'Bold strategy needed for health, infrastructure and economy' The Chairperson of Chartered Accountants Ulster Society has called for urgent action on three critical priorities to secure Northern Ireland’s economic future: health service reform, infrastructure investment, and building a globally competitive, sustainable economy. Speaking to over 400 guests at the Ulster Society’s Annual Dinner, sponsored by Danske Bank and MCS Group tonight (20 March), Gillian Sadlier emphasised that bold, strategic action is now essential to unlock Northern Ireland’s economic potential.  “Our latest survey of almost 300 Chartered Accountants in Northern Ireland shows that the outlook for the local economy is challenging,” said Gillian Sadlier. “Confidence in Northern Ireland’s prospects has halved in the past year, with only 8% of our members viewing the outlook as ‘good’ or ‘very good’.  “There are undoubtedly opportunities in Northern Ireland’s dual market access, but most of our members believe that these have yet to be fully realised. At the moment, the view is that EU Exit costs outweigh the benefits. “There are three major jobs that need urgent attention if we want to build a more resilient, prosperous Northern Ireland. Firstly, health service reform, because we need a system that meets both current and future demands.  “Secondly, infrastructure investment, the roads, transport, water systems that quite literally keep an economy moving.  “Then thirdly building a globally competitive, sustainable economy which encourages private sector investment, innovation, and job creation.” Chartered Accountants Ulster Society is calling for a long-term, results-driven approach that prioritises these three pillars of reform, underpinned by clear, costed transformation plans with measurable outcomes; collaboration between government and business to ensure practical, actionable solutions; and policy commitments that enable long-term growth, innovation, and job creation. Speaking about the Northern Ireland Executive’s Programme for Government 2024-2027 and the current draft Budget, Gillian Sadlier said: “We hope that it will be the first of many Programmes for Government that over time, will steer our economy to a better place. “We would like to see a multi-year budget to support stability and sustainable development, with broader financial reforms to address emerging economic needs. The Budget also relies on rate increases as the only real revenue-raising measure. We would like to see our leaders explore new revenue raising measures.  “We would like to see serious consideration given to a competitive corporation tax rate, aligned with the Republic of Ireland’s 12.5%, to attract investment and to stimulate economic growth. We would also like to see clearer targets, funding strategies, and policy commitments in the Programme for Government. “Northern Ireland’s business community has shown remarkable resilience,” said Gillian Sadlier. “Now, with the right reforms, leadership, and vision, we can turn that resilience into long-term strength, creating a better, more prosperous future for everyone.” Providing entertainment for guests at the Ulster Society Annual Dinner were comedian and television presenter Patrick Kielty, along with musicians Lucky SAX and String Ninjas; and dancers High Points. The Chartered Accountants Ulster Society’s Annual Dinner took place at Titanic Belfast and was attended by 400 members and their business guests.  

