The Young Professionals Committee elected Brendan Brophy as the chairperson at the AGM on Thursday 6 July. Brendan was elected alongside Niamh McCarthy as Vice chair for the 2023 / 2024 term. We sat down with Brendan to learn more about him and his plans for the 2023 / 2024 term. While I am often referred to as the ‘Australian’ among my Irish friends, I personally identify as blend of Australian and Irish, and I am a proud dual citizen. My parents emigrated to Australia from Belfast during the height of the Troubles, meaning I have Irish and Australian citizenship, and I was raised with a deep appreciation and love for both cultures. I qualified as an Australian Chartered Accountant in 2016 through Chartered Accountants Australia & New Zealand (CAANZ). After gaining valuable experience as an accountant and tax professional in Australia, I decided to embark on a new journey and relocate to Dublin in mid-2017. I was able to obtain membership with Chartered Accountants Ireland through the reciprocal agreement between the two bodies. I had four years of valuable tax experience in Australia, but when I landed in Ireland, I quickly realised that Australian tax regulations and expertise was not as highly sought after in the local market. I subsequently transitioned into diverse financial management and reporting roles and currently work as a Cost Accountant at Square. Not long after my move to Dublin, I recall receiving an email from Chartered Accountants Ireland promoting an event organised by the Young Professionals Committee. Intrigued by the prospect of networking and connecting with fellow young professionals, I rallied a few of my co-workers to attend the event and the rest is history! Little did I know at the time that this would mark the beginning of my involvement with the committee. I am honoured to be elected as Chairperson of the Committee and look forward to a great year ahead. This year my primary goal is to prioritise the establishment and nurturing of meaningful connections. While attending exceptional events with notable speakers and engaging entertainment can be valuable, I believe the true significance lies in sharing those experiences with others. As young professionals, we play a pivotal role in bridging the gap between senior management and junior staff, fostering connections and collaboration within the organisation. Furthermore, it is essential to maintain a strong connection with the Institute and the great resources such as CA Support and Thrive that our available to all members. I would like to take this opportunity to congratulate Peter Gillen on a fantastic year as chairperson of the Young Professionals Committee. Special thanks to my fellow committee members, as well as Institute staff Karin Lanigan and Linda McGee who work tirelessly behind the scenes to support all our initiatives.  I look forward to the year ahead and hope that many young professionals will join us virtually and in person at our upcoming events. Keep an eye on our LinkedIn and Instagram accounts to hear the latest developments. Brendan Brophy  Brendan Brophy on LinkedIn Visit the Young Professionals homepage  

Paul A. Slattery outlines the keys to successful impromptu public speaking. Ad hoc speaking situations are a common occurrence in professional settings, and the mere prospect of delivering a speech at short notice can be nerve-racking for many of us. However, there is no need to dread this. By employing specific techniques, you can deliver a successful presentation at any time. Be prepared to sound spontaneous Your goal is to sound spontaneous while articulating your ideas in an organised manner, making an impact on your audience. Although being fresh and spontaneous is desirable, simply ‘winging it’ should never be your approach. Achieving a balance of ‘organised improvisation’ and appearing natural without following a script requires preparation. The rule of three The ‘Rule of Three’ is an excellent starting point. It can be adapted to suit any topic and is based on the concept that we are more likely to remember a list of three items or ideas. You can use the Rule of Three to structure your presentation and deliver a solid argument, even with barely any time to prepare. Select the three most important aspects to concentrate on, such as “Three necessary measures to undertake….” The Rule of Three is exemplified in another recommended communication model: ‘Be Brief. Be Bright. Be Gone.’ This philosophy was introduced by Jay Frost and David Currier in their book of the same name. The idea was originally intended for aspiring pharmaceutical sales representatives, but it can be universally applied. To succeed in sales, it is essential to comprehend and implement these three principles: Be brief — Keep your sales pitches short and to the point. Be bright — Understand your product and its context. Be gone — Respect your customer’s time. Be brief Keep in mind that simplicity is key to effective communication. Start by defining the reason for the presentation and providing the relevant facts. Tell your audience only what they need to know – not everything you know. Be ready to answer their questions and maintain a positive attitude in your communication. Consider using the BLUF methodology. BLUF stands for Bottom Line Up Front and is a concise communication practice in which critical information is presented first. It is commonly used in the US military to ensure precision and impact. Think of BLUF as an inverted pyramid providing a simplified version of the message. It is applicable not only in military writing and journalism but also in business presentations. Be bright As a starting point, understand your situation and its context. You should also aim to create a bright impression by engaging in eye contact and, when feasible, firmly shake hands. Try maintaining a confident posture by standing tall. Make sure to convey openness and receptiveness by uncrossing your arms and legs. A sincere smile can go a long way in creating a connection. When speaking, project your voice into the room to ensure everyone can hear you clearly. Speak with confidence to convey your expertise and captivate your listeners. In other words, project your executive presence. Be gone Once you have conveyed your message, it is important to conclude promptly, respecting people’s time and avoiding unnecessary follow-up. Showing consideration for others’ schedules and minimising complexity are vital in any professional communication. There is no need to dread presenting at short notice. Being ready will assist you in delivering concise and compelling presentations. By practising the approaches mentioned here, you can deliver successful impromptu speeches, sound spontaneous and leave a lasting impression on your audience. Paul A. Slattery is the founder and Managing Director of NxtGEN Executive Presence

In developments this week, the Financial Reporting Council (FRC) has published a research report about Audit Committee Chairs’ views on, and approach to, Environmental, Social and Corporate Governance (ESG) activities and reporting; the European Securities and Markets Authority (ESMA), the EU’s financial markets regulator and supervisor, has published its Annual Report for 2022. Read more on these and other developments that may be of interest to members below. Assurance and Audit Technical Release 01/2023 Safeguarding reporting for payment and electronic money firms has been issued. The purpose of this Technical Release (TR) is to provide assistance to auditors who are engaged by Payment and Electronic Money (E-Money) institutions (the Firms) following a request from the Central Bank of Ireland to carry out an engagement pursuant to a letter to the Firms dated 20 January 2023 and a further communication on 25 May 2023. The Financial Reporting Council (FRC) has published a research report about Audit Committee Chairs’ views on, and approach to, Environmental, Social and Corporate Governance (ESG) activities and reporting.  The report, commissioned by the FRC and conducted by independent research agency YouGov, involved qualitative interviews with 40 ACCs of Public Interest Entities (PIEs), representing a diverse range of organisations, including FTSE 100 and FTSE 250 companies, other listed equities, building societies, and unlisted banks.  The FRC has published a response to the consultation on proposed amendments to the Audit Enforcement Procedure (AEP) and related guidance launched on 3 April 2023. The main purpose of the proposals was to effect changes to the decision-making remit of the Board and the Case Examiner under Part 2 of the AEP (Initial Stages). Financial Reporting The Financial Reporting Council (FRC) has updated its guidance to Actuarial Standard Technical Memorandum 1 (AS TM1) version 5, which provides clarity on the application of some paragraphs within the standard. The International Accounting Standards Board (IASB) has issued the June 2023 IFRS for SMEs Accounting Standard update. This covers news, events and other developments in the standard during the month. This update includes an overview of the proposed amendments to the standard relating to the Pillar Two model rules. Insolvency For the first time in Ireland, the Court has appointed an Examiner to a foreign registered, non-EU company on the basis that its centre of main interests is in Ireland. McCann FitzGerald solicitors are acting for the Company in examinership and has summarised this precedent appointment. We have recently been engaging with the Examiner of the High Court who has noted that Judge Quinn, who manages the Examiner’s Court List, is keen to finalise a number of old liquidations in the coming months. The Examiner is seeking the engagement of Liquidators in helping to finalise these matters. In that regard, the Examiner will shortly be in contact directly with the Solicitors who act for Liquidators in these matters asking for papers to be submitted for a Final Application to the Court and your