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Press release
(?)

Chartered Accountants Ireland launches new qualification, a Certificate in sustainability strategy, risk & reporting

  Deloitte, EY, KPMG, and PwC come together to deliver, pooling expertise from right across the profession  Developing the structures to support future reporting requirements and recruiting for senior sustainability positions among the themes discussed at Institute’s sustainability conference    Wednesday 25 May 2022:  Chartered Accountants Ireland has today launched its newest qualification, the Certificate in Sustainability Strategy, Risk and Reporting. Recognising that accountants will be at the forefront in driving business transformation, the Certificate will provide a strong foundation in sustainability and ESG issues, and crucially, the reporting requirements and practical application of new frameworks and tools.  In an example of the collaboration that will be required to address the challenges of climate change and living and working sustainably, Deloitte, EY, KPMG, and PwC will come together to deliver this new programme, demonstrating how combined knowledge and expertise can be leveraged for businesses at all levels of the economy, from multinationals to SMEs.  Uniquely this new Certificate is designed with the needs of accountants in both practice and industry in mind and is focused on the key challenges and opportunities those within the profession face and will face over the coming years.  Joe Carroll, Head of Professional Development, Chartered Accountants Ireland said, “In recent years, the Institute has developed a range of tools to help its members move from strategy to action in tackling sustainability issues. Corporate reporting for sustainability is increasing and is no longer seen as just a voluntary option. Every board, senior manager and finance unit will require an understanding of these key issues. There is an exciting and arguably unprecedented opportunity for accountants to take a leadership role and drive radical change. To deliver on this, accountants will need a comprehensive understanding of the impact that sustainability and ESG issues have on their companies and their roles – and equally the impact that they and their companies are having on wider sustainability efforts.” Representatives from each of the accountancy firms who will be delivering the Certificate modules reflected on future trends in sustainability at today’s Chartered Accountants Ireland sustainability conference.  The importance of non-financial reporting and scenario modelling in unlocking future business resilience and building long-term value. Among the trends they identified were: The importance of non-financial reporting and scenario modelling in unlocking future business resilience and building long-term value. Stakeholder demand to quantify and disclose the economic impact that climate change could have on businesses.  With new standards still in draft and the ever-increasing integration of non-financial and financial information, organisations have a short window now to put the structures in place to support future reporting. The limited talent pool that many organisations are experiencing in recruiting for senior sustainability positions.  The use of tech enablers in developing, implementing, and tracking global decarbonisation strategies.  The panel also identified a disconnect between the recognition that sustainability is a priority and meaningful action being taken - some of this is down to organisations not knowing where to start. To address this, Chartered Accountants Ireland has produced a new publication, “Sustainability for Small Businesses”, which was also launched at the conference today. More on the new Certificate:  The new Certificate in sustainability strategy, risk & reporting will provide a comprehensive foundation in sustainability and ESG and equip participants with an understanding and practical application of sustainability trends, issues, tools, frameworks, and metrics to enable them address sustainability opportunities and challenges that the modern accountant faces. Each of the four modules in the course consists of a mix of live online delivery and self-paced study materials.  The Certificate is awarded under the statutory authority of Chartered Accountants Ireland. Members of Chartered Accountants Ireland will be awarded a Certificate in Sustainability Strategy, Risk and Reporting from Chartered Accountants Ireland under the ‘1966 ICAI Charter Amendment Act’. Other participants will be awarded the Certificate in Sustainability Strategy, Risk and Reporting by Chartered Accountants Ireland Executive Education DAC. The Certificate in Sustainability Strategy, Risk and Reporting will commence in October 2022 and will run over 10 weeks. For more information or to register your interest go to charteredaccountants.ie.     ENDS  For more information  Jill Farrelly PR and Communications Manager  Chartered Accountants Ireland                         

May 25, 2022
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Press release
(?)

Pat O'Neill elected President of Chartered Accountants Ireland

The incoming President of Chartered Accountants Ireland has highlighted the need to tackle the continuing capacity constraints facing the profession at the Institute’s AGM in Dublin city centre today. Members of the longest-standing professional accountancy body on the island of Ireland elected Pat O’Neill as President at the Institute’s 134th AGM.   O’Neill noted,  “Despite the recent and current challenges of the pandemic and the re-emergence of significant inflationary pressures, the economy continues to grow. Our economic pillars of large foreign direct investment and successful domestic businesses require appropriate levels of accounting talent; however, several structural factors are causing very real supply side issues in this regard.   “The accounting syllabus at secondary level, introduced over 25 years ago, does little to introduce young people to the breadth of the modern accountant’s role, so it is imperative that the syllabus is made fit for purpose in the 21st century. Otherwise, students will be deterred from a career in accounting, and we won’t have the “bench-strength” to support businesses on this island.”   The Institute, under the auspices of the Consultative Committee of Accountancy Bodies-Ireland last year made a submission on this matter to the Department of Education, including the findings of its accounting syllabus review. O’Neill continued,   “The National Council for Curriculum and Assessment has published its report on its Senior Cycle Review and whilst we are heartened that reform of the senior cycle is now recognised as necessary, the pace of change is just too slow. It will likely be 2027 by the time we see change, and during this time, the impact of a lack of supply of accounting talent is only likely to worsen.”  Accountants are on the Department of Enterprise’s Critical Skills Occupations List, professions with a shortage of qualifications, experience or skills required for the proper functioning of the economy, and the NI Executive has also listed accountancy as an in-demand skill in Northern Ireland.   In addressing the capacity issue, O’Neill also referenced the need to ensure that the needs of business and the profession are met through the recognition of qualifications, stating,    “In the Republic, a substantial amount of the work required for the audit qualification must be statutory audit work, so despite students spending a significant amount of their training supporting US FDI businesses with their US reporting requirements, with much of this controls work also used in the statutory audits of Irish subsidiaries, it will not count towards qualification. The same goes for experience gained in auditing UK subsidiaries by students based in the Republic. The Department of Enterprise Trade and Employment and IAASA must be involved in finding a solution.”  Finally, O’Neill noted that, as a growing economy, if we cannot source sufficient accounting capacity from home grown talent, we must ensure we attract the required talent into the country from elsewhere, saying,  “It is my steadfast belief that people and businesses achieve great things when they come together and diversity of background and thought is key to any profession. As an Institute, we have been working closely with government in the last few months to promote the need to reduce the required Critical Skills Employment Permits application processing times for accountants from outside the European Economic Area, who have already been hired by businesses and the profession to come and work here. The improvement now coming through in the processing time for such permits as a result has seen wait times reduced to 6-8 weeks from as high as four months. We must retain and even improve upon these shorter processing times to attract the right talent.”  Leveraging the Northern Ireland Protocol for business  Pat O’Neill highlighted the need for certainty and stability in the wake of the Assembly Elections, amid ongoing disagreement on the Northern Ireland Protocol.   He concluded,  “The Institute was an early advocate for the unique benefits of the Protocol for businesses located in Northern Ireland. We have almost 5,000 members there, and it is incumbent on us to convey the positive feedback that the Institute has received regarding the unique market access into both Great Britain and the EU that they enjoy. The Protocol remains a subject of debate this week more than ever, and there is no doubt that challenges exist, but predictability and certainty are key for business and the economy in Northern Ireland.”  Pat O’Neill has over 30 years of experience as an audit partner with EY. He has significant involvement at Board level with many plcs providing insight and best practice around Boards’ risk and corporate governance agendas. O’Neill has served on the Council of Chartered Accountants Ireland since 2014; is a former Chair of the Institute’s Audit, Risk and Finance Board; and former Chair of its Leinster Society. He holds a Bachelor of Business Studies Degree (Hons) from the University of Limerick.  At today’s AGM, Sinead Donovan was elected Deputy President of Chartered Accountants Ireland and Barry Doyle was elected Vice-President.   ENDS  

May 20, 2022
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News
(?)

