The European Commission has welcomed the European Court of Auditors' special report on VAT fraud on imports. The report emphasises the importance of addressing VAT fraud, with particular regard to simplifying import customs procedures. The Commission aims to better protect the EU's financial interests and ensure a fair and competitive business environment by strengthening the EU's tax legislative framework and improve cooperation between tax and customs authorities with measures such as VAT in the Digital Age (ViDA) and the Import One Stop Shop (IOSS).

The FISC subcommittee will host a public hearing on Thursday 24 April 2025 to discuss the role of tax in aligning the green transition and competitiveness.

As we reported earlier in the month, from 31 March 2025, HMRC launched its new email enquiry service for agents to help escalate and resolve individual (and not employer) PAYE and self-assessment queries which are over four weeks old. More details of how the new service should work are set out in an email to agents. For several years, the Institute has been advocating for HMRC to establish an email enquiry service for agents including in last year’s Pre-Budget submission and in a letter at the end of 2024 to HMRC on services. The Institute participates in the new HMRC Stakeholder Forum, the Customer Services for Tax Agents and Representative Bodies Working Group, which aims to assess current agent services and to develop improved services for agents contacting HMRC with client queries. This new email enquiry service is an output from that forum which will continue its work including reviewing the workings of the new service.   

Last week, the United Nations Committee of Experts on International Cooperation in Tax Matters met to further progress the implementation of its 2021-2025 work plan. The Committee, comprising 25 members representing diverse tax systems and geographical regions, considered emerging tax risks in areas such as the digitalised economy and crypto assets and also discussed tax treaty negotiation and increasing tax transparency.

On 27 March the Ulster Society hosted a webinar with three of Northern Ireland's leading economists who give some insight into the key issues affecting the local economy; and to examine what businesses and policy-makers can do to address the challenges ahead. SPEAKERS: Gareth Hetherington - Director of the Ulster University Economic Policy Centre; Maureen O'Reilly - Independent Economist; Conor Lambe - Chief Economist, Danse Bank. This webinar is available to view, for free and on demand HERE

With major tax deadlines ahead, strategic planning is crucial. Suzanne Mcilwaine outlines the changes on the way from 5 April and how to manage them wisely Announcements regarding Inheritance Tax (IHT) in the 2024 Autumn Budget have had a big impact on the business and farming sectors. Similarly, changes affecting individuals who benefit from the UK domicile and residence rules will significantly alter their tax landscape. While these topics warrant separate discussion, it's essential not to overlook several other changes that affect a broader range of taxpayers, as well as the usual considerations for tax year-end planning. To start, maximising annual tax-free reliefs and allowances before the 5 April 2025 deadline is crucial. Individuals have a personal savings allowance of £1,000 or £500, depending on whether they are basic or higher-rate taxpayers (this allowance is not available for additional-rate taxpayers). For those exceeding these thresholds or looking for a tax-efficient approach, the annual individual savings account investment allowance stands at £20,000. Additionally, contributing to retirement savings can yield significant benefits, with effective tax relief of 20, 40 or even 60 percent available on qualifying contributions, depending on individual circumstances. It’s important to review personal allowances and thresholds relevant to pension contributions before taking action. Those uncertain about their state pension position should apply for a state pension forecast and check their National Insurance (NIC) record for any gaps as soon as possible. This is particularly important, as the opportunity to pay voluntary NICs to bridge gaps from April 2006 to April 2016 will expire after 5 April 2025. Key changes to inheritance tax and capital gains tax There are several exemptions to IHT worth noting. An annual gift exemption allows individuals to give away £3,000 per donor, which can be carried forward for one year to a total of £6,000 if not utilised. Additionally, a small gifts exemption of £250 per beneficiary per tax year is also available. Be cautious with gifts of assets, however, as they may have other tax implications, including potential liability for capital gains tax (CGT). As of 30 October 2024, CGT rates rose from 10 to 18 percent for basic rate taxpayers and from 20 to 24 percent for higher rate taxpayers. The annual exemption for taxable gains is £3,000, so it’s important to use it, or you will lose it. Business owners eligible for Business Asset Disposal Relief will also see changes. The CGT rate on the first £1 million of eligible gains will increase from 10 to 14 percent, starting on 6 April 2025, with a further increase to 18 percent beginning on 6 April 2026. If a sale is anticipated, it is advisable to consider timing and pre-sale planning options sooner rather than later. Implications for property owners and investors The special tax treatment provided for Furnished Holiday Lets (FHL) will be eliminated from April 2025, resulting in the loss of favourable CGT treatment, full mortgage interest relief and Capital Allowances (CAs) on qualifying capital expenditures. FHL owners should re-evaluate their rental models; if short-term holiday lets remain a preferred option, they might consider accelerating qualifying capital expenditure to benefit from CAs while they are still available. Finally, for individuals purchasing residential property, the threshold for Stamp Duty Land Tax (SDLT) will reduce from £250,000 to £125,000, effective from 1 April 2025. Additionally, the surcharge on individuals owning multiple residential properties has increased. Therefore, those looking to buy residential property should be clear about their SDLT liabilities and consider whether expediting their purchase could be advantageous. As with all tax planning, it is essential to consider both non-tax and financial implications, rather than focusing solely on the tax landscape. Suzanne Mcilwaine is a Tax Manager at Grant Thornton in Northern Ireland

