The International Accounting Standards Board (IASB) has issued a revised Practice Statement on management commentary. IFRS Practice Statement 1 - Management Commentary supersedes the previous version of the same document which was issued in December 2010 and is effective for application for periods commencing on or after 23 June 2025, with early application permitted. The Statement is not an IFRS Accounting Standard or an IFRS Sustainability Disclosure Standard. The Practice Statement sets out requirements for management commentary and how those requirements can be met. Management commentary complements and accompanies financial statements with explanations from management about a company's performance, strategy and risk. On releasing the revised Practice Statement, the IASB noted that they intend that it will "serve as a global benchmark for regulators to use in updating or developing their national requirements and guidance". In recognition of the strong connectivity between management commentary and the International Sustainability Standards Board (ISSB) Standards, the IASB noted that they worked closely with the ISSB in the development of the document to help align the requirements of the two boards and to facilitate connected information across a company's financial reports.

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 most recently published Brexit and Beyond newsletter from the Northern Ireland Assembly EU Affairs team. The House of Lords Northern Ireland Scrutiny Committee has paid a visit to NI to examine how effectively its voice is represented on the Windsor Framework as part of its ongoing inquiry and the UK and the US governments have agreed to further reduce tariffs on cross-border trade.  Miscellaneous guidance updates and publications This week’s miscellaneous guidance updates and publications are as follows: Appendix 23 Imports: Declaration Category Data Sets, Appendix 21: Import Declaration Category Data Sets, Apply to claim a repayment or remission of import duty on ‘at risk’ goods brought into Northern Ireland, Appendix 25 BIRDS: Declaration Category Data Sets, Appendix 24: Declaration Category Data Set, Appendix 22: Declaration Category Data Sets Landing Page and Introductory Text, Apply for a voluntary clearance amendment (underpayment) (C2001), Report a problem using the Customs Declaration Service, Moving licensed goods into or out of Northern Ireland, Discover customs authorisations that help you import and export goods, Notices made under The Customs (Import Duty) (EU Exit) Regulations 2018, Check how to move goods through ports that use the Goods Vehicle Movement Service, Create a goods movement reference, and External temporary storage facilities codes for Data Element 5/23 of the Customs Declaration Service.  

In this week’s detailed miscellaneous updates which you can read more about below, HMRC will be publishing a new guidance manual to cover the implementation of the OECD’s Pillar Two rules in the UK and the first deadline for in scope groups to register to report for Pillar Two is next Monday 30 June 2025. HMRC has also provided us with an update on the ongoing Class 2 national insurance contributions (NICs) issue which has resulted in incorrect tax calculations being issued to some taxpayers for 2024/25. In other news this week: HMRC has published the latest Agent Update: Issue 132, The Government has published an updated policy paper ‘Tax Policy Making Principles’, which sets out its approach to delivering tax policy changes through the single major fiscal event cycle, and how it will engage with stakeholders during tax policy development. This is the first update on this from the new Government since it came to power last year. Note that we are not aware of any stakeholders being consulted on this, The Public Accounts Committee has held an evidence session with HMRC about the steps they are taking to ensure wealthy individuals pay their taxes as part of its ongoing inquiry in this area, The latest version of the Tax agents handbook has been published, and The minutes of the most recent meeting of the HMRC Guidance Strategy Forum are available on GOV.UK. Pillar Two manual to be published HMRC will be publishing a new guidance manual to cover the implementation of the UK’s Pillar Two rules. Over the last two years, draft content for this manual has been published in tranches for consultation. Four separate tranches have been published as follows: 15 June 2023,  21 December 2023, 12 September 2024, and  28 January 2025. Earlier this month, HMRC advised that consultation responses have been reviewed and will be reflected in the HMRC guidance manual where appropriate. In the introduction to the consultation on the fourth tranche of draft guidance, HMRC states “the guidance manual will be published in full in late spring” so we should expect to see this soon.   The deadline to register to report for Pillar Two is also approaching. Groups in the scope of the Pillar Two rules in the UK must register within six months of the end of the first accounting period which started on or after 31 December 2023. This means impacted groups with an accounting period ended 31 December 2024 must register by 30 June 2025. Registration and reporting must be done using HMRC’s online service for this. 2024/25 Class 2 NICs issue From 2024/25, self-employed people with profits below the 2024/25 limit of £6,725 can opt to pay Class 2 NICs voluntarily for certain contributory state benefit purposes. Those with profits above this limit no longer have to pay Class 2 NICs to access the affected benefits. HMRC has been investigating why some taxpayers, including some paying voluntarily, have received a self-assessment tax calculation (SA302) from HMRC that includes a liability for Class 2 NICs. HMRC has advised us that the nature of the error depends on individual circumstances, but in general, some taxpayers have seen a Class 2 NICs liability added to their account when it should not have been. This issue mainly affects taxpayers with self-employed profits above £12,570. In some cases, HMRC has been able to correct this and the taxpayer will have been notified. In most cases, the impact is an incorrect Class 2 NICs charge of £358.80, but in some circumstances, the amount is less.   HMRC will notify the taxpayer when they correct their record and has confirmed that anyone who has made a payment will either be refunded or, have a credit added to their Self-Assessment statement. The root cause of the issue has been identified, and a fix is expected to be implemented by the end of July. Once the fix is in place, HMRC will correct the affected tax calculations. This will happen before any incorrect amounts due impact the tax owed for 2024/25.

