The OECD has published a report to support jurisdictions in the design and operation of digital continuous transactional reporting (DCTR) regimes for value added tax (VAT). The report promotes greater international consistency in the development of DCTR to assist in preventing complex compliance challenges for businesses.

On Thursday 8 January the Ulster Society ACA Professionals hosted a webinar titled  "Career Progression and Key information for Recently Qualified Members". This webinar hosted  is designed specifically to help recently qualified members make the most of their qualification, understand the supports available to them, and build confidence as they navigate the early years of their career. A recording of this webinar is available, to watch for free and on demand, HERE A copy of the slides used in this presentation are available HERE Event Focus • Career Journeys & Early Insights: Hear from our panellists as they share their routes into Chartered Accountancy and the professional experiences that shaped them. • Getting Involved: Learn how others first engaged with Chartered Accountants Ireland and the value they’ve gained from becoming active members. • Mentoring Matters: Explore the benefits of mentoring—both as a mentee and as a potential future mentor. Hear first-hand reflections on the advantages and impact of mentoring at key career stages. • Institute Supports: Find out how the Institute’s programmes, events and resources can support your development in the years ahead.

Welcome to the latest edition of Technical Roundup.  In developments since the last edition, Chartered Accountants Ireland, the Central Bank of Ireland and the EU Sanctions Helpdesk will hold an online webinar on 20 January at 10.30am, which will provide practical compliance support and guide participants through the essentials of EU sanctions compliance, the support available to Irish businesses, and how the EU Sanctions Helpdesk assists Small & Medium-sized Enterprises (SMEs). The International Federation of Accountants has announced the publication of the 2026 edition of the Handbook of International Education Standards. Read more on these and other developments that may be of interest to members below.  Financial Reporting   Chartered Accountants Ireland has issued its response to FRED 88 FRS 101 Reduced Disclosure Framework- 2025/26 cycle. The Financial Reporting Council (FRC) review FRS 101 each year to decide whether FRS 101 should provide exemptions from new disclosure requirements or whether other consequential amendments are required. In FRED 88, the FRC proposed that no amendments should be made to FRS 101 in this cycle. The Institute agreed with this proposal in its response. The European Financial Reporting Advisory Group (EFRAG) has published the report of its intangible assets workshop series which were held in November 2025. This report discusses many areas of relevance, including the information needs of users of specific types of intangible assets. Auditing and Assurance  IAASA has updated five ISAs (Ireland) to reflect the adoption of the new Irish Corporate Governance Code, which applies to Euronext Dublin–listed entities for periods beginning 1 January 2025. Revised standards: ISA (Ireland) 260, 570, 700, 701, and 720. The revisions do not introduce new auditor requirements; they mainly align the standards with the new Code and update references.  The revised standards are available on the IAASA website. The International Auditing and Assurance Standards Board (IAASB) has issued narrow‑scope amendments to several of its standards in response to changes introduced by the International Ethics Standards Board for Accountants (IESBA) through its Using the Work of an External Expert project. These revisions align with IESBA’s recent updates to the International Code of Ethics for Professional Accountants (including International Independence Standards), which now include explicit ethical requirements for using the work of external experts in audit, assurance, and non‑assurance engagements. The IAASB’s amendments ensure continued interoperability and reflect strong coordination between both standard‑setting boards. Impacted IAASB Standards The targeted amendments apply to the following standards: ISA 620 – Using the Work of an Auditor’s Expert ISRE 2400 (Revised) – Engagements to Review Historical Financial Statements ISAE 3000 (Revised) – Assurance Engagements Other than Audits or Reviews of Historical Financial Information ISRS 4400 (Revised) – Agreed‑upon Procedures Engagements The IAASB has also released a Basis for Conclusions providing background and rationale for the updates. Sustainability  The European Commission issued an update regarding the Carbon Border Adjustment Mechanism (CBAM) operational procedures. In addition, various documents have also been published to support businesses in scope of CBAM including the CBAM Compliance Essentials for Importers and Indirect Customs Representatives as from 1 January 2026, CBAM Quick Guide, and a list of National Competent Authorities for CBAM. The Environment Protection Agency (EPA) has been appointed as the national competent authority in Ireland. CBAM becomes fully operational on 1 January 2026, marking the end of the two-year transitional phase (2023-2025). Following the release of the draft simplified European Sustainability