Circumstances more than work brought Mark Murtagh ACA to Spain five years ago. And, there could be more adventure to come. Where did you grow up and where do you live now? I grew up in Perrystown Dublin, and I studied Business & Accounting in TU Dublin Tallaght. I then completed my training contract in PKF, before working with O´Regan & Co for two years. My partner had moved to Barcelona to further her education, so I then decided to take the jump and move to Spain. What made you choose to be a Chartered Accountant? I had an interest in accounting and general business topics since I was young. I was always the first to grab the business sections of the Sunday newspapers, and I suppose my interest just grew from that into wanting to become a Chartered Accountant. It always came across like a great profession that opens doors for you and goes much further than just double entry, which has certainly proved to be the case for me!  Can you tell us a little about how you got to where you are today – both geographical relocation and career path. After completing my training contract with PKF, I worked with O´Regan & Co as Audit & Assurance Manager for two years, which allowed me to further develop my personal and business skills across a wide client base. My career however then came to a crossroads. My partner was already living in Barcelona Spain, and even though I was travelling back and forth monthly, it came to a point where I felt moving abroad could actually be a great opportunity to get out of my comfort zone both professionally and culturally. By nature, I am more of an introverted type of person, so the thoughts of moving abroad did give me some concern. However, looking back, it has been the best decision I could have made. I now work for Page Group, which is a British international recruitment company, as our Global Controls Assurance Manager. I am responsible for managing our risk & control framework across our Global Transactional Finance function. While we do have a key Shared Service Centre here in Barcelona, my scope also covers our other regional Shared Services Centres, which includes Slough, Buenos Aires, and Singapore.  I started working for Page Group shortly after arriving in Spain, so I have seen multiple roles in this timespan. In 2017, I started as an R2R Finance Process Specialist, responsible for documenting and improving our procedures, which then transitioned into working on the implementation of our new ERP for Europe. In 2020, I was promoted to R2R Global Process Owner, where I was responsible for managing and implementing standardised processes globally, before moving to my current role in early 2021, which required me to setup a new function and team within the organisation to manage our internal controls which includes financial and system controls within the Global Transactional Finance department. Over the past five years, I have also been lucky enough to travel to other key locations for my company which includes Paris, Stockholm, Amsterdam, London, Buenos Aires and shortly Singapore. What do you value most about your membership of the profession and how do you think those benefits can be used to support the economy and society? The Chartered Accountant qualification has opened doors for me which I never would have thought possible five years ago. The training we receive allows us to provide valued opinions across a wide range of technical areas in any business or society, be it practice or industry. As a member living in mainland Europe, can you talk to us about how your membership has been of value to you globally and what do you value about it now that you´re living overseas (and what would you like to see more of)? Living in Spain, Chartered Accountants is not as widely recognised publicly, however, it is a well-respected qualification and I believe it played a key part in helping me succeed, firstly in getting a job in Page Group, but also on what I have achieved since. Over the past five years, I have not only been able to progress in a professional sense, but also from a personal point of view. The plan is to stay in Spain for now, the way of life here is more relaxed, and the weather helps of course! My next goal is to further improve my level of Spanish and then see where life takes me next!  And finally, if you weren´t an accountant, what do you think you would be/have been? I think I would have been a policeman! Mark Murtagh is Global Controls Assurance Manager at PageGroup

Elizabeth Munnelly lives in Wisonsin, but got there via Dublin, London and Kilkenny. Read more about her journey from rural Mayo to the USA here. Where did you grow up and where do you live now? I grew up in a small rural village in North Mayo called Ballycastle which is home to an iconic landmark on the Wild Atlantic Way. I attended college in Dublin City University to study Accounting & Finance and stayed in Dublin for close to 10 years before moving to London, Kilkenny and now finally the US to work across a variety of different roles for a number of companies. I currently work for Kerry Group based in our North America HQ in Beloit , Wisconsin as VP of Financial Control, Tax, Treasury & FPA.  What made you choose to become a Chartered Accountant? My family run a small restaurant in our local village of Ballycastle, and so I grew up in an environment of understanding how business needs to run in order to be profitable, to always be able to pay your bills, minimise your waste and pay off your debts. The hospitality industry was a great place to learn about business as the margins in food and hospitality are minimal. Also, I always loved maths and business studies in school so Accountancy did feel like a natural fit. Once I joined the Accounting & Finance degree in DCU it was clear to me that the Chartered Accountant qualification was one I wanted to achieve and so I did this via the route of completing a training contract with Deloitte in Dublin where I worked in the Consumer Business division with a variety of different clients.  Can you tell us a little about how you got to where you are today – both the geographical location and your career path? While completing my training contract with Deloitte I became very interested in industries in the FMCG space such as retail and food as they are such an integral part of day to day life and I found this very interesting. I would advise people to try and be involved in a business in which they have some interest personally as this really will help to cement your connection with the company you work for and also hopefully create a sense of belonging.  After my training contract I joined Tesco in their Ireland office based in Dun Laoghaire, Dublin and worked in the Commercial division where I learnt a huge amount about the way retail operates at its very fast pace! I subsequently held another role in Tesco based just outside London before moving home to Ireland again and moving to Glanbia to work in both the Corporate Division and the Sports Nutrition division. After that I joined Kerry, initially based in Naas holding an Operations finance role which enabled me to visit a number of factories across the globe. I then relocated to North America, first completing a Commercial Finance role as Finance Director Beverage before moving to my current role as VP of Financial Control, Tax, Treasury & FPA.  One of the key learnings I've had in my career to date is to make sure to own your career planning and development as nobody else will have as strong a drive to make it happen as you do.  What do you value most about your membership of the profession and how do you think those benefits can be used to support the economy and society? The key value I see in the accountancy membership is the professional, educational and ethical standards it sets and maintains for all its members; organisations are assured of certain standards when an individual has this qualification and this is very important for the economy and society at a wider level. As a member living in the USA, can you tell us about how your membership has been of value to you globally and what do you value about it now that you're living overseas (and what would you like to see more of)? As I've mainly been overseas during Covid times, I have not utilised the in-person events yet. However I do keep abreast of updates and trends as highlighted by various updates and online courses. I think the key piece for me is having a ready resource to access services and other professionals when needed and I do see this continuing to be very important for me as my career continues.  And finally, if you weren't an accountant, what do you think you would have been? I think I would have worked in the hospitality or tourism sector! Elizabeth Munnelly is VP of Finance at Kerry.  