We remind you that from Monday 30 June 2025, HMRC will close its online forums for both agents and taxpayers. Following discussions with stakeholders, including this Institute, and a review of both the agent and taxpayer online forums, HMRC has taken the decision to close both with effect from this date. More information is available in a previous news story.

Do you complete expenses and benefits returns? Or do you complete online filing for employment related securities? If so, you have a key role to play in ensuring online returns are submitted by the 2024/25 filing deadline of 6 July 2025 and payments are made on time. The 2024/25 online filing deadline to apply for a PAYE settlement agreement is 5 July 2025, with payments due by 22 October 2025 (19 October 2025 if not paying electronically). The latest Employer Bulletin: June 2025 includes articles on a range of areas of interest to employers, payroll professionals and agents, including some of the upcoming deadlines. Included in this edition are important updates on: • PAYE settlement agreement (PSA) calculations for 2024/25, • organised labour fraud: the supply of labour through employment intermediaries, • mandating the reporting of benefits in kind and expenses through payroll software from April 2027, • Spotlight 68: using prepaid debit cards for profit extraction, to reduce profits and disguise income, • future changes to Statutory Sick Pay, and • parents of teens reminded to go online to extend their child benefit claim. HMRC is running a webinar later this week on 26 June which will provide an overview of forms P11D and P11D(b), examine the benefits of submitting these online, and consider payrolling of expenses and benefits. However, it will not cover how to calculate the value of benefits. Need to know more about PSAs? Choose from the short videos in the 'PAYE Settlement Agreements' playlist, available on HMRC’s YouTube channel. Here’s a reminder of the key deadlines next month:  6 July 2025: deadline for submitting all 2024/25 P11D(b) and P11D forms (if benefits not processed via payroll) and the employee must receive their copy of the P11D,  6 July 2025: deadline for online reporting of the 2024/25 annual return in respect of employment related securities, 19 July 2025: deadline for non-electronic payment of Class 1A National Insurance Contributions (NIC) for 2024/25, and  22 July 2025: deadline for electronic payment of Class 1A NIC for 2024/25. 

That’s according to the Institute’s Northern Ireland Tax Committee chaired by Janette Burns when the Committee responded last week to the UK Government’s consultation ‘Reform of behavioural penalties’. A series of recommendations featured in the submission with the Committee concluding that the UK Government should implement more broad ranging reform of its enquiry regime, including behavioural penalties, by introducing a more graduated and tailored level of compliance interventions, similar to the regime currently in place in Ireland. The Committee also advocates that there is a need for the Government to do more to tackle tax complexity which can be a factor when a taxpayer makes an error that results in a penalty. In summary, the key recommendations are as follows: The minimum penalties for certain inaccuracies and failures to notify should be removed, No failure to notify penalty should be charged if a taxpayer pays the associated tax liability on time or has filed on time, even if they have not notified by the relevant deadline, A fixed reduction to each maximum penalty should be introduced based on the type of disclosure made by the taxpayer, HMRC should explore how fairer penalties can be introduced for the same error made in multiple tax years, The two categories of deliberate behaviour should be combined into one category and a more simplified regime should be introduced for taxpayers making a full unprompted disclosure in this category, Ireland should be excluded from the definition of offshore. Lower penalties should also be introduced for offshore inaccuracies, particularly where these are asset based. In addition, the offshore time limits should be reduced, Penalty suspension should be offered for careless errors on a routine basis and the conditions which must be met should be consistently applied and clearly set out in guidance so that the taxpayer and agent know what to expect and what will be required of the taxpayer, No new non-financial sanctions should be introduced, HMRC should conduct a full review of both the publishing deliberate defaulters legislation and the Managing Serious Defaulters Programme to assess their effectiveness as non-financial sanctions with a view to introducing reforms and improvements to each of these, A review should be conducted of the rates of interest charged and paid by HMRC which should also address the interaction with behavioural penalties, and A range of measures should be undertaken to tackle tax complexity, which should as a minimum include the establishment of a Tax Simplification External Forum reporting annually to Parliament.

