On 13 May, the Ulster Society hosted  webinar titled 'Safeguarding Innovation: A Practical Guide to Intellectual Property Rights and Risk Management for UK Businesses' in partnership with A&L Goodbody.This webinar aims to equip accountants with practical insight into identifying IP risks and opportunities within their clients’ businesses, recognising when specialist advice may be needed and, from the employment perspective, understand the importance of clear drafting at the outset, setting defined parameters and effective enforcement.A recording of this webinar is available to view, for free and on demandA pdf copy of the slides used in this presentation are available HERE:  Safeguarding InnovationAbout Eileen McKendry-GrayEileen is a Consultant in A&L Goodbody’s Belfast office, advising clients on legal strategy, governance, and complex commercial matters. Eileen’s practice focuses on commercial contracts and business services, with particular expertise in intellectual property, technology, software, media, and creative industries. About Gareth WallsGareth is a Partner of A&L Goodbody's Employment group in Belfast. Gareth represents a number of local, national and international brands in business support, strategic workforce planning and high profile tribunal matters. He also has significant experience advising stakeholders on complex redundancy, re-structuring and TUPE issues.   

Welcome to the latest edition of Technical Roundup. In developments since the last edition, Chartered Accountants Ireland recently responded to AMLA’s public consultation on the draft Regulatory Technical Standards on Customer Due Diligence. The Central Bank of Ireland recently published new research regarding ‘Beyond the Big Three: A Broader View of Competition in the Irish Loan Market’ drawing on granular loan-level data from the Central Credit Register.  Read more on these and other developments that may be of interest to members below. Financial Reporting The European Securities and Markets Authority (ESMA) has published its report on 2025 Corporate Reporting Enforcement and Regulatory Activities. This report, which is addressed to issuers, auditors and investors, discusses how national enforcers across the EEA supervised Corporate Reporting during 2025 and is intended to help strengthen the quality and transparency of corporate reporting going forward.The IFRS Foundation has published a revised version of its Due Process Handbook. This handbook sets out the procedures and processes applied by the organisation in developing and maintaining accounting and sustainability standards.The UK Endorsement Board has adopted IFRS 19 Subsidiaries without Public Accountability on 8th May 2026. The standard permits eligible entities to apply the recognition, measurement and disclosure requirements of IFRS Accounting Standards, but with reduced disclosure requirements. The standard is effective for periods beginning on or after 1 January 2027, with early application permitted.The UK Endorsement Board is inviting stakeholders to take part in their series of four one-hour online workshops which will discuss accounting for intangible assets.The International Accounting Standards Board (IASB) has published an Exposure Draft proposing narrow-scope amendments to the IFRS for SMEs Accounting Standard. Auditing and Assurance The International Auditing and Assurance Standards Board (IAASB) has released for public consultation an Exposure Draft that proposes revisions to International Standard on Review Engagements (ISRE) 2410, Review of Interim Financial Information by the Independent Auditor of the Entity’s Annual Financial Statements. InsolvencyA new Directive aimed to harmonise certain aspects of insolvency rules within the EU has been published in the Official Journal of the European Union and is now in force. These new rules aim to make the EU more attractive to cross-border investors by reducing the difficulty of differing national insolvency rules. Each Member States has until 22 January 2029 to transpose the Directive into national law.Sustainability The European Commission have issued a call for views on the draft regulation for the Revised ESRS. The adoption of the revised European sustainability reporting standards represents a significant step towards simplifying sustainability reporting across the EU. Companies that remain within scope will benefit from clearer and more streamlined requirements, helping to reduce compliance burdens and costs while maintaining key policy objectives. The consultation period is 4 weeks and responses are due by 3 June. Commission adoption is planned by the end of Q2 2026. The European Commission have also issued a call for views on draft delegated regulation for the VSME. Companies in the value chain of a company subject to mandatory sustainability requirements often face requests for information from their reporting business partner. These value-companies include those with fewer than 1,000 employees on average during the financial year. This initiative aims to help value-chain companies and companies not subject to mandatory sustainability reporting requirements disclose sustainability-related information, thereby reducing their reporting burden. The consultation period is 4 weeks and responses are due by 3 June. Commission adoption is planned by the end of Q2 2026. The European Financial Reporting Advisory Group (EFRAG) is holding a SME Forum Informative Session on 20th May. At this session, representatives from the European Commission will present the draft VSME standard.The International Sustainability Standards Board (ISSB) has published the transcript of a speech that its Chair, Emmanuel Faber, held at the International Sustainability Conference in Beijing on 23 April 2026.Anti-money launderingChartered Accountants Ireland recently published a news item summarising some of the proposed changes to UK Money Laundering Regulations 2017. Chartered Accountants Ireland recently responded to AMLA’s public