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Paul Guess explores how work stress can strain relationships and shares his advice on protecting your personal life from the impact of professional pressures Being on top of your tasks all the time sounds like a good thing. However, if you're glued to emails, drowning in deadlines and thinking about work 24/7, your relationship might be paying the price. In today’s fast-paced world, our careers can quickly spill over into our personal lives. In fact, 71 percent of people report that work stress has led to a relationship breakdown or divorce, demonstrating the potentially devasting consequences of demanding jobs.  Long hours, constant pressure and the mental strain of high-stress careers in professions such as accounting can push relationships to breaking point.  Recognise the warning signs We’ve all been there—juggling work deadlines, emails and endless tasks—but when that stress begins to creep into your relationships, the warning signs can be hard to ignore. You might tell yourself, “It’s fine, I’m just busy,” but this can create an emotional distance between you and your partner which can build over time.  In a recent report on burnout published by the Chartered Accountants’ Benevolent Association (CABA), more than half (54%) of respondents reported that feelings of burnout were affecting their ability to maintain a healthy work-life balance.   Burnout can make you feel more irritable, anxious or even detached, leading to more tension and miscommunication with your partner. Conversations become harder and you may just feel disconnected altogether.   For a busy accountant, there are often short periods of high stress, but when this pressure is prolonged over a period of months, the impact it can have on a relationship becomes evident. If you find your love life suffering because of work pressures, there are ways to keep things in check.    Set clear boundaries: It’s important to carve out time during your day when work can’t take over. Set boundaries at work and stick to them. Protecting your downtime is crucial for your mental health and your relationship.  Prioritise quality time with your partner:  It can be tough, but even small gestures like cooking dinner together, going for a walk or just talking about your day, can help you reconnect. It’s all about finding that balance between work and your personal life.  Practice open communication: If work is stressing you out, don’t keep it to yourself. Be open with your partner about what’s going on and how it’s affecting you. This way, they are not left in the dark, and they can offer support when you need it most.  If you are feeling overwhelmed, the first step is to acknowledge it and then talk to someone. Whether it’s talking to family and friends, or seeking professional support, relying on others can make a huge difference.   Next, see if you can implement helpful strategies, such as managing your workload or giving yourself small treats like going for a walk, or watching some football, for example. By setting boundaries, prioritising quality time with your partner and asking for help when you need it, you can make sure work stress doesn’t take over your life. Take proactive steps to protect both your career and your relationship—you’ll be better for it in the long run.  Paul Guess is a mental wellbeing expert at CABA

Russell Smyth explores KPMG’s latest research, revealing generational divides and public scepticism about Ireland’s capacity to meet our ambitious climate goals People are central to Ireland’s Climate Action Plan, yet KPMG research reveals that more than half (56 percent) continue to be concerned about climate change, down by just four percent from 60 percent in 2023. Climate concern is particularly notable among younger adults aged 18 to 34 and people aged over 65, with 62 percent in each group expressing unease.  In contrast, just 46 percent of those aged between 45 and 54 report similar levels of concern, suggesting a potential generational divide in attitudes toward climate change and Ireland’s capacity to tackle it effectively.  Twenty-six percent of the respondents we surveyed, meanwhile, do not believe efforts or plans to reduce emissions will be sufficient to meet Ireland’s Climate Action Plan goal. Fewer than one in 10 (six percent) believe Ireland will reduce emissions by 51 percent by 2030 in line with the current Government target. Thirteen percent consider this target to be completely unattainable, highlighting significant scepticism concerning Ireland’s ability to fulfil our climate commitments.  Clear and transparent communication With Ireland expected to cut total greenhouse gas emissions by up to 29 percent by 2030, the public scepticism captured in our research raises questions about the perceived effectiveness of current strategies and policies.  Our findings also underscore the urgent need to educate and engage communities on the role they can play in Ireland’s journey towards net zero. Instilling confidence in our ability to meet our decarbonisation targets requires clear and transparent communication and concrete actions that can deliver measurable progress. The power of data centres Data centres offer a promising opportunity to help transform Ireland’s energy sector. The transition towards renewable energy sources is key to reducing Ireland’s dependence on fossil fuels and achieving our net zero commitments. A prime example of this is the critical role data centres could play. Ireland’s rapidly growing data centre sector—if powered by renewable energy—could be crucial to achieving net zero emissions.  Data centres consume a lot of electricity. However, with proper investment and strategic planning, they could also help to drive demand for renewable energy, helping to balance the grid. Data centres with energy storage capabilities could store surplus renewable energy during peak generation periods, for example, and release it back to the grid during times of high demand. This would support grid stability and maximise the use of renewable energy resources.  Accelerating the transformation of the electricity sector will be crucial to supporting decarbonisation efforts across other industries. If powered by renewable energy, data centres could become a critical component of Ireland’s net zero strategy. They have the potential to meet higher demand for electricity while also providing essential services to businesses and consumers. Data centres also present a rare opportunity to attract inward investment from some of the world’s leading companies.  Stakeholder management Recognising the potential for renewable energy to drive Ireland’s decarbonisation will require significant investment in sustainable energy infrastructure, including greater wind and solar energy capacity and the development of adequate energy storage solutions. Collaboration among all stakeholders, including government, businesses and communities across the country, will be fundamental to ensuring data centres positively contribute to Ireland’s decarbonisation efforts.  Educating and empowering these groups to adopt sustainable practices will be critical. By making incremental changes—such as improving energy efficiency at home and work, supporting renewable energy initiatives and adopting low-carbon behaviours and technologies —every sector and citizen could potentially contribute to helping Ireland achieve our climate goals. Russell Smyth is Partner and Head of Sustainable Futures at KPMG 

