Yesterday, a delegation from the Institute met with Minister for Finance, John O’Dowd MLA to discuss barriers to the all-island labour market resulting from the substantial tax complexity facing frontier and cross-border workers. Earlier this year, the Institute wrote to Minister O’Dowd requesting this meeting to discuss solutions for those employers and workers affected by the byzantine tax compliance requirements. We had an engaging and productive discussion on the recommendations in our initial letter and we will be continuing to engage with Minister O’Dowd’s team as this important work progresses. We also recently met with officials in the Department of Finance in Dublin to discuss the matter as we had written a similar letter to Tánaiste Harris with his team noting the Tánaiste’s support for the work. We had a similarly engaging and productive meeting with the team in Dublin and we will be continuing to engage with them as they progress this work on their end. Readers may be aware of the joint statement from Prime Minister Sir Keir Starmer and An Taoiseach Micheál Martin following the UK-Ireland Summit in Cork earlier this year. In that statement, the leaders noted the following: “We welcome agreement to engage on reaching a decision in principle this year on a bilateral Ireland-UK approach to address concerns arising from hybrid cross-border working and to consider other aspects of the UK-Ireland Double Taxation Convention which may require updating.” When drafting our recommendations, we naturally had the possibility of a bilateral agreement as the potential silver bullet that could significantly reduce and even eradicate the substantial complexity currently faced by employers of hybrid cross-border workers. It is particularly encouraging that Westminster will be engaging directly with officials in Dublin on the matter. Naturally, this work will require the engagement and input from Ministers and officials in Stormont. As such, the overall work to address the long-standing complexities may also open opportunities for the leaders in Dublin, Belfast and London to consider measures to support the economic development of Northern Ireland even beyond the labour market.

Chartered Accountants in Northern Ireland have called for urgent public sector reform, a more competitive Corporation Tax regime, and stronger economic leadership as part of a credible industrial strategy to unlock growth, according to the latest Business Confidence Survey from Chartered Accountants Ulster Society. The survey highlights an economy that has stabilised but remains stuck in low growth, with businesses continuing to face sustained cost pressures and limited confidence in the effectiveness of current policy delivery. Only 6% of respondents view the outlook as positive, with the majority (56%) expecting “fair” conditions and 38% remaining pessimistic. Meanwhile, 58% report that financial distress among businesses is still increasing, underlining the persistent strain across the economy.  Key findings The survey paints a picture of a resilient but constrained economy. 76% of respondents describe current conditions as either stagnant (38%) or growing only slowly (38%), with just 7% reporting strong or moderate growth.  Cost pressures remain a key challenge, with 95% citing the rising cost of doing business as a major negative factor, alongside taxation, energy costs and wider public finance pressures.  A clear and consistent theme throughout the findings is the need for fundamental public sector reform. Half of respondents (51%) believe Northern Ireland’s current public funding model is no longer sustainable and requires significant change, while over 90% agree that improving efficiency and prioritising existing spending must come before raising taxes or cutting services.  Respondents expressed strong concerns around governance and delivery, pointing to inefficiency, slow decision-making and a lack of strategic direction as key barriers to growth. Public sector performance is widely viewed as a constraint on economic progress, particularly in areas such as infrastructure, skills and service delivery.  At the same time, there is strong support for measures to enhance competitiveness. 85% of respondents believe a more competitive Corporation Tax rate would strengthen Northern Ireland’s ability to attract and retain mobile investment. The survey also highlights the untapped potential of Northern Ireland’s dual market access under post-Brexit arrangements. While widely recognised as a unique economic advantage, over 70% of respondents do not believe this opportunity is currently being fully utilised. On technology, there is cautious optimism around Artificial Intelligence (AI). Almost half (49%) expect AI to have some impact on their role without fundamentally changing it, while a further 36% anticipate significant or positive transformation, signalling a shift towards evolution rather than disruption in the accountancy profession.  Call for action The Ulster Society is urging policymakers to take a long-term, strategic approach to economic growth, focused on delivery as well as policy. Key priorities include: Accelerating public sector reform, improving productivity, accountability and service delivery Enhancing competitiveness through Corporation Tax reform and a more attractive investment environment Maximising the benefits of dual market access to position Northern Ireland as a gateway for international trade and investment Supporting responsible adoption of AI and emerging technologies to drive innovation and efficiency Strengthening governance, with clearer strategic direction and more effective decision-making. Mark Lawther, Chairman of Chartered Accountants Ulster Society, said:  “Northern Ireland’s economy has stabilised, but momentum remains modest. Businesses continue to face elevated costs and financial pressures, and greater confidence will depend on clearer, faster policy delivery. “There is a clear message from our members that reform must come before additional revenue-raising. Improving how public money is spent, alongside stronger governance and decision-making, is essential to restoring confidence. “At the same time, there are real opportunities to transform our economic outlook. A more competitive Corporation Tax rate, combined with Northern Ireland’s unique dual market access, has the potential to attract significant investment – but only if supported by clear strategy and delivery. “We also see growing potential in areas such as AI and innovation, which can support productivity and long-term growth. The challenge now is to turn opportunity into action.” Over 200 Chartered Accountants in Northern Ireland took part in the survey.