consultation on the draft Regulatory Technical Standards on Customer Due Diligence. Our response supports AMLA’s risk-based approach for CDD albeit highlighting that certain requirements are quite prescriptive and lack flexibility. Concerns regarding data collection obligations which may be challenging for obliged entities, particularly those in the non-financial sector were also highlighted. The Financial Action Task Force (FATF) published the mutual evaluation report for Singapore.Central Bank of Ireland (CBI)The CBI recently published new research regarding “Beyond the Big Three: A Broader View of Competition in the Irish Loan Market (PDF 1.9MB)” drawing on granular loan-level data from the Central Credit Register. This research provides an analysis of competition in the Irish loan market. The research notes that one-third of Irish firms including 40% of SMEs borrow from multiple lender types, indicating an active and competitive ecosystem rather than a captive market.Artificial Intelligence The European Parliament and Council negotiators reached a provisional deal on amending certain rules within the EU’s Artificial Intelligence (AI) Act as part of the digital omnibus package. The Department of Enterprise, Tourism and Employment (DETE) also published a press release following this provisional agreement on the digital omnibus package for the AI Act. The provisional agreement needs to be formally adopted by both Parliament and Council before it can enter into law. The co-legislators intend to adopt it before 2 August 2026, the start date for current rules on high-risk systems.CybersecurityThe National Cyber Security Centre (NCSC) in the UK is advising all organisations, irrespective of size, to plan and prepare for the vulnerability patch wave that is expected to address decades of technical debt.Other NewsThe Pensions Authority has announced the introduction of eXtensible Business Reporting Language (XBRL) reporting for pension schemes; trustees are advised to begin preparing for future XBRL-based reporting including assessing their operational readiness.The Pensions Authority has published its 2025 supervisory activities report. While the Authority note that the findings set out in this report are not exhaustive, it expects all trustee boards and their advisers to consider these findings and evaluate their own practices to establish if any improvements are required.The Financial Conduct Authority (FCA) in the UK is launching a review of the claims management market following concerns that consumers are being failed by some claims management companies (CMCs) and law firms.The Global Preparers Forum (GPF) is inviting applications from experienced financial statement preparers to join as members from 1 October 2026.Accountancy Europe has responded to the joint consultation by the International Auditing and Assurance Standards Board (IAASB) and the International Ethics Standards Board for Accountants (IESBA) on their proposed Strategy and Work Plan for 2028–2031.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. 

In this week's bulletin read about major developments shaping energy policy and practice, from offshore wind investment, new warnings on energy security and fossil fuel dependence, updates on energy affordability measures, and insights on skills, demographics and the UN Sustainable Development Goals. Also covered is the latest European State of the Climate report highlighting accelerating physical climate risks, developments in EU emissions trading and Carbon Contracts for Difference, EFRAG’s sustainability reporting priorities and further implementation guidance to support consistent sustainability reporting, as well as the usual articles, resources and events.IRELAND‘Sizable international interest’ in investing in Ireland’s offshore energy developmentThe Minister for Climate, Energy and the Environment Darragh O'Brien has described Ireland’s offshore wind potential as attracting “sizable international interest in investing in our offshore energy development.” The Minister was commenting at the launch of a report published this week by the Offshore Wind Delivery Taskforce, at which he underscored the need for Ireland to develop renewable energy, particularly offshore wind energy. Also stressed was the need for collective action: “The scale of our move away from fossil fuels is such that we need ongoing engagement and collaboration between government, industry and citizens – as we look to realise our renewable energy ambitions.”The report presented key achievements, highlights, and challenges faced in 2025 across the Taskforce's 9 cross-government workstreams, alongside actions to be delivered in 2026 in Ireland’s journey towards becoming a global leader in offshore energy.  Key milestones include significant progress across Ireland’s ports, completion of Ireland's offshore wind industrial strategy 'Powering Prosperity', and the implementation of the Offshore Wind Skills Action Plan. Separately, Minister O'Brien signed two Memorandums of Understanding (MoUs) on energy cooperation at the WindEurope conference in Madrid, reinforcing Ireland’s commitment to strengthening regional collaboration and accelerating the transition to a clean, secure energy system. The first MoU, agreed with the Government of Spain, establishes a framework for both countries to explore the potential development of a future electricity interconnector between Ireland and Spain. The second MoU with the United Kingdom extends the existing Ireland-UK Memorandum of Understanding on energy transition, which is due to expire in June 2026. Both agreements come as Ireland prepares to assume the Presidency of the Council of the European Union in the second half of 2026, when it will progress a number of key legislative files, including the European Grids Package, which aims to support the delivery of a cleaner, more secure and more affordable energy system across Europe.Ireland’s energy import dependency was 80% in 2024, the fourth