This was the Institute’s key recommendation in its response to the consultation ‘Reporting company payments to participators - modernising the reporting framework’ which closed last week. Prior to responding to this consultation, the Institute had already discussed its concerns on close company reporting with HMRC in a meeting after the consultation was announced at the Autumn Budget in 2025. The Institute’s detailed response can be read in full in the tax representations section of our website but broadly are key recommendations are as follows: Many close company transactions are already reported to HMRC hence there should not be dual reporting if HMRC already has this information at its disposal, Several categories of participator should not be required to report such as passive shareholders, indirectly held interests, corporate participators including any privately owned groups which may be owned by private equity, and trustee or nominee shareholders, HMRC should conduct a full review of how it could better utilise the information sources already reported to create a more joined up picture of transactions with close companies. This can then be used by HMRC to take a more targeted approach to its compliance work on these companies, If HMRC is concerned that record keeping in this population is poor, then it should more frequently utilise its record keeping powers, including the ability to impose penalties, A one size fits all approach to reporting of transactions by close companies would not be proportionate or appropriate. A more targeted compliance and education approach is warranted utilising information HMRC already has at its disposal, and As HMRC intends to work with stakeholders to develop an appropriate framework for the future administration of CT, we are keen that this begin with how the proposals in this consultation can be reframed to be more proportionate and targeted and we are keen to work with HMRC towards that objective. 

 In this week’s bulletin, read about efforts to strengthen financial confidence and resilience through Ireland’s updated National Financial Literacy Strategy, alongside progress in accelerating infrastructure delivery. Also covered is the new momentum behind Ireland’s EV charging rollout, climate and sustainable finance skills development, SME climate action, and investment in urban nature-based solutions, as well as falling emissions in Northern Ireland, UK proposals to expand community energy storage and fair work in offshore wind, and EU measures to boost technological sovereignty while balancing climate goals, as well as the usual resources, articles and events.Chartered Accountants Ireland  Chartered Accountants Ireland and British Irish Chamber of Commerce held a panel discussion on mobilising private-sector investment in infrastructure on 9 June to discuss the changes needed to secure investment for critical infrastructure projects and the role of financial professionals. Read more here.IrelandNational Financial Literacy Strategy Action Plan to build financial confidence and resilienceThe National Financial Literacy Strategy Annual Review and Action Plan 2026–2027 was published this week, containing more than 100 actions designed to further enhance financial confidence and resilience across society. The Strategy aims to improve financial wellbeing and resilience by ensuring people are better equipped to navigate financial challenges, seize opportunities and plan for the future. The Plan’s actions focus on key areas including saving, pensions, fraud awareness and investing, along with supporting consumers in understanding new opportunities such as the Government’s planned Investment Account, which will be announced as part of the upcoming Budget.The National Financial Literacy Strategy is being implemented by the Department of Finance in close partnership with the Central Bank of Ireland and the Competition and Consumer Protection Commission, with support from stakeholders across Government, education, financial services and civil society. Progress confirmed on delivery of Accelerating Infrastructure Action PlanThe Minister for Public Expenditure, Infrastructure, Public Service Reform and Digitalisation, Jack Chambers TD has confirmed that delivery of the Accelerating Infrastructure Action Plan is on track, and that all Q1 2026 commitments have been completed. The Plan, which includes 30 targeted actions to address key barriers to infrastructure delivery, is already delivering results, with legislative, regulatory and process reforms progressing strongly across Government. Up to 26 weeks have been saved on the Waterford Wastewater Treatment Plant project, while timelines for Marine Area Consents have been reduced by approximately 30 percent for fit and proper bodies following reforms introduced by MARA. These shorter timelines for licences and consents are also expected to shorten delivery timelines for the Greater Dublin Drainage project by up to 12 months. Coordination across Government has improved through new structures such as the Joint Utilities and Transport Clearing House, which is actively addressing bottlenecks and simplifying processes, alongside ongoing work with the Environmental Protection Agency to streamline licensing. The Minister also announced reforms to improve dispute management in public construction projects, supporting more timely and efficient infrastructure delivery.Supercharging Ireland’s EV charging networkThe European Investment Bank (EIB) will work with the Department of Transport and Transport Infrastructure Ireland to supercharge Ireland's public electric vehicle (EV) charging rollout, partnering with Zero Emission Vehicles Ireland (ZEVI) to design and deliver a nationwide network that will put a charging point within reach of every community. The new best practice advisory cooperation — managed by the EIB and funded by the European Commission