  In this week’s Sustainability/ESG Bulletin read about Ireland’s Department of Finance’s Climate Change Risk Matrix, recommendations from the Climate Change Advisory Council for a National Climate Damage Register and DEARA’s Corporate Plan  2025-2027 towards a just transition to net zero. Also covered is how the UK economy faces $141bn of stranded fossil fuel asset risks, the UK’s Planning and Infrastructure Bill, new resources on climate transition plans, CBAM and SME sustainability reporting, and the usual articles, resources and upcoming events.   Institute news Approval to carry out sustainability assurance engagements (Ireland) – Update for Institute firms In recent months the Institute has approved certain Institute Registered Auditors (audit firms), and responsible individuals (RIs) at those firms, to carry out sustainability assurance engagements in Ireland, pursuant to the EU Corporate Sustainability Reporting Directive (CSRD) as transposed into Irish law.  The recent Omnibus proposals from the EU Commission have created uncertainty over the scope of the CSRD going forward. Our Professional Standards team has the following update for members. Institute shortlisted for ESG award Chartered Accountants Ireland has been shortlisted for the ESG Company Award (SMEs) in the Business & Finance Media Group ESG Awards 2025, in partnership with Grant Thornton Ireland. Congratulations to all our fellow nominees across over 15 categories and we look forward to the Awards on 10 April! Ireland news Department of Finance publishes Climate Change Risk Matrix Ireland’s Department of Finance has published a Climate Change Risk Matrix setting out climate-related economic risks impacting individual businesses and households and the economy. Alongside the physical and transition risks posed by climate change, the matrix lists financial risks grouped into strategic risks, credit risks, market risks, underwriting risks, operational risks and liquidity risks. The matrix was published on the same day the Department of Finance updated its Macroeconomic Climate Modelling, describing its work with other government Departments, agencies and stakeholders to achieve the targeted reductions in overall greenhouse gas emissions by 2030, and reach net-zero emissions by no later than 2050. Climate Change Advisory Council recommends National Climate Damage Register The Climate Change Advisory Council has launched the first publication of its 2025 Annual Review series which examines Ireland’s changing climate, projected future changes and the critical need to adapt. It finds that Ireland must be better prepared for – and able to respond to – rapidly emerging extreme weather events. It also recommends that a ‘National Climate Damage Register’ be established to monitor and record the economic, social and environmental impacts of extreme weather events.  Northern Ireland/UK news Nearly half electricity consumption in Northern Ireland from renewable sources in 2024 A report published by Northern Ireland’s Department for the Economy shows that 43.5 percent of total metered electricity consumption in the region in 2024 was generated from metered renewable sources (81.7 percent of which by wind) located in Northern Ireland. This represents a decrease of 2.3 percentage points on the previous 12-month period. The report aids reporting on performance against the commitments in the Energy Strategy ‘Path to Net Zero Energy’ and the Climate Change Act target which is to “ensure that at least 80% of electricity consumption is from renewable sources by 2030.” DAERA launches Corporate Plan 2025-2027 Minister Andrew Muir has launched his 10-point DAERA Corporate Plan for 2025-2027. The plan sets a clear strategic direction for the Department of Agriculture, Environment and Rural Affairs (DAERA) on a path towards a just transition to net zero, while supporting the region’s agri-food and fishing sectors, improving water quality and the environment, and supporting rural communities. Its theme is ‘Towards 2050’, and it aims to deliver a net zero nature positive future, supporting sustainable agriculture and thriving rural communities. Among the 10 key pledges in the Plan are to bring forward the Carbon Budget Regulations to set carbon budgets, publish the Climate Action Plan, publish and work to deliver a new Nature Recovery Strategy and a new Waste Management Strategy, and to continue to fulfil obligations to implement the Windsor Framework. UK economy faces $141bn of stranded fossil fuel asset risks A new report from the UK Sustainable Investment and Finance Association (UKSIF) and analysts Transition Risk Exeter (TREX) has found that the UK economy faces $141bn of stranded fossil fuel asset risks. The report, Stranding: Modelling the UK's Exposure to At-Risk Fossil Fuel Assets calculates that global economic exposure to fossil fuel asset stranding risk amounts to $2.28trn (£1.77trn) by 2040. UK government introduces Planning and Infrastructure Bill The UK government has published wide-ranging proposals to overhaul the country’s planning system, including measures aimed at boosting housebuilding and energy infrastructure. The Planning and Infrastructure Bill seeks to support delivery of the government’s Clean Power 2030 target by ensuring that key clean energy projects are built as quickly as possible. It also sets out further details about its previously announced Nature Restoration Fund (NRF). The Bill will progress to the second reading in the House of Commons on 24 March 2025.  London-wide Ultra Low Emission Zone One Year Report A report covering the first year of the expanded Ultra Low Emission Zone (ULEZ) scheme to tackle air pollution in London has found that all phases of the ULEZ have had an impact on improving air quality. London’s more deprived communities are seeing greater benefits from the ULEZ, with some communities experiencing an estimated 80 percent reduction in people exposed to illegal levels of pollution. The London-wide zone measures 1,500 km2 and covers nine million people, making it the largest zone of its kind in the world.  Why Reaching Net Zero Is Getting Cheaper in the UK A report has found the net costs of the UK reaching Net Zero will be around 0.2 percent of UK GDP per year on average. The statutory report was published by the UK’s Climate Change Committee (CCC) to provide advice to the UK government on the Seventh Carbon Budget (2038-2042). It states that upfront investment, much of which is expected to come from the private sector, will lead to net savings during the Seventh Carbon Budget period, and that Net Zero will increase economic security against fossil fuel price shocks, which have caused around half of the UK’s recessions since 1970. It should also create opportunities for new jobs in areas such as heat pump installation, and growing markets such as green finance, as well as reducing air pollution and lowering energy bills than continued reliance on fossil fuel technologies. Europe News Policy brief recommends anticipatory governance measures for Europe A Joint Research Centre (JRC) policy brief has published on the need for ‘anticipatory governance’ for Europe to prepare for the impacts of global warming.  The brief – Earth System Tipping Points are a threat to Europe – finds that global warming rapidly approaching 1.5 °C means that widespread and ‘systemic risks’ of crossing several Earth System Tipping Points (ESTP) are becoming an emerging security threat for Europe. The anticipatory governance measures recommended by the policy brief include early warning monitoring systems and ESTP-tailored risk assessments for Europe to support preparedness strategies through resilience building and adaptation planning. This policy brief offers recommendations to the European Union, its member states and international institutions on the actions needed to cover the anticipatory governance gap. World news The Sustainability Standards Board of Japan released its finalised sustainability disclosure standards, based on the standards developed by the IFRS Foundation’s International Sustainability Standards Board.   