Renewable energy key to Irish climate action

With demand for electricity expected to double by 2030, renewable sources will be key to decarbonising Ireland’s energy sector, writes Laragh Musselwhite. The decarbonisation of our electricity system has been one of Ireland's great success stories. Emissions from electricity generation in Ireland fell by 51.4 percent from 2001 to 2020.   This sizeable drop reflects improvements in the energy efficiency of modern gas-fired power plants as well as the increased share of renewables in the electricity system here.  The government has set ambitious targets for the ongoing roll-out of renewable energy generating capacity, including five gigawatts of offshore wind by 2030. Given that demand for electricity is expected to rise by anywhere from 19 to 50 percent over the next decade, meeting these targets will not be without challenge. Electricity in the Climate Action Plan The Climate Action Plan identifies the energy and electricity sector as a key enabler to Ireland meeting our Net Zero goal by 2050. The plan sets out an overall target of reducing carbon dioxide equivalent (CO2eq) emissions in the sector to between two to four mega tonnes of CO2eq by 2030. Our most significant challenge is, however, the rapidly rising demand for electricity across Ireland. In a high-demand scenario, our electricity needs are expected to as much as double by 2030. At the same time, our electricity emissions need to be reduced by 60–80 percent. Renewable energy Renewable energy will be key to decarbonising the sector. In 2020, electricity generated from renewable sources accounted for 42.1 percent of all electricity generated in Ireland — up from 33.3 percent in 2018. Ireland has significant renewable energy resources, with wind energy accounting for 36 percent of the country's electricity in 2020. We currently have an installed wind capacity of 4.2 megawatts, and the Climate Action Plan commits to increasing this to 13 gigawatts of combined onshore and offshore wind by 2030. The generation opportunity Alongside large-scale renewables, microgeneration and small-scale generation have an important role to play in empowering and driving engagement and participation. Both create opportunities for domestic, community, farming, and small commercial customers to take the first steps towards investment in renewable technologies, potentially helping to shape electricity demand and decarbonise homes and businesses. The Climate Action Plan also provides for a Microgeneration Support Scheme (MSS) aimed at supporting the deployment of an anticipated 260megawatts of new micro renewable generation by 2030. A separate small-scale generation scheme will also come into effect to support the deployment of rooftop and ground-mounted solar photovoltaic (PV) modules in cohorts not suited to other support measures. What does this mean for businesses? While the large-scale deployment of renewables will facilitate the decarbonisation of the national energy system, a growing number of individuals are also seeking to decarbonise their own operations. Options here include: investment in energy-efficiency; corporate power purchase agreements for renewable energy; and small-scale renewable asset deployment. As a first step, businesses are advised to calculate, monitor, and report on their Scope 2 emissions. These are the indirect emissions associated with the purchase of electricity, steam, heat, and cooling. By doing this, businesses can help to identify opportunities for reducing these emissions—and it’s worth noting that improving the energy efficiency of both property portfolios and business operations is crucial here. Potential measures for reducing Scope 2 emissions include securing direct renewable energy contracts, upgrading electric systems (e.g. lighting), generating renewable energy on-site, and optimising manufacturing and production facilities. Given the ongoing volatility in energy prices, the business case for reducing these emissions has never been stronger – and, by making considered choices, businesses can also expect to save on operational costs. The decarbonisation of Ireland's electricity system, therefore, presents a potential opportunity for businesses. In addition to the potential cost savings, other benefits could include reduced exposure to energy price volatility, stakeholder alignment, regulatory compliance and improved brand perception. Laragh Musselwhite is an Analyst at KPMG Sustainable Futures.

May 20, 2022
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Tax
(?)

Revenue’s Compliance Intervention Framework comes into effect

On 1 May 2022, Revenue’s new Compliance Intervention Framework came into effect. The new framework will apply to all compliance interventions notified on or after that date. Revenue published the new Code of Practice for Revenue Compliance Interventions on 11 February 2022. This coming Thursday, the Institute is hosting a webinar (via Zoom) on the new Code of Practice for Revenue Compliance Interventions. The one-hour session, which takes place from 2.00pm, will be delivered by Revenue and should enable members to get up to speed with the change in approach under the new Code. We covered a summary of the main changes in Chartered Tax News in February.

May 03, 2022
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Annual Report 2021 published

The Chartered Accountants Ireland Annual Report 2021 was published today. Entitled "Vibrant, Resilient, Connected", the report features Institute activity and financial statements for 2021. The report can be read here.

Apr 27, 2022
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Tax
(?)

VAT and excise reductions on energy costs announced

Last week, the Government announced further measures to help with the rising costs of energy, including: VAT on gas and electricity will be cut from 13.5 percent to 9 percent from 1 May until the end of October (at a cost of €46 million) Excise reduction on petrol (20c per litre), diesel (15c per litre) and green diesel (2c per litre) will also be extended to Budget Day (at a cost of €80 million) 370,000 fuel allowance recipients will receive a €100 lump sum (at a cost of €37 million) A further reduction in the excise levy on marked gas oil (green diesel) of 2.7c per litre. The above measures are in addition to the cost-of-living measures of €2 billion announced as part of Budget 2022 or brought in since. The Institute wrote to the Government in February recommending that they investigate the possibility of reducing the VAT rate on energy costs to 9 percent. Commenting on the above measures, Minister for Finance Paschal Donohoe noted: "The government is acutely aware of the impact that rising prices are having on citizens and businesses right across the country. That is why we have responded with a series of measures over recent months at a cost of close to €2 billion. "Today, the government has agreed to reductions in the rate of VAT from 13.5 percent to 9 percent on the supply of gas and electricity for a temporary period from 1 May until 31 October costing an estimated €46 million. This will result in savings of €50 on an annual gas bill and €70 on an annual electricity bill. "This measure is being introduced to offset the increase in carbon tax which will take effect from 1 May. "A further reduction in excise duty on Marked Gas Oil by 2.7 cent and an extension to the period at which the reduced excise on petrol, diesel and marked gas oil applies to Budget Day will benefit all households, businesses and our farming sector." The full release can be read at www.gov.ie.

Apr 19, 2022
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Financial Reporting
(?)

