Chartered Accountants Ireland is issuing 'Guidance for audit evidence and documentation' to members in practice carrying out audits (in Ireland, Northern Ireland, and the UK) for this busy season. This guidance is based on common issues arising on audit monitoring visits and will support members with understanding requirements when it comes to gathering sufficient appropriate (relevant and reliable) evidence to support financial statement balances, transactions, and disclosures that are assessed as material during the audit. This is to ensure compliance with International Standards on Auditing (ISA) 230 Audit Documentation and ISA 500 Audit Evidence. This guidance is not designed to cover all audit documentation and audit evidence areas given it’s based on common themes arising during audit monitoring visits. The focus of the guidance is on the ISAs and does not include requirements regarding Irish and UK law. Members should note that this guidance is not mandatory and should not be a substitute for reading the ISAs. The guidance covers areas including: International Standard on Quality Management (ISQM) 1 Risk assessments at the engagement level Evidence and documentation regarding accounting estimates and going concern Auditing contract management activities Group audit documentation Considerations for regulated audit clients Fraud considerations Financial reporting areas to consider during audits Interpretation of small companies' exemption rules For further details, members should refer to the attached 'Guidance for audit evidence and documentation'.    This information is provided as resources and information only and nothing in these pages 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 pages. 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 these pages, 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 in these pages.

In this extract from Important Work: A History of Irish Chartered & Certified Public Accountants, authors Brenda Clerkin, Bríd Murphy and Martin Quinn reflect on the place of trust and accountability in modern accounting, where complex technologies such as AI play an increasing role, and how this affects the future of the profession. Trust has always formed the bedrock of professional accountancy. Yet, public confidence in the profession has periodically been shaken by corporate scandals, audit failures and the global financial crisis. In this context, the rise of AI and advanced analytical tools presents both a chal¬lenge and an opportunity. Paradoxically, if embraced strategically, these technologies may strengthen rather than erode trust in the profession. As machines take over routine, data-heavy tasks, accountants will increasingly be judged on how they handle exceptions, escalations, risk judgements, anomaly detection and interpretative insights. Their role will evolve from data processors to ‘sense-checkers’ of machine outputs – providing assurance that algorithmic systems (including AI) are properly built, tested, validated and free from bias. In this capacity, the accountant becomes a ‘data guardian’ or ‘model reviewer’, ensuring that AI oper¬ates under sound professional oversight. With automation handling the minutiae, human professionals can focus on higher-value work: exercising judgement, evaluating risk, interpreting scenarios and prioritising what truly matters to clients. However, the integration of AI also introduces new layers of ethical and governance complexity. Bias, fairness, interpretability and account¬ability become central concerns. A misclassified fraud or a flawed predictive model can expose organisations to severe reputational and regulatory risks. To manage these challenges, accountants must develop strong capabilities in ethics, transparency, explainable AI, and technology governance. The profession must therefore make ‘ethics + technology governance’ a core pillar of education and continuous development. Beyond internal capability, accountants must engage with regulators and legislators to help shape emerging standards for algorithmic financial reporting, AI auditing and oversight – ensuring that technology serves the public interest rather than undermines it. Conclusions on the direction of the profession In the coming years and decades, the accountancy profession in Ireland must evolve from being a labour-intensive, compliance-driven practice into a forward-looking, insight-led, trust-based profession. Technology – AI, automation, data analytics, cloud computing, blockchain – will do much of the mechanical work. But the real value will reside in human judgement, ethical leadership, strategic advisory capacity, risk oversight, domain expertise, client and stakeholder relationships and the govern¬ance of technology. To succeed, the profession must attract, retain and motivate talent by offering meaningful work, flexibility, diversification and personal devel¬opment. It must revamp education and CPD to build capacity for the ever-changing demands on the profession. It must shed stereotypes of long hours and drudgery, and project a more modern, purpose-driven brand. And, crucially, it must anchor all of this on trust – assuring clients, regulators and the public that even in an AI-driven world, the human professional remains the conscience, the overseer and the guarantor of integrity. Important Work: A History of Irish Chartered & Certified Public Accountants will be launched on Thursday, 19 March at 6pm at Chartered Accountants House, Dubin 2. You can order a copy of the book in our bookshop. You can register to attend the event which will feature addresses by author Martin Quinn, Institute President Pamela McCreedy and a keynote address by Professor of Economics at the University of Limerick, Professor Stephen Kinsella.

Chartered Accountants Ireland was one of seven bodies internationally which renewed a Mutual Recognition Agreement (MRA) with CPA Canada as announced this week. The Institute has 10 MRAs in place with global bodies, allowing members of each institute to benefit from recognition and member supports in each other's representative bodies. Commenting on the benefits for Chartered Accountants Ireland's members, CEO Rosemary Keogh said: "As a small island, Ireland has always been outward-facing, and our members use their qualifications globally. This renewed agreement will benefit the many Irish professionals building their careers in Canada and will allow both bodies to continue to collaborate even more closely in supporting all our members."

