The OECD has published a consultation document on proposed targeted amendments to the Model Reporting Rules for Digital Platforms. Interested parties are invited to submit their comments on the proposed changes by 14 August 2026. 

With Ireland set to take up the Presidency of the Council of the European Union (EU) in July, it is a useful time to reflect on what the EU is, what it does and how it works.The EU is an economic and political partnership made up of 27 European Member States and with a total population of over 450 million people. It was founded by six member countries in 1957 and has grown over time. Its key foundational documents are the Maastricht Treaty passed in 1992 which created the EU (previously the European Communities) and the Lisbon Treaty of 2007.These treaties underpin the institutions, procedures and rules of the EU. There are seven main institutions of the EU and a multitude of other offices, bodies and agencies.The main political institutions are the European Council, the European Commission, the Council of the European Union and the European Parliament.The European CouncilThe Council is comprised of the heads of State or heads of Government from each Member State, the President of the European Council and the President of the European Commission. The current President of the European Council is António Costa. The Council defines the general political direction and priorities of the EU. The Council is not involved in the legislative process but it does adopt changes to EU Treaties.The CommissionThe Commission is the main executive body of the EU and is made up of appointees from the 27 Member States. They are nominated by governments and ratified by the European Parliament and serve a term of five years. The Commissioners taken together are called the College of Commissioners. They are led by the President of the European Commission and various Vice Presidents.The current President is Ursula von der Leyen and Ireland’s current Commissioner is former Minister for Finance, Michael McGrath.The Commission is solely responsible for bringing forward new proposals, which are then ratified or agreed by both the Parliament and the Council of the European Union.The Commission is also responsible for managing EU policies and ensuring European laws are adhered to by Member States. In addition, the Commission is responsible for negotiating trade agreements, which subsequently must be ratified by both the Council and the Parliament. The Parliament cannot amend the text of a trade agreement; it can only accept it or not accept it.The Council of the European UnionThis Council represents the governments of all Member States and unlike the European Council, the Council of the EU is involved in the legislative process. It, along with the Parliament, must ratify proposals from the Commission in order for them to become law. Ministers from each Member State meet in different configurations. For example, the Economic and Financial Affairs Council (ECOFIN) is represented by the Minister for Finance.The ParliamentThe European Parliament is the only directly elected institution in the EU. There are currently 720 MEPs, of which Ireland has 13. MEPs are elected for a five-year term and generally organise into party groupings within the Parliament. The Parliament is responsible, along with Council of the European Union, for ratifying proposals from the Commission. The Parliament is also responsible for approving the nominations to the Commission including the President of the Commission. The Parliament has the power to remove the Commission also. While this has never formally happened, in 1999 the Commission was forced to resign following pressure from the Parliament. Different types of lawsRegulationsRegulations are binding on every Member State. They do not require Member States to enact domestic law for them to become effective. Regulations are used in particular when it is necessary for rules to be applied consistently across all Member States.DirectivesDirectives are binding objectives placed on Member States. Very often they require Member States to transpose laws at a domestic level to implement the Directives. Sometimes national discretion is permitted in certain areas under Directives. This discretion does not exist under Regulations.Decisions, recommendations and opinionsDecisions are binding on those they are addressed to (sometimes a Member State), while recommendations and opinions are not binding.How Regulations and Directives become lawThere are two procedures for passing EU Laws, the ordinary procedure (used for 95% of EU Law) and the special procedure. With the ordinary procedure both the Council and the Parliament act as co-legislators. Proposals announced by the Commission are sent to both the Parliament and the Council. If both Parliament and Council agree, then the proposals are ratified and become law. Mostly, however, both Parliament and Council will propose amendments. If no agreement is found, then the process can enter into what is known as the trilogue. These are informal meetings where representatives from the Commission, the Council and the Parliament negotiate over the proposals. If agreement is found, then the proposals can be ratified.For the special procedure, the Council will act as the main decision maker, usually deciding on the basis of a Commission proposal. The Parliament is not a co-legislator but must be consulted or give its consent.The special procedure is reserved for certain areas of law. The Multiannual Financial Framework (MFF), which is the EU’s Budget, follows the special procedure.There are two forms of special procedure, consent procedure and consultation procedure. With the consent procedure, the Council can adopt a law after obtaining the consent of Parliament. Parliament cannot amend the text but can approve or reject it. With the consultation procedure, Parliament can offer an opinion, but Council is not obliged to follow it.What is Ireland’s Presidency and what does it mean?When we refer to Ireland’s Presidency, we refer to the Presidency of the Council of the European Union. As discussed above, the Commission, the Parliament and the European Council all have individuals in the position of President (Ursula von der Leyen, Roberta Metsola, and António Costa