The Minister for Social Protection, Dara Calleary TD, released a press statement last week confirming 1 January 2026 as the start date for the Automatic Enrolment retirement savings system which will be known as “My Future Fund”. The rescheduling of the start date from 30 September this year is to provide additional preparation time for payroll providers and employers and will also facilitate the alignment of the new system with the standard tax year. The Minister noted in his press release that the additional time means payroll providers will be able to incorporate any changes that may arise from Budget 2026 this autumn resulting in employers being required to make only one update to their payroll systems. The additional lead-in time for employers, particularly small and micro businesses, is to ensure compliance with the legislation from the outset. The press release advises employers to ensure that they are ready to begin paying contributions as soon as they receive notice from the National Automatic Enrolment Retirement Savings Authority (NAERSA). The Department of Social Protection will continue its engagement with the Payroll Software Developers Association (PSDA) to ensure payroll software developers are fully aware of the technical specifications required to accommodate My Future Fund on their platforms. The appointment of the investment managers through the ongoing tender process will also continue. Further information and resources are available on the Government’s Auto-Enrolment Hub. 

Revenue announced the publication of the  2024 Annual Report last week  together with a number of other research and statistical papers. The total gross receipts during 2024 were €152.9 billion, which included €30.9 billion of non-Exchequer receipts collected on behalf of other government departments and agencies, and other EU States. Net tax receipts during 2024 were €107.1 billion, up €19.9 billion from 2023 with the largest receipts coming from corporation tax, income tax and VAT. Corporation tax receipts in 2024 include receipts arising from the Court of Justice of the European Union ruling in the Apple State Aid case. We have highlighted details from some of the key areas in the report and papers as follows: Service Delivery: timely compliance rates remained high with 99 percent for large and medium cases, and 92 percent for all other cases. An increasing use of online services was noted in the report with 4.3 million electronic returns processed across all online platforms and almost 16 million electronic payments and repayments being made. Facilitating Compliance and Confronting Non-Compliance: the tax yield last year from audit and compliance intervention was €591 million, together with an additional yield of €46 million from tax avoidance cases. Debt Warehouse Scheme: the report notes that one of the key corporate priorities for Revenue during 2024 was the pro-active management of the Debt Warehouse Scheme and assisting businesses to exit the warehouse in a viable manner. At its peak in January 2022, €3.2 billion was warehoused under the scheme. Over 93 percent of that debt (amounting to €3 billion) has now been either settled in full or secured under an agreed PPA. Promoting tax awareness: the public repository of almost 1,300 Tax and Duty Manuals which set out the rules and guidelines on a wide range of tax and duty matters was referenced in the report. Confronting noncompliance: the report outlines that publication on the lists of tax defaulters and prosecution in the Courts are seen as important deterrents in the fight against non-compliance. During 2024 details of settlements and court-imposed penalties, amounting to €32.5 million, in respect of 104 taxpayers, were published and secured 168 convictions before the Courts. Enhanced Reporting Requirement (‘ERR’): one of the statistical reports included in the release, Income Tax 2024: Insights on PAYE Taxpayers, notes that in 2024, a total of €1.872 billion was reported in benefits under the ERR requirements. VAT Modernisation: the report includes an article on VAT Modernisation (page 40) which provides a summary of the VAT in the Digital Age (ViDA) package and the findings from the public consultation on this topic which was launched by Revenue at the end of 2023. Statistical analysis and research reports published alongside the Annual Report include: Corporation Tax 2024 Payments and 2023 Returns   Income Tax 2024: Insights on PAYE Taxpayers  VAT Payments and Returns 2024  Evaluation of Budget 2024 Compliance Measures  Survey of Medium Size Tax Agents 2024   