It may be a long way from Monaghan to Sydney, but Eimear McCarron now calls Sydney home. We found out more about her journey recently, and will keep an extra sharp eye on the Australian Open Tennis from now on! Where did you grow up and where do you live now? I’m from Emyvale in Co. Monaghan & I went to university in Queens Belfast, trained in Deloitte Dublin and I now live in Sydney Australia. What made you choose to become a Chartered Accountant? I don’t remember making the decision but I think that I wanted a profession that would give me great career and personal opportunities. My father has his own business so I did work experience in his accountants when I was at school. I like that as a chartered accountant you can be involved in anything from helping family businesses to being the CFO/CEO of a huge multinational. Can you tell us a little about how you got to where you are today – both the geographical relocation and your career path? I really enjoyed my time in Deloitte, Dublin, and think it was the best training and experience I could have had to start my career. However, I had a strong desire to travel and to try living abroad, so after a few months traveling in South America I moved to Sydney in 2014 with a few other Deloitte friends! I was lucky to get a job in Vodafone under another Irish Chartered Accountant, and they sponsored me after six months. I ended up staying in Vodafone for nearly five years doing several roles from FP&A analyst to merger integration planning so I got a very varied experience there.  I’m currently a Senior Finance Manager at Nine Entertainment – Australia’s largest media company. I lead the finance business partnerships for all group departments which includes sales, technology, head office, property, P&C, finance & legal. I really enjoy working directly with and learning from the most senior management in Nine and it’s exciting working for a media company that covers TV, radio and publishing. What do you value most about your membership of the profession and how do you think those benefits can be used to support the economy and society? The most valuable part is definitely the career opportunities it gives you. In Sydney, the Irish Chartered Accountant brand is very powerful and has a very strong reputation – employers hold it in high regard. I think the path to becoming a chartered accountant really sets you up for whatever path you choose next – the work ethic and experience you get while training really stands to you. As a member living in Australia, can you tell us about how your membership has been of value to you globally and what do you value about it now that you're living overseas (and what would you like to see more of)? I recently joined the Australian Society committee as I’ve always gone to the networking events over the years and found them a great way of catching up and meeting new people. Membership gives you that link to a professional community and I think it can definitely help new members moving overseas whether it be getting job opportunities or making friends in a new city. In-person events probably haven’t properly kicked off again since Covid so I’m looking forward to them returning soon.  And finally, if you weren't an accountant, what do you think you would be? I’ve recently taken up tennis so maybe if I had started that a bit earlier that could have been the career for me! Realistically, I think I might have liked engineering or something along those lines either.  Eimear McCarron is Senior Group Finance Manager at Nine.        

We caught up with Martin Devine, a member based in Perth, Western Australia, for a quick chat. Can you tell us a little about where you're from originally? I'm from just outside Ballymagorry in Tyrone, around 20 minutes from Derry and just across the border from Donegal. Why did you choose to become a Chartered Accountant and how did you got here? I became a CA to follow on from my degree in Accountancy. I always enjoyed working with numbers and it seemed like the next logical step. At that point I didn’t have a clear idea of where I'd like to end up career wise, but I thought the CA would help as a next step. I travelled to Australia with my girlfriend for a year in 2010 and we haven’t given up yet. I started off in a range of roles over eight years working with a private engineering company and in 2018 I moved on to Mader Group, an ASX listed heavy equipment maintenance company in the Group Financial Controller role. What do you value most about your membership of the profession and how do you think those benefits can be used to support the economy and society? I think the thing I appreciate most is how difficult it was to attain membership. The hours of travel, classes, study, exams really galvanised students on the way through. The result is that now when I see Irish CA on a CV, it immediately stands out from the rest. I was told by my practice partner when leaving Ireland that the Irish qualification was very well thought of, but it wasn’t until I started hiring that I realised the consistent high standard of people who make it through the programme. You have just spent the last 15 months living with Covid in Perth, Australia. Tell us a bit what that was like for you professionally and personally Professionally it's been a challenge. Border restrictions internationally and interstate have restricted our people movement which has made it difficult to continue to grow. Quarantine costs from travel and staff retention during this period have seen a hit on margin but that’s recovering now and we’re seeing growth back on a steady path locally and internationally. Personally, it's been tricky at times. We’ve had a few short sharp lockdowns but comparatively we’ve been incredibly lucky to still move freely for most of that period. We’ve welcomed our second baby in the last three months so busy times at home! Where is the first place you will go when travel in and out of Australia re-opens? We’d love to go home and show off our new boy. He hasn’t met his grandparents yet so would be great to get home for a period. A beach holiday would be great, but I think restrictions of some sort will be here across Asia for a while. And finally, Martin, if you weren’t an accountant, what do you think you would you be/have been? I always fancied myself running a restaurant, not sure if it would be front of house or in the kitchen but that would be the idea I think. Set aside the lack of cooking skills and knowledge of food retail!  

As a newly qualified Chartered Accountant, Paul Barron ACA was offered a position in Costa Rica. He packed his bags for Central America and now reflects on his experience - with some insights and advice for others in the same position. I trained as a Chartered Accountant with KPMG, qualifying in 2014. Shortly after finishing my training position, I took up a position with Fyffes (the banana people!) as an internal audit manager. This position involved travelling to the various Fyffes locations worldwide, performing controls testing as well as inquiring and then reporting back to the Board of Directors with my findings. After nine months in this role, I was offered a longer-term position as Financial Controller in Costa Rica. It seemed like a great opportunity to have a new experience and progress my career, so I went for it. I was nervous of course, but I spent three years in this role before returning to Head office in Dublin in March 2020.  Overall it was a great experience and I am very glad I did it, and here are my thoughts on the benefits and challenges of working abroad as a Chartered Accountant. Benefits and opportunities Excellent work opportunity – I managed a team of 12 people and was a central part of our operations in Central America. My willingness to relocate afforded me the chance to have a very stimulating and dynamic job which I don’t think I would have been considered for, at that stage of my career (1-year PQE), in companies of a similar size had I remained in Ireland. I got valuable management experience and really had to hit the ground running, which has stood to me since. Experience and exposure to interesting, varied work. I think I might have been exposed to some of these in a standard setting but going abroad to Costa Rica meant I was doing standard work in a non-standard (for me) environment like a large-scale farming operation or getting to see the tangible links between the finance team and the operation itself. During my three years in Costa Rica, I: got hands-on FC experience reviewing a large farming operation had the opportunity to manage a cross-cultural team was exposed to and given the opportunity to manage large capital projects interacted with most of the departments within the business and learned more about how they work Experience of a new culture and a new language Spanish was the language in the office and the operation, so I took classes and worked extremely hard on getting to a conversational level in my first six months working in Costa Rica. I like languages and have French in my primary and master’s degrees, so this was very enjoyable but also tiring and a big challenge I lived and worked in an area of the world about which I knew very little before relocating – it was enjoyable getting to know about a new culture, food, people and traditions and I’ll always have a nice connection with Costa Rica and  friends made along the way. Challenges The first nine months were exhausting with getting to grips with a new job that entailed a lot of responsibility; learning a new language; settling into a new home and trying to make new friends. I’d recommend a long holiday after about six months if you are considering relocating.  It takes some time to adjust to working within a cross-cultural team. I enjoyed the different outlook as time went on, but at times different approaches to tackling problems surprised and sometimes frustrated me. It was definitely a learning curve I was lucky that I had some Irish colleagues in the Costa Rican office. This certainly helped but integrating into a very different culture was tough and isolating at times and should be considered before relocating.  In summary Overall, I am really glad to have done it. I feel privileged to have been offered the opportunity to experience working in Costa Rica. Going to a different language, culture and climate all give rise to moments of culture shock and homesickness, but also moments of real enjoyment. You do need to be realistic about the pros and cons but also resilient and somewhat brave.  Having the comfort of my ACA qualification and Institute membership, my Irish colleagues in Costa Rica and my company support both there and at home all made the move much more accessible. I could have come up with as many reasons to not go as to go, so I have no regrets but am happy to be home! The experience in Costa Rica did definitely help me to establish and progress within my career and I know will continue to stand to me. I may still keep my eyes and ears open for other international opportunities. Institute supports I found the Career service very helpful throughout. I spoke with Karin Lanigan on average three or four times a year and still do on my career development. It has been extremely useful to help me plan my career and also have a sounding board when decisions have to be made. It is a great and unbiased service which has been a real help to me. In particular, it helped me plan my move home - which can be as challenging a transition as the initial move.

