Chartered Accountants Ireland has agreed a 3-year strategic partnership with GRID Finance, Ireland’s leading independent lender for small and medium businesses. This partnership will deliver a biennial GRID Finance SME Business Sentiment Survey co-created with Chartered Accountants Ireland in support of its strategic focus on the SME/SMP sector. GRID will also become a sponsor of the Institute’s schools Bootcamp “Be The Boss” Challenge, a highly engaging, interactive business simulation for students signing up to the Bootcamp programme. This aligns with both GRID’s and the Institute’s ethos of educating future business leaders and promoting financial literacy from a young age, as well as giving back to the community. Finally, GRID will sponsor ‘Going into Practice’ days, an essential day of training for practitioners who are taking the first steps into running their own practice or being admitted as partners in small and medium sized practices in Ireland and Northern Ireland. Eoin Christian, CEO, GRID Finance, “We are thrilled to be part of this exciting new partnership between GRID Finance and Chartered Accountants Ireland. This collaboration marks a significant step forward in supporting and educating businesses of all shapes and sizes across Ireland by combining GRID Finance's innovative funding solutions with the trusted expertise of Chartered Accountants Ireland”. Barry Doyle, President Chartered Accountants Ireland, “This partnership is an excellent fit at an important time. As President, my commitment is to support and advocate for businesses, most particularly SMEs, the backbone of our economies. While the economy is performing strongly, businesses are facing turbulence, none more so than SMEs. “By virtue of their size, they often lack the ability to remain resilient against external shocks, of which there is potential in the global economy this year. Our partnership with GRID will allow us to map SME sentiment, understand and respond to it, while also investing in the education of our future business leaders and promoting financial literacy.” About GRID Finance GRID was founded in 2013 with a belief and a passion. Our belief is that small and medium sized businesses are the economy’s real powerhouses. And since they are so important, we’re passionate about keeping them open for business. GRID’s total focus is on providing quick and easy access to the capital, advice and tools small businesses need to grow and thrive.