As Irish businesses navigate economic uncertainty and technological disruption, Ger Twomey explores key insights from PwC and the WEF on future workforce challenges Irish organisations, like their global counterparts, are facing unprecedented transformation as they navigate technological disruption and economic uncertainty. As such, understanding the future of work has become critical.  The World Economic Forum’s (WEF) Future of Jobs Report 2025 and PwC’s 28th Annual CEO Survey offer valuable insights into the evolving labour market. Drawing on data from over 1,000 leading global employers and close to 5,000 CEOs worldwide, these reports provide a roadmap for Irish organisations and employees preparing for the changing landscape of work. If Ireland’s workforce was represented by just 100 people, 67 would require further training by 2030. To break this down further: 31 could be upskilled within their current roles; 25 could be upskilled and redeployed within their organisations; and 11 would be unlikely to receive the necessary upskilling, putting their future employment at risk. This analogy paints a stark picture of the strategic workforce challenges organisations will face in the coming years. An evolving labour market The WEF's Future of Jobs Report 2025 projects significant changes in the global labour market, with 22 percent of today’s total jobs expected to be affected worldwide. This encompasses both job creation (equivalent to 14 percent of today's employment) and displacement (equivalent to 8 percent of current roles). This dynamic shift is characterised by two key trends. First, frontline jobs in sectors such as farming, construction, food processing and sales are expected to experience the largest growth in volume. Second, technology roles are anticipated to be the fastest growing by percentage. Among the roles poised for rapid growth are big data specialists, fintech engineers, artificial intelligence (AI) and machine learning experts, software developers and professionals in green transition and renewable or environmental engineering. This evolving landscape underscores the critical need for organisations to invest in developing relevant skills. Skills demand The evolution of the job market is driving significant changes in the required skills. The “skill instability” rate of 39 percent suggests that by 2030, two in five workers will need to transform their existing skill sets or risk obsolescence. Skills gaps have emerged as the primary barrier to organisational transformation. In Ireland, 75 percent of respondents identify this as a major challenge for the next five years, compared to 63 percent globally. This concern is echoed in PwC's CEO Survey, in which 91 percent of Irish CEOs express concern over skills availability. There are several skills that appear to be in demand: Analytical thinking remains the most sought-after skill, with 70 percent of organisations deeming it essential by 2025; Resilience, flexibility, agility, leadership and social influence are also core skills; and AI and big data top the list of fastest-growing skills, followed by technology literacy and cybersecurity. Notably, Ireland ranks most of these skills higher in importance than the global average. However, despite the emphasis on AI skills, only one-third of CEOs plan to integrate AI into their workforce and skills strategy, according to the PwC CEO Survey. Navigating the future of work The World Economic Forum's Future of Jobs Report 2025 and PwC's CEO Survey offer crucial insights into the evolving landscape of work. These findings provide a roadmap for Irish businesses to build a resilient, adaptable and inclusive workforce ready for future challenges and opportunities. The global work environment is increasingly complex, influenced by factors such as: Growing geo-economic fragmentation; Rising cost of living; and Widespread adoption of AI tools. Despite these challenges, the outlook remains net-positive for employment. The rate of skills obsolescence is falling, thanks to successful reskilling, upskilling and redeployment initiatives implemented in recent years. Employers across various industries demonstrate a greater awareness and proactivity in addressing workforce challenges. However, skills gaps persist as the primary barrier to transformation. Future priorities are likely to include facilitating proactive and dynamic job transitions, as well as balancing deeper automation with broader workforce augmentation. By embracing these insights and taking decisive action, Irish businesses can position themselves at the forefront of the evolving work landscape, ensuring their workforce is well-equipped for the future. Ger Twomey is Director of Workforce Consulting at PwC

