In this week’s Sustainability/ESG Bulletin from Chartered Accountants Ireland read about the Carbon Border Adjustment Mechanism, and funding for the Women in Finance Charter. Also covered is criticism of the Government’s sectoral adaptation plans for extreme weather events, funding allocated for enterprise decarbonisation, international recommendations for Ireland’s energy future, private wires legislation, and a new package to boost circular economy and strengthen Europe's plastic recycling, as well as the latest articles, resources, jobs and upcoming events.   IRELAND Definitive phase of CBAM begins The Definitive Phase of CBAM – the EU’s Carbon Border Adjustment Mechanism (‘CBAM’) – began from 1 January 2026, with importers of more than 50 tonnes of CBAM goods needing to apply for the status of authorised CBAM declarant to continue doing so. CBAM is an EU instrument for preventing carbon leakage, i.e. shifting the production of goods to non-EU countries where there is a lower or no carbon cost associated with their production. The mechanism is applied to so-called CBAM goods imported to the EU from outside the EU and specified in an EU Regulation (EU) 2023/956. Its objective is for the prices of certain goods imported to the EU to reflect more accurately their carbon content. The CBAM also aims to encourage third countries, foreign producers and EU importers to reduce their emissions. The CBAM commenced in its transitional phase as of 1 October 2023. Only reporting obligations arise during the Transitional Period (1 October 2023 to 31 December 2025).  More information on CBAM can be found on the website of the Environmental Protection Agency, the CBAM National Competent Authority in Ireland. Minister Troy announces Government funding to ensure continuation of Women in Finance Charter Minister of State with responsibility for Financial Services, Credit Unions, and Insurance, Robert Troy, T.D. has announced direct Government support for Ireland’s Women in Finance Charter, which seeks to improve female representation in financial services firms operating in Ireland. Led by industry and supported by government, the Charter, which originated under the Ireland for Finance strategy in 2022, will receive €50,000 funding to support continued research and data gathering. Women now account for 43.4 percent of senior management amongst signatory firms, compared to 36.2 percent when firms signed up. Over 72,000 employees in financial and insurance sector are now represented in the Charter through 104 signatories. A public procurement process is underway to identify a data partner for the 2026 period. Criticism of the Government’s plan to cope with extreme weather events In a letter to the Government, the Climate Change Advisory Council has criticised the Government’s Sectoral Adaptation Plans (SAPs), published in November 2025, as lacking sufficient ambition, resourcing and systemic approach to prevent, among other things, increased negative economic impacts from extreme weather events. The independent advisory group highlighted, in particular, “the deep uncertainty around the levels of finance available to support meaningful adaptation action”, and the lack of clarity in the prioritisation of actions to address the risks highlighted during the recent National Climate Change Risk Assessment (NCCRA).  In January 2025, Storm Éowyn reportedly caused an estimated €301 million, making it the most expensive insurance event in Irish history, revealing weaknesses in the country’s power, communications and water infrastructure. Globally, the 10 most costly climate-related disasters in 2025 were responsible for an estimated €100 billion in damages. €300 million to support industry to reduce emissions and transition to low-carbon operations €300 million has been allocated in the Department of Enterprise, Tourism and Employment’s Sectoral Capital Plan 2026-2030 to support industry to reduce emissions and transition to low-carbon operations. The allocation is part of a €4.7 billion investment in the Department’s capital plan, which sets out how it will spend €4.7 billion in capital investment over the next five years in order to strengthen Ireland’s enterprise and employment base, attract foreign direct investment, promote innovation and support tourism development across all regions. The Sectoral Capital Plan is part of the Government’s National Development Plan 2026-2030, which aims to provide €275 billion to boost the Irish economy’s competitiveness and growth potential across the key areas of water, energy, transport and housing. 2026 renewable fuel rates announced Minister for Transport Darragh O’Brien has signed regulations giving effect to transport elements of the EU Renewable Energy Directive, including the Renewable Transport Fuel Obligation (RTFO) rates for 2026. Regulations come into effect on 1 January 2026. The Renewable Transport Fuel Policy 2025–2027, published in June 2025, sets out a pathway for increasing renewable transport fuel use. This is to support achievement of Ireland’s Climate Action Plan and EU Renewable Energy Directive 2030 targets, for an increased share of renewable energy in transport and transport decarbonisation.  Ireland a ‘frontrunner in integrating wind power’, international report finds The International Energy Agency (IEA) has published an assessment of Ireland's Energy Security to 2035, in which it states that Ireland is a global frontrunner in integrating renewables, but that strategic choices lie ahead to ensure energy security in the coming decade. The report, 'Powering Ireland's Energy Future',  notes that as Ireland's energy, climate and socio-economic goals align around the electricity system, this could lead to demand potentially doubling and require faster delivery of infrastructure and renewables. There are significant challenges and opportunities ahead to align planning and policies across key sectors of the economy to support a secure, affordable and sustainable energy system. The report sets out five pillars for policy action: establishing a cross-sectoral energy security strategy for the 2030s; delivering the enabling infrastructure to