Welcome to the latest edition of Technical Roundup. In developments since the last edition, the Institute has published new guidance Technical Alert 04/2024 – Sample CSRD Limited Assurance Report in accordance with ISAE (Ireland) 3000 as required by Section 1613 of the Companies Act 2014. The UK Endorsement Board (UKEB) has published a Draft Endorsement Criteria Assessment on the potential use in the UK of the International Accounting Standards Board’s ‘Amendments to the Classification and Measurement of Financial Instruments’. Read more on these and other developments that may be of interest to members below. Financial Reporting On 10 December, the European Financial Reporting Advisory Group (EFRAG) held their 2024 conference entitled ‘Advancing Transparency & Competitiveness in Challenging Times’. A recording of this event is now available to view on EFRAG’s website. The body responsible for drafting the next version of the Charity SORP has provided an update on the development of the next version of the standard, which will incorporate the recent changes in UK and Irish GAAP. The SORP making body plan to submit a draft SORP to the Financial Reporting Council (FRC) in January 2025. Once the draft has been approved by the FRC, the draft SORP will be subject to a 12-week consultation period (expected no later than March). The SORP making body have also stated that they expect the updated SORP to be issued in Autumn 2025, with an effective date of 1 January 2026. The FRC is hosting a webinar on Wednesday, 15 January on the topic of recent amendments to FRS 102 to discuss how it will impact UK charities and how they can start preparing for implementation of the updated reporting requirements. The UK Endorsement Board (UKEB) has published a Draft Endorsement Criteria Assessment on the potential use in the UK of the International Accounting Standards Board’s Amendments to the Classification and Measurement of Financial Instruments. Comments are welcomed by UKEB by 10 January. UKEB has published a draft comment letter for public consultation in response to the International Accounting Standards Board’s (IASB) Exposure Draft Provisions – Targeted Improvements. Comments are welcomed by UKEB until 10 February 2025. The UK Government have issued their Government Financial Reporting Manual (FReM) which sets out guidance for preparing government annual reports and accounts in the United Kingdom. Auditing The Institute has published new guidance ‘Technical Alert 04/2024 – Sample CSRD Limited Assurance Report in accordance with ISAE (Ireland) 3000 as required by Section 1613 of the Companies Act 2014’. The Technical Alert has been prepared to assist members reporting on the limited assurance engagements under the Corporate Sustainability Reporting Directive (“CSRD”) and in compliance with International Standard on Assurance Engagements (Ireland) 3000 . Anti–money laundering and sanctions In December 2024 the Minister for Justice passed Regulations which from 30 December prescribes crypto asset service providers as a designated person under the Criminal Justice (Money Laundering and Terrorist Financing ) Act 2010 and prescribes the Central Bank of Ireland as the competent authority for crypto-asset service providers. Accountancy Europe have issued a factsheet: Navigating the EU Anti-Money Laundering Regulation: Key Issues for the Accountancy Profession on their website. The European Banking Authority latest newsletter was published in the last few weeks. Take a look for a roundup of the last few months and a preview of what lies ahead. Please click to access the EBA AML CFT newsletter here. On 16 December 2024 the European Union adopted its 15th package of sanctions measures. The package includes travel bans and asset freeze measures against natural persons and legal persons, entities, or bodies, updated sectoral sanctions and extension of derogations. Click to read the European Council press release giving details of the 15th package. The derogation in certain circumstances from the prohibition on provision of services including accounting and auditing services (which prohibition exists since the 6th package of sanctions in 2022) has been extended to 31 December 2025. Please click for further details in our news item. Sustainability Accountancy Europe have published a new webpage of FAQs: fundamentals to assurance on sustainability reporting which provides answers to frequently asked questions on sustainability reporting assurance. EFRAG has published an addendum to EFRAG IG 3 ‘ESRS Datapoints’, which is part of EFRAG's non-authoritative implementation guidance on the European Sustainability Reporting Standards (ESRSs).   The International Federation of Accountants (IFAC) and the We Mean Business Coalition (WMBC), together with the Global Accounting Alliance (GAA), have published a report titled ‘Building Trust in Sustainability Reporting and Preparing for Assurance: Governance and Controls for Sustainability Information’. Accounting for Sustainability (A4S) is preparing a series focused on nature to assist accountants and finance professionals in shaping a nature-positive economy that supports long-term value creation. The first guide in the series, The Business Case for Nature, explains why nature is vital to business and offers clear steps and practical tips for developing the business case for your organization. Central Bank of Ireland The Central Bank of Ireland has announced the establishment of a dedicated Fitness and Probity Unit. Other news The Institute has revised the Public Practice Regulations with effect from 1 January 2025. Please click here for a news item on revision of Public Practice Regulations from the Institute’s Professional Standards Department on the amendments. The Institute has revised the CPD Regulations with effect from 1 January 2025. Please click here for a news item on revision of CPD Regulations from the Institute’s Professional Standards Dept. on the changes. In December 2024 the UK Government laid the legislation, the Companies (Accounts and Reports) (Amendment and Transitional Provision) Regulations 2024 before Parliament to increase the monetary size thresholds for micro, small and medium-sized entities. It also removes certain requirements from the Directors’ Report. Please also click to read the explanatory memorandum to the legislation for further insight into the changes. The new monetary size threshold changes are effective from 6 April 2025.                        In conjunction with commencement of Screening of Third Country Transactions Act 2023 on 6 January 2025, the Dept. of Enterprise Trade and Employment has launched an Inward Investment Screening mechanism whereby transactions that meet certain criteria are notified using a new Inward Investment Screening (IIS) online portal, and checked to make sure all is in order before being given the green light to proceed, or to modify or cancel the investment. Please click for all the details on the new system, including access to the new IIS portal. The European Securities and Markets Authority (ESMA) has published a Feedback Statement summarising the responses it received to its Consultation Paper (CP) on the securitisation disclosure templates under the Securitisation Regulation (SECR). The International Organisation of Pension Supervisors (IOPS) has launched a public consultation on its draft Revised IOPS Principles of Private Pension Supervision.  The process is due to be closed by 14 February 2025. The Corporate Enforcement Authority have recently issued ‘A graduated response’ which details specific criminal offences and the range of civil enforcement measures available under the Companies Act 2014. 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.  