Financial Reporting implications of the war in Ukraine under FRS 102

Since the Russian invasion of Ukraine on 24 February, the world has responded in many ways to assist Ukraine and to hold the Russian and Belarussian governments accountable for their actions. This response has taken many forms including aids aimed at assisting the Ukrainian people during the humanitarian crisis and also penalties in the form of sanctions against Russia, Belarus and some individuals and entities deemed to be closely linked to government officials in both countries. These sanctions have been levied by many countries and, in addition to this, companies trading with, or associated with Russia and Belarus have engaged in boycotts and trade embargos with Russia and Belarus. The events of recent weeks have led to many additional considerations for accountants. This includes additional AML considerations and the increased prominence of sanction lists. There are also additional audit considerations and financial reporting issues to take into account. Given the global nature of businesses, many entities in Ireland and the UK may be directly or indirectly impacted by the invasion. The purpose of this article is to discuss some of the key financial reporting considerations that accountants may be exposed to if their entity or their client has a Russian or Belarusian connection. The below is not an exhaustive list and care should be taken by preparers to ensure that the accounting treatment and related disclosures are in accordance with the financial reporting framework applied. The main focus of this article is the accounting implications of entities applying full FRS 102, however, preparers of financial statements under other standards may also find the commentary useful. This article is not a substitute for reading the standard in full. Going Concern Accounting Standard The requirements of accounting standards relating to going concern have not changed as a result of the war in Ukraine. Management’s and auditor’s responsibilities remain the same. However, the economic impact and uncertainty caused by the war will mean that going concern considerations are likely to be more topical for both preparers and auditors. Under the going concern basis of accounting, the financial statements are prepared on the assumption that the entity is a going concern and will continue its operations for the foreseeable future. When the use of the going concern basis of accounting is appropriate, assets and liabilities are recorded on the basis that the entity will be able to realise its assets and discharge its liabilities in the normal course of business. Specific requirements regarding assessing an entity’s ability to continue as a going concern and disclosures regarding going concern are dealt with primarily in Sections 3 and 32 of FRS 102. FRS 102 provides that when preparing financial statements, the management of an entity is required to make an assessment of the entity's ability to continue as a going concern. In assessing whether the going concern assumption is appropriate, management takes into account all available information about the future, which is at least, but is not limited to, twelve months from the date when the financial statements are authorised for issue. It notes that an entity is a going concern unless management either intends to liquidate the entity or to cease trading, or has no realistic alternative but to do so (FRS 102.3.8). FRS 102 also provides that when management is aware, in making its assessment, of material uncertainties related to events or conditions that cast significant doubt upon the entity's ability to continue as a going concern, the entity shall disclose those uncertainties. When an entity does not prepare financial statements on a going concern basis, it is required to disclose that fact, together with the basis on which it has prepared the financial statements and the reason why the entity is not regarded as a going concern (FRS 102.3.9). Where management’s conclusion that there is not a material uncertainty has involved significant judgement, regard should be had to the requirement to disclose significant judgements made in applying the entity’s accounting policies (FRS 102.8.6). Section 32 deals with events after the end of the reporting period, which include all events up to the date when the financial statements are authorised for issue (FRS 102.32.3). Paragraph 7A says that an entity shall not prepare its financial statements on a going concern basis if management determines after the reporting period either that it intends to liquidate the entity or to cease trading, or that it has no realistic alternative but to do so (FRS 102.32.7A). Further, Section 32 provides that deterioration in operating results and financial position after the reporting period may indicate a need to consider whether the going concern assumption is still appropriate. If the going concern assumption is no longer appropriate, the effect is so pervasive that a fundamental change in the basis of accounting is required, rather than an adjustment to the amounts recognised within the original basis of accounting and therefore the disclosure requirements of paragraph 3.9 of the standard apply (noted above) (FRS 102.32.7B). Application of the Accounting Standard The war in Ukraine will have substantially different impacts on companies depending on their levels of exposure. Entities should consider how the war will impact them both directly and indirectly and they should prepare budgets based on the financial information available to them at the time and using their professional judgement. This process will not be easy as it will likely be unclear to the company what the full extent of the financial effect of the war will be, or indeed how long the war will last. The extent to which the war in Ukraine will impact on going concern assessments will depend on entity specific circumstances, including existing financial health and the degree to which the business is exposed to operational and financial risks relating to the sanctions imposed, supply chain and the broader impact on the global economy. In the absence of clarity, the entity will be required to apply professional judgement, document this judgement, update budgets, cashflows and other relevant financial projections when facts and circumstances change and ensure that there is adequate disclosure of this in the financial statements which complies with the financial reporting framework used. If an entity believes that it is not a going concern then they should not prepare their financial statements on a going concern basis. Management should also consider whether there is a material uncertainty related to events or conditions that cast significant doubt upon the entity’s ability to continue as a going concern. The assessment as to whether the going concern basis is appropriate takes into account events after the end of the reporting period. For example, for 31 December 2021 reporters that are severely affected by the economic effects of the war, even though the significant impact on operations occurred after year-end, will need to consider the appropriateness of preparing financial statements on a going concern basis. In making the assessment, management will need to consider all information available up to the date of authorisation of the financial statements. Financial Statement Disclosures Going Concern disclosures will depend on the facts and circumstances in each case, because not all entities will be affected in the same manner and to the same extent (and some entities may not be impacted at all). It is important that issues relating to going concern are adequately disclosed in accordance with the requirements of the financial reporting framework under which the financial statements are prepared. Management should also ensure that financial statements give a true and fair view. Given the potential economic impact and uncertainty caused by the war, however, it is likely that some entities will consider that there is a material uncertainty relating to going concern, although this will depend on the specific entity concerned.  If a material uncertainty does exist, then the company should disclose it in terms that are as specific to the entity as possible, and in terms that users will know how and when the uncertainty might crystallise and its possible impact on the resources, operational capacity, liquidity and solvency of the company. Where management conclude that there is not a material uncertainty but significant judgement has been used in establishing this conclusion, then regard should be had for the need to disclose significant judgements made in arriving at this conclusion. When an entity does not prepare financial statements on a going concern basis, it shall disclose that fact, together with the basis on which it prepared the financial statements and the reason why the entity is not regarded as a going concern.   Trade Receivables impairment Accounting Standard Most entities applying FRS 102 will apply the rules of section 11- Basic Financial Instruments to trade receivables as they normally satisfy the conditions in section 11.9 of FRS 102 for recognition as basic financial instruments and are measured at amortised cost using the effective interest method (FRS 102.11.14). It should be noted that an entity applying FRS 102 can choose to apply the measurement and recognition requirements of IAS 39 Financial Instruments: Recognition and Measurement or IFRS 9 Financial Instruments instead of the requirements of sections 11 and 12 of FRS 102 (FRS 102.11.2). This article has been prepared on the basis that the entity has chosen to apply the measurement and recognition requirements of section 11 and 12 of FRS 102 and does not address the alternative options available under section 11.2 of FRS 102. At the end of each reporting period, an entity must assess whether there is objective evidence of impairment of any financial assets (including trade receivables) that are measured at cost or amortised cost. If there is objective evidence of impairment, the entity must recognise an impairment loss in profit or loss immediately (FRS 102.11.21) Section 11.22 of FRS 102 lists the following events which may lead to observable data that a financial asset is impaired; “(a) significant financial difficulty of the issuer or obligor; (b) a breach of contract, such as a default or delinquency in interest or principal payments; (c) the creditor, for economic or legal reasons relating to the debtor’s financial difficulty, granting to the debtor a concession that the creditor would not otherwise consider; (d) it has become probable that the debtor will enter bankruptcy or other financial reorganisation; and (e) observable data indicating that there has been a measurable decrease in the estimated future cash flows from a group of financial assets since the initial recognition of those assets, even though the decrease cannot yet be identified with the individual financial assets in the group, such as adverse national or local economic conditions or adverse changes in industry conditions.” Section 11.23 goes on to expand on the previous list by indicating that there may also be other factors containing evidence of impairment, including significant changes with an adverse effect that have taken place in the technological, market, economic or legal environment in which the issuer operates. Any impairment loss should be measured as the difference between the asset’s carrying amount and the present value of estimated cash flows discounted at the asset’s original effective interest rate (FRS 102.11.25). The standard also states that "If such a financial instrument has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract". Application of the Accounting Standard Entities holding debtors relating to customers in Russia, Belarus and Ukraine will have to assess the recoverability of these debtors and consider whether there is “objective evidence of impairment” which results in the carrying amount of the asset exceeding the present value of estimated cashflows discounted at the asset’s original effective interest rate. In addition to this, entities should consider other debtors not located in Russia, Belarus or Ukraine but who are potentially exposed to the economic effects of the war and may be impaired as a result. It should also be noted that general provisions for bad debts should not be made under FRS 102 and all trade receivable provisions should be based on objective evidence of impairment as outlined above. Financial Statement Disclosures Section 11 of FRS 102 contains a substantial amount of detail on the specific disclosure requirements relating to financial instruments & this includes a requirement to disclose the amount of any impairment loss for each class of financial asset (FRS 102.11.48(c)).   Cash & cash equivalents Accounting Standard FRS 102 defines cash & cash equivalents as follows (Appendix I to FRS 102: Glossary); Cash- “Cash on hand and demand deposits.” Cash equivalents- “Short-term, highly liquid investments that are readily convertible to known amounts of cash and that are subject to an insignificant risk of changes in value.” FRS 102 requires an entity to disclose the amount of significant cash and cash equivalent balances held by the entity but not available for use (FRS 102.7.21). This includes cash and cash equivalents not available for use by the entity because of, among other reasons, foreign exchange controls or legal restrictions. Application of the Accounting Standard Where entities hold funds in Russian or Belarussian banks they should consider whether these funds can be accessed and whether they represent cash held by the entity but not available for use. If these types of funds are held then there should be disclosure of this. In these circumstances, the entity should also consider if there are any other financial reporting implications arising (such as going concern issues). Financial Statement Disclosures If an entity holds cash or cash equivalents which are not available for use then it must disclose this, together with a commentary by management (FRS 102.7.21).   Impairment of inventory Accounting Standard Inventories are required to be measured at the lower of cost and estimated selling price less costs to complete and sell (FRS 102.13.4). In relation to impairment of inventories, an entity is required to assess, at each reporting date, whether any inventories are impaired. The entity makes the assessment by comparing the carrying amount of each item of inventory (or group of similar items) with its selling price less costs to complete and sell. If an item of inventory (or group of similar items) is impaired, the entity must reduce the carrying amount of the inventory (or the group) to its selling price less costs to complete and sell. That reduction is an impairment loss and it is recognised immediately in profit or loss (FRS 102.27.2). If it is impracticable to determine the selling price less costs to complete and sell for inventories item by item, the entity may group items of inventory relating to the same product line that have similar purposes or end uses and are produced and marketed in the same geographical area for the purpose of assessing impairment (FRS 102.27.3). Application of the Accounting Standard Entities must assess whether the inventory they hold at the reporting date is valued at the lower of cost and estimated selling price less costs to complete and sell. If an entity holds inventory that is specifically held for sale in Russia, Belarus or Ukraine, this may be an indicator of impairment. Changes in consumer behaviour may occur as a result of the war or entities may choose to boycott the Russian or Belarussian markets which may impact inventory values. Entities should also consider whether they can access inventory held in Russia or Belarus which may result in impairment. Inventory held in Ukraine may also be affected if it needs to be shipped internationally and the order may be difficult to fulfil if the ports through which they travel have been captured or destroyed. Entities should carefully monitor inventory held for evidence of impairment. Financial Statement Disclosures An entity should present the following information in relation to impairment losses incurred on inventory during the period (FRS 102.27.32). the amount of impairment losses recognised in profit or loss during the period and the line item(s) in the statement of comprehensive income (or in the income statement, if presented) in which those impairment losses are included; and the amount of reversals of impairment losses recognised in profit or loss during the period and the line item(s) in the statement of comprehensive income (or in the income statement, if presented) in which those impairment losses are reversed. An entity is also required to disclose a description of the events and circumstances that led to the recognition or reversal of the impairment loss (FRS 102.27.33A).   