Reporting Standards (ESRS), EFRAG has published the following documents, which are aimed at supporting users of the standard; Basis for Conclusions Cost–benefit analysis Logs of amendments for the 12 standards and for Annex II (Aggregated acronyms and glossary of terms) Comparative table of texts (Set 1 / ED / Technical Advice) for the 12 standards and for Annex II (Aggregated acronyms and glossary of terms) Explanatory note on Article 29b and its Annex The International Sustainability Standards Board (ISSB) has issued its Q1 Implementation Insights Podcast. This episode highlights some of the resources available to support companies applying the ISSB standards. The European Supervisory Authorities (ESAs) including EBA, EIOPA and ESMA published Joint Guidelines on environmental, social, and governance (ESG) stress testing. These Guidelines provide national insurance and banking supervisors with clear guidance on how to integrate ESG risks into supervisory stress tests, both when using established frameworks and when conducting complementary assessments of ESG risk impacts. The Joint Guidelines apply from 1 January 2027. Anti-money laundering and sanctions  Chartered Accountants Ireland, the Central Bank of Ireland, and the EU Sanctions Helpdesk will hold an online webinar on 20 January at 10.30am, which will provide practical compliance support and guide participants through the essentials of EU sanctions compliance, the support available to Irish businesses, and how the EU Sanctions Helpdesk assists SMEs. Through real-world case studies, participants will gain valuable insights into how to navigate due diligence challenges. There will be a Q&A with the panel. Registration is available at the following link. The European Anti-Money Laundering Authority (AMLA) deepened its partnerships across the EU as the AMLA Chair concluded a Road Show of member states. Throughout the Road Show, the Chair held roundtable discussions with key stakeholders in each Member State. These roundtables were designed to encourage open dialogue and enable Financial Intelligence Units (FIUs), financial and non-financial supervisors, and the private sector to share their views. They exchanged perspectives on the new AML system, national risk landscapes, expectations, and perceived challenges, as well as trends in money laundering and terrorist financing.  The UK is moving to a single list for UK sanctions designations from 28 January 2026. Guidance has been issued by the UK's Foreign, Commonwealth & Development Office, HM Treasury, and Office of Financial Sanctions Implementation (OFSI) to help business and industry prepare to use the UK Sanctions List as the only source for UK sanctions designations after the closure of the OFSI Consolidated List of Asset Freeze Targets. The UK's Office of Trade Sanctions Implementation (OTSI) published an update providing an overview of OTSI activities within its first year of operation, 2024 to 2025, and a forward look at future priorities. The Restrictive Measures Guidelines issued by European Banking Authority (EBA) apply as of 30  December 2025. These guidelines outline internal policies, procedures and controls to ensure the implementation of Union and national restrictive measures (targeted financial sanctions and sectoral measures e.g., economic and financial measures). Although the guidelines are for financial institutions, the guidelines do provide useful guidance for establishing internal governance arrangements and the policies, procedures and controls, which entities should have in place to be able to comply with restrictive measures. The UK National Crime Agency issued its SARs Annual Report April 2024-March 2025 on 29 December 2025. Central Bank of Ireland (CBI) The CBI's Governor Gabriel Makhlouf published his final blog of 2025 reflecting on Ireland and the Euro area’s economic performance in 2025 and looking ahead to 2026, drawing on CBI's December 2025 Quarterly Bulletin and the latest Eurosystem projections. The blog highlights that the economic narrative in 2025 has been dominated by geopolitical events that are reshaping the global economy. As a small, open economy, Ireland is exposed to these developments including potential fallout from increasing US tariffs. In 2026, there will need to be a focus on preparing for the unexpected and building resilience in the local and the Euro area economy. The CBI's Governor Gabriel Makhlouf delivered a speech at the annual Economics Winter Workshop for 2025 gathering of the Irish economics community to connect economists and policymakers from diverse backgrounds. The aim of the annual workshop is to foster collaborations that sustain the value of shared inquiry and fact-based research and analysis. Artificial Intelligence (AI) The Financial Action Task Force (FATF) published its horizon scan providing a forward-looking perspective of current and potential Artificial Intelligence (AI) related risks and trends including risks associated with deepfakes. Artificial intelligence and deepfake technologies are reshaping the financial crime landscape, introducing both unprecedented risks and new opportunities for detection and prevention. The FATF’s horizon scan on this topic underscores the need for enhanced vigilance and continuous innovation. Cybersecurity  Ireland's National Cyber Security Centre (NCSC) published a vulnerability alert for MongoDB Server regarding unauthenticated information disclosure of secrets. The NCSC strongly recommends installing updates for vulnerable systems with the highest priority, after thorough testing. Affected organisations should review the latest release notes and install the relevant updates from MongoDB Inc. Further information regarding this vulnerability is available at the following link.  