The Charity SORP making body has published the October 2025 edition of the Charity SORP. Statements of Recommended Practice (SORPs) are sector-driven recommendations on financial reporting which supplement the Financial Reporting Council’s (FRC) accounting standards. The Charity SORP provides guidance on how charities should apply FRS 102 and is mandatorily applicable for certain charities in the UK. In the Republic of Ireland, the SORP is not mandatorily applicable, however, some charities apply it voluntarily. The SORP has been updated to reflect the changes made to FRS 102 as a result of the 2024 Periodic Review by the FRC. For charities using the SORP, the changes will be effective for reporting periods beginning on or after 1 January 2026. Some key changes include: New reporting tiers, which set out different reporting requirements for charities who fall within each tier. New and enhanced disclosures for the Trustees' Annual Report. More guidance and required disclosures relating to going concern. Guidance on how to apply the FRS 102 5-step model for income received in exchange transactions. A new lease accounting module which explains the new leasing requirements introduced by FRS 102. An increase in the threshold at which a charity is required to produce a cash flow statement to £15 million (provided FRS 102 does not otherwise require a cash flow statement to be prepared). Updated guidance on accounting for social investments to provide clarity and consistency in reporting.   The SORP-making body has also prepared a summary document summarising the changes made in each module.

The European Union has adopted the 19th package of sanctions against Russia. The new package of sanctions substantially increases the pressure on the Russian war economy, targeting key sectors such as energy, finance, the military industrial base, special economic zones, as well as enablers and profiteers of its war of aggression. Sanctions include an introduction of a total ban on Russian Liquefied Natural Gas (LNG) and a further clamp-down on the shadow fleet. Measures also target financial services and infrastructure (including for the first time crypto), as well as trade, the services sector, and strengthen anti-circumvention tools.  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 UK Government is making some changes and updates in relation to sanctions. On 3 November it launched a new sanctions enforcement action page on GOV.UK that brings together sanctions enforcement information from across HM Government - including penalty notices, annual reviews, case studies and key lessons for industry. It has also announced that there will be a move to a single list for UK sanctions designations from 28 January 2026. Currently the OFSI Consolidated List from HMT provides information relating to asset freeze and investment ban targets across all financial sanctions’ regimes implemented in the UK. This list will close at 09:00GMT on Wednesday 28 January 2026 and from then the UK Sanctions List will be the only source for all UK sanctions designations. Guidance has been issued on moving to a single list for UK sanctions designations where you can read more about the changes. 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 UK Department of Business and Trade (DBT) has announced plans which seek to modernise Corporate Reporting requirements and make it easier for businesses to grow and invest. Some of the plans which DBT intend to bring forward include: An exemption for most medium-sized companies from the need to produce a Strategic Report. DBT have noted that this would mean that “medium-sized businesses who can benefit from existing exemptions will no longer need to prepare narrative reporting, so they can focus on running their business rather than producing information that is disproportionate to their scale and ownership model”. An exemption for wholly-owned subsidiaries from producing a strategic report if they are covered by the reporting of a UK parent. DBT have stated that this proposal would “eliminate duplicative reporting within corporate groups”. A removal of the requirement for preparing a Directors Report. The Department have noted that this report is often seen as a “cluttered, compliance-driven document that has accumulated numerous disclosures over time, which offers little useful insight for investors”. Under the proposal, some requirements which are deemed to be more useful, such as reporting on energy and emissions, would be retained and moved elsewhere in the Annual Report. In its announcement, the Minister for Small Business and Economic Transformation indicated his intention to deliver the proposed changes “as quickly as possible” In addition to the above proposals, DBT have announced an expansion of their non-financial reporting review to include financial reporting, remuneration reporting and governance reporting, as well as considering how reporting can be modernised for the digital age. In view of this expansion, the previously named “non-financial reporting review” will be renamed the “Modernisation of Corporate Reporting review”. To address this, DBT have announced its intention to hold a consultation on the corporate reporting framework next year. It has also issued a survey asking businesses to raise any issues they might have regarding regulation which is not fit for purpose.