New research highlighting the prevalence of burnout in the accountancy profession underscores the importance of understanding the symptoms and reaching out for help, writes Cristian Holmes Being a Chartered Accountant is a highly respected and rewarding career choice, and there are a great many people who are incredibly happy in their role.  However, for some, long working hours and tight deadlines can make for a high-pressure environment, which can sometimes lead to severe physical, emotional and behavioural symptoms we often associate with burnout. New research shows the concerning prevalence of chronic stress and other burnout-related symptoms within the profession. Findings of new research Based on a study of more than 300 Chartered Accountants from a range of accountancy bodies in the UK, our research has found that 74 percent have experienced some form of burnout in the last 12 months. Thirty-six percent reported suffering from insomnia or disrupted sleep, 32 percent had been diagnosed or self-identified with depression, and 29 percent had experienced regular panic attacks. Within their working lives, two in five said symptoms of burnout had impaired their ability to do their job or prompted them to take time off. Excessive workload was cited as the number one cause of burnout (46%), followed by work-life imbalance (45%), monotonous or unchallenging work (32%) and a lack of support from supervisors (31%). 10 signs of burnout   Burnout occurs when we feel overwhelmed emotionally and physically – so much so that it becomes almost impossible to function in our work or personal life or both.  Burnout affects people in different ways. Stress is often an early warning sign of burnout and one of the main symptoms, but here are a few other signs to look out for:  1. Brain fog  Because our brains are worrying about so much, it can impact our ability to think clearly. This can lead to you struggling to understand instructions from your manager and complete basic tasks.  2. Joint pain  Our brains interpret physical and emotional pain in the same place – the amygdala. This means that prolonged emotional pain can also lead to physical pain, ranging from sharp, shooting pains to constant aching and pulsing pains. 3. Tiredness  Feeling fatigued because your energy levels are low can result in you wanting to sleep longer because you’re trying to regain the energy you’ve lost from working so hard. What’s more, operating with less energy can also be more draining. 4. Poor motivation  When you’re burnt out, it can be a challenge to do the things you usually don’t mind doing. You may find you’re struggling to get out of bed in the morning, finding cooking a chore and avoiding team meetings and work outings.   5. Irritability   Low energy levels and the lack of sleep brought on by burnout can also result in people generally having less patience and getting aggravated by things that wouldn’t usually irritate them. 6. Detached outlook  Being pushed to the brink can lead to feeling detached from everything around you. It may be that things you used to enjoy no longer appeal to you, or, in more serious cases, you stop caring about yourself (e.g. personal hygiene) and those around you.  7. Digestive issues  Our digestive system can be heavily affected by our body’s fight-or-flight response. Issues such as diarrhoea, irritable bowel syndrome (IBS), nausea and indigestion are some of the ways stress can impact our digestive system. 8. Anxiety   A constant feeling of dread, and there being no apparent reason for that dread, can be a sign of burnout or generalised anxiety disorder. The disorder can be aggravated or caused by long-term stress and burnout.   9. Constant overdrive   You may find yourself worrying about work, even when you’re taking part in fun activities, such as family days out. When you can’t switch off, it’s not uncommon for you to constantly be worrying about what could happen, even when it might not. 10. Feeling overwhelmed   When you hit a certain point, you may find that you feel overwhelmed emotionally, even if there isn’t much going on. You may have a lighter workload than usual but are struggling to get through it because you have less energy and motivation than usual. Reach out for support We would urge anyone struggling with feelings of burnout to reach out – whether it be to a loved one, a friend or a member of their community.  You will find that no matter how low you are feeling, there is always someone there to support and guide you. You are never alone. Cristian Holmes is Chief Executive of the Chartered Accountants Benevolent Association, the occupational charity for members of the Institute of Chartered Accountants in England and Wales and their close families

With the EU Accessibility Act on the horizon, now is the time for organisations to step up and make sure their digital content is accessible before June 2025. Sacha Brinkley explains What is the European Accessibility Act? The European Accessibility Act is a directive to ensure certain products and services are accessible to persons with disabilities. It was transposed into Irish law in 2022 and will apply in Ireland from 28 June 2025. The sectors in scope of this act are commerce (including e-commerce), banking, telecoms, transport and technology. These are very broad and cover a range of companies. For most, e-commerce would probably fall under this legislation, meaning any websites that sell services will need to be accessible. Non-compliance and exemptions There are ramifications for non-compliance, which include: a fine (€5,000) or imprisonment of up to six months or both; a fine of up to €60,000 or imprisonment of up to 18 months or both; or litigation. However, there are some limited exemptions. If your product or service fundamentally changes due to this legislation, or if compliance would create an undue burden for your company, the organisation may be exempt. In both cases, it is essential to ensure you have the proper documentation for the relevant authorities, especially if it leads to litigation. Steps to accessibility With the deadline looming, making digital content and services accessible can be seen as an onerous, overwhelming task. However, there are some practical steps that you can initiate today to help you get ahead of the curve. Stay informed: Stay updated on the latest news concerning the directive and regulations, as this will guide the necessary steps for you or your clients to ensure accessibility. Accessibility audit: Consider conducting an accessibility audit of your online offerings. While this can be expensive and may not be feasible for everyone, it is worthwhile if you have the extra budget. If you are using a third-party service to host your website, such as Wix or SquareSpace, check what accessibility measures they have implemented. Accessibility statement: After your accessibility audit, write an accessibility statement on your website outlining what’s accessible currently, what isn’t accessible, and what you’re working on to make accessible. Invite your users to email you with any concerns or feedback. Being transparent and honest about your accessibility journey will not only demonstrate to users your dedication to inclusion but will also help your case if it comes to litigation. Accessible content: Going forward, make sure all your content is accessible, as well as your marketing. Easy wins The quick wins all involve your digital content. Some require a little more effort than others, but if you can follow these steps then you’ll be well on your way to compliance come June 2025. PDFs When creating PDFs, consider the following: Use accessibility tagging in your PDF so screen readers can navigate your content. This can be done in Word or PowerPoint before exporting to PDF. Write alternative text for every image unless decorative. Provide contact details for an accessible version of your document (for example, in a Word or Excel format) to show that you are being inclusive and compliant. Consider ditching PDFs entirely – could this document be a webpage instead? Images It is important to consider colour contrast. Proper attention to this detail can significantly enhance visual clarity and overall effectiveness in design. You can check colour contrast online. Use text sparingly and make sure your font size is big enough to be legible – at a minimum, the font should be 12pt. Social media and newsletters Always provide alternative text for your images. Write your hashtags in CamelCase. For example, #charteredaccountantsireland should be #CharteredAccountantsIreland. Not only is it easier to read, but you also avoid potentially embarrassing mistakes. Audio and visual When setting up online events, use headphones and a dedicated microphone rather than rely on laptop hardware. This reduces ambient noise and distractions for all users, as well as those with accessibility and sensory needs. Provide captions for your video and transcripts for your audio, as well as a descriptive voiceover when you just have music playing. You may need a sign language interpreter at events where someone deaf is present – check with the attendee first, however. Key takeaways With the rise of artificial intelligence technology and accessibility regulations, we’ll be seeing a digital revolution over the next five years when it comes to digital inclusion. By embedding the steps outlined above in your everyday practices, you’ll get a good head start on your digital inclusion journey. Sacha Brinkley is Content Editor at Chartered Accountants Ireland

