the Big Four to build their share of Public Interest Entity (PIE) audit engagements.  Sustainability  EFRAG has published the eagerly awaited draft simplified European Sustainability Reporting Standards (ESRS), along with its technical advice to the European Commission. In its press release, EFRAG have highlighted many of the simplifications implemented which it hopes will help reporting companies integrate sustainability reporting into their business. The simplifications noted by EFRAG include:  Standards which are “shorter, clearer, easier to understand and to implement”  A 61% reduction of datapoints that are required if material  Deletion of all voluntary disclosures  An emphasis on fair presentation  A simplified materiality assessment  Measures to reduce pressure in relation to data collection in the value chain  Enhanced interoperability with the ISSB standards, with common disclosures preserved where possible  Also, on 4 December EFRAG launched the ESRS Knowledge Hub, an interactive online platform designed to support companies, practitioners and stakeholders in navigating the European Sustainability Reporting Standards (ESRS) and broader sustainability reporting materials developed by EFRAG. First time users can click the link to go to the landing page and register to log -in.  Anti-money laundering and sanctions  Bruna Szego, Chair of AMLA, appeared before the ECON and LIBE Committees of the European Parliament on 2 December 2025 in Brussels, presenting the Authority’s progress, outlining priorities, and responding to MEPs questions on a range of topics. A full recording of the hearing can be viewed at the following link.  The European Parliament published an in-depth analysis regarding the 'Future of Anti-Money Laundering in the European Union' covering AMLA’s institutional mandate, its interaction with national and EU authorities, and its potential evolution in a digitalised financial environment.   In the UK, on December 17 from 11am to 12pm GMT the Foreign, Commonwealth & Development Office and Office of Financial Sanctions Implementation are holding a free webinar about upcoming changes to the UK Consolidated List and UK Sanctions List. In this webinar they will be discussing the change taking place on the 28 January 2026, an explanation of what improvements are being made to the UK Sanctions List and its search tool and steps to take to ensure you are prepared.  Central Bank of Ireland (CBI)  The CBI hosted the fourth annual Financial System Conference on November 25. At the opening of the conference, Governor Gabriel Makhlouf delivered a speech regarding 'Better Rules, Better Outcomes: The Next Evolution in Financial Regulation'.   The CBI welcomed the announcement by the Tánaiste and Minister for Finance regarding legislation relating to the Finance (Provision of Access to Cash Infrastructure) Act 2025. For more details regarding this legislation, please refer to the following link.  Following a consultation earlier this year, the CBI published updates regarding the Fitness and Probity area including a Feedback Statement and the revised Guidance on Standards of Fitness and Probity.   The CBI published the Investment Firm and Intermediary Newsletter. The newsletter includes updates regarding a recent operational resilience thematic risk assessment, implementation of the Individual Accountability Framework (IAF), financial scams and fraud, and the Consumer Protection Code 2025.  The CBI's Deputy Governor Colm Kincaid delivered a speech regarding 'Strengthening Consumer Protection and Supervision in an Increasingly Digitalised World' at the joint International Financial Consumer Protection Organisation (FinCoNet) and Central Bank of Ireland international seminar. This seminar was held as part of the recent 2025 Annual General meeting of FinCoNet in Dublin.   The CBI announced the publication of a report regarding 'Retail Investor Participation in Ireland - Consumer Research and Analysis', which concludes that Irish households are not realising the full benefit of investment options. The report outlines that Ireland has among the lowest levels of direct retail participation in capital markets in the EU, with people tending to prefer to hold their wealth in property, life assurance and pensions, and the fact that Ireland does not yet have all the key factors to success in place to support retail investment.  The CBI's Deputy Governor Vasileios Madouros delivered a speech at the Climate Finance week outlining the macro financial effects of climate change in Ireland. The speech also focused on outlining the fact that progress towards decarbonisation has been slower than intended by the Paris Agreement and highlighted the continued focus of the CBI on climate change and associated risks despite shifting priorities globally.   The CBI's Deputy Governor Colm Kincaid addressed the Joint Oireachtas Committee on Finance, Public Expenditure, Public Service Reform and Digitalisation regarding digital banking focusing on the work of the CBI in the area of digital frauds and scams, and the CBI's evolving approach to supervising financial services provided digitally. For details of the speech, please refer to the following link.   Artificial Intelligence  The European Banking Authority (EBA) published an update regarding the 'AI Act: implications for the EU banking and payments sector', which includes an AI Act mapping exercise.  