The Institute has revised the Public Practice Regulations with effect from 1 January 2025.  The key change (Regulation 6.19) relates to professional indemnity insurance (PII) requirements at firms authorised for investment business activities in Ireland.  Polices of PII taken out or renewed on or after 1 January 2025, by an authorised investment business firm whose investment business activities extend beyond referral only business,  must, at a minimum, provide cover for €1,564,610 (up from €1,300,380) per claim and €2,315,610 (up from €1,924,560) in aggregate.  This cover should be ring fenced in respect of the firms’ investment business activities.    This change arises from a recent revision by the Central Bank of Ireland of the Conditions and Requirements attached to the Institute’s recognition as an Approved Professional Body (APB).  The Professional Standards Department has recently written in this regard to investment business compliance principals at firms authorised by the Institute to carry out investment business in Ireland. Given the increase in PII requirements for firms generally from 1 September 2024 (PPRs revised effective 1 September 2024) this is not expected to have a significant impact on firms approved by the Institute for investment business in Ireland.    However, investment business firms are advised to discuss this requirement with the firm's PII provider to ensure compliance. Other revisions to the Public Practice Regulations can be summarised as follows: Practising certificate cessation: The list of circumstances in which a practising certificate (PC) will cease is amended to include where membership ceases under Institute Bye-Laws or other Institute Regulations (Regulation 5.5(c)) – this is consistent with other existing Institute Regulations. Practising certificate eligibility: Introduction of a provision for the Quality Assurance Committee (QAC) to require a PC applicant who is a reciprocal member to successfully complete an aptitude test where appropriate. (Regulation 5.10A). Disciplinary arrangements and affiliates: Clarification that a matter relating to an affiliate may be referred to another professional body, where appropriate, when an affiliate is subject to regulation by another professional body (Regulations 7.12 and 7.13) Sustainability assurance engagements:  Revision of definitions of 'reserved areas' and 'accountancy services' to include sustainability assurance work pursuant to CA 2014.  Therefore, consistent with the Audit Regulations (incorporating assurance under CSRD), effective 11 October 2024, a member who is a sustainability assurance service provider (SASP) is required to hold a practising certificate. Change to insolvency regulation: Revisions to reflect cessation of Institute’s role as a Recognised Professional Body (RPB) for the regulation of insolvency in the UK with effect from 1 January 2025. (Definitions: ‘insolvency practitioner’, ‘Insolvency Licensing Regulations and Guidance’, ‘Regulatory Committee’, Regulations 6.2 and 6.5(a)) Note the cessation of the Institute’s non-statutory insolvency practising certificate regime for Ireland was reflected in the Public Practice Regulations effective 1 September 2024. Miscellaneous:  The opportunity has also been taken at this time to make some minor editorial amendments. The Public Practice Regulations, effective 1 January 2025 are available on the Institute’s website.  Previous versions of the Public Practice Regulations remain available to read on the Archive page of the Institute’s website. Any member queries in relation to the revised Public Practice Regulations can be directed to professionalstandards@charteredaccountants.ie.

The Institute has revised the CPD Regulations with effect from 1 January 2025.  CPD Regulation 4.6 now specifically mentions 'sustainability assurance' as a subject area in which a member who is working in practice should undertake CPD if that member is involved in work of this nature.   This is an explicit application of the core principle that a member should undertake whatever CPD is necessary to ensure that he/she is competent for the work in which he/she is engaged.   Separate from this requirement, any individual who is approved by the Institute as a Sustainability Assurance Service Provider (SASP) should comply with CPD requirements for SASPs as set out in the Institute’s Audit Regulations (incorporating assurance under CSRD), effective 11.10.24.  The CPD Regulations, effective 1 January 2025 are available on the Institute’s website.  Previous versions of the CPD Regulations remain available to read on the Archive page of the Institute’s website. Any member queries in relation to the revised CPD Regulations can be directed to professionalstandards@charteredaccountants.ie.

On 16 December 2024 the European Union adopted its 15th package of sanctions measures. The package includes travel bans and asset freeze measures against natural persons and  legal persons, entities, or bodies, updated sectoral sanctions and extension of derogations. Click to read the European Council press release giving details of the 15th package . The derogation from the prohibition on provision of services including accounting and auditing  services (which prohibition exists since the 6th package of sanctions in 2022) has been extended to 31  December 2025 .To avail of the derogation the  provision of services must be strictly necessary for the divestment from Russia or the wind-down of business activities in Russia and certain conditions must be fulfilled: that the services are provided to and for the exclusive benefit of the legal persons, entities or bodies resulting from the divestment; and that  competent authorities deciding on requests for authorisations have no reasonable grounds to believe that the services might be provided, directly or indirectly, to the Government of Russia or a military end-user or have a military end-use in Russia.   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.