highest in the EUData released by the CSO on resources used in the enterprise economy and the waste and recycling practices of Irish enterprises has found that 80 percent of energy consumed in Ireland is imported. In 2024, Ireland’s total primary energy requirement remained heavily fossil fuel dependent, with 81 percent from fossil fuels.While the report suggests that, Ireland’s economy is becoming less resource-intensive and is consuming less material per unit of economic activity, it also stressed that decreasing energy consumption and shifting away from imported fossil fuels could support a more resilient, sustainable and competitive economy: “For enterprises, improved energy efficiency may reduce operating costs, improving competitiveness, while enterprises that depend less on fossil fuels may be less exposed to volatility in energy prices and supply disruption.” Ireland unnecessarily exposed to global energy shocks, report findsThe Climate Change Advisory Council has warned that limited additional renewable capacity leaves Ireland unnecessarily dependent on imported fossil fuels and exposed to global energy shocks. In its report Annual Review 2026 - Electricity, which was published this week, the Council also reminded the Government of the importance and urgency of delivering on their Programme for Government commitment to end Ireland’s reliance on fossil fuels by accelerating the transition to secure, domestically generated renewable electricity, particularly wind and solar. The Critical Infrastructure Bill was singled out as needing to designate electricity grid reinforcement projects for prioritised delivery – with clear timelines, accountability and transparency – but should not remove the climate obligations that apply to all public bodies under Irish law. The Government’s Critical Infrastructure Bill is currently progressing through Committee Stage and will shortly proceed to the Seanad for debate before being signed into law. The Council also says Regional Renewable Energy Strategies, which translate national targets into county-level plans, must be adopted by the end of 2026, and that electricity resilience must now be treated as a core element of national climate adaptation planning, with investment in backup power solutions and electricity infrastructure needed to ensure the Electricity sector can better withstand future extreme weather events.Energy Affordability Action Plan to be submitted to government in Q3 2026In an update to Cabinet this month, Minister for Climate, Energy and the Environment Darragh O'Brien has confirmed that the National Energy Affordability Taskforce (NEAT) is working on an Energy Affordability Action Plan to be submitted to government in Q3 2026. This Action Plan will be focused on short, medium and longer-term measures to support households and businesses to meet their energy costs, and will be built around 4 key pillars. These are: addressing the price of energy, sustainable demand and enhancing flexibility, addressing energy poverty and customer protections, and energy affordability for businesses.  NEAT was established in June 2025 to identify and implement measures to enhance energy affordability for households and businesses. Its expanded remit now encompasses both the longer-term Energy Affordability Action Plan and a coordinated national response to the energy shock arising from the ongoing conflict in the Middle East.Regulations give effect to scale of fees for environmental judicial reviewsMinister for Climate, Energy and the Environment Darragh O’Brien and Minister for Public Expenditure, Infrastructure, Public Services Reform and Digitalisation Jack Chambers have signed regulations to give effect to introducing a scale of fees for environmental judicial reviews.  The regulations, which will come into effect on Monday, 18 May 2026, were provided for in Section 294 of the Planning and Development Act, passed by the Oireachtas in 2024. Up to this point, if a judicial review was taken on environmental law grounds, where the review was upheld, a public body was liable for legal costs of the successful applicant. This brought about unpredictable costs for the taxpayer and often negative environmental outcomes, such as the stalling of renewable energy projects. The regulations identify the type of judicial review proceedings to which they apply and specify a scale of costs to be awarded to applicants, subject to judicial discretion for a successful applicant. Population growth and ageing in Ireland: What It means for workThe Expert Group on Future Skills Needs (EGFSN) has published a new report, ‘Skills Needs for Ireland in the Long-term’, setting out how demographic change is likely to shape Ireland’s labour market and skills requirements in the decades ahead. The analysis indicates that Ireland’s population is expected to grow significantly while also ageing, pointing to projections from the Department of Finance and the CSO — creating both opportunities for economic growth and challenges for labour supply, skills availability and workforce participation. The paper was authored by Diarmaid Smyth and issued by the Chair of the EGFSN, Colm Kelly, PwC Global Leader, Corporate Sustainability, council member of the World Business Council for Sustainable Development, a Commissioner for the Business Commission to Tackle Inequality. Ireland’s UN SDG indicators for Goal 8 Decent Work and Economic Growth publishesThe Central Statistics Office (CSO) has published Ireland's UN SDGs indicators data for Goal 8 Decent Work and Economic Growth. The data showed average hourly earnings rose by 3.4 percent to €31.22 in Q4 2025, from €30.18 in Q4 2024. Employees in larger enterprises were more likely to earn more. Average hourly earnings in Q4 2025 were €34.72 in firms with more than 250 employees compared with €26.91 in firms with less than 50 employees. The unemployment rate was similar for males and females, at 4.4 percent and 4.3 percent respectively, but the male unemployment