Being made redundant can naturally be a shock — professionally, financially and emotionally. While it can feel personal, redundancy is rarely a reflection of your professionalism, skills, competence, or potential. These decisions are made without any regard to the individual and are based on meeting certain company metrics. This document is designed to help you deal with or plan for a redundancy situation. It will provide you with helpful tips and advice that will enable you to approach your next career move with clarity and confidence. Additional careers resources can be found here to assist you with planning your next steps. We also have an ongoing webinar series which covers a variety of topics which might be useful at this time. Take time to absorb the news Understandably redundancy often triggers an urge to act immediately. Before making any major decisions, give yourself space to think. This can feel counter intuitive, but it is important to take time to absorb the news, regain composure and to consider your next steps in a calm and considered way. What NOT to do immediately Do not panic‑apply for roles as this can negatively impact your brand in the market. It can also lead to you accepting a role that is not the best fit just to get back working again. Do not undersell yourself or assume you must take a step backwards in terms of the level of roles you consider or indeed salary. Do not rush into a role you don’t want simply to “get back into work quickly”. Do not assume your career options are limited to your most recent job title. Do not isolate yourself— withdrawal can stall momentum and negatively impact your confidence. Taking time to absorb the news and reset is an important first step as you plan the next stage of your career.   Reframe what redundancy means It is important to remember that redundancy is about roles, structures and economics, not your professional value to an organisation. It is the role that has been made redundant and not you. Redundancy does happen and for some it can happen several times during their career. This can be an opportunity to reassess and look to change direction to what could ultimately be a more rewarding career with enhanced opportunities. Your Chartered Accountancy qualification is very much sought after in the market as are your skills and experience. You now have the potential to demonstrate your adaptability, flexibility, and resilience which will appeal to prospective employers. Having a gap between roles no longer has the same negative connotations and it is all about how you explain any gap and how you used this time. Get clarity on your overall career before starting the job search process Before applying for roles, clarify your focus. Ask yourself: What aspects of my previous roles did I enjoy and what motivated me? What do I want more (or less) of in my next role? How can I best utilise the skills and experience that I have and play to my strengths? Do I want to stay in the same sector, or explore something new or different? Am I open to contract, interim or part-time options? Gaining clarity will help build your confidence and ultimately save you time. Update how you present and promote yourself For some members, this will be the first time in a while since you have updated your CV and LinkedIn profile.   What to avoid Presenting an outdated CV that has no impact. Listing responsibilities and duties rather than impact and outcomes. Over‑explaining redundancy on your CV. Hiding your redundancy status and not updating the dates on your CV. Using a generic CV produced by an AI tool. What to do instead Focus on your skills, competencies, achievements and the value that you have delivered in your roles, including specific outcomes and metrics. Clearly articulate your transferable skills. Ensure LinkedIn reflects your strengths and career narrative and is consistent with your CV. Prepare a short, confident and authentic explanation of your redundancy for conversations and interviews. Seek advice and support with the preparation of your CV. (Available via the Institute’s Careers team) Leverage online resources to provide you with a CV template. Tailor your CV to each role you are applying for. Invest time in networking and reaching out to and building your connections. Be strategic about getting back to work Do Target roles that genuinely align with your experience and goals. Leverage and build your network. Reconnect with former colleagues, managers and peers. Speak to recruiters with a clear brief. Ask for introductions to recruiters where they come highly recommended. Prepare for interviews and seek support with this process. Again the Institute’s Careers team can assist here. Consider interim, project or contract roles as strategic options. Be realistic in relation to how long it can take to secure the right new opportunity. Do NOT Apply without tailoring your CV. Accept the first offer out of fear of not finding another option. Undervalue your experience and drop your salary expectations too low. Look after your wellbeing Redundancy can negatively impact confidence, self-esteem, and identity, especially in high‑performing professionals. Maintain routine and structure on a daily basis. Look after your mental and physical health. Stay physically active. Spend time doing things you enjoy. Don’t spend all your time job hunting. Talk openly with trusted people and ask for help Seek professional support if needed Keeping a healthy mindset is fundamental to ensuring your job search is a success. As a member of Chartered Accountants Ireland, you do have access to the Thrive Wellbeing Hub that provides access to emotional and wellbeing supports. Remember Redundancy is an event and will not define your overall career. What matters is how you approach the situation and how you show up Your qualification, experience and skills remain valuable The fit of your next role is important and that should be your priority, even if that means it takes longer to get back to work Very often members look back at a later stage and recognize that being made redundant was a turning point for the better Final thought Getting back to work successfully is not about rushing — it’s about making informed, confident choices that support your long‑term career and wellbeing. Chartered Accountants Ireland is committed to helping members navigate this transition with confidence. If you are facing redundancy or have been made redundant, please contact the Careers Team for confidential assistance with planning your next steps. You are not starting from scratch but building on a strong foundation. You are moving forward with experience, confidence, and the potential to add value in a new role.

Redundancy is never easy — professionally, financially, or emotionally. But while redundancy marks an ending, it can also signify the beginning of a more intentional, strategic, and fulfilling career chapter. Chartered Accountants Ireland is committed to helping members navigate this transition with confidence. This guide reframes redundancy from a setback into an opportunity and outlines how the Institute can support you in planning your next steps. Personalised career coaching to clarify your direction Redundancy often leaves people unsure about: Whether to stay in the same type of role Whether to shift into a new sector What roles they are truly qualified for How to position their skills in a changing market The Careers Team provides one‑to‑one confidential coaching to help you: Assess your strengths, motivations and transferable skills Identify new roles that match your experience Choose whether to pursue practice, industry, financial services, advisory, or something new entirely Map your short‑ and long‑term career pathway CV, LinkedIn and application support to help you stand out Many members last updated their CV years ago. Others feel unsure how to describe newly redundant status. We help by: Supporting you with the creating of a modern, impact‑driven CV that markets your value Updating your LinkedIn to attract recruiters and hiring managers Helping you tailor applications for the roles you want next Interview preparation to build confidence After being made redundant it is common to underestimate the skills, competencies and value that you can bring to a role.  It is natural for your confidence to be negatively impacted. We offer: Mock interviews Competency‑based interview training Guidance on articulating technical and commercial strengths Practice in answering difficult questions, including redundancy Access to a powerful professional network After redundancy, your network becomes one of your greatest resources. Chartered Accountants Ireland helps you reconnect and expand through: Member networking events ACA Professionals committee District Societies Networking groups such as Chartered Accountants Ireland Interim Managers Career transition workshops & skills development For members who have been made redundant, upskilling can be a direct gateway to new opportunities. We can provide professional development support across a range of topics including: Technical skills Transversal and soft skills Market updates Emotional support and wellbeing resources Redundancy is not just a career event — it is a life event. It affects confidence, identity, and wellbeing. Chartered Accountants Ireland offers: A free, confidential counselling and wellbeing support service called Thrive.   What You Should Do Next — A Career Roadmap for Redundant Members Here is a clear, practical sequence to follow: Step 1 — Talk to the Chartered Accountants Ireland careers team We will help you create a stabilising plan for the next 1–3 months. Step 2 — Review your redundancy package carefully Understand the numbers, timing, and tax implications. Explore the options relating to social welfare supports Step 3 — Refresh your professional profile CV, LinkedIn, networking messaging. Step 4 — Reconnect with your network Let people know you are exploring opportunities. Step 5 — Consider your strategic next move Stay on the same path or pivot into something new. Step 6 — Upskill if needed Digital, commercial, leadership — depending on your goals. Final thoughts Redundancy can feel deeply personal — but it is not a reflection of your worth, your professionalism, or your capability. The market values Chartered Accountants immensely, and opportunities remain strong across practice, industry, and financial services. Most importantly, you do not have to navigate this transition alone, there is support available. Chartered Accountants Ireland is here to help you rebuild confidence, reposition your strengths, and move into the next stage of your career with clarity and purpose. Your career is full of potential, and the careers team at Chartered Accountants Ireland are here to help you every step of the way.