Moira Grassick shares her essential tips to help you maintain professionalism at your holiday party without being a party pooper Office holiday parties are a great way to celebrate achievements and strengthen bonds between staff. Despite careful planning and clear guidelines, these festive gatherings can sometimes lead to unexpected issues, however, posing potential challenges for leadership. From inappropriate gifts to workplace conflicts, holiday gatherings require a thoughtful approach to ensure they are inclusive, respectful and enjoyable for all.   Set clear expectations  The Christmas party might take place outside the office, but workplace policies still apply. It is essential to communicate a code of conduct in advance, reminding employees that they represent the company and should act accordingly. Disciplinary action can still apply for misconduct. Harassment and discrimination  Recognise that not everyone celebrates Christmas; some employees may hold different cultural/religious beliefs. Failing to acknowledge this can lead to feelings of exclusion or even discrimination claims. Use inclusive language, such as "end-of-year celebration", and strive to create an environment that welcomes everyone.  It’s important to remember that victims of harassment can raise complaints against employers in circumstances where the employer has failed to take all reasonable steps to prevent harassment from occurring, even at the annual holiday party.  Plan Secret Santa thoughtfully  Secret Santa exchanges can be fun, but it is essential to approach them with care and professionalism. Remind employees to choose gifts with dignity at work principles in mind to reduce the chances of an employee being offended by another’s attempt at fun.  Alcohol and substance usage  Office parties can be a fun way to unwind, but they also come with the potential for risks related to alcohol and drugs. Excessive drinking or substance abuse often leads to unprofessional behaviour or misunderstandings. To mitigate such risks, consider limiting complimentary drinks, providing non-alcoholic alternatives, banning substance use and appointing supervisors to oversee the event.  Prevent social media chaos  When your Christmas party is in full swing, it’s likely employees will snap pictures or videos. If your business is tagged on social media, it’s there for the world to see. If an inappropriate incident is captured online, your reputation is at risk.  To prevent the sharing of risky content, remind employees of your social media policy to clarify expectations.   Plan for the morning after  Should your Christmas party fall on a ‘school night’, it’s important to plan for the morning after. Let employees know ahead of time if they are expected to start work at the normal time or if you’re giving them some leeway. Remember your health and safety responsibilities. If employees drive or operate machinery for work, take appropriate precautions. This includes employees who commute by car. Anyone planning on having a heavy night should make alternative arrangements for the morning.   Remind employees not to report for work under the influence of alcohol or drugs. If they do, you will most likely need to take further disciplinary action.  Be prepared to address issues  Despite your best efforts, issues may still arise. Ensure employees know how to report inappropriate behaviour and that managers are trained to handle complaints fairly. Don’t forget your health and safety obligations outside working hours as well as having a review of your existing policies. Include any relevant policies from your employee handbook, such as codes of conduct, alcohol consumption, anti-harassment, absence, health and safety, disciplinary/grievance and social media. Swift action and proper investigation are crucial to maintaining trust and demonstrating a commitment to a respectful workplace.  A well-planned office holiday celebration can boost team spirit and acknowledge the year's achievements. By setting clear expectations, respecting diversity and managing risks, you can ensure the event is memorable for the right reasons.  Moira Grassick is COO at Peninsula Ireland

Chartered Accountants Ireland was proud to host the launch of Dublin City University Access to the Workplace 2025 in Chartered Accountants House on Pearse Street this week. Now in its sixth year, this award-winning programme provides professional summer internships for DCU Access students from socio-economically disadvantaged backgrounds, and for neurodivergent students. The launch event, Beyond Bias: Unlocking Future Talent, explored how organisations can develop a workforce that is diverse, inclusive and ready to embrace the possibilities of an unscripted future. Commenting Barry Doyle said  “We are proud partners of this programme and fully support the work DCU do in the area of recognising and supporting those whose potential might otherwise have been overlooked. By opening doors to these talents, DCU and their corporate partners are helping to level the playing field, broaden perspectives, and build a workforce that truly reflects the diversity of Ireland’s future. This event not only shines a spotlight on this hugely impactful initiative but also reaffirms our collective commitment to diversity, inclusion, and innovation in the workplace.”

Last week the Institute met with HMRC to discuss the 2024 Autumn Budget. We expressed concern and shared our views on the impact of a range of changes including increased employment costs as a result of the National Minimum Wage and employer National Insurance Contribution changes from April 2025. We also highlighted the damaging impact that the 2026 changes to key inheritance tax reliefs (agricultural property relief and business property relief) will have, particularly for Northern Ireland family-owned businesses and farms. The Institute recommended to HMRC that the Government consult more widely on these particular changes and we highligted the need for any anti-forestalling legislation to be fair. These changes should not impact retrospectively on lifetime gifts already made in the seven years prior to 6 April 2026. The changes need to be properly considered before implementation given the impact they will have on both indigenous businesses and investors in the UK. Other issues discussed were the fuel duty dilemma, tax simplification, the taxation of electric vehicles, the practical impact of the in-year capital gains tax rate changes, the extension in this Parliament of Making Tax Digital for income tax to the £20,000 - £30,000 turnover population and regulation of the UK tax agent market.  