co-operation in preparing up to date Liquidator’s Reports would be greatly appreciated. Sustainability The International Sustainability Standards Board (ISSB) has announced that it will issue its sustainability standards IFRS S1 General Requirements for Disclosure of Sustainability-related Financial Information and IFRS S2 Climate-related Disclosures on 26 June 2023. Accountancy Europe have made available some working documents which compare the first set of European Sustainability Reporting Standards (ESRS) proposed in the recent Delegated Act to the European Financial Reporting Advisory Group’s original drafts. The European Securities and Markets Authority (ESMA), the EU’s financial markets regulator and supervisor, has launched a Call for Evidence (CfE) on integrating sustainability preferences into suitability assessment and product governance arrangements under the Markets in Financial Instruments Directive (MiFID) II. The objective of this Call for Evidence (CfE) is to gather industry feedback that will help better understand the evolution of the market and provide answers as to how firms apply the new MiFID rules on sustainability. The FRC has issued its response to the ISSB consultation on the methodology for enhancing the international applicability of the SASB Standards and SASB Standards Taxonomy updates. Other News Accountancy Europe has published its June 2023 SME update. The European Supervisory Authorities (EBA, EIOPA and ESMA – the ESAs) has this week launched a public consultation on the first batch of policy products under the Digital Operational Resilience Act (DORA). This includes four draft regulatory technical standards (RTS) and one set of draft implementing technical standards (ITS). These technical standards aim to ensure a consistent and harmonised legal framework in the areas of ICT risk management, major ICT-related incident reporting and ICT third-party risk management. The consultation runs until 11 September 2023. The European Securities and Markets Authority (ESMA), the EU’s financial markets regulator and supervisor, has published its Annual Report for 2022. It sets out the key achievements of the authority in fulfilling its mission of enhancing investor protection and promoting stable and orderly financial markets in the European Union (EU) during a transformative year.   The European Banking Authority (EBA) has published its Report on money laundering and terrorist financing (ML/TF) risks associated with EU payment institutions. Its findings suggest that ML/TF risks in the sector may not be assessed and managed effectively by institutions and their supervisors. The Central Bank has published its second Quarterly Bulletin of 2023. For further technical information and updates please visit the Technical Hub on the Institute website.

Demand for early career accountants has increased by 20% in the last 12 months, according to new data released by specialist accounting talent advisory and recruitment firm Barden. Defined as accountants with 3-5 years post-qualification experience (PQE), the demand for early career accountants is being driven by finance teams restructuring and reshaping themselves for the future. At present, finance managers, finance business partners and senior financial accountants are amongst the most sought-after talent in organisations big and small. Practical accounting skills remain important but increasingly CFOs are prioritising candidates with people skills; such as the ability to influence others, to lead others, to lead change programmes, and the ability to communicate financial information to non-financial people. Elaine Brady, Managing Partner, Barden Leinster said “It has been widely reported in recent months that greater attention needs to be devoted to the development of softer skills, the sorts of skills that early career professionals have not had the opportunity to develop as effectively during COVID. We are seeing this on the ground, and increasingly it is these core skills that differentiate who is promoted/hired and who is not.” This increased demand contrasts with a similar decline in available talent driven by two key factors. The first of these is a significant uptick in the number of early career professionals relocating overseas/travelling post-pandemic, with the duration of their stays extending well beyond the traditional 12–18-month mark. The second factor is a divergence in the opportunities available for accountants at this early career level as firms diversify their service lines and finance project and transformation opportunities increase in frequency. These findings come as Barden announces a new three-year agreement to support the Chartered Accountants Ireland Young Professionals group. The partnership will ensure those a few years into their careers as chartered accountants have access to the most up to date marketplace intelligence and expertise they need, awareness of future trends and opportunities as they come down the tracks, and what these