The UK's Information Commissioner's Office (ICO) issued a response to the Cyber Security and Resilience Bill welcoming its introduction and its aim to strengthen the UK’s cyber defences and build the resilience of essential services, infrastructure, and digital services. The changes in the Bill and the updates to the NIS regulations in the UK reflect the fact that the cyber threat landscape is constantly evolving. This response was published following the Secretary of State for the Department for Science, Innovation and Technology introducing the Cyber Security and Resilience (Network and Information Systems) Bill (the Bill) to UK's parliament in late 2025.  In December 2025, the European Commission updated resources regarding the Cyber Resilience Act (CRA) including a document regarding FAQs covering implementation of the CRA. The CRA entered into force on 10 December 2024, and the main obligations introduced by the Act will apply from 11 December 2027, with reporting obligations to apply as of 11 September 2026. The EU's CRA aims to make sure all digital products are safe from cyber threats and this rulebook will require that hardware and software are designed, updated, and maintained to protect users in an increasingly digital world. Ireland’s NCSC published a vulnerability alert for Net-SNMP regarding memory buffer overflow. The NCSC strongly recommends installing updates for vulnerable systems with the highest priority, after thorough testing. Affected organisations should review the latest release notes and install the relevant updates from Net-SNMP. Further information regarding this vulnerability is available at the following link. Other news  The European Council and Parliament agreed on an updated retail investment framework to empower and protect consumers when they invest. It aims to foster trust and increase competitiveness in the EU’s financial markets. This will also contribute to the EU’s savings and investments union (SIU) and to the simplification of financial services regulation - both priority initiatives to improve how the EU’s financial system channels savings into productive investments. The package takes the form of a directive containing targeted amendments to a number of other EU directives in the area of financial services such as the markets in financial instruments directive (MIFID), the Solvency II directive, the directive for undertakings for collective investment in transferable securities (UCITS) and the alternative investment and managers directive (AIFMD), and a regulation amending the packaged retail and insurance-based investment products (or ‘PRIIPs’ regulation). Northern Ireland’s Chief Charity Commissioner Gerard McCurdy has issued a New Year Message around Building trust, driving impact and shaping the future. In December 2025 the Institute responded to a consultation by the Irish Dept of Enterprise Tourism and Employment on proposed changes to the Companies Act 2014 and related legislation. The consultation related to access to the residential addresses of company officers. The Institute welcomes the proposed changes in relation to directors’ addresses and we understand that the changes will generally be welcomed by the company secretarial community. Similar proposed changes are suggested in the drafting of the Co-Operative Societies Bill and the Registration of Limited Partnership and Business Names Bill. Progress on both these pieces of draft legislation is awaited and hopefully will be advanced by the Government in 2026. The International Federation of Accountants (IFAC) has announced the publication of the 2026 edition of the Handbook of International Education Standards (IES). These Standards establish the principles, concepts and requirements that underpin high-quality accountancy education worldwide. Department of Enterprise, Tourism and Employment has published the Sectoral Capital Plan 2026-2030 as part of the government’s National Development Plan. The plan sets out how the department will spend €4.7 billion in capital investment over the next five years to strengthen Ireland’s enterprise and employment base, attract foreign direct investment, promote innovation and support tourism development across all regions. The EBA published its final draft Regulatory Technical Standards (RTS) on cooperation and colleges of supervisors for third country-branches. These standards are designed to enhance collaboration and information exchange among competent authorities supervising third-country branches in the EU. They also set out practical arrangements for organising colleges of supervisors, ensuring comprehensive supervision of all activities conducted by third-country groups within the Union. The UK's ICO signed a Memorandum of Understanding (MOU) with His Majesty's Government. This MOU sets out a shared understanding of working towards better government data security and use. 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.  