In this week’s miscellaneous updates, the latest Agent Update is available and HMRC has updated its core strategic objectives. Details of a new ‘Spotlight’ have been published and the latest schedule of HMRC Talking Points live and recorded webinars for tax agents are available for booking. Spaces are limited, so take a look now and save your place. And finally, check HMRC’s online services availability page for details of planned downtime and the online services affected. Latest Agent Update Agent Update Issue 130 is available. Get the latest guidance and information including: Self-Assessment repayments no longer available through telephone or webchat, Student loans thresholds, rates and loan start notices, Reminder about the new arrangements for moving goods from Great Britain to Northern Ireland under the Windsor Framework from 1 May 2025, protecting customer data against malware, and updates to the Tax Agent handbook. HMRC updated strategic objectives. HMRC has updated its core strategic objectives on GOV.UK. The updated objectives are to: close the tax gap, improve day-to-day performance and the overall taxpayer experience, reform and modernisation of tax and customs administration, build a high-performing organisation with a skilled and engaged workforce, and support wider government economic aims through HMRC’s work. New Spotlight In a new Spotlight, Spotlight 68, HMRC is telling companies not to use a scheme which seeks to use advertising/marketing expenditure both as a mechanism to reduce taxable profits and disguise employment income in the form of redeemable loyalty points. This new Spotlight therefore flags a profit extraction scheme which aims to work as follows: the company buys ‘advertising’ from the promoter of the arrangement, it then claims a corporation tax deduction for the expense and reclaims the related VAT, the company’s directors/associates receive loyalty points equal in value to at least 80 percent of the cost of the advertising, these are converted by the promoter on a 1 point for £1 basis which is then credited to prepaid cards, and the cards are made available for directors/associates to use at their own discretion. However, HMRC does not believe that the scheme delivers the intended tax reliefs and is therefore advising companies and their directors to withdraw from such arrangements and regularise their tax affairs. HMRC Spotlights aim to highlight to agents and taxpayers when HMRC has begun investigating a scheme it believes has the features of tax avoidance. 

In this week’s post EU exit corner, we bring you the latest guidance updates and publications relevant in the post EU exit environment. The most recent Trader Support Service bulletin is also available as is the latest Brexit and Beyond newsletter from the Northern Ireland Assembly EU Affairs team. More information has also been published on the independent review of the Windsor Framework which was announced in January 2025. HMRC has also sent a reminder email that the new parcel arrangements under the Windsor Framework took effect from 1 May 2025 and has also asked us to share a document summarising the key changes. Independent review of the Windsor Framework (WF) The Independent Review of the WF was commissioned by the Secretary of State for Northern Ireland in January 2025 after a vote on the continued application of Articles 5 to 10 of the WF in the Northern Ireland Assembly in December 2024. Lord Murphy of Torfaen has been commissioned to lead the review with the aim of providing the Government with a report of the review’s conclusions no later than six months from 9 January 2025. This will examine the functioning of the WF and its implications for social, economic and political life in Northern Ireland, and on the UK internal market and will include recommendations. As part of the Independent Review, Lord Murphy is seeking input from relevant stakeholders. He is inviting those with insights, experiences, comments or concerns related to share their views in written format. Feedback should be submitted by 31 May 2025 using a feedback form. Miscellaneous guidance updates and publications Goods Vehicle Movement Service codes for Data Element 5/23 of the Customs Declaration Service, Authorised Consignee Temporary Storage (ACTS) location codes for Data Element 5/23 of the Customs Declaration Service, Internal temporary storage facilities (ITSFs) codes for Data Element 5/23 of the Customs Declaration Service, CDS Declaration Completion Instructions for Final Supplementary Declarations, Communications resources to help you move goods from Great Britain to Northern Ireland, and External temporary storage facilities codes for Data Element 5/23 of the Customs Declaration Service.

The OECD has published its annual report of taxes paid on wages in OECD countries. The report indicates that post-tax incomes have increased in the majority of OECD countries in 2024 as real wages recover. This year’s report also provides an analysis of the impact of tax credits and allowances on personal income tax rates in OECD countries. 

The European Court of Auditors (ECA) will present its special report Value Added Tax fraud on imports on 14 May to the European Parliament’s FISC Subcommittee on tax matters. The presentation will provide an opportunity for the ECA to present its report and discuss its findings with members of the Budgetary Control committee and FISC Members.

On 15 May 2025 the European Parliament’s FISC Subcommittee will host a public hearing on the implementation of the Two-Pillar framework in light of international developments and the EU-US relations. The hearing will consider the implications for the EU's approach to global tax governance, the implementation of the OECD's Two-Pillar framework and discuss potential avenues for future reforms.

