Those aiming for leadership positions can benefit from the experience of those who went before them, writes Executive Head of Member Experience Karin Lanigan.   Mentoring is certainly not a new concept; however, it is one that has been receiving increased attention in recent years within the Chartered community. The benefits of mentoring are acknowledged, and these benefits were resoundingly highlighted during a recent panel discussion event for members was hosted by the Ulster Society: “Leading with Purpose”, during which leadership and the important role of mentoring to its development were discussed. Joining me on this panel were Jackie Henry MBE – UK Managing Partner of People and Purpose, Deloitte, Sir David Sterling KCB – retired Head of Northern Ireland Civil Servant and current Non-Executive Director of various boards and trusts, Tracey McCaig – Chief Operating Officer, Department of Health’s Strategic Planning and Performance Group (SPPG), Beth Lyttle –  Chartered Accountant at Northern Ireland Audit Office, and it was chaired by Jo Scott – Broadcaster with BBC NI. "The hindsight of a mentor can provide invaluable foresight" During the lively discussion, it was agreed that being in a leadership role can sometimes be a lonely place. In this situation, the benefits of having a mentor can really come to the fore. Being able to reach out and leverage the lived experiences, advice, insights and support of a mentor can help you deal more effectively with challenges, career pivots and generally enhance your career trajectory.  It was also noted that mentors are not only a useful resource during the big moments, but they are also a helpful sounding board for day-to-day aspects of your career and life dilemmas. There is significant merit in gaining support and advice from someone who is more experienced and has most likely lived through similar situations. In other words, the hindsight of a mentor can provide invaluable foresight. Among the panelists , the consensus was that selecting or being matched with the most appropriate mentor for you personally is essential in forming this dynamic and collaborative relationship. There must be a connection and chemistry there which is then underpinned by trust, confidentiality, respect and open communication. We reminded the audience that a mentoring relationship can be formal or informal and it’s definitely not the case that  one size that fits all. We also pointed out that both parties shouldn’t be prescriptive in terms of the duration of the relationship as they can tend to naturally run their course. Confidence-building and moving out of your comfort zone Developing a relationship with your mentor is an investment in your career and personal development, particularly if you want to accelerate your career and take on more senior roles and lead with purpose. Leadership doesn’t happen in isolation. With the backing and support of a mentor you can develop your leadership skills more effectively and build your self-confidence. Our panel openly outlined how they have all had their challenges with the ‘impostor syndrome’ where they doubted their abilities and were riddled with a lack of self-confidence. On these occasions having a mentor to reach out to for support, compassion, advice and new perspectives was transformational.   To truly benefit from a mentoring relationship, you as the mentee need to be willing to be comfortable with being uncomfortable. In other words, you need to be prepared to push yourself outside your comfort zone, accept feedback and push boundaries. When you get to this point, the benefits of mentoring can be truly experienced and enjoyed. In terms of practicalities, scheduling your mentoring meetings at a time that works for you is essential to their success. You need to set aside time where you can focus on the conversations and have adequate time to plan what you want to achieve from the engagement with your mentor. Taking this approach is only fair to the mentor too who has given their time to support you. Overall, mentoring was highlighted as a valuable support system, helping members and aspiring leaders to overcome challenges, build confidence, and accelerate career growth by leveraging the experience and advice of more seasoned professionals. Learn more about mentoring For any members who are interested in offering their time to an aspiring Chartered leader, or members seeking a mentor, me and my colleagues in the Institute’s careers and recruitment service would be delighted to talk to you. You can learn more about the service here. Karin Lanigan is the Institute's Executive Head of Member Experience. She has also managed the Career and Recrutiment Service. Karin holds a Masters in Personal and Management Coaching from UCC 