The International Federation of Accountants (IFAC) has finalised revisions to the International Education Standards to embed sustainability throughout aspiring professional accountants’ training. These updates reinforce the accountancy profession’s role in supporting high-quality sustainability reporting and assurance while upholding integrity and professional quality.   The global network of Chartered Accountants, Chartered Accountants Worldwide (CAW), has announced it will join the Global Capacity Building Coalition, an initiative that aims to build climate capacity in emerging markets and developing economies. The partnership represents a major step in CAW's ongoing mission to empower Chartered Accountants globally. Resources Climate Transition Plans Davy Horizons has published A simple guide to business to: Climate Transition Plans, i.e. plans that define a business’s approach to cutting emissions and aligning operations with national and EU climate objectives, such as Ireland’s Climate Action Plan and the EU’s Green Deal. The guide is a step-by-step overview of how businesses can develop an effective climate transition plan based on international frameworks and best practices including from Carbon Disclosure Project (CDP) and the International Transition Plan Network (ITPN). EU Carbon Border Adjustment Mechanism (CBAM) The OECD has published a policy brief What to expect from the EU Carbon Border Adjustment Mechanism? on the EU policy designed to address the risk of carbon leakage. The Carbon Border Adjustment Mechanism (CBAM) works by levelling the playing field between EU and foreign producers by making importers of carbon-intensive products pay the same carbon price they would have faced, had imported products been produced in the EU. Separately, Accountancy Europe has published a paper focusing on the proposed changes for the CBAM as part of its analysis of the European Commission’s recent Omnibus proposal focusing on the CSRD, the sustainability reporting standards, the CSDDD and CBAM.   SME sustainability reporting Accountancy Europe has published a recording of a webinar from November 2024 on recent developments in sustainability reporting for SMEs. The webinar focuses in particular on the draft voluntary SME standard produced by the European Financial Reporting Advisory Group (EFRAG). Analysing some of the metrics in more detail, the webinar covers the types of assistance that accountants can provide for their SME clients. Environment indicators The OECD has released a new web format for Environment at a Glance Indicators. These indicators provide key messages on major environmental trends in areas such as climate change, biodiversity, water resources, air quality, circular economy and ocean resources. The new format provides real-time interactive on-line access to the latest comparable OECD-country data on the environment and allows users to play with the data and graphics, download and share them, and consult and download thematic web-books. Articles Stand up for the future we want (Sustainable Views – Subscriber only) Sustainability assurance: understanding ISSA 5000 (ICAEW Insights) 27% of us have a ‘green job’ and some don’t even realise it (Irish Times) ESG is now a financial imperative. Here's why (World Economic Forum) Global and European accounting bodies unite on tech and ESG standards (Accountancy Age) UK watchdogs scrap diversity and inclusion rules for financial firms (Financial Times) Proportion of women on Iseq 20 leadership teams falls (Business Post) Ministers to force firms to reveal ethnicity pay gap (The Times – Subscriber) Including ‘Assess’ in your nature strategy: what, why and where? (Business for Biodiversity Ireland) Ireland needs official to advise on adapting to climate change - report finds (RTÉ) Events   Chartered Accountants Ireland, Directors’ duties and responsibilities – what you need to know (ROI/NI) Sean Tierney, Senior Forensic Accountant, will be presenting on the essential duties and responsibilities of company directors, discussing what it means to be a company director, the various types of directors, and the key obligations involved. Dee Moran, Head of Professional Accounting at Chartered Accountants Ireland will also facilitate a Q&A session following the presentation. FREE. Virtual, (Zoom), 25 March 2025, 10.00-11.00am.   Institute of Chartered Accountant England and Wales (ICEAW), 2025: ESG – how should the financial statements reflect sustainability? Gain a practical understanding of how to reflect ESG principles in financial reporting for your organisation. Virtual, 14 & 24 March 2025, 9.30-12.30     EPA, Climate Change Lecture Series - Transformation in a Changing Climate: Insights from the IPBES Transformative Change Assessment Virtual, 26 March, 2025, 7pm   European Environment Agency, Systemic risk governance at the time of the triple planetary crisis This webinar explores the issue of sustainability governance by focusing on emerging practices of systemic risk assessment and responses. The event, introduced and facilitated by Catherine Ganzleben and Lorenzo Benini (EEA), will feature two presentations followed by a panel debate. Virtual, 1 April, 2025 from 2:00 PM to 4:00 PM   Chartered Accountants Worldwide, Difference Makers Discuss Special: Global Challenges and the Drive for Sustainability with Carmine Di Noia (OECD) In our upcoming episode of Difference Makers Discuss, Ainslie van Onselen, Chair of Chartered Accountants Worldwide and CEO of Chartered Accountants Australia and New Zealand, will be speaking with Carmine Di Noia, the Director for Financial and Enterprise Affairs at the OECD. This special conversation will dive into the crucial global challenges we face today and the role of finance professionals in tackling them. Virtual, 3 April, 18:00 - 18:30 pm BST   Chartered Accountants Ireland ESG Masterclass: Take your sustainability knowledge to the next level (ROI/NI) Masterclass designed for all professional accountants working in business or practice, wishing to consolidate their knowledge and understanding of the sustainability regulatory, reporting and assurance landscape. 9 April, 08:30 – 14.00, Virtual   Cork District Society Chartered Accountants Ireland, Navigating Tomorrow: Finance, Sustainability & Strategy for Irish SMEs Paul O'Donovan and Associates, in collaboration with VBC, invite you to their April conference; "Navigating Tomorrow: Finance, Sustainability & Strategy for Irish SMEs". Tickets are free but registration is required. In person, Clayton Hotel, Cork city, Tuesday 15 April 2025,8.15am - 1.00pm   Chartered Accountants Ireland, The SME and SMP Sustainability Workshop A workshop for SMEs and small/medium accounting practices (SMPs) on how to get ahead of the sustainability curve. This interactive half-day session will focus on positive actions you can take to understand the ‘trickle-down’ effect of the Corporate Sustainability Reporting Directive ('CSRD’), green public procurement, access to sustainable finance, and how to make your practice more sustainable to save costs and respond to staff and client demands. Virtual, 23 May, 9.30- 12.30; €60 members; €75 non-members; 3 hours CPD points.   EPA, EPA Annual Climate Change Conference 2025 The EPA Annual Climate Change Conference will be held on Wednesday 28 May 2025 in Dublin Castle. Please save the date for this event. In person, May 28, 2025   Sustainability Centre You can find information, guidance and supports to understand sustainability and meet the challenges it presents in our online Sustainability Centre.  