Impairment of assets other than inventory Accounting Standard Along with inventory, section 27 of FRS 102 also addresses the impairment of “assets other than inventories”. The scope of this section of FRS 102 includes impairment losses relating to all assets with the exception of some asset types excluded and dealt with in another section of FRS 102 (such as financial assets in the scope of section 11 and 12 of FRS 102- which are discussed above as part of trade receivables) (FRS 102.27.1). Entities must always be alert to the fact that assets they hold may be subject to impairment. The standard requires that if the recoverable amount of an asset is less than its carrying amount, the entity must reduce the carrying amount of the asset to its recoverable amount. That reduction is accounted for as an impairment loss (FRS 102.27.5). Any impairment loss must be recognised immediately in the profit and loss account, unless the asset is previously revalued, in which case, the impairment should be treated as a revaluation decrease in accordance with the section of FRS 102 that the revaluation occurred (FRS 102.27.6). Accounting standards require preparers to assess at the end of each reporting period whether assets may be impaired. If such an indication exists, then the entity must estimate the recoverable amount of the asset. If there is no indication of impairment, it is not necessary to estimate the recoverable amount (FRS 102.27.7). The standard also allows that if it is not possible to estimate the recoverable amount of an individual asset, an entity must estimate the recoverable amount of the cash-generating unit to which the asset belongs (FRS 102.27.8). The standards include some specific indicators to consider at a minimum which include the following indicators that entities may encounter (a more comprehensive list of these is available in FRS 102.27.9) as a direct or indirect result of the war in Ukraine; “During the period, an asset’s market value has declined significantly more than would be expected as a result of the passage of time or normal use” “Significant changes with an adverse effect on the entity have taken place during the period, or will take place in the near future, in the technological, market, economic or legal environment in which the entity operates or in the market to which an asset is dedicated” “Evidence is available from internal reporting that indicates that the economic performance of an asset is, or will be, worse than expected. In this context economic performance includes operating results and cash flows.” An impairment indicator being present may also indicate that the entity should also review the remaining useful life of the asset, the depreciation method, or the residual value of the asset (FRS 102.27.10). An impairment review involves the entity comparing the “recoverable amount” of an asset or cash generating unit with its “carrying amount” and if the carrying amount exceeds the recoverable amount, then the entity should reduce the carrying amount to the recoverable amount by way of an impairment. The amount used as the “recoverable amount” is the higher of its “fair value less costs to sell” and “value in use” (FRS 102.27.11). The former of these two measures is based on the amount that could be achieved if a sale of the asset happened between knowledgeable, willing parties and the latter is based on the present value of future cashflows from continuing to use the assets. FRS 102 contains detailed rules in relation to how these amounts are calculated and it is not the intention of this article to go into the specific rules (Refer to sections 27.14 to 27.20A of FRS 102). Application of the Accounting Standard Entities should consider whether the war in Ukraine provides evidence of an impairment indicator that an asset (or cash generating unit) is impaired. The presence of an impairment indicator does not automatically mean that an asset is impaired, however, it does mean that the entity must calculate the recoverable amount of the asset or cash generating unit. Entities with assets in Russia, Belarus and Ukraine will most likely need to undertake an impairment review along with other entities with assets exposed to impairment indicators as a result of the economic impact of the war. In relation to the two measures used to determine recoverable amount (fair value less costs to sell and value in use), it is possible that both of these measures could be reduced by the economic impact of the war. Fair values may be negatively impacted by the economic consequences of the war and the market for Russian and Belarussian assets may be squeezed which may impact fair values. Similarly, value in use calculations may be adversely affected with a reduction in projected present value of future cashflows of assets. It is also possible that the uncertainty relating to the overall impact of the war or the overall cost will mean that greater judgement will need to be applied when determining the recoverable amount of assets. Financial Statement Disclosures An entity should present the following information in relation to impairment losses incurred on assets during the period (FRS 102.27.32). the amount of impairment losses recognised in profit or loss during the period and the line item(s) in the statement of comprehensive income (or in the income statement, if presented) in which those impairment losses are included; and the amount of reversals of impairment losses recognised in profit or loss during the period and the line item(s) in the statement of comprehensive income (or in the income statement, if presented) in which those impairment losses are reversed. The information required above should be disclosed for each of the following classes of asset (FRS 102.27.33). Property, plant and equipment (including investment property accounted for by the cost method) Goodwill Intangible assets other than goodwill Investments in associates; and Investments in joint ventures An entity is also required to disclose a description of the events and circumstances that led to the recognition or reversal of the impairment loss (FRS 102.27.33A)   Post Balance Sheet Events Accounting Standard FRS 102 recognises that Events after the Balance Sheet Date are those events, favourable and unfavourable, that occur between the end of the reporting period and the date when the financial statements are authorised for issue (FRS 102.32.2). When carrying out a post balance sheet events review, the accounting standards recognise that there are 2 types of events; Events that provide evidence of conditions that existed at the end of the reporting period (adjusting post balance sheet events); and Events that are indicative of conditions that arose after the end of the reporting period (non-adjusting post balance sheet events). Events after the balance sheet date include all events up to the date when the financial statements are authorised for issue, even if those events occur after the public announcement of profit or loss or other selected financial information (FRS 102.32.3). If events are deemed to be adjusting events then the entity is required to adjust the amounts recognised in its financial statements, including related disclosures, to reflect adjusting events after the end of the reporting period (FRS 102.32.4). If events are not deemed to be adjusting events then the entity is not required to adjust the amounts recognised in its financial statements to reflect non-adjusting events after the end of the reporting period (FRS 102.32.6). In addition to this, Section 32 of FRS 102 sets out the accounting rules for entities that are not deemed to be a going concern. This is discussed in the going concern section above. Application of the Accounting Standard While there were political tensions in the months leading up the invasion, the actual act of invading Ukraine occurred in late February 2022. Therefore, for December 2021 and January 2022 year ends, it would appear reasonable to treat events relating to the war as non-adjusting post balance sheet events. This would mean that entities would not have to adjust their December 2021 and January 2022 accounts to reflect the impact of the post balance sheet event. However, disclosures may be required of the non-adjusting event, as discussed below. For February 2022 and later year ends, entities should consider the impact that the war has had on all areas of the accounts up to the year-end date and whether adjustments are required. This may prove difficult and may require judgement by management of the timing, extent and impact of any effects of the war on its business. Financial Statement Disclosures Even if management deem the war in Ukraine to be a non-adjusting post balance sheet event, they should ensure that the disclosure requirements of the financial reporting framework are complied with, and that the nature of the non-adjusting event is disclosed along with an estimate of the financial effect, or a statement that such an estimate cannot be made (FRS 102.32.10). The assessment as to whether the going concern basis is appropriate takes into account events after the end of the reporting period. For example, 31 December 2021 reporters that are severely affected by the economic effects of the war, even though the significant impact on operations occurred after year-end, will need to consider the appropriateness of preparing financial statements on a going concern basis, as discussed in the going concern section above.   Directors' Report & Strategic Report Whilst not part of the requirements of FRS 102, it is also useful to consider the implications of the war on Directors' Reports and Strategic Reports contained within entities’ annual reports. Such reports should comply with the relevant legislative requirements, such as the requirement to provide a fair review of the company’s business and the requirement to be balanced and comprehensive. Depending on a company’s size and whether they are preparing their financial statements under the Companies Act 2014 in Ireland or the Companies Act 2006 in the UK, they will have different reporting requirements in relation to their Directors' Report and Strategic Report. The impact of the Ukrainian war may require disclosure and discussion in the some sections, including; Principal risks and uncertainties For many companies, the Ukrainian war presents risks and uncertainties to their ongoing business model, future viability, supply chain and staff welfare. When required to be disclosed by a company, any analysis of principal risks and uncertainties should give a meaningful and accurate description of the specific risks and uncertainties that it faces. Companies should not use “boilerplate” disclosures in this regard. Risks and uncertainties will be different for different companies. These may include; Economic risks related to anticipated reduced turnover with customers in sanctioned countries, increased energy costs etc. Credit risks relating to recoverability of debtors who are also impacted by the war. Supply chain risks relating to a disruption in supply of goods that are key to a company’s operations. There may also be concerns relating to the future pricing of goods used by the company. Valuation risks related to the expected future impairment of assets held by the company either in sanctioned countries or impacted by the economic effect of the war. Reputational risks through association with Russian or Belarussian entities or specific individuals. Going concern risks relating to one or a combination of the above. It is important to readers of the financial statements that the principal risks and uncertainties are clearly laid out and understandable. Future developments Some Irish and UK entities are required to include “an indication of likely future developments in the business of the company”. Whilst this will often focus on expected future growth and anticipated developments, this should also be weighed up against the potential impact of the war on future developments if the directors believe that they will be impacted. Events after the balance sheet date The Directors' Report should provide details of important events affecting the company which have occurred since the year end. If the entity has been affected by the war since the year end then this should be disclosed in the Directors' Report.   Conclusion It is unclear how long the war in Ukraine will last and what the full extent of the crisis will be. The war will present new challenges for accountants and entities to report on. Despite this new challenge, it is important to remember that accounting standards have not changed. Where doubt exists on the accounting treatment to apply, entities should ensure that the accounting requirements of the financial reporting framework are followed. Given the uncertainty relating to how long the war will last and what the full humanitarian and economic cost will be, there may be more circumstances where judgement and estimates will be required in applying accounting policies. It is important that any such judgements are made with professional judgement, are updated when new information comes to light, are supported by documented workings to support the judgement and are appropriately disclosed in the financial statements when required. Where financial statements are prepared in accordance with a fair presentation framework, such as FRS 102, it is important for entities to include any additional disclosures necessary to give a true and fair view.   Disclaimer The content of this article is provided for information only and does not purport to give professional advice. It should, accordingly, not be relied upon as such. No party should act or refrain from acting on the basis of any material contained in this article without seeking appropriate professional advice. While every reasonable care has been taken by the Institute of Chartered Accountants in Ireland in the preparation of this article we do not guarantee the accuracy or veracity of any information or opinion, or the appropriateness, suitability or applicability of any practice or procedure contained therein. The Institute of Chartered Accountants in Ireland is not responsible for any errors or omissions or for the results obtained from the use of the information contained in this article. To the fullest extent permitted by applicable law, the Institute of Chartered Accountants in Ireland excludes all liability for any damage, costs, claims or loss of any nature, including but not limited to indirect or consequential loss or damage, loss of business profits or contracts, business interruption, loss of revenue or income, loss of business opportunity, goodwill or reputation, or loss of use of money or anticipated saving, loss of information or loss, damage to or corruption of data, whether arising from the negligence, breach of contract or otherwise of the Institute of Chartered Accountants in Ireland, its employees, servants or agents, or of the authors who contributed to the text, even if advised of the possibility of such damages. Similarly, to the fullest extent permitted by applicable law, the Institute of Chartered Accountants in Ireland shall not be liable for any indirect or consequential losses including but not limited to, loss of business profits or contracts, business interruption, loss of revenue, loss of business opportunity, goodwill or reputation, or loss of use of money or anticipated saving, loss of information or damage to or corruption of data, nor shall it be liable for any damage, costs or losses of any nature (whether direct or indirect) occasioned by actions, or failure to act, by users of this article or by any third party, in reliance upon the contents of this article, which result in damages or losses incurred either by users of this article, for whom they act as agents, those who rely upon them for advice, or any third party, or for any breach of contract by the Institute of Chartered Accountants in Ireland in respect of any inaccurate, mistaken or negligent misstatement or omission contained in this article.  All rights reserved. No part of this article is permitted to be reproduced for resale, stored in a retrieval system for resale, or transmitted in any form or by any means, electronic, mechanical, photocopying, recording or otherwise for resale, or for any other purpose, without the prior and express written permission of the copyright holder. Nor is any right granted for any part of this article to be copied or otherwise used in any presentation or training course without the prior and express written permission of the copyright holder. For professional advice on any of the matters referred to above, please contact the Institute of Chartered Accountants in Ireland. Any issues arising out of the above will be governed by and construed in accordance with the laws of Ireland nor is any right granted for any part of this article to be copied or otherwise used in any presentation or training course without the prior and express written permission of the copyright holder. For professional advice on any of the matters referred to above, please contact the Institute of Chartered Accountants in Ireland. Any issues arising out of the above will be governed by and construed in accordance with the laws of Ireland and the courts of Ireland shall have exclusive jurisdiction to deal with all such issues. © The Institute of Chartered Accountants in Ireland, 2022