The 10th Annual Good Governance Awards took place last night at Chartered Accountants House, marking a decade of celebrating strong governance, transparency and high-quality reporting across Ireland’s charity and non-profit sector. Hosted in partnership with Carmichael, the event brought together trustees, volunteers, charity leaders and supporters to honour organisations that are setting the benchmark for responsible stewardship. In her remarks, the Chief Executive of Chartered Accountants Ireland, Rosemary Keogh, highlighted the central importance of trust, noting that in an increasingly complex and volatile world, good governance is the foundation on which charities earn and maintain public confidence. She emphasised that governance is not simply about compliance, it is a commitment to accountability, purpose and the ethical use of resources for the public good. A key theme of the evening was the steadily increasing standard of governance across Irish charities. With the publication of the new Charity SORP in October, and the Charities Regulator expected to finalise mandatory scoping requirements in 2026, boards, management teams and donors will have more to familiarise themselves with in the year ahead. These developments reinforce the need for ongoing training, clarity and leadership - particularly in areas such as financial reporting, risk oversight, impact measurement and transparency. The many roles played by Chartered Accountants across the non-profit landscape was also recognised at the event. Members serve as trustees, treasurers, employees, auditors, advisers, volunteers and donors, bringing professional judgement, financial stewardship and ethical leadership to charities and non-profits of all sizes. Some have also been beneficiaries of the sector’s work, reinforcing its deep societal value. Their contribution aligns with Chartered Accountants Ireland’s emphasis on trusted business leadership and reflects the profession’s commitment to serving the public interest. A very warm appreciation was also extended to Carmichael and Diarmaid O’Corrbui, Co-founder of the Good Governance Awards, for a decade of championing excellence in governance. Congratulations once again to all this year’s winners, who were: Category 1 (< €100,000): Chronic Pain Ireland Category 2 (€100,000–€250,000): Kilkenny Volunteer Centre Category 3 (€250,000–€750,000): IDEA – Irish Development Education Association Category 4 (€750,000–€2.5m): Belong To Category 5 (€2.5m–€10m): Women’s Aid Category 6 (€10m–€50m): Oxfam Ireland Category 7 (> €50m): Rehab Group All shortlisted organisations received expert feedback from volunteer judges and assessors, a core feature of the Awards that supports continuous improvement throughout the sector. For further information or comment please contact Head of Ethics and Governance, Níall Fitzgerald at ethicsgov@charteredaccountants.ie

The second six-monthly SME Business Sentiment Survey from Chartered Accountants Ireland and GRID Finance has found that 60% of businesses have been impacted by global trade tensions and tariffs. The survey measures and tracks the experience, confidence and sentiment of SMEs, including small accounting practices, doing business in Ireland. The inaugural survey took place in April 2025.  Businesses more prepared for trade tensions and tariffs  Despite uncertainty in global trade and tariffs, the proportion of businesses unprepared for related disruptions has fallen from 36% to 23% in the past six months - suggesting growing resilience. Business members in particular feel better equipped to manage these issues, rising to 25% now compared to just 15% in April. The effects of Brexit continue to be felt with 41% of respondents reporting that it had a negative impact on their business.  Cróna Clohisey, Director of Members and Advocacy, Chartered Accountants Ireland said: “The findings highlight both the resilience and the pressures facing SMEs. While more businesses are now prepared for global trade disruptions, the environment remains volatile and demands continued vigilance. Our members are uniquely positioned to help businesses plan, adapt, and thrive amid these challenges, offering the trusted guidance and expertise needed to build long-term resilience. “Encouragingly, nearly a third of members (32%) report business profitability has increased in the last 6 months, an improvement on April’s findings. One in three also believe that their business will be better off in the next 12 months, up 5% from the previous survey.”  Cost pressures continue to bite The survey found that business costs are continuing to increase for the vast majority (79%) of SMEs. Small businesses remain under pressure from rising labour costs, which nearly two-fifths identify as their greatest financial challenge. This is followed by rising operational costs (30%) and regulatory compliance costs (12%). Not only are costs a financial challenge to businesses, they are viewed as the biggest competitiveness challenge faced by SMEs at 45%. This is followed by salary demands and talent pipeline/shortages. Countdown to auto-enrolment Almost two-thirds (64%) of businesses indicate that they are prepared for the pension auto-enrolment start date of 1 January. The findings reveal that business size is a significant factor in how companies prepare for this new scheme. Those with 50+ employees are more likely to budget for increased costs and expand their existing occupational pension schemes at 53% and 49% respectively compared to 32% and 33% for organisations with fewer than 50 employees.  Clohisey continued “Businesses are taking steps to ready themselves with almost 60% having attended an information session, but only 39% have budgeted for increased costs related to the scheme. Smaller firms will need additional support to manage the costs and administrative burden this reform will bring. Continued government support will be vital to ensure no business is left behind." Eoin Christian, CEO, GRID Finance said: “The November survey findings highlight the views of small businesses across a range of critical issues and clearly illustrate the challenges they continue to face. Chief among these are rising costs related to staffing, day-to-day operations and regulatory compliance. When combined with an uncertain global trading environment, these pressures make it more important than ever for small organisations to closely assess their operations and future cash-flow requirements. “With almost one-fifth of respondents reporting increased demand for borrowing, and nearly one-third applying for government supports, it is evident that businesses are actively seeking financial assistance — both from the State and from specialist finance providers such as GRID Finance.” You can read the survey in full here. About the SME Business Sentiment Survey The SME Business Sentiment Survey is conducted by Chartered Accountants Ireland and GRID Finance, the Institute’s Official Independent Lender Partner. This survey was conducted by Coyne Research between 2 and 19 October 2025 and will be repeated every six months. Approximately 300 members were surveyed from organisations employing fewer than 250 people.   About GRID Finance GRID Finance is dedicated to providing accessible and sustainable financing solutions to small and medium-sized businesses. With a deep understanding of the needs of Irish SMEs, GRID Finance offers a range of financial products and services designed to support growth, resilience, and long-term success. Social Impact and B-Corp Accreditation As a Certified B Corporation, GRID Finance meets the highest standards of social and environmental impact. With an overall B Impact Score of 127.9, significantly higher than the median score of 50.9 for ordinary businesses, GRID Finance is committed to continuous improvement and leading the transformation of the global economic system.      