As we reported last week, the Institute officially launched its latest policy paper on 12 June ‘Enhancing Our Competitiveness – The Case for a Reduced Rate of Corporation Tax in Northern Ireland’. This is a key strategic objective in our lobbying activity reflecting the fact that in a survey of our members in February, 60 percent continue to signal their support for the activation of NI’s devolved powers to set its own corporation tax rate. Members who attended the launch in Belfast have been sharing their perspectives on why the time is right and how the economy will benefit. 

Welcome to the latest edition of Technical RoundUp In developments since the last edition, IFAC has released some practical tools to assist SMEs and Public Sector entities, IAASA has published details of its significant financial reporting enforcement activities in 2023 and 2024, and the FRC has issued a consultation on a proposed UK version of the International Standard on Sustainability Assurance (ISSA) 5000. Read more on these and other developments that may be of interest to members below. Financial Reporting The International Accounting Standards Board (IASB) has announced that it has decided to proceed with issuing seven illustrative examples that aim to improve the reporting of uncertainties in the financial statements. It expects to issue these examples in Q3 of 2025. The IASB has announced that it expects to issue its revised IFRS Practice Statement 1 Management Commentary on 23 June 2025. The IASB has published a Request for Information as part of its Post-implementation Review of IFRS 16 Leases. The Request for Information remains open for public comment until 15 October 2025. ESMA, the European Securities and Markets Authority, has published the latest edition of its Spotlight on Markets Newsletter. The European Accounting Review, in collaboration with the International Accounting Standards Board is accepting submissions for a special issue featuring research proposals. The deadline for submissions is 1 December 2025. The International Federation of Accountants (IFAC) has released some practical tools to support IPSAS Implementation. These tools are designed to help governments and public sector entities adopt and implement IPSAS Standards and help Professional Accountancy Organisations advocate for their use. IFAC has also released an online tool designed to help SMEs to maximise the benefits of incorporating sustainability into their sustainability strategy. IAASA has published an overview of some of its more significant financial reporting enforcement activities undertaken in 2023 and 2024. Auditing and Assurance The Staff of the International Auditing and Assurance Standards Board (IAASB) and the International Ethics Standards Board for Accountants (IESBA) have released new publications to support implementation of the IAASB’s and IESBA’s sustainability-related standards: the International Standard on Sustainability Assurance (ISSA) 5000 and the International Ethics Standards for Sustainability Assurance (IESSA).   These are Frequently Asked Questions (FAQs) on Sustainability Assurance Engagements and IESBA Staff Q&As on IESSA. The Financial Reporting Council (FRC) has issued a consultation on a proposed UK version of the International Standard on Sustainability Assurance (ISSA) 5000, “General Requirements for Sustainability Assurance Engagements”. The consultation proposes ISSA (UK) 5000 for use on a voluntary basis by assurance providers and comments are requested by 31 July 2025. Sustainability The IFRS Foundation is joining London Climate Action Week from 21–29 June 2025.  This event will bring together key stakeholders, policymakers and international organisations. The European Sustainable Energy Week 2025 takes place from 10 to 12 June 2025 in Brussels and online. It brings together leading voices from the clean energy community and high-level speakers to share ideas and help shape Europe’s sustainable energy future.  The IFRS Foundation has published jurisdictional profiles providing transparency and evidencing progress towards adoption of ISSB Standards. The IFRS Foundation has launched new e-learning modules to support companies in getting started with understanding the ISSB Standards. The modules include a mixture of written and visual content and interactive knowledge checks, designed to build foundational knowledge of the ISSB Standards. Accountancy Europe has published its June 2025 Sustainability Update. Anti-money laundering, sanctions, economic crime In June 2025 the EU Commission updated its list of high-risk jurisdictions which present strategic deficiencies in their national anti-money laundering and countering the financing of terrorism regimes. Click for a press release and here for a  copy of the delegated regulation (which delegated act enters into force if the European Parliament or the Council of the EU do not object to it, during the scrutiny period which generally lasts 2 months ). The following countries have been added to the list: Algeria, Angola, Côte d’Ivoire, Kenya, Laos, Lebanon, Monaco, Namibia, Nepal and Venezuela. The following countries have been removed from the list: Barbados, Gibraltar, Jamaica, Panama, the Philippines, Senegal, Uganda, and the United Arab Emirates. Accountancy Europe (AE) has responded to the European Banking Authority’s (EBA) consultation on new rules related to the anti- money laundering and countering the financing of terrorism package. Accountancy Europe’s response to the EBA consultation has focused replies on the draft regulatory technical standard (RTS) on Customer Due Diligence and in particular identified four RTS articles that would benefit from clarification, refinement, or more proportionality. In June 2025 the UK Office of Financial Sanctions