Accounting firms can gain a valuable competitive edge by developing professional skills to complement technical excellence, writes Mary Cloonan For mid-sized accounting and advisory firms, growth and expansion isn't just about technical excellence. Winning new clients, strengthening relationships and building a standout reputation requires more than just number-crunching. When it comes to standing out in a competitive market, professional services can mean the difference between growth and stagnation. Your team may have deep expertise in tax, audit or corporate finance, but do they have the confidence to build relationships, communicate complex ideas clearly and position your firm as a trusted advisor to clients? Too often, firms fail to actively develop their team’s professional skills as a core element of their service offering. Why communication and commercial skills matter Traditionally, technical ability was enough to climb the ladder in accounting. If you were a brilliant accountant, career progression followed naturally—but not anymore. Clients now expect more than just technical expertise. They want commercial awareness, proactive advice and a relationship-driven approach. The most accomplished leaders in the profession have mastered their technical skills. What separates them from the pack is their ability to connect with clients, lead teams and create commercial opportunities. As artificial intelligence and automation become more embedded in accounting and advisory work, the human skills of communication, engagement and trust-building will likely become more prominent differentiators. The firms that recognise this shift are more likely to do well in the future—and, let’s be honest, calling these skills ‘soft’ is misleading. It makes them sound easy, like they can be picked up over tea and a chat. Anyone who has watched a technically brilliant, but socially awkward, colleague try to ‘build rapport’ with a client knows otherwise. Honing effective professional skills takes work, just like any other form of professional expertise. For a long time, many in the accounting profession believed these interpersonal competencies couldn’t be taught. However, professional skills can be improved and developed with practice, coaching and the right support One thing is for sure: if you don’t try, it definitely won’t happen. Firms risk losing talent if they don’t invest in professional development. Today’s accountants and advisors want more than a competitive salary, they want training, opportunities for career progression and scope to develop the skills needed to succeed in today’s dynamic business environment. Forward-thinking firms are responding by embedding business development, communication and leadership training into their culture. Recognising the importance of these professional skills is one thing, embedding them into your firm’s DNA is another. Here is how to make a real impact: 1. Offer training Firms invest heavily in continuing professional development and technical training but often neglect client-facing skills. Structured programmes covering business development, negotiation and executive presence should be built into career progression at every level. These skills are fundamental to long-term success. 2. Use mentoring to reinforce learning These skills cannot be developed in a seminar room alone. They require real-world practice. Pairing younger professionals with experienced partners can help build their confidence in client conversations, pitching and networking. However, mentoring only works when it is viewed and managed as a structured, firm-wide priority—not just an informal arrangement. A quick ‘shadow me in this meeting’ approach won’t cut it. 3. Measure what matters You are missing a trick if your performance metrics focus solely on billable hours and technical skills. Tracking client engagement, business development efforts and leadership contributions can help to reinforce the value of these skills. Encourage team members to record their networking activities and new business wins. This promotes accountability and highlights the contribution of rising stars in the firm. 4. Encourage client interaction Waiting until a team member is a senior manager before you put them in front of clients is a mistake. The sooner professionals gain experience in meetings, negotiations and relationship management, the better. Encourage managers and associates to lead discussions, present insights and handle follow-ups. This builds confidence and capability. (And let’s face it, the sooner they learn how to recover from a botched pitch or awkward introduction, the better.) 5. Embed a supportive culture If the partners at the top of a firm view business development as an obligation rather than an opportunity, this mindset is likely to filter down through the organisation. Senior leaders should lead by example by attending events, engaging in client conversations and mentoring their teams. A firm prioritising communication and relationship-building will stand out in a crowded market. The competitive advantage Firms that invest in interpersonal and leadership skills can potentially gain a real edge. They can build deeper client relationships, uncover more opportunities and create a culture in which growth is viewed as everyone’s responsibility, not just that of a few ‘rainmakers’. For managing partners, the message is clear: technical ability alone won’t drive your firm forward. The real differentiator is how well your team connects, communicates and builds trust. Make these professional skills a strategic priority, and the results will speak for themselves. If this sounds like hard work, so is tax legislation—and you mastered that just fine. Mary Cloonan is the founder of Marketing Clever

Further to Chief Executive Barry Dempsey’s indication in late 2024 that he will leave the Institute this summer, a recruitment process to find his successor has now successfully concluded. The Institute is pleased to announce the appointment of Rosemary Keogh as the Chief Executive Officer (CEO) of Chartered Accountants Ireland. Rosemary will join Chartered Accountants Ireland on 9 June 2025 from the Houses of the Oireachtas where she held the role of Assistant Secretary General – Corporate and Members' Services. Prior to that, she was CEO of the Irish Wheelchair Association. Rosemary has significant experience working in business in a range of industries at Irish and European level. She also served for five years as a Board Member and Chair of Finance, Audit, Risk & Governance Subcommittee of the Charities Regulator, and a further five years as Chairperson of the National Disability Services Association.  Thanks to the leadership of Barry over the past eight years, our Institute has continued to grow and to succeed and we want to acknowledge our gratitude to Barry for all he has done for Chartered Accountants Ireland, its members and students. We wish Barry all the best in the next chapter of his career. Rosemary joins the Institute as it prepares to implement a new organisational strategy for the coming years, progresses a new brand proposition, and continues to identify the myriad opportunities for Chartered Accountants Ireland to make its mark as the largest professional organisation on the island of Ireland. 