accommodate the growth of electricity demand and supply; accelerating the delivery of generation capacity, storage and demand-side flexibility; enabling secure system operation under high renewable penetration; advancing workforce skills, and strengthening partnerships and facilitating electrification. Government approves the drafting of the Private Wires Bill Government has approved the drafting of the Private Wires Bill, which will amend the Electricity Regulation Act 1999 to enable private development of electricity wires in specific circumstances, including – among other things – to allow on-street charging solutions for Electric Vehicles and to allow a customer that self-supplies electricity to provide electricity to a separate customer in a contiguous premises. Private wires legislation will aid the build-out of Ireland's electricity grid, whilst simultaneously accelerating the roll-out of renewable energy and electricity storage solutions. This bill is the next step in implementing the Private Wires Policy Framework, an action in the Climate Action Plan and Programme for Government 2025. Separately, investment of up to €18.9 billion has been announced for Ireland's energy infrastructure. The aim of the investment is to provide for Ireland’s growing population and to facilitate investment in Ireland’s economy. The programme, which will be supported by €3.5 billion government equity investment in the country’s electricity infrastructure, will facilitate a wide range of infrastructure delivery including increasing capacity on the network and upgrading existing infrastructure to meet the growing electricity demand from homes and businesses, as well as the electrification of public transport projects. 20 new Sustainable Development Goal (SDG) Champions for 2025-2027 20 new organisations from across Irish society have been appointed to become Sustainable Development Goal (SDG) Champions for the next 18 months. Organisations ranging from Galway City Council to Grant Thornton, are leading by example in driving forward progress to achieve the United Nations Sustainable Development Goals (SDGs). This brings to 74 the number of SDG Champions in Ireland now. EUROPE New package of measures to boost circular economy and strengthen Europe's plastic recycling The European Commission has unveiled a set of pilot actions to accelerate Europe's transition to a circular economy, with a particular focus on the plastics sector. By optimising the recycling of plastics, these measures will further unlock the potential of the Single Market and enhance the EU's economic security, strategic autonomy, competitiveness and environmental sustainability. This is in line with the analysis of the Draghi report, which highlights circularity and resource efficiency as key levers for strengthening Europe's industrial competitiveness. Joint Declaration on EU legislative priorities for 2026 signed The Presidents of European Parliament, Council and Commission have signed a Joint Declaration on EU legislative priorities for 2026, focusing on boosting the EU's competitiveness and resilience, safeguarding citizens and businesses, while pursuing ambitious simplification goals and working towards agreement on the next Multiannual Financial Framework. Utmost priority will be given to key policy objectives for a new era for European defence and security, to secure Europe's sustainable prosperity, competitiveness and simplification, to strengthen our societies and our social model and quality of life, to ensure comprehensive approach to broader management and migration, to protect our democracy, uphold our values and to leverage our global influence and partnerships. TECHNICAL ACCOUNTING UPDATE (From our colleagues in Professional Accounting on 19 December) In the EU, Omnibus I concluded on 16 December 2025 when the European Parliament (EP) approved a provisional agreement to simplify and reduce the scope of sustainability reporting and due diligence requirements for companies. Only EU companies with over 1,000 employees on average and a net annual turnover exceeding €450 million will be in scope for the CSRD. The CSDDD will apply only to EU companies with over 5,000 employees and a net annual turnover above €1.5 billion. Please see the final text of the proposal which provides further details.   Accountancy Europe has shared some of its views in relation to the political compromise on the  Sustainability Omnibus Proposals.   The International Sustainability Standards Board (ISSB) has issued targeted amendments to greenhouse gas (GHG) emissions disclosure requirements in IFRS S2 Climate-related Disclosures in response to specific application challenges that were identified as companies started to apply the Standard.   The International Sustainability Standards Board (ISSB) and the German Standard-Setter (ASCG) are jointly hosting the second Sustainability Standards Conference in Frankfurt on 18 May 2026.   The ISSB has published its December 2025 update and podcast.   IAASA has published its observations on Wave 1 CSRD reporting, summarising key findings from their supervisory work during the first year of CSRD implementation in Ireland.   The European Financial Reporting Advisory Group(EFRAG) has published three guides to help SMEs report on disclosures identified as particularly challenging in the public consultation and field test on VSME, as well as a report into the VSME Market Acceptance. This explores the level of awareness in relation to the VSME, as well as its acceptance as a voluntary sustainability reporting tool.   