M&A activity in Ireland is growing, but post-transaction disputes continue to be a risk. Clear SPA drafting, due diligence and dispute resolution mechanisms are key to safeguarding deal value, writes Simon Rattigan Currently, there is a sense of positivity surrounding mergers and acquisitions (M&A) activity in Ireland. We saw an increase in private equity-backed transaction activity in 2024 and this is expected to continue this year. The lowering of interest rates will make financing deals more affordable, and Ireland will remain an attractive location for foreign direct investment (FDI). Increased deal activity is encouraging for the economy, but transactions are not without risk, and post-transaction disputes remain a persistent factor in the M&A landscape. Disputes Buyers and sellers generally have different financial incentives, often leading to disputes when expectations set during the deal-making process are not met in the post-closing phase. To help safeguard deal value, it is important to understand the main types of disputes that can arise, including completion account disputes, earn-out disputes and breach of warranty claims. Completion account disputes When completion accounts are used for a transaction, they are typically prepared by the buyer, incorporating adjustments to working capital and other balance sheet items, as specified in the sales and purchase agreement (SPA).  While this mechanism adds complexity, it is generally favoured by the buyer because it provides an opportunity to test the balance sheet, which is appropriate where performance and/or working capital is volatile. Working capital disputes commonly arise when there is a lack of clarity regarding the accounting hierarchy in the SPA, which typically outlines the order of precedence. Issues can arise when: The SPA prescribes a valuation approach for inventory that is not in accordance with Generally Accepted Accounting Principles (GAAP). The SPA states that bad debts should be fully provided for but does not clarify how they will be identified. The SPA requires the application of certain accounting policies but does not specify how judgment under those policies should be applied. The SPA is contradictory – for example, it requires completion accounts to be prepared consistently with historical accounts and practices, as well as in accordance with GAAP. This causes a challenge if historical accounts are not in accordance with GAAP. If the accounting hierarchy in the SPA is unclear, the scope for interpretation and, therefore, disagreement between the buyer and seller increases. Earnout disputes Earnouts are increasingly common features of purchase agreements, where part of the consideration paid to the seller is contingent on measurable, post-closing financial performance targets, such as earnings before interest, taxes, depreciation and amortisation (EBITDA). Earnouts are tailored to each deal and are generally favoured by buyers as they reduce uncertainty and offer cash flow benefits. However, disputes can arise when there is ambiguity in the SPA language regarding calculation methodology or the order of precedence of the accounting hierarchy. This can give rise to issues if there are changes in accounting polices during the earnout period or if the earnout calculation departs from specific accounting policies adopted for other reasons (i.e. preparing accounts for audit). Breach of warranty claims During a transaction, the seller will typically make representations to the buyer about the company regarding material financial, operational, legal, and compliance matters. Disputes can arise from factual misstatements made by the seller, which only come to light post-closing, caused by, for example: Material undisclosed liabilities; Status of key customer relationships and contracts; Compliance of financial statements with GAAP; Undisclosed legal or employment issues; and Fraudulent activity by management or employees. Where factual misstatements are identified post-closing, the buyer may seek to recover losses from the seller if it has suffered financial and/or reputational damage. As post-transaction disputes look to be on the rise, it is important to consider both prevention and cure. Mitigation Avoiding disputes is always preferable, and the risk of earnout disputes and completion account disputes can be mitigated with robust drafting of the SPA: that avoids flexibility/judgement in calculation methodologies; is specific in terms of accounting policies and assumptions; and establishes a clear accounting hierarchy. While misrepresentations may not be preventable, a robust due diligence process can help mitigate certain risks associated with a transaction. However, buyers often only gain full access to the financial and operational information when they take ownership. Post-closing reviews can help buyers identify issues at an early stage, minimise the disruption to the business, quantify the financial impact, and understand legal remedies available. Dispute resolution Disputes can still arise even with a well-drafted SPA, which is why dispute resolution clauses should introduce a level of certainty to the determination process. In most cases, the SPA will refer the matter for independent expert determination, but it is important that these clauses: Establish a clear expert selection mechanism; Preferably, identify the expert, not just the firm. Alternatively, they should be as specific as possible in identifying the required expertise; Clearly establish and limit which items can be disputed; Ensure the role of the expert is clearly defined, and the scope is within their area of expertise – i.e. an accounting expert cannot determine a point of law; and Clearly outline the dispute resolution procedure, including specific timelines. As deal activity in Ireland is expected to grow, post-transaction disputes remain a significant risk. To protect against these risks, businesses should prioritise the robust drafting of SPAs and ensure that clear dispute resolution mechanisms are in place to minimise business disruption. Buyers should also consider conducting post-transaction reviews at an early stage to investigate areas of risk or concern following the deal closing. Simon Rattigan is Director of Forensic and Investigation Services at RSM Ireland