through the Climate Neutral and Smart Cities Mission — will equip ZEVI and local authorities across Ireland with a comprehensive suite of implementation tools: procurement strategies, concession contract templates, financial models and structured guidance to drive a fast, cost-effective and equitable build-out of charging infrastructure. The partnership directly supports the Regional and Local EV Charging Network Plan to 2030, Ireland’s roadmap to delivering neighbourhood on-street charging, local hubs, and destination charging at car parks, workplaces and public facilities in every city, town and rural area. Over 235,000 electric vehicles were on Irish roads by the end of 2025, with rapid growth expected to continue as Ireland presses toward its ambitious target of 30 percent of its car fleet to be electric by 2030. The new EIB advisory partnership is designed to keep public charging infrastructure ahead of demand — ensuring that those without off-street or home parking are never left behind in the transition to clean transport.Central Bank launches climate and sustainable finance learning resource platform The Central Bank of Ireland has launched a Climate Change Training Directory, a new learning resource bringing together essential courses on climate risks and sustainable finance in one accessible platform for the financial services sector. Developed by a cross-industry team from the Central Bank’s Climate Risk and Sustainable Finance Forum’s Capacity Building Working Group, the new Training Directory will enable professionals to understand climate risks and their financial implications, develop sustainable finance expertise and capabilities, build climate transition readiness across organisations, and access structured learning pathways from introductory to advanced levels. Business in the Community Ireland launches Future Ready SME Climate Action ProgrammeBusiness in the Community Ireland has launched the next evolution of its SME Climate Action Programme. The Evolve: Future Ready SME Programme supports collaboration between member companies and SMEs to drive practical sustainability action across value chains. Delivered with the Carbon Literacy Project, the programme helps SMEs accelerate decarbonisation, improve social and environmental impacts, and align with VSME reporting standards. Through targeted training, expert guidance and tailored support, participants build skills to measure emissions, develop climate action plans and strengthen reporting. To date, 60 SMEs have completed the programme, gaining Carbon Literacy accreditation and identifying cost-saving opportunities, while preparing to meet growing expectations from customers, partners and regulators and wider stakeholders.Additional funding announced for urban nature-based solutions projectsAn additional €5 million in funding for urban nature-based solutions projects nationwide has been announced. The investment will support projects to help manage surface water, increase biodiversity and reduce flooding in urban areas, and will be administered by the Local Authority Waters Programme. Nature-based solutions can help solve many societal challenges, including water quality and quantity and support improved biodiversity. The International Union for Conservation of Nature (IUCN) estimate that one third of climate mitigation, needed to meet the goals of the Paris Agreement, can be provided by nature-based solutions. UK/Northern IrelandNorthern Ireland’s net greenhouse gas emissions continue to decrease on the ‘base year’ of 1990 for carbon dioxide, methane, and nitrous oxide, and 1995 for the fluorinated gases. This is according to a statistical bulletin on greenhouse gas emissions for Northern Ireland from 1990-2024.  Published by the Department of Agriculture, Environment and Rural Affairs (DAERA), this is the seventeenth release of the Northern Ireland greenhouse gas inventory statistical bulletin, which outlines key Northern Ireland figures from the Greenhouse Gas Inventories for England, Scotland, Wales and Northern Ireland. Other findings include that agriculture was the largest emitter, responsible for 31.4 percent of emissions, followed by domestic transport, responsible for 21.3 percent of overall emissions. The buildings and product uses sector, along with the land use, land use changes, and forestry (LULUCF) sector, contributed 15.5 percent and 11.7 percent respectively. Additionally, the electricity supply sector accounted for 10.8 percent of emissions. In 2024, Northern Ireland contributed 4.9 percent of all UK greenhouse gas emissions, which stood at 373 metric tonnes (MtCO2e).UK government sets out new proposals to cut bills with community batteriesThe UK has launched a call for evidence, seeking to unlock barriers to the roll-out of shared battery storage across the UK, helping communities store locally generated renewable energy and pass on the savings to households. Community batteries allow multiple homes to access stored electricity – for example by capturing excess solar power during the day when it is cheaper and more abundant and releasing it when demand is higher – meaning households can make better use of clean, cheap energy and cut bills. This can reduce reliance on expensive peak-time electricity while making the energy system more flexible.This call for evidence will gather views on how to scale up deployment of the currently underdeveloped UK market for community batteries, remove regulatory and commercial barriers, ensure safety, and make sure the benefits reach those unable to install their own battery – such as renters and people living in flats. It also comes as the government drives forward with rules to make new homes cheaper to run, with solar panels and clean heating as standard. Plans to make plug-in solar available in shops within months are hoped to help more households generate their own renewable electricity