At the Autumn Budget 2024, the Chancellor of the Exchequer confirmed that from 1 January 2025, all education, boarding, and vocational training provided for a charge by a private school in the UK will be subject to VAT at the standard rate of 20 per cent. Any fees paid from 29 July 2024 relating to the term starting in January 2025 and onwards will also be subject to VAT under anti-forestalling legislation.  HMRC has also sent a further email on this. The Government also published a response to its recent technical consultation. A Tax Information and Impacts note and the final draft legislation are also available on the same page. For schools that may be affected by these changes, HMRC has published the following additional material: Check when you need to register for VAT: schools can do this using a new interactive tool. Just click the green ‘Check now’ button, In order to use the online VAT registration system, schools will be asked for their Unique Taxpayer Reference (UTR). This can be found on any previous tax returns and other documents from HMRC, and HMRC has also updated guidance to reflect final policy design, including clarifications on nurseries, further education providers, and non-maintained special schools. In the event of any technical queries about registering for, charging, and remitting VAT, HMRC can be contacted by schools, their representative bodies, and tax advisors via the following email address: vatonprivateschoolfees@hmrc.gov.uk.   

In this week’s miscellaneous updates, the latest Agent Update is available as is the current schedule of HMRC Talking Points live and recorded webinars for tax agents which are available for booking. Spaces are limited, so take a look now and save your place. HMRC has published a new tax agent handbook and legislation impacting the abolition of the pension’s lifetime allowance has been laid. To assist alcohol producers in their preparations for the new digital service which is expected to launch in March 2025, HMRC has sent an email with more information and details of upcoming webinars. With less than 100 days to the 2023/24 self-assessment filing deadline, HMRC has sent a general email reminder and a more tailored email to agents. The rate of interest on late payments of tax has been reduced to 7.25 percent from today and claims for relief from certain employment expenses can now be made online. And finally, check HMRC’s online services availability page for details of planned downtime and the online services affected. Latest Agent Update Agent Update: issue 124 is available now. Get the latest guidance and information including: changes to the Agent Dedicated Line, updates to the Trust Registration Service guidance, less than 6 months left to fill in national insurance gaps to 2006, evidence required to claim PAYE (P87) employment expenses, and help protect workers from getting caught out by tax avoidance. New tax agent handbook HMRC has launched a new Tax Agent handbook which aims to provide information to help tax agents and advisers find guidance, use HMRC's services and contact HMRC. This is an outcome from a redesign of existing tax agent guidance. HMRC will continue to develop this further. Feedback on the new handbook and suggestions for it can be made using the short survey at the top of the main landing page. Pension’s lifetime allowance abolition Legislation was included in Finance (No.2) Act 2023 and Finance Act 2024 to abolish the pension’s lifetime allowance. Regulations have now been laid to implement “technical and consequential changes necessary to ensure the correct operation of the pensions tax regime following the abolition of the lifetime allowance”. Employment expenses tax relief process for uniforms, work clothing and tools Last month HMRC announced that claims for tax relief for employment expenses had to be made by post using form P87 and should be accompanied by supporting evidence. HMRC has now confirmed that claims can now be made online for flat rate expenses for uniforms, work clothing and tools.  

In this week’s post EU exit corner, we bring you the latest guidance updates and publications relevant in the post EU exit environment. The most recent Trader Support Service bulletin is also available as is the latest Brexit and Beyond newsletter from the Northern Ireland Assembly EU Affairs team. This confirms that on 31 October, the Secretary of State for Northern Ireland gave notification of the start of the democratic consent process on the Windsor Framework (WF). HMRC has also published more information, including a factsheet, on the new processes which commence from 31 March 2025 for moving business-to-business (B2B) parcels from Great Britain to Northern Ireland. WF democratic consent process This was triggered at the end of October and provides an opportunity for the Northern Ireland Assembly to decide whether or not certain European Union (EU) laws will continue to apply in Northern Ireland. Articles 5-10 WF are specifically impacted. The Northern Ireland Assembly EU Affairs team has put together an explainer on this democratic consent mechanism, the vote by the Northern Ireland Assembly on Articles 5-10, which is to take place by the end of 2024. You can access it here in addition to links to other useful resources. Moving B2B parcels from Great Britain to Northern Ireland On 19 September, the Government confirmed that the new arrangements under the WF for parcels and freight movements that were due to come into effect from 30 September 2024 were being delayed and that businesses should be fully prepared for them to commence from 31 March 2025. HMRC has now published a factsheet setting out key information and actions to prepare for the new arrangements and has also sent a more detailed email on the changes. A webinar is being also being hosted on 21 November which is now open for registration. You can also visit GOV.UK to:  find out how to apply for  UK Internal Market Scheme authorisation and the requirements you will need to meet, and read the statutory guidance for businesses sending parcels to Northern Ireland. For support with general trader queries, call HMRC’s Customs and International Trade Helpline number 0300 322 9434 or textphone 0300 200 3719.  Miscellaneous guidance updates and publications Transit newsletters — HMRC updates, Data Element 2/3: Document and Other Reference Codes: Licence Types — Imports and Exports of the Customs Declaration Service (CDS), Duties and import VAT on gifts Known error workarounds for the Customs Declaration Service (CDS) External temporary storage facilities codes for Data Element 5/23 of the Customs Declaration Service, Data Element 2/3: Documents and Other Reference Codes (Union) of the Customs Declaration Service, Customs Declaration Service error codes, Data Element 2/3 Documents and Other Reference Codes (National) of the Customs Declaration Service (CDS), and Preparing for the new safety and security declaration requirements.

  Mergers and acquisitions often set out with grand strategies to gain competitive advantage but real success hinges on the ability to create value, writes Byron Smith While financial considerations are crucial, the best outcomes in mergers and acquisitions (M&As) often come from performing value identification due diligence, ensuring optimal resource utilisation post-deal, and leveraging the strengths each party brings to the table. The importance of synergies Successful M&As typically begin with a common goal, such as growth or market consolidation. The key to success lies in identifying and leveraging synergies, optimising operations and enhancing the market position of the combined entity. In Ireland, where the business environment includes both indigenous companies and multinational corporations (MNCs), creating value is essential for maintaining competitive advantage and achieving long-term success. While M&As are more common between indigenous companies and MNCs, we have effectively used value-creation methodologies to enable smaller enterprises to secure an equal "seat at the table" post-deal, despite their lower financial clout. Challenges in achieving synergies Synergies achieved through mergers and acquisitions can be operational, financial or strategic. Ideally, a successful outcome will include all three: Operational synergies involve cost savings, improved efficiencies and enhanced productivity. Financial synergies provide better access to capital, improved cash flow and tax benefits. Strategic synergies expand market reach, enhance product offerings and boost innovation.  In Ireland, leveraging these synergies in sectors like technology, pharmaceuticals and financial services can significantly enhance performance. However, achieving these synergies is challenging. Globally, our firm has found that around 70 percent of M&As fail to meet their anticipated value, underscoring the need for meticulous planning and execution. To fully realise the potential of an M&A, companies in Ireland must navigate regulatory frameworks, market dynamics and cultural fit, and identify inherent weaknesses early in the negotiation cycle. Innovation as a driver of value creation We have seen that synergies are not just about matching capabilities; some of the most successful M&As involve an innovative company with limited capital partnering with a capital-rich company with minimal R&D. Simply put – SMEs have the ideas and the MNCs have the financial resources. Such collaborations provide the necessary resources and capabilities for research and development, leading to new products, services and technologies. This innovation-driven approach helps companies stay ahead of the curve and maintain a competitive edge in the market. Effective governance and risk management Aligning governance and risk management in Irish businesses post-M&A is often challenging. The question of "What is my role now?" is typically a decision for the acquirer. The larger entity's risk and quality processes are often assumed to be superior. If not properly aligned, however, this assumption can lead to value erosion. Larger stakeholders frequently cite agility and innovation as reasons for carve-off and merger, or for acquiring a smaller, efficient and innovative bolt-on entity. Often, the acquired entity can feel disadvantaged by the deal experience. This can be potentially fatal, as key management may become disenchanted and line workers may feel their lifetime's work is being disregarded, often unwisely. It is crucial to evaluate the approaches and capabilities of both parties, use peer benchmarking and develop the best strategy without power plays. This type of analysis is essential for a successful value creation-driven M&A strategy. Peer benchmarking: looking outside to avoid mistakes Frequently, dealmakers overlook lessons from previous market M&A when approaching a deal. Therefore, peer benchmarking is a crucial value-creation tool. By comparing performance metrics with industry peers, companies can identify best practices, set realistic targets and uncover areas for improvement. This benchmarking goes beyond initial due diligence, setting early expectations for the financial, commercial and operational performance of the post-deal entity. It ensures that the newly formed, theoretically less lean, entity remains focused on becoming more efficient and competitive to achieve its value creation goals. Byron Smith is Associate Director of Strategy at KPMG

