Ciara Cuggy Details of Professional Career I began my career with Grant Thornton, where I trained and qualified as an accountant, progressing to Manager and Associate Director. I specialised in risk, compliance, internal audit, governance, and consumer protection, leading engagements and advising senior stakeholders. I managed teams, client relationships, and delivery end-to-end.  In 2025, I joined Avant Money as a Senior Risk Manager in Mortgages, overseeing risk and working closely with senior leadership on risk appetite and regulatory compliance requirements matters. Details of Institute/District Society Activities I have been actively involved with Chartered Accountants Ireland since 2015 through CASSD, progressing from PRO to Vice Chair and Chair while completing my FAEs. I also contributed at national level through CASSI and served as a Leinster Society representative for two years. Following qualification, I joined the ACA Professionals committee, where I currently serve and represent the Leinster Society. I have supported member events and held the role of Secretary.  Details of other personal particulars or other matters judged by the Candidate as relevant to the Election  I am committed to the ongoing development of the profession, particularly in governance, risk, and member engagement. Through my experience, I appreciate the importance of maintaining high standards and supporting members at all career stages. I would welcome the opportunity to contribute further through continued involvement in the Institute. Patrycja Jurkowska Details of Professional Career I am a Chartered Accountant with eight years of PQE, having trained with Deloitte. At present, I hold the position of Head of Global Finance and ICT at Gorta, where I oversee financial and ICT operations at an international level. My career has spanned diverse sectors, including international development, professional services, and both the private and public domains. I have also served as President of Junior Chamber International (JCI) Dublin and as a Council Member of the Dublin Chamber of Commerce, demonstrating commitment to professional and community engagement. Details of Institute/District Society Activities Current: •    Recently appointed as Director of CA Support  Previous: •    Recipient of the Chartered Star Award in 2019 •    UN SDGs Awareness Taskforce Member (2021 to 2023) •    ACA Committee Member (2018 – 2020) Details of other personal particulars or other matters judged by the Candidate as relevant to the Election  I am deeply committed to fostering collaboration and driving positive change within both the accounting profession and the wider community. While serving on the ACA Committee and JCI Dublin Board, I organised events and training sessions aimed at fostering connections, facilitating learning, and encouraging professional growth in a positive and enjoyable environment. I am keen to make a meaningful contribution to the Leinster Society.

The pace of change in artificial intelligence is accelerating and for the accountancy profession, the implications are profound. From how we work and advise, to our role in shaping trust, governance and growth across the economy, AI presents both extraordinary opportunity and important questions. This moment calls for leadership, clarity and an open, informed discussion.  To mark the launch of its new position paper, An Empowered Profession – AI and the Future of Accountancy, the Institute is hosting a Chartered Roundtable event on Wednesday 20 May at 8:30am, with Deputy Malcolm Byrne TD, Chair of the Oireachtas Committee on AI, who will bring valuable perspectives on how government is approaching AI policy, supports and regulation, and what this means for businesses, professionals and the wider economy. Members will also hear from Institute CEO Rosemary Keogh, who will give an overview of the Institute’s position paper and host a Q&A discussion with Deputy Byrne.   This is an opportunity to engage directly on the issues that matter most: the impact of AI on accountancy, its role in transforming business and the economy, and how public policy and professional leadership must evolve together.   Members are encouraged to register early to secure their place at this important event.   Register now for this free Chartered Roundtable discussion on AI and the Future of Accountancy.  About the Chartered Roundtables   This is the fourth event in the Institute’s series “Trusted Business Leadership: The Chartered Roundtables”.    The last year or so has been a momentous one for the Institute. We launched a refreshed brand and a new strategy placing Trusted Business Leadership at the heart of all our activity. We have an enhanced mandate as the largest professional body on the island, and a responsibility to use our voice to advocate for members, to deliver for members, and to support members through change.    Through the Chartered Roundtables, we want to meet with members on a regular basis and discuss policy areas of relevance to you. We want to provide a forum for discussion and debate. But equally we want to take your sentiments and feed them through to policy makers in our ongoing engagements on your behalf.     

The Institute has recently published a new guidance note which explains how many hours Recognised Supervisory Bodies (RSBs) (UK) and Recognised Accountancy Bodies (RABs) (Ireland) expect auditors to be spending on audit-related CPD. If you’re a member of an RSB/RAB (including the Institute), you must meet the CPD requirements of your membership body.  The Institute’s CPD Regulations for members are available on the Institute’s website here. The models of CPD which an Institute member may apply can be summarised as follows: Input-based models require a set number of hours of CPD to be undertaken each year, normally requiring a percentage of these hours to be verifiable. This includes a minimum quantum of hours CPD in areas of practice engaged in by the member. Output-based models place the onus on the individual to determine their professional development needs and what CPD is required to meet those needs, with no set hours listed. Members may also chose a hybrid approach which is a combination of input-based measures, with output-based expectations Regardless of which model is chosen, members working in audit must ensure that they undertake adequate audit CPD.    Members may be selected as part of an annual sample or other regulatory review to assess compliance with CPD obligations.  Furthermore, the Institute’s Audit Regulations require audit firms to ensure that arrangements are in place so that all principals and employees doing audit work are, and continue to be, competent to carry out the audits for which they are responsible or employed. (Audit Regulation 3.17). Following a review by the Financial Reporting Council (FRC) in 2025, all RSBs agreed that CPD requirements are unlikely to be met by RIs or audit staff who complete less than seven hours of verifiable audit-related CPD, where audit work forms a significant part of their day-to-day work.  The RSBs which are also RABs (including the Institute) apply the same approach in both the UK and Ireland. Monitoring against this expectation will be considered on a case-by-case basis.  Regulators will take a proportionate approach, considering the circumstances of each firm, RI, or audit team member, and any wider quality control framework in place.