rate of 10.1 percent was higher than the female unemployment rate of 9.4 percent among youths aged 15-24 years in this period. This is the eighth publication on Ireland's UN SDGs in a series from the Central Statistics Office (CSO), monitoring and reporting on how Ireland is progressing towards meeting its targets under the 17 Sustainable Development Goals (SDGs) from the United Nations (UN). Ireland raises €2 billion through syndicated tap of 2043 Irish Sovereign Green BondThe National Treasury Management Agency (NTMA) has announced this week that Ireland raised €2 billion through the syndicated tap of the existing 2043 Irish Sovereign Green Bond. The funds were raised at a yield of 3.642 percent. Commenting, NTMA Director of Funding and Debt Management Dave McEvoy said: “Investor appetite for Irish Government bonds remains strong, and we have now raised almost 70% of the mid-point of our €10 billion to €14 billion bond funding range for the year. This leaves us well positioned heading into the second half of 2026”.NORTHERN IRELAND/UKPublic consultation on investment programme to support sustainable economic growthThe Northern Ireland Office is seeking views from stakeholders to inform the development of the Northern Ireland Local Growth Fund, a multi‑year investment programme supporting sustainable and inclusive economic growth. The consultation focuses on priorities for future funding, including infrastructure, skills, innovation and place‑based investment, with scope to embed low‑carbon development, environmental resilience and long‑term sustainability into local growth initiatives. Views are invited from businesses, local authorities, community and environmental organisations, and other interested parties. Responses must be submitted by 5.00pm on Friday, 26 June 2026 via the official government webpage.UK SME Climate Hub launches Climate Action PlannerThe UK SME Climate Hub has launched a free tool that helps SMEs create climate action plans outlining how they will reduce greenhouse gas emissions and prepare for the impacts of climate change. Sponsored by the UK Government’s Department for Energy Security and Net Zero, the Climate Action Planner, tool helps SMEs by allowing them to quickly identify practical steps  to take to reduce emissions, cut costs, and build resilience. The tool pulls from a library of over 750 actions and creates a personalized Climate Action Plan in about 60 minutes. EUROPEWarming continent compounding pressures on economic outputThe European State of the Climate Report 2025 has highlighted that Europe is warming twice as fast as the global average, making it the fastest warming continent, and, as UNEP’s David Carlin reports, compounding pressures on the systems that underpin economic output, with ever more regular risks need to be priced into asset valuations and sovereign fiscal planning. Power grids, inland shipping, agricultural supply chains, and industrial cooling will all be affected, and consequences of European rivers running below average include negative impacts on hydropower, nuclear power, freight logistics, and industrial water use: “For the financial sector, physical risk is becoming a driver of insurance retreat, credit risk in climate-exposed sectors, and revaluation of assets.”Germany announces €5bn Carbon Contracts for Difference auction for heavy industry Germany has announced a new auction worth up to €5 billion to support heavy industries in cutting emissions through Carbon Contracts for Difference (CCfD). Targeting sectors such as steel, cement, chemicals and glass, the scheme will bridge the cost gap between traditional production and greener alternatives like hydrogen and carbon capture over 15 years. It follows a 2024 round that allocated €2.8 billion to 15 projects. Although funding is lower than the planned €6 billion, the initiative signals continued government backing. Firms can bid until 7 September, pending European Commission state aid approval.Commission presents updated EU Emissions Trading System benchmarks for consultationThe European Commission has proposed the updated European Union Emissions Trading System (EU ETS) benchmark values for 2026-2030, which will now be open to public and Member State consultation before adoption. The benchmark update aims to determine the level of free allocation of allowances for European industry. The update to the benchmark values for the period 2026-2030 is required under the ETS Directive. It complements the proposed amendment to the ETS Market Stability Reserve presented on 1 April, which will adapt and better equip the reserve to respond to future market developments, including potential tightness in supply in the coming decades. With the proposed benchmarks, industry will, on average, continue to receive free allocation covering around 75 percent of its emissions. These measures should also be seen in the broader context of the EU ETS review due in July 2026, which aims to ensure that the ETS remains fit for the future and continues to support European industry in its decarbonisation transition.EFRAG submits Sustainability Reporting Work Programme 2026EFRAG has submitted its Sustainability Reporting Work Programme 2026 to the European Commission. This sets out its strategic priorities and planned activities. Some of the key priorities include the development of N-ESRS for non-EU groups, the continuation of the SME ecosystem, implementation support, advancing interoperability and accelerating digitalization. Separately, EFRAG added a new VSME Educational Video to its Knowledge Hub which explores the different functionalities of the VSME section of the Knowledge Hub.WORLDISSB releases new TIG resourceThe International Sustainability Standards Board (ISSB) has released a new Transition Implementation Group (TIG) resource to support the implementation of the IFRS S1 and S2 standards. The resource presents responses to questions submitted to the TIG that were categorised as questions that can be answered applying the words in the ISSB Standards where a specific paper on the question was not prepared for discussion by the TIG. This resource will be updated as implementation questions that fall within this category are received and reported to the TIG.DID YOU KNOW? The SEAI Energy Awards 2026 are now open for applications. These awards recognise and reward excellence in all aspects of energy efficiency and renewable energy. Organisations across Ireland apply every year to one of 11 categories.RESOURCESPodcast: Can businesses mitigate rising energy prices? (ICAEW Insights – 13mins) Greenfields Energy Group’s co-founder Liam Conway discusses energy impacts of the Iran War and outlines the best ways for businesses to protect themselves from global energy shocks.  