Welcome to the latest edition of Technical Roundup. In developments since the last edition, the Central Bank of Ireland have issued their Quarterly Bulletin No. 1 2025 which includes commentary on the latest economic and market developments.  The Financial Reporting Council has launched a new public tool designed to improve free access to structured company reporting data. Read more on these and other developments that may be of interest to members below. Financial Reporting The Financial Reporting Council (FRC) has published its Strategy for 2025-28 and its Annual Business Plan and Budget for 2025-26.  In its response to the IASB’s Exposure Draft IASB/ED/2024/8- Provisions – Targeted Improvements Proposed amendments to IAS 37, the Institute’s Financial Reporting Technical Committee have outlined some areas where the proposed amendments to the IAS 37 standard could be improved. These include; A recommendation that examples are included within Application Guidance to the standard A recommendation that the difference between a “transfer” and “exchange of economic resources” is better explained Concerns regarding the proposed deletion of paragraph 18 of IAS 37 The UK Endorsement Board (UKEB) has also published its Final Comment Letter and Feedback Statement in response to the same Exposure Draft. The Institute’s Financial Reporting Technical Committee has responded to the Financial Reporting Council’s (FRC’s) Exposure Draft FRED 86 Draft amendments to FRS 101 Reduced Disclosure Framework 2024/25 cycle. The Institute noted its general agreement with the FRC’s proposed changes. The UKEB has published a Draft Endorsement Criteria Assessment (DECA) on the potential use in the UK of the IASB’s Amendments to IFRS 9 and IFRS 7 - Contracts Referencing Nature-dependent Electricity. The European Financial Reporting Advisory Group (EFRAG) has published a Feedback Statement on its response to the International Accounting Standards Board’s (IASB’s) Exposure Draft- Equity Method of Accounting. The Statement explains how the feedback received was considered by EFRAG in reaching the positions reflected in its final comment letter. The IASB has begun discussions on its next agenda consultation, which will shape its technical strategy and work plan from 2027. It expects to launch a request for information from stakeholders in relation to this in the fourth quarter of 2025. In response to the Government’s changes to UK company size thresholds, due to come into effect from 6 April 2025, the FRC)has released updates to relevant existing publications. The FRC has also published a summary document, outlining the changes to provide clarity for those reporting in line with the updated framework. Auditing Technical Alert 02/2025 – Illustrative Management Representation Letter in respect to the provision of Limited Assurance under the Corporate Sustainability Reporting Directive.  TA 02/2025 provides an illustrative example of a management representation letter that may be used by the assurance provider when conducting a limited assurance engagement required under the Corporate Sustainability Reporting Directive (“CSRD”) as transposed in Ireland into Part 28 of the Companies Act 2014. IAASA has published its 2024 quality assurance review reports in respect of seven firms that perform statutory audits of public-interest entities (PIEs) in Ireland. The reports summarise IAASA’s inspection of each firm’s internal system of quality management. The reports include any findings and recommendations made by IAASA to the firms regarding these systems. As part of its campaign to support small and medium-sized enterprises (SMEs) access audit services, the FRC has published the first in its series of supporting materials to help SMEs to engage with the annual audit process effectively and confidently. The summary document provides an introduction to audit standards, setting out the role International Standards on Auditing (ISAs) play in delivering transparent and accountable capital markets, and setting out the process for the development of standards in both the UK and international context. To engage further with the FRC and discuss this important topic, stakeholders can sign-up for roundtables or email stakeholderengagement@frc.org.uk. Anti-money laundering and sanctions Europol’s EU Serious and Organised Crime Threat Assessment 2025 (EU-SOCTA 2025) has just been published which is an intelligence-driven report offering insights into how organised crime is changing and its impact on our societies. A press conference to launch the publication took place on Tuesday, 18 March 2025 at the Europol’s headquarters in The Hague, the Netherlands. Sustainability Following on from the recently published Omnibus proposals, the Chair of the Global Sustainability Standards Board has highlighted the short-term pressures that exist to weaken regulations and why now is the time for the EU to show global leadership. The European Financial Reporting Advisory Group (EFRAG) are holding an event on 7 April entitled “VSME in Action: Empowering SMEs for a Sustainable Future”. The event will look at how the standard can be implemented. EFRAG and the CDP have published correspondence mapping between the CDP question bank and ESRS E1. IFAC has finalised revisions to the International Education Standards. The standards embed sustainability throughout aspiring professional accountants training. IFAC has called on stakeholders to begin preparing for implementation, with early adoption encouraged ahead of the 1 July 2026 effective date. Legislation 2025 The UK Government has published in draft the Companies (Directors' Remuneration and Audit) (Amendment) Regulations 2025. They have not yet been adopted, and that date is currently unknown. If adopted the legislation will repeal most requirements relating to the reporting of directors’ remuneration by quoted companies that were added in 2019 to implement the EU revised Shareholder Rights Directive. Readers can find more information about the changes in the explanatory memorandum to the Companies (Directors’ Remuneration and Audit) (Amendment) Regulations 2025 and click here to read a recent news item on the draft corporate reporting regulations. Other news A Policy Paper has recently been issued setting out an outline transition plan for the UK Companies House in relation to the Economic Crime and Corporate Transparency Act. The FRC has launched a new public tool designed to improve free access to structured company reporting data. The Central Bank of Ireland have issued their Quarterly Bulletin No. 1 2025.  