Welcome to the latest edition of Technical Roundup.  In developments since the last edition, the Financial Reporting Council (FRC) has published the final revisions to two key auditing standards; ISA (UK) 240 (Revised March 2026) – The Auditor’s Responsibilities Relating to Fraud in an Audit of Financial Statements and ISA (UK) 570 (Revised March 2026) – Going Concern. The FCA recently published a summary of findings on the good and poor practices observed regarding customer due diligence (CDD) areas. The findings were published following a multi-firm review by the FCA of CDD, enhanced due diligence (EDD), and ongoing due diligence controls. Read more on these and other developments that may be of interest to members below.  Financial Reporting The FRC has launched a new discussion forum for stakeholders to share and discuss insights from applying FRS 102. The European Financial Reporting Advisory Group (EFRAG) has published its final comment letter on the International Accounting Standards Board’s (IASB’s) Exposure Draft Amendments to the Fair Value Option for Investments in Associates and Joint Ventures, supporting the proposed amendments. EFRAG is inviting preparers to give their feedback on the IASB’s proposals on Risk Mitigation Accounting and have issued a survey which will remain open until 31 May 2026. EFRAG has published its March 2026 Update. This report summarises public technical discussions and decisions taken at EFRAG in the month. The UK Endorsement Board (UKEB) has published its Final Comment Letter in response to the IASB’s Exposure Draft Amendments to the Fair Value Option for Investments in Associates and Joint Ventures. UKEB has published its Draft Endorsement Criteria Assessment of Translation to a Hyperinflationary Presentation Currency (Amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates). UKEB are welcoming stakeholder comments until 27 July. UKEB has also published its Draft Comment Letter in response to the IASB’s Exposure Draft Risk Mitigation Accounting – Proposed amendments to IFRS 9 and IFRS 7. The Financial Reporting Council (FRC) has established a discussion forum for stakeholders to discuss the application of FRS 102. Auditing and Assurance  IAASA has published an updated edition of its Compendium of Illustrative Reports. Key changes in this edition include: Sample audit reports of an Equity Listed Public Interest and a Debt Listed Public Interest Entities Relevant assumptions are now placed before each of the illustrative reports rather than in the introductory section. The updated Compendium will be available to download from the auditing and assurance standards page on IAASA's website. The FRC is inviting stakeholders to take part in two roundtable discussions to share their views on the International Standard for Auditing for Less Complex Entities (ISA for LCE). The next roundtable will take place on Tuesday, 5 May. IAASA has published two consultation papers with responses requested by 10 July. A consultation paper seeking stakeholders’ views on IAASA’s proposal to pilot the collection of Audit Quality Indicators (AQIs) from Irish firms A consultation paper seeking stakeholders’ views on IAASA’s proposal to amend the public-interest entity firm levy to include CSRD assurance fee income, alongside statutory audit fee income Following a consultation late last year the Financial Reporting Council (FRC) has published the final revisions to two key auditing standards.  The revised standards which will be effective for audits of financial statements for periods beginning on or after 15 December 2026 are: ISA (UK) 240 (Revised March 2026) – The Auditor’s Responsibilities Relating to Fraud in an Audit of Financial Statements ISA (UK) 570 (Revised March 2026) – Going Concern Sustainability  EFRAG has produced its own sustainability report for 2025. This has been prepared under the Voluntary Standard for SMEs (VSME), the framework developed by EFRAG and it highlights how sustainability is embedded across their activities. It was prepared using the VSME Digital Template and Converter and demonstrates the practical use of the template. The EFRAG Secretariat identified several challenges commonly encountered by SME preparers in their preparation of the report and these insights will inform EFRAG's future implementation support and serve as a reference for other entities approaching their first-year reporting. EFRAG have issued their March Update podcast which outlines the latest news and developments in sustainability and financial reporting. EFRAG has added a new VSME Educational Video to its Knowledge Hub which explores the different functionalities of the VSME section of the Knowledge Hub. EFRAG 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 set out by EFRAG include; Development of N-ESRS for non-EU groups Continuation of the SME ecosystem Implementation support Advancing interoperability Accelerating digitalization Accountancy Europe has issued its April 2026 Sustainability Update. The International Sustainability Standards Board (ISSB) has agreed a proposed way forward for nature related disclosures through an IFRS Practice Statement. The ISSB’s existing standards already require companies to disclose material information on all sustainability-related risks and opportunities, including nature-related matters that could reasonably be expected to affect an entity’s prospects. The proposed Practice Statement would sit alongside IFRS S1 General Requirements for Disclosure of Sustainability-related Financial Information and IFRS S2 Climate-related Disclosures, without amending the requirements set out in those Standards. The 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. The ISSB has released its April 2026 Update and Podcast. Anti-money laundering, fraud AMLA has launched two public consultations on draft instruments that establish how obliged entities should identify, assess, and manage money laundering and terrorist financing risks. Consultation on the draft RTS on group-wide minimum requirements and additional measures for subsidiaries and branches in third countries. The Consultation has a closing date of 15 June 2026.  The Public Hearing is scheduled to take place on 20 May 2026, 10:00–12:00 CET – the deadline for Registration is Tuesday, 19 May at 18.30. Consultation on the draft Guidelines on business-wide risk assessment. The Consultation has a closing date of 15 July 2026.  