Introduction The Economic Crime and Corporate Transparency Act  (ECCTA) which was passed in 2023 continues to bring legal change in the UK. ECCTA introduced identity verification requirements so that UK Companies House will know the identity of anyone setting up, running ,owning or controlling a company in the UK. As part of those changes, ECCTA also introduced the ACSP regime into UK law . A few  strands of the regime, including registration as an ACSP and performing verification and filing are considered in this article. We also consider some challenges which have arisen for our member firms in cases where they are not eligible to register as an ACSP, and we explore further if there are any solutions member firms can adopt. ACSPs :Verification and filing Since 18th November 2025 company directors and people with significant control (PSCs) are legally required to verify their identity under ECCTA. A 12-month transition period is now in place for existing directors and PSCs to comply with the new identity verification requirements by November 2026. The date during the transition period by which directors/PSCs must verify will depend on various factors. This includes whether they are a new director, in which case  they must comply before their registration or appointment as a new director. Existing directors or PSCs must comply based on the company confirmation statement due date during the transition period (and compliance by November 2026 is required). Failure to comply with identity verification requirements on time is an offence. Directors and PSCs can (1) verify themselves directly with Companies House or (2) verify by using an ACSP. Firms which are eligible to register with Companies House as an ACSP (see further below) have been able to register as ACSPs since 18 March 2025. If an accountancy firm  wants to verify its client company directors or PSCs then it must be registered now as an ACSP . Currently there is no change to filing procedures for Companies House and firms can continue to file documents with Companies House in the usual way for their clients without being registered as an ACSP. This will change later in 2026 . In January 2026, Companies House indicated that from no earlier than November 2026, firms will need to be registered as an ACSP to be able to file on behalf of clients. What firms can register with Companies House as an ACSP To become an ACSP, a firm must be supervised within the UK under the UK's Money Laundering Regulations 2017 (the Regulations) by a relevant Anti-Money Laundering (AML) supervisory body. See further details in the following paragraph. What if you cannot register with Companies House as an ACSP The roll out of identity verification and the ACSP regime has given rise to an issue for some Chartered Accountants Ireland member firms which are not AML supervised in the UK . Schedule 1 of the Regulations lists Chartered Accountants Ireland as an AML supervisory authority in the UK in relation to certain "relevant persons", namely relevant persons who are members of the Institute or who are regulated or supervised by it (Regulation 7). The Regulations apply to relevant persons acting in the course of business carried on by them in the United Kingdom. For the purposes of the Regulations a relevant person is to be regarded as carrying on business in the UK where their registered office is in the UK and the day-to-day management of the carrying on of the business is the responsibility of that office, or another establishment in the UK (Regulation 9). Republic of Ireland registered firms may have clients for whom they need to file with Companies House, but if the member firm is supervised for AML purposes in Ireland, not the UK under the Regulations then it is not eligible to register as an ACSP under the legislation as it stands.  In July 2025, the Institute made a representation to the UK Secretary of State for Business and Trade about this issue and for a change in the law to allow Irish AML supervised firms to apply to register as ACSPs. The issue has not yet been resolved to date , and the Institute continues to advocate for this change. If a member firm cannot register because it is not UK AML supervised (firms can check their status with the Institute ) then it might consider putting an arrangement in place with a third party registered  ACSP to carry out verification or filing work on behalf of its clients. If this option is used by member firms, it is considered outsourcing and appropriate outsourcing controls should be implemented by member firms including (1) performance of due diligence regarding the third party registered ACSP prior to appointment, (2) establishment of an outsourcing agreement with the third party ACSP including arrangements regarding information sharing requirements (3) post appointment, the member firm should perform on-going oversight of verification and/or filing activities performed by the third party ACSP on its behalf. The Institute does not endorse or recommend third party ACSPs and we urge members who are considering this route to give careful consideration to the guidance issued by Companies House on the list of ACSPs which it maintains . Members should study the article in full. Please note some of the highlights: the list is not a complete list of all registered ACSPs , it is not updated on a set schedule by Companies House so it may be incomplete or out of date. In addition , before a member  uses a third party ACSP they should always check that the ACSP is not on the list of ceased or suspended ACSPs. The work involved in verification to Companies House by an ACSP  An eligible firm may be considering expanding its offering by registering as an ACSP and taking on new business of verifying directors/PSCs for companies . Before undertaking this work, firms should satisfy themselves as to what is involved. For an ACSP to verify a client , Companies House requires ACSPs to have completed identity checks that meet the Companies House identity verification standard. It is important to note that these are different to customer due diligence checks to prevent money laundering. You can click to read guidance on how to meet Companies House identity verification standard. This includes asking for information about the person, getting  evidence to verify the person’s identity and the documents which can be used as evidence. It also covers the checking of identity documents either electronically by identification document validation technology (IDVT) or checking by a person . If this checking is by a person they must be trained in detecting false documents and be familiar with the guidance on examining identity documents to detect basic forgeries. The requirements to verify documents ,laid out in the guidance, is a significant step up from what is acceptable under anti money laundering  legislation. These checks and verifications will take time and may involve investment in technology or upskilling of people. All of this has  cost implications and will impact those practices which decide to register as ACSPs. Such firms must enhance their procedures and training and plan for this uplift in good time. Acting as an ACSP and performing verification and identity checking may be viable for a firm’s existing clients where the firm already knows much about the client . However , firms must give some pause for consideration of whether there is merit and the cost effectiveness of registering as an  ACSP to take on new business versus the risks which could potentially exist with this new business . Accountancy  firms  should perform their own risk assessment when deciding if they will take on this new business and firms should also ensure that the service is covered under their PII policy. Reminder to member firms to register as an ACSP If an eligible firm is willing to undertake the work involved in being an ACSP and is planning to verify the identity of its client directors and PSCs or wishes going forward to file information at Companies House on behalf of clients (or both) , it must  register to be an ACSP. Eligible firms are encouraged to register now and you can click to read more about how to register as a Companies House authorised corporate service provider and  Applying to register as a Companies House authorised agent - GOV.UK Firms are reminded that - To register you must be supervised for AML in the UK, - When completing the application process, you will be asked to provide your firm identity number, that will be your Institute firm number. Please ensure that the firm’s business name, address and any trading names provided to Companies House match what is recorded with the Institute, otherwise your application may be delayed, -A member’s name and membership number should not be used as the Institute’s authorisation for AML supervision is granted to firms not individuals , -if a sole practitioner is applying for authorisation, please use the unincorporated firm option, - You will be asked to complete identity verification as part of the application process, - There will be a registration fee of £55, payable to Companies House, - Once you are registered, you will be provided with a new digital account and unique identity number. This will allow you to file information and complete identity verification for your clients. This information is provided as resources and information only and nothing in these pages 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 pages. 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 these pages, 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 in these pages.  

The Pensions Research Accountants Group (PRAG) has finalised its amendments to the Pension Statement of Recommended Practice (Pension SORP). The updated “Statement of Recommended Practice, Financial Reports of Pension Schemes 2026” will be effective for periods commencing on or after 1 January 2026. PRAG are a leading independent industry body working for the development of occupational pension schemes. Their focus is on financial reporting and internal control, and they are the Financial Reporting Council’s (FRC’s) recognised SORP-making body for Pension Schemes. The Pension SORP was last updated in 2018 and since then, the FRC has made amendments to FRS 102. There have also been several industry developments which impact on pension scheme financial reporting as well as changes to pensions legislation and regulations. In 2025, PRAG held a consultation on its proposed amendments to the SORP. A copy of Chartered Accountants Ireland’s response is here. The following resources are available on PRAG’s website; News item discussing the updated Pension SORP Upcoming free webinar A copy of the updated Pension SORP will be available to purchase in due course.