GRI, the Global Reporting Initiative, has conducted research into the value of sustainability reporting. In 22 of the 30 studies reviewed by GRI, a positive correlation was found between companies who disclose their sustainability impacts and improved financial performance. ARTICLES How to begin your sustainability journey- Practical steps, lessons learned and what really matters, by Dr Rosie O’Neill, director of sustainability with IFAC (BusinessPlus) SustainabilityWorks top trends shaping corporate sustainability in 2026 - and why they matter for business performance: (SustainabilityWorks) Powering transport and heating with electricity instead of fossil fuel could save the Republic €2.8 billion a year, experts say (Irish Times) The solution to tackling the climate crisis? We need everything - Wind, solar, green hydrogen - every scalable option shown to work at reasonable cost is required (Irish Times) Ireland’s faltering switch to clean energy laid bare by increase in oil and gas use (Irish Times) Ireland had its warmest spring and summer since 1900 last year (The Journal) Green Debt Sales Hit Record Levels - Investors have piled into climate-friendly assets this year despite policy and regulatory rollbacks in the US and Europe, as artificial intelligence drives a boom in energy infrastructure demand (Bloomberg) Climate insurance legal action surges as property damage costs rise (Financial Times) New York Releases Regulation Requiring Mandatory GHG Reporting for Large Emitters from 2027 (ESG Today) PODCAST “Ireland can’t be sustainable without biodiversity.”   Trinity’s Professor Jane Stout unpacks some of the risks for businesses: supply chains, compliance, reputation and financial exposure (The Energy Canvas, 40 mins, 13 seconds) EVENTS Chartered Accountants Ireland Ulster Society, CAB Series ESG Webinar The Environmental, Social & Governance (ESG) landscape is evolving rapidly, bringing both challenges and opportunities for chartered accountants in business. This webinar will explore how ESG is influencing corporate strategy, performance measurement and stakeholder trust. Speakers will discuss the growing responsibilities of finance professionals, the skills required to navigate ESG effectively, and how chartered accountants can add value in an increasingly sustainability-focused business environment. Virtual, Wed 14 January, 1-2pm Pentland Centre for Sustainability in Business - Lancaster University,  SMEs - Learning about Nature and Biodiversity This is the first in a series of three free webinars from the Pentland Centre for Sustainability in Business aimed at SMEs curious about nature and biodiversity links to business activity. This session provides a natural science introduction to ecosystems and explains how these aspects impact business operations, with examples from different sectors. Virtual |  Thursday 15 January  |   8:00am – 9:00am | 4.00pm – 5.00pm Dublin Chamber, The Sustainability Network - Creating Business Value Through Sustainability Join us on Wednesday the 4th of February for This January, Dublin Chamber is introducing a new Sustainability Network event created for organisations that are facing growing sustainability expectations and are unsure how to turn pressure into progress. Many teams are trying to balance commercial priorities with sustainability planning, often without clear guidance. This interactive event is designed to support that work. In person |  Tue 13 Jan 2026 |  08:30am - 11:00am  |  Dublin Chamber, 7 Clare Street, Dublin 2 D02 F Dublin Chamber, The Sustainability Academy: Green Public Procurement Training Join us on Wednesday the 4th of February for Half-day virtual workshop on Green Public Procurement as part of Sustainable Academy, sponsored by AIB. All companies now need to learn the green public procurement rules to bid and win new contracts with the public sector. Virtual, Wed 4 Feb 2026 | 9am - 12.30pm. Pentland Centre for Sustainability in Business - Lancaster University, Starting Your Journey with Tools and Frameworks Second in the series, this webinar explores tools and frameworks that support decision-making for nature and biodiversity, including the Natural Capital Protocol and TNFD. Learn how these approaches help businesses identify relevant priorities and communicate outcomes effectively. Virtual, Thursday 12 February 2026, 8:00am – 9: 00am | 4.00pm – 5.00pm ICAEW, Putting nature on the balance sheet — Troubleshooting session Troubleshooting session to tackle common challenges on how to embed nature into the activities and processes of the finance function. Virtual, Wednesday, 18 February, 2026, 4 - 5pm CET Pentland Centre for Sustainability in Business - Lancaster University, What Does ‘Good’ Look Like in Corporate Reporting? The final session in the Pentland Centre’s free webinar series for SMEs explores what effective reporting on nature and biodiversity looks like. Drawing on global examples, this webinar highlights best practices and practical approaches for integrating nature and biodiversity into corporate reporting. Virtual, Thursday 12 March 2026, 8:00am – 9:00am | 4.00pm – 5.00pm Sustainability Centre You can find information, guidance and supports to understand sustainability and meet the challenges it presents in our online Sustainability Centre.

In December 2025 the Institute published Technical Alert TA 05/2025 - Outline of selected changes under the European Union 6th Anti Money Laundering Package. The Alert provides a high-level outline of some of the changes which will occur when AMLD6 comes into force in 2027.Readers can read a news item on Technical Alert TA05/2025 and the changes here . The Professional Accounting team has now updated our Technical Hub to include links to the Technical Alert , the December news item on the alert and some links to Accountancy Europe resources on AMLA and AMLD 6 .   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.  

From the Professional Accountancy team…... In December 2025 the Institute responded to a consultation by the Irish Dept of Enterprise Tourism and Employment on proposed changes to the Companies Act 2014 and related legislation. The consultation related to access to the residential addresses of company officers. The Institute welcomes the proposed changes in relation to directors’ addresses and we understand that the changes will generally be welcomed by the company secretarial community. Similar proposed changes are suggested in the drafting of the Co-Operative Societies Bill and the Registration of Limited Partnership and Business Names Bill. Progress on both these pieces of draft legislation is awaited and hopefully will be advanced by the Government in 2026. 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.    