If you are finishing your training contract in the months ahead and starting to consider your career path and what direction you want to take your professional qualification there are a number of actions you will need to take. Below is a list you can tick off as complete over the weeks ahead : Action list and Key considerations as a newly qualified ACA · Build a top class CV – Template and guide - cv-guide-template-2023.pdf · Start a Career Plan file – Guide here Career coaching - ..rteredaccountants.ie · Watch some career webinars - Chartered Accountants Ireland page on YouTube · Start market mapping and select my top ten preferred employers – If you need advice on MM contact your Careers Team in the Institute. · Get my LinkedIn profile up to speed – Document guide available from dave.riordan@charteredaccountants.ie Treat this as the appendix to your CV – Professional Photo and good bulleted detail. · Set up my alerts on jobs boards for a variety of different roles and titles and filter into a folder for review · Connect with a few recruiters I trust to understand the career curve of an ACA – Career Pathway Hub here : Career pathway | Career planning · Explore the full spectrum of career paths that I can take post qualification · Consider whether a contract might be a good option at this particular crossroads · Connect with a few mentors and get their advice formally - · Consider a stint abroad to add real-world experience to my CV · Initiate a networking mentality and start speaking to my peer group about what they are doing with their careers in the years ahead · Examine the LinkedIn profiles of peers several years ahead of me what paths they have taken as they moved out of their training contract. · Establish my elevator pitch about where I want my career to go · Based on my recent annual reviews in work write an honest SWOT analysis of my personal brand and current profile. · Follow companies on LinkedIn that I am very interested · Connect with CFO's and divisional heads on linkedIN in organizations that appealed to me using a polite connection message. · Start building my Interview narrative – What are my key selling points / key stories and value-add examples? Have I asked the Institute Careers Team or a recruiter for a prep session? Interview Do’s and Don’t’s document here : Interview preparation and advice - ..rteredaccountants.ie    · Do some work for Charity. · Who are my referees going to be and will they sing my praises. Give them advance notice. If March or April 2025 is when you will be leaving your training contract then start the key actions now per the above list and don’t put off contacting your Careers Team until too late.  Get ahead of the curve. The market is very good at the moment but change is the only real constant in the world of business today so take advantage and initiative while you can. Dave Riordan (FCA) Recruitment Specialist & Career Coach | Careers Team Chartered Accountants Ireland. Dave.riordan@charteredaccountants.ie