This Bulletin includes commentary on the latest economic and market developments with regular features on the Domestic Economy and Financial Developments.  A recent significant rise in policy uncertainty is the most striking factor due to the recent negative shift as regards the trade/investment relationship between the EU and US. Companies House (UK) is hosting a webinar on 2 April 2025 which will share helpful information on registering as an Authorised Corporate Service Provider. You can register to attend this webinar here.   DETE are holding a Market Access Day 2025 on 9th April in the Clayton Hotel, Ballsbridge. Readers can register here. Registration closes at 5pm on 2 April 2025.It is a free event aimed towards companies who may be first-time exporters, companies that may not have operated outside the EU market previously, or those who have encountered trade barriers. Topics will include implementation and enforcement of EU trade policy and its benefits for Irish businesses, available tools for business looking to export outside the EU Single Market, EU trade policy instruments (Access to Markets and Single-Entry Point), Trade barriers and solutions, Trade policy in the changing geopolitics, EU Free Trade Agreements and their concrete benefits to companies, Trade defence instruments. The Dept. of Foreign Affairs recently launched the Communicating Europe Initiative 2025 round. This provides government funding to voluntary organisations, educational bodies and civil society groups and bodies, for projects intended to deepen public awareness of the role that the European Union plays in our daily lives. €400,000 is being made available to eligible applicants and readers can click for more details. 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.  

'Bold strategy needed for health, infrastructure and economy' The Chairperson of Chartered Accountants Ulster Society has called for urgent action on three critical priorities to secure Northern Ireland’s economic future: health service reform, infrastructure investment, and building a globally competitive, sustainable economy. Speaking to over 400 guests at the Ulster Society’s Annual Dinner, sponsored by Danske Bank and MCS Group tonight (20 March), Gillian Sadlier emphasised that bold, strategic action is now essential to unlock Northern Ireland’s economic potential.  “Our latest survey of almost 300 Chartered Accountants in Northern Ireland shows that the outlook for the local economy is challenging,” said Gillian Sadlier. “Confidence in Northern Ireland’s prospects has halved in the past year, with only 8% of our members viewing the outlook as ‘good’ or ‘very good’.  “There are undoubtedly opportunities in Northern Ireland’s dual market access, but most of our members believe that these have yet to be fully realised. At the moment, the view is that EU Exit costs outweigh the benefits. “There are three major jobs that need urgent attention if we want to build a more resilient, prosperous Northern Ireland. Firstly, health service reform, because we need a system that meets both current and future demands.  “Secondly, infrastructure investment, the roads, transport, water systems that quite literally keep an economy moving.  “Then thirdly building a globally competitive, sustainable economy which encourages private sector investment, innovation, and job creation.” Chartered Accountants Ulster Society is calling for a long-term, results-driven approach that prioritises these three pillars of reform, underpinned by clear, costed transformation plans with measurable outcomes; collaboration between government and business to ensure practical, actionable solutions; and policy commitments that enable long-term growth, innovation, and job creation. Speaking about the Northern Ireland Executive’s Programme for Government 2024-2027 and the current draft Budget, Gillian Sadlier said: “We hope that it will be the first of many Programmes for Government that over time, will steer our economy to a better place. “We would like to see a multi-year budget to support stability and sustainable development, with broader financial reforms to address emerging economic needs. The Budget also relies on rate increases as the only real revenue-raising measure. We would like to see our leaders explore new revenue raising measures.  “We would like to see serious consideration given to a competitive corporation tax rate, aligned with the Republic of Ireland’s 12.5%, to attract investment and to stimulate economic growth. We would also like to see clearer targets, funding strategies, and policy commitments in the Programme for Government. “Northern Ireland’s business community has shown remarkable resilience,” said Gillian Sadlier. “Now, with the right reforms, leadership, and vision, we can turn that resilience into long-term strength, creating a better, more prosperous future for everyone.” Providing entertainment for guests at the Ulster Society Annual Dinner were comedian and television presenter Patrick Kielty, along with musicians Lucky SAX and String Ninjas; and dancers High Points. The Chartered Accountants Ulster Society’s Annual Dinner took place at Titanic Belfast and was attended by 400 members and their business guests.  