Implementation (OFSI) launched six short sanctions videos highlighting six key areas dealing with financial sanctions. The videos will give users valuable insight into the essentials of complying with UK financial sanctions. The videos  detail the work carried out at OFSI and how financial sanctions work, provide an insight into the range of  guidance that OFSI produces to help individuals and companies comply with UK financial sanctions, give an overview of the sanctions consolidated list, outline what to do if you suspect a financial sanctions breach and give an introduction to general licences and detail what a specific licence is and how to apply for one. Click the link for details of the UK Government’s improvements to navigation of GOV.UK sanctions content following a cross-government review and an ask from users for clearer, better structured sanctions content. In June 2025 the UK Dept. for Business and Trade issued its second progress report on the Economic Crime and Corporate Transparency Act 2023. The report describes Companies House activity including the querying and removal of  false, misleading or incorrect information from the registers, with an impact on 100,400 companies from 4 March 2024 to 3 March 2025 inclusive. The report also includes information on limited partnership reform, the register of overseas entities and collaboration between Companies House and the Insolvency Service. New or proposed legislation The Minister for Children, Disability and Equality recently implemented the European Union (Gender Balance on Boards of Certain Companies) Regulations 2025. These regulations impose new gender balance requirements for boards of listed companies by 30 June 2026. The regulations do not apply to micro, small and medium-sized enterprise (SME) or unlisted companies. Under the regulations relevant listed companies must have the objective that at least 40% of the non-executive directors of the relevant listed company concerned are members of the underrepresented sex. The ‘28th regime’ a new EU legal framework for innovative companies is  a proposed legal framework that is additional to the national legal frameworks of the 27 Member States .It was referenced in the European Commission’s Competitiveness Compass of January 2025 and its work programme of February 2025. The idea behind it is that the EU will  offer a parallel, elective legal framework that businesses can choose to operate under simplifying applicable rules and  bypassing the different national legal frameworks. In June 2025 the EU Commissioner for Justice Democracy and the rule of law, Michael Mc Grath, appointed Dr Tom Courtney a solicitor, leading author on Irish Company law and previous chair of the Irish Company Law Review Group as his special adviser to advise him on the proposal for a new 28th regime company. Dr Courtney writes that this is a very important EU initiative to make it possible for companies to benefit from a simpler harmonised set of EU wide rules. The UK Companies and Limited Liability Partnerships (Annotation) Regulations 2025 (2025 Regulations) allows the UK Registrar of Companies to annotate the Register of Companies. Under the Companies Act 2006, the Registrar currently has the authority to issue notices requiring specific information from overseas entities within a time limit set by the Registrar. Under the 2025 Regulations the Registrar may annotate the Register to indicate that a notice to the Overseas Entity was issued and not complied with. Other power of annotation under the 2025 Regulations includes the annotation of the Register that a person who appears in the Register as a director is subject to director disqualification sanctions. Other news The Central Bank of Ireland has in June 2025 issued its Central Bank second quarterly bulletin headlining slower pace of domestic growth amid trade tensions and global uncertainty. The Charity Commission for Northern Ireland has launched a new series of guides designed to help charity trustees run their organisations effectively and in line with their legal duties. The June edition of Enterprise Newsletter from Enterprise Ireland has been published.     The Minister for Enterprise, Tourism and Employment Peter Burke has established The Cost of Business Advisory Forum with the aim of reducing the cost of running a business and addressing delays which can impact the operation of businesses in Ireland. The Group will be chaired by former Labour Court Judge Kevin Foley and the group includes representatives from Chartered Accountants Ireland. We recently reported that the Irish Companies Registration Office has launched an Open Data Portal which provides access to key company data. Please click here for a useful article by CLS Chartered Secretaries which gives examples of the types of information available on the portal and practical tips to make the most of the portal. Accountancy Europe has outlined its support of the ongoing work of the European Union Intellectual Property Office and has compiled some key points, conclusions and actions for the future in its recent publication. Accountancy Europe has also published an information paper covering the evolution and impact of private equity investment in the European accountancy profession over the last decade. The Irish National Cyber Security Centre has launched  a useful  ‘plain English’ guide to keeping your online accounts secure designed to make the often complex and confusing information around keeping online accounts secure more accessible to the public. Technical Roundup is taking a break for the summer and the next Roundup will be issued on Friday 5 September. Any updates during this period will be published on the technical hub on the Institute's 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