At a time when many businesses and taxpayers are experiencing added cost pressures due to rising costs as a result of the ongoing war in the Middle East, we remind readers that time to pay may be available to spread tax liabilities. Although HMRC has not made any official announcement about any specific measures to support businesses and taxpayers as a result of the ongoing crisis, time to pay is available as normal and is designed to support them in scenarios like this. Members can also contact the Institute to discuss any specific concerns they may have in relation to this. By way of reminder, time to pay enables a taxpayer or business experiencing temporary difficulties in paying tax liabilities to reach an agreement to pay these in monthly instalments. A time to pay arrangement can be automatically set up online for self-assessment tax debts of £30,000 or less. This mechanism was introduced several years ago and was a recommendation of Chartered Accountants Ireland during the pandemic.  

The annual Administrative Burdens Advisory Board (ABAB) 2026 survey ‘Tell ABAB’ is now open for completion. The survey takes roughly 15 minutes to complete and will remain open for responses until Wednesday 29 April 2026. The survey is an opportunity to provide ABAB with insights on the tax system which they can then use to support taxpayers, agents, and businesses. Its results are expected to be published on GOV.UK in Autumn 2026 in the annual ‘Tell ABAB’ report. Previous reports are available on the ABAB website. The survey provides crucial insights on the big issues faced by small businesses, including those who identify as tax agents in the tax system. The ABAB says that it is passionate about listening to and understanding the needs of the small business community. Board members come from a range of businesses and professions; ultimately their goal is to make the tax system quicker and simpler for small businesses. The Board therefore challenges HMRC on its performance, and aims to provide robust scrutiny against key initiatives, such as Making Tax Digital. The annual ABAB report, which is sent directly to Treasury ministers, reviews HMRC’s progress against the ABAB’s priorities. If you have any questions about the 2026 survey, email advisoryboard.adminburden@hmrc.gov.uk.

HMRC has recently published for technical consultation draft secondary legislation for the carbon border adjustment mechanism (CBAM). This includes some of the CBAM administrative requirements, including those on embodied emissions and the monitoring and verification of emissions data. The consultation is open for responses until 21 May 2026. By way of reminder, the UK CBAM is a new tax which aims to ensure that highly traded carbon intensive goods imported into the UK face a comparable carbon price to that paid by manufacturers producing the same goods in the UK. Currently, UK manufacturers are subject to carbon pricing for direct emissions under the UK Emissions Trading Scheme.  The UK’s CBAM is due to commence from 1 January 2027 and will apply to goods from the following industrial sectors: aluminium,  cement,  fertiliser,  hydrogen, and  iron and steel.  

In this week’s detailed miscellaneous updates which you can read more about below, the April 2026 Employer Bulletin and the most recent Agent Update have both been published by HMRC. Other updates to be aware of this week are as follows: HMRC has advised that new VAT registrations may not appear on HMRC’s Check a UK VAT number online service from 9am today, Monday 20 April, until 5pm Friday 24 April 2026, From 1 April 2026, the Valuation Office Agency (VOA) ceased to exist independently and is now providing its services as part of HMRC. A Press Release has been published explaining this which also advises that the VOA’s customer helpline and online contact form continue to be available as normal, Until 15 June 2026, the Scottish Government is consulting on proposals relating to its communications to taxpayers, HMRC recently published a new online tool Tell HMRC about loans that participators have repaid in full. The tool can be used by company officers, participators in close companies and authorised agents, A HMRC webinar being held on 23 April 2026 which will examine statutory maternity and paternity pay is still open for registrations, The deadline for submitting and paying the annual tax on enveloped dwellings for the return period 1 April 2026 to 31 March 2027 is 30 April 2026, The latest schedule of HMRC Talking Points live and recorded webinars for tax agents are available for booking. Spaces are limited, so take a look now and save your place, and finally, Check HMRC’s online services availability page for details of planned downtime and the online services affected. April 2026 Employer Bulletin The April edition of the 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: key dates and processes for reporting benefits in kind, Real Time Information submission problems: incorrect handling of payroll ID, the removal from April 2026 of employee tax relief for non-reimbursed homeworking expenses, the official rate of interest from 6‌‌‌ April 2026, and Statutory Sick Pay changes from April 2026: what employer’s need to know. Agent Update 142 Agent Update: Issue 142 is available now. Get the latest guidance and information on the following in this edition: Making Tax Digital for Income Tax, Corporation Tax late filing penalties – temporary delay to notices, and the tax rules for non-UK domiciled individuals have changed.

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. And finally the Government’s Borders Directorate Communications Team has sent an email about changes to the process for returning consignments rejected at EU Border Control Posts which come into effect from today, Monday 20 April 2026. The email also includes suggested actions to take. Miscellaneous guidance updates and publications This week’s miscellaneous guidance updates and publications are as follows: Amend or cancel a Customs Declaration Service import declaration, Report a problem using the Customs Declaration Service, The Customs (Northern Ireland) (EU Exit) (Amendment) Regulations 2026, Customs declarants and declaration volumes for international trade in 2025, Method 1 - Transaction value, Advance valuation rulings, Customs valuation, Reference Document for The Customs (Northern Ireland) (EU Exit) Regulations 2020, UK import trade in goods by country of origin and country of dispatch, 2024, Amend or cancel non-special procedure supplementary declarations, External temporary storage facilities codes for Data Element 5/23 of the Customs Declaration Service, and Internal temporary storage facilities (ITSFs) codes for Data Element 5/23 of the Customs Declaration Service.