The Public Hearing is scheduled to take place on 28 May 2026, 10:00 – 12:00 – the deadline for Registration is Wednesday, 27 May at 18.30. The FCA recently published a summary of findings on the good and poor practices observed regarding customer due diligence (CDD) areas. The findings were published following a multi-firm review by the FCA of CDD, enhanced due diligence (EDD), and ongoing due diligence controls. AMLA is planning to hold a stakeholder roundtable session regarding 'Risk Assessment Methodology for the Non-Financial Sector' to gather early input from key stakeholders.   The Financial Action Task Force (FATF) Ministers recently agreed key priorities in the fight against illicit finance and published an associated ministerial declaration. The declaration highlights the importance and priority to focus efforts on the growing threat of fraud and strengthening an effective risk-based implementation of the FATF Standards. The FATF published the mutual evaluation report for Italy.  The FATF published the mutual evaluation report for Austria. The EU adopted the 20th package of sanctions against Russia. The new sanctions have a strong anti‑circumvention angle and include robust energy measures, as well as the activation for the first time of the “anti‑circumvention” tool. Please also refer to the EU Sanctions Helpdesk press release regarding the 20th sanctions package. The EU Sanctions Helpdesk supports small and medium-sized enterprises to comply with EU sanctions.   Central Bank of Ireland (CBI) The CBI published a report highlighting that more than one in three Irish adults (35%) have experienced fraud or scams, with nearly two-thirds of victims suffering financial losses. Please also refer to the associated CBI press release. Artificial Intelligence The Law Society of Ireland recently issued details of their 2026 Massive Open Online Course (MOOC) ‘The Impact of Social Media, AI and the Law’, which starts on Tuesday, 9 June 2026.  The MOOCs are free online courses open to all and are part of the Law Society’s Public Legal Education initiative. IDA Ireland published an article regarding 'What the EU AI Act means for companies operating in Ireland'. Cybersecurity The National Cyber Security Centre (NCSC) in the UK published a blog on retaining defensive advantage in the age of frontier AI cyber capabilities. The NCSC in the UK published points to consider when organisations are adopting AI as part of their cyber defence framework. The NCSC continues to insist that organisations improve their cyber security by also implementing basic cyber hygiene.  Data Protection The European Data Protection Board (EDPB) has adopted a template for Data Protection Impact Assessments (DPIA). The template will help companies structure, harmonise, and evidence their DPIA reporting processes.  The EDPB marked the 10th anniversary of the GDPR’s adoption. The GDPR is now part of a broader and evolving European digital framework, alongside other digital laws such as the Digital Services Act, the Digital Markets Act, and the AI Act. Internal Audit The Chartered Institute of Internal Auditors (IIA) in the UK and Ireland recently announced that May is Internal Audit Awareness Month. This May, the Chartered IIA is recommending every internal auditor in the UK and Ireland to dedicate just 30 minutes to increasing awareness of why organisations and their boards need internal audit. Chartered IIA provides some ideas to increase awareness throughout the month of May. The Chartered IIA in the UK and Ireland published a report regarding internal control failures analysing FCA enforcement action from 2021-2025 and examining cases where weaknesses in internal controls are clearly identifiable. The report notes that most control failures were concentrated in anti-money laundering (AML), fraud, and financial crime areas. Other News The Charities Regulator has recently issued its latest Charities e -zine. It covers topics such as who is a charity trustee, who is not a trustee, and what does the role entail? It also examines whether charities are using their registered charity number correctly and gives details of the Regulator’s newly published regulatory strategy and regulatory approach. The Charities Commission for Northern Ireland (CCNI) has published a leaflet setting out the thresholds at which charities need to register with and submit annual reports to the Commission. The CCNI is also conducting a survey asking charities who have experienced a drop in income to provide their views on why this is occurring. The Irish Government recently published its Legislation Programme for Summer 2026. Click for a recent news item detailing legislation, which might be of interest to members. Accountancy Europe recently held an event regarding the 28th Regime (EU Inc) and relevance for SMEs. CEA issued its latest podcast covering the 'Fundamentals of Company Law'.  The Irish Companies Registration office (CRO) has recently posted that as of 30 April 2026 it will no longer be accepting Verified Identity forms (VIF) witnessed online. Click for the full Institute news item on VIF forms. Accountancy Europe published a new factsheet on the European Single Access Point (ESAP), which will be established as an EU-wide digital platform providing centralised access to financial and sustainability information disclosed by companies within the European Union. 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 Sustainability, Competitiveness & Resilience Bulletin, read about Chartered Accountants Ireland’s participation in the Funds Industry Climate Challenge, Irish fuel support schemes, and recommendations to mobilise private finance for nature restoration. Also covered is legislation to accelerate green and digital investment, progress on offshore wind, smart meter roll‑outs and just transition measures in Northern Ireland, and EU responses to the fossil fuel crisis, carbon markets and green finance. Developments in sustainability reporting and nature disclosures are included, plus global insights on circular economy, climate litigation, and investible opportunities, as well as the usual articles, resources and events. CHARTERED ACCOUNTANTS IRELAND Chartered Accountants Ireland is delighted to confirm that we will take part this year in the award-winning 2026 Funds Industry Climate Challenge. During the two-week climate championship, our team will log their daily climate-smart actions onto a platform that converts them into real CO₂e savings. May the best team win! IRELAND Fuel supports schemes worth €220 million announced    The Government has announced details of the Road Transporters Support Scheme (RTSS) for hauliers, ‘own account’ road haulage operators and bus and coach operators, and the new Fuel Support Scheme for farmers, agricultural contractors and fishers, worth a combined €220 million. Read more here. Report recommends ‘structured programme’ to attract private finance for nature restoration A report from Independent Advisory Committee (‘IAC’) on Nature Restoration has found that Ireland needs to invest hundreds of millions every year to restore nature and to support farmers, fishers and foresters to protect the environment. The report – Recommendations to inform the development and implementation of Ireland’s Nature Restoration Plan – represents the culmination of 15 months of work by the IAC, which was established in late 2024 to advise the Minister on the preparation of Ireland’s Nature Restoration Plan – a requirement under the EU Nature Restoration Law. The report includes 46 policy recommendations, with ‘funding nature restoration’ among its top three priority recommendations. As funding nature restoration ‘protects the foundation of our society and delivers economic returns across the whole of society’, the report recommends the government put in place a structured programme of incentives and benefits to attract private finance based on best-practice models. Listing examples such as Nature Credits, Green Bonds and Biodiversity Net Gain, the report advocates for opportunities for private sector organisations and individuals to invest in nature restoration at a national level to ensure high-quality, verifiable impact that supports long-term investment in nature restoration. Approval secured for legislation to incentivise acceleration of companies’ green and digital journeys Minister for Enterprise, Tourism and Employment Peter Burke has secured Government approval for the Industrial Development (Amendment) and Miscellaneous Provisions Bill 2026. The legislation empowers IDA Ireland and Enterprise Ireland to accelerate investment, employment and regional development. Once enacted, the Bill will ensure the enterprise agencies have the legislative tools they need to incentivise companies to accelerate their green and digital journeys and will make the approval of environmental protection aid grants less complex.  The Bill also streamlines the ability of the agencies to support projects in the Defence, Security and Resilience (DSR) sphere. Powering Prosperity: Implementation Progress Report shows actions delivered The Powering Prosperity Final Implementation Progress Report, published this week, has found that Ireland has made significant achievements in developing a successful offshore wind energy industry in Ireland as part of Powering Prosperity – Ireland’s Offshore Wind Industrial Strategy (launched by Department of Enterprise, Tourism and Employment in March 2024). Significant progress has been made over the lifetime of the Strategy which set out to capture the value of the country’s offshore renewable energy supply chain and maximise the economic impact of Ireland’s renewable energy goals. The report finds that 90 percent of the 40 actions outlined in the Strategy have been completed and a further three actions are still in progress. Work is underway on a green growth industrial strategy, which will be published later this year.  NORTHERN IRELAND/UK Design Plan for introduction of smart meters publishes Northern Ireland’s Department for the Economy has published a Design Plan that sets out how the region will introduce smart electricity meters over the coming years. The plan includes details of the roles and responsibilities of partners, how the system will protect consumers, and how procurement and installation will work. Businesses, including small and medium sized firms, will be covered by the roll-out and should benefit from reduced electricity costs, more accurate bills, fewer disputes, improved cash flow and a more reliable electricity network. Smart meters work by measuring electricity usage, like a traditional meter, without the need for estimated meter readings, giving consumers better control over their electricity usage. Two million smart meters have already been installed in the Republic of Ireland, while in Britain 22 million smart meters are now in use. “Lasting economic, social and environmental benefits” – Northern Ireland Assembly approves establishment of Just Transition Commission DAERA Minister Andrew Muir has described as “a significant milestone for climate action in Northern Ireland” the Assembly’s approval of legislation to establish a Just Transition Commission. Commenting, Minister Muir stated that “Climate Action benefits us all delivering lasting economic, social and environmental benefits from healthier communities to greater food and energy security.”  ‘Just transition’ is a term used to encompass a range of social interventions needed to secure people’s rights when economies are shifting to sustainable production. The establishment of an independent Just Transition Commission is provided for by Section 37 of The Climate Change Act (Northern Ireland) 2022. It will include representation from a number of sectors including agriculture, the environment, energy, transport, green finance, trade unions and youth groups. Funding for commercial-ready solutions tackling infrastructure challenges Connected Places Catapult has launched applications for Cohort 5 of the Department for Transport–funded Freight Innovation Fund Accelerator. The programme supports commercial-ready solutions tackling four freight and logistics challenges: renewable energy supply, autonomy, supply chain resilience, and environmental impact, efficiency or safety. In Phase 1, up to 12 SMEs can receive grants of up to £10,000 to develop real-world trial proposals. In Phase 2, up to eight SMEs may secure up to £100,000 to deliver trials through pre-commercial contracts. Find further details on eligibility and documentation here. Technical consultation on UK carbon border adjustment mechanism (CBAM) published HMRC has recently published a technical consultation on draft secondary legislation for the UK carbon border adjustment mechanism (CBAM) due to commence from 1 January 2027. This is a new tax which aims to ensure that highly traded carbon intensive goods imported into the UK face a comparable carbon price to that paid by manufacturers producing the same goods in the UK. Goods include aluminium, cement, fertiliser, hydrogen, and iron and steel. Currently, UK manufacturers are subject to carbon pricing for direct emissions under the UK Emissions Trading Scheme. This includes some of the CBAM administrative requirements, including those on embodied emissions and the monitoring and verification of emissions data. The consultation is open for responses until 21 May 2026. EUROPE EU announces measures to tackle fossil fuel energy crisis The European Commission has launched a series of measures titled ‘AccelerateEU’ to tackle the current fossil fuel energy crisis by accelerating the shift to clean, homegrown energy. Read more here.  