Apr 08, 2022
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Press release
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Green entrepreneur named 2022 “Chartered Star” by Chartered Accountants Ireland

Founder of sustainable living company ‘Green Outlook’, Fiona Smiddy to represent Irish chartered accountancy profession at One Young World summit in Manchester One Young World provides platform for young leaders to speak alongside Presidents, Nobel Prize winners, and other global leaders    Friday 8 April 2022 – Chartered Accountants Ireland has today named green entrepreneur Fiona Smiddy as its 2022 Chartered Star. Now in its eighth year, the designation is awarded annually by the largest accountancy body on the island of Ireland to an individual who is doing outstanding work in support of the UN Sustainable Development Goals (SDGs).    Smiddy is owner and founder of Green Outlook, a company that promotes sustainable living and products. Green Outlook provides a range of products to help consumers lessen their environmental impact. Each product has been sourced to help people to shop consciously. Many are plastic free, and all are made with natural ingredients and sustainably sourced. Most are sourced in Ireland, further reducing their carbon footprint.    The judging panel evaluated initial application forms and video content submissions and conducted follow up interviews to shortlist candidates and name a winner. Recognising the significant role Chartered Accountants must play in helping to combat the climate crisis, entrants were asked to demonstrate how they are working towards, supporting, or living the values of any of the 17 UN SDGs.     Fiona will now represent Ireland’s chartered accountancy profession at the One Young World summit in Manchester this September. The international Summit gathers delegates from 190+ countries, giving a platform to young leaders that are committed to making a difference, to speak alongside Presidents, Nobel Prize winners, and other inspiring global and business leaders.     Commenting Barry Dempsey, Chief Executive, Chartered Accountants Ireland said  “Congratulations to Fiona on this significant achievement, and to her fellow shortlisted candidates. Fiona follows in the footsteps of other Chartered Stars who have demonstrated passion and commitment in applying the skills and knowledge of the chartered accountancy profession to trying to address just some of the issues that the climate crisis presents. As a profession and an Institute, we are fortunate and proud to be represented on the international stage by Fiona.”    Fiona Smiddy commented   “It's an honour to represent Chartered Accountants Ireland as the 2022 Young Chartered Star and to attend the One Young World Summit as a delegate in Manchester in September. I’m really looking forward to learning from inspiring world leaders and contributing to the conversation on solutions for global social and climate issues. I’m inspired by the other finalists to continue to support action towards the UN Sustainable Development Goals (SDGs) alongside the Chartered community, the Irish FinBiz2030 Taskforce and my wider network.”   ENDS     For more information   Jill Farrelly   PR & Communications Manager   Chartered Accountants Ireland  

Apr 08, 2022
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Press release
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Movement on automatic enrolment welcome but sustained momentum needed to meet ambitious timeline

Movement on automatic enrolment welcome but sustained momentum needed to meet ambitious timeline Close adherence to timeline required to ensure passage of legislation and establishment of Central Processing Authority (CPA) achieved without delay €1 for €3 model should be withdrawn and existing, well-established model of tax relief for contributions should apply  29 March 2022: Today’s launch by Minister for Social Protection, Heather Humphreys T.D. of Ireland’s long-awaited automatic enrolment pension scheme is positive news, but Chartered Accountants Ireland has noted the ambitious timeline and cautioned that legislative hurdles, the tendering process, and the establishment of the CPA must progress at pace.    The largest professional accountancy body on the island of Ireland made the comments in response to confirmation by Government today that an automatic enrolment pension scheme for workers will be introduced in January 2024.    Commenting, Cróna Clohisey, Tax and Public Policy Lead with Chartered Accountants Ireland said: “While today’s announcement is welcome given the pension crisis facing us, the timeline is ambitious to say the least. A significant amount of work needs to be done not just to develop the legislation underpinning the scheme, but also to finalise its design and to establish the various mechanisms that will be required for it to function.     “Employers will also need sufficient time to plan and budget for its introduction. Payroll service providers tell us that a lead-in time of at least 18 months would be required to properly develop, test, and deploy a fully operational system. As the legislation progresses, the Government must work closely with businesses to advise and help them prepare for the introduction of automatic enrolment.”   Over 90 percent of respondents to a 2021 survey by the Institute supported the introduction of automatic enrolment, a scheme by which workers would automatically be enrolled in a pension scheme by their employers, and both employers and employees as well as the State would contribute to the pension fund. Chartered Accountants Ireland has also called for the existing model for tax relief at both standard and marginal rates for pension contributions to apply to automatic enrolment. It calls for the proposal to introduce a second model, whereby the State contributes €1 for every €3 paid in by an employee, to be withdrawn.  Ms Clohisey continued: “One of the issues that remains unclear is how the existing and well-established model for tax relief at both standard and marginal rates for pension contributions will sit alongside the €1 for €3 State model that is planned for automatic enrolment. The operation of essentially two tax systems between auto-enrolment and private pension schemes will cause needless tax arbitrage and confusion within the market. We are therefore calling for the existing model of tax relief to apply to automatic enrolment and for the proposed State model to be abolished.”   ENDS For more information Jill Farrelly PR & Communications Manager Chartered Accountants Ireland     

Mar 30, 2022
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President’s US trip generates new areas for closer integration

Members will be aware that President Paul Henry, accompanied by Council member, Pamela McCreedy as chair of our Advocacy and Representations Board, and Institute Directors Dr Brian Keegan and Brendan O’Hora have concluded outreach events in the US cities of New York, San Francisco, Washington DC, and Boston.    Attending 12 events; meeting over 100 members; engaging with three senior Ministers and opposition leaders from the island of Ireland; Congressmen and women; envoys from this island to the US; and businesses eager to foster new connections, a lot was achieved in a packed schedule.    The trip had three primary objectives;    First and foremost, the Institute wanted to reconnect in person with, and represent, the 700 members based in the US at a time of year when the eyes of many in the US turn to the island of Ireland. The shift online over the last two years had the positive effect for this Institute of creating a greater sense of belonging among members around the world, and the team wants to harness that and preserve it in the face-to-face environment. On arrival in New York, approximately 70 members gathered at Ireland’s Consulate General, and this strong turnout was replicated in other locations. We were delighted to meet member and Minister, Michael McGrath T.D., along with other members during his time in San Francisco.    Second, the Institute wanted to showcase the strength of the profession in the US, and the economic and social contribution that Chartered Accountants Ireland’s members make in the country. The range of industries represented among this cohort is a superb example of the many directions that members can go with their qualification. The achievements among our membership at some of the highest levels of American business, social, and cultural life are a source of great pride for the Institute.   Third, as an all-island organisation, the Institute worked closely in the lead up to, and during the trip with businesses, industry groups and state agencies, including Enterprise Ireland and Invest NI; and the diplomatic community from right across the island of Ireland so that our presence could be as impactful and productive as possible for members and the profession. In so doing, we leveraged the collective power of Irish America, growing existing relationships, and seeding new ones, with a view to supporting growth and prosperity on the island of Ireland.  Photographs from the trip can be viewed here.  