Cybersecurity  The NCSC in Ireland launched its 2025 National Cyber Risk Assessment. This is a comprehensive review of the cyber threats, systemic risks, and sectoral vulnerabilities facing the State and highlights increasingly sophisticated nation-state activity, the accelerating pace of cybercrime, and growing likelihood of cascading impacts across interconnected sectors. The 2025 National Cyber Risk Assessment is available at the following link.  The National Cyber Security Centre (NCSC) in Ireland published an alert regarding critical vulnerabilities in the Mattermost product. The NCSC strongly recommends installing updates for vulnerable systems with the highest priority, after thorough testing. Affected organisations should review the latest release notes and install the relevant updates from Mattermost.  The NCSC in the UK recently published an article calling for all small businesses to act in relation to cybersecurity including using the NCSC's Cyber Action Toolkit.   A report was published by Munster Technological University (MTU) regarding 'SME Cyber Resilience - State of the Sector 2025' in collaboration with the NCSC in Ireland. The report concludes that Ireland's small and medium enterprises (SMEs) face a critical cyber resilience gap.  Other news  The Charity Commission for Northern Ireland will hold its annual public meeting on Thursday, 22 January 2026 from 10.30am to 12.30pm at Malone House, Barnett Demesne, Belfast, BT9 5PB.  Minister of State for Trade Promotion, Artificial Intelligence and Digital Transformation Niamh Smyth recently announced the launch of a public consultation on proposed changes to the Companies Act 2014 and related legislation.  The consultation remains open until 5pm on Friday, 19 December 2025.The consultation arose from a September 2025 report from the Irish Company Law Review Group on the review of the provisions pertaining to the disclosure of an officer’s residential addresses having regard to company transparency requirements and GDPR. That report was published in November 2025.  The Corporate Enforcement Authority (CEA) has issued their November 2025 newsletter which includes updates on recent events and advocacy work, also the latest developments in company law.   The European Central Bank (ECB) has published their Consumer Expectations Survey results for October 2025.  Accountancy Europe has issued a paper entitled “Beyond Private Equity: Third-party ownership in the accountancy and audit sector”. This paper looks at how third-party ownership, including Private Equity, is reshaping the European accountancy and audit sector.  The Department of Enterprise, Tourism and Employment has carried out a periodic critical review of IAASA, as required by the Code of Conduct for the Governance of State Bodies. This report outlines that IAASA is performing well in undertaking its standard setting, supervisory enforcement and advisory functions and set out some recommendations for the Authority.  The European Parliament and Council of the European Union negotiators announced a provisional agreement on the Payment Services Regulation and the Third Payment Services Directive (PSD3). The deal focuses on a more open and competitive EU payment services sector, with strong defences against fraud and data breaches to focus on more protection from online fraud and hidden fees. In terms of next steps, the deal needs to be formally adopted by the Parliament and Council before it can come into force with exact implementation timelines not yet confirmed. The Banking and Payments Federation Ireland (BPFI) also published a statement welcoming the provisional agreement of the EU Payment Services Regulation (PSR).  The European Commission recently announced the 'European 2030 Consumer Agenda', which focuses on the strategic vision for EU consumer policy. The agenda focuses on an action plan for consumers in the Single Market, digital fairness and consumer protection online, stronger enforcement, and sustainable consumption. For details of the agenda, please refer to the attached document and factsheet.   The European Central Bank (ECB) has published a press release outlining an overview of financial stability vulnerabilities for the Euro area, which are included in the ECB's November 2025 Financial Stability Review. The review highlights that financial stability vulnerabilities remain elevated given uncertainty over geoeconomic trends and tariff impacts.   For further technical information and updates please visit the Technical Hub on the Institute website.       This information is provided as resources and information only and nothing in the information purports to provide professional advice or definitive legal interpretation(s) or opinion(s) on the applicable legislation or legal or other matters referred to in the information. If the reader is in doubt on any matter in this complex area further legal or other advice must be obtained. While every reasonable care has been taken by the Institute in the preparation of the information we do not guarantee the accuracy or veracity of any resource, guidance, information or opinion, or the appropriateness, suitability or applicability of any practice or procedure contained therein. The Institute is not responsible for any errors or omissions or for the results obtained from the use of the resources or information contained herein.  