Today’s announcement by the UK Government of significant changes to its proposed inheritance tax reforms is a significant step in safeguarding rural communities and supporting succession planning for future generations according to Chartered Accountants Ireland. Following strong lobbying efforts in 2025, including from Chartered Accountants Ireland, the threshold for 100% relief on agricultural and business property combined will increase from £1 million to £2.5 million from 6 April 2026. Beyond this threshold, a 50% relief rate will apply, meaning couples can pass on up to £5 million of agricultural or business assets between them, in addition to existing allowances such as the nil-rate band. According to the Government, these changes mean only a small number of estates with agricultural and business assets will pay additional inheritance tax. Leontia Doran, UK Tax Manager, Chartered Accountants Ireland said "Chartered Accountants Ireland has consistently highlighted that the original proposals would have disproportionately impacted farmers in Northern Ireland. We strongly advocated for changes to ensure that genuine farming activity and family-owned businesses were not unfairly penalised. Today’s announcement is a significant step in safeguarding rural communities and supporting succession planning for future generations not just in Northern Ireland but across the UK." ENDS

IAASA has revised five International Standards on Auditing (Ireland) (ISAs (Ireland)) to reflect the adoption of the Irish Corporate Governance Code. Entities with an equity listing on Euronext Dublin are required to use the Code for financial years beginning on or after 1 January 2025. The revised standards are: ISA (Ireland) 260 Communication with Those Charged with Governance  ISA (Ireland) 570 Going Concern ISA (Ireland) 700 Forming an Opinion and Reporting on Financial Statements  ISA (Ireland) 701 Communicating Key Audit Matters in the Independent Auditor’s Report ISA (Ireland) 720 The Auditor’s Responsibilities Relating to Other Information The revisions do not introduce new requirements for auditors or remove existing ones. They mainly reflect the adoption of the Irish Corporate Governance Code by Euronext Dublin. Additionally, IAASA has updated references to other ISAs (Ireland) and removed a limited number of footnotes that no longer apply in the revised standards. The effective date of the revisions is for periods starting 1 January 2025, consistent with the Irish Corporate Governance Code. The revised standards are available on the Auditing Standards page of IAASA's website.

As the year draws to a close, we are pleased to share some highlights of 2025 and to thank members for their engagement and support throughout the year. We look forward to continuing to work on your behalf towards Strategy27 priorities in the new year.

On 18 December the Ulster Society hosted a webinar on the Charities SORP 2026, which sets out a new framework aimed at enhancing transparency and better reflecting the wide range of charity sizes and structures.  This webinar looks at the upcoming changes, including: Some of the key updates to the Charity SORP A deeper dive into some of the areas more impacted by the changes, such as the Trustee’s Annual Report Consideration of the new Leasing rules and some common issues that charities might have to navigate Analysis of the new revenue recognition rules and how this might impact the typical sources of Income that charities are in receipt of Consideration of how accountants can prepare for the changes A recording of this webinar is available to view, for free and on demand, HERE A pdf copy of the slides used in this presentation is available HERE  

Welcome to the latest edition of Technical Roundup.  In developments since the last edition, the International Federation of Accountants (IFAC) has issued five videos that capture the key themes from a recent panel discussion on the implications of artificial intelligence on business and the accountancy profession.  IAASA has published its observations on Wave 1 Corporate Sustainability Reporting Directive (CSRD) reporting summarising key findings from their supervisory work during the first year of CSRD implementation in Ireland. Read more on these and other developments that may be of interest to members below.  Financial Reporting   The European Financial Reporting Advisory Group (EFRAG) has published its feedback statement on its discussion paper “The Statement of Cash Flows-Objectives, Usages and Issues”. EFRAG has published its November 2025 Update. The International Accounting Standards Board (IASB) has issued its December 2025 update and podcast. The IFRS Interpretations Committee (IFRIC) has issued its November 2025 Update. The UK Endorsement Board (UKEB) has adopted IFRS 18 Presentation and Disclosure in Financial Statements for use in the UK. The standard was issued by the IASB in April 2024 and replaces IAS 1 Presentation of Financial Statements. The standard is effective for periods commencing on or after 1 January 2027, with early application permitted. In their 10 December Episode of the Financial Reporting Council's In Conversation podcast series, Kate O'Neill, Director of Stakeholder Engagement and Corporate Affairs, is joined by Anthony Barrett, Executive Director of Supervision, and Jamie Symington, Deputy Executive Counsel, to discuss the progress of the FRC's consultation on proposed amendments to the Audit Enforcement Procedure which launched in October 2025. Auditing and Assurance  The Financial Reporting Council (FRC) has issued a consultation on its draft plan and budget for 2026-27 which sets out its priorities and resources for the year ahead. Accountancy Europe has published a paper setting out principles and good practices to support more effective and coherent audit supervision in the EU, particularly for PIE and cross-border audits where multiple national authorities are involved. Sustainability  In the EU, Omnibus I concluded on 16 December 2025 when the European Parliament (EP) approved a provisional agreement to simplify and reduce the scope of sustainability reporting and due diligence requirements for companies. Only EU companies with over 1,000 employees on average and a net annual turnover exceeding €450 million will be in scope for the CSRD. The CSDDD will apply only to EU companies with over 5,000 employees and