and lower their energy bills.New data published shows that 2025 was the strongest year on record for solar deployment, with 269,000 installations completed across the UK. Around 255,000 of these were rooftop solar - meaning at least 95 percent of all new solar was installed on homes, businesses and other buildings.New signatories to UK Government’s Offshore Wind Fair Work Charter37 supply chain companies and 5 trade unions have agreed to sign up to the UK government’s Offshore Wind Fair Work Charter so that unions can get better access to workplaces and opportunities to speak directly to staff, alongside strong workplace standards on health and safety. The move could also pave the way for trade union recognition across the booming offshore wind sector, with future agreements between offshore wind companies and trade unions expected to include commitments on fair terms and conditions, apprenticeships, and more inclusive workplaces. Signatories to the Charter include Belfast Harbour, Hutchinson Engineering and Peter McCormack & Sons Ltd.Europe EU presents package of measures to strength ‘technological sovereignty’The European Commission has presented the European Technological Sovereignty Package, a set of measures to strengthen Europe’s capacity in semiconductors, artificial intelligence (AI), cloud and open source. The package includes two legislative proposals – the Chips Act 2.0 and the Cloud and AI Development Act – as well as the Open Source Strategy and a Strategic Roadmap for Digitalisation and AI in Energy. The Act will support research and innovation in cutting-edge and sustainable technologies, while balancing AI ambitions with climate commitments. It will streamline conditions for deploying data centres across the EU, with a focus on highly sustainable and innovative facilities at the scale needed for the green and digital twin transition. The Roadmap aims to ensure that data centres are integrated into the EU’s energy system in a sustainable and transparent manner. The Commission will facilitate cooperation between the energy and digital sectors to ensure their efficient integration into the grid as well as the necessary clean energy supply, while safeguarding water and energy resources.Before adoption and entry into force, the legislative proposals will be negotiated by the European Parliament and the Council of the European Union. The Commission will also launch a consultation with the Member States, the European Investment Bank Group and other key stakeholders to set up a European equity capacity at scale to finance Europe's tech sovereignty ambitions. Resources Ibec launches new Sustainability HubIbec has built a Sustainability Hub, centralising its insights, expert assets, and business supports under three main pillars: legislative updates, practical guidance and toolkits, and events, briefings, and network knowledge.Competition for European manufacturing SMEs 50 manufacturing SMEs in Europe could receive financial and technical support to pilot new solutions, adopt advanced technologies and strengthen competitiveness under the MANTRA project, a project funded by the European Commission to drive the green and digital transformation of European manufacturing SMEs. Successful SMEs can access up to €50,000 in funding, matchmaking with technology providers and experts, as well as training, mentorship and peer learning and visibility through the MANTRA digital platform. This opportunity is particularly relevant for SMEs working on energy efficiency, circularity, automation, supply chain resilience or data-driven decision-making. Find out more here. Skillnet’s new Climate Risk and Resilience programme launchesSkillnet Climate Ready Academy has launched a new Climate Risk and Resilience programme designed to help businesses transition to resilient business models, demonstrate global best practices, enhance their reputation, and be positioned to thrive in a changing climate. A short introductory webinar on Wednesday 24 June will give an overview of the new programme, information on the difference between adaptation and mitigation and why businesses needs both, how building climate resilience will position your business to thrive in a changing world, and how to secure a place on the programme. Report on how technology can strengthen human rights due diligenceThe United Nations Global Compact has published a report into how technology can strengthen human rights due diligence. Published through the Human Rights Think Lab, Leveraging Technological Solutions to Support Human Rights Due Diligence explores how companies are using AI, traceability platforms, satellite monitoring and worker voice tools to strengthen due diligence across complex global supply chains. Drawing on insights from 25 leading companies and organisations, the report examines both the opportunities and risks of technology adoption, while underscoring a critical message: effective human rights due diligence must remain grounded in human judgement, stakeholder engagement and responsible governance.EEA publishes resources to support climate resilienceThe European Environment Agency (EEA) has published new products dedicated to climate resilience to help decision-makers, communities and citizens understand and respond to the growing impacts of climate change. Two publications cover climate resilience efforts that span the full range of governance levels — from country level down to Europe’s smallest communities — and are accompanied by a new interactive platform consolidating the EEA’s knowledge base on extreme weather events. The European Union has registered €822 billion total losses in the period of 1980-2024, with 25 percent of these losses registered between 2021 and 2024 – a sign that the events and their effects are intensifying.ArticlesBiodiversity Decline Threatens Sovereign Credit Ratings, Study Says (Bloomberg)‘Fuel the Runner, Not