From the Professional Accountancy team... In June 2025 the EU Commission updated its list of high-risk jurisdictions which present strategic deficiencies in their national anti-money laundering and countering the financing of terrorism regimes. Click for a press release and here for a  copy of the delegated regulation (which delegated act enters into force if the European Parliament or the Council of the EU do not object to it, during the scrutiny period which generally lasts 2 months ). The following countries have been added to the list: Algeria, Angola, Côte d’Ivoire, Kenya, Laos, Lebanon, Monaco, Namibia, Nepal and Venezuela The following countries have been removed from the list: Barbados, Gibraltar, Jamaica, Panama, the Philippines, Senegal, Uganda, and the United Arab Emirates. This information is provided as resources and information only and nothing in these pages purports to provide professional advice or definitive legal interpretation(s) or opinion(s) on the applicable legislation or legal or other matters referred to in the pages. If the reader is in doubt on any matter in this complex area further legal or other advice must be obtained. While every reasonable care has been taken by the Institute in the preparation of these pages, we do not guarantee the accuracy or veracity of any resource, guidance, information or opinion, or the appropriateness, suitability or applicability of any practice or procedure contained therein. The Institute is not responsible for any errors or omissions or for the results obtained from the use of the resources or information contained in these pages.  

In June 2025 the UK Office of Financial Sanctions Implementation (OFSI) launched six short sanctions videos highlighting six key areas dealing with financial sanctions. The videos will give users valuable insight into the essentials of complying with UK financial sanctions. The videos  detail the work carried out at OFSI and how financial sanctions work, provide an insight into the range of  guidance that OFSI produces to help individuals and companies comply with UK financial sanctions, give an overview of the sanctions consolidated list ,outline what to do if you suspect a financial sanctions breach and give an introduction to general licences and detail what a specific licence is and how to apply for one. In other news on sanctions, click the link for details of the  UK Government’s improvements to navigation of GOV.UK sanctions content following a cross-government review and an ask from users for clearer, better structured sanctions content. 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 ‘28th regime’ a new EU legal framework for innovative companies is  a proposed legal framework that is additional to the national legal frameworks of the 27 Member States .It was referenced in the European Commission’s Competitiveness Compass of January 2025 and the European Commission's work programme of February 2025 .The idea behind it is that the EU will offer a parallel, elective legal framework that businesses can choose to operate under ,simplifying applicable rules and  bypassing the different national legal frameworks. In June 2025 the EU Commissioner for Justice Democracy and the Rule of Law ,Michael Mc Grath, appointed Dr Tom Courtney a solicitor ,leading author on Irish company law and previous chair of the Irish Company Law Review Group as his special adviser to advise him on the proposal for a new 28th regime company .Dr Courtney writes that this is a very important EU initiative to make it possible for companies to benefit from a simpler harmonised set of EU wide rules . 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 Institute has revised its Air Travel Organisers Licence (ATOL) Reporting Regulations with effect from 15 June 2025.  The revisions at this time are conforming amendments to align with the Institute’s suite of Regulations generally.  In particular, the ATOL Reporting Regulations are revised to reflect a simplification of the Institute’s affiliate regime across all Institute Regulations.  The simplification of the affiliate regime includes the following: A single category of ‘affiliate’ is now being used across all Institute Regulations.  Therefore, the revised ATOL Reporting Regulations refer to ‘affiliates’ where appropriate rather than ‘ATOL Registered Firm affiliate’. Across all Institute Regulations, it is a requirement that each principal at a firm regulated by the Institute should be either a member of the Institute or an affiliate - there is no longer an exemption from affiliate status for members of other professional accountancy bodies for example.  Therefore, the ATOL Reporting Regulations require each principal at an ATOL Registered Firm to be either a member of the Institute or an affiliate of the Institute. The obligations of all affiliates are be set out in a single place in Institute Regulations – that is chapter 7 of the Public Practice Regulations .  Therefore chapter 4 of the Institute’s ATOL Reporting Regulations is simplified as regards affiliate requirements and reference is made instead to the Public Practice Regulations. Institute firms can direct any queries in relation to the Institute’s Air Travel Organisers Licence (ATOL) Reporting Regulations to professionalstandards@charteredaccountants.ie.