Welcome to the latest edition of Technical Roundup which is published on the first and third Friday of every month. In developments since the last edition, the Central Bank of Ireland has appointed Mary-Elizabeth McMunn as Deputy Governor, Financial Regulation.  She will take up her role on 1 January 2025.  The International Accounting Standards Board and the International Sustainability Standards Board recently launched a webcast series to discuss how IFRS Accounting Standards and IFRS Sustainability Disclosure Standards complement each other. Read more on these and other developments that may be of interest to members below. Audit and Assurance The Institute has published new guidance ‘Technical Alert 04/2024 – Sample CSRD Limited Assurance Report in accordance with ISAE (Ireland) 3000 as required by Section 1613 of the Companies Act 2014’. The Technical Alert has been prepared to assist members reporting on the limited assurance engagements under the Corporate Sustainability Reporting Directive (“CSRD”) and in compliance with International Standard on Assurance Engagements (Ireland) 3000 . The FRC has published initial feedback on its market study into the audit market for NHS providers and Integrated Care Boards (ICBs). Financial Reporting The Financial Reporting Council (FRC) are holding a webinar entitled “How charities can prepare for major amendments to FRS 102 “ which will discuss the impact of the recent amendments to FRS 102 on charities. The FRC has issued FRED 86-Draft amendments to FRS 101 Reduced Disclosure Framework 2024/25 cycle. This proposes some changes to FRS 101 as part of the annual review of the standard. The International Accounting Standards Board (IASB) has announced that it has completed its decision making on the revised IFRS Practice Statement 1 Management Commentary, with an updated Practice Statement expected to be published in the first half of 2025. The IASB has released its IFRS 19 disclosure tracker. This tracker will assist preparers in applying the new standard and maps the disclosure requirements in IFRS 19 Subsidiaries without Public Accountability: Disclosures to their equivalent disclosures in other IFRS Accounting Standards. The IASB has issued its December 2024 update and podcast. Following its exposure draft on Contracts for Renewable Energy earlier this year (to which the Institute issued a response to), the IASB has acted swiftly in issuing targeted amendments to IFRS 9 Financial Instruments and IFRS 7 Financial Instruments: Disclosures. These amendments are intended to help companies better report the financial effects of nature-dependent electricity contracts, which are often structured as power purchase agreements. The FRC has issued a draft three year strategy for 2025-28 along with a draft Plan and Budget for 2025-26. In its recent podcast, the IFRS Interpretations Committee chair, Bruce McKenzie discussed some of the decisions made at its recent committee meeting held on 26th November. This includes discussions on; Application of IAS 29 to identify when an economy becomes hyperinflationary Expenditure on carbon credits and R&D activities, and whether these meet the requirements in IAS 38 to be recognised as an intangible asset Accountancy Europe has issued its December 2024 Newsletter. EFRAG, the European Financial Reporting Advisory Group, has announced that it has completed its due process regarding the Amendments to IFRS Accounting Standards contained in Annual Improvements to IFRS Accounting Standards – Volume 11. Following the completion of this due process, it has submitted its Endorsement Advice to the European Commission, recommending the endorsement of the Amendments. EFRAG has published its November 2024 update and have also published an updated Endorsement Status Report, which reflects the publication of the targeted amendments to IFRS 9 and IFRS 7 discussed earlier. The IFRS Foundation have published proposed updates to its Due Process Handbook to reflect the creation of the International Sustainability Standards Board (ISSB). The UK Endorsement Board (UKEB) has published its Final Comment Letter and Feedback Statement on the IASB’s Exposure Draft on Equity Method of Accounting–IAS 28 Investments in Associates and Joint Ventures The IFRS Foundation’s annual conference will be held at the Leonardo Royal Hotel London Tower Bridge on 23–24 June 2025 with details to follow in early 2025. Andreas Barckow, Chair of the International Accounting Standards Board (IASB), delivered a keynote address at the EFRAG Conference on 10 December. He explained how IFRS Accounting Standards build transparency and trust in financial markets and connect global markets through a common financial language. Sustainability EFRAG has added further non-authoritative technical explanations to its compilation of explanations that are intended to assist stakeholders in the implementation of the European Sustainability Reporting Standards (ESRSs). EFRAG has announced that it has delivered its technical advice on the Voluntary SME (“VSME”) standard to the European Commission. The VSME is designed for undertakings that are not in the mandatory scope of the Corporate Sustainability Reporting Directive (‘CSRD’) and the standard aims to replace the current practice of multiple uncoordinated data requests for ESG information with a standardised set of information that stakeholders can use to fulfil their reporting needs. EFRAG has also released some educational videos on the VSME standard. The International Accounting Standards Board (IASB) and the International Sustainability Standards Board (ISSB) recently launched a webcast series to discuss how IFRS Accounting Standards and IFRS Sustainability Disclosure Standards complement each other.   The ISSB has issued its December 2024 update and podcast. Accountancy Europe has published its December 2024 update. The FRC, in its role as the Secretariat to the UK Sustainability Disclosure Technical Advisory Committee, has published the Committee’s final recommendations to the Secretary of State for Business and Trade, recommending endorsement of the first two IFRS Sustainability Disclosure Standards for use in the UK. The committee has recommended some minor amendments to IFRS S1 and S2, as well as requesting additional guidance to assist with implementation. Anti-money laundering /sanctions The European Commission: Directorate-General for Migration and Home Affairs, has in recent months issued a report mapping and providing an in-depth analysis of High-risk areas of corruption in the EU The report is described by the Commission as a report to advance the EU’s Anti-Corruption Strategy to combat corruption and reduce its harm to society. It maps high-risk areas and provides an in-depth analysis of the nature of and reasons behind these risks. Artificial Intelligence (AI) The European Commission recently hosted 2 webinars one on November 28 2024 exploring the Architecture of the AI Act and offering participants an in-depth look into the AI Act objectives, its risk-based framework, and the governance mechanisms it introduces, including the central role of the EU AI Office. The event was public and open to everyone. The recording of the webinar and the slides can be accessed here. Second Webinar on the architecture of the AI Act was held on 17 December 2024 where AI Office experts continued exploring the nature of the AI Act to enable its smooth implementation. Click for further details and to access a copy of the recording. Central Bank of Ireland (CBI)  CBI has published - a review of the regulatory framework for credit union lending, and launched a public consultation on proposed changes to the framework. - its latest Q4 2024 Quarterly CBI Bulletin  which contains its projections for the Irish economy. The report headlines steady growth and lower inflation in the Irish economy, but that geo-economic risks are rising. -the first edition of its ‘Investment Funds Supervision Bulletin’. CBI states that the purpose of the Bulletin is to inform industry participants of the Central Bank’s areas of recent and ongoing focus, and to provide an insight into future priorities. It is intended that the Bulletin will complement other forms of industry engagement, and CBI hopes to publish a bulletin of this nature annually. CBI also welcomed the publication this month of the outcome of the OECD review of Central Bank of Ireland’s consumer protection supervisory functions. It had commissioned the OECD to review its supervisory functions against the global standards for financial consumer protection. The OECD assessment found that the Central Bank is strongly committed to fostering and upholding the G20/OECD Principles, which are the international standard for effective and comprehensive financial consumer protection frameworks. It also found that CBI aligns with international standards and that its practices are consistent with peer regulators. Finally in CBI news, CBI has appointed Ms Mary-Elizabeth McMunn as Deputy Governor, Financial Regulation.  She will take up her role on 1 January 2025. Legislation The Dept. of Enterprise Trade &Employment (DETE) has announced that the Minister of State for Trade Promotion, Digital and Company Regulation has signed the Commencement Order for the Screening of Third Country Transactions Act 2023 with all provisions of the Act commencing on 6 January 2025. Readers will find more information on the Act in a news item of  November 2023 on the Screening of Third Country Transactions Act 2023 and details of and a link to draft guidance issued under the Act in our news round up dated 1 March 2024. Other In an interesting and thought provoking piece entitled “10 principles for policymakers to reduce administrative burdens for companies”, Accountancy Europe have shared some recommendations for policymakers to ensure that the expected reforms on simplification and administrative burden reduction are genuine and impactful for businesses. The Financial Reporting Council (FRC) has published a consultation proposing revisions to Technical Actuarial Standard 300: Pensions (TAS 300) to reflect recent developments in pension scheme funding. The European Securities and Markets Authority (ESMA) is hosting its conference “Shaping the future of EU capital markets” on 5 February 2025 in Paris, France.  The latest December 2024 newsletter has been issued by the Irish Charities Regulator. It includes links to the Regulator’s overview of the latest charities’ legislation and protecting your charity from cybercrime. Please click here to read the Regulator’s overview of the Charities Amendment Act 2024. Please click to listen to a podcast from Carmichael, the training and support body for non-profits. Here they speak with Director of Civil Enforcement with the Corporate Enforcement Authority Fallon Judge on dealing with compliance with company law. The Director discusses her role in the CEA and the work of the Corporate Enforcement Authority in relation to charities and their directors. Charities with an annual reporting deadline of 31 January 2025 are being encouraged to submit their annual return to the Charity Commission for Northern Ireland on time. The Minister for Trade Promotion, Digital & Company Regulation, Dara Calleary TD has appointed Ms Aisling Kennedy as Chairperson of IAASA from 21 December 2024. Aisling is a current member of the board and has broad experience as a company director in a range of areas.   Wishing all of our members a very happy Christmas and all the best for 2025!     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.