Catherine Rogers is an Associate Director at Crowe, where she acts as Head of Governance within the Consulting Department. She specialises in advising the public and not-for-profit sectors on a wide range of governance matters and is also part of Crowe’s Special Investigations Unit, which has undertaken numerous high-profile inquiries. Catherine qualified as a Chartered Accountant in 2010, following a BSc in Management from DIT. What made you choose Chartered Accountancy and if you weren’t a Chartered Accountant, what other career path would you have followed? In school, I always enjoyed the accountancy side of business studies. I found the process of putting a set of accounts together logical and satisfying. If I hadn’t become an accountant, I’m not sure what path I would have taken. At one point, I considered teaching or even studying law, but my interest always came back to accounting. Can you tell us about your career path and how you got to where you are now? I began my career training in a small firm, gaining hands-on experience managing jobs and clients from an early stage. Qualifying in 2010 during a challenging job market, I spent a year working in the finance department of a catering company before moving to Edinburgh. There, I joined Lloyds Banking Group, preparing accounts for companies that owned large leased assets such as ships and trains. I later moved to RBS, working in group reporting on financial statements and budgets. In 2012, an opportunity arose to join the civil service, where I was appointed to the Department of Finance. For nearly three years, I managed the State’s shareholding in AIB – a unique experience after previously working for two banks bailed out by the UK taxpayer. While at the Department, I contributed to the Banking Inquiry, sparking my interest in understanding crises and what can be learned from them. This ultimately led me to transition into consulting with Crowe. What do you value most about your membership of the profession, and how do you think these benefits can be used to support the economy and society? For me, the greatest value lies in professional support – there’s always someone to advise or provide a listening ear. Having the opportunity to discuss economic developments helps the profession proactively address issues. The recent bill to protect the term “Accountant” will only strengthen our role in the future. Every charitable organisation also needs to have some level of input from an accountant, so we do give back a lot on a voluntary basis. What Institute services have you availed of, and to what extent have you been involved with the Institute? I have actively pursued professional development, completing diplomas in corporate finance and forensic accounting and investigations. I am also a member of the Charity and Not-for-Profit group, which provides a platform to share insights and address sector challenges. What career advice would you give to other members based on your own experience? Don’t be afraid to try something different. When I qualified, I wasn’t sure what I wanted to do, but the qualification opened so many doors. People often underestimate the curiosity and inquisitiveness we develop as accountants. In my current role, that perspective allows me to approach issues through a unique lens. What achievement are you proudest of in your life to date? My involvement in the Scoping Inquiry into CervicalCheck is something I’m incredibly proud of. Working with Dr Gabriel Scally was eye-opening and rewarding, and knowing I played a small role in changing how women’s health is viewed is hard to beat. Meeting the women and families affected was both heartbreaking and inspiring.

Following the publication of the Government’s consultation on the powers and duties the Financial Conduct Authority (FCA) will need to become an effective AML/CTF supervisor, HM Treasury will be hosting a series of roundtables. These roundtables are an opportunity for meaningful discussion on the proposals set out in the consultation.  Please visit links below for details: Accountancy & TCSPs: 27 November, 11:00–12:30 8 December, 14:00–15:30