The European Parliament’s FISC Subcommittee will host a public hearing on the future of EU anti-avoidance tax rules on 15 May 2025. This public hearing will assess the EU's progress in tackling corporate tax evasion and avoidance, and explore how the current framework can be modernised while highlighting the need to simplify and harmonise EU anti-avoidance rules.

  In this week’s Sustainability/ESG Bulletin read about Chartered Accountants Ireland’s continued support of the UN Global Compact, the Irish Government’s announcement of a Climate Investment Clearing House, positive news on Ireland’s emissions reductions, and a call for ‘climate leave days’ and for employers to perform risk assessments during extreme weather conditions. Also covered is the UK’s consultation on the voluntary carbon and nature markets, a focus on ethical supply chains in Great British Energy, the adoption by the European Commissions of ecodesign and ecolabelling regulations, as well as the usual articles, resources and upcoming events.   Chartered Accountants Ireland Chartered Accountants Ireland recommits to the UN Global Compact Chartered Accountants Ireland has submitted its Communication on Engagement (COE) to the UN Global Compact Network, recommitting support for the UN Global Compact and its 10 principles. Since 2021, Chartered Accountants Ireland has been committed to the UN Global Compact corporate responsibility initiative and its principles in the areas of human rights, labour, environment and anti-corruption.   Ireland news Taoiseach announces Climate Investment Clearing House Taoiseach Micheál Martin has announced a new Climate Investment Clearing House to accelerate progress on Ireland’s energy transition. The announcement was made following the receipt by the Taoiseach of a report from the National Economic and Social Council on Ireland’s Future Power System and Economic Resilience. The report, the first in a series on energy policy to be published in 2025, examines Ireland’s plans for decarbonising the energy grid and calls for “urgent, systematic action” to bridge strategic gaps, enhance economic resilience, and ensure Ireland’s energy transition succeeds. The Taoiseach also announced he will host a joint Government Industry Forum on Offshore Renewable Energy in the coming weeks bringing together public and private sector stakeholders.   Guidance publishes on biodiversity duty reporting for public bodies Minister of State for Nature, Heritage and Biodiversity, Christopher O’Sullivan, has launched Biodiversity Duty Reporting Guidance for Public Bodies. Developed by the National Parks and Wildlife Service (NPWS) with support from Business for Biodiversity Ireland, the guidance provides practical steps to help public bodies fulfil their ‘biodiversity duty’ – a new legal requirement for public and state bodies to consider biodiversity in their decision making and daily operations. Under Ireland's 4th National Biodiversity Action Plan (NBAP), published in January 2024, public bodies must integrate biodiversity into their policies and programmes, and report annually on measures adopted and progress made.   Ireland meets EU emissions reduction targets for all five major air pollutants The EPA has found that in 2023 Ireland was compliant with EU emissions reduction targets across all five major pollutants which impact air quality, health and the environment: ammonia, non-methane volatile organic compounds, sulphur dioxide, nitrogen oxides and fine particulate matter. Commenting, Dr Tomás Murray, Senior Manager of EPA Emissions Statistics described the news as “encouraging”, and said that “it is notable that the move away from fossil fuel use in power stations, businesses and homes can deliver multiple benefits across our health, climate and environment in the coming years.” The news follows an earlier press release stating that Irish power generation and industrial companies covered by the EU Emissions Trading System (EU ETS) have reduced their greenhouse gas emissions by seven per cent.   Regional and local EV charging network plan publishes Zero Emission Vehicles Ireland (ZEVI) has published its Regional and Local EV Charging Network Plan, following public consultation. The plan sets targets and strategies for local authorities to drive EV infrastructure development at destination and neighbourhood locations, with government support. It aligns with both national and EU climate goals, helping to cut emissions and move towards a fully decarbonised transport sector by 2050.   