respectively). The Council of the European Union, on the other hand, rotates its Presidency every six months among the 27 Member States. The last time Ireland held the Presidency was in 2013 and it is set to take up the Presidency on 1 July and will hold it until 31 December 2026. After this Ireland will not hold the Presidency for over 13 years, maybe longer if more countries join the EU.What does the Member State that holds the Presidency of the Council of the European Union actually do?The main purpose of the Presidency is to drive the legislative process forward. In that task, it plans, coordinates and chairs meetings, it acts as an honest broker between Member States and it negotiates with the Commission and the Parliament.While the Presidency does not have authority to dictate the direction of travel for the EU, it can set out its legislative priorities for the next six months. This may involve identifying certain proposals that it wishes to advance or get ratified.The Presidency, in its role in coordinating meetings, will host many meetings over the six months. Most meetings will continue to be held in Brussels but the Member State holding the Presidency will host a number of high-profile Council meetings.What are the policies that you should look out for during Ireland’s Presidency?Multiannual Financial Framework (MFF)This is the Budget for the EU. The current proposal from the Commission amounts to €2 trillion and covers the period from 2028 to 2034. It was proposed in July 2025 and it is targeted for ratification by the end of 2026.EU Inc.EU Inc. (previously known as the 28th Regime) was launched in March 2026 and targeted for ratification by the end of 2026. EU Inc. aims to create a single set of corporate rules that will apply across the EU. It will enable a company registered as an EU Inc. to be recognised in every Member State.You can view the Institute's EU Inc. factsheet here.Pan European Personal Pension RegulationThis was launched in November 2025 as part of the Savings and Investment Union and is expected to be ratified by the end of 2026. The package of measures is designed to help citizens secure adequate income in retirement by improving access to better and more effective supplementary pensions.Market Integration and Supervision RegulationA fundamental component of the Savings and Investment Union, these proposals were launched in December 2025, and it is hoped that they will be finalised by the end of 2026. Capital markets in the EU remain fragmented, relatively small and they lack competitiveness when compared with other countries and jurisdictions. The proposals intend to simplify the EU regulatory and supervisory framework.EU Securitisation Framework It was launched in June 2025 and is targeted for ratification by the end of 2026. The package of measures is designed to make the EU Securitisation Framework simpler and more fit for purpose. The proposed measures seek to facilitate securitisation activity in the EU while continuing to safeguard financial stability.Tax OmnibusThe Tax Omnibus proposal is due to be published in June 2026 and adopted by Quarter 4 2027. The aim of the proposal is to streamline, enhance and clarify various existing Tax Directives such as the Anti-Tax Avoidance Directive.Industrial Accelerator ActThis was proposed in March 2026 and is targeted for ratification by the end of 2026. Its intention is to increase demand for low-carbon, European-made technologies and products. It is intended the measures will boost manufacturing, support business growth and create jobs in the EU.European Grids PackageIt was proposed in December 2025 with the aim of being ratified by Quarter 3 2026. The package is aimed at addressing key challenges for cross-border energy infrastructure in the EU.Market Stability ReserveThis is related to the EU’s Emissions Trading System (ETS). It was proposed in April 2026 with the aim of being ratified by the end of the year. The Market Stability Reserve enables a stable, well-functioning carbon market.Digital EuroThis was proposed in 2023 with the aim of being ratified by the end of 2026. The Digital Euro is a form of digital cash and will offer greater choice to consumers and businesses in situations where physical cash cannot be used. It will be another means of payment. European Business WalletThis was proposed in November 2025 and it is hoped it will be ratified by the end of 2026. Once ratified, it will take a number of years to become operational. The Digital Wallet is designed to ease the administrative burden for businesses. Businesses who choose to use the Wallet will be able to check the identity of others and prove their own identity and create, store and share documents they can trust. Companies will also be able to digitally sign documents.EU Cybersecurity ActThe new proposals were launched in January 2026 and are expected to be ratified by the end of 2026. The package is designed to further strengthen the EU’s cybersecurity reliance and capabilities.What are the policy priorities for the Irish Presidency?Last week the Government published its much-anticipated priorities for Ireland’s upcoming Presidency of the Council of the European Union, 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 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.Institute’s position on Ireland’s PresidencyChartered Accountants Ireland made a submission to the Department of Foreign Affairs and Trade on what we believe Ireland should prioritise during its Presidency of the Council of the European Union.Ireland, as a small, open economy with deep global connections and proven strengths in digital leadership and sustainability, is uniquely positioned to champion a Presidency focused on unlocking Europe’s full potential. At a time of intense global competition, Ireland should lead a solutions-driven agenda that prioritises competitiveness and regulatory simplification – cutting unnecessary complexity, fostering innovation, and enabling businesses to scale across the Single Market. Under the theme ‘Delivering a competitive, secure and future-ready Europe’, Ireland can drive coherence, consistency and long-term resilience, ensuring Europe remains agile, prosperous and globally influential.You can read the Institute's submission on Ireland's Presidency here.