MyWorkpapers by Bright, a leading provider of cloud-based working papers for accountants, and Chartered Accountants Ireland, the largest professional body on the island of Ireland have agreed a partnership to drive the digital transformation of the Irish accounting sector, enabling professionals to stay ahead of the curve with cutting-edge tools and streamlined processes. Backed by Bright Software Group this partnership brings a host of technological advancements designed to optimise the work of chartered accountants, offering solutions that improve efficiency, compliance, and collaboration. Key Benefits for accountants and auditors Technological Advantages Boosted Efficiency: Digitised workflows and automated manual processes Streamlined compliance tasks with standardised templates Seamless integrations across accounting systems Real-time collaboration and comprehensive digital audit trails With MyWorkpapers, chartered accountants and auditors across the island of Ireland can now automate routine tasks, reduce errors, and enhance productivity—all while ensuring compliance with the latest regulatory standards. Regulatory Support Staying Ahead of Regulations: Up-to-date local legislation insights Region-specific tax and financial regulation updates Compliance standard alignment The partnership ensures that industry professionals can stay well-informed of evolving regulations, helping them maintain compliance with ease. Platform Capabilities The integrated MyWorkpapers platform now offers: Templates based on the Chartered Accountants Ireland Procedures for Quality Audit (PQAs) and Audit Exempt programme Localised legislative checklists for up-to-date regulatory compliance Methodology-specific workflows designed to enhance accuracy and efficiency Automated compliance tracking for seamless reporting Conal Kennedy, Head of Practice Consulting, Chartered Accountants Ireland said “For many years, our Excel-based PQAs and Audit Exempt packages have been very popular with our members in practice. We are delighted now to offer this choice to members, which will shorten the learning curve by allowing them to use familiar templates and work programs from the existing packages and will give them the extra functionality of the MyWorkpapers platform. Anyone involved in statutory audit or accounts preparation in either the Republic of Ireland or Northern Ireland should take a look at this.” Ben Bishop, Bright’s Chief Product and Technology Officer, said “This partnership allows us to deliver a digitised and rules-driven version of the guidelines directly in line with the work being undertaken by the accountant. Helping to ensure high quality, compliant and repeatable output every time; the digitally delivered updates will help keep practice staff on point with any changes to process or compliance. Together, we are empowering accounting professionals to deliver even greater value to their clients while staying compliant and ahead of industry trends. As part of the Bright family, MyWorkpapers continues to drive innovation in the accounting sector, offering solutions that evolve with the needs of modern accountants.” Accounting and audit professionals can access the integrated platform immediately at www.myworkpapers.com/eu