Chartered Accountants Ireland has completed a wide‑ranging programme of member and stakeholder engagement across Australia, reinforcing the Institute’s commitment to supporting members living and working overseas while strengthening Ireland’s international economic and professional relationships.  The visit was led by Institute President Pamela McCreedy, joined by Global Member Manager Gillian Duffy, who represented the Institute across a series of high‑level engagements in Brisbane, Sydney and Melbourne. The programme highlighted the significant contribution made by the more than 1,600 Chartered Accountants based in Australia, working across all sectors of the economy and playing a vital role in strengthening links between Ireland and Australia.  Key engagements included meetings with Enterprise Ireland, IDA Ireland and The Ireland Funds Australia, as well as discussions with the Department of Foreign Affairs through the Consulate General of Ireland in Sydney. These conversations focused on trade and investment, talent mobility, and the skills and leadership needed to support Irish companies scaling internationally and multinational firms investing in Ireland.  A centrepiece of the visit was the President’s Dinner in Sydney, attended by over 200 members and guests from across the Irish–Australian business community, representatives from Ireland’s state agencies, professional bodies and partner organisations, as well as leaders from the Institute’s Australian member networks. Speaking on the night, President Pamela McCreedy reflected on the evolving role of Chartered Accountants and the importance of trust, transparency and professional judgement in establishing the profession’s position as a source of Trusted Business Leadership in Australia and globally. With a growing presence in Australia, Institute members continue to benefit from their community support offered by member chapters. She encouraged members to stay connected and to get involved.  During the member event in Melbourne, Pamela noted the strength of the Chartered community. From one of the newest of the Institute’s global member chapters in Brisbane through to its biggest in Sydney to her final engagement in Melbourne, she was reminded of the achievements and successes of peers and how experiences shape careers and whole communities.   Maintaining a visible and active presence across Australia enables Chartered Accountants Ireland to advocate effectively for members, contribute to international leadership and finance discussions, and deepen relationships with the organisations shaping Ireland’s global economic footprint. The visit also reinforced the Institute’s unique role as an all‑island professional body with members working across every sector of business worldwide. 

For many Chartered Accountants, there comes a moment a few years into your career when things start to feel real. The exams are long over, the training wheels are off, and day‑to‑day work is no longer a mystery. With that confidence, though, can come reflection. Questions start to surface about what’s next, what really matters, and where your career should go. This can be an exciting phase of your career, but one that brings its own pressures when decisions need to be made. A strong foundation and expanding opportunities One of the greatest assets that Chartered Accountants possess at this stage of their career stage is the strength of their professional qualification, training and experience. Ireland’s open, globalised economy continues to provide a wide an array of opportunities for ACA members. Multinational investment, a strong indigenous SME sector, and Ireland’s position as a European hub for financial services, technology, and pharmaceuticals mean that ACAs remain in high demand. Those with five to nine years’ experience are particularly attractive to employers, as they combine technical competence with increasing commercial awareness. Career optionality is another major advantage. Many Chartered Accountants move from practice into industry during this period, while others diversify into areas such as financial planning and analysis, risk and compliance, corporate finance, data analytics, or ESG reporting. International mobility also remains strong, with Irish qualifications recognised and valued in markets such as the UK, Australia, Canada, and across Europe. Financial stability and professional redibility With experience comes meaningful financial progression. As member progress their careers, many enjoy increased earning potential, greater job security, and growing confidence when negotiating salary, benefits, and flexible working arrangements. These years often bring a stronger sense of stability and control over one’s career. Just as significant is the professional credibility that develops over time. ACAs increasingly trusted to lead teams, build and manage client relationships, take ownership of key financial processes, and act as valued business partners to senior leadership. This expanding influence can be deeply rewarding, fostering a sense of purpose and impact that extends well beyond technical delivery. The pressure of progression and role expectations Despite these positives, this stage of a Chartered Accountant’s career can bring some challenges. Chief among them is the pressure to progress. Many organisations expect individuals with five to nine years’ experience to be transitioning into management or senior management roles. For some, this aligns with their ambitions; for others, the pace or style of progression may feel misaligned with personal goals or life circumstances. The shift from “doing” to “managing” can be particularly challenging. Strong technical performers may not always feel prepared for people management, business development, or stakeholder leadership — skills that are increasingly demanded at this level. Without adequate training or support, this transition can become a source of stress and self‑doubt. Another challenge at this stage is the somewhat narrow definition of success that can exist. Progression is often framed as a move into people management, even though not all Chartered Accountants are motivated by leadership roles. Many are drawn instead to deeper technical expertise — whether in tax, audit, financial reporting, risk, systems, or advisory — where their impact comes from judgement, insight, and specialist knowledge rather than managing teams. When organisations lack clear specialist career paths, this can leave skilled professionals questioning their options, despite having a strong sense of where they would add most value. Workload, potential burnout, and work‑life balance Workload and burnout can remain a concern. At the same time, this career phase often coincides with significant personal milestones, such as starting families, buying homes, or caring for relatives. Balancing professional responsibility with personal wellbeing can be challenging, and not all workplaces have adapted equally well to supporting these competing demands. There is also a risk of “golden handcuffing”, where strong salaries and incentives discourage individuals from making changes, even when roles no longer align with their broader aspirations or values. Over time, this can evolve into job hugging — a tendency to stay put out of comfort or caution rather than fulfilment, quietly narrowing career options and making change feel increasingly risky the longer it is deferred. Navigating career direction and identity Another key challenge is career clarity. By this stage, the question often shifts from “Can I do this?” to “Do I want to keep doing this?” Some experience uncertainty about whether to remain on traditional leadership paths or to seek alternative roles that offer more meaning, flexibility, or impact. The evolving nature of the profession can add complexity. Automation, AI, and data‑driven decision‑making are reshaping some accounting roles. While many ACAs are well positioned to adapt, there can be anxiety about staying relevant and investing time in the right skills for the future. Looking ahead: A pivotal phase For ACAs, the five‑to‑nine‑year mark is less about proving competence and more about shaping direction. Those who thrive in this phase tend to take ownership of their development — seeking mentorship, broadening their skill sets, and making deliberate career choices rather than default ones. For employers, this cohort represents a vital talent pool. Supporting them through flexible career pathways, leadership development, and wellbeing initiatives is not just beneficial for individuals, but essential for the long‑term sustainability and attractiveness of the profession. In many ways, this phase is the making of a Chartered Accountant’s career. With the right balance of opportunity, support, and self‑reflection, ACAs in Ireland are well positioned to become the next generation of trusted business leaders. For those navigating questions about progression, specialisation, or next steps, the Chartered Accountants Ireland Career Team offers confidential, specialist guidance and practical support to help members make informed, confident decisions about their future.