Kingsley Aikins is founder of The Networking Institute. His new book, Networking Matters: The Power of Human Connection, is launching on 4 December at Chartered Accountants House, Dublin. Members are invited to attend the book launch, at which Kingsley will give a mini masterclass on the essentials of networking, a flavour of which he provides below. In a world that is constantly changing and facing unpredictable challenges – such as financial crises, pandemics, and geopolitical conflicts – resilience is essential for both individuals and organisations. One of the most important assets in navigating these turbulent times is a strong and diverse personal network. Networking is a critical human skill that can help us survive disruptions, adapt to new circumstances, and thrive in an ever-evolving environment. Dealing with disruption Modern times are marked by unexpected events, often referred to as ‘black swan’ events, which are rare, unpredictable, and have far-reaching consequences. Examples include the COVID-19 pandemic, the invasion of Ukraine, and conflict in the Middle East. In the face of such shocks, personal networks are more important than ever. As companies adjust their workforces and individuals reconsider their careers, networks become essential for finding new opportunities. Today, job positions are often temporary, but networks provide enduring value. Whether times are good or bad, strong networks are critical for personal and professional success. The myth of individualism Success is often portrayed as the result of individual qualities such as talent, education, perseverance, courage, luck, and effort. However, relationships and connections with others are equally important. The myth of the self-made individual overlooks the fact that opportunities are attached to people, and creativity flourishes when talented individuals collaborate. While individuals can make a difference, they rarely achieve lasting success alone; strong networks are vital for both survival and achievement. As careers progress, it becomes clear that opportunities arise through people, and collaboration fosters innovation. Everyone we meet connects us to new possibilities and perspectives. Your next job: the changing nature of careers The traditional model of lifelong employment has changed dramatically. Job security is now rare, and the old social contract of loyalty in exchange for security no longer exists. Companies today have shorter lifespans, and people often outlive the organisations they work for. The step-by-step career ladder has been replaced by a more dynamic and flexible ‘jungle gym’ approach, where frequent moves and varied experiences are valued. Most new jobs are found through personal contacts rather than advertisements, and the most desirable positions are often never advertised. Research has shown that ‘weak connections’ or casual acquaintances at the edges of our networks, are especially powerful in uncovering new opportunities. The many benefits of networking Networking offers numerous advantages, including business development, customer acquisition, investment opportunities, supplier relationships, staff retention, and loyalty building. Beyond professional benefits, strong and diverse networks also contribute to longer life, better mental and physical health, greater earnings, and overall happiness. Networking helps combat loneliness and social isolation, which are known to harm health. The Harvard Longitudinal Study has found that our relationships are more important to health and well-being than our genes or lifestyle choices. A sense of belonging and purpose is fundamental to human needs, as recognised by psychologist Abraham Maslow. Strong networks enhance resilience and help individuals recover from adversity, highlighting the importance of authentic social connections in both work and society. Hire and wire: networking in the workplace Companies seek employees with strong and diverse networks, recognising that human capital includes not just knowledge but also connections. When hiring, they consider not only qualifications and experience but also the breadth and quality of candidates' networks. Success increasingly depends on who knows you, rather than just what you know. Many firms, such as McKinsey, have developed robust alumni networks, fostering ongoing engagement and business referrals. These networks also encourage the return of ‘boomerang employees’. who bring valuable experience and connections when they rejoin an organisation. Diversity vs. homophily People tend to form connections with others who share similar backgrounds, values, and interests – a phenomenon known as ‘homophily’. While this is natural, it can limit the diversity of our networks and our exposure to new ideas. Organisations that reflect societal diversity tend to perform better, and individuals benefit from seeking out different perspectives and experiences. Embracing diversity in our networks helps prevent predictable, homogenous thinking and opens us up to new opportunities and insights. Leveraging the intelligence of your network Each person's network is a unique and valuable resource that can transform both individual careers and organisations. Networks provide access to informal information – such as advice, insights, and tips – that is not readily available through formal channels. By engaging with our networks, we can gather critical intelligence, make better decisions, and gain a competitive edge. Many leading, global companies recognise the value of network strength, encouraging employees to build connections and leverage network intelligence. Trust is essential for employees to use their networks for the benefit of the organisation, and a strong network culture fosters both individual and collective growth. Referrals and testimonials One of the most significant advantages of networking is the potential for referrals and recommendations from satisfied contacts. Keeping in touch with past clients and colleagues can lead to new business and opportunities. Although some people hesitate to ask for referrals, it is an essential part of effective networking. Referrals are cost-effective, quick, and often lead to strong, mutually beneficial relationships. Portability of your network Your network is a personal asset that remains with you throughout your career. When you leave a company, your network goes with you, providing ongoing value and support for your career development. Investing in your network is an investment in your own future. Overcoming ‘stranger danger’ Many people feel apprehensive about approaching strangers, a feeling often instilled from childhood. However, most of our important relationships began with someone who was once a stranger. Networking helps us overcome this fear and recognise the potential for transformative opportunities that can arise from a single introduction or conversation. As our careers progress, it becomes increasingly important to expand our circles and stay aware of the achievements and movements of others. The ‘Network Gap’ LinkedIn has identified a ‘network gap’, where some individuals have a significant advantage in accessing opportunities based on their connections. Factors such as upbringing, education, and work history can provide up to a 12-fold advantage in opportunity access. Research shows that 70% of professionals are hired by companies where they already have a connection. Addressing the network gap is essential to ensure equal access to opportunities for people with similar talent and skills, regardless of their background. Digital opportunities Digital technology has revolutionised networking, making it easier and more affordable to connect with anyone, anywhere. Geographic location is now less important than what you do, and digital platforms enable rapid, direct communication. These changes, including the integration of artificial intelligence, have fundamentally transformed how we build and maintain networks. The ripple effect Networking creates a ripple effect, where your reputation and influence extend far beyond your immediate contacts. Your actions and interactions can impact people you have never met, and acts of kindness and generosity can inspire positive cycles within your network and beyond. Practising random acts of kindness can strengthen connections and foster a culture of generosity. Conclusion As you advance in your career, the importance of networks and relationships increases. The skills that helped you secure your initial position become less central, while the relationships you build become the key to ongoing success and growth.