the Route’ - Applying a double materiality lens to marathon-generated litter - nature-related risk at both ends of their value chain (Business for Biodiversity Ireland)Iran Shock Jolts Asia and Europe to Speed Up Energy Transition (Bloomberg)Big Irish businesses face ‘significant reputational risk’ if they don’t prepare for new EU corporate sustainability rules, says expert (Irish Independent)Tax-break trees: how woodland became a store of wealth for the rich (The Guardian)Adding carbon accounting to your skillset (Acuity Magazine – Chartered Accountants Australia New Zealand) Ireland’s €102bn infrastructure pipeline needs deeper UK cooperation, British Embassy paper says (Business Post)How the state plans to use education to get people investing (Business Post)Two thirds of women feel underpaid or undervalued in the workplace (Irish Examiner)   EventsDublin Chamber, New EU Packaging Rules: Briefing with Repak The EU’s new Packaging and Packaging Waste Regulation (PPWR) will bring major changes for businesses across Ireland and Europe. Join Dublin Chamber and Zoe Kavanagh, CEO at Repak, for a practical and commercially focused briefing exploring what PPWR means for Irish businesses, the timelines companies need to be aware of, and the steps organisations should begin considering today. In person, Wed 17 Jun 2026, 08:30 AM - 10:00 AM, Dublin Chamber, 7 Clare Street, Dublin 2 D02 F9O2Goodbody Clearstream, Navigate 2026 ESG Compliance: Critical EU Green Deal Deadlines & Actions2026 marks a turning point for ESG regulation. The Carbon Border Adjustment Mechanism (CBAM), Packaging & Packaging Waste Regulation (PPWR), and the EU Deforestation Regulation (EUDR) are moving from policy into practice, bringing real obligations, real costs, and real risk. From reporting requirements to supply chain scrutiny, these rules will fundamentally reshape how companies operate. Join Goodbody Clearstream on Wednesday, 17th June to get ahead of what’s comingVirtual, Wednesday, June 17, 12:30 PMUN Global Compact Network, Blended Finance as a Business Tool: What It Is, Why It Works and How to StartBlended finance is emerging as an increasingly important tool for mobilising investment and scaling impact. This session, based on insights from the UN Global Compact CFO Coalition for the SDGs’ new Business-Led Blended Finance Playbook, explores how companies can move beyond being passive recipients of blended finance to becoming active participants in designing and leading transactions. Through expert guidance and real-world case studies from CFO Coalition participants, attendees will gain practical insight into how blended finance works, why it matters for business, and how companies can begin exploring opportunities within their own organisations.30 June 2026 | 14:00 | 60 minutesUN Global Compact Network, Women’s Empowerment Principles 101Hosted by the UN Global Compact in collaboration with UN Women, this introductory session provides an overview of the Women’s Empowerment Principles (WEPs) and how they offer a practical framework for companies to advance gender equality in the workplace, marketplace, and community. Speakers will provide practical guidance on implementation and share insights into the business benefits of advancing gender equality. Participants will have the opportunity to engage with experts and learn best practices for supporting women’s empowerment within their organisations. Live translation available in Spanish, French and Portuguese. 2 July 2026 | 14:30 | 60 minutesUN Global Compact Network, The New Net Zero Standard: What It Is, What’s Changed and What It Means for CompaniesThe Science Based Targets initiative (SBTi) has released its updated draft of Corporate Net-Zero Standard Version 2, changing how companies worldwide will set and manage climate targets. This first session in a two-part series, delivered by the UN Global Compact Academy in partnership with SBTi, equips companies with everything they need to understand the new standard. 7 July 2026 | 14:00 IST / 9:00 ET | 60 minutes UN Global Compact Network, Adjusting to Version 2 in Practice: What Implementation Actually Looks LikeBuilding on the first session, this second instalment provides a step-by-step walkthrough of what adopting and implementing Net-Zero Standard Version 2 actually looks like in practice — including critical dates and deadlines, and how to plan your transition before Version 1 is phased out.9 July 2026 | 14:00 IST / 9:00 ET | 60 minutes Sustainability CentreYou can find information, guidance and supports to understand sustainability and meet the challenges it presents in our online Sustainability Centre.

The UK Government continues with its  Companies House accounts reforms set out in the Economic Crime and Corporate Transparency (ECCT) Act 2023.The proposals last year of reforms so that  small companies and micro-entities would publish profit and loss accounts was reconsidered in the light of stakeholder concerns. The concern  was  about  potential impacts on smaller companies from disclosing commercially sensitive data. The government has now decided to proceed with changes including the  following:small companies and micro-entities will have to file profit and loss accounts small and micro-entities will however be able to opt out of having their profit and loss accounts published on the public register all companies will have to file their accounts at Companies House via commercial softwareoption for companies to file abridged accounts will be removedreducing the number of times a company can shorten its accounting reference periodThe changes  will now come into effect from April 2028, rather than April 2027.There are some other changes :click for full details in  UK government  news item on changes to accounts filing and a parliamentary statement on the accounts filing changes.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. 