ARTICLESDavid Carlin “AI is coming to your sustainability team. Ask these four questions first.” (Normative IO)EU Parliament SFDR Draft Proposes Tougher ESG Fund Labelling Rules (ESG Today)82% of Companies Maintaining or Accelerating Climate Goals, as Decarbonization Efforts Extend to Supply Chain: PwC (ESG Today) The case for flexible working: ‘We lose one-third of women in their child-rearing years’ (Irish Times)Q&A: Why does gas set the price of electricity – and is there an alternative? (carbonbrief)Dismantling of climate law will reduce scrutiny of large infrastructure projects (Irish Times)Ireland’s housing gap is a scale problem, not a demand problem (Business Post)‘Go further’ on EV charging point rules for new builds, ministers told (Business Post)Ireland could fund renewable projects elsewhere as part of EU deal to meet climate targets (Irish Times)Electric vehicle sales rise again in April and are now 73% ahead of same time last year (Irish Times)Colombia hosts first meeting to quit fossil fuels as energy crisis worsens (Financial Times)Chinese Truck Drivers Are Going Electric as Gas Prices Soar (Bloomberg)Climate change set to leave a bitter taste for tea drinkers (RTÉ News )EVENTSUN Global Compact, AI and Human Rights: Practical Strategies for Responsible AdoptionAs AI becomes embedded in business operations, the question of how to align AI development and deployment with international human rights standards is becoming increasingly urgent. This 90-minute live session — the first in a new Human Rights and AI webinar series — explores practical strategies for responsible AI adoption, balancing innovation, risk and responsibility.19 May 2026 | 14:00  | 90 minutesSustainable NI – Free E-DATA sustainability webinar for SMEsSustainable NI is delivering two practical webinars as part of the E-DATA project to help small and medium-sized enterprises (SMEs) use sustainability to improve performance and reduce costs. The sessions will focus on simple, data-driven actions that can help businesses become more efficient, competitive, and better prepared for changing market and regulatory demands.Virtual | Wednesday, 19 May 2026 | 12:00 pm–1:00 pmVirtual | Wednesday, 26 May 2026 | 12:00 pm–1:00 pmUN Global Compact, EU Sustainability Navigator: Finance and EU Sustainability — Mobilising Capital for ImpactThe financial sector is increasingly a decisive force shaping corporate sustainability ambition and real-economy outcomes. This second session of the 2026 EU Sustainability Navigator series examines how banks, investors, insurers, and rating agencies are translating regulatory expectations into capital allocation, stewardship, and client engagement — and what this means for real economy companies.Participants will gain clarity on how financial institutions are interpreting sustainability disclosures, integrating due diligence expectations, and using sustainability performance to inform financing terms, investment decisions, and risk assessments.20 May 2026 | 14:00  | 60 minutesICAEW, What determines the price of energy - factors, forecasts and futureThis webinar will explore the latest trends in energy prices, examining why volatility persists and what this means for businesses planning for the short and long term. Equip your organisation with the insight and tools needed to navigate today’s fast‑changing energy landscape effectively by gaining a clear overview of the UK’s current energy mix and how it is expected to evolve over the coming years, driven by policy, market forces and the transition to net zero. Also considered will be the practical implications of these changes for organisations, helping you better understand the risks, opportunities and strategic considerations shaping the future energy environment.Virtual, 20 May 2026, 13:00 - 14:00 Grant Thornton, Global Perspectives on ISSB Standards and Relevance for EU BusinessesGrant Thornton invites you to a webinar exploring global perspectives on the sustainability standards issued by the International Sustainability Standards Board (ISSB) and their relevance for EU businesses. The session will cover an overview of IFRS S1 and S2, practical implications for organisations, insights from initial reporters, and upcoming jurisdictional adoptions. Drawing on Grant Thornton’s multijurisdictional ISSB engagements, speakers will address priorities and next steps for entities in regions where ISSB is expected to be adopted, as well as managing multiple reporting expectations. Speakers include Janice Daly, Partner, Grant Thornton Ireland, and Samantha Sing Key, Partner, Grant Thornton Australia. Virtual, 21 May 2026, 11:00 am ISTUN Global Compact Network Canada, Annual Sustainability Reporting Peer Review Group (ASPiRe) — Now Open for RegistrationThis structured peer review programme offers an exceptional opportunity for sustainability and communications teams to strengthen the quality and credibility of their sustainability disclosures — including Communications on Progress (CoPs). Registration Deadline: 5 June 2026 | Programme: July–October 2026 Sustainability CentreYou can find information, guidance and supports to understand sustainability and meet the challenges it presents in our online Sustainability Centre.