Mar 24, 2022
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Professional Standards
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HM Treasury Money Laundering Advisory Notice

HM Treasury has published a Money Laundering Advisory Notice about the risks posed by jurisdictions with unsatisfactory money laundering and terrorist financing controls. This note also provides details of the new statutory instrument the Money Laundering and Terrorist Financing (Amendment) (High-Risk Countries) Regulations 2022 due to come into force on 29 March 2022 which specifies the updated list of high risk third countries. Once effective, this will replace the current list within the Money Laundering Regulations 2017. Members are reminded of the legal requirements within the Money Laundering Regulations 2017 to apply enhanced customer due diligence and enhanced ongoing monitoring in relation to high risk third countries. 

Mar 18, 2022
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Tax
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The Institute responds to the public consultation on a territorial system of taxation

On Monday, 7 March the Institute, under the auspices of the CCAB-I, responded to the public consultation on a territorial system of taxation. Our response was formulated on the basis that an elective territorial-based system of taxation should be introduced in Ireland, with a participation exemption and exemption for branch profits included. The move to a territorial system of taxation should be implemented by 1 January 2023. A territorial system of taxation operates by exempting foreign income of branches and/or subsidiaries, as well as exempting capital gains referable to those overseas activities. Most countries in the EU and OECD operate a predominantly territorial system of taxation, and so the introduction of such a regime in Ireland is critical in maintaining Ireland’s competitiveness as a destination for investment. The CCAB-I response included the following points: In recent years the Irish tax system has introduced several measures which in fact underpin a territorial system of taxation. Such measures include Controlled Foreign Company rules, Interest Limitation rules, and Anti-Hybrid rules. The proposed move to a predominantly territorial-based system should be fiscally neutral given that Irish taxes on foreign branch profits are typically sheltered by foreign taxes paid on those profits. The current credit-based system of taxation is complex and administratively burdensome. While that system should continue to exist to fill the gaps where an exemption-based model is not feasible (e.g. where offshore investment is in a ‘black-listed’ jurisdiction’), that system would also need to be simplified as part of the overall aim of enhancing Ireland’s competitiveness. For more information read the full response.

Mar 14, 2022
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Ethics
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The Ukraine crisis: Ethical considerations for accountants

The Consultative Committee of Accountancy Bodies in Ireland (CCAB-I) and in the UK (CCAB) have issued statements to the accountancy profession following recent and ongoing developments in Ukraine. The statements: remind accountants of their legal and professional obligations, including ethical considerations, relating to the sanctions regimes and in managing their duties to clients, employers, and other stakeholders to cope with consequent disruptions; collate links to sanction lists, guidance and government advice in the UK, Ireland and the EU; highlight risks presented by current developments in the context of compliance with anti-money laundering legislation, the potential impact on professional indemnity insurance for members in practice, and the fast-moving nature and complexity of the situation and need to obtain specialist advice; refer to requirements in the Code of Ethics for Professional Accountants of particular relevance when an accountant is confronted with a dilemma or difficult situation concerning compliance with financial and trade sanctions and other restrictions. As people across the world condemn the attack by Russia on Ukraine, they also want to show their support through donations and using their influence for humanitarian intervention. Professional accountants will find themselves in positions of influence with many stakeholders including clients, employers, employees, and local communities.  The following are some considerations for accountants in this context: Fundraising for humanitarian or other reliefs People and organisations are looking to help the millions of Ukrainians displaced by the invasion by donating directly or running fundraiser events. Be aware of fraud risk and recommend controls that ensure the safeguard of any monies raised and that they are used for the purpose for which they were raised. Ensure the necessary licences are obtained for any public fundraising activity. Be clear on the purpose for the funds and how they will be channelled to the beneficiaries. Ensure compliance with charity law and check that charitable donations are only made to a properly registered charity (Register of Charities: Charities Regulator (Republic of Ireland) and The Charity Commission for Northern Ireland).   Social Media Understandably, many people and corporates are sharing their views on Russia's invasion of Ukraine via social media. The distinction between when a view is a personal view or that of the organisation where a person works is not always clear. If you are an officer of a company, e.g. a director, chief executive, or the public relations officer, and you are commenting on a matter related to your area of responsibility, then it is very difficult to separate your view from the corporate view. For this reason, many organisations will have clear corporate social media policies in place and that is the first reference point if in doubt. However, before reacting to a colleague's personal post, it is important to also consider their right to hold and express an opinion. There can be a cultural aspect to this within an organisation, especially where respect, tolerance, diversity and inclusion, and psychological safety are highly valued. The specific circumstances of the person expressing the view might also be taken into account, for example their emotional proximity to the issue.   Developing Corporate Positions Many organisations are using their influence for good by publicly denouncing the invasion of Ukraine, with some going further to withdraw from investments and business operations in Russia, and any dealings with Russian state-owned entities. These decisions are not always the most straightforward to implement. Legal and other expert advice should be sought to consider how an organisation can address contractual obligations, restructure, and relocate operations. Many Russian citizens are against the actions of the Russian Government, and Russian employees, contractors, etc., should receive fair treatment and not be discriminated against. Reporting progress and being transparent on these positions, including any setbacks, is very important as corporates will be held to account by stakeholders and members of the public to honour their commitments. Careful thought should be given before making any wide-sweeping statements. The global economy, with its complex interconnected markets, creates practical difficulties when seeking to divest of everything connected to Russia.   Whistleblowing and Speaking Up Clearly defined and well-communicated whistleblowing and speaking-up policies and procedures can increase an organisation’s awareness of how it may be exposed to the issues highlighted in the CCAB/CCAB–I statements referred to above. Communicating to employees the organisation’s position in relation to this crisis and reminding them about whistleblowing and speaking-up policies and procedures, promotes a safe environment in which individuals feel comfortable to raise any concerns about the organisation’s actions, or inactions.   Corporate Reporting While the scale of the impact of this crisis on organisations will differ, it will be dwarfed by the impact on millions of Ukrainians. Organisations have important social obligations and responsibilities to corporate stakeholders. Accountants should ensure transparency and accountability in corporate reporting by highlighting the impact of the crisis on the organisation’s operations, asset valuations and exposure to liabilities. Examples of the sources of this impact include: supply-chain disruption; the cost of ceasing operations in Russia or the conflict/invasion zones; rising commodity prices; inaccessibility of certain markets due to trade or travel restrictions; difficulty maintaining required levels of capital reserves; and loss of key customers. Accountants will have a central role in collecting, measuring, and reporting the necessary information and ensuring it is reported in accordance with legal and regulatory requirements and relevant reporting frameworks. They should also understand the limitations to their expertise and call for the involvement of experts where necessary. Directors and senior management will need to consider expert advice when making highly judgemental decisions on values and estimates and in determining the future implications for the organisation.   Boundaries between Personal Life and Professional Life Negative emotions, such as anger and fear, increase the risk of self-defeating behaviours. The developing situation in Ukraine will understandably evoke such emotions in many. In this context, it is useful to refer to guidance issued by the CCAB bodies, in July 2021, to help accountants consider and distinguish if their personal behaviour could be viewed as conduct that might discredit the profession. While the facts and circumstances of every situation will differ, the CCAB guidance provides some examples of such behaviours, including the use of seriously offensive or threatening language causing distress, or threatening behaviour, towards a client or a member of the public outside of the work environment. This non-exhaustive list of considerations may need to be reconsidered as the crisis in Ukraine develops. In many situations, increasing ethical awareness or the ability to address an ethical dilemma requires reflection. Professional accountants may find it useful to refer to, or circulate to professional accountancy staff, the Chartered Accountants Ireland Ethics Quick Reference Guide available from our Ethics Resource Centre. Níall Fitzgerald FCA, Head of Ethics and Corporate Governance Update: Chartered Accountants Ireland have created a dedicated page collating key information on sanctions in response to the crisis in Ukraine.

Mar 09, 2022
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News
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Can government supports tackle the rising cost of living?