The Law Society of Ireland has announced that its new online portal for Reporting Accountants to upload an annual or closing reporting accountant’s report for a Solicitor client on to the Law Society’s system is at an advanced stage and is nearly ready to launch.  Readers can learn more on this new portal on the Law Society’s news page, Chartered Accountants Ireland understands that the Law Society will begin to directly contact all Reporting Accountants over the coming days with details on how they can register for this new Portal. 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 Financial Reporting Council (FRC) has issued International Standard on Sustainability Assurance (UK) 5000, “General Requirements for Sustainability Assurance Engagements”, which provides UK companies, investors and assurance providers with a consistent, internationally aligned assurance standards for voluntary use in sustainability assurance engagements. ISSA (UK) 5000 is a UK version of the global benchmark standard for sustainability assurance, developed by the International Auditing and Assurance Standards Board (IAASB). Its introduction for use in the UK demonstrates the FRC’s continued support for globally aligned assurance standards that underpin quality assurance engagements. The Standard provides comprehensive requirements for conducting sustainability assurance engagements, applicable to both limited and reasonable assurance, and is designed to be profession-agnostic. The UK Standard is intended for voluntary use by UK assurance providers and aligns with the international standard.

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: CDS Declaration Completion Instructions for Imports Fulfilment House Due Diligence Scheme registered businesses list 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 Check if a business holds Authorised Economic Operator status Additional Information (AI) Statement Codes for Data Element 2/2 of the Customs Declaration Service (CDS) Reference Documents for The Customs Tariff (Preferential Trade Arrangements) (EU Exit) Regulations 2020 Check if you can claim a waiver for goods brought into Northern Ireland HMRC email updates, videos and webinars for VAT Designated land, sea and air ports for trading or moving CITES-listed endangered species

In this week’s detailed miscellaneous updates which you can read more about below, we bring you updates on guidance for contractors and subcontractors within the Construction Industry Scheme, the updated VAT registrations manual, and HMRC’s agent escalation and resolutions service. HMRC email updates, videos and webinars for the Construction Industry Scheme HMRC has updated its guidance on paying tax and record keeping for the Construction Industry Scheme for contractors and subcontractors. You can subscribe to receive email updates, view webinars on various matters, and find information on fraud in the labour supply chain. HMRC updates its VAT registration manual HMRC has updated its guidance on VAT, including information on whether someone must register VAT, when they may register for VAT, and how to deal with changes to details held on the VAT register. HMRC agent escalation and resolution services HMRC has provided updated guidance on its agent services. You can read information on tracking the progress of a query and when you can expect a reply, how to use the HMRC service’s dashboard, the Agent Account Managers service, and other tools.

Last week, HMRC launched its refreshed mobile app (available on Android and iPhone) as part of Talk Money Week. HMRC encourages taxpayers to use the app to support financial conversations and get information about your tax, National Insurance and State Pension forecast. The theme of this year’s Talk Money Week was ‘start the conversation’ and the app can provide the starting point for these discussions. The app has been used by more than 5.6 million since 6 April 2025 and the most popular services used are: Checking pay before it lands in the bank account and other Pay As You Earn (PAYE) information Viewing the annual tax summary – 1.94 million users Viewing or saving their National Insurance number or checking contributions Checking their State Pension forecast Viewing the Self Assessment summary and making payments.

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.