The VAT in the Digital Age proposal promises a major overhaul of the VAT regime in operation across the EU. Janette Maxwell and Fadi BouKaram delve into the details On 5 November 2024, EU Finance Ministers at the Economic and Financial Affairs Council (ECOFIN) unanimously agreed on the VAT in the Digital Age (ViDA) proposal. Although some formal procedures will need to be completed before the proposal is fully implemented, this agreement is expected to pave the way for significant changes to the VAT system across the European Union. The ViDA initiative comprises a series of significant reforms to the common VAT rules in the EU. Its goal is to enhance VAT compliance, combat tax fraud and modernise VAT regulations to better align with the demands of the digital age. The latest ViDA package has three pillars: E-invoicing and digital reporting Platform economy Single VAT registration E-invoicing and digital reporting For the supplier, electronic invoicing will be established as the standard method for issuing invoices and possessing a valid e-invoice will ultimately be a key requirement for VAT recovery. Invoices should generally comply with the European Standard (EN16931) and its specified syntaxes, but Member States may allow other formats under certain conditions. Electronic invoices for cross-border transactions must be issued no later than 10 days following the chargeable event. The e-invoice must be digitally reported to the relevant tax authorities by the supplier directly after the e-invoice has been issued (or within five days if the customer issues the e-invoice under a “self-billing” arrangement). The customer, however, is required to digitally report information from the e-invoice within five days of receiving it from the supplier. Member States may waive this digital reporting requirement for customers. The requirements above will apply from 1 July 2030. Platform economy From 1 July 2028, a taxable person who uses an electronic platform to facilitate short-term accommodation rentals (max 30 nights) – and/or passenger transport by road – will be regarded as the supplier of those services for VAT purposes and will therefore be liable to account for VAT, unless:  The underlying supplier provides its VAT identification number to the platform operator; or The underlying supplier informs the operator that they will charge the VAT due on that supply. Member States may decide not to designate the platform as a deemed supplier if the underlying supplier qualifies for and chooses the small and medium-sized enterprise (SME) VAT regime. Member States must implement the rules by 1 January 2030 at the latest. Single VAT registration The Single VAT Registration (SVR) pillar aims to minimise the requirement for non-established traders to register for VAT in an EU Member State where they are not established. The One-Stop-Shop (OSS) has been expanded to include additional types of supplies, such as domestic business-to-consumer transactions including the supply of electricity and natural gas, supply and installation contracts, as well as domestic supplies of goods and services. A new OSS module will allow businesses to report the movement of their own goods between EU Member States. Currently, moving goods usually requires VAT reporting and registration in both the country of dispatch and the country of arrival, with some exceptions. From 1 July 2028, businesses can choose to report these movements through the OSS, which means they will not be required to report acquisition VAT in the destination country. Time to prepare The time to prepare for these changes is now. Businesses need to review their IT systems and start thinking ahead as to how these changes will impact their day-to-day operations and related invoicing processes. Janette Maxwell is International Indirect Tax Director at Grant Thornton Ireland Fadi BouKaram is Director of Tax at Grant Thornton

David Codd delves into strategies for effectively integrating AI into the workplace, ensuring both technological advantage and operational safety   Artificial intelligence (AI) systems offer immense potential, but they can also introduce new and significant risks.   When considering integrating AI into the workplace, there will be elements that do not typically feature in other IT investment proposals.   Equally, commercial realities may be obscured by the excitement arising from the eye-catching power of this technology and its potential to cut out so much work.   Due diligence and risk management should be to the fore, especially when considering new AI technologies.   So, what should those in governance and finance teams look out for?   Should we move faster and invest more right now? The cost reductions that AI can enable in many situations are transformative. So, if the business is efficient and can handle change effectively, pushing the pace could stretch that lead.   Many proposals will envisage cautious, phased roll-out because AI represents unknown territory and it is expensive.    The key questions to consider is whether you should take on more risk to achieve a quicker roll-out, and whether there is a chance to grow and take advantage of significant cost savings by doing so.   Will customer service improvements result in increased market share? AI systems can improve service quality speed in the short- to medium-term. However, while your proprietary data is your own, the technology itself is widely available to those who can afford it, meaning it is unlikely to underpin a unique long-term competitive advantage.   Recent business cases claiming increased market share increase arising from the roll-out of an AI solution should be treated with scepticism. They may really be “me too” projects.   Nevertheless, AI investment might still be needed just to keep pace and retain share. How much change does our operating model need and is the cost understood? Most business cases will include the obvious costs arising from a technology-enabled process change. However, other substantial and costly business changes may be necessary – mature data classification and quality control, for example.  Expertise will be needed to carry out tasks, such as message auditing and defining and implementing guardrails on an ongoing basis to prevent bias creeping in through “data drift”.   This expertise can be expensive, and the associated costs should be built into project planning. Do we understand the risks and when will we be ready to mitigate and control them? Responsible AI is not simply a question of steering away from the deployment of high-risk systems as defined by the European Union’s Artificial Intelligence Act.    AI brings privacy, explainability and bias risks which are exacerbated by the plausibility of the output of large language models.   Risk governance is not merely an extension of current practices. Early use cases can present challenges while risk governance is recalibrated.    This can slow projects down and the timing of realising benefits in proposals should take account of this risk. Understanding all the risks Business cases should reflect the fact that AI is different to previous technologies in terms of potential, risk and operational impact.   Those in governance and finance teams can make a valuable contribution by ensuring the full implications are reflected in investment proposals.   David Codd is an Independent Non-executive Director and Transformation Advisor