Chartered Accountants Ireland has named Donegal native and University of Galway lecturer Sophie Sweeney ACA as its 2025 Chartered Star. Awarded annually, the accolade is given to one of the Institute’s shortlisted members who demonstrates outstanding commitment to any of the 17 UN Sustainable Development Goals (SDGs). The competition – running since 2016 – gives the winner the opportunity to participate in the One Young World summit as the Institute’s representative. This year’s summit will take place in Munich, Germany, in November. In her application submission, Sophie described herself as a “storyteller at heart.” She is a lecturer in accountancy, finance and tax at the University of Galway and actively positions the SDGs within her teaching. Sophie believes in intertwining the SDGs into accountancy education to embed trust and sustainability as core values for future finance leaders. As well as this, Sophie is a PhD candidate examining how people experience tax across life stages. She advocates against inequality in social and taxation systems for the benefit of future generations and believes that education is essential to this. Commenting on her win, Sophie Sweeney said: “I am very excited and honoured to have been selected as Chartered Star 2025. I am passionate about learning and education as a means to promote equity and progress. I am really looking forward to hearing from all the contributors at the Summit, and to workshopping with the other delegates. We can learn a lot from each other.” Acknowledging the central role Chartered Accountants play in addressing the global challenges that the UN SDGs aim to address, competition entrants were shortlisted based on written and video testimonial submissions outlining how they live the values of the SDGs through their work and other pursuits. The summit will bring together the Chartered Star and 2,000 other young future leaders from over 190 countries for workshops and addresses from global leaders. Plenary topics featuring on the 2025 programme include the circular economy, responsible tech, anti-hate, education and peace and security. Commenting, Chartered Accountants Ireland Sustainability Advocacy Manager Susan Rossney said:  “Chartered Accountants are playing an ever-increasing role in addressing the UN SDGs through their work. Sophie’s work and her research interests espouse cover several of these including education, reducing inequalities, and promoting economic growth. Not only this but she actively raises awareness of the goals through her teaching, ensuring the next generation of finance professionals understand their role in meeting the goals”. Director of Members and Advocacy, Cróna Clohisey said:  “The Chartered Star competition is a very important initiative for the Institute. It highlights the power and potential of the Chartered Accountant to contribute meaningfully to societal change. Trusted business leadership is the Institute’s guiding principle and Sophie exemplifies this. She emerged as the worthy winner from a highly impressive shortlist and will gain a lot from the Summit, bringing these learnings back to her students. I wish her the best for the Summit in November.”

Professional Standards Department is pleased to publish its AML Supervision Report 2024/25. This report summarises our AML supervisory activities in both jurisdictions, ROI and UK for the period 6 April 2024 – 5 April 2025. AML Supervision Report 2024-25

It has been a week since the Department of Finance published Finance Bill 2025 and with it the draft legislation which will give effect to this year’s Budget 2025 announcements. The Institute, under the auspices of the Consultative Committee of Accountancy Bodies – Ireland (CCAB-I), has been engaging with officials in Revenue and the Department of Finance throughout the week to discuss this year’s draft legislation ahead of the Committee Stage due to take place in the coming weeks. On Monday, the Department of Finance brought stakeholders together under the Business Tax Stakeholder Forum where the Finance Bill discussions took centre stage. The focus of the meeting was on the key business supports including the research and development (R&D) tax credit, the participation exemption for foreign dividends, and the special assignee relief programme (SARP). The Department also noted that there will be further engagement on the reform of the rules regarding the deductibility of interest in Ireland at the end of the year and throughout 2026, with some legislative amendment planned for 2026. In addition, the Department will be seeking input from stakeholders ahead of assuming the Presidency of the Council of the European Union in 2026. On Tuesday, our Tax Committee met to discuss the Finance Bill ahead of meetings with Revenue on Wednesday and Thursday through the Tax Administration Liaison Committee (TALC). Wednesday’s sessions involved meetings of the TALC BEPS Subcommittee and the TALC Indirect Taxes Subcommittee. The TALC BEPS Subcommittee focused on the changes to the participation exemption for foreign dividends and Pillar Two with the TALC Indirect Taxes Subcommittee focusing on the changes to VAT and excise. Thursday’s session involved a meeting of the Joint Main TALC and TALC Direct and Capital Taxes Subcommittee on the remaining measures across the Finance Bill. The above engagements provide the Institute with a key opportunity annually to meet with officials and other professional bodies and trade organisations to gauge the impact of the changes across various industries and sectors of the economy. While it is clear the amount of work that goes into preparing the Finance Bill each year, our feedback is an integral part of the legislative process as well as a key opportunity to raise areas where further work may be needed before the Bill is finalised and indeed areas which may require more attention in the year ahead. In our weekly Tax Newsletter next week, which is due next Tuesday to take account of the Bank Holiday, we will be issuing our Finance Bill 2025 – At a Glance document. This will contain a full overview of this year’s Bill as well as any and all information we can share that has come from the above engagements.