We can feel like we need or want to say yes to everything – the fun weekend plans, that big project at work, family commitments but without clear boundaries, we may find ourselves feeling overwhelmed, stressed, and even resentful as we stretch ourselves too thin in an attempt to meet everyone’s demands. Boundaries define what we perceive as acceptable and unacceptable in our interactions with ourselves and others, both in our personal and professional lives. Establishing and upholding boundaries is not only about protecting our time and energy but also about fostering healthy, respectful relationships with others.  Understanding Boundaries: What Are They? Boundaries can be thought of as personal limits that help to safeguard our needs, values, and energy. They set the tone for how we interact with others and how we allow others to treat us. Some may build very high and rigid boundaries, which can be an isolating experience that distances us from people. Some may lack boundaries which can leave us vulnerable and with a loss of identity.  In a professional setting, boundaries are crucial to avoid burnout, enhance productivity, and maintain a sense of balance. While in personal relationships, they protect our emotional health and ensure that interactions remain respectful and supportive. Why Boundaries Matter Without boundaries, it’s easy to fall into patterns of people-pleasing, overworking, or neglecting our own needs and can lead to a variety of negative outcomes, including: Burnout: Continuously taking on too many responsibilities or neglecting self-care leads to exhaustion, irritability, and a sense of being overwhelmed. Resentment: When we fail to establish boundaries, we may feel taken advantage of, leading to negative emotions and strained relationships. Poor Work-Life Balance: Without boundaries, our personal and professional lives can blur, making it difficult to switch off and enjoy downtime. Decreased Productivity: When we don’t protect our time and energy, we may find ourselves less focused, less efficient, and prone to making mistakes. How to set boundaries Setting and maintaining healthy boundaries is a complex ongoing process. Everyone has different boundaries, so it may be hard to know where to start. To set boundaries, you must understand what you need to create an environment where you can function at your best. Boundaries can be a whole range of aspects in your life. They can be physical, emotional, intellectual, financial, or sexual. They can be rigid, non-negotiable, flexible or compromising. You might set boundaries around your time, your privacy, what topics you’re comfortable discussing — anything to protect your emotional and physical space. Setting boundaries require self-awareness. Be clear and honest with yourself and others about your expectations, what you’re comfortable with and what you need. Know Your Limits The first step in setting boundaries is understanding your limits and own needs. It’s important to be honest with yourself about what you can handle. Take the time to reflect on what is sustainable to you, your feelings, and what your body and mind are telling you. This involves assessing your personal and professional capacity, for example, what your workload is like, how much time you can dedicate to a task or obligation, maybe you might need time alone to recharge every so often. Communicate Your Boundaries Once you have a clear understanding of your limits, it's essential to communicate them to others. In the workplace, this could mean saying “no” to requests that conflict with your priorities or setting clear expectations around response times to emails and messages. Express your boundaries calmly and clearly, and make sure others understand what is and isn’t acceptable. Being assertive doesn't mean being rude or dismissive, but rather confidently expressing your needs and limitations in a way that is respectful to both yourself and others. Enforce Your Boundaries Setting boundaries is only effective if you follow through and enforce them. Be consistent in your responses and actions. If someone crosses your boundaries, gently but firmly remind them of your limits. Be patient but stay firm in protecting your boundaries. Prioritise Your Time Respect your time and encourage others to do the same. This helps maintain a sense of control over your day and reduces the chance of burnout. Time boundaries help you protect your schedule, making sure you’re not overcommitting or stretching yourself too thin. Consider setting limits on when you check your work email or turn off notifications outside of work hours. Create a clear divide between work and personal time to avoid feeling like you’re always “on call.” Practice Self-Care Setting boundaries also means prioritising your wellbeing by practicing self-care. Whether it’s taking a break from social obligations or carving out time for a hobby, respecting your need for personal space and time is an essential part of maintaining healthy relationships. Don’t feel guilty for saying “no” to social events or family gatherings if it interferes with your wellbeing. Setting boundaries is essential for maintaining a healthy balance between our personal and professional lives. They protect our mental and emotional wellbeing, ensure that we maintain healthy relationships, and allow us to prioritise our needs without guilt. While setting boundaries can be challenging, it’s a necessary skill that enables us to live more fulfilling, balanced lives. By understanding and communicating our limits, practicing self-care, and enforcing our boundaries, we create space for personal growth, respect, and peace of mind. Ultimately, healthy boundaries are the foundation of a happier, more productive life. Thrive is the Institute’s dedicated wellbeing hub which provides emotional and practical support to our members, students and their family members for life. Should you find yourself in a difficult situation, the team at Thrive can help steer you through life’s ups and downs. Talk to us today on mobile: (353) 86 024 3294 or email us.