In UK news this week, HMRC is launching a new email enquiry service for agents, a long-standing recommendation of the Institute, and we invite you to share your views on two important consultations. In Irish news, Revenue has updated several Tax and Duty manuals including the manuals on the reimbursement of travel and subsistence expenses and capital gains tax clearance by non-resident vendors. In International news, the VAT in the Digital Age (ViDA) package is adopted by Member States. Ireland 1. Revenue has updated the Tax and Duty Manual on the reimbursement of travel and subsistence expenses. 2. Read about the updates to the manual on capital gains tax (CGT) clearance requests by non-resident vendors. UK 3. Get in touch with your views on two important consultations recently announced by HMRC. 4. Read about the new email enquiry service for agents launched by HMRC. International 5. Read about the measures included in the recently adopted VAT in the Digital Age (ViDA) package. 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 post EU exit corner.

The recent launch of our New York chapter, held on Monday 10 March at the Consulate General of Ireland in New York, was met with much enthusiasm from members. This event marks an exciting milestone, and the Institute is confident that it will open up new opportunities for the growing network of Irish Chartered Accountants in the New York area. Conall McGonagle FCA will lead this newly established chapter, working closely with Gillian Duffy, District and Global Member Manager. Following this, President Barry Doyle, Deputy President Pamela McCreedy, and District and Global Member Manager Gillian Duffy continued their US outreach engaging with members across the region. There are over 800 Chartered members living and working in the US, many of whom are based in New York and Washington, DC. The team had the opportunity to engage with members and stakeholders at events including the IBEC St. Patricks Day Dinner; the NI Bureau Breakfast; the St. Patrick’s Luncheon at the British Embassy; the American Chamber of Commerce Ireland's Business Breakfast, and the Ireland Funds Gala, attended by senior leaders from both Ireland and Northern Ireland. This outreach is vital to supporting our members overseas and in strengthening our enduring business ties with the USA, ensuring the continued stability and growth of our international relationships. Members who would like to know more about the New York Chapter – or any other overseas member chapter – can contact Gillian Duffy directly.