mean for their career. Commenting, Sinead Donovan, President of Chartered Accountants Ireland said “Today’s announcement represents a significant enhancement of the supports available to early career accountants. Supporting the next generation as they enter the profession and build their careers was my priority when I became President. When we see a 20% increase in demand for talent coupled with a decline in available talent, it’s clear that there is something amiss. “Part of this is better communicating exactly what we do in our profession. It is not just the traditional accounting skills anymore, it is the people skills, the non-financial reporting expertise and so much more. Our annual student recruitment campaign, underway at the moment, very much reflects this focus. We are delighted to partner with Barden to help the next generation access these opportunities.” Elaine Brady, Managing Partner, Barden Leinster concluded “Our partnership with Young Professionals cements our commitment to Chartered Accountants Ireland members and signals our confidence in the future of the profession.  Over the coming years we hope that our insights, data and collective experience will help enable early career members to make better, more tactical decisions about their professional future.  That’s what makes this partnership so important.”  Today’s announcement marks the expansion of an already existing partnership between Barden and Chartered Accountants Ireland to support trainees and young members as they move through the early stages of their careers. This partnership commenced in 2018 with Barden’s sponsorship of the Leinster Society annual salary survey and was further expanded in 2020 via sponsorship of the Chartered Accountants Student Society.

Tim Bicknell explores how to unlock the potential of innovation as a positive force for business growth Innovation, that elusive force propelling organisations forward, has become the ultimate strategic imperative in our fast-moving and sometimes chaotic business landscape. But what does it take to forge a culture of innovation? The answer lies, not just in visionary leadership and cutting-edge technology, but also in the delicate and skilled work of transforming teams and businesses into hotbeds of creative brilliance. 1. Leadership as catalyst Leadership commitment is the bedrock upon which a culture of innovation is built. Those at the top of the organisation must prioritise and actively support innovation initiatives, signalling to all the value placed on creativity and smart risk-taking. They must build an environment in which experimentation is encouraged, providing resources and dedicated time for visionary pursuits. Through personal example and unwavering support, leaders can pave the way for a culture that embraces, nourishes and rewards innovative thinking. 2. Rewarding the brave: A culture of risk-taking At the heart of innovation lies the spirit of audacious risk-taking. Organisations must, not only encourage, but also reward those who dare to dream big and venture into uncharted territory. Empowering employees to propose daring ideas, while embracing failure as a stepping-stone to success, creates an environment in which considered risk-taking can thrive. By recognising and incentivising risk-takers, regardless of the outcome, organisations send a clear message that innovative thinking is both cherished and actively encouraged. 3. Fostering cross-functional collaboration Innovation flourishes where cross-functional collaboration is supported. Organisations must shatter the silos that breed stagnation and nurture an environment in which diverse perspectives converge, birthing a breeding ground for creativity and ground-breaking solutions. By creating platforms that encourage individuals from various backgrounds to collaborate, exchange ideas and harness collective expertise, organisations can tap into a wellspring of knowledge and insight, fuelling the innovation process. 4. A learning mindset for continuous growth A culture of innovation thrives on the relentless pursuit of knowledge and growth. Organisations must provide pathways for employees to enhance skills, acquire new knowledge and stay attuned to emerging trends and technologies. Through immersive training programmes, workshops and mentorship, organisations not only arm individuals with the tools for innovation, but also showcase their commitment to personal and professional development. By nurturing a culture of lifelong learning, organisations unleash the creative spirit of their teams, enabling them to adapt and thrive in the face of an ever-changing market landscape. 5. Nurturing a culture of open communication Effective communication and a continuing, open exchange of ideas can support a culture of innovation. Organisations need to construct channels and platforms that foster a seamless flow of ideas across all levels. Regular brainstorming sessions, idea-sharing platforms and innovation forums become the lifeblood of a culture that thrives on open dialogue. Leaders must be seen to be receptive – actively listening to employee suggestions and providing constructive feedback. It is through this culture of open communication and inclusivity that organisations can unlock the creative potential within their teams. 