  In this week’s Sustainability/ESG Bulletin read about Ireland’s Department of Finance’s Climate Change Risk Matrix, recommendations from the Climate Change Advisory Council for a National Climate Damage Register and DEARA’s Corporate Plan  2025-2027 towards a just transition to net zero. Also covered is how the UK economy faces $141bn of stranded fossil fuel asset risks, the UK’s Planning and Infrastructure Bill, new resources on climate transition plans, CBAM and SME sustainability reporting, and the usual articles, resources and upcoming events.   Institute news Approval to carry out sustainability assurance engagements (Ireland) – Update for Institute firms In recent months the Institute has approved certain Institute Registered Auditors (audit firms), and responsible individuals (RIs) at those firms, to carry out sustainability assurance engagements in Ireland, pursuant to the EU Corporate Sustainability Reporting Directive (CSRD) as transposed into Irish law.  The recent Omnibus proposals from the EU Commission have created uncertainty over the scope of the CSRD going forward. Our Professional Standards team has the following update for members. Institute shortlisted for ESG award Chartered Accountants Ireland has been shortlisted for the ESG Company Award (SMEs) in the Business & Finance Media Group ESG Awards 2025, in partnership with Grant Thornton Ireland. Congratulations to all our fellow nominees across over 15 categories and we look forward to the Awards on 10 April! Ireland news Department of Finance publishes Climate Change Risk Matrix Ireland’s Department of Finance has published a Climate Change Risk Matrix setting out climate-related economic risks impacting individual businesses and households and the economy. Alongside the physical and transition risks posed by climate change, the matrix lists financial risks grouped into strategic risks, credit risks, market risks, underwriting risks, operational risks and liquidity risks. The matrix was published on the same day the Department of Finance updated its Macroeconomic Climate Modelling, describing its work with other government Departments, agencies and stakeholders to achieve the targeted reductions in overall greenhouse gas emissions by 2030, and reach net-zero emissions by no later than 2050. Climate Change Advisory Council recommends National Climate Damage Register The Climate Change Advisory Council has launched the first publication of its 2025 Annual Review series which examines Ireland’s changing climate, projected future changes and the critical need to adapt. It finds that Ireland must be better prepared for – and able to respond to – rapidly emerging extreme weather events. It also recommends that a ‘National Climate Damage Register’ be established to monitor and record the economic, social and environmental impacts of extreme weather events.  Northern Ireland/UK news Nearly half electricity consumption in Northern Ireland from renewable sources in 2024 A report published by Northern Ireland’s Department for the Economy shows that 43.5 percent of total metered electricity consumption in the region in 2024 was generated from metered renewable sources (81.7 percent of which by wind) located in Northern Ireland. This represents a decrease of 2.3 percentage points on the previous 12-month period. The report aids reporting on performance against the commitments in the Energy Strategy ‘Path to Net Zero Energy’ and the Climate Change Act target which is to “ensure that at least 80% of electricity consumption is from renewable sources by 2030.” DAERA launches Corporate Plan 2025-2027 Minister Andrew Muir has launched his 10-point DAERA Corporate Plan for 2025-2027. The plan sets a clear strategic direction for the Department of Agriculture, Environment and Rural Affairs (DAERA) on a path towards a just transition to net zero, while supporting the region’s agri-food and fishing sectors, improving water quality and the environment, and supporting rural communities. Its theme is ‘Towards 2050’, and it aims to deliver a net zero nature positive future, supporting sustainable agriculture and thriving rural communities. Among the 10 key pledges in the Plan are to bring forward the Carbon Budget Regulations to set carbon budgets, publish the Climate Action Plan, publish and work to deliver a new Nature Recovery Strategy and a new Waste Management Strategy, and to continue to fulfil obligations to implement the Windsor Framework. UK economy faces $141bn of stranded fossil fuel asset risks A new report from the UK Sustainable Investment and Finance Association (UKSIF) and analysts Transition Risk Exeter (TREX) has found that the UK economy faces $141bn of stranded fossil fuel asset risks. The report, Stranding: Modelling the UK's Exposure to At-Risk Fossil Fuel Assets calculates that global economic exposure to fossil fuel asset stranding risk amounts to $2.28trn (£1.77trn) by 2040. UK government introduces Planning and Infrastructure Bill The UK government has published wide-ranging proposals to overhaul the country’s planning system, including measures aimed at boosting housebuilding and energy infrastructure. The Planning and Infrastructure Bill seeks to support delivery of the government’s Clean Power 2030 target by ensuring that key clean energy projects are built as quickly as possible. It also sets out further details about its previously announced Nature Restoration Fund (NRF). The Bill will progress to the second reading in the House of Commons on 24 March 2025.  London-wide Ultra Low Emission Zone One Year Report A report covering the first year of the expanded Ultra Low Emission Zone (ULEZ) scheme to tackle air pollution in London has found that all phases of the ULEZ have had an impact on improving air quality. London’s more deprived communities are seeing greater benefits from the ULEZ, with some communities experiencing an estimated 80 percent reduction in people exposed to illegal levels of pollution. The London-wide zone measures 1,500 km2 and covers nine million people, making it the largest zone of its kind in the world.  