 On Tuesday 9 June, Chartered Accountants Ireland in partnership with the British Irish Chamber of Commerce held an expert panel discussion that brought together leading voices from across industry and finance to explore the opportunities and challenges shaping infrastructure investment.Institute’s Chief Executive, Rosemary Keogh welcomed members and guests to Chartered Accountants House and spoke about how infrastructure is key to building a modern society and to unlocking our full economic potential.The subsequent panel discussion focussed on mobilising private sector investment for infrastructure and was moderated by Michele Connolly, a Fellow of Chartered Accountants Ireland, member of the Accelerating Infrastructure Taskforce, and former Partner and Head of Global Infrastructure at KPMG. The panel members included fellow Chartered Accountants Ashleen Feeney and Donal Murphy as well as James O'Reilly, Seamus Flynn and TJ Hunter, who shared their considerable expertise and insights throughout the morning.Private sector financeA key discussion topic was the need for private-sector finance to deliver Ireland’s economic, environmental and social goals. Ireland needs approximately €250bn in investment to deliver critical infrastructure over the next ten years (the UK is expected to require £1tn over the similar timeframe) as governments seek to accelerate infrastructure delivery and economic growth. When considering the barriers that remain to the mobilisation of private-sector investment, the panellists recommended that the Government take a commercial view when it comes to infrastructure projects to make them more investible. It urged the Government to recognise that private sector capital will play a critical role in delivering the scale of investment required in both Ireland the UK, and that this capital should be allowed to make a return.  In that context, the role of accountants in understanding the language of potential investors was discussed along with the importance of bringing financial expertise onboard early in the project lifecycle alongside engineers and planners so that risks can be identified and mitigated. It was also pointed out that generally the public are not put off by the fact that certain pieces of infrastructure are funded from private sources and that they are often more concerned with delivery and the benefits of the projects.The Institute’s position on infrastructure: share your perspectivesThroughout the lifecycle of infrastructure projects Chartered Accountants Ireland members play an enormous role both in the private sector and public sector. They undertake and assess detailed cost benefit analyses. They identify and quantify risk and examine ways to mitigate it. They provide strategic insight on the most commercially viable options.As part of our policy work Chartered Accountants Ireland is developing a formal position on infrastructure, with a particular focus on the need to mobilise sufficient finance to support delivery. This work aligns with the objectives of the Accelerating Infrastructure Taskforce. To inform our approach, we have been engaging with stakeholders across business and wider society to gather insights that will shape a constructive, solutions-focused contribution on behalf of our 40,000 members. We welcome member perspectives. Please email: grant.sweetnam@charteredaccountants.ie or susan.rossney@charteredaccountants.ie to contribute.

The Government published its much-anticipated priorities for Ireland’s upcoming Presidency of the Council of the European Union this week, which is set to commence on 1 July 2026. The Government set out its agenda for the six-month Presidency focusing on the key areas of competitiveness, values and security. Last December, the Institute made a submission to the Department of Foreign Affairs and Trade on what an Irish Presidency should focus on with regulatory simplification and competitiveness placed front and centre. The Institute, therefore, welcomes the clear priority placed on competitiveness by the Government and is encouraged that there is particular focus on progressing the EU Inc. proposals as well as the Savings and Investment Union during the Presidency. In March, the EU Commissioner for Democracy, Justice, the Rule of Law and Consumer Protection, Michael McGrath launched EU Inc., a new optional European wide company framework designed to make it easier for companies to be established and scale up in the European Union (EU). As outlined previously, the Institute described the EU Inc. proposals as representing a major opportunity for Irish SMEs to scale and compete more easily across the Single Market.  Coupled with EU Inc. Irish businesses need access to finance to grow and scale and currently Europe’s capital markets are fragmented and disjointed. That is why it is important that both the Savings and Investment Union and EU Inc. proposals are ratified as soon as possible and the priority placed on them by the Government is to be welcomed.  

AI will not diminish the role of accountants – it will elevate the value of what only accountants can do, writes Neil Hughes, FCA FCPAFrom tradition to transitionFor centuries, accountancy has been a profession grounded in human judgement. It evolved slowly, shaped by careful observation, disciplined record-keeping, and the belief that financial truth emerges through deliberate scrutiny. Accountants were not merely processors of numbers; they were interpreters of reality, entrusted with translating economic activity into structured meaning. Their work required patience, consistency, and confidence in the reliability of human reasoning.Today, however, this long-established equilibrium is shifting. Artificial intelligence (AI) is no longer a distant possibility or experimental tool; it is becoming embedded in daily practice, quietly reshaping workflows, redefining data, and altering how insight is produced. Tasks once performed manually are increasingly being absorbed into intelligent systems, while the role of the accountant expands beyond calculation toward interpretation, communication, and strategic judgement.AI’s entry into practiceThe entry of generative AI (GenAI) into accountancy began in modest ways between late 2022 and early 2023 following the public release of large language models (LLMs) such as ChatGPT. Early use cases for GenAI include drafting correspondence, summarising documents, and interpreting complex regulatory language. These tasks appeared minor, almost administrative, yet they contained the seeds of a deeper change. As AI systems improved, they no longer required constant direction. They began to gather information independently, identify patterns, and generate structured outputs from unorganised data. Over time, as generative AI and advanced machine learning systems rapidly evolved, AI