From the Professional Accountancy team…... The Institute held three in-person events in early March 2026 in Cork, Galway and Dublin. Sarah Jane O’Keeffe, Partner in Azets, and Derek Wilson, former inspector in the Institute presented at the well-attended events and provided attendees with great practical examples. Attendees were given a comprehensive overview of the Creditors Voluntary Liquidation Handbook  published last year to assist Liquidators in complying with legislative and Statement of Insolvency Practice (SIP)  requirements when conducting statutory meetings, reporting to creditors and approval of remuneration. The sessions also covered compliance matters and potential issues and problems that can arise and how to avoid or best navigate these.  Attendees were also reminded of the resource available from the Corporate Enforcement Authority the form of the Liquidator’s report on conduct of directors in a winding up of an insolvent company. Finally, readers are reminded to check out the Professional Accountancy Team’s Technical Hub which includes a dedicated Insolvency section and to keep up to date with other technical material also. This information is provided as resources and information only and nothing in these pages 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 pages. 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 these pages, 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 in these pages.  

In this week’s cross-border trading corner, we bring you the latest guidance updates and publications. The most recent Trader Support Service bulletin is also available as is the latest Brexit and Beyond newsletter from the Northern Ireland Assembly EU Affairs team. Miscellaneous guidance updates and publications This week’s miscellaneous guidance updates and publications are as follows: Amendment of CNEN to Heading 2309 — Animal feed (Tariff notice 3), EUR1 and EUR-MED movement certificate, Customs civil penalties, External temporary storage facilities codes for Data Element 5/23 of the Customs Declaration Service, Data Element 2/3: Documents and Other Reference Codes (Union) of the Customs Declaration Service (CDS), Simplified Customs Declaration Process, Notice to exporters 2026/04: transmission issues between LITE/SPIRE and CDS, Internal temporary storage facilities (ITSFs) codes for Data Element 5/23 of the Customs Declaration Service, and Reference Documents for The Customs Tariff (Preferential Trade Arrangements) (EU Exit) Regulations 2020.  

Last week the Institute responded to the consultation Draft Budget 2026-2029/30 and took the opportunity to highlight a range of Northern Ireland (NI) specific issues of tax policy that are impacting on the region. The potential to activate a lower rate of corporation tax for NI also featured in the submission together with the need for affordable childcare. Overall, the submission highlighted that NI’s competitiveness depends on an economy that attracts investment, supports entrepreneurs, enables cross-border labour mobility, and expands workforce participation through affordable childcare. The Institute has therefore urged the Executive to prioritise and consider the following issues as part of its Budget setting process:  The need for progress on entrepreneurial tax supports, How barriers in tax policy are impacting on the all island labour market, The economic benefits of activating the Assembly’s devolved powers on corporation tax, and The need for investment in affordable childcare.  Together these actions would increase productivity, stimulate job creation, and strengthen the region’s long term fiscal sustainability. These should therefore be considered as key objectives in the current budget setting process.  

After a month of no movement, the latest Finance Bill (officially titled Finance (No. 2) Bill 2024-26) has begun moving again following completion of Committee stage last month. A number of  government amendments were tabled last week ahead of report stage and the Bill’s third reading. This is scheduled for Wednesday 11 March 2026 during which these amendments will be debated and are expected to be agreed. The tabled amendments cover a wide variety of areas and include the planned changes to Inheritance Tax for unused pension pots and agricultural property relief and business property relief, the tax treatment of carried interest, and temporary non-residence of individuals, amongst others.

It may be the time for some spring cleaning, however last week’s Spring Forecast was little more than a light dusting when the Chancellor set out in her speech to the House of Commons details of the latest economic and fiscal forecasts by the Office for Budget Responsibility (OBR). Just days after conflict erupted again in the Middle East, one could be forgiven for arguing that the forecasts are already out of date, albeit the OBR did recognise in its forecasts that significant risks from the conflict could impact the UK economy. Nevertheless, last week the Chancellor kept to her pledge that there would be no tax or policy announcements on the day of the forecast. However, in her speech the Chancellor highlighted that her second Mais lecture, which is expected to take place next week, will set out three major choices ‘that will determine the course of our economy into the future’. The Institute reacted to the Spring Forecast in a Press Release which overall calls on the UK Government to address the tax barriers that are hampering business growth in the UK. After the fiasco in November when the OBR’s economic and fiscal outlook was leaked before the Chancellor’s Autumn 2025 Budget speech, HM Treasury (HMT) was taking no chances that this would happen again when they published the OBR’s forecasts first on GOV.UK. This may mean a permanent move for future fiscal events by HMT to publish the OBR’s forecasts on GOV.UK. The Institute for Fiscal Studies and Institute for Government have both published their responses to the Spring Forecast. Meanwhile, the Treasury Committee has opened an inquiry into the Spring Forecast, with the Chancellor scheduled to provide oral evidence later this week. In other fiscal events news, the House of Commons Library has published an updated research briefing on the Budget and the annual Finance Bill. The briefing examines the way that Parliament scrutinises the Government’s proposals for taxation set out in the annual Budget statement. A research briefing has also been published by the Library on the Spring Forecast. On the devolved nations front, last week the Scottish Government published the Scottish Budget which sets out its proposed spending and tax plans for 2026/27 as presented to Holyrood. 