EU and partners sign the Global Green Bond Initiative Fund to mobilise up to €20 billion in investments for sustainable infrastructure The European Union and partner development finance institutions have signed the Global Green Bond Initiative (GGBI) Fund, a new public-private investment tool to mobilise up to €20 billion of private capital for sustainable infrastructure projects in low and middle-income countries. One of the three pillars of the Global Green Bond Initiative, the GGBI Fund is a flagship of the European Union's Global Gateway strategy. It aims to unlock up to €3 billion in green bonds in partner countries and help finance activities that support climate and environmental goals. The fund will invest exclusively in bonds issued in primary markets, prioritising first-time issuers like governments, local authorities and businesses, and is expected to crowd in up to €2 billion from European and international private investors, leveraging approximately €1 billion in equity from public investors. The fund will be managed by Amundi, the largest European asset manager. EU Parliament’s 2027 budget priorities: social cohesion, competitiveness, security Members of the European Parliament have backed a report setting out the Parliament’s 2027 EU budget priorities. Priorities include social cohesion, competitiveness and security. In the text, MEPs highlighted ‘cohesion policy’ as a key investment tool to boost competitiveness and stress that the 2027 budget should support critical infrastructure and transport. Tackling labour shortages, skills gaps and demographic pressures must also remain a priority, alongside increased support for SMEs and startups. The EU’s commitment to climate neutrality by 2050 was also reaffirmed, and there were calls for increased investment in energy efficiency, the circular economy, biodiversity and digital innovation. The Commission is expected to present its proposal for next year’s budget in June. Parliament's negotiators will use the guidelines as the basis for their discussions with the Council and the Commission. The budget needs to be agreed between the Council and the Parliament by the end of this year. EU proposes measures to reinforce carbon market The EU Commission has announced “a first concrete measure” to reinforce the European Union Emissions Trading System (EU ETS), which it states needs to be modernised and more agile in light of recent challenges. It has proposed an amendment to the Market Stability Reserve Decision to strengthen the instrument that ensures a stable, well-functioning carbon market. The proposal will be submitted to the European Parliament and the Council and would need to follow the ordinary legislative procedure (co-decision) for adoption. A comprehensive review of the EU ETS will follow in July 2026. This will include any relevant adjustment to keep the MSR fit for purpose in the next decade.   EFRAG’s own VSME report publishes EFRAG, the organisation that develops EU Sustainability Reporting Standards (ESRS) and the Voluntary Standard for SMEs (‘VSME’) has published its own VSME report this week. The report showcases how sustainability is embedded across EFRAG’s activities, governance, and internal practices. It also demonstrates the practical application of the VSME Digital Template and Converter, which delivers structured, tagged disclosures in Inline XBRL format. EFRAG will update, in the following months, the VSME Digital Template and Converter for the public to include the customisation features it has used for this report. In a press release announcing the publication of the report, EFRAG described the process as providing valuable insights into common challenges faced by SMEs and non-profit organisations, helping shape future guidance and implementation support. The VSME is a simplified standard that was developed by EFRAG to make it easier for SMEs to respond to requests for sustainability information from large companies and financial institutions which are subject to mandatory reporting under the Corporate Sustainability Reporting Directive (CSRD) and which have such SMEs in their value chains. Barriers and enablers to scaling circular business models Two briefings have been published by the European Environment Agency that focus on the circular economy. ‘Scaling circular business models in Europe’ looks at the barriers and enablers to scaling circular business models, and ‘Just transition to a circular economy’ examines how integrating justice into circular economy policies can strengthen environmental and social outcomes - important as a growing circular economy will lead to changes in Europe’s jobs market. The briefings are the first two in a series of reports the EEA is producing this year ahead of the Commission’s EU Circular Economy Act which aims to accelerate the transition to a more circular economy for Europe. It aims to establish a Single Market for secondary raw materials, increase the supply of high-quality recycled materials and stimulate demand for these materials in the EU which in turn will help to boost the EU’s economic security, resilience, competitiveness and decarbonisation. WORLD ISSB to develop voluntary requirements for nature disclosures rather than new standalone nature standard The International Sustainability Standards Board (ISSB) has agreed to propose voluntary requirements for nature-related disclosures in the form of an IFRS Practice Statement, rather than a standalone standard or amendments to IFRS S1 and S2, with consultation targeted for October 2026. The decision follows the ISSB’s work to specify aspects about material information on nature-related risks and opportunities for companies to disclose, drawing on the Taskforce on Nature-related Financial Disclosures (TNFD) framework. Critics of the decision reportedly argue that introducing a voluntary approach overlooks the material risks affecting over half of global GDP, while the ISSB has stressed that the decision is not indicative of the importance that it attributes to nature topics, but to prevent disruption from the implementation of the existing ISSB standards. 