This week the OECD published the details of the Pillar Two Side-by-Side Package, which paves the way for US cooperation with the Pillar Two initiative. The agreement exempts US headquartered multinationals from most of the Pillar Two rules (implemented in Ireland under the EU Minimum Taxation Directive). The compromise reached will see countries that operate a minimum tax system with similar policy objectives and overlapping scope as Pillar Two granted ‘Side-by-Side’ status (SbS).   Importantly from an Irish perspective, the report notes that qualified domestic minimum top-up taxes (QDMTTs) aligned with the Pillar Two rules will continue to apply to Irish subsidiaries of US-headquartered companies. As such, QDMTTs should continue to be collected in Ireland and an even playing field should be maintained as a result.  The Inflation Reduction Act in the US introduced a new corporate alternative minimum tax (CAMT) of 15 percent effective for tax years beginning after 2022. As such, the same minimum tax rate that applies to US and Irish headquartered entities. This is naturally key to ensuring that the compromise agreement does not immediately provide a competitive advantage to companies headquartered in the US over similar entities headquartered in Europe and other jurisdictions implementing Pillar Two.  In addition to the SbS Safe Harbour, the package also brings broader simplifications, including a simplified effective tax rate safe harbour, the extension of the transitional country-by-country reporting (CbCR) safe harbour, as well as a substance-based tax incentive safe harbour. 

Over a year ago Mario Draghi presented his competitiveness report to the European Commission and the European Parliament. Since then, along with defence and security, we have heard of little else from the EU, which is welcome. We have to improve EU competitiveness; we are losing ground to our competitors and businesses are too laden with regulation to innovate and grow. These are all arguments we have heard repeatedly from commentators and politicians alike over the past year. This was turbo charged in April when US president Donald Trump announced a series of tariffs on what he termed ‘liberation day’. Despite subsequent agreement between the EU and the United States, the stakes now could not be higher for Europe and all member states. The Draghi Report showed in clear terms that regulations, while well intentioned, have significant costs which are ultimately borne by businesses. This holds businesses back, prevents them from growing and scaling and hinders investment. It is one of the many reasons why companies go to other countries like the United States to grow and scale. If an Irish start-up wishes to expand into European markets, they need to learn, not only European rules but also the individual rules and regulations that are unique to each member state. In many cases this is an impossible task. The issue is not confined to small companies. Large companies also have to deal with complexity. Take tax, for example. Companies across Europe, including in Ireland, are implementing the EU Minimum Tax Directive which arose out of the OECD two pillar process. While that directive is locked in, many other countries, most notably the US, have yet to implement what were supposed to be global rules. Companies are spending thousands of hours and a lot of cash implementing an agreement that our main competitor jurisdictions are not. These are just some of the examples of the regulatory complexity facing companies in Europe, there are many more. One piece of regulation, in itself, may not add to the administrative burden, but it is the cumulative impact that can bury a business in red tape. Chartered Accountants Ireland fully endorses the Draghi Report and in particular the rallying call for regulatory simplification. As we move into 2026, what do we have to show for all the commentary on competitiveness? Well, progress has been made, but, as ever, tangible progress is slow. At a European level, throughout 2025, the Commission has proposed numerous omnibus proposals and other simplification initiatives in areas from digitalisation to small mid-caps to even the simplification of chemical legislation. From a tax perspective we have seen the Omnibus on Taxation which aims to simplify the increasingly complex tax environment across Europe. A 28th Regime, proposing a consistent company rulebook throughout the EU for small and medium-sized companies, has also been launched and is being led by Ireland’s EU Commissioner Michael McGrath. The Capital Markets Union which aimed to simplify the regulatory environment for capital and equity markets has been revived in the newly labelled Savings and Investment Union. The problem is that it is easy to talk about simplification, it is much harder to do it in practice. Each of these policy areas are monumental in their own right. Does the Commission have the capacity to really advance these well-meaning proposals through the Council and the Parliament? We know how long it can take to get proposals through the system, and some can lose momentum and get completely bogged down. The previously mentioned Capital Markets Union trundled along for many years with little to show for it at the end. As we move into 2026, Ireland has a unique opportunity to drive the competitiveness and simplification agenda forward with its Presidency of the Council of the European Union which is set to commence in July. A Council Presidency is not simply about hosting high-profile meetings and putting on a good show. A member state holding the presidency can set the agenda and outline the priorities for the European Union for six months. Chartered Accountants Ireland believes that Ireland, as a small open economy, with trade links throughout the world, is uniquely placed to significantly move the dial on the competitiveness and simplification agenda. That is one of the key messages in our recent submission to the public consultation on Ireland’s upcoming presidency undertaken by the Department of Foreign Affairs and Trade. Simplification is no simple task. It takes patience and determination, and it is for that reason we need politicians and policymakers to fully embrace the principal and to advance the competitiveness and simplification agenda. Ireland can do just that as it takes up the presidency in July. Director of Members & Advocacy, Cróna Clohisey.