Our third (and final) article in this series looking at the key changes to UK tax legislation which took effect due to the commencement of either the new Financial Year 2026 from 1 April 2026 or the new tax year 2026/27 which began on April 6 considers a range of miscellaneous changes. Part one of the series addressed Making Tax Digital for Income Tax and measures affecting tax agents. In part two we examined key changes to the capital taxes, income tax, corporation tax, and capital allowances. Personal taxes Due to the freezing of personal allowances and thresholds, there are only limited changes to income tax rates, thresholds, and allowances for 2026/27. The changes to be aware of are as follows: the dividend ordinary rate increased from 8.75 percent to 10.75 percent, and the dividend upper rate increased from 33.75 percent to 35.75 percent. The dividend additional rate remains at 39.35 percent,  the amount of the married couple’s allowance (MCA) increased from £11,270 to £11,700. The income limit for, and the minimum amount of the MCA, also increased from £37,700 to £39,200 and from £4,360 to £4,530 respectively, the amount of the blind person’s allowance increased from £3,130 to £3,250, the rate of income tax relief for individuals investing in new venture capital trusts scheme shares reduced from 30 percent to 20 percent, and the annual fixed amount for qualifying care relief increased from £19,690 to £20,440. Increases were also made to the weekly amounts as set out in the associated legislation.   Tax advantaged venture capital schemes Several changes were made to the Enterprise Investment Scheme and the Venture Capital Trust scheme limits from 6 April 2026 (though it should be noted that these do not apply to specified companies in Northern Ireland):  the annual investment limit that a company can raise increased from £5 million to £10million, the overall investment limit increased from £12 million to £24 million, and the pre-investment gross assets threshold increased to £30 million from £15 million, and the post-investment threshold rose to £35 million from £16 million. Official rate of interest (ORI) HMRC has confirmed that the ORI, which is used to calculate benefits in kind in respect of employment-related loans and living accommodation, is unchanged at 3.75 percent from 6 April 2026. However, going forward, the ORI will be assessed quarterly, with any adjustments taking effect on 6 April, 6 July, 6 October and 6 January.  National minimum and living wage The National Minimum Wage and National Living Wage rates both increased from 1 April 2026. Vaping products duty (VPD) VPD is a new excise duty on vaping products which will come into operation later this year from 1 October 2026. The duty will apply to vaping liquid which contains nicotine and either or both glycerine and glycol, or any liquid that is intended to be vapourised by a vape and is not a medical or tobacco product. It will be charged on vaping products that are produced in or imported into the UK. VPD will be charged a flat rate of £2.20 per 10 millilitres of vaping liquid, regardless of how much nicotine is contained in the product. Although the duty itself does not commence until October 2026, registrations for VPD and the VPD Stamps scheme opened from 1 April 2026. HMRC is therefore urging affected businesses to begin preparations now. VPD stamps will become mandatory for all vaping products from 1 April 2027. As a result, HMRC has also appointed a VPD Stamps scheme supplier which enables businesses to source duty stamps from one supplier.