As our workplaces continue to evolve and transform, the boundaries between digital and physical workspaces are becoming increasingly blurred. This European Week for Safety and Health at Work (21-25 October 2025) invites us to pause and reflect on what it means to stay safe and healthy in this new digital era. This year’s theme, “Safe and Healthy Work in the Digital Age”, highlights both the opportunities and challenges brought by the pace of digital transformation – from flexible working and automation to AI, hybrid communication, and the ever-present digital tools that enable us to connect and collaborate at speed. We can all attest to the fact that digitalisation is reshaping the workplace, not just by creating opportunities, but also by introducing new risks and challenges for employees such as isolation, increased pace of work, and fear of being left behind by AI.  While digitalisation has brought convenience, connectivity, and innovation, it has also introduced new psychosocial consequences.  The constant flow of information has blurred work-life boundaries, and social interactions through screens can impact focus, identity and wellbeing.  Understanding these dynamics is essential to creating health digital workplaces where people can thrive. Exploring the Cyber Psychology of Digital Wellbeing As part of this important week, Thrive and the Institute's Members team hosted a lunchtime webinar on cyberpsychology with Dr Nicola Fox Hamilton, who shed light on the myths and realities of screen time, social media, AI, and wellbeing.  The session explored how online spaces affect and shape our identity, behaviours and wellbeing and delved into key questions such as: How does online communication influence how we see ourselves and others? What are the psychological effects of constant connectivity and digital fatigue? How can individual and organisations build resilience and balance in an always-on culture? Through this discussion we were reminded that digital wellbeing is not just about managing screen time – it’s about understanding how digital environments shape our emotions, relationships and performance. Building a safe and health digital future As we look ahead, fostering digital wellbeing must remain a shared responsibility.  Organisations can promote a safer digital culture by: Encouraging healthy online habits and boundaries. Designing systems that support focus, privacy and autonomy. Promoting open conversations about digital stress and overload. Providing training on digital literacy and responsible technology use. By embracing these principles, we can ensure that digitalisation empowers rather than overwhelms – creating workplaces where technology enhances wellbeing, not hinders it. Let’s use this European Week for Safety and Health at Work as a reminder that a truly healthy workplace is one that protects not only our physical safety but also our digital and psychological wellbeing. Thrive is the Institute's wellbeing hub that provides access to a range of free wellbeing supports. For more advice or information, contact the team by email at: thrive@charteredaccountants.ie or by phone: (+353) 86 0243294. 