On 20 May 2025 the EU adopted its 17th package of sanctions against Russia. The European Council writes that the package is part of an even broader set of EU measures also targeting Russia’s hybrid activities, domestic violations of human rights and the use of riot control agents by Russian forces in Ukraine, under three other sanctions regimes. The measures agreed cover Russia’s shadow fleet, energy, military, and occupied territories. You can read more details on the 17th Package on the European Council webpage which has links to the various legal acts to bring the 17th package into force.   This information is provided as resources and information only and nothing in these pages purports to provide professional advice or definitive legal interpretation(s) or opinion(s) on the applicable legislation or legal or other matters referred to in the pages. If the reader is in doubt on any matter in this complex area further legal or other advice must be obtained. While every reasonable care has been taken by the Institute in the preparation of these pages, we do not guarantee the accuracy or veracity of any resource, guidance, information or opinion, or the appropriateness, suitability or applicability of any practice or procedure contained therein. The Institute is not responsible for any errors or omissions or for the results obtained from the use of the resources or information contained in these pages.

In this week’s 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 most recently published Brexit and Beyond newsletter from the Northern Ireland Assembly EU Affairs team. The outcomes from the latest meeting of the HMRC forum, the Northern Ireland Joint Customs Consultative Committee (NI JCCC), which the Institute participates in, are now available to read. And finally, UK steel and aluminium exports have been temporarily spared from the US administration’s decision to double tariffs on these goods.   Latest NI JCCC meeting   The most recent meeting of the NI JCCC has taken place. Minutes from the meeting and the accompanying slides are available to read.  Miscellaneous guidance updates and publications  This week’s miscellaneous guidance updates and publications are as follows: Appendix 2 C21i: DE 1/11: Additional Procedure Codes,  Making an entry summary declaration,  Data Element 2/3: Document and Other Reference Codes: Licence Types — Imports and Exports of the Customs Declaration Service (CDS),  Data Element 2/3: Documents and Other Reference Codes (Union) of the Customs Declaration Service,  Safety and security declarations,  Safety and security import requirements: entry summary declarations,  Notices made under The Customs (Export) (EU Exit) Regulations 2019,  Notices made under The Customs (Import Duty) (EU Exit) Regulations 2018,  Register to use the Import Control System 2,  Make an entry summary declaration using the Import Control System 2,  Data requirements for express operators who move consumer parcels from Great Britain to Northern Ireland,  How to send parcels from a business in Great Britain to a private individual or a business in Northern Ireland,  Sending parcels from Great Britain to Northern Ireland between private individuals,  Create a goods movement reference,  Sending parcels between Great Britain and Northern Ireland under the Windsor Framework, and  External temporary storage facilities codes for Data Element 5/23 of the Customs Declaration Service. 

In this week’s miscellaneous updates: HMRC has published the company car advisory fuel rates applicable from 1 June 2025,   The latest HMRC Stakeholder Digest is available, and   The Government has announced that the UK and Isle of Man will work together to “explore ways to further enhance information flows” to combat tax avoidance and evasion.   

Ahead of the publication of its annual report and accounts which usually takes place in July, last week HMRC published a provisional update on its phone performance. The update was published just the day before HMRC experienced a major phone outage on Wednesday 4 June. The outage happened on the same day that HMRC senior officials appeared before the House of Commons Treasury Committee.   According to the provisional update, in March 2025, HMRC handled 80.2 percent of calls, up from 71.5 percent for the year to 31 March 2025. The Department took 14 minutes and 44 seconds on average to answer a call, down from 18 minutes and 38 seconds for the year to 31 March 2025.  At HMRC’s Treasury Committee hearing, it was stressed that the phone outage on Wednesday was not related to the announcement of the loss of £47 million as a result of phishing attacks and that the lines themselves were not down but had instead been closed because the system used to handle incoming calls had experienced an outage. According to the appearance, the phone line set up for recipients of the phishing fraud letter was unaffected.  The news of the recent phishing scam and HMRC’s customer service levels were discussed at the Treasury Committee hearing in addition to:  HMRC's priorities for the next three to five years,  HMRC’s collection of taxes from wealthy individuals following the recent publication of a National Audit Office Report,  The exodus of wealthy taxpayers from the UK, and  HMRC delays in processing refunds.   HMRC’s new Permanent Secretary and CEO JP Marks appeared in front of Committee for the first time last week. A full transcript from the hearing has not yet been published but will be available here. 

The European Commission recently published reports looking at each Member State’s economic and social developments and challenges, and assessing the extent to which these are addressed by national policies. In the report on Ireland, the Commission highlighted the solid growth and resilience of the Irish economy, noting that public finances are in a strong headline position. In terms of current barriers to private and public investment, the report highlights infrastructure deficits, labour and skill shortages, and high costs of doing business as the main challenges.