transitioned from a tool that supports tasks to one that advances them.How workflows are changingThis evolution has changed both the rhythm and structure of accountants’ work. Tasks that once moved step by step between individuals are increasingly embedded within continuous digital processes in which documents are interpreted, categorised, and directed automatically. As repetitive processing declines, accountants are spending more time on analysis, explanation, and advice. In firms that have embraced these capabilities, workflows have stabilised, errors have declined, and time once consumed by routine tasks has been redirected toward thinking and decision-support. The profession is moving, quietly but decisively, from execution to insight.Foundations of effective implementationHowever, this transformation reveals a critical limitation. Many firms are drawn to the promise of AI, yet relatively few have succeeded in embedding it effectively. The primary obstacle is not resistance or lack of vision; it is the absence of reliable foundations. AI depends on clean data, consistent systems thinking, and restructuring around the design work. Without these elements, even the most advanced technology cannot produce meaningful outcomes. In this sense, the future of accountancy does not begin with intelligence, but with data and structure.  A revolution in auditAudit offers perhaps the clearest illustration of AI’s transformative potential. For decades, auditors relied on sampling because it was not feasible to examine every transaction within complex systems. AI shifts that constraint by enabling the analysis of complete data populations, often in real time, revealing patterns and irregularities that would otherwise remain hidden. Modern audit teams can analyse entire ledgers, compare flows across systems, detect anomalies within vast datasets, read contracts, verify supporting documents, and identify relationships between events that are invisible to unaided observers. The result is an audit process that is both broader and deeper than was previously achievable.Yet this expansion of capability does not eliminate the role of the human auditor. It redefines it. AI can detect patterns, but it cannot determine their meaning. It cannot interpret intention, assess ethical implications, or decide which issues require escalation. These remain fundamentally human responsibilities. The auditor becomes not a collector of evidence, but an interpreter of it. In this new partnership, AI expands what can be seen, while human judgment determines what it signifies. Tax and forecastingBeyond audit, similar changes are unfolding across tax and financial forecasting. In tax practice, AI can gather documentation, perform calculations, prepare returns, and monitor regulatory developments across jurisdictions with a speed and consistency that manual methods struggle to match. In forecasting, AI systems analyse historical and current data to predict cash flow, identify risks, and highlight potential opportunities. These outputs are not flawless, but they offer a level of visibility that organisations have long sought, shifting attention from retrospective reporting to more forward-looking insight.Rising expectations of accountantsAs routine tasks recede into the background, the expectations placed on accountants begin to change. Technical accuracy becomes assumed rather than admired. What gains importance is the ability to interpret results, communicate clearly, and guide decision-making in uncertain environments. Clients increasingly want more than accurate reporting and compliance; they seek guidance that connects financial information with real-world decisions. The profession is moving beyond compliance toward influence.Governance, oversight and trust Alongside these developments comes a growing need for governance. AI processes information at remarkable speed, yet its logic is often opaque, making outputs difficult to challenge or verify without clear oversight. Firms therefore need to document how systems operate, how data is handled, and how conclusions are generated. Clients, regulators, and other stakeholders increasingly expect AI to be explainable, supervised, and aligned with ethical standards. Governance becomes not just a formal high-level policy, but a daily discipline that protects trust and ensures that technology strengthens, rather than weakens, the integrity of the profession and the value it offers.The enduring value of human capabilitiesThis increases the value of distinctly human capabilities. Communication becomes essential, particularly the ability to explain complex concepts in accessible language and to frame risk and opportunity with clarity. Strong relationships help firms understand needs that clients may not yet have articulated, anticipate challenges, and collaborate on solutions. Ethical judgment also becomes more visible as decisions increasingly affect broader stakeholder interests. Within organisations, collaboration, adaptability, and emotional intelligence (EQ) matter more as work spans disciplines, systems, and geographies. Firms differentiate themselves less by processing efficiency than by the quality of interaction, insight and advice they provide.The accountant as trusted advisorLooking ahead, the accountant’s role is increasingly that of the trusted advisor. Clients look for professionals who understand strategic context, market dynamics, and industry realities, rather than those who simply produce financial statements. Advisory work becomes more central as organisations seek help in navigating uncertainty, framing trade-offs, responding to regulatory change, and supporting transformation. Technical expertise remains essential, but it is no longer sufficient on its own. Firms that succeed will be those that combine technical precision with human-centred capabilities, delivering not just information, but insight, judgement, and enduring value.ConclusionTaken together, these developments show a profession being reshaped at multiple levels. AI does more than enhance existing methods: it changes how financial information is generated, analysed, and applied. AI increases efficiency, expands visibility, and alters the boundaries of what is possible, while also creating new dependencies on data quality, data governance, and system integration. AI is no longer an emerging technology waiting on the horizon; it is already becoming embedded in the fabric of the profession.And the most important change is in redefinition of the human contribution. AI does not replace accountants; it shifts their focus, removing the burden of repetition and creating more space for judgement, interpretation, and communication. The future of accountancy will be shaped not only by technological capability, but by how effectively firms adapt to this new balance. Those that invest in strong data foundations, responsible governance, and the development of human skills will be best placed to lead. In that future, the accountant remains essential not as a processor of numbers, but as a trusted interpreter of complexity, ethics and purpose in a profession increasingly shaped by intelligent systems.Neil Hughes, FCA FCPA, is CEO at Azets Ireland