a net annual turnover above €1.5 billion. Please see the final text of the proposal which provides further details. Accountancy Europe has shared some of its views in relation to the political compromise on the  Sustainability Omnibus Proposals. The International Sustainability Standards Board (ISSB) has issued targeted amendments to greenhouse gas (GHG) emissions disclosure requirements in IFRS S2 Climate-related Disclosures in response to specific application challenges that were identified as companies started to apply the Standard. The International Sustainability Standards Board (ISSB) and the German Standard-Setter (ASCG) are jointly hosting the second Sustainability Standards Conference in Frankfurt on 18 May 2026. The ISSB has published its December 2025 update and podcast. IAASA has published its observations on Wave 1 CSRD reporting, summarising key findings from their supervisory work during the first year of CSRD implementation in Ireland. The European Financial Reporting Advisory Group (EFRAG) has published three guides to help SMEs report on disclosures identified as particularly challenging in the public consultation and field test on VSME. EFRAG has also published its report into the VSME Market Acceptance. This explores the level of awareness in relation to the VSME, as well as its acceptance as a voluntary sustainability reporting tool. GRI, the Global Reporting Initiative, has conducted research into the value of sustainability reporting. In 22 of the 30 studies reviewed by GRI, a positive correlation was found between companies who disclose their sustainability impacts and improved financial performance. Anti-money laundering and sanctions  Chartered Accountants Ireland, the Central Bank of Ireland, and the EU Sanctions Helpdesk will hold an online webinar on 20th January at 10.30am, which will provide practical compliance support and guide participants through the essentials of EU sanctions compliance, the support available to Irish businesses, and how the EU Sanctions Helpdesk assists SMEs. Through real-world case studies, participants will gain valuable insights into how to navigate due diligence challenges. There will be a Q&A with the panel. Registration is available at the following link. The European Commission announced planned changes to the list of high-risk jurisdictions including adding Russia to the list in order to strengthen the international fight against financial crime. In addition, updates were also announced for the high-risk jurisdictions list following the decisions taken at the FATF and its list of ‘Jurisdictions under Increased Monitoring’ (‘grey list’), following the FATF Plenaries of June and October 2025. For further information regarding the planned changes to the list of high-risk jurisdictions, please refer to the following details recently published by European Commission. These changes will not enter into force until published in the Official Journal. Chartered Accountants Ireland announced the issuance of a Technical Alert (TA 05/2025) covering an outline of selected changes under the European Union 6th Anti Money Laundering Package (AMLD6). A copy of the TA is available at the following link. The HM Treasury in the UK published its Anti-Money Laundering and Counter-Terrorist Financing Supervision Report providing information about the activities of AML and counter-terrorist financing (CTF) supervisors (including accountancy Professional Body Supervisors (PBSs)) for the 2024-2025 financial year. This fulfils HM Treasury’s obligation, under Regulation 51 of the Money Laundering Regulations (MLRs), to publish an annual report on supervision activity using information requested from supervisors.  The Central Bank of Ireland published the first edition of its Financial Crime Bulletin. The purpose of this biannual bulletin is to provide an update on key regulatory and supervisory developments in the areas of AML, Combatting the Financing of Terrorism (CFT), Financial Sanctions (FS), and Fraud.  FATF published results regarding Belgium's recent Mutual Evaluation Report (MER) outlining an assessment of the measures used to counter money laundering, terrorist financing and proliferation financing.  Accountancy Europe published a recap summarising the stakeholder dialogue roundtable, which was held in November to discuss ‘Shaping the future of AML standards’. It was hosted by Accountancy Europe, together with FSR - Danish Auditors. The roundtable included representatives from the EU’s Anti-Money Laundering Authority (AMLA), the European Commission, the Danish EU Presidency, and non-financial sector entities, including auditors, accountants, tax advisers, lawyers, and notaries. The AMLA slide presentation is also available at the following link. AMLA announced the steps it is currently taking to harmonise EU AML supervision and the supporting instruments it will use to assess risks and how AMLA will select the entities it will directly supervise. In this context, AMLA published the draft RTS on risk assessments, which specifies data points and criteria that national supervisors will use to assess the entities they supervise. The draft RTS on selection was also published, which will apply these same data points and criteria to set out how AMLA will assess risks for the purposes of selecting entities for direct supervision. As part of its preparation for direct supervision, AMLA also launched a public consultation on draft implementing technical standards that set out how AMLA and national financial supervisors will cooperate during the selection process and when transferring supervisory powers for institutions or groups that will be directly supervised by AMLA. Stakeholders are invited to provide input through the public consultation by 27 January 2026.  