  In this week’s Sustainability/ESG Bulletin from Chartered Accountants Ireland read about the Carbon Border Adjustment Mechanism, and funding for the Women in Finance Charter. Also covered is criticism of the Government’s sectoral adaptation plans for extreme weather events, funding allocated for enterprise decarbonisation, international recommendations for Ireland’s energy future, private wires legislation, and a new package to boost circular economy and strengthen Europe's plastic recycling, as well as the latest articles, resources, jobs and upcoming events.   IRELAND Definitive phase of CBAM begins The Definitive Phase of CBAM – the EU’s Carbon Border Adjustment Mechanism (‘CBAM’) – began from 1 January 2026, with importers of more than 50 tonnes of CBAM goods needing to apply for the status of authorised CBAM declarant to continue doing so. CBAM is an EU instrument for preventing carbon leakage, i.e. shifting the production of goods to non-EU countries where there is a lower or no carbon cost associated with their production. The mechanism is applied to so-called CBAM goods imported to the EU from outside the EU and specified in an EU Regulation (EU) 2023/956. Its objective is for the prices of certain goods imported to the EU to reflect more accurately their carbon content. The CBAM also aims to encourage third countries, foreign producers and EU importers to reduce their emissions. The CBAM commenced in its transitional phase as of 1 October 2023. Only reporting obligations arise during the Transitional Period (1 October 2023 to 31 December 2025).  More information on CBAM can be found on the website of the Environmental Protection Agency, the CBAM National Competent Authority in Ireland. Minister Troy announces Government funding to ensure continuation of Women in Finance Charter Minister of State with responsibility for Financial Services, Credit Unions, and Insurance, Robert Troy, T.D. has announced direct Government support for Ireland’s Women in Finance Charter, which seeks to improve female representation in financial services firms operating in Ireland. Led by industry and supported by government, the Charter, which originated under the Ireland for Finance strategy in 2022, will receive €50,000 funding to support continued research and data gathering. Women now account for 43.4 percent of senior management amongst signatory firms, compared to 36.2 percent when firms signed up. Over 72,000 employees in financial and insurance sector are now represented in the Charter through 104 signatories. A public procurement process is underway to identify a data partner for the 2026 period. Criticism of the Government’s plan to cope with extreme weather events In a letter to the Government, the Climate Change Advisory Council has criticised the Government’s Sectoral Adaptation Plans (SAPs), published in November 2025, as lacking sufficient ambition, resourcing and systemic approach to prevent, among other things, increased negative economic impacts from extreme weather events. The independent advisory group highlighted, in particular, “the deep uncertainty around the levels of finance available to support meaningful adaptation action”, and the lack of clarity in the prioritisation of actions to address the risks highlighted during the recent National Climate Change Risk Assessment (NCCRA).  In January 2025, Storm Éowyn reportedly caused an estimated €301 million, making it the most expensive insurance event in Irish history, revealing weaknesses in the country’s power, communications and water infrastructure. Globally, the 10 most costly climate-related disasters in 2025 were responsible for an estimated €100 billion in damages. €300 million to support industry to reduce emissions and transition to low-carbon operations €300 million has been allocated in the Department of Enterprise, Tourism and Employment’s Sectoral Capital Plan 2026-2030 to support industry to reduce emissions and transition to low-carbon operations. The allocation is part of a €4.7 billion investment in the Department’s capital plan, which sets out how it will spend €4.7 billion in capital investment over the next five years in order to strengthen Ireland’s enterprise and employment base, attract foreign direct investment, promote innovation and support tourism development across all regions. The Sectoral Capital Plan is part of the Government’s National Development Plan 2026-2030, which aims to provide €275 billion to boost the Irish economy’s competitiveness and growth potential across the key areas of water, energy, transport and housing. 2026 renewable fuel rates announced Minister for Transport Darragh O’Brien has signed regulations giving effect to transport elements of the EU Renewable Energy Directive, including the Renewable Transport Fuel Obligation (RTFO) rates for 2026. Regulations come into effect on 1 January 2026. The Renewable Transport Fuel Policy 2025–2027, published in June 2025, sets out a pathway for increasing renewable transport fuel use. This is to support achievement of Ireland’s Climate Action Plan and EU Renewable Energy Directive 2030 targets, for an increased share of renewable energy in transport and transport decarbonisation.  