Decrease in SME investment in digitalisation and decarbonisation A report published by ESRI this week has found that investment by SMEs in digitalisation and decarbonisation fell in 2023, from 41 percent of firms investing in digital assets in 2021 to 36 percent doing so in 2021. The report, titled SME Investment Report 2024: Developments Between 2016 and 2023, found that while nearly 60 percent of SMEs invested in capital assets in 2023, an increase from 2020 and 2021 (55 percent of SMEs), the figures are still below the pre-pandemic levels (64 percent of SMEs). Climate- and energy-efficiency–related investments also fell, both in terms of the proportion of firms and median expenditure from €34,000 to €20,000, while the proportion of SMEs indicating that climate change adaptation is important for their business fell across all sectors and SMEs of all sizes. The report, which provides an analysis of investment trends among small and medium-sized enterprises (SMEs) in Ireland was co-authored and funded by the Department of Finance and used data from the Department of Finance Credit Demand Survey.   ‘Climate Transition Plan Scorecard’ to help accelerate corporate environmental action in Ireland Business in the Community Ireland (BITCI) and the DCU Institute for Climate and Society have announced a new partnership to accelerate corporate environmental action in Ireland. The partnership focuses on developing ‘Climate Transition Plan Scorecard’, i.e. a system to score organisations’ implementation plans to achieve its greenhouse gas (GHG) reductions targets within a specified timeframe. The partnership is an element of BITCI’s Accelerate Campaign, which encourages and supports business leaders to set a Science Based Targets Initiative (SBTi) approved net-zero by 2050 target by 2030, if not earlier, and to develop a robust and credible Climate Transition Plan to guide and track implementation.   Union calls for ‘climate leave’ days The union Unite has published a set of proposals on the need for legislation to protect workers during ‘Extreme Weather’ events. These proposals include a statutory maximum working temperature, four days paid ‘climate leave’ if conditions render travel hazardous or workers need to address pressing domestic needs resulting from extreme weather, and requirements for employers to perform risk assessments during extreme weather conditions. Similar guidelines have reportedly been implemented in countries like Australia and France, where extreme weather events have led to worker fatalities.   New electricity interconnector begins powering Ireland's and UK's energy grids The Greenlink Interconnector, a new 500 megawatt (MW) subsea electricity interconnector linking Ireland and the UK has commenced operations. In addition to the existing East-West Interconnector – commissioned in 2012 – this new interconnector will double the State's interconnection capacity to 1 Gigawatt (GW), marking a significant milestone in Ireland's journey towards energy security, while supporting the transition towards a net-zero energy future.   UK/Northern Ireland   UK government opened a consultation on voluntary carbon and nature markets The UK government has opened a consultation on governance framework for a new Voluntary Nature and Carbon Markets, to help leverage the finance needed to address the scale of the climate emergency while diversifying revenue streams for British businesses. The consultation seeks to clarify and test the UK government’s proposed policy and governance framework for helping to ensure the integrity of the credits and the use of credits. The consultation is in response to calls from business, finance, farming, and environmental stakeholders for clarity on the Government’s approach, and to recommendations from the Climate Change Committee and others for a new regulatory approach for these markets. The consultation closes on 10 July 2025.   Great British Energy focuses on ethical supply chains An amendment to the Great British Energy Bill will enable Great British Energy (GBE) to ensure forced labour is not used in business or its supply chains. GBE is the publicly-owned, independent company aimed at facilitating and encouraging the production of clean energy in the UK. The amendment is the latest move in the UK government’s work to tackle the issue of forced labour as it aims to become a global leader in clean energy. Separately £300 million has been brought forward for Great British Energy to invest in offshore wind supply chains ahead of the Future of Energy Security summit, the major international summit bringing together governments and industry from around the world to drive collective energy security. The public investment complements the £43 billion of private investment pledged for clean energy projects since July 2024.   