Welcome to the latest edition of Technical Roundup.   In developments since the last edition, the final omnibus directive, which amends the audit directive, the accounting directive, the Corporate Sustainability Reporting Directive (CSRD) and the Corporate Sustainability Due Diligence Directive (CSDDD) has been published in the EU Official Journal. In the UK, the government has published the final UK Sustainability Reporting Standards (UK SRS) for voluntary use in the UK and are based on IFRS S1 and IFRS S2. The Corporate Enforcement Authority (CEA) has recently highlighted its Information Note on circumstances leading to disqualification under the Companies Act 2014 and the associated consequences.    Read more on these and other developments that may be of interest to members below.   Financial Reporting   In the fourth episode of its “IAASA Insights” podcast series, IAASA explore the key themes from their recent 2025 Corporate Reporting Observations Document. Themes covered are economic uncertainty and its impact on financial reporting, new sustainability reporting requirements under CSRD & ESRS, and financial reporting topics including financial instruments.  The International Accounting Standards Board (IASB) has issued its February 2026 update. The update covers preliminary decisions of the Board at its recent meeting on the following issues:  Financial Instruments with Characteristics of Equity   Post-implementation Review of IFRS 16 - Leases   Amortised Cost Measurement   Equity Method   Post-implementation Review of IFRS 9 -Hedge Accounting   Provisions  The IASB has issued some videos which explain the aims of the proposed Risk Mitigation Accounting model. These videos support the ongoing consultation which is open for comment until 31 July 2026.  The IASB has released a webcast to provide an overview of the upcoming standard IFRS 20 Regulatory Assets and Regulatory Liabilities. The new standard is expected to be issued in the second quarter of 2026 and will be effective for periods beginning on or after 1 January 2029.  The European Financial Reporting Advisory Group (EFRAG) has issued its final endorsement advice letter to the European Commission on the proposed EU adoption of Amendments to IAS 21 Translation to a Hyperinflationary Presentation Currency, and has recommended adoption of the amendments. In light of this, EFRAG has also updated its Endorsement Status Report.  EFRAG has issued a draft comment letter on the IASB's Exposure Draft ‘Amendments to the Fair Value Option for Investments in Associates and Joint Ventures- Proposed amendments to IAS 28’.   The UK Endorsement Board (UKEB) has published its draft comment letter on the same Exposure Draft and has also issued its updated Work Plan.  EFRAG has published the December 2025 and January 2026 update reports and podcasts. These summarise public technical discussions and decisions taken at EFRAG as well as open consultations, future events and vacancies.  Auditing and Assurance   The IAASB published an invite for stakeholders worldwide to participate in its public consultation survey as part of its post-implementation review of International Standard on Auditing (ISA) 540 (Revised), Auditing Accounting Estimates and Related Disclosures. The survey is open until 15 June 2026.  Accountancy Europe has published its March 2026 Audit Policy Update.  Insolvency   The Institute held three in-person events this week in Cork, Galway and Dublin. These well attended events provided a comprehensive overview of the Creditors Voluntary Liquidation Handbook  published last year to assist Liquidators in complying with legislative and Statement of Insolvency Practice (SIP)  requirements when conducting statutory meetings, reporting to creditors and approval of remuneration. The sessions also covered compliance matters and potential issues and problems that can arise and how to avoid or best navigate these. Sarah Jane O’Keeffe, Partner in Azets, and Derek Wilson, former inspector in the Institute presented at the events and provided attendees with great practical examples.   A recent High Court decision regarding the recognition and enforcement of an Individual Voluntary Agreement in Northern Ireland is noted as being significant in the post-Brexit landscape. This is a practical example of the development cross-border insolvency in Ireland. Philip Lee Solicitors have more information available here.   The Corporate Enforcement Authority (CEA) has recently highlighted its Information Note on circumstances leading to disqualification under the Companies Act 2014 and the associated consequences.  The Information Note is available to read in full here.    Sustainability   The final omnibus directive, which amends the audit directive, the accounting directive, the Corporate Sustainability Reporting Directive (CSRD) and the Corporate Sustainability Due Diligence Directive (CSDDD) has been published in the EU Official Journal. It will take effect 20 days after publication, with Member States required to transpose its provisions into national law within 12 months. The Department of Enterprise, Tourism and Employment will be responsible for transposing the Directive in Ireland.  The UK government has published the final UK Sustainability Reporting Standards (UK SRS) for voluntary use in the UK. The standards are based on IFRS S1 and IFRS S2.   The International Sustainability Standards Board (ISSB) has published a Jurisdictional Readiness Assessment Guide for the adoption or other use of ISSB Standards.  The International Sustainability Standards Board (ISSB) has released a podcast hosted by ISSB Chair Emmanuel Faber and ISSB Vice-Chair Sue Lloyd discussing the latest developments around the ISSB.  The Global Reporting Initiative (GRI) has published a report that analyses the pollution disclosure practices of 1,000 publicly listed companies across high-emitting sectors.  Accountancy Europe published a statement regarding the revised ESRS highlighting that stability is needed in the reporting ecosystem calling on the European Commission to keep the standard-setting process technical and avoid subjecting it to political pressures.  Accountancy Europe published a briefing paper regarding 'Preventing Greenwashing' and the importance of corporate ecosystem roles'. The publication highlights that mitigating greenwashing risks requires a systemic approach and examines how different actors in the corporate ecosystem (across the three lines of defence) can identify and mitigate greenwashing risks, clarifying how each contributes to safeguarding the integrity of sustainability disclosures.   The Department of Enterprise, Tourism and Employment (DETE) announced the findings of the second phase of SME Sustainability Research – Wave 2 noting that 85% of businesses say sustainability is important to their business on a day-to-day basis. DETE commissioned Amárach to conduct research among Irish SMEs in relation to sustainability and wider trends.  In its response to the public consultation of the Greenhouse Gas Protocol on the proposed changes to Scope 2 Guidance, the European Financial Reporting Advisory Group (EFRAG) has called for a balanced and cost effective approach to the proposed changes, whilst also raising some strong concerns regarding the complexity of some of the proposals.  EFRAG has released an updated version of the VSME digital template. The template now includes language support in Irish.  Anti-money laundering  The Financial Action Task Force (FATF) published its Annual Report 2024-2025 outlining the work by the FATF during the first year of the Mexican Presidency.  FATF published a 'Cyber-Enabled Fraud - Digitalisation and Money Laundering, Terrorist Financing and Proliferation Financing Risks' paper. The paper examines the evolving threat of cyber-enabled fraud and how jurisdictions can harness the FATF Standards to combat it. This is in the context of cyber-enabled fraud now being one of the most widespread and damaging profit-motivated forms of crime, generating large volumes of illicit proceeds through the exploitation of victims around the world.  The UK's HM Treasury has published guidance regarding Using digital identities with the Money Laundering Regulations - GOV.UK. This guidance has been created to provide information on how the UK digital verification services trust framework and the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (MLRs) interact. It is approved guidance for the purposes of compliance with the MLRs. The Using digital identities with the Money Laundering Regulations Guidance sets out how entities regulated under the Money Laundering Regulations can use digital verification services for customer due diligence checks.  The European Commission proposes new measures to prevent and counter terrorism. A factsheet was also published to support this proposal.  HM Treasury is collecting data from UK AML supervised firms to prepare for the UK’s upcoming FATF Mutual Evaluation and the update of the Proliferation Financing National Risk Assessment (PF NRA). Chartered Accountants Ireland encourages firms to take part. The survey closes on 31 March 2026. Chartered Accountants Ireland also published a recent news item regarding the FATF and Proliferation Financing Survey.  Central Bank of Ireland (CBI)  The CBI published its 'Regulatory and Supervisory Outlook (RSO)' report, which sets out its latest assessment of the risk landscape facing the financial sector and the supervisory work it will undertake in response. The report includes an overview of the global macro environment, major trends and drivers of risk, assessment of the key risks facing the entities regulated by the CBI, overarching supervisory priorities, and key areas of supervisory focus and planned activities for financial services' sectors. The RSO also features three articles addressing specific topics in more detail including a supervisory perspective on artificial intelligence, the importance of operational resilience in service provision, and the approach for supporting better outcomes for consumers and investors.  The CBI's Governor Gabriel Makhlouf published his latest blog 'Reflections on Building Resilience and Anchoring Stability'. The blog covers several areas including responding to change, strengthening resilience, access to cash and safeguarding a foundational service, the importance of the Central Bank's independence, and the CBI's 2026 work programme.  The CBI published its first quarterly access to cash report. The Finance (Provision of Access to Cash Infrastructure) Act 2025 has put in place a framework to ensure sufficient and effective access to cash across the State. The report uses newly collected data to show the number, location and opening hours of ATMs and cash service points across eight geographical regions in Ireland, as of 31 December 2025. The Minister for Finance set the access to cash criteria in November 2025. The Central Bank monitors whether these criteria are met. From July onwards, people can make a submission to the Central Bank if they believe there is a local deficiency in relation to access to cash.   Deputy Governor of the Central Bank of Ireland Colm Kincaid welcomed the publication of the OECD's Consumer Finance Risk Monitor 2026, which is a comprehensive global assessment examining consumer protection challenges across 60 international jurisdictions. The Consumer Finance Risk Monitor 2026 examines trends, issues, and risks across the banking and payments, consumer credit, insurance, investments, and pensions sectors. The 2026 report highlights that 85% of responding jurisdictions report that financial scams and frauds are a top risk facing consumers.  The CBI published details regarding the International Women’s Day event hosted by the European Central Bank (ECB) on 2 March 2026, where President Christine Lagarde and several guest speakers discussed the gender gap in financial literacy. The event also provided an opportunity to reflect on the progress made regarding the financial literacy commitments agreed upon by the President and central bank Governors in 2025, and to reinforce the importance of further coordinated action across the Eurosystem. During the event, the ECB, together with Central Bank of Ireland and other participating central banks, launched the “EuroSteps Walking Challenge”. For further details, please refer to CBI's 'EuroSteps Challenge for Financial Literacy' webpage.   The CBI published a Discussion Paper examining the potential role of Distributed Ledger Technology (DLT) and tokenisation in the financial system. An associated press release was also published regarding the discussion paper.  The CBI’s CP166 consultation regarding Prohibition Notices Under the Fitness and Probity Regime is currently open. The CBI is planning to provide additional guidance regarding Prohibition Notice procedures (the Supplemental Guidance) and is seeking stakeholders’ views regarding the Supplemental Guidance. The consultation closes on 25 March 2026. The CBI is hosting a webinar on 11 March which will provide an overview of CP166 Consultation on Prohibition Notices under the Fitness & Probity Regime.   Artificial Intelligence  The Department of Enterprise, Tourism and Employment announced that as part of the Presidency of the Council of the European Union 2026, Ireland will host the International AI Summit, opening European AI innovation Month, in partnership with the European Commission. This event, taking place on 14 October 2026 in Dublin, will bring together over a thousand EU & global leaders, Heads of Government, CEOs, investors, innovators and academics, under the theme: Enabling AI to Power European Growth.   Cybersecurity   The National Cyber Security Centre in the UK advises UK organisation to take action following conflict in the Middle East and is advising organisations to review their cyber security posture.  Internal Audit  The Chartered Institute of Internal Auditors (IIA) in the UK published a blog regarding 'What does professional judgement mean in practice?'. The blog highlights that professional judgement comes at the start of the internal audit process - when an internal audit plan is developed. It continues through the middle of the process – when the Internal Audit team identifies what is important and at the end of the process - when the Internal Audit team selects where and how to communicate conclusions and whether any challenge is needed.   The Chartered IIA in the UK released a survey regarding its ‘Risk in Focus 2026/27’ report. The survey is open to Chief Audit Executives (CAEs) and Heads of Internal Audit until 27 March 2026. This leading annual poll of CAEs across Europe identifies the top risks their organisations face as they prepare their audit plans for the year ahead.   Data Protection  The Data Protection Commission (DPC) published a statement welcoming the publication of the European Data Protection Board’s (EDPB) report on the implementation of its Coordinated Enforcement Framework (CEF) action on the right to be forgotten.  Financial returns for childcare core funding  Core Funding is a grant scheme provided directly to Early Learning and Childcare service providers administered by the Department of Children, Disability and Equality (the Department). Under the Core Funding Partner Service Agreement, all service providers that had an active core funding contract during the 1 September 2024 - 31 August 2025 programme year (Year 3) must engage a qualified professional accountant to submit a financial return. The returns must be submitted by 31 March 2026. The Department requires that these financial returns must be submitted by a qualified professional accountant.   The accountant can be an employee of the provider (if certain conditions are met) or an independent qualified accountant who holds a Practising Certificate (PC) and professional indemnity insurance. Accountants linked to childcare service providers received a letter (attached) from the Department at the end of February outlining the steps to complete for submitting the financial returns. Please refer to the Chartered Accountants Ireland news item and a dedicated webpage for further details regarding financial returns for childcare core funding.  Other News  Minister for State for European Affairs [Thomas Byrne] strongly encourages eligible applicants to apply for the Communicating Europe Initiative to foster an ongoing nationwide conversation about the benefits of Ireland’s EU membership and the upcoming EU Presidency.  Communicating Europe Initiative grant applications opened by Minister McEntee and Minister Byrne.  The Minister for Public Expenditure, Infrastructure, Public Service Reform and Digitalisation, Jack Chambers, announced the establishment of a new Regulatory Simplification Unit to support faster delivery of critical infrastructure projects.   Accountancy Europe responded to the European Commission’s public consultation on professional qualifications for regulated and third country professions. Accountancy Europe noted in its response that it welcomes efforts to enhance transparency and digitalisation of qualifications across the EU, while stressing that quality, proportionality, and simplification must remain central to any future EU action.   The International Federation of Accountants (IFAC) released new global research analysing the rapid growth of private equity (PE) investment in professional accountancy firms and its potential implications for the future of the profession. The analysis includes thirteen key take-aways to help accountancy professionals understand, assess and guide PE investment decisions.  The Department of Enterprise, Tourism and Employment (DETE) and the Department of Foreign Affairs and Trade published the First Progress Report on the Government’s Action Plan on Market Diversification. A commitment was made to publish a progress report on the actions contained within the Government Action Plan on Market Diversification after six months (following the publication of the action plan in August 2025).   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.  