6. Unleashing the power of diversity and inclusion Diversity and inclusion form the bedrock upon which innovation stands tall. Teams comprised of individuals with different skill sets and expertise challenge conventional thinking, leading to fresh ideas and ground-breaking solutions. Organisations must actively seek diversity and foster an inclusive environment in which all voices can be heard and valued. By embracing diverse perspectives, experiences and backgrounds, organisations can effectively foster a culture of innovative brilliance. Cultivating a culture of innovation within a team and business requires a multifaceted approach. Organisations unlock the potential for creative breakthroughs by: prioritising visionary leadership; embracing risk-taking; fostering collaboration and open communication; promoting continuous learning; and nurturing diversity. When these critical success factors are woven into the DNA of an organisation, innovation becomes a driving force, propelling their teams and business towards sustainable growth and success. Tim Bicknell is Managing Director of Deep Cove

Welcome to this week’s Technical Roundup. In developments this week, the World Economic Forum continues its work with the International Sustainability Standards Board (ISSB) by convening a group of sustainability professionals focused on sharing best practices and practicalities of adopting ISSB Standards; the Financial Conduct Authority (FCA) has issued financial promotion rules for cryptoassets and a consultation on guidance on how it approaches, and how firms comply with, FCA requirements that crypto-asset financial promotions must be fair, clear and not misleading. Read more on these and other developments that may be of interest to members below. Financial Reporting The Financial Reporting Council (FRC) has published its thematic review of fair value measurement. This publication reflects the FRC’s Corporate Reporting Review team’s experiences with IFRS 13 and has a particular focus on disclosure matters, with some measurement issues also discussed. The FRC has also published research into the impact of proxy voting advisors and ESG ratings agencies on actions and reporting by FTSE350 companies and investor voting decisions. The IFRS Interpretations committee has issued its June 2023 update which includes details of some of the requests that it has received in relation to; A merger between a parent and its subsidiary (IAS 27) Application of the ‘Own Use’ Exception (IFRS 9) Consolidation of a non-hyperinflationary subsidiary by a hyperinflationary parent (IAS 21 & IAS 29) In order to understand preparer’s views on the International Accounting Standards Board’s (IASB) upcoming Request for Information on the implementation and application of IFRS 15, the UK Endorsement Board is holding some roundtables on 20 and 21 June. Insolvency The Financial Conduct Authority is placing a ban on debt packagers receiving remuneration from debt solution providers. The ban covers any commission, fee or any other financial consideration, received by a debt packager firm, directly or indirectly, from a debt solution provider in connection with the firm referring customers to a debt solution provider, or any other related services.   Sustainability Accountancy Europe is hosting an in-person event on 5 July 2023 at their Brussels offices – CSRD: Striving for Consistent and Quality Sustainability Assurance Engagements across the EU. The European Commission launched a consultation this week seeking feedback in relation to draft delegated regulation supplementing Directive 2013/34/EU as regards sustainability reporting standards. The European Sustainability Reporting Standards (ESRS) in the draft Delegated Act include significant revisions to the draft standards recommended by the European Financial Reporting Advisory Group (EFRAG) in November 2022, which include additional phase-ins, making certain disclosures voluntary, and making all disclosure requirements (apart from a set of general disclosures) subject to materiality assessments. The consultation closes on 7 July 2023. The World Economic Forum continues its work with the International Sustainability Standards Board (ISSB) by convening a group of sustainability professionals focused on sharing best practices and practicalities of adopting ISSB Standards.   