Businesses across Ireland are facing sustained cost pressures, with rising labour and operational costs hitting competitiveness, according to Chartered Accountants Ireland as it publishes its pre-Budget Submission. New survey data shows the scale of the challenge, with 40% of SMEs identifying staff costs as their primary financial challenge, with a further 30% citing rising operational costs.  These findings underline the scale of the issue facing the business community, making it harder for them to compete, invest and grow.Increasing complexity in the tax system is adding to administrative burdens, diverting time and resources away from productive activity and creating additional cost pressures for businesses, particularly SMEs.Supporting workers and businesses through income tax reformThe Institute’s submission calls for indexing income tax thresholds and credits to inflation to protect real wages and address fiscal drag. Chartered Accountants Ireland notes that these reforms are essential in the current environment, where cost pressures are acute and businesses are increasingly challenged in attracting and retaining staff.Cróna Clohisey, Director of Members and Advocacy at Chartered Accountants Ireland said“Protecting real wages must be the starting point for Budget 2027. Without action, workers will continue to see their take-home pay eroded while employers face growing pressure to increase wages.  Indexing income tax thresholds and credits in line with inflation is a practical step that will help support both workers and employers in the current cost environment. Without this, we risk putting further strain on employers and undermining competitiveness in the economy.”Reducing unnecessary tax costs for businesses The submission highlights specific areas where the tax system is creating unnecessary cost and complexity for businesses, for example:Enhanced Reporting of certain non-taxable payments on a real-time basis remains a major compliance burden for smaller businesses in particular.Year-on-year increase in the length of the corporation tax return (Form CT1) and the need to provide a means for businesses to report on a simplified basis where appropriate.Clohisey added:“A key example of well-intended policy driving complex outcomes is the Enhanced Reporting Requirements – specifically the demand for real-time reporting of in-scope payments. ERR has added substantially to the costs and compliance burden of businesses. Moving to a periodic reporting basis would ease that burden while still supporting compliance. This is a straightforward and practical reform that would make a real difference, particularly for SMEs.”From the perspective of professional service providers, two elements of the Irish tax framework raise concerns in relation to equity and warrant consideration:Eliminating benefit-in-kind charges on employer-funded professional subscriptions.Removing the 3% USC surcharge on certain non-employment income to address an arbitrary distinction between different forms of income.Cróna Clohisey said“It is important to address parts of the tax system that are adding unnecessary costs. For example, the current treatment of professional subscriptions as a taxable benefit increases costs for employers and does not reflect the value these qualifications bring to businesses and the wider economy.”“Removing these unnecessary costs would support skills development, reduce pressure on employers, improve fairness and better align Ireland’s tax system with international practice.”Driving investment through capital gains tax reformThe submission highlights the need to strengthen Ireland’s investment environment, with a particular focus on capital gains tax and the broader investment framework by:Establishing a pathway to a more competitive CGT rate.Reforming the taxation of retail investment, including through the introduction of an Investment Account.Supporting capital formation and improving market liquidityThese measures are designed to ensure that Ireland remains an attractive location for investment and that businesses have access to the capital needed to grow and innovate.Clohisey concluded“A more competitive capital gains tax regime is essential if Ireland is to support investment and encourage long-term economic activity. The current rate remains high by international standards and has a material impact on business and investment decisions.“We are recommending that the rate of CGT in Ireland should be progressively reduced to at least 20% to support capital formation, improve market activity and encourage more commercially driven investment decisions. This is critical to supporting business expansion, innovation and long-term economic growth.”“Without action in Budget 2027, cost pressures and competitiveness challenges will continue to intensify for Irish businesses.”

In Irish news, we bring you an update from the recent meeting of the TALC Collections sub-committee and the Fiscal Monitor for May 2026 has been published. In UK news, HMRC has announced the timetable for the activation of multi-factor authentication on agent online accounts, and HMRC has published guidance on securing continued access to its online agent services when an account administrator leaves. In International news, the European Parliament has adopted reports on tax aspects of the EU Inc proposals.Irish1. Read the updates from the June TALC Collections sub-committee meeting which the Institute recently attended.2. The Department of Finance and the Department of Public Expenditure, Infrastructure, Public Service Reform and Digitalisation have published the Fiscal Monitor for May 2026 confirming an Exchequer deficit of €2.3 billion to the end of May.UK3. HMRC has announced the timeline for the deployment of multi-factor authentication on agent online accounts.4. In this week’s miscellaneous updates, HMRC has issued guidance outlining how to maintain access to its online services following the departure of an account administrator.International5. The European Parliament has adopted two tax reports on tax matters, addressing the tax aspects of the EU Inc proposals and the implications of the VAT exemption for financial services.Keep up to date with all the latest Irish, UK, and international tax developments through Chartered Accountants Ireland’s Tax Newsletter. Subscribe to the Tax News by updating your preferences in MyAccount. You can also read this week’s Cross-border developments and trading corner.     