Ireland a ‘frontrunner in integrating wind power’, international report finds The International Energy Agency (IEA) has published an assessment of Ireland's Energy Security to 2035, in which it states that Ireland is a global frontrunner in integrating renewables, but that strategic choices lie ahead to ensure energy security in the coming decade. The report, 'Powering Ireland's Energy Future',  notes that as Ireland's energy, climate and socio-economic goals align around the electricity system, this could lead to demand potentially doubling and require faster delivery of infrastructure and renewables. There are significant challenges and opportunities ahead to align planning and policies across key sectors of the economy to support a secure, affordable and sustainable energy system. The report sets out five pillars for policy action: establishing a cross-sectoral energy security strategy for the 2030s; delivering the enabling infrastructure to accommodate the growth of electricity demand and supply; accelerating the delivery of generation capacity, storage and demand-side flexibility; enabling secure system operation under high renewable penetration; advancing workforce skills, and strengthening partnerships and facilitating electrification. Government approves the drafting of the Private Wires Bill Government has approved the drafting of the Private Wires Bill, which will amend the Electricity Regulation Act 1999 to enable private development of electricity wires in specific circumstances, including – among other things – to allow on-street charging solutions for Electric Vehicles and to allow a customer that self-supplies electricity to provide electricity to a separate customer in a contiguous premises. Private wires legislation will aid the build-out of Ireland's electricity grid, whilst simultaneously accelerating the roll-out of renewable energy and electricity storage solutions. This bill is the next step in implementing the Private Wires Policy Framework, an action in the Climate Action Plan and Programme for Government 2025. Separately, investment of up to €18.9 billion has been announced for Ireland's energy infrastructure. The aim of the investment is to provide for Ireland’s growing population and to facilitate investment in Ireland’s economy. The programme, which will be supported by €3.5 billion government equity investment in the country’s electricity infrastructure, will facilitate a wide range of infrastructure delivery including increasing capacity on the network and upgrading existing infrastructure to meet the growing electricity demand from homes and businesses, as well as the electrification of public transport projects. 20 new Sustainable Development Goal (SDG) Champions for 2025-2027 20 new organisations from across Irish society have been appointed to become Sustainable Development Goal (SDG) Champions for the next 18 months. Organisations ranging from Galway City Council to Grant Thornton, are leading by example in driving forward progress to achieve the United Nations Sustainable Development Goals (SDGs). This brings to 74 the number of SDG Champions in Ireland now. EUROPE New package of measures to boost circular economy and strengthen Europe's plastic recycling The European Commission has unveiled a set of pilot actions to accelerate Europe's transition to a circular economy, with a particular focus on the plastics sector. By optimising the recycling of plastics, these measures will further unlock the potential of the Single Market and enhance the EU's economic security, strategic autonomy, competitiveness and environmental sustainability. This is in line with the analysis of the Draghi report, which highlights circularity and resource efficiency as key levers for strengthening Europe's industrial competitiveness. Joint Declaration on EU legislative priorities for 2026 signed The Presidents of European Parliament, Council and Commission have signed a Joint Declaration on EU legislative priorities for 2026, focusing on boosting the EU's competitiveness and resilience, safeguarding citizens and businesses, while pursuing ambitious simplification goals and working towards agreement on the next Multiannual Financial Framework. Utmost priority will be given to key policy objectives for a new era for European defence and security, to secure Europe's sustainable prosperity, competitiveness and simplification, to strengthen our societies and our social model and quality of life, to ensure comprehensive approach to broader management and migration, to protect our democracy, uphold our values and to leverage our global influence and partnerships. TECHNICAL ACCOUNTING UPDATE (From our colleagues in Professional Accounting on 19 December) In the EU, Omnibus I concluded on 16 December 2025 when the European Parliament (EP) approved a provisional agreement to simplify and reduce the scope of sustainability reporting and due diligence requirements for companies. Only EU companies with over 1,000 employees on average and a net annual turnover exceeding €450 million will be in scope for the CSRD. The CSDDD will apply only to EU companies with over 5,000 employees and a net annual turnover above €1.5 billion. Please see the final text of the proposal which provides further details.   Accountancy Europe has shared some of its views in relation to the political compromise on the  Sustainability Omnibus Proposals.   The International Sustainability Standards Board (ISSB) has issued targeted amendments to greenhouse gas (GHG) emissions disclosure requirements in IFRS S2 Climate-related Disclosures in response to specific application challenges that were identified as companies started to apply the Standard.   The International Sustainability Standards Board (ISSB) and the German Standard-Setter (ASCG) are jointly hosting the second Sustainability Standards Conference in Frankfurt on 18 May 2026.   The ISSB has published its December 2025 update and podcast.   IAASA has published its observations on Wave 1 CSRD reporting, summarising key findings from their supervisory work during the first year of CSRD implementation in Ireland.   