Why Reaching Net Zero Is Getting Cheaper in the UK A report has found the net costs of the UK reaching Net Zero will be around 0.2 percent of UK GDP per year on average. The statutory report was published by the UK’s Climate Change Committee (CCC) to provide advice to the UK government on the Seventh Carbon Budget (2038-2042). It states that upfront investment, much of which is expected to come from the private sector, will lead to net savings during the Seventh Carbon Budget period, and that Net Zero will increase economic security against fossil fuel price shocks, which have caused around half of the UK’s recessions since 1970. It should also create opportunities for new jobs in areas such as heat pump installation, and growing markets such as green finance, as well as reducing air pollution and lowering energy bills than continued reliance on fossil fuel technologies. Europe News Policy brief recommends anticipatory governance measures for Europe A Joint Research Centre (JRC) policy brief has published on the need for ‘anticipatory governance’ for Europe to prepare for the impacts of global warming.  The brief – Earth System Tipping Points are a threat to Europe – finds that global warming rapidly approaching 1.5 °C means that widespread and ‘systemic risks’ of crossing several Earth System Tipping Points (ESTP) are becoming an emerging security threat for Europe. The anticipatory governance measures recommended by the policy brief include early warning monitoring systems and ESTP-tailored risk assessments for Europe to support preparedness strategies through resilience building and adaptation planning. This policy brief offers recommendations to the European Union, its member states and international institutions on the actions needed to cover the anticipatory governance gap. World news The Sustainability Standards Board of Japan released its finalised sustainability disclosure standards, based on the standards developed by the IFRS Foundation’s International Sustainability Standards Board.   The International Federation of Accountants (IFAC) has finalised revisions to the International Education Standards to embed sustainability throughout aspiring professional accountants’ training. These updates reinforce the accountancy profession’s role in supporting high-quality sustainability reporting and assurance while upholding integrity and professional quality.   The global network of Chartered Accountants, Chartered Accountants Worldwide (CAW), has announced it will join the Global Capacity Building Coalition, an initiative that aims to build climate capacity in emerging markets and developing economies. The partnership represents a major step in CAW's ongoing mission to empower Chartered Accountants globally. Resources Climate Transition Plans Davy Horizons has published A simple guide to business to: Climate Transition Plans, i.e. plans that define a business’s approach to cutting emissions and aligning operations with national and EU climate objectives, such as Ireland’s Climate Action Plan and the EU’s Green Deal. The guide is a step-by-step overview of how businesses can develop an effective climate transition plan based on international frameworks and best practices including from Carbon Disclosure Project (CDP) and the International Transition Plan Network (ITPN). EU Carbon Border Adjustment Mechanism (CBAM) The OECD has published a policy brief What to expect from the EU Carbon Border Adjustment Mechanism? on the EU policy designed to address the risk of carbon leakage. The Carbon Border Adjustment Mechanism (CBAM) works by levelling the playing field between EU and foreign producers by making importers of carbon-intensive products pay the same carbon price they would have faced, had imported products been produced in the EU. Separately, Accountancy Europe has published a paper focusing on the proposed changes for the CBAM as part of its analysis of the European Commission’s recent Omnibus proposal focusing on the CSRD, the sustainability reporting standards, the CSDDD and CBAM.   SME sustainability reporting Accountancy Europe has published a recording of a webinar from November 2024 on recent developments in sustainability reporting for SMEs. The webinar focuses in particular on the draft voluntary SME standard produced by the European Financial Reporting Advisory Group (EFRAG). Analysing some of the metrics in more detail, the webinar covers the types of assistance that accountants can provide for their SME clients. Environment indicators The OECD has released a new web format for Environment at a Glance Indicators. These indicators provide key messages on major environmental trends in areas such as climate change, biodiversity, water resources, air quality, circular economy and ocean resources. The new format provides real-time interactive on-line access to the latest comparable OECD-country data on the environment and allows users to play with the data and graphics, download and share them, and consult and download thematic web-books. Articles Stand up for the future we want (Sustainable Views – Subscriber only) Sustainability assurance: understanding ISSA 5000 (ICAEW Insights) 27% of us have a ‘green job’ and some don’t even realise it (Irish Times) ESG is now a financial imperative. Here's why (World Economic Forum) Global and European accounting bodies unite on tech and ESG standards (Accountancy Age) UK watchdogs scrap diversity and inclusion rules for financial firms (Financial Times) Proportion of women on Iseq 20 leadership teams falls (Business Post) Ministers to force firms to reveal ethnicity pay gap (The Times – Subscriber) Including ‘Assess’ in your nature strategy: what, why and where? (Business for Biodiversity Ireland) Ireland needs official to advise on adapting to climate change - report finds (RTÉ) Events   Chartered Accountants Ireland, Directors’ duties and responsibilities – what you need to know (ROI/NI) Sean Tierney, Senior Forensic Accountant, will be presenting on the essential duties and responsibilities of company directors, discussing what it means to be a company director, the various types of directors, and the key obligations involved. Dee Moran, Head of Professional Accounting at Chartered Accountants Ireland will also facilitate a Q&A session following the presentation. FREE. Virtual, (Zoom), 25 March 2025, 10.00-11.00am.   