The third annual William Fry AI Summit took place in Dublin on Thursday 14 May 2026 with the theme "AI is Changing Everything – Conversations with Leaders at the Cutting Edge". The agenda featured discussions about AI regulation and governance, strategic and commercial considerations around AI and how the geopolitical landscape is impacting implementation. The Institute's Head of Thought Leadership Michael Diviney attended and shares some takeaways with members.In summing up the AI Summit hosted by William Fry in Dublin on Thursday, Leo Moore, partner and head of technology at the law firm, identified trust as the main theme to emerge from excellent and far-ranging panel discussions:Trust in how AI systems are built Trust in how these systems are used, and Trust in their governance, oversight and safety.At a full-house event, we heard from expert panelists representing business, government and regulators including: Microsoft, Diageo, Google, the Central Bank of Ireland, IBM, the Data Protection Commission, Commisiún na Meán, the Department of Enterprise, Tourism and Employment (DETE), Mediahuis Ireland, Teneo, Amazon Web Services, Bank of Ireland, as well as special guests EU Commissioner for Democracy, Justice, the Rule of Law and Consumer Protection, Michael McGrath, Minister of State at DETE, Niamh Smyth, TD, and Chair of the Oireachtas Committee on Artificial Intelligence, Malcolm Byrne, TD.Here are some of my key takeaways from discussions brimming with ideas and a balanced sense of optimism, for Irish businesses that adopt AI correctly, and for the roles of the EU and Ireland in a global AI economy. Clear, consistent regulationAs clarified by Commissioner McGrath, Deputy Byrne and Jean Carberry of DETE, the EU and the Irish Government want to smooth out the differences and ‘frictions’ between laws governing digital technology and services, for example in aligning the EU AI Act with the GDPR. The aim is to simplify compliance for business, and for regulation to enable not hinder innovation. It is crucial for the competitiveness of the EU that there is a single, consistent and accessible ‘regulatory playbook’. Commissioner McGrath highlighted the new harmonised ‘EU Inc’ means of company formation under the 28th Regime as a means of supporting digital start-ups and attracting and retaining talent and capital investment. Dale Sunderland, Commissioner for Data Protection, encouraged businesses to approach compliance with the EU AI Act (if applicable) as an extension of their existing processes for compliance with related legislation, particularly the GDPR.For the boardroomThe messages for boards and C-suite leadership include:Return on investment (ROI) from AI has become the board-level issue.The board should take the lead with AI and be seen to support and use it. If the board is silent about AI, the organisation will be hesitant. The composition of boards and leadership teams will be marked by AI knowledge and ROI. The key formula for successful AI adoption is: Governance + Commercial Readiness + Operational DisciplineGood governance (safety) is a necessary strategic condition for AI ROI. Clear purpose, policies and ethical frameworks are vital.Doing nothing about AI is not an option. Avoid the “somebody needs to do something about this” mindset.AI is a huge leadership opportunity for boards and senior management. Be bold, don’t let perfect get in the way of good, but also be safe – this is a powerful technology.For the shop floorFor the organisation, its work and people:AI champions are invaluable and should be identified and empowered to influence and teach colleagues in best practice. “Back these people in your business and you will win.”Optimise AI investment by (1) getting the data right (the fuel of AI); (2) target common workflows across the business and redesign them for AI: (3) only then buy the right technology. Monitor and measure success, or otherwise, with KPIs like ROI, or NPS (net promoter scores among staff).  Is the AI investment delivering what we planned?Establish an AI ‘Centre of Excellence’ with your AI champions to turn innovation and early adopter expertise into shared knowledge and workflow assets.And back to trustIn his keynote address, Commissioner McGrath emphasised that trust is a highly valuable asset in a global economy digital economy, and that the EU has a competitive advantage in building networks of trust through its rights-based, human-focused regulation.  The EU is a global rule-setter and influencer with best-in-class legislation like the GDPR.  The challenge is to ensure there is a balance between legal and ethical concerns and competitive possibilities, that regulation is not the goal but the enabler. For the AI revolution, Ireland has a unique opportunity to be a bridge between cultures and economies balanced by regulation and driven by innovation.Michael Diviney is Executive Head of Thought Leadership at Chartered Accountants Ireland and co-author of a Institute position paper, An Empowered Profession: AI and the Future of Accountancy, which is being launched at a Chartered Roundtable event on 20 May, with Malcolm Byrne TD, Chair of the Oireachtas Committee on AI, hosted by Institute CEO, Rosemary Keogh.  Readers can register for the roundtable here. 