In developments since the last edition, the UK Government is continuing with its Companies House accounts reforms set out in the Economic Crime and Corporate Transparency (ECCT) Act 2023 and updates are outlined below. A dedicated website has launched for the upcoming Irish Presidency of the Council of the European Union which contains details of the programme and events scheduled throughout Ireland's Presidency of the Council of the European Union. The agenda will focus on Competitiveness, Values and Security. Read more on these and other developments that may be of interest to members below. Financial Reporting The IASB has issued its June 2026 IFRS for SMEs Accounting Standard Update.The European Financial Reporting Advisory Group (EFRAG) has issued a preparatory draft of its Endorsement Advice Letter as well as a separate invitation to comment relating to the endorsement of amendments to IAS 28 in relation to the Fair Value Option for Investments in Associates and Joint Ventures. The comment period remains open until 17 July 2026.Insolvency We want to remind members of their obligations under Section 623 of the Companies Act 2014. This section notes that a liquidator shall lodge any monies in respect of unclaimed dividends to an account set out by the Minister for Finance. A person claiming to be entitled to any dividend out of a lodgement made may make an application to the court. After a period of 7 years, the amount remaining unclaimed shall be paid to into the Exchequer.Auditing and Assurance The Financial Reporting Council has published reforms to its Audit Enforcement Procedure (AEP) modernising its regulatory toolkit. Additional information on these reforms is available on the dedicated AEP section of the FRC's website.IAASA is seeking stakeholders’ views on proposed revisions to ISA (Ireland) 240 The Auditor’s Responsibilities Relating to Fraud in an Audit of Financial Statements and ISA (Ireland) 570 Going Concern. Responses are requested by 4 September, and the proposed effective date is periods beginning on/after 15 December 2026. Sustainability The International Organization for Standardisation (ISO) has published ISO 32212 Sustainable finance — Net zero transition planning for financial institutions.The European Commission (EC) has published comment letters received in response to its consultations on simplified European Sustainability Reporting Standards (ESRSs) and on the voluntary standard for sustainability reporting. The comment period for both consultations ended on 3 June 2026.In its response to the above consultations, the Global Reporting Initiative (GRI) has welcomed the progress made on the revised ESRS and has highlighted some key opportunities to strengthen the alignment of the standard with international standards.EFRAG has launched a call for interest for stakeholders to participate in the field test of the draft Non-EU ESRS (N-ESRS) in advance of its publication with deadline for registrations before 1 July 2026.EFRAG has issued a series of nine videos featuring European SMEs that used the VSME standard for the first time to prepare their sustainability reports.EFRAG, in collaboration with the OECD is holding a webinar on 26 June which will explore how digital tools and voluntary sustainability reporting can support SMEs in accessing sustainable finance opportunities.The European Commission welcomed the Council's agreement on strengthening the Carbon Border Adjustment Mechanism (CBAM) and extending it to specific downstream goods to reinforce existing anti-circumvention safeguards. On Thursday 7 May 2026, the European Commission’s Directorate-General for Taxation and Customs Union (DG TAXUD) hosted a webinar on the implementation of the EU’s CBAM. Information and a recording of this webinar is available at the following link.Anti-money launderingAccountancy Europe responded to the public consultation on the draft Regulatory Technical Standards on criteria for business relationships, occasional transactions and linked transactions under Article 19(9) of Regulation (EU) 2026/1624 (AMLR).AMLA concluded its first conference on 9 June 2026. A summary of the opening and keynote addresses and panel discussions are available on AMLA's website.Commissioner Albuquerque's keynote speech at AMLA's inaugural conference highlighted the importance of effective implementation of the AMLR and AMLD6 requirements, consistency and convergence in AML supervision, the implementation of a risk-based proportionate approach, and the use of technology and data in the fight against financial crime.  The FCA recently published a report setting out its findings from an assessment of over 150 firms regarding sanctions systems and controls. UK sanctions have become more complex in recent years. This report outlines the review of financial firms’ controls, highlighting good and poor practices and areas for improvement to support better compliance with sanctions rules.The UK's Money Laundering and Terrorist Financing (Amendment) Regulations 2026 passed both the House of Commons and House of Lords on June 9. Authorities will roll them out on a staggered basis from late June and July 2026.  Please refer to a recent Institute news item on the proposed changes in the 2026 Regulations.UK announces new sanctions package targeting Russia’s war effort across multiple areas.The sixth and final Financial Action Task Force (FATF) Plenary meeting under the Mexican Presidency is taking place from 17 to 19 June 2026 and will conclude FATF Week, which began on 15 June. A summary of the Plenary outcomes will be published on the FATF website following the conclusion of the meeting. This Plenary is also expected to discuss the FATF-Asia Pacific Group (APG) mutual evaluation report of Canada and the FATF mutual evaluation report of Türkiye under the new round of mutual evaluations.  