Earlier this week, the Institute made a submission to the Public Consultation on Northern Ireland’s upcoming Budget 2026. Northern Ireland’s competitiveness depends on an economy that attracts investment, supports entrepreneurs, enables cross-border labour mobility, and expands workforce participation through affordable childcare. Chartered Accountants Ireland urged the Executive to prioritise:  Progress on entrepreneurial tax supports childcare investment, Removal of barriers to cross border working, The activation and use of devolved powers on corporation tax, and Childcare investment.  These actions would increase productivity, stimulate job creation, and strengthen long term fiscal sustainability. Better tax supports for entrepreneurs Entrepreneurs are the backbone of any economy, creating wealth and employment throughout the country.  Entrepreneurs need supports specifically designed for them. Urgent action is needed by the UK Government to rectify the divergence between Northern Ireland and Great Britain in the context of forthcoming changes to the UK’s Tax Advantaged Venture Capital Schemes. Tax supports for entrepreneurs should not be limited to high growth companies but should be expanded to other businesses with a growth mission. A wider review of how the UK tax system can better drive business growth and harness the entrepreneurial spirit of business owners is warranted. Cross-border and remote/hybrid working on the island of Ireland Embracing a more integrated approach to cross border working would offer the opportunity to drive growth, build a more stable future for the entire island, and improve outcomes for communities and citizens in both jurisdictions.  The current rules on cross-border and remote/hybrid working are negatively impacting the all-island labour market. We urged the Executive to work with Treasury and the Irish Government to minimise administrative responsibilities for both employers and employees when a frontier worker works from home a few days a week. The Institute also highlighted the disparity in tax treatment of pension contributions and retirement income. Reduction to the Corporate Tax rate A reduced corporate tax rate in Northern Ireland would attract investment, create well paid, secure jobs, and encourage innovation and entrepreneurialism. The Institute called on the Department of Finance and the Department for the Economy to fund an economic analysis to assess the various impacts of a reduced corporate tax rate in Northern Ireland.  We also called on the Executive to urgently invest in and reform Invest NI to enable the agency to establish critical relationships in major companies and to adequately sell Northern Ireland as a destination for investment. Affordable childcare Affordable and available childcare can boost labour market participation and increase economic productivity. In our most recent research 51% of respondents in Northern Ireland confirmed they had either reduced their working hours or requested to work flexible hours because of childcare pressures. We called on the Executive and the Assembly to prioritise childcare investment in the upcoming Budget.  We welcomed the publication of the draft Early Learning and Childcare Strategy and encourage the Executive to implement the measures in it subject to budgetary constraints. 