Institute of Chartered Accountant England and Wales (ICEAW), 2025: ESG – how should the financial statements reflect sustainability? Gain a practical understanding of how to reflect ESG principles in financial reporting for your organisation. Virtual, 14 & 24 March 2025, 9.30-12.30     EPA, Climate Change Lecture Series - Transformation in a Changing Climate: Insights from the IPBES Transformative Change Assessment Virtual, 26 March, 2025, 7pm   European Environment Agency, Systemic risk governance at the time of the triple planetary crisis This webinar explores the issue of sustainability governance by focusing on emerging practices of systemic risk assessment and responses. The event, introduced and facilitated by Catherine Ganzleben and Lorenzo Benini (EEA), will feature two presentations followed by a panel debate. Virtual, 1 April, 2025 from 2:00 PM to 4:00 PM   Chartered Accountants Worldwide, Difference Makers Discuss Special: Global Challenges and the Drive for Sustainability with Carmine Di Noia (OECD) In our upcoming episode of Difference Makers Discuss, Ainslie van Onselen, Chair of Chartered Accountants Worldwide and CEO of Chartered Accountants Australia and New Zealand, will be speaking with Carmine Di Noia, the Director for Financial and Enterprise Affairs at the OECD. This special conversation will dive into the crucial global challenges we face today and the role of finance professionals in tackling them. Virtual, 3 April, 18:00 - 18:30 pm BST   Chartered Accountants Ireland ESG Masterclass: Take your sustainability knowledge to the next level (ROI/NI) Masterclass designed for all professional accountants working in business or practice, wishing to consolidate their knowledge and understanding of the sustainability regulatory, reporting and assurance landscape. 9 April, 08:30 – 14.00, Virtual   Cork District Society Chartered Accountants Ireland, Navigating Tomorrow: Finance, Sustainability & Strategy for Irish SMEs Paul O'Donovan and Associates, in collaboration with VBC, invite you to their April conference; "Navigating Tomorrow: Finance, Sustainability & Strategy for Irish SMEs". Tickets are free but registration is required. In person, Clayton Hotel, Cork city, Tuesday 15 April 2025,8.15am - 1.00pm   Chartered Accountants Ireland, The SME and SMP Sustainability Workshop A workshop for SMEs and small/medium accounting practices (SMPs) on how to get ahead of the sustainability curve. This interactive half-day session will focus on positive actions you can take to understand the ‘trickle-down’ effect of the Corporate Sustainability Reporting Directive ('CSRD’), green public procurement, access to sustainable finance, and how to make your practice more sustainable to save costs and respond to staff and client demands. Virtual, 23 May, 9.30- 12.30; €60 members; €75 non-members; 3 hours CPD points.   EPA, EPA Annual Climate Change Conference 2025 The EPA Annual Climate Change Conference will be held on Wednesday 28 May 2025 in Dublin Castle. Please save the date for this event. In person, May 28, 2025   Sustainability Centre You can find information, guidance and supports to understand sustainability and meet the challenges it presents in our online Sustainability Centre.  

In UK news this week, HMRC is launching a new email enquiry service for agents, a long-standing recommendation of the Institute, and we invite you to share your views on two important consultations. In Irish news, Revenue has updated several Tax and Duty manuals including the manuals on the reimbursement of travel and subsistence expenses and capital gains tax clearance by non-resident vendors. In International news, the VAT in the Digital Age (ViDA) package is adopted by Member States. Ireland 1. Revenue has updated the Tax and Duty Manual on the reimbursement of travel and subsistence expenses. 2. Read about the updates to the manual on capital gains tax (CGT) clearance requests by non-resident vendors. UK 3. Get in touch with your views on two important consultations recently announced by HMRC. 4. Read about the new email enquiry service for agents launched by HMRC. International 5. Read about the measures included in the recently adopted VAT in the Digital Age (ViDA) package. Keep up to date with all the latest Irish, UK, and international tax developments through Chartered Accountants Ireland’s Tax Newsletter. Subscribe to the Tax News by updating your preferences in MyAccount. You can also read this week’s post EU exit corner.

The recent launch of our New York chapter, held on Monday 10 March at the Consulate General of Ireland in New York, was met with much enthusiasm from members. This event marks an exciting milestone, and the Institute is confident that it will open up new opportunities for the growing network of Irish Chartered Accountants in the New York area. Conall McGonagle FCA will lead this newly established chapter, working closely with Gillian Duffy, District and Global Member Manager. Following this, President Barry Doyle, Deputy President Pamela McCreedy, and District and Global Member Manager Gillian Duffy continued their US outreach engaging with members across the region. There are over 800 Chartered members living and working in the US, many of whom are based in New York and Washington, DC. The team had the opportunity to engage with members and stakeholders at events including the IBEC St. Patricks Day Dinner; the NI Bureau Breakfast; the St. Patrick’s Luncheon at the British Embassy; the American Chamber of Commerce Ireland's Business Breakfast, and the Ireland Funds Gala, attended by senior leaders from both Ireland and Northern Ireland. This outreach is vital to supporting our members overseas and in strengthening our enduring business ties with the USA, ensuring the continued stability and growth of our international relationships. Members who would like to know more about the New York Chapter – or any other overseas member chapter – can contact Gillian Duffy directly.