The Financial Reporting Council (FRC) has published FRED 86 “Draft amendments to FRS 101 Reduced Disclosure Framework”, which has proposed some amendments to the FRS 101 standard. FRS 101 Reduced Disclosure Framework sets out an optional reduced disclosure framework that is available for the individual financial statements of subsidiaries and ultimate parents that otherwise apply the recognition, measurement and disclosure requirements of adopted IFRS. The standard is intended to enable cost effective financial reporting within groups to reduce reporting burdens, particularly for those applying IFRS Accounting Standards in their consolidated financial statements. Each year, the FRC carry out a review of the standard to decide whether FRS 101 should provide exemptions from new disclosure requirements or whether other consequential amendments are required. In FRED 86, the FRC have proposed some amendments to the standard, including; Amendments to exempt most qualifying entities from the disclosure requirements in IFRS 18 related to management-defined performance measures Amendments to exempt qualifying entities from the disclosure of a disaggregation of specified expenses classified by nature (as set out in paragraph 83(b) of IFRS 18), and An amendment to prevent entities from applying both FRS 101 and IFRS 19 The proposed amendments will now be subject to a consultation period, with comments welcomed by the FRC until 7 March 2025.

The European Commission has adopted an amendment of the 'de minimis' Regulation for the agricultural sector which exempts small amounts of support in the agricultural sector from State aid control. The revised Regulation includes an increase in the maximum de minimis ceiling and will apply until 31 December 2032.