UK survey finds SMEs moving faster on climate A survey carried out by the UK SME Climate Hub has found that small businesses are moving faster on climate than ever before, and climate action helps them satisfy customers and grow their business by meeting customer expectations, gaining a competitive edge, and attracting new customers. The survey, which includes perspectives from 471 SMEs across 53 countries, aimed to understand how and why SMEs are taking climate action, and what barriers stand in the way.   Europe MEPs discuss role of tax policy for green transition and competitiveness (From our colleagues in Tax news) The European Parliament’s tax matters subcommittee, hosted a public hearing on the role tax policy can play in bringing about the economic green transition while also ensuring that EU businesses remain competitive. The purpose of the hearing was to examine tax incentives for clean energy, aviation, and maritime transport, with a particular focus on the recommendations from the Draghi report. The meeting focused on the green transition and enhancing sustainability in key sectors. Commission adopts the Ecodesign and Energy Labelling regulations The European Commission had adopted the Ecodesign for Sustainable Products Regulation (ESPR) 2025-2030 working plan. The regulation, which came into force in July 2024, marks a significant step forward in the EU’s transition to a circular economy. The new plan broadens the scope of ecodesign beyond energy-using products to include steel, aluminium, textiles, furniture, mattresses, and tyres. It sets ambitious standards for improving the durability, repairability, reusability, and recyclability of these products—supporting the EU’s wider environmental and climate goals. Together with the Energy Labelling Framework Regulation (ELFR), adopted on the same day, the ESPR facilitates consumers' choice in favour of more sustainable and energy efficient products. (In Ireland, Enterprise Ireland is supporting sectors affected by the ESPR through guidance, stakeholder engagement, and funding opportunities such as the Green Transition Fund.) Green transition a key strategic area in 2025 work programme of world’s largest research programme The European Commission has pre-published the 2025 work programme for Horizon Europe, the world’s largest research and innovation programme, which provides over £80 billion in funding to address some of the greatest global challenges. The 2025 work programme aims to contribute to three overarching, interlinked key strategic areas: the green transition, the digital transition, and a more resilient, competitive, inclusive and democratic Europe. Horizon Europe has a particular focus on small and medium sized enterprises (SMEs) and has lists of sector specialist support contacts for regions, including in Northern Ireland, who provide help and advice for Horizon Europe application. Technical Roundup From our colleagues in Professional Accounting On 14 April, the European Council approved the European Commission’s proposal to postpone the dates of application of certain sustainability reporting and due diligence requirements. The proposal (often referred to the “Stop the clock” proposal) postpones by two years the entry into application of the Corporate Sustainability Reporting Directive (CSRD) requirements for large companies that have not yet started reporting, as well as listed SMEs, and by one year the transposition deadline and the first phase of the application (covering the largest companies) of the Corporate Sustainability Due Diligence Directive (CSDDD). Following the approval by the European Council, the legislative act will be published in the EU’s Official Journal. Member States, including Ireland, will be required to transpose the Directive into their national legislation by 31 December 2025. EFRAG has launched a call for input on the revision of the European Sustainability Reporting Standards (ESRSs) Set 1 with comments requested by 6 May 2025. It has also submitted its work plan to the European Commission outlining the steps it will take to fulfil the specific mandate received on 27 March 2025 to provide technical advice on the revision and simplification of the European Sustainability Reporting Standards (ESRS). Following on from the European Commission’s Omnibus Proposals, which seek to reduce the reporting burden on European Companies, Accountancy Europe has issued a statement addressing the ESRS Revision Due Process. The IFRS Foundation and the Taskforce on Nature-related Financial Disclosures (TNFD) have signed a ‘Memorandum of Understanding’ (MoU) to formalise their collaboration. It has also signed a Memorandum of Understanding (MoU) with the Inter-American Development Bank (IDB) to promote the adoption