Following its consultation on reforming the UK’s Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) supervisory regime, the Government has communicated its decision to professional body supervisors (PBSs) to proceed with the creation of a single professional services supervisor. The Financial Conduct Authority will assume responsibility for supervising legal, accountancy and trust and company service providers for AML/CTF purposes. It is therefore the UK Government's intention that the Institute, and other PBSs, will cease to be UK AML supervisors in due course.  It is intended that there will be a transition period, during which the professional bodies will work with HM Treasury and the FCA with regard to the transfer of supervisory responsibilities. The date of transfer of responsibilities has not yet been communicated.   The Institute will consider the full consultation response published by HM Treasury today and, with the other accountancy sector PBSs, will engage with HM Treasury and FCA in relation to the future of the UK AML supervision regime for accountants. In responding to earlier consultations on reform of the AML supervision regime in the UK, the Institute has previously expressed concerns about proposals to move to a single professional services supervisor. The Institute is awaiting more information in relation to this government decision, and we will keep you informed as we receive this.  There is no immediate change for firms currently supervised for AML in the UK by the Institute.  The Institute will support firms through changes arising in relation to the UK AML supervision regime. Further information can be found here.

Chartered Accountants Ireland has responded to the Financial Reporting Council's (FRC's) invitation to comment on the Practice Note (PN) Guidance for audits of smaller and/or less complex entities in the UK.  The FRC launched a consultation on a PN to support auditors in the application of International Standards of Auditing (ISAs) UK when auditing smaller and/or less complex entities. This consultation is part of the FRC’s year-long SME campaign.  As a general overarching point, Chartered Accountants Ireland does support the development of additional guidance in principle as small and medium-sized practices (SMPs) need to be able to apply ISAs UK in a scalable and proportionate manner given current challenges experienced in the small and medium-sized enterprise (SME) audit market. A key element of our response outlines that a more preferrable course of action (rather than introduction of a PN) would be to begin the process to adopt the International Auditing and Assurance Standards Board’s (IAASB) International Standard on Auditing for Audits of Financial Statements of Less Complex Entities (‘ISA for LCE’), with public consultation on adoption of the ISA for LCE being a necessary step in the process.  Chartered Accountants Ireland has also responded to specific FRC consultation questions outlining enhancements and changes needed to the current version of the PN.  The main item we highlight throughout our response to the consultation relates to the fact that the PN, in its current form, is difficult to apply and use due to the lack of alignment mapping to the underlying ISAs, which would aid ease of reference when navigating the ISAs and would help SMPs apply ISAs in a more scalable and proportionate manner. In addition, we have recommended certain enhancements to the PN content and wording including examples provided in the PN to support SMPs with implementing the guidance more effectively and proportionately particularly in the context of the following ISAs: ISA (UK) 315 Identifying and Assessing the Risks of Material Misstatement ISA (UK) 240 Fraud ISA (UK) 500 Audit Evidence ISA (UK) 570 Going Concern ISA (UK) 540 Estimates ISA (UK) 330 Auditor’s Responses to Assessed Risks ISA (UK) 600 Special Considerations - Audits of Group Financial Statements (Including the Work of Component Auditors) Revised Ethical Standard 2024

Revenue has advised that Government Networks are performing essential maintenance for two hours commencing before midnight on Friday 24 October 2025 during which ROS services will be unavailable. Date of upgrade: Friday 24 October  Time: 11:59pm on Friday 24 October to 02:00am on Saturday 25 October  Expected downtime: Up to two hours Affected services: Internet access across Government networks.

The Department of Finance published the Draft Budgetary Plan 2026 (DBP) last week which is required to be submitted to the European Commission and the Eurogroup by mid-October, in line with EU Regulation (EU) 473/2013 of the European Parliament and Council. The DBP is consistent with Budget 2026, which was presented on the 7 October 2025. The DBP notes that a general government surplus of 1.6 percent of GDP is expected for this year and a general government surplus of 0.8 percent of GDP is projected for next year. The debt-to-GDP ratio is forecast at 33.0 percent of GDP at the end of this year. The ratio is projected to fall to 32.4 percent of GDP next year, partly reflecting the impact of strong nominal GDP growth. The projections reflect the macroeconomic impact of policy measures introduced in Budget 2026, and the macroeconomic forecasts upon which the Budget is based have been endorsed by the Irish Fiscal Advisory Council.