In this extract from his book Networking Matters: The Power of Human Connection, author Kingsley Aikins explains the importance of relationships and trust in a changing world. Former British Prime Minister Harold Macmillan was once asked what he considered the greatest challenge for a statesman and replied, “Events, my dear boy, events.” In the past, people’s lives were more predictable. However, now we live in a rapidly changing business environment where technology and globalisation are wiping out whole industries, disruption is the norm, and networks are increasingly important. Professor Anne Marie Slaughter, the first woman to serve as Director of Policy Planning in the US Department of State, has written extensively on networking and stated: “The information age is over. We now live in the networked world. In the networked world, the measurement of power is connectedness. We are moving from the vertical world of hierarchies to the horizontal world of networks. The 20th century was a billiard ball world with countries colliding off each other in military and economic conflict. Now we live in an interconnected world. Key is centrality in a dense global web. In this world, the state with the most connections will be the central player able to set the global agenda, unlock innovation and sustainable growth. The global economy is increasingly driven by networked clusters of the world’s most creative people. Only the connected will survive. Networked power comes from the ability to make the maximum number of valuable connections. In the 21st century corporations, civic organisations and government agencies will increasingly operate by collecting the best ideas from around the world.” Disruption and change In today’s world of VUCA – volatility, uncertainty, complexity and ambiguity – technology is eliminating lower-skilled, entry-level jobs while steadily raising the skill level of new jobs. Creativity and innovation are replacing raw materials, labour and capital as the key source of economic value. We are seeing the emergence of stakeholder capitalism with issues such as climate change, sustainable development and economic inequality becoming factors in how companies see their role in and engage with the world. Impact investing and ESG (environmental, social and governance) issues are going mainstream.Arguably, artificial intelligence (AI) will be as transformative for us as the controlled use of fire for our ancestors and the impact will be enormous. New technologies, data and social networks are impacting how we communicate, collaborate and work. There is also an emerging awareness of the darker side of technology and a sense that global production and consumption systems are not fit for purpose. Change has always been with us but not at the same trajectory, pace and momentum. Trust in a changing world The technological changes will put a premium on relationships and trust. For centuries, we made things, but now 80% of work is in the service industry where relationships are paramount. In addition, the top-down, command-and-control structure is being replaced by teams of teams – circles are replacing pyramids – so interpersonal skills are critical. Also the traditional parental career advice – work hard, keep your head down, keep out of trouble and let your good work speak for itself – is wrong, and why? Because good work doesn’t speak – other people speak. In this new dynamic, employers want candidates to demonstrate their employability. They want well-rounded individuals who have shown their ability to learn new skills and openness to new ideas. They are hiring those with skills for today and those who will continuously gain new skills to make them relevant to future needs. This will come from a combination of academic study, volunteer work and sporting and social endeavours. The implications of these shifts are significant. There is less demand for obedient workers who will show up on time and follow directions. Now, the demand is for self-directed workers who can adapt and learn quickly, think critically and are strong communicators and innovators. “It is not the strongest of the species that survives or even the most intelligent but those most able to handle change.” Charles Darwin In the networked economy, information and knowledge are no longer sufficient. Everyone has access to a multitude of content via the internet and you can’t compete with what everybody knows and has access to. As you progress up the corporate ladder, it becomes more difficult to compete on individual competency. The key, then, is not content but the context that comes from your network regarding comments, advice, views and opinions. As people become more dynamic and mobile in their careers, building a diverse web of relationships and community connections becomes more important. Leadership is becoming less about the corporate hero in the corner office and more about collaborative teams who work together and complement each other. Kingsley Aikins is founder of The Networking Institute. His new book, Networking Matters: The Power of Human Connection, is published by Chartered Accountants Ireland.

Chartered Accountants Ireland has reacted to today’s Spring Forecast by urging the UK Government to address the tax barriers that are hampering business growth. The Institute is highlighting the urgent need for UK business tax policy to be revamped so that economic growth is stimulated, the tax system is simplified, and the burden of tax on entrepreneurial investments is reduced.  These recommendations formed the basis of the Institute’s response to HM Treasury’s Call for Evidence on Tax Supports for Entrepreneurs which closed last week. Chartered Accountants Ireland is the largest professional body on the island of Ireland and represents over 5,500 members in Northern Ireland.  UK Tax Manager with Chartered Accountants Ireland, Leontia Doran said   “As expected, today’s Spring Forecast contained no tax policy changes, however the Government cannot stand still in harnessing the talents and skills of the entrepreneurs and small businesses that are the heartbeat of the UK economy.  “In recent years, entrepreneurs have seen the value of their business eroded with higher taxes and employment costs. This leaves less money available to invest back into those businesses for their growth mission. For those selling their business, higher exit taxes means that there is less in their pocket for them to reinvest in other businesses. This will be further compounded by tax rises due to take effect from next month, including the reduced benefit of key Inheritance Tax reliefs.  “The Government recently consulted on how it can better support those investing in high growth companies. We urge the Government to launch a wider review of how the UK tax system can truly deliver a strategic long-term plan for entrepreneurial growth and investment.”    Northern Ireland businesses excluded from improved finance options from April 2026  In the 2025 Autumn Budget, the UK Government announced a series of increases to take effect from April 2026 to several of the UK’s venture capital schemes that provide smaller companies with access to finance and which provide a range of beneficial tax reliefs to the equity investor making these riskier investments.  However, the draft legislation for these changes means that certain Northern Ireland companies will not be able to take advantage of the increased thresholds for these finance schemes.  Doran noted  “We are concerned that the regional impact of UK tax policy has been ignored when it comes to Northern Ireland. For EU State Aid reasons, the Finance Bill specifically excludes Northern Ireland companies who trade in goods or electricity from benefiting from the increased limits which will be available when seeking external finance.  “This divergence in UK tax policy places these companies at a competitive disadvantage compared to similar businesses across the rest of the UK for no reason other than their location. This further hampers their growth and ultimately that of the wider economy.  “The Government needs to begin discussions on this issue as soon as possible via the existing UK-EU structures that underpin the Windsor Framework. This will likely require an application for State Aid approval.”   Northern Ireland Corporation Tax rate reduction  Specific policy measures are still needed to unlock Northern Ireland’s economic potential and its dual market access. As part of this, in 2026 the Institute has continued its campaign for a reduced rate of corporation tax more closely aligned with that across the rest of the island.   Cróna Clohisey, Director of Members and Advocacy, Chartered Accountants Ireland said  "The Chancellor spoke today about economic growth for all parts of the UK. Reducing the corporation tax rate for NI would grow the NI economy and ultimately increase the overall tax take from businesses and employees by attracting higher value FDI, which would support the creation of better jobs and opportunities for all businesses and citizens. Ireland’s successful industrial strategy was not the result of a single policy decision and certainly did not start with a big leap. That vision persisted and grew over the long term. We believe that Northern Ireland now needs that same clarity of purpose — and we call on the UK Government to share and support that vision.   “In the longer term, the gains for Northern Ireland would set a real benchmark for what can be achieved with ambitious tax policies. This is something that we know our members want and which we continue to advocate for in 2026.”   