HMRC has recently clarified the rules for Making Tax Digital (MTD) for income tax in the context of the taxpayer having completely ceased their sole trade and/or property business before April 2026. The taxpayer (or their agent) should notify HMRC by phone or webchat if their 2024/25 income means that they would otherwise be within MTD for income tax from April 2026 but they ceased both these sources in 2025/26. Cessations must also be recorded on the 2025/26 self-assessment (SA) return as normal. By way of reminder, taxpayers must use MTD for income tax from April 2026 if their combined gross income from any sole trades or property businesses (MTD sources) conducted in 2024/25 exceeded £50,000, unless they ceased all their MTD sources in that year. As set out earlier, for complete cessations in 2025/26 the taxpayer or their agent should call or use webchat to inform HMRC of the cessation which should make clear that there is a cessation of all MTD sources.  HMRC will subsequently confirm that the taxpayer is not required to use MTD income tax for 2026/27 onwards and will update the taxpayer’s record to reflect this. Written confirmation will also be sent to the person who notified HMRC of the cessation, though there may be a delay in receiving this. HMRC can also be notified of cessations by letter, though HMRC has advised that telephone or webchat are preferrable.   If all MTD sources have not ceased, taxpayers still need to use Making Tax Digital for income tax from 6 April 2026. After signing up, they will be able to enter the end date of the ceased business using HMRC’s online service and they must also report the cessation as normal in their 2025/26 SA return. HMRC has updated its guidance on cessations as follows: Work out your qualifying income for Making Tax Digital for Income Tax, Use Making Tax Digital for Income Tax - If your circumstances change – Guidance, and Use Making Tax Digital for Income Tax - Guidance - GOV.UK.

In this week’s detailed miscellaneous updates which you can read more about below, we update you on a range of matters including HMRC’s guidance recently published on the treatment of statutory sick pay (SSP) where a sickness absence includes time before and after the changes to SSP from 6 April 2026. In addition to the SSP changes, readers should also note the following updates: HMRC is holding a webinar later this week on payroll annual reports and tasks, In a recent guidance update, HMRC has confirmed that with effect for all previous and future tax years, employers are no longer required to report non-tax advantaged Employment Related Securities data if the employee is a short term business visitor who is covered by an EP Appendix 4 arrangement and no UK income tax or NIC would be due, An exemption from income tax on income earned in the UK by certain non-UK resident individuals in connection with the Glasgow 2026 Commonwealth Games has been provided by draft secondary legislation, and The exemption from electronic filing of expenses and benefits forms for employers who cease to trade during a tax year (or insolvency practitioners who act on their behalf) has been put on a statutory footing with effect from 6 April 2026. Changes to SSP and sickness absences starting before and ending after 6 April 2025 HMRC has published guidance about the changes to SSP from 6 April 2026 and the impact this has on sickness absences which started before and end on or after the changes came into effect. From 6 April 2026, SSP: is available to all eligible employees regardless of their earnings, is payable from the first full day of sickness absence, and is paid at the lower of 80 percent of an employee’s average weekly earnings (AWE) or the weekly flat rate of £123.25. Employers are advised to: review their sickness absence policies, check their payroll provider is prepared, and share the changes with employees. Detailed guidance on how to treat SSP has also been published for sickness absences that started before and end on or after 6 April 2026.

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. The House of Lords also recently debated the  Northern Ireland Scrutiny Committee Report ‘Northern Ireland after Brexit: Strengthening Northern Ireland’s voice in the context of the Windsor Framework’ and the House of Lords European Affairs Committee recently held an initial evidence session on its new inquiry on Dynamic Alignment. Miscellaneous guidance updates and publications This week’s miscellaneous guidance updates and publications are as follows: Community and Common Transit UK offices list, Regulated aerodrome location codes for Data Element 5/23 of the Customs Declaration Service, 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), CDS Declaration Completion Instructions for Exports, Appendix 2: DE 1/11: Additional Procedure Codes, Simplified Process for Internal Market Movements (SPIMM) and UK Carrier (UKC) Scheme: Additional Procedure Codes, and Data Element 2/3: Documents and Other Reference Codes (National) of the Customs Declaration Service (CDS).

The Financial Reporting Council (FRC) has established a discussion forum for stakeholders to discuss the application of FRS 102. In launching the initiative, the FRC noted that the forum is being introduced as part of its plans to “support the proportionate application of audit and reporting standards across the small and medium-sized enterprise (SME) market”. The forum will allow preparers, auditors and other stakeholders across the UK and Ireland the opportunity to engage with the FRC’s policy team and to discuss insights and challenges encountered while applying the standard. The FRC plan to hold the discussion forum twice a year online, with the main focus of the forum being Feedback from applying FRS 102; Topical issues; and Consultations on updates to UK and Ireland accounting standards. Users of FRS 102 should find the discussion forum beneficial and details on how to sign up are set out in the FRC’s Press Release.