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 and some wonderful entries make it to the shortlist. Apply now to one of 11 categories. RESOURCES Integrating environmental and social risk essential to safeguard long-term resilience, report finds Cambridge Institute for Sustainability Leadership (CISL) has published a report on the intersection of environmental and social risks for investors. This report introduces a practical, systems-based framework to help investors assess how climate and social risks compound across geographic scale, value chains and socio-demographic vulnerabilities. Building on the Taskforce on Inequality and Social-related Financial Disclosures (TISFD), it translates emerging thinking into actionable guidance for investment decision-making. In its press release CISL commented: “The message is clear: siloed risk frameworks are no longer fit for purpose. Integrating environmental and social risk is essential not only for sustainable development, but for safeguarding long-term resilience.” Mapping social and environmental due diligence legislation The OECD has published a report mapping 21 legislative measures related to human rights, labour and environmental due diligence across 11 jurisdictions. As governments increasingly expect businesses to carry out human rights, labour and environmental due diligence in their operations and supply chains, there are ever greater implications for businesses and policy makers to understand the similarities and differences in scope and approach of policies on due diligence. This report explores the scope and expectations of different measures compared to the six-step due diligence framework from the OECD Guidelines for Multinational Enterprises on Responsible Business Conduct and the OECD Due Diligence Guidance for Responsible Business Conduct. Climate litigation as a financial risk: evidence from a global survey of equity investors The Grantham Research Institute on Climate Change at London School of Economics and Political Science has published a paper on climate litigation as a financial risk, with evidence from a global survey of equity investors. The paper aims to address the issue that little is known about how investors perceive and process climate litigation risks, despite the sharp increase in recent years in change litigation against governments and companies, as well as and the imposition of material financial costs on companies by climate litigation. This occurs – the paper suggests – even when it does not lead to large direct penalties. Drawing on a global survey of 811 institutional equity investors and analysts, the authors find most investors view climate litigation as a material financial risk but differ on when they believe it becomes relevant and how it affects companies. It also finds that clearer corporate disclosure on legal exposures and climate governance could reduce investor uncertainty when assessing climate litigation risk, with direct implications for environmental disclosure frameworks and financial supervision. 50 Investible Opportunities for a New Nature Economy A report from the World Economic Forum highlights 50+ ‘investible opportunities’ it claims are already generating cost-savings or revenues for businesses across the real economy. The report addresses the recognition by businesses of the opportunities a nature-positive economy can offer while feeling the adverse impacts of nature loss. From precision agriculture to battery recycling to bio-based materials, new ways of doing business are delivering both long-term resilience and short-term gains. Accountancy Europe Sustainability Update – April Accountancy Europe has published its April Sustainability Update, including the following highlights: Accountancy Europe’s new SME sustainability hub, which links to key information that SMEs and their accountants need to effectively deal with sustainability requests and also to improve their business’ sustainability and sustainability reporting. ESAs guidelines on ESG risks EU due diligence law scaled back, new data shows ARTICLES Understanding CBAM and its implications (Accountancy Ireland – Briefly) CBAM enters its next phase (Accountancy Ireland) Social risk moves to the top of the ESG agenda (Accountancy Ireland – Briefly) Preparing for the EU’s CSDDD regime across your value chain (Accountancy Ireland) Ireland considers designating private offshore wind facilities as critical infrastructure (Irish Times) Energy independence—a pressing imperative for Europe’s future (Accountancy Ireland) How a cargo bike can save you a fortune in motoring costs (Irish Times) Cavan publican aims to run premises using power harnessed from river, in world first (Irish Times) EV ownership at ‘tipping point’ in many parts of the world, experts say (Financial Times) Climate Change Is Already Showing Up in the Cost of Living (Bloomberg) Green Tech Investments Hit a Record $2.3 Trillion Last Year (Bloomberg) EVENTS Enterprise Ireland, Sustainability Kickstarter Workshops A half‑day workshop series designed to support business leaders in recognising the strategic importance of sustainability and decarbonisation. The sessions provide practical skills to integrate core sustainability principles, identify competitive opportunities, and build actionable plans to meet rising customer expectations for sustainable products and services.  8 May 2026 | Half‑day workshop  ; 23 June 2026 ICAEW, Sustainability for business 2026 This in-person event brings together business leaders – especially from SMEs – to explore how sustainability is shaping the UK business landscape and influencing resilience, competitiveness, and access to capital. Through a mix of interactive sessions, expert discussions and real-work examples, the event will help businesses understand the practicalities of sustainability such as related risks and opportunities, how peers are responding, and what this means for long-term planning and decision-making. In person, Chartered Accountants' Hall, Moorgate Place, London EC2R 6EA, 11 May, 2026, 08:00 - 12:00       ICAEW, What determines the price of energy - factors, forecasts and future This 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 UN Global Compact Network Canada, Annual Sustainability Reporting Peer Review Group (ASPiRe) — Now Open for Registration This 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 Centre You can find information, guidance and supports to understand sustainability and meet the challenges it presents in our online Sustainability Centre.