The European Financial Reporting Advisory Group(EFRAG) has published three guides to help SMEs report on disclosures identified as particularly challenging in the public consultation and field test on VSME, as well as a report into the VSME Market Acceptance. This explores the level of awareness in relation to the VSME, as well as its acceptance as a voluntary sustainability reporting tool.   GRI, the Global Reporting Initiative, has conducted research into the value of sustainability reporting. In 22 of the 30 studies reviewed by GRI, a positive correlation was found between companies who disclose their sustainability impacts and improved financial performance. ARTICLES How to begin your sustainability journey- Practical steps, lessons learned and what really matters, by Dr Rosie O’Neill, director of sustainability with IFAC (BusinessPlus) SustainabilityWorks top trends shaping corporate sustainability in 2026 - and why they matter for business performance: (SustainabilityWorks) Powering transport and heating with electricity instead of fossil fuel could save the Republic €2.8 billion a year, experts say (Irish Times) The solution to tackling the climate crisis? We need everything - Wind, solar, green hydrogen - every scalable option shown to work at reasonable cost is required (Irish Times) Ireland’s faltering switch to clean energy laid bare by increase in oil and gas use (Irish Times) Ireland had its warmest spring and summer since 1900 last year (The Journal) Green Debt Sales Hit Record Levels - Investors have piled into climate-friendly assets this year despite policy and regulatory rollbacks in the US and Europe, as artificial intelligence drives a boom in energy infrastructure demand (Bloomberg) Climate insurance legal action surges as property damage costs rise (Financial Times) New York Releases Regulation Requiring Mandatory GHG Reporting for Large Emitters from 2027 (ESG Today) PODCAST “Ireland can’t be sustainable without biodiversity.”   Trinity’s Professor Jane Stout unpacks some of the risks for businesses: supply chains, compliance, reputation and financial exposure (The Energy Canvas, 40 mins, 13 seconds) EVENTS Chartered Accountants Ireland Ulster Society, CAB Series ESG Webinar The Environmental, Social & Governance (ESG) landscape is evolving rapidly, bringing both challenges and opportunities for chartered accountants in business. This webinar will explore how ESG is influencing corporate strategy, performance measurement and stakeholder trust. Speakers will discuss the growing responsibilities of finance professionals, the skills required to navigate ESG effectively, and how chartered accountants can add value in an increasingly sustainability-focused business environment. Virtual, Wed 14 January, 1-2pm Pentland Centre for Sustainability in Business - Lancaster University,  SMEs - Learning about Nature and Biodiversity This is the first in a series of three free webinars from the Pentland Centre for Sustainability in Business aimed at SMEs curious about nature and biodiversity links to business activity. This session provides a natural science introduction to ecosystems and explains how these aspects impact business operations, with examples from different sectors. Virtual |  Thursday 15 January  |   8:00am – 9:00am | 4.00pm – 5.00pm Dublin Chamber, The Sustainability Network - Creating Business Value Through Sustainability Join us on Wednesday the 4th of February for This January, Dublin Chamber is introducing a new Sustainability Network event created for organisations that are facing growing sustainability expectations and are unsure how to turn pressure into progress. Many teams are trying to balance commercial priorities with sustainability planning, often without clear guidance. This interactive event is designed to support that work. In person |  Tue 13 Jan 2026 |  08:30am - 11:00am  |  Dublin Chamber, 7 Clare Street, Dublin 2 D02 F Dublin Chamber, The Sustainability Academy: Green Public Procurement Training Join us on Wednesday the 4th of February for Half-day virtual workshop on Green Public Procurement as part of Sustainable Academy, sponsored by AIB. All companies now need to learn the green public procurement rules to bid and win new contracts with the public sector. Virtual, Wed 4 Feb 2026 | 9am - 12.30pm. Pentland Centre for Sustainability in Business - Lancaster University, Starting Your Journey with Tools and Frameworks Second in the series, this webinar explores tools and frameworks that support decision-making for nature and biodiversity, including the Natural Capital Protocol and TNFD. Learn how these approaches help businesses identify relevant priorities and communicate outcomes effectively. Virtual, Thursday 12 February 2026, 8:00am – 9: 00am | 4.00pm – 5.00pm ICAEW, Putting nature on the balance sheet — Troubleshooting session Troubleshooting session to tackle common challenges on how to embed nature into the activities and processes of the finance function. Virtual, Wednesday, 18 February, 2026, 4 - 5pm CET Pentland Centre for Sustainability in Business - Lancaster University, What Does ‘Good’ Look Like in Corporate Reporting? The final session in the Pentland Centre’s free webinar series for SMEs explores what effective reporting on nature and biodiversity looks like. Drawing on global examples, this webinar highlights best practices and practical approaches for integrating nature and biodiversity into corporate reporting. Virtual, Thursday 12 March 2026, 8:00am – 9:00am | 4.00pm – 5.00pm Sustainability Centre You can find information, guidance and supports to understand sustainability and meet the challenges it presents in our online Sustainability Centre.