Communication is a key skill of leadership. You can’t become a great leader until you become a great communicator. When you connect with people, that is when it becomes authentic, allowing you to speak directly to people’s needs. The same is true of networking. Two attributes are critical to your networking abilities. To communicate effectively you need to build relationships and central to that is trust. Trust is vital for forging a connection and is underpinned by how people see you. How you see yourself and the world will be reflected in your attitude, and this will also determine how you are seen.  Trust Trust is paramount. Although sometimes hard to define, we all know when it is not there. Economic uncertainty and lost faith in business and globalisation means trust is no longer the default position for cynical consumers. The annual Edelman Trust Barometer that surveys 33,000 people in 28 countries (2025) has reported that trust in four institutions – government, business, media and non-profits – is at an all-time low. Two-thirds of respondents believe they are being lied to by traditional societal leaders. Interestingly, the report shows that people trust what employees say about their company more than what it says about itself. Contrary to what many believe, trust is not some vague, squishy element of human relations; rather it is a vital component of all our interactions with each other. Put simply, high trust is a dividend and low trust is a tax. In our increasingly low trust world, trust has literally become the new currency of our global economy. What is trust? Trust is not an event. Trust is not an entitlement – trust is earned. You don’t meet somebody today and trust them tomorrow. You can’t go from anonymity to a trusted confidante overnight. Trust is won by doing what you say you will do and doing that consistently and regularly. Trust is a fundamental component of how our world works. It is a leap of faith – a belief that what we expect to happen will happen because someone did what they were supposed to do. The dictionary definition of trust is “belief in the reliability, truth, ability, or strength of someone to do something”. Trust can take years to win and be lost in a second. When damaged, trust takes a long time to regain. Networking plays a role in sales because to get a sale, two conditions must be met. First, you demonstrate that your product or service will benefit the buyer, fill their need and resolve a pain point. Secondly, you need to build a solid personal relationship based on trust.  "Trust is earned in the smallest of moments. It is earned not through heroic deeds, or even highly visible actions, but through paying attention, listening and gestures of genuine care and connection." —Brené Brown Networking is about giving to other people and adding value to their lives, comprising empathy and authenticity. In doing this, you develop trust and build a reputation for being trustworthy. People will then refer you to others, from short-term transactions come longer-term relationships. In an increasingly disconnected, fractured and untethered world characterised by an absence of trust, people search for beacons of trust and seek it in their networks. We crave belonging and want to belong to something bigger than ourselves. Companies now have to reshape their messaging around trusted employees and their networks. They need to appreciate that trust is not some mysterious element of human relations but is the foundation of everything we do – it is a hard-edged economic driver. High trust saves money and makes money.   Trust and reputation Reputation is important. It has been defined as what people say about you when you are not in the room. Reputation is a scoreboard kept by others. These other people grade your performance and tell the rest of the world. You cannot create your reputation alone, but you can influence it. ‘Reputational capital’ can be tracked and aggregated. As mentioned above, Edelman has studied trust for over 20 years and believes it is the ultimate currency in the relationship that all institutions, companies, brands, governments, NGOs and media build with their stakeholders. Trust defines an organisation’s licence to operate, lead and succeed. Trust is the foundation that allows an organisation to take risks and if it makes mistakes, to own responsibility and rebound from there. For a business, lasting trust is the strongest insurance against competitive disruption, the antidote to consumer indifference and the best path to continued growth. Without trust credibility is lost and reputation can be ruined.  “When you become leaders, the most important thing you have is your word, your trust. That’s where respect comes from.” —Michelle Obama In her book Presence Harvard Business School Professor Amy Cuddy writes that people ask two questions when they meet anyone. First, “Can I trust this person?” and secondly, “Can I respect this person?” Cuddy claims that trustworthiness is the most important factor in how people evaluate you. She says, “One thing I was always very conscious of was that people size up others in seconds and quickly decide whether they will like and trust the other person or not.” So the old cliché is true – you don’t get a second chance to make a first impression. Kingsley Aikins is founder of The Networking Institute. His new book, Networking Matters: The Power of Human Connection, is published by Chartered Accountants Ireland.