Chartered Accountants Ireland welcomed members back to Chartered Accountants House this week for its annual Risk, Governance & Leadership Conference, with strong attendance and engaged discussion throughout the morning. The return to an in‑person format created valuable space for members from finance, governance, risk and leadership roles to share perspectives on judgement, oversight and decision‑making in uncertain times.Many of the issues explored closely reflected themes the Institute continues to advance through its advocacy and policy engagement on behalf of members. A consistent message was that uncertainty is no longer a short-term issue but a normal part of doing business, requiring organisations to strengthen judgement, governance and resilience rather than simply respond to individual risks. Speakers reinforced that risk assessment is as much behavioural as analytical, echoing the Institute’s continued emphasis on proportionate regulation, sound oversight and effective decision‑making.Agility and the ability to adapt to inevitable but unanticipated change emerged as a critical asset, not just for organisations, but for individuals and their skillsets. The ‘what’ may be unknown, but the need to respond effectively is increasingly certain.Discussion also examined the challenges and opportunities facing growth companies, including access to capital, regulatory complexity and the pressure to scale while maintaining strong governance. Members reflected on policy directions at EU, Irish and UK level, including the proposed 28th regime, and how efforts to reduce regulatory burden and improve competitiveness will shape business decisions in the years ahead – issues that feature prominently in the Institute’s ongoing advocacy.The evolving role of accountants, particularly CFOs and senior finance leaders, was a recurring theme, particularly in supporting decisions under conditions of incomplete information. Contributors highlighted growing expectations from investors, boards and management teams for clear insight, credible assurance and informed challenge. Investor perspectives underscored the importance of transparency, resilience and credible strategy, alongside practical measures such as cash‑flow management, cost control and balance‑sheet discipline. The role of AI and technology also featured strongly. Discussion acknowledged the opportunities AI presents for analysis and efficiency, while reinforcing the need for judgement, accountability and ethical oversight. This aligned closely with the Institute’s position that accountants must act as informed and responsible users of AI ensuring that governance keeps pace with technological change. Culture, accountability and leadership sustainability were identified as critical enablers of effective decision‑making. Contributors reflected on how behaviour under pressure, clarity of responsibility and strong professional networks influence outcomes, particularly as demands on senior leaders continue to intensify.Overall, the conference reinforced the strong alignment between members’ lived experience and the positions the Institute continues to represent through its advocacy work. Chartered Accountants Ireland is already looking ahead to the Risk, Governance & Leadership Conference 2027, taking place on 13 May 2027, and will continue to deepen engagement with members in business throughout the year ahead.You can view photos from the conference here

In Irish news, the Joint Oireachtas Committee has published its report which concludes the pre-legislative scrutiny of the Finance (Tax Appeals and Fiscal Responsibility Bill) 2024 and Revenue has published its 2025 Annual Report.  In UK news, HMRC has asked us to share a reminder that when a VAT return deadline falls on a weekend, the filing date does not change, and ahead of next month’s expected roll-out of multi-factor authentication for agents, we outline the key preparatory steps recommended by HMRC. In International news, Member States agree a proposal on a legislative amendment to strengthen information sharing to prevent cross-border tax fraud.Ireland1.  Revenue published its 2025 Annual Report last week together with several research and statistical papers 2. The Department of Finance and the Department of Public Expenditure, Infrastructure, Public Service Reform and Digitalisation have published the Fiscal Monitor for April 2026 confirming an Exchequer deficit of €4.7 billion to the end of April. UK3. HMRC has issued a reminder that the statutory filing date of VAT returns is not delayed if the deadline falls on a weekend. 4. Ahead of the expected roll-out of multi-factor authentication for agents next month, read the suggested actions agents should take to prepare.International5. Amendments proposed by the European Commission to strengthen cooperation and VAT sharing between national tax authorities have been agreed by Member States.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.  

In this week’s cross-border trading corner, we bring you the latest guidance updates and publications. The most recent Trader Support Service bulletin is also available as is the latest Brexit and Beyond newsletter from the Northern Ireland Assembly EU Affairs team. The Government’s Borders Directorate Communications team has also sent an email setting out details of a technical problem for exporters submitting Certificate of Conformity applications for strawberries and oranges on the Plant Health Export System. The problem is expected to last until 9 June.Miscellaneous guidance updates and publicationsThis week’s miscellaneous guidance updates and publications are as follows:Report a problem using the Customs Declaration Service,Designated export place (DEP) codes for Data Element 5/23 of the Customs Declaration Service,Maritime ports and wharves location codes for Data Element 5/23 of the Customs Declaration Service,Using outward processing to process or repair your goods,Preference codes for Data Element 4/17 of the Customs Declaration Service,Internal temporary storage facilities (ITSFs) codes for Data Element 5/23 of the Customs Declaration Service,Data Element 2/3: Documents and Other Reference Codes (National) of the Customs Declaration Service (CDS), andExternal temporary storage facilities codes for Data Element 5/23 of the Customs Declaration Service. 

In this week’s detailed miscellaneous updates which you can read more about below, HMRC has announced the closure of its online service for overlap relief, and The Tribunal Procedure Committee has launched a consultation which closes on 29 May 2026.In addition to the above, readers should also note the following:The King’s Speech, which sets out the Government’s agenda for new legislation and ongoing Bills for the parliamentary year ahead, takes place later this week on 13 May as part of the State Opening of Parliament. The House of Commons library has published a briefing on this,HMRC has published details of special cases and exclusions for online filing of 2025/26 Self-Assessment returns for individuals and for partnerships. The exclusions for trusts are expected to follow later this month, andHMRC has published the VAT road fuel scale charges which apply from 1 May 2026.  Closure of online overlap relief serviceReaders are reminded that in a recent Agent Update HMRC announced that its online service to obtain overlap relief figures will not be available from 1 June 2026. Overlap relief figures are only relevant to the 2023/24 transition year as a result of basis period reform. If a taxpayer or agent requires overlap relief information after that date, HMRC recommends that the taxpayer (or their agent) checks their records and/or considers using HMRC’s overlap relief calculator. This will be of particular relevance if an agent takes on a new client who has transition profits from 2023/24 which may have been spread over five tax years, commencing in 2023/24. When preparing Self-Assessment returns up to and including 2027/28, the agent will need to be alert for any untaxed transition profits remaining. Any cessation of the taxpayer’s unincorporated business prior to 2027/28 will trigger the assessment of any remaining untaxed transition profits.Tribunal Procedure Committee consultation The Tribunal Procedure Committee (TPC) has launched a consultation seeking views on proposed changes to the rules governing when and how costs (or expenses in Scotland) may be awarded. The consultation closes on 29 May 2026. Responses to the consultation should be made using a questionnaire.The consultation’s aim is to improve clarity, consistency, and fairness in how costs are handled, whilst at the same time ensuring the rules remain simple, accessible and effective in supporting the efficient administration of justice. 