and implementation of the ISSB standards across Latin America and the Caribbean. The International Sustainability Standards Board (ISSB) has issued its April 2025 update and podcast, published a new episode of its “Perspectives on sustainability disclosure” series entitled “Ramping up systems and processes for sustainability data” and published Exposure Draft ISSB/ED/2025/1 ‘Amendments to Greenhouse Gas Emissions Disclosures’ with comments requested by 27 June 2025. Articles EU Commission faces complaint over easing of sustainability rules (Reuters) Hybrid work critical for workplace wellness, survey finds (RTE News) Global Poll Shows Business Leaders Support Rapid Transition Away From Fossil Fuels (Business Green) ECJ rejection of Minimum Wages Directive would deal blow to social Europe programme – Tasc (Irish Times) More than €31bn in fossil fuel investments ‘based in Ireland’ (Irish Times) Why businesses should not go cold on climate resilience (Financial Times – Sustainable Views) Green budgeting: driving sustainable growth through smart planning (ICEAW Insights) Resources A4S Accounting for Sustainability (A4S) has published its April newsletter, news of how Google is aligning financial planning and transition planning, the publication of the 4th edition of A4S’s Navigating the Reporting Landscape guide, and links to events and workshops, including the Sustainability Reporting workshop in Chartered Accountant House in Dublin on 22 May.          UN Global Compact 2025 Catalogue and User Guide The UN Global Compact is promoting its Academy, a digital learning platform helping business leaders develop practical skills to tackle sustainability challenges and drive impact aligned with the SDGs and the Ten Principles of the UN Global Compact. Featuring accessible webinars, on-demand courses, and case examples available anytime and in multiple languages, the Academy provides insights and best practices to support businesses at every stage of their sustainability journey. Participants can also earn certificates to showcase their achievements. Find FAQs, and access the Academy User Guide for detailed guidance including the Employee Engagement Toolkit to help get the most out of your experience. Events Enterprise Ireland, Ecodesign for Sustainable Products Regulation This webinar is relevant for all industry involved in a value chain of a company operating in the EU, including product manufacturers, importers, distributors, dealers and service providers. Virtual, 7 May 2025, 1:00 PM to 2:00 PM   Cork District Society Chartered Accountants Ireland, Sustainability for Success Join us on Thursday, 15 May from 1-2pm for the first webinar in the Cork Society Chartered Accountants in Industry Webinar series on Sustainability for Success: How Freefoam is Building a Future-Fit Organisation with Kevin Cronin, COO and Sustainability Lead at Freefoam. Virtual, 15 May 2025, Free, 12.00-13.00   Dublin Chamber, The Sustainability Academy: Strategic Sustainability Leadership This course is tailored for business leaders and managers aiming to enhance their expertise in sustainability leadership. It delves into strategies for driving sustainable change within top organisations, the intricacies of crafting impactful sustainability reports, and the art of communicating sustainability initiatives to stakeholders. Virtual: Fri 16th - Mon 19 May 2025 | 9.30am - 12.30pm   Dublin Chamber, The Sustainability Academy: Internal Sustainability Integration - Building a Sustainable Workplace Culture This workshop is for professionals in internal-facing roles, such as finance, operations, and HR. It focuses on integrating sustainability practices within an organisation’s internal mechanisms, highlighting how these practices can enhance employee engagement, operational efficiency, and the workplace environment.   Virtual: Mon 26 May 2025 | 9.30am - 12.30pm   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   Enterprise Northern Ireland, Funding for Growth: Transitioning Your Business to Net Zero The third session in a three-part in-person series for Micro and Small Businesses, which also includes events on Accessing Debt Finance and Grant & Equity Finance, this session will cover the importance of net-zero in future-proofing your business, support available to help finance your transition to net-zero, and how small businesses are leading the charge to net-zero In person, Thursday 26 June 2025, 9:30am to 1:30pm, Venue: Craigavon Industrial Development Organisation, Portadown, Cost: Free     Sustainability Centre You can find information, guidance and supports to understand sustainability and meet the challenges it presents in our online Sustainability Centre.    