AMLA also published a public statement outlining its approach regarding the public consultation process. Fraud The UK Government announced its new UK Anti-Corruption Strategy covering its approach to stopping corruption at home and abroad. It builds on the 2017 to 2022 strategy and reflects the evolving nature of the threats posed by corruption to the UK’s economy, security and democracy. The European Banking Authority (EBA) and European Central Bank (ECB) published a report regarding the 2025 edition of their joint report on payment fraud. The report covers the semi-annual data for 2022 to 2024 and confirms that the legal requirement for strong customer authentication (SCA) introduced in 2020 has contributed to reducing fraud levels. However, it also highlights the need for continued vigilance and for security measures to be adapted to combat new emerging types of fraud. The three European Supervisory Authorities (EBA, EIOPA and ESMA - ESAs) published key tips to help consumers detect, prevent, and act on online frauds and scams. The tips including details on how to stay alert are outlined in two factsheets regarding crypto frauds and associated scams and online financial frauds and scams in an AI world. The National Cyber Security Centre (NCSC) in the UK announced that almost one billion attempts to access malicious sites were blocked (in less than a year) by a new government cyber tool. The Share and Defend service developed by experts at NCSC works to disrupt online crime and fraud by sharing near real-time data on known fraudulent and malicious websites with internet service providers, which can then prevent customers from clicking through.  Central Bank of Ireland (CBI) The CBI launched a public consultation on the implementation of the CBI's new responsibilities under the Access to Cash legislation. The public consultation covers two parts of the new Access to Cash regime including the identification of local deficiencies in the cash infrastructure and setting minimum ATM service standards and notifications requirements for firms operating ATMs. The CBI's Governor Gabriel Makhlouf delivered a speech to the eighth meeting of the Climate Risk and Sustainable Finance Forum covering climate risk and sustainable finance in Ireland and the EU, and the progress that has been made to date, highlighting the need to ensure climate action remains a priority for the financial sector. The speech also emphasised the Central Bank’s focus on climate risk and sustainable finance and continued encouragement to promote a collaborative approach to how the financial sector supports the transition and adaptation to net-zero. The CBI published a report regarding the roadmap to deliver a more effective and efficient regulatory framework building on the work of the CBI in terms of the integrated supervisory approach. The report outlines how the Central Bank will, in line with initiatives across Europe, enhance the effectiveness and efficiency of its supervision and domestic regulatory framework, improve gatekeeping processes, and deliver a more integrated and less burdensome reporting and data framework.  The CBI announced a consultation regarding the application of the Consumer Protection Code 2025 (CPC 2025) to all regulated credit union activities. The consultation paper sets out the rationale for this position and outlines the proposed approach for applying CPC 2025 to all regulated credit union activities. The CBI's Governor Gabriel Makhlouf delivered a speech to The Royal Irish Academy covering economic resilience and priorities needed in this area in the context of Ireland, Europe, and at an international level.  The CBI released the first edition of its Payment and E-Money Newsletter. The purpose of the newsletter is to provide updates on key regulatory developments in the Payment and E-Money sector and to signpost relevant upcoming changes. The CBI published its fourth and final Quarterly Bulletin of 2025. The bulletin noted that the outlook for the Irish economy in the medium term is being shaped by differing sectoral performances, ongoing structural change, geopolitical tensions and policy actions both at home and abroad.  The CBI published its quarterly Insurance Newsletter covering supervisory insights and updates for the insurance sector. Artificial Intelligence (AI) The International Federation of Accountants (IFAC) has issued five videos that capture the key themes from a recent panel discussion on the implications of artificial intelligence on business and the accountancy profession. The Oireachtas Joint Committee on Artificial Intelligence announced the issuance of its First Interim Report, which includes 85 recommendations on Ireland’s approach to the development, deployment, regulation, and ethical considerations of AI, and on the means of ensuring that the approach supports economic growth, innovation, public trust, and societal benefit while safeguarding rights and mitigating risks. The First Interim Report is available at the following link. The NCSC in the UK published an alert on the "dangerous” misunderstanding of emergent class of vulnerability (AI prompt injection) in generative AI applications. The NCSC has shared critical insights cautioning cyber security professionals against comparing prompt injection and more classical application vulnerabilities classed as Structured Query Language (SQL) injection. It suggests efforts should turn to reducing the risk and impact of prompt injection and driving up resilience across AI supply chains. Full details are available at the following link. Cybersecurity  The European Union Agency for Cybersecurity (ENISA) published the annual NIS Investments report, which presents the findings of a survey conducted by ENISA to explore how cybersecurity policy translates into practice across organisations in the EU and its effects on their investments, resources, and operations. The report calls out key highlights noting that investment focus is shifting from people to technology and outsourcing, and the fact that supply chain risk is still prevalent. ENISA organised a webinar to discuss the latest developments and considerations on engineering personal data protection in the Post-Quantum Cryptography (PQC) era. For details regarding this webinar including related slides, please refer to the following link. The NCSC in the UK published a 'Cyber Essentials Supply Chain Playbook' providing a guide that will help companies protect their business from cyber-attacks through support with embedding cyber essentials in the supply chain. The National Cyber Security Centre (NCSC) in Ireland published an alert regarding critical vulnerabilities in React server components. The NCSC strongly recommends installing updates for vulnerable systems with the highest priority, after thorough testing. Affected organisations should review the latest release notes and install the relevant updates. Digital Operational Resilience Act (DORA) The CEAOB responded to the European Commission in the context of the DORA review clause (Article 58(3)) to assess the applicability and possible extension of DORA to statutory auditors and audit firms.  