Welcome to the latest edition of Technical Roundup which is published on the first and third Friday of every month. In developments since the last edition, Accountancy Europe has issued the latest in its series of publications summarising the European Sustainability Reporting Standards (ESRS) provisions and sharing views on ESRS aspects that merit further guidance and clarification. Legislation has been signed in Ireland to change the rules regarding the loss of audit exemption in certain circumstances. Read more on these and other developments that may be of interest to members below. Audit and Assurance The IAASB has published the much anticipated ISSA 5000 International Standard on Sustainability Assurance 5000, General Requirements for Sustainability Assurance Engagements.  This standard is a comprehensive, stand-alone standard suitable for any sustainability assurance engagement. It will apply to sustainability information reported across any sustainability topic and prepared under multiple frameworks. The standard is also profession agnostic, supporting its use by professional accountants and non-accountant assurance practitioners. The draft standard was subject to a public consultation in 2023 and Chartered Accountants Ireland's response can be read here. IAASA has recently uploaded the recording of its Audit Committee Briefing 2024 held on 22 October 2024 to its YouTube channel. You can click to view the briefing here. The presenters at the briefing covered the topic of sustainability, including developments in sustainability reporting Q&A, a regulatory update, an audit committee panel session and artificial intelligence for audit committees. The FRC has published the criteria to assess local audit specialist training developed by Recognised Qualifying Bodies (RQBs), training providers and audit firms. Financial Reporting On 1st November, IAASA hosted a conference at Maynooth University entitled ‘Integrating Sustainability Reporting and Assurance into Accounting Education’. Slides from the event are available here. The International Accounting Standards Board (IASB) has launched surveys on the accounting requirements for intangible assets. This includes separate surveys for investors and companies. These will remain open until 30 November 2024. EFRAG has published its draft comment letter on the International Accounting Standards Board’s Exposure Draft on the Equity Method of Accounting. Comments are welcomed by 6 January 2025. In its recent publication entitled “Empowering SMEs through IP: insights and strategies from the ground”, Accountancy Europe discuss the importance of the protection, by SME’s, of their brand and ideas. The Financial Reporting Council has announced the launch of a consultation on Actuarial Standard Technical Memorandum 1 (AS TM1). The 2024 IFRS Foundation Integrated Thinking and Reporting Conference took place on 18 October in Milan. The event convened stakeholders from around the world to discuss the value of integrated reporting. The IFRS have published six takeaways from the event. The International Accounting Standards Board (IASB) has published a consultation aimed at improving the requirements for recognising and measuring provisions on company balance sheets. The consultation proposes changes to IAS 37 and remains open for public comment until 12 March 2025. ESMA, the European Securities and Markets Authority has published the latest edition of its Spotlight on Markets Newsletter. The EFRAG 2024 Conference Advancing Transparency & Competitiveness in Challenging Times is taking place on 10 December 2024 in Brussels and virtually. The FRC has launched its consultation on significant updates to the UK Stewardship Code focusing on supporting economic growth and investment and delivering increased transparency for investors, savers and pensioners in the UK. A webinar will be held by the FRC on 20th November to discuss the proposals. Sustainability Accountancy Europe has issued a series of publications summarising the European Sustainability Reporting Standards (ESRS) provisions and sharing views on ESRS aspects that merit further guidance and clarification. The most recent in this series covers interoperability. The International Sustainability Standards Board (ISSB) are hosting episode five of their webinar series Perspectives on sustainability disclosure on 25 November, which summarises developments and considerations as companies prepare for assurance of sustainability disclosures. A report, which was prepared by the IFRS Foundation and presented to the Financial Stability Board, highlights that over 1,000 companies have referenced the International Sustainability Standards Board in their reports and 30 jurisdictions are making progress towards the introduction of the International Sustainability Standards in their legal frameworks. EFRAG are holding webinars on the European Sustainability Reporting Standards (ESRS) for non-EU groups. These will be held on the 19th and 20th November. EFRAG and CDP, the global independent disclosure system for companies to measure and manage their environmental impacts, have announced that they have achieved extensive commonality between the CDP and ESRS. This follows ongoing collaboration between both organisations on their shared goals. Irish Companies Registration Office Two matters readers should note; the CRO has reminded filers that companies with an ARD of 30 September have a filing deadline of Monday 25 November. Please click to read the CRO reminder on peak filing. Also, the CRO has issued information about its Christmas 2024 Deadlines: applications should be no later than the following dates and all applications will be processed in strict date order.: – Fé Phráinn Online Scheme: 9 December 2024 – Ordinary Online Scheme: 2 December 2024 – Change of Name: 9 December 2024 – Re-registration: 9 December 2024 – Company Name Reservation: 15 December 2024. Economic Crime and anti-money laundering The Failure to Prevent Fraud offence was introduced in section 199 of the Economic Crime and Corporate Transparency Act 2023 (ECCTA). The Act provides that the Secretary of State must issue guidance about procedures before the provisions come into force. This guidance to organisations on the offence of failure to prevent fraud has now been issued (as of 6 November 2024). The guidance states that the offence will come into effect nine months after the publication of this guidance, to allow organisations to develop and implement their fraud prevention procedures. A reminder of what the Failure to Prevent Fraud offence is. The legislation will apply to large organisations where an associate of the organisation commits any of the offences listed in schedule 13 of the ECCTA (for example, cheating the public revenue or false accounting) with the intention of benefitting the organisation and the organisation did not have in place reasonable fraud prevention procedures. The large organisations to which the legislation will apply align with the thresholds in the Companies Act 2006. In short, a large organisation is one satisfying two or more of the following conditions: turnover of more than £36 million; balance sheet total of more than £18 million; or more than 250 employees. Readers should be mindful that there are proposals to uplift the monetary thresholds under company law. Digital, Cyber, Artificial Intelligence (AI), Crypto The European Council this month approved the European Court of Auditors’  Special report 08/2024: EU Artificial intelligence ambition which concluded that stronger governance and increased, more focused investment is essential going forward aiming to strengthen EU’s AI ambitions. Click here for the press release and here for details of the Council’s conclusions on the report. On the domestic front, Ireland’s first National Artificial Intelligence (AI) Strategy, 'AI – Here for Good' which was launched in July 2021 has been given a refresh this month. The refresh takes account of the significant developments in AI technology and regulation since the original strategy was published in 2021. Please click to read the press release about some of the new measures which include establishing an AI regulatory sandbox to foster innovation in AI and updating the 2022 study on AI skills of the Expert Group on Future Skills Needs. Click here to access a copy of the 2024 Refresh. This week Minister of State at the Department of the Environment, Climate and Communications, published the inaugural National Cyber Security Annual Update 2023, which provides a broad overview of the work that was carried out across Government in 2023. He also launched the NCC-IE Cyber Security Improvement Grant for SMEs, a €2 million fund aimed at supporting small and medium enterprises (SMEs) in Ireland as they enhance their cybersecurity. You can read more about the grant here. Please click to read remarks by Central Bank Director of Financial Regulation, Policy and Risk Gerry Cross, at a DORA Industry Briefing in November 2024 in which he outlines where they are now in relation to DORA as well as a bit of DORA background. In November 2024 the Minister for Finance gave effect to EU regulation on Markets in Crypto-Assets by enacting SI 607/2024 which designates the Central Bank of Ireland as the National Competent Authority, outlines the administrative penalties and measures for Regulated and non-Regulated Financial Service Providers and specifies the duration of the transition period for firms that provided crypto services before 30 December 2024. Central Bank of Ireland (CBI) Click here to read the CBI Governor’s blog on the Central Bank’s strategy 2024. CBI is holding its Financial System Conference 2024 “Delivering a well-functioning financial system to support a changing economy” on 18 November 2024. In-person registration is closed but readers just about have time to register online.  See details here. It opens with a fireside chat with Paschal Donohoe TD and Minister for Public Expenditure and Reform and also has sessions on the Future of Financial Services in Ireland and Europe and the Future of Payments. Legislation Dara Calleary TD, Minister of State for Trade Promotion, Digital and Company Regulation, has announced that preparatory work for the commencement of the Screening of Third Country Transactions Act 2023 is nearing completion and it is anticipated that the Act will be commenced in early January 2025. Please click for an Institute news item on the legislation in November 2023 at the time the Act was passed. New Irish Company Law provisions: The President signed the Companies (Corporate Governance, Enforcement and Regulatory Provisions) Bill 2024 into law on 12 November 2024. Provisions which will be of interest to our members were outlined in our news item in March 2024 following publication of the general scheme of the Bill. These include changes in the rules regarding loss of audit exemption, provisions relating to receivers, some new grounds for company strike-off and provisions regarding registered office and electronic filing agents. Following publication of the draft Bill in August 2024 we did a further update on the Bill noting that most but not all of the provisions of the General Scheme had been included in the Bill. Click for the August 2024 updated news item. At the time of writing, publication of the legislation on the Irish Statute Book as passed and details of its commencement into law is awaited and we will provide further updates when information on this is made available. Click here for a statement from the Corporate Enforcement Authority which welcomed the passage of the legislation containing enhancements to existing legislation including for example the extension of the list of competent State bodies with which the CEA can share information. Other The Minister for Public Expenditure, NDP Delivery and Reform, recently published the Prospects 2024-2025 report which highlights 50 projects that make up Project Ireland 2040. This report aims to provide further visibility on Ireland’s priority infrastructure over the coming years, facilitating firms to plan commercial bids for these major infrastructure projects.   This information is provided as resources and information only and nothing in the information purports to provide professional advice or definitive legal interpretation(s) or opinion(s) on the applicable legislation or legal or other matters referred to in the information. If the reader is in doubt on any matter in this complex area further legal or other advice must be obtained. While every reasonable care has been taken by the Institute in the preparation of the information we do not guarantee the accuracy or veracity of any resource, guidance, information or opinion, or the appropriateness, suitability or applicability of any practice or procedure contained therein. The Institute is not responsible for any errors or omissions or for the results obtained from the use of the resources or information contained herein.