  The European Commission has launched a series of measures titled AccelerateEU to tackle the current fossil fuel energy crisis by accelerating the shift to clean, homegrown energy. Measures outlined by the AccelerateEU proposal include close coordination between Member States, the establishment of a new Fuel Observatory to track transport fuel developments, and the adoption of a State Aid Temporary Framework to allow national governments to provide, among other things, emergency measures to support the most exposed economic sectors. It also proposes an acceleration of the shift to homegrown clean energy through an Electrification Action Plan, to be presented by the summer, with targets and measures to remove barriers to the electrification of the industrial, transport and building sectors, as well as measures to improve the grid system. The Commission has also pledged to assist Member States to make maximum use of available EU funding for the energy transition. While significant resources are available at EU level, the amount required (€660 billion a year until 2030) will not be met by public money alone. Therefore, to mobilise private investments, the Commission adopted a Clean Energy Investment Strategy in March 2026, and will organise a Clean Energy Investment Summit to bring together the financial services industry, including major institutional investors, industrial leaders, project developers and public financiers to accelerate private financing. All are designed to help Member States and local authorities provide immediate support to protect households and industries from what the EU’s statement describes as “price volatility caused by dependence on imported fossil”. Although it stresses that EU’s energy security is currently not at risk, the short-term and longer-term measures are designed to support the EU’s goal to achieve energy independence, through a decarbonised and resilient energy system based on homegrown clean energy and electrification. Commenting, Ireland's EU Commissioner Michael McGrath, reportedly stated that “Reducing our dependence on imported fossil fuels is in all our shared interests”. Earlier this month, the European Commission positively assessed Ireland's fourth payment request for €249 million under the Recovery and Resilience Facility (RRF), the centrepiece of NextGenerationEU. The reforms and investmentstied to this payment request aim to drive positive change for citizens and businesses in Ireland in the areas of railway electrification, e-health, public administration, higher education, re-skilling and up-skilling, and renewable energy deployment. Flagship measures in this payment request include accelerating offshore wind energy, digitalising healthcare finance and upskilling for the green and digital transition. The Commission has now sent its preliminary assessment of Ireland's fulfilment of the milestones and targets required for this payment to the Council's Economic and Financial Committee (EFC). The payment to Ireland can take place following the EFC's opinion, and the adoption of a payment decision by the Commission. An interactive map of projects financed by the RRF, as well as the Recovery and Resilience Scoreboard, is available online. 

  The Government has announced details of the Road Transporters Support Scheme (RTSS) for hauliers, ‘own account’ road haulage operators and bus and coach operators, and the new Fuel Support Scheme for farmers, agricultural contractors and fishers, worth a combined €220 million. The measures aim to provide financial support to help meet the challenges posed by increased fuel costs arising from the war in the Middle East. The new schemes are part of an overall spending commitment of €755 million to subsidise the rising cost of fuels made by the Government since the war in Iran commenced in late February. The RTSS will initially apply for March 2026, with further payments for April and May depending on average national diesel prices exceeding €1.90 per litre. This threshold reflects the point at which fuel costs become unsustainable for many commercial transport operators. The fuel support scheme for farmers and farm and forestry contractors will cover the months of March up to the end of July and is an income support scheme aimed at those most impacted by the sudden increase in the cost of Market Gas Oil (MGO).  Applications can be made through an online portal, expected to open in May. The Government is also launching a communications campaign designed to support householders and businesses to manage their energy costs. Business-specific energy advice can be found here.

In Irish news this week, Revenue has issued notifications to businesses within the scope of phase one of the VAT modernisation rollout and new guidance on the Research & Development tax credit is published. In UK news, this week’s miscellaneous updates cover a broad range of topics, and you can read our summary of HMRC’s latest VAT publications. In International news, the OECD has published its annual report of taxes paid on wages in OECD countries. Ireland 1. Read about the notifications being issued to large corporates as part of phase one of the VAT modernisation rollout. 2. Revenue has published updated guidance on the Research and Development tax credit incorporating Finance Act 2025 changes. UK 3. This week’s miscellaneous updates features a wide range of areas of interest to members. 4. We have complied a summary of the latest VAT publications, briefs, and guidance published by HMRC. International 5. The OECD has released its annual report of taxes paid on wages indicating an increase in the effective tax rates on wages across the OECD in 2025. 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.    

The Irish Government recently published its Legislation Programme for Summer 2026 setting out the Government’s priorities for the coming thirteen-week summer session. It includes details of proposed legislation such as the General Scheme of Regulation of Artificial Intelligence Bill 2026 to give full effect in Ireland to the EU Regulation on Artificial Intelligence, including the establishment of the national AI central office which was approved in December 2025/Jan 2026. It also references proposed legislation on Cyber Security. The heads of Bill of the National Cyber Security Bill were published in July 2024. The Co-operative Societies Bill and the Miscellaneous Provisions (Registration of Limited Partnerships and Business Names) Bill are still on the programme. The General Scheme of the Co-operative Societies Bill which proposes to repeal the Industrial and Provident Societies Acts 1893-2021 and provide a modern and effective legislative framework suitable for the diverse range of organisations using the co-operative model in Ireland was published in 2022. The heads of the general scheme for the Miscellaneous Provisions (Registration of Limited Partnerships and Business Names) Bill was published in July 2024 as both the limited partnership and business names legislation require updating to provide for modern business practices for those engaged in business using a business name or the limited partnership model. Finally on this topic, the programme indicates that heads are in preparation on a Criminal Justice (Money Laundering and Terrorist Financing) (Amendment) Bill to transpose certain aspects of the EU’s 6th Anti-Money laundering package that require primary legislation. 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.

  The Irish Companies Registration office (CRO)  has recently posted that as of 30th April 2026 it will no longer be accepting Verified Identity forms (VIF) witnessed online. The VIF is to verify a director’s or beneficial owner’s identity where they do not have an Irish Personal Public Service Number (PPSN). Read more about the new VIF here.  As part of completing the VIF a declaration of identity form must be sworn and witnessed. The signature of the person completing the form (director or beneficial owner ) must be in wet ink. In addition ,the form must be  witnessed in person, no online verification is permitted. For further information on this area members can access the Institute’s Technical Alert 02/2023 Questions and Answers on the provision of PPSNs for directors on certain CRO filings 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.