Last week, the European Commission set the EU budget at €193.26 billion for 2026. The budget is aimed at supporting strategic objectives, including support for Ukraine, competitiveness, migration management, security and defence, and strategic investments, while maintaining momentum on green and digital priorities. The budget is complemented by approximately €105.32 billion in disbursements under NextGenerationEU,which is a fund to help repair the immediate economic and social damage caused by the coronavirus pandemic and make the EU fit for the future.

Last week HMRC contacted the Institute ahead of the announcement that taxpayers have been targeted by criminals creating and/or accessing their online HMRC accounts to set out what had happened and what action it was taking. HMRC’s security systems detected unauthorised access to some online accounts (particularly inactive accounts), and the creation of new credentials, which has ultimately resulted in approximately £47 million in fraudulent tax repayments being paid out. This loss has been directly suffered by HMRC and not individual taxpayers.  Between 4 and 25 June 2025, HMRC is contacting affected individuals by letter to explain the incident, including how they can restore access to their online accounts if necessary. The full briefing received by the Institute from HMRC is available here. In discussions with HMRC we were also made aware that a much larger sum of over double the amount lost in fraudulent repayments was stopped by HMRC during this incident.    The letters being sent also explain how the person can contact HMRC if they have any concerns. Only those individuals with affected accounts are being contacted. Anyone receiving contact from HMRC can check if the letter is genuine on GOV.UK.   According to HMRC, it has protected the affected accounts by deleting the associated log-in credentials i.e. the government gateway user ID and password. Any incorrect information has also been removed from the individuals’ tax records, and a check has been performed that no other details were changed.   HMRC provided more information on this incident during an evidence hearing of the House of Commons Treasury Committee last week. According to this, the criminals involved used information obtained from non-HMRC sources via phishing attacks on individuals as opposed to this being a cyber breach of HMRC systems. The attack has impacted on around 100,000 individuals, mostly in PAYE, at a cost of £47 million in fraudulent repayments. Overall, in its evidence to the Committee, HMRC says that it protected the loss of nearly £2 billion in criminal attacks in 2024/25.  Often the taxpayer did not have an active online tax account hence the criminals set up new accounts and credentials. HMRC has also said that work on this issue has been ongoing for some time, with some arrests made in 2024. Discussions with HMRC also highlighted that the majority of the taxpayers involved are not represented by an agent and comprise 0.22 percent of all online tax accounts.  