Welcome to the latest edition of Technical Roundup. In developments since the last edition, the Central Bank of Ireland has published the annual Financial Conditions of Credit Unions Report which provides an update on the financial performance and position of the sector for the financial year ended 30 September 2024.  The European Financial Reporting Advisory Group (EFRAG) has released the March edition of its Podcast covering the latest developments in sustainability and financial reporting. 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 annual review of structured digital reporting highlighting key areas for improvement in how UK listed companies present their digital annual reports. The FRC has released two new podcasts in their “in conversation” series. Discussing the FRC’s end-to-end enforcement process review Transforming access to company data The European Financial Reporting Advisory Group (EFRAG) has released the March edition of its Podcast, covering the latest developments in sustainability and financial reporting. The International Accounting Standards Board (IASB) has announced that it has started its Post-implementation Review of IFRS 16 Leases. The IASB expects to issue a Request for Information (RFI) for this in June 2025. In preparation for this, the UK Endorsement Board has invited preparers who are lessees to complete a survey on the ongoing costs and benefits of applying the standard. EFRAG has called on stakeholders in the field of corporate reporting to participate in the European Commission’s (EC) consultation on the future EU long-term budget. This consultation runs until 6 May. The International Accounting Standards Board (IASB) has released its April 2025 podcast and its Q1 2025 IFRS Interpretations Committee podcast. The CCAB has published an updated draft of its LLP SORP. This will be open for public comment for a 12 week period until 22 July 2025. The draft SORP contains updates which take into account the amendments to FRS 102 following the 2024 periodic review, as well as other factors. Once finalised, it is proposed the SORP would be effective for periods commencing on or after 1 January 2026. Auditing IAASB are consulting on a Proposed Narrow-Scope Amendments to Standards Arising from the IESBA’s Using the Work of an External Expert Project These proposed narrow-scope amendments are aimed at maintaining interoperability between IAASB standards and the International Ethics Standards Board for Accountants’ International Code of Ethics for Professional Accountants (including International Independence Standards) (IESBA Code). Responses are due by 24 July. The targeted amendments focus on the following IAASB 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 IAASA has released its first publication as part of its 2025 AQS Insight Series which focuses on key messages on auditing related parties. IAASA has published its annual Profile of the Profession for 2024.  The Profile of the Profession provides a statistical profile of the five Prescribed Accountancy Bodies (PABs) within IAASA’s supervisory remit. It includes information on members and students, approved statutory auditors and statutory audit firms, and the regulation and monitoring of members, statutory auditors and statutory audit firms. Sustainability EFRAG has submitted its work plan to the European Commission outlining the steps it will take to fulfil the specific mandate received on 27 March 2025 to provide technical advice on the revision and simplification of the European Sustainability Reporting Standards (ESRS). The IFRS Foundation has signed a Memorandum of Understanding (MoU) with the Inter-American Development Bank (IDB) to promote the adoption and implementation of the ISSB standards across Latin America and the Caribbean. The International Sustainability Standards Board (ISSB) has published Exposure Draft ISSB/ED/2025/1 ‘Amendments to Greenhouse Gas Emissions Disclosures’ with comments requested by 27 June 2025. The ISSB has published a new episode of its “Perspectives on sustainability disclosure” series entitled “Ramping up systems and processes for sustainability data”. Central Bank of Ireland The Central Bank of Ireland has published the annual Financial Conditions of Credit Unions Report, which provides an update on the financial performance and position of the sector for the financial year ended 30 September 2024.   Other news Carmichael, a specialist training and support body for non-profits in Ireland has published its latest Governance Dilemma Newsletter. These newsletters look at a real-life challenge that a Board has faced and consider a range of responses to that challenge. The most recent edition considers the issue of procurement contracts being issued where there is a conflict of interest in place. The Charity Commission for Northern Ireland has announced the appointment of Elaine Armstrong, Chief Executive of the Cedar Foundation, as the new independent Chair of its Stakeholder Engagement Forum. The Charities Regulator has issues the latest edition of the Charities Regulator News. In it you will find information including more details on charity financial reporting in Ireland. The news includes information  on the updated  Charities SORP (Statement of Recommended Practice) and details on  a (UK) public consultation on the updated Charities SORP which is now open. The deadline for completion of the consultation is midday, Friday 20th June 2025. It is also noted in the magazine that under changes in the (Irish) Charities (Amendment) Act 2024, accounting regulations will be introduced by the Minister for Rural and Community Development (who is the Minister responsible for charities) that are likely to include the Charities’ SORP. There are also updates in the magazine on trustee recruitment and retention and on the Charities Regulator stakeholder forum. They expect to be able to announce the members of the forum by early May. Accountancy Europe has issued its April 2025 SME Update and Newsletter. The UK Insolvency Service published guidance relating to director disqualification sanctions, which prohibit individuals designated under the UK sanctions regime from acting as, or being involved in the management, promotion or formation of, a company. 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.  