On 18 June 2026 the Irish Dept. of Finance (DoF) published Ireland’s National Risk Assessment on Money Laundering, Terrorist Financing and Proliferation Financing (NRA). The NRA provides a comprehensive, system-wide evaluation of the threats and vulnerabilities facing Ireland and will strengthen understanding of these risks across both the public and private sectors, supporting the development of targeted and effective mitigation measures. DoF also published a new 30‑Point Action Plan designed to strengthen Ireland’s response to financial crime. The Plan contains practical measures focused on for example protecting people and supporting law enforcement. Key measures include stronger intelligence sharing between agencies and enhanced safeguards around crypto-assets and digital finance and tougher anti-money laundering measures in the area of gambling, and increased transparency around company ownership.Central Bank of Ireland The Central Bank of Ireland (CBI) published its 2025 Annual Report and the Annual Performance Statement 2025-2026. The CBI published an updated 'Approach to Supervision' document (Supervisory Document) in May 2026.The CBI published its most recent Authorisations and Gatekeeping Report, which provides data on authorisation and gatekeeping activity across all regulated financial sectors during 2025.The CBI published its '2026 Report on Implementation of Recommendations' following the 2024 independent Fitness and Probity Review of its fitness and probity approval process.  The CBI published a consultation paper to seek views on its proposals for a regulatory framework for credit union investment in credit union service organisations (CUSOs). Artificial Intelligence Minister for Enterprise, Tourism and Employment, Peter Burke and Minister of State for Trade Promotion, Artificial Intelligence and Digital Transformation, Niamh Smyth have welcomed the Government’s approval to publish the Regulation of Artificial Intelligence Bill 2026. The Bill, once enacted, will give effect in Ireland to the EU Artificial Intelligence Act.The UK Government announced it is launching the advisory AI Growth Lab. This will bring together regulators to give AI innovators and adopters clear, practical information on how existing regulations apply to novel AI applications.Data Protection The UK's Information Commissioner's Office (ICO) published finalised guidance on consumer Internet of Things (IoT) products and services, setting out clear expectations for manufacturers and developers on how to use people’s personal information responsibly. The European Data Protection Board (EDPB) has adopted a common template for data breach notifications, which is currently open to public consultation until the 5 August 2026. The common template has been developed to help organisations and Data Protection Authorities (DPAs) to structure, harmonise, and unify their data breach notification processes.Internal AuditThe Chartered Institute of Internal Auditors (IIA) in Ireland and UK published its most recent ‘Research Blog’ highlighting recent reports and research published by the Chartered IIA.Other NewsFrom July to December 2026, Ireland will hold the Presidency of the Council of the European Union, a leadership role central to EU decision-making. A dedicated website was launched for the upcoming Irish Presidency of the Council of the European Union. This website includes details of the programme and events scheduled throughout Ireland's Presidency of the Council of the European Union. The agenda will focus on Competitiveness, Values and Security. A detailed Policy Programme was recently issued, which can be downloaded here. The Charities Regulator has issued its latest update - Issue 40 of its E-zine.Accountancy Europe recently published an article about private equity in the accountancy and audit sector including associated insights, trends, and resources.To support stakeholders in understanding the EU’s 28th Regime proposal, Accountancy Europe has published a new factsheet outlining the key concepts, features, and other key elements of the proposed Regulation. As a next step, both the European Parliament and the Council need to provide their positions on what the Commission has proposed and eventually reach a compromise agreement on the text that will then eventually become EU law. The co-legislators are aiming for a final agreement by the end of 2026The European Banking Authority (EBA) published its 2025 Annual Report, outlining its main achievements and activities in delivering on its mandates under its Work Programme. In 2025, the EBA focused on streamlining and improving the efficiency of the EU regulatory framework while expanding its supervisory role, particularly under the Digital Operational Resilience Act (DORA) and Markets in Crypto-Assets Regulation (MiCA).Click for a news item to read more about the UK Government which continues with its  Companies House accounts reforms set out in the Economic Crime and Corporate Transparency (ECCT) Act 2023.The Companies Registration Office (CRO) published its first quarterly report, which provides statistics about some of the major events in the life cycle of a company. These include incorporations, restructuring (examinerships and receiverships), liquidations, company strike offs, and the most frequently filed submissions.Minister for Enterprise, Tourism and Employment Peter Burke has signed a Ministerial Order to raise the thresholds at which mergers and acquisitions must be notified to the Competition and Consumer Protection Commission (CCPC). 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. 