Revenue has updated its guidance for Individuals described as ‘locums’ engaged in the fields of medicine, health care, pharmacy and ‘dental associates’ engaged in the field of dentistry providing additional information for dental associates. The guidance has been updated as follows: The title of the guidance now includes ‘dental associates’ engaged in the field of dentistry.  Section 1 has been updated to expand the purpose of the guidance to include Revenue's position regarding the employment status for taxation purposes of dental associates.  Section 3 has been amended to provide guidance on determination of employment status for taxation purposes of dental associates and dental hygienists.  Section 4 now contains information regarding incorporation of locum practices.  Section 5 has been updated to include reference to the publication of the revised joint Code of Practice on Determining Employment Status. In addition, section 5 has been amended to include the link to the VAT Treatment of Dental Services Manual. Section 6 has been updated and amended to include an additional question relating to tax treatment of payments made to dental associates. 

Revenue has issued a note, through the TALC Collections subcommittee, which provides additional information for the completion of the new panels on the Form CT1 in relation to section 299 leases. The note provides additional clarification on the disclosure requirements for leases agreed with corporate lessors and corporate lessees. The note also outlines additional relevant points regarding capital gains and group relief.  Revenue has confirmed that the content in the note will also be incorporated into the CT1 2025 Tax and Duty Manual when published as a reminder to filers.

The guidance on the LPT clearance procedures on the sale or transfer of residential properties has been updated by Revenue, to reflect new LPT clearance rules, effective from 17 March 2025. The following additional information has also been included in the guidance: Valuation date and duration of valuation. Sale of 'new and unused' properties. Sale of exempt properties.  Termination of deferral arrangements.  Properties sold by local authorities and approved housing bodies.  Penalties for non-compliance.  Sample of a Property History Summary (PHS).

Revenue has published updated guidance on the recoupment of overpayments of salary by an employer from an employee to include additional information and clarifications. Section 2 has been updated to include relevant content from three paragraphs previously referenced in other parts of the manual. A new example regarding 'Recoupment spanning a number of years’ has been included in section 3. Section 4 provides clarification on the procedure for an employee making a claim for a repayment of tax and USC and includes a new paragraph 4.3 regarding PRSI refunds. Section 5 has been updated regarding the recoupment of salary overpayment following the death of an employee. Periodic updates to dates and tax rates have been made throughout the manual.

Finance Bill 2025 was published last Thursday, containing the draft legislation to give effect to the various measures announced on Budget Day. The Institute will be engaging with Revenue and the Department of Finance and other stakeholders this week to discuss this year’s Bill through our participation in the Business Tax Stakeholder Forum and the Tax Administration Liaison Forum. We will be reporting back with a full analysis of Finance Bill 2025 in our Tax Newsletter next Tuesday 28 October. You can read  this year’s Finance Bill here and the accompanying explanatory memorandum here.  

Revenue has updated its dedicated agent and advisor e-linking webpage to provide enhanced guidance for taxpayers regarding the e-linking process for agent-link requests. A support video for myAccount users, along with an Agent e-linking FAQ document, are now available on the dedicated webpage.

Revenue has updated its guidance on payments arising on termination of an office or employment or removal from an office or employment to reflect the impact of unpaid leave on the calculation of the average taxable emoluments figure for the Standard Capital Superannuation Benefit (SCSB) exemption. The SCSB exemption is based on average salary for the last 36 months of employment and in some cases, an employee may have taken unpaid leave for a period during the 36-month period prior to employment termination. The guidance explains that salary details from beyond the last 36 months can be used in the SCSB calculation, to determine the average annual taxable emoluments, provided the person didn’t receive any other taxable pay during unpaid leave. If the individual continued to receive a contribution to a pension scheme and no other emoluments, that period is not treated as unpaid leave for the calculation. The guidance outlines that examples of periods of unpaid leave include unpaid maternity leave, unpaid paternity leave or unpaid parental leave.

Revenue has updated the Pensions Manual – Useful Contacts guidance to include contact details for the Department of Social Protection. It also clarifies that all queries regarding the operation and administration of the Automatic Enrolment Retirement Savings Scheme should be directed to that department.