Welcome to the latest edition of Technical Roundup.  In developments since the last edition, the Financial Reporting Council (FRC) announced a package of measures regarding audits of small and medium-sized enterprises (SMEs). This includes an updated practice note (PN 28) regarding 'Guidance for audits of small and medium-sized entities' and the final report regarding the FRC's SME Audit Market Study. The CEA published an Information Note on electronic participation in companies’ general meetings. The Information Note provides practical guidance for companies and their directors and members on the lawful and effective conduct of virtual general meetings under the Companies Act 2014 as amended. Read more on these and other developments that may be of interest to members below.  Financial Reporting The European Financial Reporting Advisory Group (EFRAG) has called on the International Accounting Standards Board (IASB) to defer the effective date of IFRS 20 Regulatory Assets and Regulatory Liabilities by 1 year to 1 January 2030, highlighting some of the challenges that preparers might face with the current planned effective date of 1 January 2029. IFRS 20 will address situations where an entity and a regulator are parties to a regulatory agreement that prescribes the regulated rate, and where compensation for the period is charged to customers in a different period creating differences in timing. It will mainly affect industries such as utilities, energy and transportation. EFRAG is seeking users feedback on the IASB’s Risk Mitigation Accounting Proposals via a survey which remains open until 15 May 2026. The survey relates to disclosures concerning interest rate risk management. The IFRS Foundation has published some new educational resources to help stakeholders apply the IFRS for SMEs Accounting Standard. The IFRS Foundation has published its March 2026 National Standard-setters Newsletter. The IASB has published its March 2026 Update and podcast. The IFRS Interpretations Committee (IFRIC) has also published its March 2026 Update and podcast. The IFRS Foundation has published its 2025 Annual Report which outlines the steps taken by the organisation to be “fit for the future”. IAASA has released a podcast entitled “IAASA – Two Decades On”, in which Chief Executive, Kevin Prendergast, reflects on the establishment of IAASA in 2006, highlights key milestones over the past two decades, and discusses the continuing relevance of IAASA’s core vision: public trust and confidence in quality auditing and accounting. Auditing and Assurance  The Financial Reporting Council (FRC) announced a package of measures regarding audits of small and medium-sized enterprises (SMEs). This includes an updated practice note (PN 28) regarding 'Guidance for audits of small and medium-sized entities' and the final report regarding the FRC's SME Audit Market Study.  Beginning in April 2026 and following extensive engagement with stakeholders, the FRC announced an evolution of its audit supervisory model, introducing a more proportionate, effective and integrated framework designed to enhance audit quality and reinforce resilience across the UK audit market. The FRC published 'An evolved audit supervision approach' document regarding the new audit supervisory model. The FRC launched two calls for stakeholder feedback to support the development of UK audit policy. It is calling for stakeholders to share their views on the International Standard for Auditing for Less Complex Entities (ISA for LCE) to inform its ongoing engagement with the International Auditing and Assurance Standards Board (IAASB). The FRC is also re-consulting on its proposals to revise two auditing standards to ensure auditors take a proportionate approach to a key area of their engagements with entities. The two auditing standards include ISA (UK) 250: Consideration of Laws and Regulations in an Audit of Financial Statements and ISA (UK) 270: Special Considerations for Audits of Public Interest Entities - Communicating and Reporting to an Appropriate Authority Outside the Entity. The FRC published its Annual Plan and Budget for 2026-2027, marking the second year of its three-year strategy for 2025-2028 and setting out a programme of work to uphold high standards in audit, corporate reporting, and governance in support of UK economic growth. The FRC published guidance for audit firms on using generative and agentic AI tools in audit engagements. The FRC published updated Public Interest Entity (PIE) Auditor Registration Regulations (Regulations) and accompanying guidance in respect of PIE Auditor Registration, strengthening its oversight of audit firm restructuring and reducing, where possible, administrative burdens on audit firms registered on the PIE Auditor Register (PAR). Sustainability  The IFRS Foundation is holding episode 13 of its “Perspectives on sustainability disclosure” webinar series on 13 April. The International Sustainability Standards Board (ISSB) has published its March 2026 ISSB update and podcast. The UK Endorsement Board is conducting research to aimed to better understand company experiences in relation to the UK’s climate-related financial disclosures reporting regime. Accountancy Europe has issued its March 2026 Sustainability Update. Anti-money laundering, fraud On 24 March 2026, AMLA held its first public hearing (over two sessions), marking an important milestone in the development of the EU's new AML/CFT framework. Each session addressed one of two draft regulatory technical standards (RTSs) that form a cornerstone of the Single Rulebook - (1) the draft RTS regarding the criteria for identifying business relationships, occasional transactions, and linked transactions and (2) the draft RTS regarding customer due diligence. The public hearing is one part of a broader consultation process. Written submissions on both RTSs remain open until 8 May 2026, and AMLA strongly encourages all stakeholders, particularly from the non-financial sector, to contribute. Draft legislation has been introduced by UK Parliament related to improving the effectiveness of the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017. The draft regulations are the Money Laundering and Terrorist Financing (Amendment) Regulations 2026 (“draft Regulations”). A draft explanatory memorandum was also published regarding the draft regulations. The draft Regulations are subject to Parliamentary scrutiny and approval, so may be subject to change. They are expected to come into force later this year with the draft Regulations specifying various dates for the coming into force of various pieces of the legislation. Irish small and medium enterprises (SMEs) lost almost €19 million over the past two years through email-related scams as invoice‑redirection fraud and CEO impersonation continue to dominate, according to new figures published by FraudSMART, the fraud awareness initiative led by Banking & Payments Federation Ireland (BPFI). The press release associated with the publication of these new figures noted that SMEs can put in place simple controls such as verifying any change to supplier bank details, introducing dual approval for higher‑value payments, and making sure every member of staff knows the warning signs. SMEs are also encouraged to put regular fraud training in place for their workforce. FraudSMART provides a free guide with information and tips on business fraud. The Financial Action Task Force (FATF) recently participated in the Global Fraud Summit hosted by INTERPOL and the UN Office on Drugs and Crime (UNODC) to discuss the rapidly evolving threat of fraud. To encourage concrete action to respond to these growing threats, the FATF also hosted a side event - 'Stopping Fraud with the FATF Anti-Money Laundering Toolkit'. A copy of FATF’s toolkit is also attached at the above link. Central Bank of Ireland (CBI) Central Bank of Ireland issued their first report to Coimisiún na Meán relating to CBI’s activities under the Digital Services Act covering the period from April to December 2025.  The report notes that the CBI reported 333 suspect URLs to internet service providers. The Central Bank was the first entity to be granted ‘Trusted Flagger’ status in Ireland, and the first in Europe to be appointed as a ‘Trusted Flagger’ under the Digital Services Act in respect of financial frauds and scams.   The CBI published a press release to mark the coming into force of the modernised Consumer Protection Code on March 24. The modernised Code gives consumers stronger protections when using banks, insurance companies, and other financial services. For further information, please refer to the dedicated Consumer Protection Code web page on the CBI's Consumer Hub and the Consumer Protection Code 2025 regulations, tools, and guidance. The CBI published its latest Quarterly Bulletin No.1 2026 in the context of renewed surge in international energy prices testing domestic economic resilience. The CBI published the annual Financial Conditions of Credit Unions Report for 2025, which provides an update on the financial performance and the position of the sector for the financial year ended 30 September 2025. The publication provides sectoral data and commentary and aims to inform credit union boards and management in carrying out their own strategic analysis and decision-making. Commenting on the report, the Registrar of Credit Unions noted that maintaining and building strong reserves and liquidity, and strengthening operational resilience, should remain a key focus for credit union boards and management. The CBI published financial stability assessments of the non-bank sector covering Irish hedge funds and open-ended funds emphasising that strengthening the financial stability lens in the oversight of the non-bank sector remains an important priority for the Central Bank. Cybersecurity Following the adoption of a regulation to establish the European Digital Identity Framework, the European Commission has requested the European Union Agency for Cybersecurity (ENISA) to provide support for the certification of European Digital Identity (EUDI) Wallets, including the development of a candidate European cybersecurity certification scheme in accordance with the Cybersecurity Act. A public consultation has been initiated to gather feedback on the proposed cybersecurity elements. The UK’s NCSC published an alert regarding targeted cyber-attacks on messaging apps, targeting high-risk individuals and provides guidance and details of actions for individuals and organisations, which can help to prevent and mitigate the risk of such attacks. Data Protection The European Data Protection Board (EDPB) published a summary of topics discussed at the EDPB's 'Cross-regulatory interplay and cooperation in the EU: a data protection perspective' conference, which took place in March. The conference included various discussions regarding data protection and competition, and the Digital Markets Act (DMA) and the Digital Services Act (DSA) in the context of GDPR. The EDPB published its 2025 Annual Report. The report provides an overview of the EDPB work carried out in 2025. The report reflects on important milestones including the adoption of the Helsinki Statement on Enhanced Clarity, Support, and Engagement to facilitate easier GDPR compliance, to enhance the dialogue with a broad range of stakeholders, to strengthen consistency, and to develop cross-regulatory cooperation in the new digital regulatory landscape. Internal Audit The Chartered Institute of Internal Auditors (IIA) in the UK and Ireland published an article regarding the use an AI agent to benefit a small internal audit team using CoPilot to assist audit planning.  Other News The Irish Companies Office recently confirmed that it plans to start prosecuting directors and companies for non-filing of annual returns. In addition, the Irish Companies Office confirmed that it plans to start prosecuting liquidators for non-filing offences before the end of 2026. The CEA published an Information Note on electronic participation in companies’ general meetings. The Information Note provides practical guidance for companies and their directors and members on the lawful and effective conduct of virtual general meetings under the Companies Act 2014 as amended. The guidance explains the permanent statutory basis for hybrid and virtual meetings, clarifies obligations, and highlights best practices, particularly in ensuring inclusive participation for stakeholders who may be less digitally proficient. The Pensions Authority issued a reminder to trustees of one-member arrangements (OMAs) regarding the action they must take to comply with their obligations under the Pensions Act from 22 April 2026. Following a review of associated consultation responses, a single FCA, PRA and Bank of England regulatory regime for operational incident and third party reporting, will apply from 18 March 2027. The European Supervisory Authorities (EBA, EIOPA and ESMA – the ESAs) published their spring 2026 Joint Committee update on risks and vulnerabilities in the EU financial system. The update focuses on the challenges arising from ongoing geopolitical tensions and developments in private finance. Minister for Enterprise, Tourism and Employment Peter Burke TD, launched a public consultation on proposed changes to merger and acquisitions notifications to the Competition and Consumer Protection Commission (CCPC). The deadline for responses is 1 May 2026. The Tánaiste and Minister for Finance, Simon Harris TD recently convened the first Annual Savings and Investment Forum, bringing together key stakeholders from across the financial services sector, consumer representatives, and policymakers to support the continued evolution of Ireland’s savings and investment landscape. The 2026 forum will focus on advancing a framework for a Personal Investment Account in Ireland, aligned with the European Commission’s recommendation to develop accessible, consumer-friendly savings and investment accounts across Member States. The Financial Conduct Authority (FCA) published an update regarding operational resilience insights and observations one year on from the end of the operational resilience transition period.   The Minister for Public Expenditure, Infrastructure, Public Service Reform and Digitalisation (DPER), Jack Chambers, and the Minister of State at the Department of Public Expenditure, Infrastructure, Public Service Reform and Digitalisation, Frank Feighan has announced the launch of a public consultation and testing phase to help shape Ireland’s new Government Digital Wallet. 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.  