The term emotional intelligence is something we hear a lot of these days and has become a buzzword of sorts in the wellness space. However, it is a critical skill and its importance on our wellbeing, work performance and interpersonal relationships shouldn't be underestimated. Emotional intelligence is defined as the ability to identify and regulate one's emotions and understand the emotions of others. Here, we look at emotional intelligence, its impacts, and how to develop and improve it. Characteristics of emotional intelligence Essentially, emotional intelligence is being aware of our emotions, how they drive behaviour and impact ourselves and others (negatively and positively). Some experts even believe that it is more important in determining life success than IQ. There are certain traits and key signs associated with emotional intelligence. Some include: An ability to identify and describe how you and other people are feeling Self-confidence and acceptance Being able to accept and let go of mistakes and move on quickly Acceptance and embracing of change Feelings of empathy and concern for others Being sensitive and astute to others’ feelings and emotions Being able to manage emotions in difficult situations or within conflict The 5 elements of emotional intelligence According to psychologist Daniel Goleman, who popularised the concept, there are five components to emotional intelligence. Self-awareness Self-awareness is considered the core foundation of emotional intelligence. Strong self-awareness is recognising and understanding your emotions, knowing why you are feeling a certain way and acknowledging their impact on you and others. It is also about knowing your strengths and weaknesses, what your values are and having a strong moral compass. Self-awareness is a key skill in managing our wellbeing too, it helps with decision-making and helps you instinctively make the right choices for you. Conversely, it is suggested those with lower EI exhibit uncontrolled and misunderstood emotions which can heighten their susceptibility to a host of mental health concerns such as stress, anxiety, and depression. Self-regulation Once you have an awareness over your emotions, the next step is being able to manage and regulate your emotions – particularly the negative ones. This is not to be misconstrued as bottling up or hiding your true feelings. Self-regulation is about expressing yourself appropriately. It is one’s ability not to act impulsively or hastily based on emotions, steady self-regulation allows us to reduce how intense our emotions and reactions are. Motivation The next element is the ability to motivate, not only yourself but others too. Motivation is the drive to improve ourselves, set standards and expectations for ourselves and our desire to achieve. This type of motivation goes beyond external rewards though, it is based on a desire to fulfill inner needs and goals. In a work setting, those who are highly motivated tend to be action-oriented, always looking for ways to do things betters, are very committed, and like to take the initiative. Empathy Being empathetic is another key foundation of good emotional intelligence. An important interpersonal skill, empathy is having an understanding of others’ thoughts, feelings and emotions and respecting their point of view. Empathy for others can help foster stronger relationships and is especially vital in the workplace as it is integral to understanding workplace dynamics, influences and how different situations can be interpreted. It can also guide the interactions we have with different people we encounter daily. Social Skills The final element in the emotional intelligence concept is social skills, which is the ability to properly manage others’ emotions, and the ability to connect, interact, influence and work with a range of people effectively. Having strong social skills allows people to build strong and meaningful relationships. In work settings, people can benefit from effective social skills as it allows us to develop strong rapport and trust. In emotional intelligence, social skills include active listening, verbal communication skill, non-verbal communication skills, leadership and persuasiveness. Take a look at our Communicating with impact webinar to learn more about building these key communication skills. Developing our emotional intelligence Emotional intelligence infiltrates all aspects of our lives and is essential for understanding ourselves as well as how successful we are in navigating our social world. Research has found being emotionally intelligent is associated with professional success, financial security, fulfilling and meaningful relationships, increased life satisfaction as well as better overall physical and mental health. While some tend to be more naturally adept, the good news is that these skills can be learned, developed, and strengthen over time. Here are some ways you can strengthen your emotional intelligence. Know yourself – Practice and develop your own self-awareness by becoming more in tune with your emotions and your emotional reactions and responses. Knowing what and how you are feeling can help you identify and process your emotions and strengthen your ability to communicate them in a healthy way. To strengthen your awareness, make a note of when you are experiencing strong feelings, what made you feel that way, and if there were any adverse reactions to those feelings. Communicate and listen – Strong communication skills are essential for developing emotional intelligence and crucial for building strong relationships. Work on communicating openly and be willing to share your own feelings. People communicate verbally and non-verbally, so it is helpful to actively listen and observe reactions.  Active listening involves listening with all senses and paying full attention to the speaker. To develop this skill try nodding along, asking questions or repeating points they have made to show you are listening and understand what the speaker is saying. Empathy – Be mindful of how others may be feeling. While you may not feel that way or have a differing stance in a situation, being empathic means you can imagine yourself in someone else’s position and can acknowledge how and why they may be feeling a certain way. To build empathy, take the other person’s feelings into consideration in a way that is respectful and comforting to the other person. The Thrive Wellbeing Hub provides free practical and emotional support to members, students and family members. We offer a confidential space for you to talk, whether you need a listening ear, wellbeing advice or professional counselling, we are here for you. You can contact the thrive wellbeing team by email at: thrive@charteredaccountants.ie or by phone: (+353) 86 0243294

The Financial Reporting Council (FRC) has issued minor amendments to the FRS 102 and FRS 105 standards. These amendments reflect the recent increase to the UK company size thresholds, which are referred to in appendix 3 of both standards. The changes have been published as an amendment document and should be read together with the current version of the full standards to constitute the latest edition. As part of the update, the following documents have been published. A summary document which outlines the changes FRS 102 and FRS 105 amendments effective from 6 April 2025 An updated Overview of the financial reporting framework document Updated scoping tables An updated FRS 102 Factsheet 8 – Climate-related matters