HM Treasury is collecting data from UK AML supervised firms to prepare for the UK’s upcoming Financial Action Task Force (FATF) Mutual Evaluation and the update of the Proliferation Financing National Risk Assessment (PF NRA). We encourage firms to take part. The survey closes on 31 March 2026. This survey is collecting input from firms to support two initiatives: 1. FATF Mutual Evaluation of the United Kingdom The Financial Action Task Force (FATF) is the global standard-setter for combating money laundering, terrorist financing, and proliferation financing. FATF conducts periodic Mutual Evaluations (MEs) of member countries to assess both technical compliance with FATF Recommendations and the effectiveness of measures in practice. The United Kingdom’s next FATF Mutual Evaluation will commence in late 2026. This assessment will evaluate the UK’s compliance with the FATF’s 40 recommendations and the UK’s effectiveness in achieving the required Immediate Outcomes (IOs). HM Treasury is coordinating the UK’s preparation for this evaluation. Two of the outcomes—IO10 and IO11—specifically measure the UK’s ability to implement UN-mandated targeted financial sanctions, related to terrorist financing (TF) and proliferation financing (PF) respectively. The first part of this survey will ask IO10 and IO11 related questions and help inform the UK’s submissions to the FATF. 2. Update of the UK Proliferation Financing National Risk Assessment (PF NRA) HM Treasury is currently updating the UK’s PF NRA to identify PF risks and typologies across sectors and strengthen the UK’s response. Your input to the second part of this survey will help ensure the PF NRA reflects real-world risks and challenges faced by firms. Confidentiality and Use of Responses All responses will be treated in confidence and used solely for the two initiatives: · FATF Mutual Evaluation: Responses will form part of the evidence base for the UK’s submission to FATF assessors, demonstrating the effectiveness of UK firms’ implementation of UN-mandated targeted financial sanctions for TF and PF. · PF National Risk Assessment: Responses to the PF NRA section will inform HM Treasury’s analysis and conclusions in its forthcoming Proliferation Financing National Risk Assessment publication. In both outputs, all information provided through this survey will be aggregated and anonymised, and will not be attributable to any specific firm An outline of the survey is provided to  help you prepare your responses before submission. Closing date is 31 March 2026. To take part please click here.  

Last week the Institute responded to the HM Treasury ‘Call for Evidence: Tax Supports for Entrepreneurs’, which was launched on Autumn Budget Day last November. We thank members for their feedback on this important issue. In our submission, the Institute highlights how the draft Finance (No. 2) Bill clauses which implement the Autumn Budget 2025 changes to the various scheme limits for several of the UK’s tax advantaged venture capital schemes exclude specified Northern Ireland (NI) companies due to EU State Aid rules. The submission also highlights that there is a need for a wider review of how the UK tax system could better support all entrepreneurs, and not just those investing in high growth companies. A specified NI company is currently defined in the Finance (No. 2) Bill as a company that has its registered office in NI which carries on a trade involving a trade in goods, or the generation, transmission, distribution, supply, wholesale trade, or cross-border exchange of electricity. As a result, these NI companies will be unable to benefit from the increased limits to these schemes from April 2026. This divergence in UK tax policy means that companies in NI who are excluded are disadvantaged when seeking external finance compared to their competitors across the remainder of the UK for no objective reason other than their location. To level the playing field, the Government needs to take the necessary steps to resolve this issue and enable the April 2026 changes to apply to all companies in NI via the discussions through the existing UK-EU structures which underpin the Windsor Framework, followed by an application for State Aid approval.

The Chancellor of the Exchequer Rachel Reeves will deliver this year’s Spring ‘Forecast’, previously known as the Spring Statement, tomorrow Tuesday 3 March at approximately 12.30 in the afternoon. The Institute will be reacting on the day with coverage of the key announcements on our dedicated UK fiscal events webpage, followed by more detail in next Monday’s Chartered Accountants Tax News. The expectation is that this year’s speech from the Chancellor will not contain any major tax policy changes or surprises. This follows the announcement at the Autumn Budget that performance against fiscal rules will only be assessed once every year in the autumn. Tomorrow’s forecast from the Chancellor and the Office for Budget Responsibility is therefore expected to be an interim update on the economy and public finances, without policy changes, unless, as the Chancellor said in November, there is ‘a significant change to the economic outlook that requires a response.’ Will global disruption in recent days mean that the Chancellor needs to increase defence spending? What we do expect tomorrow is the launch of several tax consultations which were previously announced on the day of the 2025 Autumn Budget. The House of Commons Library has published a briefing on the Spring Forecast, whilst the Institute for Fiscal Studies has published a useful article ahead of tomorrow. And, in light of the events that occurred in the run up to the 2025 Autumn Budget, HM Treasury has published a review of Budget information security. 

In this week’s detailed miscellaneous updates which you can read more about below, the February 2026 Employer Bulletin has been published, and HMRC is holding a range of webinars in the coming weeks. In other news this week: The latest HMRC Stakeholder Digest is available, HMRC has published guidance for developers on what good use of generative artificial intelligence looks like in commercial software products which assist users when submitting tax returns or other information to HMRC, It has been confirmed in a consultation response that a proposal suggested in a 2024 consultation by the Tribunal Procedure Committee which would have removed written judgments on tax rulings will not go ahead following significant opposition, We remind you that as announced last March, from 31 March 2026 HMRC’s online service for filing a company’s accounts and corporation tax return (commonly known as the CATO service) will close. This means that from 1 April 2026, companies will need to use commercial software for filing, and HMRC is planning maintenance to the Agent Services Account service which will be unavailable from 7am this Sunday 8 March to 9am on Monday 9 March 2026. February 2026 Employer Bulletin The February 2026 edition of HMRC’s Employer Bulletin brings you all the latest HMRC updates and guidance to support employers, payroll professionals, and agents. Included in this edition are important updates on: reporting expenses and benefits for the tax year 2025/26, end of year reporting, upcoming State Pension age changes and the impact on payroll operation, implementation of the Employment Rights Act 2025, Statutory Sick Pay changes: what employers need to know, and tax code changes for recovery of winter fuel payments. HMRC webinars The following webinars are scheduled over the coming weeks which are now open for registrations: Guidelines for Compliance 13: help ensuring documents filed with HMRC are correct and complete, upcoming payroll changes in 2026/27, and the treatment of statutory maternity and paternity pay.