Chartered Accountants Ireland has reacted to today’s publication of the Critical Infrastructure Bill which aims to fast-track the approval processes for critical infrastructure projects in Ireland. Commenting on the Bill, Cróna Clohisey, Director of Members and Advocacy at Chartered Accountants Ireland said “As a professional body representing 40,000 businesspeople across the economy, we see this Bill as a significant step in the Government’s approach to addressing Ireland’s infrastructure challenges. “Engagement with our members has demonstrated that infrastructure deficits need to be addressed as a matter of urgency if Ireland is to achieve its growth ambitions, meet its energy, transport and water requirements, and its sustainability goals. It is encouraging, therefore, to see the Bill’s focus on coordination and collaboration between public bodies to facilitate the rapid approval of projects and programmes.” Grant Sweetnam, Head of Public Policy at Chartered Accountants Ireland, said: “For a small, open economy like Ireland, infrastructure is key to competitiveness. It is vital for maintaining the standard of living for our citizens, for attracting foreign direct investment, for supporting our SMEs and for ensuring Ireland remains one of the best locations to do business.” “Our infrastructure continues to be one of our most critical competitiveness deficits. It is essential that barriers are removed to facilitate investment in our infrastructure to safeguard Ireland’s social and economic interests.  We look forward to engaging constructively with Government and stakeholders on this issue.”