The UK Government has published in draft the Companies (Directors' Remuneration and Audit) (Amendment) Regulations 2025. They have not yet been adopted and that date is currently unknown. If adopted the legislation will repeal most requirements relating to the reporting of directors’ remuneration by quoted companies that were added in 2019 to implement the EU revised Shareholder Rights Directive. The explanatory memorandum explains that those requirements overlapped considerably with the reporting framework as it was before the Directive’s implementation, or added no material value to shareholders so this legislation would remove most of these requirements, to avoid duplicative or unnecessary reporting. It will also make changes to the existing audit regulatory framework to address some gaps or inconsistencies in regulations that have been identified by Government and the audit regulator, the Financial Reporting Council (FRC). The changes form part of wider action being taken by the Government to streamline the UK’s non-financial reporting framework. Readers can find more information about the changes in the explanatory memorandum to the Companies (Directors’ Remuneration and Audit) (Amendment) Regulations 2025. 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.  

Members in Australia represented the Chartered Accountants Ireland Australian Society at the Irish Australian Chamber of Commerce lunch in Melbourne and in Sydney at the Lansdowne Lunch. Check out the photos here.

In recent months the Institute has approved certain Institute Registered Auditors (audit firms), and responsible individuals (RIs) at those firms, to carry out sustainability assurance engagements in Ireland, pursuant to the EU Corporate Sustainability Reporting Directive (CSRD) as transposed into Irish law.  These are referred to as ‘approved firms’ and sustainability assurance service providers (SASPs) respectively.   The recent Omnibus proposals from the EU Commission have created uncertainty over the scope of the CSRD going forward.  Audit firms should be alert to these emerging developments when considering whether and/or when to seek approval to carry out sustainability assurance engagements.  Transitional (‘grandfathering’) arrangements for SASP approval The EU Omnibus package does not include proposals to directly change the transitional (‘grandfathering’) arrangements for SASP approval. Therefore, it remains the case that an individual approved as a RI in Ireland before 1 January 2026 can avail of transitional arrangements when applying for approval as a SASP.   Under those transitional arrangements a RI is eligible for SASP status if he/she undertakes a minimum of 60 hours of CPD in the relevant subjects.   Note that a RI who is approved as RI in Ireland before 1 January 2026 does not have to apply for SASP status before 1 January 2026 to be eligible to avail of the transitional arrangements described above.  A person approved as RI on/after 1 January 2026 who applies for SASP status will be required, by law, to complete an examination and 8 months relevant practical experience to gain the sustainability assurance qualification. Eligibility for approval to carry out sustainability assurance engagements The eligibility criteria for SASP and firm approval are set out in the Institute’s Audit Regulations (incorporating assurance under CSRD) and Guidance, Ireland (the Audit Regulations).   The Institute has prepared FAQs to provide information for audit firms and RIs considering applying for approval to carry out sustainability assurance engagements. For audit firms who do wish to apply for approval at this time, the audit compliance principal can start the application process by contacting sasp-applications@charteredaccountants.ie to request the relevant application forms.    When an audit firm first applies for approval to carry out sustainability assurance engagements at least one RI at the firm must also submit an application for approval as a SASP. Ongoing obligations of approved firms and SASPs Once approved to carry out sustainability assurance engagements, an approved firm and SASP have ongoing obligations in relation to SASP CPD, compliance with relevant provisions of the Audit Regulations and annual regulatory fees relating to sustainability assurance approved status.  Regulatory Fees It is necessary for the Institute to collect regulatory fees to fund the Institute’s work in providing a robust regulatory framework for approved firms and SASPs.  Each application for SASP status is subject to an approval fee.  From 2026, ongoing annual regulatory fees will also be payable by approved firms. Applications for RI status in 2025 An applicant for SASP status must be a RI in Ireland.  As outlined above, an applicant who is approved as RI before 1 January 2026 can avail of transitional arrangements when applying for SASP status (even where that SASP application is made at a date after 1 January 2026).  If an audit firm wishes to designate new RI(s) during 2025 with the intention of ensuring that the RI status of that person is approved by the Institute before 1 January 2026, the firm is advised to submit application(s) for RI status to the Institute as soon as possible, and at the latest by   1 August 2025.    Early application allows time, in most cases, for assessment of the application by the Institute, including where necessary, consideration by the Quality Assurance Committee, before the end of 2025. The Professional Standards Department cannot provide guaranteed timelines for consideration and approval of RI applications as time required depends on the nature of the application.  Complex or incomplete applications for RI status may take longer to process than well-presented, detailed applications which clearly demonstrate an applicant’s competence and experience.  While the transitional arrangements for SASP status may encourage some firms to consider appointing more RIs during 2025 than might otherwise have been intended by the firm, firms are reminded that only appropriately qualified and experienced individuals can be granted RI status in accordance with the Institute’s Audit Regulations. Application forms for RI status are available on the Institute’s website.  Queries regarding RI applications can be directed to authorisations@charteredaccountants.ie.