The UK Government has published in draft the Companies (Directors' Remuneration and Audit) (Amendment) Regulations 2025. They have not yet been adopted and that date is currently unknown. If adopted the legislation will repeal most requirements relating to the reporting of directors’ remuneration by quoted companies that were added in 2019 to implement the EU revised Shareholder Rights Directive. The explanatory memorandum explains that those requirements overlapped considerably with the reporting framework as it was before the Directive’s implementation, or added no material value to shareholders so this legislation would remove most of these requirements, to avoid duplicative or unnecessary reporting. It will also make changes to the existing audit regulatory framework to address some gaps or inconsistencies in regulations that have been identified by Government and the audit regulator, the Financial Reporting Council (FRC). The changes form part of wider action being taken by the Government to streamline the UK’s non-financial reporting framework. Readers can find more information about the changes in the explanatory memorandum to the Companies (Directors’ Remuneration and Audit) (Amendment) Regulations 2025. This information is provided as resources and information only and nothing in these pages purports to provide professional advice or definitive legal interpretation(s) or opinion(s) on the applicable legislation or legal or other matters referred to in the pages. If the reader is in doubt on any matter in this complex area further legal or other advice must be obtained. While every reasonable care has been taken by the Institute in the preparation of these pages, we do not guarantee the accuracy or veracity of any resource, guidance, information or opinion, or the appropriateness, suitability or applicability of any practice or procedure contained therein. The Institute is not responsible for any errors or omissions or for the results obtained from the use of the resources or information contained in these pages.  

Members in Australia represented the Chartered Accountants Ireland Australian Society at the Irish Australian Chamber of Commerce lunch in Melbourne and in Sydney at the Lansdowne Lunch. Check out the photos here.