A coalition of 50 investors, collectively representing €13.4 trillion in assets, have called on EU leaders to support a ‘robust and predictable’ EU Emissions Trading System. In a letter written to EU leaders, the group of investors (the Institutional Investors Group on Climate Change) stated that “competitiveness, energy security, resilience and climate neutrality [are] mutually reinforcing goals for a strong European economy.”While recognising the challenges arising from global fragmentation, the group also recognise the role investors have in managing risks and mobilising capital for Europe’s competitive clean transition: “In this context, one message is critical: a robust and predictable EU Emissions Trading System (ETS) must remain the bedrock of Europe’s clean industrial future.”The group point to the role the ETS has had in incentivising low-carbon innovation and creating investment opportunities across sectors – critical benefits for institutional investors with diversified, economy-wide portfolios – and assert that the ETS should remain the bedrock of Europe's clean industrial strategy, with the upcoming review offering an opportunity for evolution, not dilution. The group stress that the next phase of the ETS – one of Europe’s most effective policy tools – should strengthen that signal by preserving a clear long-term carbon price signal, supporting cost-effective decarbonisation and giving companies and investors the certainty needed to deploy capital into electrification, industrial transformation and strategic clean technologies. They also stress that ETS must form part of an overall policy package that addresses specific investment barriers and drivers. We urge the European Council to adopt a clear statement at its meeting of 18-19 June in support of a robust and predictable EU ETS that is strengthened as an investment signal.

The number of businesses operating in Northern Ireland increased by 1.9 percent over the year to March 2026, marking the twelfth consecutive year of increase following a period of decline from 2008 to 2014. This is according to the latest Northern Ireland Inter-Departmental Business Register (IDBR) statistics, which were released this week by the Northern Ireland Statistics & Research Agency (NISRA). The statistics also show that most businesses in Northern Ireland are micro-sized (89.4 percent or 73,880) and nearly four in 10 (38.5 percent or 31,830) have a turnover of less than £100,000, whilst 13.1 percent (10,870) have a turnover over £1 million. Construction saw the largest growth in percentage terms of the four headline industries over the year to 2026, and non-Northern Irish-owned businesses increased by 18.0 percent (355) over the five years to 2026. Also released by NISRA were the latest Northern Ireland Labour Market Statistics, showing that the number of employees receiving pay through HMRC PAYE in NI in May 2026 was 820,100 representing an increase of 1.3 percent over the year. Earnings data indicated that NI employees had a median monthly pay of £2,462 in May 2026, which was unchanged over the month and an increase of £94 (4.0 percent) over the year.  The statistical report and associated tables are available here.Finally, the Northern Ireland Economic Output Statistics, also published by NISRA, show that output in the services sector increased by 0.9 percent over the first quarter of 2026 and by 2.3 percent over the year. Retail output in NI saw a quarterly increase of 2.1 percent in Quarter 1 2026 and an increase of 1.8 percent over the year. Production sector output saw an increase of 2.1 percent over the first quarter of 2026 and increased by 7.6 percent over the year.The detailed statistical bulletins are all available on the NISRA website. 

The Central Bank has published its second Quarterly Bulletin of 2026. Inflation forecasts have been revised upwards notably, to 3.5 per cent this year and 2.9 per cent in 2027, and weaker consumer spending is expected in 2026. However, continued growth in modified domestic demand is projected over the forecast horizon with investment related to multinational enterprise (MNE) playing a prominent role. GDP fell sharply in the first quarter of 2026, highlighting its sensitivity to the (onshore and offshore) activities of a small number of MNEs. A swift resolution to the conflict in the Middle East would see oil and gas prices fall below baseline assumptions, supporting modestly stronger MDD growth and lower inflation than in the central forecast.At the launch of the Quarterly Bulletin, Robert Kelly, Director of Economics and Statistics said: “The global economy continues to face challenges and heightened uncertainty arising from the conflict in the Middle East. With the disruption in the Strait of Hormuz continuing into its fourth month, despite news of a resolution, uncertainty remains.”