With Russia’s invasion of Ukraine signalling further hikes in energy prices, Neil Hughes asks if the government’s cost of living package will really make a difference for Irish households facing spiralling costs. The Russian military invasion of neighbouring Ukraine will undoubtedly carry devastating consequences for its people and economy. At our firm, our thoughts are with our colleagues at Baker Tilly Kyiv as their country faces the greatest challenge in its 31-year history as a democratic European state. The crisis has also presented the Irish government with a fresh set of unwelcome challenges concerning the spiralling cost of living here. The €505 million support package announced earlier this month covers several areas the government has prioritised to help alleviate the recent spike in consumer prices. Chief among them is the surge in energy prices, now more pressing in the face of the Ukraine invasion. Cost increase factors The rising costs we are seeing are down to factors including global energy prices, inflation for basic commodities, and pandemic-induced supply chain issues in critical locations. Russia accounts for the highest EU imports of natural gas (41.1%) and solid fuel (46.7%), according to 2019 Eurostat research. As Russia has such a stranglehold on the energy market, sanctions introducd by the EU, UK and US (among others) will inevitably destabilise energy costs in the coming months. Government supports The Irish government is offering cost of living supports in a number of ways: Electricity rebate The government announced plans for the €100 rebate before Christmas, but has since opted to double the amount to €200. The rebate will be VAT inclusive and will apply automatically to electricity bills through the March and April billing cycle. It will be added as a credit of €200 to pay-as-you-go providers. Public transport Public transport fees will be reduced by 20 percent from the end of April. Fare reductions will apply to Bus Éireann, Irish Rail, Dublin Bus, Go Ahead, Luas, DART and Local Link services. Fuel allowance Families receiving the fuel allowance will be given a lump sum payment of €125 before St Patrick’s Day. Health The Drugs Payments Scheme, which sees households paying €100 or less per month for specific medicines, will now be reduced to €80 per month.  School transport The family cap for school buses will be cut to €150 per family at primary level and €500 per family for secondary schools. Family payments The Family Working Payment will be brought forward, kicking in from 1 April instead of 1 June. The weekly tax-free payment is targeted at employees with children and supports low pay workers. Is it enough? Although these government supports are welcome, they will not benefit everybody in the same way. For instance, someone from commuter counties, like Wexford or Louth, who is reliant on their car for work will not benefit from the public transport price cut in the same way as a Dublin commuter might. On top of that, the electricity rebate is not being rolled out in a targeted manner. Instead, it will be made available to every household as a blanket payment of €200, no matter the energy rating or financial situation of that household. This support might have been better suited to a claims process, similar to the pandemic support subsidies made available to businesses, so that the more a household needs the support, the more they could receive by claiming through a centralised process. The decision not to implement a claims process might have been down to a perceived time-crunch. As the impact of the Ukraine war may now render the package woefully inadequate for many families, however, this strategy could come back to bite the government in the next election. Neil Hughes is the Managing Partner of Baker Tilly. He is the author of A Practical Guide to Examinership, published by Chartered Accountants Ireland.

Feb 25, 2022
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Irish insolvencies and the recovery ahead

As restrictions ease and businesses fully open again, what does the future hold for Irish insolvencies? Ken Tyrrell explains.   Given the hardship businesses have faced over the past two years, a rise in insolvencies in Ireland would be no surprise. A recent PwC report examining 18,000 business failures over the past 17 years sheds further light on the current state-of-play for companies around the country.  Measuring the correlation between key economic indicators and other trends with rates of insolvency, the report found that Government pandemic supports saved at least 4,500 Irish companies from going bust during the pandemic, representing an average of 50 companies per week during the period. A new enhanced measure for business failures developed as part of the research identified the ‘insolvency rate per 10,000 companies.’ When looking at business failures per 10,000 companies per county in Ireland, Kilkenny had the highest number of insolvencies in 2021, with 25 business failures per 10,000. Dublin ranked second with 24. Cork averaged 12 failures per 10,000 companies. Irish insolvency rates Overall, the Irish insolvency rate (number of liquidations and receiverships per 10,000 companies) stood at 14 in 2021, down 87 percent from its 2012 peak of 109 per 10,000 companies. The arts and entertainment sector was the most heavily impacted last year, with 85 insolvencies per 10,000 companies. Other sectors to feature at the higher end of the scale included travel and transport (47) and health (36). The research shows that retail (8), hospitality (16) and construction (15) had a much lower than expected rate of insolvency, an indicator that Government supports targeting these job-intensive service sectors were effective. At the other end of the spectrum, analysis of the report shows that the lowest insolvency rates per 10,000 in 2021 were in the information and communications, professional, scientific and technical sectors. This is likely due to the strong performance of FDI-heavy sectors, and the ability of people employed in these industries to transition to working from home during the pandemic.  Comparing the Irish results with those of our UK neighbour, Ireland’s rate of liquidation in 2021 (11 per 10,000 companies) was significantly lower than the corresponding UK figure of 26. The analysis also revealed that, over the past 17 years, the liquidation rate in the UK has historically trended 35 percent higher than in Ireland. Debt overhang of at least €10 billion  The pandemic and its successive lockdowns have certainly resulted in many businesses struggling to survive. PwC estimates that there is currently a debt overhang of at least €10 billion among SMEs in Ireland, made up of warehoused revenue debt, loans in forbearance, supplier debt, landlords, rates and general utilities.  Small Company Administrative Rescue Process (SCARP)  Based on the relatively low rates of business failure in the retail and hospitality sectors during the pandemic, it is clear that many of the 4,500 companies buoyed by the Government’s COVID-19 supports are in these sectors. While they have not gone bust, many are on life support and will need additional financial support to repair their balance sheets as the service economy fully reopens. Some businesses will agree to new terms with lenders and trade suppliers. Others will need to repair their balance sheets proactively. Many of these companies will need to restructure their debts and will look to formal processes such as the Government’s recently launched SME restructuring SCARP process, as well as traditional processes such as examinership. I expect to see a step-up in restructuring activity throughout 2022. As businesses recover and the economy fully reopens, critical areas for review will be liquidity, working capital and new funding avenues to finance growth.  Ken Tyrrell is Business Recovery Partner at PwC. Read the full PwC report.

Feb 18, 2022
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Seven ESG themes to watch in 2022

While 2021 was a big year for ESG pledges, climate ambitions and keeping the 1.5°C target within reach, 2022 will be the year of action. Russell Smyth outlines the seven ESG themes we will likely see this year. The global emphasis on environmental, social and governance (ESG) issues increased significantly in 2021 among governments, NGOs, the business sector, and other stakeholders. Given the remarkable momentum achieved last year, mainly stemming from the run-up to, and discussions at COP26, we expect the ESG growth trend to continue apace in 2022. Here are seven ESG themes we expect to see throughout the year. 1. Moving beyond the pledges At the close of the year, more than 2,000 companies worldwide had set or committed to setting emission reduction targets in line with the Paris Agreement climate goals through the Science Based Target initiative (SBTi). At COP26, global leaders agreed to the Glasgow Climate Pact, securing a near-global net-zero with over 90% of world GDP now covered by net-zero commitments. These actions have kept the 1.5°C target alive, but 'its pulse is weak', as stated by COP26 president Alok Sharma. In the year ahead, there will be increased pressure and scrutiny on corporates and countries to deliver on these (often vague) commitments, with regulators and stakeholders seeking transparent and robust evidence of tangible action, quantifiable progress, and interim targets well in advance of 2050. Companies failing to act on their climate and broader ESG goals risk suffocating the already weakening 1.5-degree target as well as experiencing the expanding impact inaction will have on business continuity. 2. You've got to bring your supply chain with you For companies, a key opportunity to deliver effective change in 2022 sits within their supply chain. Supply chain emissions, or so-called ‘Scope 3’ emissions, are typically the most difficult emissions for companies to track and influence depending on the complexity of their supply chain. However, tackling them can be transformational for corporate climate action. This stems from the fact that supply chain emissions often significantly outweigh a company's direct emissions – on average, supply chain emissions are 11.4 times that of operational emissions. Decarbonising Scope 3 emissions will require a rethink and possible redesign of current value chains but also provides a significant untapped opportunity in the drive towards a net-zero carbon economy. 3. Quantifying climate risk The corporate ESG agenda has to date focused on quantifying and reducing the impact companies have on the environment (e.g. carbon emissions, waste production). Now, however, the focus is shifting to the impact of ESG, particularly climate change, on companies. This will include quantifying, in monetary terms, both physical risk (e.g. flooding risk to factories) and transitional risk (e.g. new regulations, changing consumer sentiment) to a business, driven by the requirement to report against frameworks such as the Task Force on Climate-Related Financial Disclosures (TCFD) and investor demands. This will involve moving beyond qualitative assessments of climate and environmental risk to the provision of quantified and financially-based risk assessments to inform investors on the business's risk profile and assist management in business planning and strategy. 4. ESG reporting is coming of age The ESG disclosure and reporting rhetoric has been dominated by the challenges posed by the proliferation of competing metrics and, subsequently, the lack of consistency in measurement and disclosure. In 2022, however, a tipping point has been reached, and the next phase of ESG reporting is unfolding rapidly. This includes: EU Taxonomy: A new type of classification system which establishes a list of environmentally sustainable economic activities. The Taxonomy will require financial market participants and companies to disclose their climate change mitigation and adaptation performance in a comparable way by the start of 2022 and other environmental objectives by January 2023. The Task Force on Climate-Related Financial Disclosures: Provides a framework for companies to issue climate-related financial information. Corporate Sustainability Reporting Directive (CSRD): CSRD will come into effect in December 2022 and will entirely replace the NFRD. The proposed changes made by the CSRD include the extension of reporting requirements to include additional categories of companies and the inclusion of the 'double materiality concept'. International Sustainability Standards Board (ISSB): The ISSB is tasked with developing mandatory corporate ESG disclosures. 5. Biodiversity Biodiversity is fundamental to long-term business survival. Businesses depend on highly-functioning ecosystems for important inputs into their production processes and essential services like air, soil and water quality. This year will see the global biodiversity conference, COP15, take place in China after two years of delay due to the pandemic. The conference aims to set a Paris Agreement-style global goal for nature, with many organisations calling for a worldwide goal for businesses to be "nature-positive." A nature-positive world requires no net loss of nature from 2020, a net positive state of nature by 2030, and full recovery by 2050. To mitigate impacts on biodiversity, businesses are asked to avoid and reduce pressures on nature loss, restore and regenerate, so that the extent and integrity of nature can recover, and transform underlying systems to address the drivers of nature loss. It will be easier for companies to solve these issues by setting science-based targets for both nature and climate.   6. The emergence of the green consumer According to the Harvard Business Review, consumers want more sustainable products, but when faced with them, they don't consistently buy them and "keep reverting to old, habitual behaviour". The tide seems to be changing in 2022 as consumers become more aware of how individual actions can be part of climate change mitigation. In addition, governments are increasingly pressuring businesses to nudge consumers towards making that sustainable purchase. 7. The role of the circular economy In 2022, all businesses should investigate measures for enhancing waste management, increasing product durability and quality, and seek to involve recycling/take-back schemes for product end-of-life. These methods, among others, are examples of how companies can begin to implement circular economy principles into their day-to-day processes to become a more sustainable business. In Europe, the Commission has estimated that adopting circular economy principles could increase EU GDP by 0.5 percent by 2030 and create an additional 700,000 jobs. In the context of Ireland, EPA estimates suggest a 5 percent material reduction in the 100 million tonnes used annually could correspond to an annual €2.3 billion opportunity. In December 2020, Ireland launched its first Whole of Government Circular Economy Strategy, in which it estimates that annual savings of €2.3 billion could be achieved by boosting Ireland’s circularity. Russell Smyth Sustainable Futures Partner in KPMG.