Other news  The European Commission announced the market integration package, which aims to fully integrate EU financial markets and it is designed to remove barriers and unlock the full potential of the EU single market for financial services. This package is a central component of the European Savings and Investments Union (SIU) strategy. The proposals must now be negotiated and approved by the European Parliament and the Council. Please see attached factsheet regarding this package. The European Data Protection Board (EDPB) published various updates including recommendations to make online shopping more respectful of users’ privacy as part of an ongoing public consultation. It also released details of a preliminary discussion regarding the Digital Omnibus proposal. The ECB published a blog regarding the digital Euro outlining how the ECB plans to prepare for the potential issuance of the digital euro by 2029, assuming the European co-legislators adopt the necessary regulation by 2026. Preparatory steps, including pilot exercises and initial transactions, could begin as early as mid-2027. The ECB published a press release regarding the Governing Council proposal for simplification of the EU banking rules.  Cathy Shivnan, the Corporate Enforcement Authority’s (CEA) Director of Insolvency Supervision, recently featured in the All-Ireland Business Foundation's Entrepreneur Times discussing the CEA's public protection role when it comes to insolvency supervision and director accountability and responsibilities. For further details, please read the full piece here. The Financial Conduct Authority (FCA) in the UK published its ‘Regulatory Initiatives Grid’, which sets out the regulatory pipeline over the next two years. This document provides an overview for the financial services industry and other stakeholders to understand and plan for the timing of regulatory initiatives that may have a significant operational impact on them.  The Professional Standards Department (PSD) of Chartered Accountants Ireland published Issue 43 of the Regulatory Bulletin providing key updates and reminders for members’ attention in various areas including Audit and Assurance, Quality Assurance, and AML. Minister for Enterprise, Tourism and Employment Peter Burke TD, and Minister for Further and Higher Education, Research, Innovation and Science, James Lawless TD recently announced funding of almost €39 million for seven additional projects under Call 7 of the Disruptive Technologies Innovation Fund (DTIF) to foster innovation and collaboration between SMEs, multinationals, and research institutions. The Competition and Consumer Protection Commission (CCPC) published the ‘State of Competition Report’, which assesses how competitive conditions have evolved in Ireland’s non-financial services sector over a 15-year period (2008-2022) and the barriers that most affect entry and expansion in 2025. For further details regarding this report, please see the following link. The Department of Enterprise, Tourism and Employment also welcomed the publication of this report. For further technical information and updates please visit the Technical Hub on the Institute website.       -    The next edition of Technical Roundup will issue on Friday, 9 January 2026   -   Wishing all of our members a very Happy Christmas and best wishes for 2026     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 Irish news, Revenue has extended the deadline for completing the VAT modernisation and eInvoicing survey and the Institute has its say on the Finance (Tax Appeals and Fiscal Responsibility) Bill 2024. In UK news, we present the concluding part of our in-depth Autumn Budget 2025 coverage, focusing on measures aimed at closing the tax gap alongside various other announcements. We also remind readers that the deadline for submitting 2024/25 online self-assessment returns is 30 December 2025 to enable collection of tax under £3,000 via PAYE. In International news this week, the European Commission publishes a report on tax gaps in the EU.  Ireland 1. Revenue has extended the timeline for completion of the VAT modernisation and eInvoicing survey to 16 January 2026. 2. Read the Institute’s submission to the Joint Committee on Finance, Public Expenditure, Public Service Reform and Digitalisation outlining concerns on proposals included in the Finance (Tax Appeals and Fiscal Responsibility) Bill 2024. UK 3. The final part of our detailed Autumn Budget coverage highlights measures aimed at closing the tax gap and investment in HMRC together with updates on other miscellaneous measures. 4. The deadline for filing the 2024/25 self-assessment returns online to allow tax collection via the PAYE tax code is 30 December 2025.  International 5. Read about the report published by the European Commission assessing the tax gaps in the EU. 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 here.  

As Ireland prepares to take on the rotating Presidency of the Council of the EU for the 8th time from July, we advocate a solutions-driven approach, advancing competitiveness, regulatory simplification, coherence, consistency and long-term economic resilience. By fostering open dialogue, communicating the benefits of EU membership, and involving our members and networks, on behalf of our 40,000 members, we will support a Presidency that advances policy but also builds ownership and delivers meaningful outcomes for people, businesses, and communities.   Read the Consultation response

IAASA has published its observations on Wave 1 CSRD reporting, summarising key findings from their supervisory work during the first year of CSRD implementation in Ireland. The paper provides insights from corporate reporting examinations, assurance quality inspections, and highlights the challenges faced by entities and audit firms as they adapt to evolving sustainability reporting requirements. Despite ongoing uncertainties surrounding the Omnibus Directive, IAASA’s supervisory remit for Wave 1 CSRD reporting will continue into 2026. The paper also sets out key messages for the year ahead, including IAASA’s approach in the context of an evolving regulatory landscape. 👉 Read the observations paper to understand the findings and prepare for 2026.