In recent months the Institute has approved certain Institute Registered Auditors (audit firms), and responsible individuals (RIs) at those firms, to carry out sustainability assurance engagements in Ireland, pursuant to the EU Corporate Sustainability Reporting Directive (CSRD) as transposed into Irish law.  These are referred to as ‘approved firms’ and sustainability assurance service providers (SASPs) respectively.   The recent Omnibus proposals from the EU Commission have created uncertainty over the scope of the CSRD going forward.  Audit firms should be alert to these emerging developments when considering whether and/or when to seek approval to carry out sustainability assurance engagements.  Transitional (‘grandfathering’) arrangements for SASP approval The EU Omnibus package does not include proposals to directly change the transitional (‘grandfathering’) arrangements for SASP approval. Therefore, it remains the case that an individual approved as a RI in Ireland before 1 January 2026 can avail of transitional arrangements when applying for approval as a SASP.   Under those transitional arrangements a RI is eligible for SASP status if he/she undertakes a minimum of 60 hours of CPD in the relevant subjects.   Note that a RI who is approved as RI in Ireland before 1 January 2026 does not have to apply for SASP status before 1 January 2026 to be eligible to avail of the transitional arrangements described above.  A person approved as RI on/after 1 January 2026 who applies for SASP status will be required, by law, to complete an examination and 8 months relevant practical experience to gain the sustainability assurance qualification. Eligibility for approval to carry out sustainability assurance engagements The eligibility criteria for SASP and firm approval are set out in the Institute’s Audit Regulations (incorporating assurance under CSRD) and Guidance, Ireland (the Audit Regulations).   The Institute has prepared FAQs to provide information for audit firms and RIs considering applying for approval to carry out sustainability assurance engagements. For audit firms who do wish to apply for approval at this time, the audit compliance principal can start the application process by contacting sasp-applications@charteredaccountants.ie to request the relevant application forms.    When an audit firm first applies for approval to carry out sustainability assurance engagements at least one RI at the firm must also submit an application for approval as a SASP. Ongoing obligations of approved firms and SASPs Once approved to carry out sustainability assurance engagements, an approved firm and SASP have ongoing obligations in relation to SASP CPD, compliance with relevant provisions of the Audit Regulations and annual regulatory fees relating to sustainability assurance approved status.  Regulatory Fees It is necessary for the Institute to collect regulatory fees to fund the Institute’s work in providing a robust regulatory framework for approved firms and SASPs.  Each application for SASP status is subject to an approval fee.  From 2026, ongoing annual regulatory fees will also be payable by approved firms. Applications for RI status in 2025 An applicant for SASP status must be a RI in Ireland.  As outlined above, an applicant who is approved as RI before 1 January 2026 can avail of transitional arrangements when applying for SASP status (even where that SASP application is made at a date after 1 January 2026).  If an audit firm wishes to designate new RI(s) during 2025 with the intention of ensuring that the RI status of that person is approved by the Institute before 1 January 2026, the firm is advised to submit application(s) for RI status to the Institute as soon as possible, and at the latest by   1 August 2025.    Early application allows time, in most cases, for assessment of the application by the Institute, including where necessary, consideration by the Quality Assurance Committee, before the end of 2025. The Professional Standards Department cannot provide guaranteed timelines for consideration and approval of RI applications as time required depends on the nature of the application.  Complex or incomplete applications for RI status may take longer to process than well-presented, detailed applications which clearly demonstrate an applicant’s competence and experience.  While the transitional arrangements for SASP status may encourage some firms to consider appointing more RIs during 2025 than might otherwise have been intended by the firm, firms are reminded that only appropriately qualified and experienced individuals can be granted RI status in accordance with the Institute’s Audit Regulations. Application forms for RI status are available on the Institute’s website.  Queries regarding RI applications can be directed to authorisations@charteredaccountants.ie.

The Commission has issued a reasoned opinion to Spain for failure to allow the deduction of directly related expenses when calculating withholding taxes on royalty payments received by non-resident taxpayers. Spain has two months to respond and take the necessary measures.

The European Commission has decided to refer Spain to the Court of Justice of the European Union on a failure to remedy an infringement in relation to the free movement of capital (Article 63TFEU) leading to a discriminatory tax treatment of non-resident taxpayers.

The European Commission has released its latest data on taxation trends in all EU countries, Iceland and Norway. The data provides statistical information on tax revenue by economic function, type of tax, level of government and implicit tax rates, enabling the assessment of tax systems from various perspectives.

The European Council has reached political agreement on a further amendment of Directive 2011/16/EU on administrative cooperation in the field of taxation (DAC9). The amendment will streamline the filing obligations and reduce the compliance burden for companies arising under the Pillar 2 Directive, as it enables MNEs to file one top-up tax information return for the entire group at a central level.

The VAT in the Digital Age (ViDA) package was adopted on 11 March 2025 following further consultation of the European Parliament. Once enforced, Member States will be able to introduce mandatory e-invoicing under specific conditions, and improvements will be made to the Import One-Stop-Shop (IOSS) framework for improved controls.