AAB named winner in Employer of the Year category and Tax Team of the Year category at the Irish Accountancy Awards last night      Business leader Feargal McCormack has been recognised for his contribution to the accountancy profession. He was awarded the Outstanding Contribution to Accountancy award at the 2025 Irish Accountancy Awards in Dublin marking his achievements over a career that has spanned more than 30 years. AAB, in which McCormack is a Senior Partner was awarded Employer of the Year and Tax Team of the Year at the event.  This Outstanding Contribution to Accountancy category recognises a senior individual who has made a significant contribution to the profession. Previous recipients of this award include Elaine Coughlan, FCA, Dr Laurence Crowley, CBE, FCA, Dr Margaret Downes FCA, Terence O’Rourke FCA and Professor Patricia Barker.   Feargal McCormack founded FPM Chartered Accountants in Newry in 1991 which he grew over many years to become an award-winning practice with a presence across the island of Ireland. The company merged with AAB in 2022 and Feargal remains there as Senior Partner and Head of Family Business. Feargal McCormack said that he was very humbled and honoured to receive the award, and addressing the gathering, added “Looking to the future, ethics must be embedded at the heart of the business landscape. An Irish Chartered Accountancy qualification is a global business and leadership passport for life. Go forward with confidence, have fun, embrace and enjoy the journey. Onwards and Upwards.” Chief Executive of Chartered Accountants Ireland, Barry Dempsey said  “Feargal is an exemplar of this profession and a role model for anyone currently in it or aspiring to join it. In founding FPM Chartered Accountants, he created a highly successful cross-border firm with the best interests of small to medium and family-run businesses at heart – businesses which are the lifeblood of our economies. He steered the firm through to its recent merger with AAB and remains a key Partner in it. As a former President of this Institute, he actively promoted the profession and truly connected with members. “His contribution to the profession has previously been recognised in his and his firm’s many awards and recognitions, but Feargal’s interests extend far beyond his work. He sits on numerous committees and boards contributing to academia, sport, community ventures and is a Patron of Special Olympics Ireland. I warmly congratulate Feargal and his family on this well-deserved recognition from his peers and entire Chartered community”. The Irish Accountancy Awards were launched in 2016 to celebrate excellence in the accountancy profession and now cover a total of 28 categories.  

In every issue of The Bottom Line, we ask students for their thoughts on a particular topic. This month, we want to know: What do you think about the possible tariffs from the US? Patrycja Pisarczyk Grant Thornton Donald Trump’s tariffs, particularly on goods from China and the EU, risk destabilising global supply chains Irish companies rely on.  Businesses, especially Irish SMEs, will face significant pressure in formulating contingency plans to address potential outcomes due to the imposition of tariffs.  While this is disruptive to the economy we know today, I believe that where there is risk and uncertainty, there is also opportunity.  Such instability in the market will no doubt test the resilience and adaptability of Irish businesses, but there is potential for entering new markets and supply chains which have been disrupted by the US–China tensions, allowing firms to position themselves advantageously in this shifting landscape.  I anticipate increasing dependency on advisory and cross-border tax services. From a professional development perspective, I am excited to gain invaluable first-hand experience in the rapidly evolving economy. Varun Reddy Varala PWC In 2024, Irish goods exports hit a record €224 billion, with €72.6 billion flowing to the United States — much of it made up of pharmaceutical products.  With around 80 percent of these exports comprising medical and pharmaceutical goods, a 25 percent tariff would threaten investments, tax receipts and nearly 80,000 jobs. Ireland’s role in global supply chains raises the stakes even further.  For Instance, County Mayo is home to the world’s only facility that manufactures Botox, making it a vital player in international pharmaceutical production. It is particularly vulnerable if tariffs are widened to cover medical goods. Still, there are grounds for cautious optimism. Exports to the EU (€88.5 billion) continue to grow steadily, and Ireland’s strength in food, IT and services markets provides a valuable buffer.  While the risks are real, Ireland’s strong regulatory environment, export reputation and ability to adapt may help us weather the storm ahead. Egle Urbonaite EY The recent tariffs imposed by Donald Trump have caused some concern for people in Ireland.  In 2024, almost a third of Irish exports went to the US, which provides some perspective on how many businesses will be affected.  One of Ireland's most exported industries includes dairy products. As the US customer is paying these higher prices, sales of Irish-sourced products are expected to decline.  There is a considerable concern for US pharmaceutical companies located in Ireland, as most of them have significant dealings with the US. If they were to relocate due to decreasing profitability, this would massively impact local economies within Irish towns.  The tariffs currently imposed on Ireland aren’t significant, but the impact we may see further down the line is still of concern.