From the Professional Accountancy team…... The Irish Companies Office has confirmed recently that it plans to start prosecuting liquidators for non-filing offences before the end of 2026. We understand that  prosecutions will be preceded by a publicity campaign to afford offending liquidators the opportunity to get their filings up to date. The forms in question are forms E3 and E4. The  form E3 is an account of the liquidator’s acts and dealings where the liquidation is not completed within 12 months. The form E4 is the liquidator’s statement of account under section 681 of the Companies Act 2014. Failure to comply makes the liquidator guilty of a category 3 offence. That is, liable on summary conviction, to a class A fine (up to € 5,000) or imprisonment for a term not exceeding 6 months or both.   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.  

From the Professional Accountancy team…... The Irish Companies Office has confirmed recently that it plans to start prosecuting directors and companies for non-filing of annual returns. It is understood that this will recommence later in the year. The filing obligation arises under Section 343 of the Companies Act 2014 and if a company fails to comply with the requirements of the section, the company and any officer of it who is in default is guilty of a category 3 offence. That is, liable on summary conviction, to a class A fine (up to € 5,000) or imprisonment for a term not exceeding 6 months or both.   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) announced a package of measures regarding audits of small and medium-sized enterprises (SMEs). This includes an updated practice note (PN 28) regarding 'Guidance for audits of small and medium-sized entities' and the final report regarding the FRC's SME Audit Market Study. 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.

Cróna Clohisey, Director of Members and Advocacy at Chartered Accountants Ireland, said: “The Forum is an opportunity to advance the recommendations of the Funds 2030 report and to simplify and enhance the tax framework for retail investment, now expected as part of Budget 2026. Together with the anticipated focus on Savings and Investment Union as part of Ireland’s EU Presidency this year, this emphasis on activating hard-earned savings is timely and hugely welcome.  “The Minister’s announcement that the proposed Investment Accounts are being developed with a simplified approach to tax is a positive development. A model based on a low, easily administered annual charge has the potential to reduce complexity and improve accessibility for retail investors.” Grant Sweetnam, Head of Public Policy at Chartered Accountants Ireland, said: “We welcome the strong emphasis placed on financial literacy by the Minister at today’s Forum. Improving understanding and confidence among individuals will be critical to increasing participation in capital markets over the long term. However, it is essential that these reforms are delivered as part of a coherent overall strategy to address fundamental barriers to investment. Addressing wider barriers, including the deemed disposal rule and inconsistencies in tax treatment across products, will be critical to ensuring the full benefits are realised.  “We look forward to engaging constructively with Government and stakeholders at the Savings and Investment Forum and throughout the implementation process to help ensure the roadmap delivers a simple, effective and competitive investment framework for Ireland.”