Feb 11, 2022
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Why people are critical in the change process

When entering a period of organisational change, leaders need to remember that people are their most vital asset. Patrick Gallen explains how organisations can best engage with employees to transition successfully. The Greek philosopher Heraclitus said, “you can never enter the same river twice”, meaning somewhere between 535BC and 475BC, we knew that change would be a challenge we would grapple with throughout human existence. So, why do organisations still find it so difficult to change? There are several reasons but, generally, people find it difficult to leave behind old comforts, nurtured over the years and move towards something new, often unknown and not entirely predictable. We have learned many lessons since the onset of the COVID-19 pandemic in March 2020. Perhaps one of the greatest lessons has been that we must always be prepared for rapid change. For almost two years, it has been difficult to forecast the business landscape month-to-month in the way we might have been able to in 2019 and before. Another lesson organisations worldwide have learned since the beginning of the pandemic has been  that people are an organisation’s greatest asset. This is not just a headline for the careers page but a fact. Without the dedicated people who make up an organisation, you cannot meet company objectives or deliver excellent client service. People turn ideas into reality and strategy into action. So, when entering a period of organisational change, it is essential to put people at the centre of this change. To take your people on a journey with you, they must be willing to travel the distance. You must engage them, communicate your vision with them, and excite them about wanting to reach that destination. How can you do this? Communication Communicate early and often. If people are not connected to the ‘what’ and ‘why’ in the change process, it is difficult to convince them of the desired outcome. Updating staff on the status of the change and how it fits into your overall plan makes it much more likely that they will be accepting of, and excited about, it. Mobilise your change team Find the key influencers within your organisation, those who have earned their colleagues’ trust and respect. Getting these people behind your programme for change allows you to spread the word more quickly and effectively. You can use them as a sounding board to understand how change is perceived throughout the organisation.  Listen Employees may have lots of comments, questions, and worries throughout the change process. You must listen to this feedback openly, validate it, and address it honestly. Even if you can’t address their concerns right away, ensure that you listen to them and let them know you will address them when you can. Managing organisational change can be daunting, but that isn’t a reason to avoid it. When executed correctly, change will inject energy and progress into your organisation and help you and all of your people reach new heights. Patrick Gallen is Partner of People & Change Consulting in Grant Thornton Northern Ireland.

Feb 04, 2022
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How Ireland can lead circularity and waste reduction

With the introduction of the Government’s Waste Action Plan for a Circular Economy, Ireland has the opportunity to become a leader in circularity and waste reduction – but  innovation and buy-in will be needed to succeed. Michael Quille explains. The Irish Government’s Waste Action Plan for a Circular Economy outlines bold ambitions to encourage a more circular, sustainable waste management model. Ireland can be a leader in waste reduction, given our legacy as one of the first nations to ban single-use shopping bags. We need to leverage that innovative spirit to find new pathways to zero waste. The ‘Waste Action Plan for a Circular Economy’ (the Plan) outlines an ambitious roadmap for Ireland’s waste policy up to 2025. Taking a holistic view of resources, the Plan actively encourages a more circular, sustainable waste management model that will maximise the value of materials throughout a product’s life cycle, putting climate action at the core of national resource management policy. The Plan contributes to the Government’s commitment to move towards a circular economy (set out in the Programme for Government) and is complemented by several Government publications at various stages of approval. Ireland has a real opportunity to become a leader in the EU and internationally by embedding a solid circularity ethos across society and the economy. Both the private and public sectors have gradually begun to integrate process innovations into business models which design-out harmful waste, extend product lifetimes and, in some instances, prevent waste from arising in the first place. There is a growing consensus among industry leaders and policymakers as to the economic potential of the circular economy business model. However, many companies struggle to incorporate circular thinking into their corporate strategy and day-to-day operating models due to a lack of understanding and technical capabilities. The Plan provides Ireland with coherent and actionable objectives that look at how we consume materials and resources; how we design the products that households and businesses use; how we prevent waste generation and resource consumption; and how we extend the productive life of all goods and products in our society and economy. Impact on households Under the Plan, households are challenged to reduce waste, improve recycling activities, and generally embrace and expand their social responsibility efforts. To encourage engagement, a deposit and return scheme for plastic bottles was signed into regulation in November 2021 and is set to become operational during 2022. Waste bin colours will also be standardised across the country, and apartment complexes will be required to segregate waste properly. Further changes are proposed to the regulation of the commercial and household waste collection market, improving consumer protection and ultimately promoting more equitable market competition. Nevertheless, many of the measures aimed at waste collectors, such as recycling targets and the levy on waste disposal, may ultimately be paid for by the consumer as pass-through charges. To smooth out the transition to a lower-waste household economy, targeted education and awareness campaigns are proposed to encourage better-informed consumption decisions and buy-in to a shared responsibility. Impact on business All business in Ireland will be affected by the requirements for circularity and the shift to a new macro perspective of holistic, zero-waste resource management. Indeed, the impact on some may be even more acute than our carbon ambition, demanding behavioural and mindset changes that are difficult to appreciate fully as we move from the linear make, use and dispose model to something with increased circularity. In light of these headwinds, business leaders should embrace and implement a proactive and sustainable business approach, addressing any compliance or regulatory requirement risks associated with implementing the Plan head-on. Organisations should review their existing business models and integrate a focused circular economy strategy to help fulfil circular expectations, reduce resource dependencies, anticipate legal constraints, generate cost savings and drive business value. Capacity to deliver Critical to the successful implementation of the Plan will be the capacity and overall ambition of both the private and public sectors to comply with and deliver on the Government’s ambitious agenda. The culture towards waste disposal in Ireland must further regenerate and evolve, with Government ensuring that the right leadership, governance, procurements, incentives and forms of contracting are in place. The transition to a circular economy offers the real possibility of a sustainable alternative future; it is an essential step towards a decarbonised economy and will create measurable long-term value for everyone. Ireland can be a leader – we were one of the first nations to ban single-use shopping bags and move to the “bag for life” concept. We are proven innovators and adapters for waste reduction, and now we need to leverage that resilience and innovative spirit to find new pathways to zero waste. Michael Quille is Strategy and Transactions Associate Director at EY Ireland.

Feb 04, 2022
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