The OECD has published a report which provides insights on public perceptions on tax, and public trust in tax systems from twenty-six countries, primarily in Latin America, but also from Africa and Asia.

The OECD has published a report on revenue statistics in Africa 2024. This annual publication compiles comparable tax revenue and non-tax revenue statistics for 36 African countries. This edition includes a special feature on facilitation and trust as drivers of voluntary tax compliance.

The European Council has agreed on the new directive proposal from the EU Commission to introduce an electronic tax certificate for VAT exemptions. 

Read our update on publications in this area since October 2023. Belarus: tax treaties, New Zealand: tax treaties, 2023 UK-New Zealand Memorandum of Arrangement — in force, Luxembourg: tax treaties, International Tax: UK Real Estate Investment Trusts (REIT) property income dividends — UK-Japan Double Taxation Convention, San Marino: tax treaties, Norway: tax treaties, Peru: tax treaties, Liechtenstein: tax treaties, and Romania: tax treaties.

The latest tidbits features updated guidance across a wide range of areas. Capital Gains Tax relief on gifts and similar transactions (Self Assessment helpsheet HS295), Tell HMRC that Inheritance Tax is due on a gift or trust (IHT100), Avoid and report internet scams and phishing, Check genuine HMRC contact that uses more than one communication method, Claim the residence nil rate band, HMRC email updates, videos and webinars for Self Assessment, Complain about HMRC, Tell HMRC your employment related securities scheme has ended, Submit your employment related securities return, Late registrations for employment related securities, Register your employment related securities scheme, Submit an Enterprise Management Incentives notification, How employment related securities work if you're an employer, Set up as a sole trader: step by step, Corporation Tax: penalty determinations (CT211 Notes), Tax when you get a pension, Apply for a certificate to confirm you will pay UK National Insurance while self-employed abroad temporarily (CA3837), Tax-Free Childcare, How Inheritance Tax works: thresholds, rules and allowances, Economic Crime Supervision Handbook, Pay voluntary Class 3 National Insurance, Redundancy: your rights, Tax on your private pension contributions, National Insurance rates and categories, Tax if you come to the UK, Tax on termination payments, Company Tax Returns, Check you're eligible for free childcare if you're working, Applying for probate, Business Leasing Manual, Collection of Student Loans Manual, and Tell HMRC that Inheritance Tax is due on the 10 year anniversary of a trust (IHT100d).

In this week’s post EU exit corner, we bring you the latest guidance updates and publications relevant in the post EU exit environment. 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 Regulated aerodrome location codes for Data Element 5/23 of the Customs Declaration Service, Remote internal temporary storage facilities codes for Data Element 5/23 of the Customs Declaration Service, Maritime ports and wharves location codes for Data Element 5/23 of the Customs Declaration Service, Authorised Consignee Temporary Storage (ACTS) location codes for Data Element 5/23 of the Customs Declaration Service, and Lit of customs training providers.

In this week’s miscellaneous updates, HMRC has published a new Spotlight on using managed service company (MSC) products and the Government has published a new article which aims to provide more information on the controversial changes announced in the Budget to agricultural property relief (APR) for inheritance tax which will commence from April 2026. A new ‘side hustle’ tool has recently been published which aims to help individuals decide if income from online platforms needs to be declared to HMRC. The latest schedule of HMRC Talking Points live and recorded webinars for tax agents are available also 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. Spotlight on using managed service companies In this Spotlight, HMRC is warning individuals against using MSC products. The Spotlight also explain the difference between MSC providers and traditional accountants. By way of reminder, the MSC rules aim to prevent an individual securing a tax advantage by providing their services to end clients through an intermediary, for example a company. A number of conditions must be met for a company to be treated as an MSC, including that an MSC provider is involved with the company.  The Spotlight also provides guidance on the meaning of ‘MSC’ and ‘MSC provider,’ contains an example and sets out the following features of a common MSC product:  advertisements, for example, internet ‘pop-ups,’ which promise to maximise the person’s take-home pay, marketing which encourages the person to work using a company by becoming a shareholder, taking a small salary and receiving dividends, services are standardised and are not tailored to the person’s circumstances, fees are variable, going up when the person is working and down when they are not, and software, which usually includes ‘suggestive navigation,’ directs the person to the most tax advantageous result.  Budget change to APR The Government has published an article intended to explain the changes to APR announced at the Autumn Budget 2024. The article sets out how the changes are expected to work and includes  examples. It also contains the government’s latest figures for how many estates will be affected. Last week the Institute released a Press Release with comments from the NI Tax Committee Chair Janette Burns that sets out the disproportionate and damaging impact that the Budget’s employment and capital taxes changes will have for businesses in Northern Ireland. New HMRC online ‘side hustle’ guidance and tool Ahead of the 2023/24 online self-assessment filing deadline, a new range of resources has recently been published by HMRC to assist taxpayers with income from what is often referred to as a ‘side-hustle’ in deciding if this income needs to be reported to HMRC. Firstly, HMRC has published a new online tool which individuals can use to check if they need to declare income from using an online marketplace or social media to: sell personal possessions, goods or services, create online content, or rent out property. This includes step-by-step questions to help individuals work out if they need to tell HMRC about this type of income. A new guidance page is also available which discusses a number of common examples. HMRC is keen to stress that the rules about what is taxable income are unchanged. From 1 January 2024, digital platform operators are required to collect and report to HMRC certain details about sellers on their platforms. The first reports are due by 31 January 2025.