The purpose of National Workplace Wellbeing Day is to raise awareness of the importance of wellbeing in the workplace at a national level and to ask organisations to pause and reflect on how they support their people.  This year, Irish employers are invited to focus on a theme that is deeply human: belonging.  Most of us know what it feels like when we have a sense of belonging. Belonging is not about fitting in. It is about feeling accepted, valued and included.  In the workplace, belonging influences how safe people feel about speaking up, how motivated they are to contribute, and how likely they are to stay, progress and excel.  We also know what the absence of belonging feels like. It’s holding back in meetings. The sense that your contribution doesn’t quite land or is fully appreciated. It's never being fully at ease or hiding your authentic self. Over time, that disconnection takes a toll on our confidence, motivation and wellbeing.  As organisations navigate ongoing change, hybrid work and rising complexity, belonging has emerged as a core element of workplace wellbeing, and one of the clearest signals of a healthy workplace culture.  The link between belonging and wellbeing Wellbeing is often framed as something individual, personal and singular. But in actuality, our wellbeing is shaped just as much by relationships and environment as by personal habits.  People are more likely to feel good at work when they feel accepted and valued. Belonging lowers stress, builds psychological safety and makes it easier to ask for help when things get tough. When challenges arise – as they always do – a sense of connection acts as a buffer.  Conversely, when people feel excluded, overlooked or invisible, the impact is quiet at first, but long-term disengagement creeps in. This is when ‘quiet quitting’, absenteeism and turnover shows up.  Belonging is lived Many organisations have invested time and effort in diversity and inclusion work, often focusing on policies, representation and formal commitments. By prioritising inclusion, employees feel valued and supported which leads to stronger team cohesion and a positive organisational culture. But belonging goes a step further.  Belonging is about everyday experiences and interactions:  Do people feel safe sharing ideas or concerns?  Are different perspectives genuinely welcomed?  Is flexibility applied fairly and consistently?  Do people believe their work and contributions matter?  Belonging is subtle, it develops and grows in daily interactions and in the small signals about what is valued and who is heard.  The power of leadership behaviour  Leaders and management often underestimate how much their words, tone and behaviour shape belonging. Small moments matter, it's how a manager reacts to a mistake, whose voice is acknowledged in a meeting, and whether personal circumstances are met with understanding or impatience.  Belonging is built when leadership teams:  Listen without rushing to respond  Show curiosity about different views and experiences  Acknowledge effort, not just results  Are honest and transparent, especially when decisions are difficult  Model healthy boundaries and respect  Belonging in the changing ways of working  Hybrid work has brought welcomed flexibility, but it has also changed how belonging is created and developed. Informal moments, shared context and visibility don’t happen as easily when teams are dispersed.  This means fostering a sense of inclusion and belonging needs to be a more deliberate and considered process. Belonging depends on fairness, clarity and trust. When flexibility feels uneven or communication is inconsistent, people can quickly feel left out or undervalued. When expectations and standards are clear and fair, connections can thrive.  Psychological safety: Where belonging becomes real  For belonging to truly thrive in the workplace, there needs to be a psychologically safe culture. This is a term that is gaining popularity in organisational psychology, but at its essence, it is about creating an environment where learning, honesty, and growth are possible.  At a practical level, belonging shows up as psychological safety. People feel they belong when they can ask questions, challenge ideas, admit mistakes or say they’re struggling without fear.  Psychological safety isn’t about lowering standards, but it is about allowing employees to feel like they can ask questions, challenge ideas, admit mistakes or say they’re struggling without fear, reprisal or stigma.   Teams with high psychological safety tend to be more engaged, more resilient and better at navigating change. They are also healthier places to work.  Belonging in the everyday National Workplace Wellbeing Day doesn’t need to be busy or performative to be meaningful. Creating space for honest conversation, and really actively listening to what comes back, is a powerful starting point.  Belonging can’t be delivered by HR alone, and it can’t be confined to a single day or week. It’s built in everyday choices. How work is designed, how pressure is managed, how people are treated when things aren’t going well.  This year’s theme is a reminder that wellbeing isn’t just about individual strength. When people feel they belong, work becomes more human, more sustainable and more meaningful – for individuals and for organisations alike.  If you would like some advice on workplace wellbeing or on your own personal wellbeing, the Thrive wellbeing team is professionally trained to offer wellbeing advice and support to help you on your wellbeing journey.  You can contact the team by email at: thrive@charteredaccountants.ie or by phone: (+353) 86 0243294.  

Below we have compiled the latest updates to VAT legislation, publications, briefs, and guidance.   Late payment interest if you do not pay VAT or penalties on time,  VAT Government and Public Bodies,  VAT on goods exported from the UK (VAT Notice 703),  Business promotions (VAT Notice 700/7),  Charging and reclaiming VAT on goods and services related to private school fees, Pay the VAT due on your Import One Stop Shop VAT return,  Check if you can register for the VAT Import One Stop Shop scheme,  Completing an Import One Stop Shop VAT return as an intermediary on behalf of your client,  Pay the VAT due to HMRC as an intermediary on behalf of your client for their Import One Stop Shop VAT return,  Submit your Import One Stop Shop VAT return,  Register your client to allow you to act as their intermediary for the VAT Import One Stop Shop scheme,  Submit an Import One Stop Shop VAT return as an intermediary on behalf of your client,  Register to act as an intermediary for the VAT Import One Stop Shop scheme, VAT Import One Stop Shop scheme for an intermediary,  Cancel or make changes to your VAT Import One Stop Shop scheme registration,  Cancel or make changes to your intermediary or client VAT Import One Stop Shop scheme registration,  Register for the VAT Import One Stop Shop scheme,  Using an intermediary to register and act on your behalf for the VAT Import One Stop Shop scheme, and  Check if you can register to act as an intermediary for the VAT Import One Stop Shop scheme.