International Men's Health Week runs from Monday, June 15th to Sunday, June 21st. The annual campaign focuses on encouraging men to make healthier lifestyle choices, engage in preventive healthcare, and seek early detection for health issues. The 2026 theme is "One Step at a Time," which promotes achievable progress over perfection.Maintaining and achieving good health is imperative for our physical and mental wellbeing. However, there are barriers that can get in the way of keeping our body and mind healthy, especially for men. Therefore, it is important to recognise what prevents or deters men from seeking help and support when it comes to their health.Here, the Thrive Wellbeing Hub explores these barriers and shares simple but effective steps to keeping healthy both physically and mentally.Knowledge & AwarenessAlthough men are not a homogenous group, there are similarities when it comes to awareness and knowledge of health issues compared to females. Men are prone to engage in more unhealthy habits compared to females. Females on average have a higher life expectancy, males tend to have higher rates of obesity, a greater proportion of males smoke, and there is higher participation in binge drinking and drug use. Poor lifestyles are responsible for a large proportion of chronic diseases. The four main causes of death among males in Ireland are cancer, circulatory system diseases, respiratory system diseases, and external causes of injury and poisoning.It is suggested that men tend to be less informed about the risk factors, causation and symptoms of poor health and certain diseases. This lack of knowledge and awareness may prevent men from seeking help as they are simply unaware of the symptoms surrounding certain illnesses. Therefore, it is important for us to educate ourselves on the signs and symptoms of poor health. Perception As outlined above, men tend to adopt unhealthier behaviours and are at greater risk for all leading causes of death. However, men are less likely to consult or visit a health professional compared to women and perception is a significant barrier to males engaging in health-seeking behaviours. This is where the severity of a health concern is underestimated or brushed off as nothing serious. Late presentation to health services is a cause for concern and can lead to health issues worsening or becoming untreatable. It's important to take action as soon as you notice something isn't quite right. StigmaGender roles and the construct of masculinity have been cited as barriers to men looking after their health, especially when it comes to mental health. Perceptions associated with masculinity can result in men being more reluctant to speak out on mental health issues or engage in help-seeking behaviour for fear of being seen as weak or not embodying the traditional and frankly outdated attributes of what is considered masculine.This stigma allows for men’s mental health needs to often fly under the radar. This is evident in the high suicide rates of males in Ireland. The most recent CSO stats from 2022 reported males account for almost 80% of all suicide deaths, with data showing 346 male suicides out of 500 total registered cases in 2022. Across consecutive years, men consistently make up roughly three out of every four intentional self-harm deaths. Thankfully, this ideology is shifting, and men’s attitudes and awareness of mental health are changing. Being honest and open with yourself about how you are feeling and communicating this to loved ones or a mental health professional is so important. Proactive StepsMen and those who support them have an active role to play in encouraging and supporting men to take small steps to be proactive in both their physical and mental health. Let’s challenge ourselves to take action and incorporate small changes to help improve our overall health: Eat well Exercise and spend time outdoors Reduce alcohol intake Know the signs of poor mental health, suicidal ideations, and other health conditionsSchedule a medical, arrange a blood test and engage in screening services and programmesTalk and Listen – Confide in a loved one or someone impartial, ask if everything is okay, listen and help empower the men in our lives to take actionIf you are struggling with your mental or emotional wellbeing, Thrive can help you on your journey to better health. For wellbeing advice, contact the team by email at: thrive@charteredaccountants.ie or by phone: (+353) 86 0243294.

The OECD has published a working paper that considers the impact of population ageing on tax revenues. In addition to highlighting the impact of demographic trends and the design of the underlying tax system, the paper considers various policy options and areas for further research.

The European Parliament has adopted two reports on tax matters. The first report outlines the position on the tax aspects of the 28th regime and also proposes schemes aimed at improving attractiveness for innovative companies. The second report considers the consequences of the VAT exemption for financial services, and explores how addressing these issues could lead to a more coherent and effective tax framework across the Single Market.

The Central Statistics Office has released the provisional Quarterly National Accounts for the first quarter of 2026. The figures show that GDP fell by 12.1 in the first quarter of this year, mainly due to the multinational dominated sector contracting by 27.1 percent during the period. On a more positive note, the domestic market expanded by 0.4 percent in the quarter. Modified Domestic Demand, a broad measure of underlying domestic activity covering personal, government and investment spending, also expanded, rising by 0.6 percent in the first three months of 2026.The report additionally notes a 0.6 percent increase in consumer spending during the quarter, along with an increase of 4.2 percent in the level of imports. Exports, however, decreased by 7 percent in the quarter. Commenting on the data, Tánaiste and Minister for Finance, Simon Harris said:“Despite ongoing external headwinds, today’s figures show the domestic economy continued to grow robustly in the first quarter with Modified Domestic Demand expanding by 4¼ per cent on an annual basis.While today’s figures show a large annual contraction of 17 per cent in GDP, this reflects a return to more normal levels of exports in the first quarter of this year. Indeed, the exceptional level of exports seen in the same quarter of last year was driven, in part, by the front-loading of pharmaceutical exports to the US in anticipation of tariffs. My Department expects this effect to moderate over the coming quarters, with GDP projected to return to growth over the remainder of the year.”