Welcome to the latest edition of Technical Roundup. In developments since the last edition, the CCAB-I Insolvency Committee has published a new Creditors Voluntary Liquidation Statutory Meeting Handbook. The purpose of the Handbook is to aid directors in the pre-appointment period and insolvency professionals in the post appointment period. The Financial Reporting Council (FRC) is hosting a series of roundtables to discuss their Future of Audit Supervision Strategy (FASS). The first roundtable takes place on Monday 9th June with additional dates scheduled throughout the summer. Read more on these and other developments that may be of interest to members below. Financial Reporting The Financial Reporting Council (FRC) is hosting a series of roundtables to discuss their Future of Audit Supervision Strategy (FASS). The first roundtable takes place on Monday 9th June with additional dates scheduled throughout the summer. The European Financial Reporting Advisory Group (EFRAG) has published its draft endorsement advice on IFRS 19 ‘Subsidiaries without Public Accountability: Disclosures’. The draft advice recommends that IFRS 19 should be endorsed in the EU. The invitation to comment which accompanies the draft endorsement advice is open for public comment until of 3 September 2025. EFRAG has published its Annual Review 2024. This review provides a comprehensive overview of its activities, milestones, and strategic developments over the past year. EFRAG has also published its April 2025 update. This summarises the public technical discussions held and decisions taken over the past month. The IFRS Foundation has published a two-part webcast series which explain the main changes to the IFRS Taxonomy following the introduction of IFRS 18 Presentation and Disclosure in Financial Statements. The FRC has published the UK Stewardship Code 2026 which presents a framework for reporting that demonstrates high quality stewardship to support economic growth and investment. Auditing and Assurance The Financial Reporting Council (FRC) has issued a consultation on a proposed UK version of the International Standard on Sustainability Assurance (ISSA) 5000, “General Requirements for Sustainability Assurance Engagements”. The consultation proposes ISSA (UK) 5000 for use on a voluntary basis by assurance providers and comments are requested by 31 July 2025.  As part of its campaign to support small and medium-sized enterprises (SMEs) access audit services, the Financial Reporting Council (FRC) has issued additional material to help SMEs effectively engage with the annual audit process. The Irish Auditing and Accounting Supervisory Authority (IAASA) recently published its 2024 Annual Audit Programme and Activity Report. The report details IAASA's oversight of the audit profession during 2024, providing valuable transparency into how audit quality is regulated in Ireland. IAASA mentions its key highlights in 2024 which includes completion of supervisory reviews of accountancy bodies' investigation and disciplinary systems and support for implementation of the Corporate Sustainability Reporting Directive (CSRD) in Ireland. Insolvency The CCAB-I Insolvency Committee has published a new Creditors Voluntary Liquidation Statutory Meeting Handbook. The purpose of the Creditors Voluntary Liquidation (CVL) Statutory Meeting Handbook is to aid directors in the pre-appointment period and insolvency professionals in the post appointment period. This document provides a compendium of statutory meeting templates and guidance around the various meetings during the course of a CVL. It also assists Liquidators in complying with legislative and SIP requirements when conducting statutory meetings, reporting to creditors and approval of remuneration. On 11 June, Derek Wilson, a licensed insolvency practitioner and experienced insolvency monitor, and Sarah-Jane O’Keeffe, director at Azets, along with Chartered Accountants Ireland, are hosting a free webinar which will provide an overview of best practice and introduce the new Creditor Voluntary Liquidation workbook. The workbook has been produced to assist Liquidators in complying with legislative and SIP requirements when conducting statutory meetings, reporting to creditors and approval of remuneration. Click here to register for this free webinar. Sustainability Wim Bartels, Chair of Accountancy Europe’s Sustainability Policy Group and member of EFRAG’s Sustainability Reporting Board, spoke on behalf of Accountancy Europe at the European Parliament (EP) Legal Affairs Committee hearing on sustainability reporting obligations on 13 May. During this, he shared some of the early insights of the CSRD and ESRD based on the first year of implementation. The International Sustainability Standards Board (ISSB) May 2025 update and podcast have been published. The International Sustainability Standards Board (ISSB) has published the recording of its tenth 'Perspectives on sustainability disclosure' webinar. The webinar is titled ‘Governance of sustainability-related risks and opportunities’. Artificial intelligence Minister of State for Trade Promotion, Artificial Intelligence and Digital Transformation Niamh Smyth made a high-profile visit to Singapore at the end of May at the invitation of the Singaporean Government to participate in Asia Tech x Singapore (ATxSG) 2025. Anti-money laundering and sanctions The Central Bank of Ireland has announced that Derville Rowland, Deputy Governor Consumer and Investor Protection, will join the newly established Anti-Money Laundering Authority (AMLA). Central Bank of Ireland (CBI) The Central Bank of Ireland published its Annual Report and Annual Performance Statement for 2024 on 29 May. Click to read the Governor’s blog on the CBI 2024 Annual Report. We reported in our last edition on the passing into law of the Finance (Provision of Access to Cash Infrastructure) Act 2025. CBI recently welcomed the enactment of the legislation saying that CBI is committed to ensuring that cash is readily available as a means of payment and it warmly welcomes the signing into law of this significant legislation. CBI has published its May 2025 Investment Firm and Intermediary Newsletter. It is a twice-yearly publication by supervision teams within the Investment Firms & Retail Intermediary Supervision Division of the Capital Markets & Funds Directorate. While the newsletter main focus is on new items on its website and regulatory issues that MiFID investment firms need to be aware of, the information on DORA Digital Operational Resilience and the EU Accessibility Act may be of general interest to readers. Click to read comments of the CBI Director, Capital Markets and Funds at the recent Blockchain Ireland Summit 2025 including some insights on the implementation of the Markets in Crypto-Assets Regulation (MiCAR) regime. Other news The Financial Reporting Council (FRC) has published the UK Stewardship Code 2026, an updated set of principles which offers a framework for reporting that demonstrates high quality stewardship to support economic growth and investment. The new Code takes effect from 1 January 2026 and aims to support long-term sustainable value creation while significantly reducing the reporting burden for signatories. The European Securities and Markets Authority (ESMA) has issued a Call for Evidence (CfE) on the retail investor journey under MiFID II in order to assemble feedback from stakeholders to better understand how retail investors engage with investment services and whether regulatory or non-regulatory barriers may be discouraging participation in capital markets. The Minister for Enterprise, Tourism and Employment, Peter Burke, TD, has announced the establishment of a dedicated Small Business Unit, based in the Department of Enterprise, Trade and Employment. Accountancy Europe has published its May 2025 update which discusses many matters of relevance to accountants across Europe including AML and sustainability. The Irish Pensions Authority recently published the text of an address in March 2025 by the Pensions Regulator to the Irish Association of Pension Funds’ Spring Conference. The address was about the Pensions Authority’s recent supervisory review activities, its plans for the rest of 2025 and its longer-term priorities. 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.