Further investment in HMRC’s debt management capabilities and a range of measures to close the tax gap featured as part of the Autumn Budget’s announcements. The Budget also announced some minor reforms to simplify reporting requirements and announced that further reforms to “streamline processes and improve the taxpayer experience” will be announced by HMRC at an event in Spring 2026. These reforms aim to build on HMRC’s Transformation Roadmap. The news also broke that as part of HMRC’s plans to achieve 90 percent digital interactions by 2029/30, from March 2026 HMRC will stop sending outbound letters which will instead be replaced by digital notifications. More informaticaon is available in the policy paper ‘Modernising digital outbound communications.’ Anyone who still wishes to receive paper communications will need to opt-out of digital communications in order to do so. HMRC debt management £64 million is to be invested over the next five years in HMRC’s existing partnerships with private sector debt collection agencies to collect more tax debt, with £89 million to be invested over the next five years to fund additional staff to increase HMRC’s capacity to collect more tax debt. An updated tax debt strategy was also published at the Budget which outlines HMRC’s approach to reducing tax debt as a percentage of receipts, and to improving debt management and taxpayer support. Construction Industry Scheme (CIS) HMRC’s powers to tackle fraud within the CIS are to be strengthened following the announcement that regulations for technical consultation will be published which aim to simplify and improve the administration of the scheme. The changes will take effect from 6 April 2026 and are being legislated for in Finance Bill 2025/26. Rewards for informants of high-value tax fraud The rewards paid to informants who provide HMRC with high-value information increased with immediate effect from Budget Day. For cases where tax over £1.5 million is recovered, HMRC will now pay rewards up to 30 percent of the additional tax collected that would otherwise have gone unpaid. Promoters of marketed tax avoidance New powers to close in on promoters of marketed tax avoidance are being legislated for in Finance Bill 2025/26. A consultation on further measures to tackle promoters is also to be launched in early 2026. Enhancing HMRC’s powers and sanctions against tax adviser facilitated non-compliance Earlier this year the Government consulted on the introduction of enhanced powers and sanctions to tackle tax advisers who facilitate non-compliance. Chartered Accountants Ireland responded to this technical consultation in September. The draft legislation for these powers is included in Finance Bill 2025/26 and will take effect from 1 April 2026. Non-compliance on the high street A new dedicated small business evasion and enforcement team is to be established to tackle non-compliance on the high street. The team will also deploy 350 HMRC criminal investigators to carry out more targeted criminal interventions to take on the most serious fraud and evasion by small businesses. Electronic sales suppression A call for evidence will be published in early 2026 which will set out the software standards for the Electronic and Mobile Point of Sale Sector that will also explore how best to embed standards across the latest products and innovations. Non-derecognition liabilities The government introduced a new anti-avoidance provision relating to certain arrangements where there is a non-derecognition liability from 26 November 2025 which is being legislated for in Finance Bill 2025/26. Recklessness offence for direct tax A consultation will launch in early 2026 on the introduction of a new ‘recklessness’ criminal offence for fraudulently evading direct taxes in order to align this with existing indirect tax offences. Hidden economy: expanding tax conditionality to new sectors The Government published a summary of responses to the ‘Tackling the hidden economy by expanding tax conditionality to new sectors’ consultation at the Budget and at the same time confirmed plans to extend tax conditionality to the waste and animal welfare sectors and additional transport licences. Draft legislation will be published for technical consultation in 2026. Publication of deliberate defaulters The framework for how HMRC publishes the details of deliberate defaulters is to be reformed in order to ‘bring forward changes next year.’ Making better use of third-party data The Government will acquire third-party data more frequently for interest income and card sales from April 2028. This is being legislated for in Finance Bill 2025/26. Cryptoasset Reporting Framework UK reporting Cryptoasset Service Providers will be required to report on their UK tax resident customers under the Cryptoasset Reporting Framework. Information for first reports to HMRC will be collected from 1 January 2026 and reported to HMRC in 2027. Enhancing tax transparency on real estate The UK is participating in a new international agreement underpinned by the OECD which will tackle tax evasion by providing for the automatic exchange of readily available information on real estate. Business systems integration To enable the automatic transfer of sales and purchase data into businesses’ accounting software, a Call for Evidence will be published in early 2026 to develop options to increase the uptake of business systems integration. Uncertain tax treatments A consultation will be launched in early 2026 on proposals to enhance the existing notification regime for uncertain tax treatments. Offshore anti-avoidance The Government set out its commitment ‘to ambitious reform and substantial simplification of the Personal Tax Offshore Anti-Avoidance Legislation.’ As a result, next steps for the Personal Tax Offshore Anti-Avoidance Call for Evidence were published.