 In this week’s bulletin, read about the passage of Ireland’s Critical Infrastructure Bill, strong growth in renewable electricity—particularly solar—and the Central Bank’s assessment of domestic resilience amid rising inflation. Updates from Northern Ireland cover business growth, labour market trends, renewable energy growth, new air‑quality tools and progress in climate reporting. At EU level, new InvestEU financing and plans for a European Competitiveness Fund feature, alongside global investor calls to protect the EU ETS and major changes at CDP, as well as the usual resources, articles and events.IrelandCritical Infrastructure Bill passes both Houses of the OireachtasThe Critical Infrastructure Bill 2026 has passed both Houses of the Oireachtas, moving from the Seanad this week to be signed into law by the President. You can find out more about infrastructure and Ireland’s economy, and the role of Chartered Accountants Ireland, here. ‘Remarkable progress on renewable electricity’ highlighted by Minister O’BrienThe country's solar capacity has reportedly increased by almost 300 percent since 2023, according to a report published by Solar Ireland. Commenting at Solar Ireland’s annual conference, Minister for Climate, Energy, and the Environment Darragh O’Brien, described the sector’s contribution to a secure, sustainable, and affordable energy future for generations to come, saying “Ireland is making remarkable progress in our renewable electricity acceleration. Across the country we are seeing renewable projects being delivered at scale, and communities participating in our energy transition. A rooftop revolution is underway, as households take up Government grant supports to install rooftop solar.” Measures introduced by the Government to support solar deployment include the Microgeneration Support Scheme (MSS), the Small-Scale Renewable Electricity Support Scheme (SRESS), and the Renewable Electricity Support Scheme (RESS) which aim to help households, businesses, farms, and communities to participate in Ireland’s renewable electricity transition. Minister O’Brien has pledged that the grant for households installing rooftop solar panels, introduced in 2021 to encourage homes to install solar panels, will remain in place for the lifetime of the current government. Central Bank’s bulletin notes ‘domestic resilience’ despite rising inflationThe Central Bank has published its second Quarterly Bulletin of 2026. Inflation forecasts have been revised upwards notably, to 3.5 per cent this year and 2.9 per cent in 2027, and weaker consumer spending is expected in 2026. Read more.UK/Northern IrelandIncrease in number of businesses operating in Northern Ireland The number of businesses operating in Northern Ireland increased by 1.9 percent over the year to March 2026, marking the twelfth consecutive year of increase following a period of decline from 2008 to 2014. This is according to the latest Northern Ireland Inter-Departmental Business Register (IDBR) statistics, which were released this week by the Northern Ireland Statistics & Research Agency (NISRA). Read more. Wind remains dominant source of renewable electricity generation in Northern Ireland The Energy in Northern Ireland 2026 report has been published, showing that renewable sources accounted for nearly half (47 percent) of total electricity consumption and half (50 percent) of all electricity generation. Wind remains the dominant source of renewable generation of electricity the region, accounting for 72 percent of total renewable generation volumes in 2025. Published biennially, the Energy in Northern Ireland report aims to provide a comprehensive and accessible overview of key statistics and information relating to energy in Northern Ireland. DAERA launches pilot air pollution assessment toolA free air pollution assessment tool, the UK Air Pollution Assessment Service (UK APAS), has been launched as a pilot in Northern Ireland. The tool aims to help the environment, save time, money and help reduce planning backlogs. Commenting, DAERA Minister Andrew Muir said: “Good air quality is vital for both our health and our environment hence the importance of finding and implementing new techniques or approaches to improve air quality”. The Minister went on to announce that the tool will provide robust scientific evidence for NIEA and the planning authorities to assess when considering new planning applications such as large strategic road networks. It can also be used as a design tool and to assess the benefits of any measures they are implementing to reduce emissions such as ammonia and nitrogen oxides.Milestone achievement in Climate Change ReportingThe Department of Agriculture, Environment and Rural Affairs (DAERA) has marked the successful completion of the first reporting cycles under the Climate Change (Reporting Bodies) Regulations (Northern Ireland) 2024. Under the Regulations, specified public bodies are required to submit climate change reports to DAERA outlining their greenhouse gas emissions, mitigation actions they are taking to reduce their emissions, their climate risks and what they are doing to adapt to the impacts of climate change. These first reporting cycles have generated a comprehensive evidence base on emissions data, climate risks, and actions across the wider public sector in Northern Ireland creating a clear baseline for ongoing improvement. Commenting, DAERA Minister, Andrew Muir said: “The public sector has a crucial leadership role in responding to climate change, both within its own operations and in supporting the wider transition to a net zero, climate‑resilient Northern Ireland. The work undertaken through these reporting cycles has created a strong foundation for future progress and is already helping to embed climate considerations into organisational decision‑making and planning.”Europe Agreement to see at €22 billion in strategic financing under InvestEU The European Commission and the European Investment Bank (EIB) Group have signed an agreement that adds €22 billion in strategic financing under the InvestEU programme, the EU’s flagship investment initiative. The newly allocated funds will accelerate transformative investments in critical areas, including in clean and biotechnology innovations, driving sustainable growth and green transition, digital advancement, fostering competitiveness and technological sovereignty and high-potential start-ups and scale-ups, empowering the next generation of European entrepreneurs. The expansion of the InvestEU programme aims to deliver benefits for SMEs, providing them with enhanced access to financing. In alignment with the Commission’s commitment to reducing administrative burden, all SMEs supported under InvestEU will also benefit from streamlined processes thereby ensuring faster, easier access to funding, along with reduced reporting requirements.  