In December 2025 the Institute published Technical Alert TA 05/2025 - Outline of selected changes under the European Union 6th Anti Money Laundering Package. The Alert provides a high-level outline of some of the changes which will occur when AMLD6 comes into force in 2027.Readers can read a news item on Technical Alert TA05/2025 and the changes here . The Professional Accounting team has now updated our Technical Hub to include links to the Technical Alert , the December news item on the alert and some links to Accountancy Europe resources on AMLA and AMLD 6 .   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…... In December 2025 the Institute responded to a consultation by the Irish Dept of Enterprise Tourism and Employment on proposed changes to the Companies Act 2014 and related legislation. The consultation related to access to the residential addresses of company officers. The Institute welcomes the proposed changes in relation to directors’ addresses and we understand that the changes will generally be welcomed by the company secretarial community. Similar proposed changes are suggested in the drafting of the Co-Operative Societies Bill and the Registration of Limited Partnership and Business Names Bill. Progress on both these pieces of draft legislation is awaited and hopefully will be advanced by the Government in 2026. 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.    

Today’s announcement by the UK Government of significant changes to its proposed inheritance tax reforms is a significant step in safeguarding rural communities and supporting succession planning for future generations according to Chartered Accountants Ireland. Following strong lobbying efforts in 2025, including from Chartered Accountants Ireland, the threshold for 100% relief on agricultural and business property combined will increase from £1 million to £2.5 million from 6 April 2026. Beyond this threshold, a 50% relief rate will apply, meaning couples can pass on up to £5 million of agricultural or business assets between them, in addition to existing allowances such as the nil-rate band. According to the Government, these changes mean only a small number of estates with agricultural and business assets will pay additional inheritance tax. Leontia Doran, UK Tax Manager, Chartered Accountants Ireland said "Chartered Accountants Ireland has consistently highlighted that the original proposals would have disproportionately impacted farmers in Northern Ireland. We strongly advocated for changes to ensure that genuine farming activity and family-owned businesses were not unfairly penalised. Today’s announcement is a significant step in safeguarding rural communities and supporting succession planning for future generations not just in Northern Ireland but across the UK." ENDS

IAASA has revised five International Standards on Auditing (Ireland) (ISAs (Ireland)) to reflect the adoption of the Irish Corporate Governance Code. Entities with an equity listing on Euronext Dublin are required to use the Code for financial years beginning on or after 1 January 2025. The revised standards are: ISA (Ireland) 260 Communication with Those Charged with Governance  ISA (Ireland) 570 Going Concern ISA (Ireland) 700 Forming an Opinion and Reporting on Financial Statements  ISA (Ireland) 701 Communicating Key Audit Matters in the Independent Auditor’s Report ISA (Ireland) 720 The Auditor’s Responsibilities Relating to Other Information The revisions do not introduce new requirements for auditors or remove existing ones. They mainly reflect the adoption of the Irish Corporate Governance Code by Euronext Dublin. Additionally, IAASA has updated references to other ISAs (Ireland) and removed a limited number of footnotes that no longer apply in the revised standards. The effective date of the revisions is for periods starting 1 January 2025, consistent with the Irish Corporate Governance Code. The revised standards are available on the Auditing Standards page of IAASA's website.

As the year draws to a close, we are pleased to share some highlights of 2025 and to thank members for their engagement and support throughout the year. We look forward to continuing to work on your behalf towards Strategy27 priorities in the new year.

On 18 December the Ulster Society hosted a webinar on the Charities SORP 2026, which sets out a new framework aimed at enhancing transparency and better reflecting the wide range of charity sizes and structures.  This webinar looks at the upcoming changes, including: Some of the key updates to the Charity SORP A deeper dive into some of the areas more impacted by the changes, such as the Trustee’s Annual Report Consideration of the new Leasing rules and some common issues that charities might have to navigate Analysis of the new revenue recognition rules and how this might impact the typical sources of Income that charities are in receipt of Consideration of how accountants can prepare for the changes A recording of this webinar is available to view, for free and on demand, HERE A pdf copy of the slides used in this presentation is available HERE