From the Professional Accountancy team The President signed the Companies (Corporate Governance, Enforcement and Regulatory Provisions) Bill 2024 into law on 12 November 2024. Provisions which will be of interest to our members were outlined in our news item in March 2024 following publication of the general scheme of the Bill .These include change in the rules regarding loss of audit exemption, provisions relating to receivers, some new grounds for company strike off and provisions regarding registered office and electronic filing agents.  Following publication of the draft Bill in August 2024 we did a further update on the Bill noting that most but not all of the provisions of the General Scheme had been included in the Bill .Click for the August 2024 updated news item.  At the time of writing, publication of the legislation on the Irish Statute Book as passed  and details of its commencement into law is awaited.This should be available very shortly and we will provided further updates when information on this is made available. This information is provided as resources and information only and nothing in these pages purports to provide professional advice or definitive legal interpretation(s) or opinion(s) on the applicable legislation or legal or other matters referred to in the pages. If the reader is in doubt on any matter in this complex area further legal or other advice must be obtained. While every reasonable care has been taken by the Institute in the preparation of these pages, we do not guarantee the accuracy or veracity of any resource, guidance, information or opinion, or the appropriateness, suitability or applicability of any practice or procedure contained therein. The Institute is not responsible for any errors or omissions or for the results obtained from the use of the resources or information contained in these pages.    

The IAASB has published the much anticipated ISSA 5000 International Standard on Sustainability Assurance 5000, General Requirements for Sustainability Assurance Engagements.  This standard is a comprehensive, stand-alone standard suitable for any sustainability assurance engagements. It will apply to sustainability information reported across any sustainability topic and prepared under multiple frameworks. The standard is also profession agnostic, supporting its use by both professional accountants and non-accountant assurance practitioners. The draft standard was subject to a public consultation in 2023 and Chartered Accountants Ireland's response can be read here. 

Chartered Accountants Ireland has today launched its new guide to Foreign Direct Investment (FDI) in Ireland at an event in conjunction with IDA Ireland in Dublin.  Over 100 attendees gathered in Chartered Accountants House to hear from a panel of: Cróna Clohisey, Director of Public Affairs Chartered Accountants Ireland Feargal O'Rourke, Chair, IDA Ireland Barry Doyle, President Chartered Accountants Ireland Ireland faces greater competition as a location for global FDI than ever before as we move into 2025, with other countries enhancing their offering at pace. While Ireland’s FDI policy has stood the country in good stead for decades, a slowdown in growth of the global economy coupled with accelerated industrial policy interventions by competitor countries means Ireland’s inward investment model is now at a crucial inflection point. Commenting at the event, Cróna Clohisey, Director Public Affairs, Chartered Accountants Ireland said “Ireland’s record of attracting FDI has been the envy of other countries for decades and IDA Ireland has played a pivotal role. However, against a backdrop of heightened geopolitical uncertainty and intensifying global competition for inward investment, we cannot afford to be complacent about our offering. The significant deficits in the State’s crucial infrastructure, including housing, energy, water, childcare and nationwide public transport, need to be addressed with urgency if we are to remain fully competitive in the race for future FDI.” Barry Doyle, President, Chartered Accountants Ireland said “We are all familiar with the advantages that Ireland holds in attracting FDI - EU membership, strategic location, young talented workforce and a stable business environment. Our members also represent a key competitive advantage, with Chartered Accountants playing a central role in supporting FDI the length and breadth of the country. “Competition has never been greater for the flow of FDI around the world, and with a new US administration taking office in a matter of weeks, there is an increased chance of disruption to the traditional flow of FDI globally. However, investors with a long term, sustainable outlook will look beyond short-term protectionism. Ireland as a safe and stable environment will continue to benefit greatly from FDI and we as Chartered Accountants will be there to lead and support such investments.”