Ahead of the 2023/24 online self-assessment (SA) filing deadline of 31 January 2025, HMRC has issued several key reminders. Important guidance on the transition year to basis period reform, and in particular applying to HMRC for information on overlap relief, is also contained in the November Agent Update which sets out that overlap relief applications be submitted as early as possible and preferably by 31 December 2024. We also remind you that 30 December 2024 is the deadline to file 2023/24 SA returns online to ensure that a taxpayer can have their SA bill collected through their PAYE tax code when certain conditions are met. Simple assessment tax bills HMRC is reminding taxpayers who have received a simple assessment letter to pay any tax outstanding for 2023/24 by the later of: 31 January 2025, and three months from the date of issue of the letter. Guidance at the above link also sets out how to pay a simple assessment tax bill, and what action to take if a taxpayer is unable to pay the full amount due by the deadline. Scams HMRC is warning that fraudsters are increasingly targeting people with offers of tax refunds, or demanding payment of tax to obtain personal information and banking details. HMRC’s advice to taxpayers is to check if contact is genuine using the guidance on GOV.UK before taking any action.

Last week the Institute attended the launch event in London on 11 December for ICAEW and the Chartered Institute of Taxation’s (CIOT) joint report on HMRC services. The report was formulated after research was undertaken with 31 firms over a period of six weeks. You can download of a copy of the report here. The report contains a number of recommendations which will be of interest to tax practitioners and government officials alike. HMRC were represented at the meeting and answered questions from the audience frankly and openly. The Institute also received a letter last month from HMRC on its services which proposes a meeting in 2025 to “review the current position and agree on our priorities.” The Institute will be engaging with this process as part of its ongoing and regular discussions with HMRC on service levels. Members can feedback on HMRC services at any time by email. The new joint report from ICAEW and the CIOT contains 10 practical recommendations which you can read on page 6. Many of these recommendations reflect the Institute’s comments on HMRC service levels in its pre-budget letter to the Exchequer Secretary to the Treasury earlier this year. Last month HMRC’s First Permanent Secretary and Chief Executive, Sir Jim Harra, gave oral evidence to the Public Accounts Committee on HMRC customer services and in particular ‘front line’ information on the Government’s additional investment in HMRC announced in the recent Budget and how this could impact on HMRC’s work. 

Ahead of the 2023/24 self-assessment online filing deadline next month, HMRC has recently updated guidance to reflect that agents should expect to wait up to 40 working days for a response to postal applications to register for an agent services account or for agent codes for corporation tax and self-assessment (SA). Previously, HMRC aimed to respond within 28 working days. If an agent already has a HMRC online services account and at least one authorised client (for SA, corporation tax, PAYE or VAT), the best action to take is to immediately create an agent services account online instead of applying by post.

Part 5 Stamp Duties Consolidation Act 1999 provides for a charge to Stamp Duty on particular instruments. Revenue has updated the guidance to state that Revenue accepts that a contract or agreement for sale (section 31A), a licence agreement (section 31B), or an agreement for a lease (section 50A) is deemed to be executed on the date on which the 25 percent threshold, as referred to in each of those sections, is reached. The guidance on section 31E SDCA 1999, which provides for a higher rate of Stamp Duty to be charged on bulk acquisitions of residential property (excluding apartments), has been updated to reflect the increase in the higher rate from 10 percent to 15 percent on 2 October 2024.