Ahead of the roll-out of multi-factor authentication (MFA) for agents, which we wrote about in March, HMRC has now published updated guidance on this in its Tax Agent's Handbook. The updated guidance explains the actions agents should take now to prepare. HMRC is aiming to roll out MFA for agents from June 2026; confirmation of the official launch date is expected later this week. In the meantime, HMRC has asked us to share details of the actions it recommends agents take to ensure they have no interruption to being able to access their HMRC agent accounts in order to service their clients.HMRC continues to test MFA for agents and will be publishing more information in its guidance ahead of roll-out. Once launched, MFA will ne required for all agent accounts. This is being implemented as it adds an additional step to the sign-in process for agents and helps to protect agent accounts from security breaches, unauthorised access, and HMRC having to suspend access as a result. At present, agents simply input their Government Gateway ID and password to access their Agent Services Account (ASA) or Online Services Account (OSA). Once MFA is introduced, the agent will also need to enter a one-time access code. HMRC’s recommendations to help agents prepare are as follows:Step one: consider having multiple administrators in your practice.The person who creates the firm’s ASA and/or OSA will be automatically set up as an administrator. Administrators can perform additional tasks compared to standard users, for example, they can add or remove users. HMRC has published guidance for firms on how to set up administrators and users for agent accounts. HMRC recommends that firms with multiple staff members have at least two administrators.  Potential benefits from this include allowing the firm to maintain continuity if an administrator is unavailable. The Institute recommends that larger firms may need to consider appointing more than two administrators.Step two: create accounts for staff members, HMRC recommends that each member of staff who requires access to the firm’s ASA or OSA should have their own individual sign-in credentials. Administrators can add new users by following HMRC’s guidance.  Note that creating new users is different for ASAs and OSAs. For OSAs, the administrator must go into each client record and allocate that client to a user or users which will be a significant task for practices which do not currently use individual accounts for staff members. HMRC has recently published a recorded webinar on creating and managing access groups in the ASA (this process is currently in private beta). Creating access groups allows firms to control which clients staff members are able to view and manage in the ASA.  HMRC also recommends that firms remove access when it is no longer required, for example, when a staff member leaves the firm or no longer works on that client.  Step three: investigate how access codes will be received.Access codes can be obtained through an authenticator app, a text message, or a voice call. HMRC recommends that firms use an authenticator app as the primary method and set up an additional method as a back-up. The ‘Remember me’ function will also be able to be used to sign in to an account from the same device, using the same browser, without the need to input an access code for seven days. Step four: review existing MFA options. An existing MFA option may already be set up on the account. If this is the case, when MFA is rolled out, access codes will be sent to the contact details that were saved at the time that option was set up. HMRC recommends that firms ensure that any existing MFA options are correct. The Institute recommends that practices should ensure they still have these contact details .Although administrators can remove the MFA options for users, they cannot set up new MFA options on behalf of users. The user can set up their MFA options: in advance of MFA being activated, or when prompted to do so when they first access the account after MFA has been activated.users will also have the opportunity to re-set up their MFA options if an administrator removes their security preferences. Step five: contact software providers. HMRC recommends that agents who use automated processes or third-party software to manage their sign-in journey make contact with their software provider to check whether any adjustments are needed to this process. HMRC has advised that software developers have been notified of the roll-out of MFA to allow time for any necessary changes. 

The OECD has published its 2026 report on revenue statistics in Latin America and the Caribbean (LAC). Tax revenues increased as a share of GDP between 2023 and 2024 in just over half of the 29 countries covered by this report. 

The Council of the EU has agreed to the European Commission proposal for a legislative amendment to strengthen cooperation and VAT data sharing between the European Public Prosecutor's Office (EPPO), the European Anti-Fraud Office (OLAF), and national tax authorities to combat fraud. The proposal aims to give the EPPO and OLAF easier access to the data they require for their investigations. 

At recent meetings between Revenue and stakeholders as part of the Tax Administration Liaison Committee (TALC), Revenue outlined a solution enabling filers to use a Public Interface Test (PIT) environment to submit test Top‑up Tax Information Returns and receive validation‑based success or failure responses. Revenue has now issued a PIT User Guide outlining the process and providing details on how to access the test environment. A series of information videos on Pillar Two registration have also been published