These improvements aim to make InvestEU more efficient, accessible and responsive to evolving market needs and policy priorities.Council of the EU agrees position on new and innovative fund to boost EU’s competitivenessThe Council of the European Union has adopted its partial negotiating position on the regulation establishing the new European Competitiveness Fund (ECF). The Fund, which is a central pillar of the next EU multi-annual budget (MFF), is designed to help address the EU’s innovation gap with its main global competitors. It aims to reduce dependencies and increase the overall competitiveness of the European economy. Under a single rulebook and a single application gateway, the Fund will channel EU investment to the strategic technologies and industries necessary for Europe to strengthen its global position, as well as drawing on private investment alongside public funding to maximise the impact of every euro. The Council’s position clarifies synergies with other EU funds such as Horizon Europe, with specific measures included for SMEs. It also introduces improvements to the original Commission proposal to strengthen the role of member states in the governance of the fund.WorldInvestor coalition calls on EU leaders to maintain a ‘robust and predictable’ EU Emissions Trading SchemeA coalition of 50 investors, collectively representing €13.4 trillion in assets, have called on EU leaders to support a ‘robust and predictable’ EU Emissions Trading System. In a letter written to EU leaders, the group of investors (the Institutional Investors Group on Climate Change) stated that “competitiveness, energy security, resilience and climate neutrality [are] mutually reinforcing goals for a strong European economy.”  Read more. CDP announces transformation into two separate organisations CDP (formerly the Carbon Disclosure Project), the global environmental disclosure system, has announced that it will be transforming into two separate organizations: CDP, a commercial entity backed by global investment firm Permira, which will continue to provide environmental data and disclosure services to companies worldwide; and CDP Foundation, a charitable organisation that will drive the strategic principles for disclosure based on the latest environmental science. For disclosers and data users, CDP insists that this means a more focused CDP with greater capacity to invest in the tools, data services and insights they rely on to assess risk, build resilience and inform sustainability strategy.  The CDP Foundation will lead on “translating frontier science into action-ready disclosure methods”, informing the evolution of CDP’s question bank. Resources Reflecting climate risks in IFRS 9 disclosuresSenior finance professionals from the banking sector came together at an ICAEW event to discuss how climate risks are reflected in their expected credit loss reporting under IFRS 9. Find key takeaways here. Climate, nature and marketsA Q&A with David Carlin and Naoko Ishii on aligning climate, nature and markets: why disclosure alone isn't enough and what needs to change to drive real business action on sustainability. Report finds four in five UK businesses hit by climate disruptionA new report, From Risk to Reward: How UK Businesses are Building Resilience to Deliver Long-Term Value, on how UK businesses are responding to escalating climate risks and clean tech opportunities has found that the vast majority of businesses in the UK have experienced climate-related disruption over the past two years, with many reporting climate risks have negatively affected their commercial performance through higher costs across their operations and supply chains. Based on a survey conducted by research firm OnePoll between April and May this year, the report explores three key themes. Under the theme of Risk it finds that climate impacts are landing on balance sheets across every sector and every size of business. Under Resilience it reveals that a ‘dangerous nature blind spot’ is widening, with too many businesses failing to recognise that their operations depend on healthy natural systems to function. Finally, under the theme Reward is notes how sustainability is paying off, with businesses reducing emissions reporting measurable uplifts in revenue, brand image and operational efficiency. Nature is our best air conditioningInterview with Aleksandra Kazmierczak, EEA expert on Climate Change and Human Health on nature-based solutions help economies adapt to extreme heat and/or flooding events. Articles Why is Scope 3 so complicated for financial services? (ICEAW Insights) Inside a push to build cleaner data centres without draining the grid (Business Post)Your AI habit is wasting precious resources. Here’s how to use it responsibly (The Conversation)Events Irish Green Building Council, Designing for Decarbonisation: Supporting High-Performance Project Delivery with EXEEDExplore how to close the “performance gap” that many projects face between their ambitious energy and carbon targets at design stage and the reality once buildings are operational. In this practical session, you will learn how the EXEED programme supports verified energy performance, why early-stage design decisions are critical to long-term outcomes, how a structured, data-driven approach reduces risk and improves delivery and lessons from Roadstone’s real-world experienceVirtual, 25 June 2026, 1:00 – 2:00 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 Centre You can find information, guidance and supports to understand sustainability and meet the challenges it presents in our online Sustainability Centre.

 The Critical Infrastructure Bill 2026 has passed all stages in both Houses of the Oireachtas this week, moving from the Seanad to be signed into law by the President. About the BillThe legislation is designed to address delays in the development of major pieces of national infrastructure, including (but not limited to) infrastructure necessary for the delivery of transport, energy, water, waste management systems. Once enacted, the legislation will allow Government to designate a specified project or programme as a ‘critical infrastructure project’ or a ‘critical infrastructure programme’. This will mandate all relevant public bodies to prioritise its functions in relation to that project, avoid delays, reduce approval times, cooperate and coordinate with other public bodies, and allocate resources accordingly. The Bill, somewhat controversially, disapplies Section 15 of the Climate Action and Low Carbon Development Act, which requires public bodies to perform their functions in a manner consistent with the Climate Action Plan and other national climate objectives and strategies, insofar as practicable. Opponents of the Bill argue that the law limits the ability of the public to use climate legislation as the basis for judicial review, with proponents asserting that the legislation is needed to deliver critical renewable electricity projects and public transport needed to meet Ireland’s 2030 climate targets.The critical role of infrastructure Infrastructure delivery is key to unlocking economic growth and to delivering 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). But the delivery of infrastructure is not an issue that should be reserved solely for the public sector and Government. The private sector has an enormous role to play. State funding must be augmented by private investment in infrastructure, and attracting this investment requires stronger national and international advocacy from government, businesses, and society to support a positive image of Ireland.Chartered Accountants Ireland and infrastructure Chartered Accountants Ireland advocates for a collective expression of confidence in Ireland’s ability to deliver infrastructure. Our members, as trusted business leaders, bring financial rigor, governance and professional accountability to projects, identifying and quantifying risks, mobilising private sector investment and ‘speaking the language of finance’.  As experts in financial planning, efficiencies, sequencing, and financial modelling, Chartered Accountants have the training to bring credibility and ensure value outcomes in key infrastructure projects. 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 private finance to support delivery. In our Pre Budget Submission, we call on the Government to prioritise investment in critical infrastructure particularly in the areas of housing, energy, water, and transport to reduce business costs, improve productivity, and support sustainable growth. 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.

We want to remind members of their obligations under Section 623 of the Companies Act 2014. This section notes that a liquidator shall lodge any monies in respect of unclaimed dividends to an account set out by the Minister for Finance.  A person claiming to be entitled to any dividend out of a lodgement made may make an application to the court. After a period of 7 years, the amount remaining unclaimed shall be paid to into the Exchequer.

In Irish news, the Institute held an event with elected members to our launch Pre-Budget 2027 submission and the Irish Government has launched the Irish presidency of the Council of the EU. In UK news, the Institute has responded to the consultation on close company participator reporting and read our latest update on Making Tax Digital (MTD) for Income Tax. In International news, the EU FISC subcommittee on tax matters travels to Paris to discuss the international tax landscape.Irish1. The Institute met with elected members to present and discuss the proposals in our Pre-Budget 2027 submission.2. Ireland’s presidency of the Council of the EU was launched by the Irish Government last week together with a dedicated website for the Irish presidency.UK3. In our response to the close company participator reporting consultation, the Institute outlines to Government that any dual reporting of close company transactions must be avoided.4. You can read about averaging relief and the latest HMRC taxpayer awareness letters in our MTD for Income Tax update.International5. A delegation from the EU FISC subcommittee will travel to Paris this week to discuss international tax challenges including the implementation of the Side-by-Side agreement and the taxation of the digital economy.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.   

Next week, the FISC Subcommittee will hold a session to share views on 'Cooperation in the fight against VAT fraud in the EU' with the European Chief Prosecutor (EPPO), the European Anti-Fraud Office (OLAF) and the Chair of Eurofisc.  Discussions will focus on strengthening administrative and judicial cooperation, improving exchange of information and access to VAT data, and enhancing the effectiveness of existing fraud detection tools and prevention mechanisms in the EU. 

This week a delegation from the FISC Subcommittee on tax matters will travel to Paris to discuss upcoming international tax challenges, including the implementation of the Side-by-Side agreement and the taxation of the digital economy.  Other matters to be addressed by the delegation during the visit include the taxation of ultra-high-net-worth individuals, energy taxation, VAT fraud, the fight against tax evasion, and tax simplification.