Cryptoassets The Financial Conduct Authority in the UK has some recent publications on cryptoassets It released it latest 'Research Note: Cryptoassets consumer research 2023'. The research series began in 2019 to understand the trend in UK adults’ cryptoassets holdings and changes in consumer behaviour and is continued annually to gain further insights into the potential harms and benefits of cryptoassets and understand consumers’ attitudes towards cryptoassets. The FCA says the results from this research will be used to inform its cryptoassets policy work. In the conclusion it is stated that cryptoassets remain a high-risk investment, and anyone who looks to purchase them should be aware of the risks and be prepared to lose all their money. Cryptoassets predominantly sit outside of the FCA’s current regulatory perimeter and users of cryptoassets are unlikely to be covered by financial protections such as the FSCS. In further crypto news the FCA also issued Financial promotion rules for cryptoassets and a consultation on guidance on how it approaches, and how firms comply with, FCA requirements that crypto-asset financial promotions must be fair, clear and not misleading. All cryptoasset firms marketing to UK consumers, including firms based overseas, will need to comply with the UK financial promotions regime from 8 October 2023.  The UK Government is bringing promotions of certain cryptoassets within their remit. The financial promotions regime will apply to all firms marketing cryptoassets to UK consumers regardless of whether the firm is based overseas or what technology is used to make the promotion.   Other News The CCAB-I Business Law Committee submitted a response to the Department of Enterprise, Trade and Employment public consultation on proposed amendments to Companies Act 2014. The response which is available on our website focused on responding to the areas which most impact members from a technical perspective. The Central Bank Deputy Governor spoke recently at the Banking and  Payments Federation Ireland  Retail Banking Conference 2023.The topic was ESG integration in the banking sector. The conclusion was while there is much done, there is much more to do and details of the speech can be accessed here. The European Securities and Markets Authority (ESMA), the EU’s financial markets regulator and supervisor, has published its follow-up report to the peer review on the Guidelines on ETFs and other UCITS issues. The report shows that the National Competent Authorities (NCAs) have strengthened their supervisory practices, enhanced internal and external guidance, and performed supervisory work in the area of Exchange-traded funds (ETFs) and other Undertakings for Collective Investment in Transferable Securities (UCITS) since 2018. The Department of Enterprise, Trade and Employment invites expressions of interest from suitably qualified individuals for membership of the Enterprise Digital Advisory Forum (EDAF).  Established in May 2022, the forum plays a key role in advising and working with government to drive industry adoption digital technologies, in accordance with the National AI Strategy and the National Digital Strategy. The UK Financial Intelligence Unit has recently published its latest SARs Reporter Booklet for June 2023 . It provides case study examples highlighting the work of law enforcement agencies in utilising SAR intelligence to initiate investigations and to inform existing ones. The Irish Workplace Relations Commission has, for information purposes published a WRC Remedies Table  (last revised May 31 2023) which sets out the remedies that may be granted by a WRC Adjudication Officer in the different areas of employment and equality legislation which come under the WRC’s jurisdiction. While the WRC states that the table should not be relied upon in place of legal advice and the WRC accepts no liability for reliance on it is a useful summary table for anyone with an interest in employment law. The OECD Guidelines for Multinational Enterprises on Responsible Business Conduct are standards which multinational enterprises are expected to meet, and which OECD member countries have committed to uphold. The Guidelines are recommendations on responsible business conduct and provide non-binding principles and standards in a global context. The 2023 edition of the OECD Guidelines for Multinational Enterprises on Responsible Business Conduct has recently been published and they can be accessed by going to this page where key updates are also summarised. For further technical information and updates please visit the Technical Hub on the Institute website.

96% of respondents see the need for change, with more greenery and social space the most popular wishes   Objective to create biodiverse, inclusive, green space that benefits local communities, businesses, and visitors    The Lord Mayor of Dublin has today officially launched the Green Pearse Street campaign. Green Pearse Street comprises a diverse group of local businesses and organisations on and near Pearse Street, one of Dublin’s longest streets, stretching from Ringsend to College Green.  The objective of the new campaign is to ‘green’ the street, improve the air quality, create a health and biodiversity corridor, and more social space for people. The campaign launch coincides with EU Green Week which began over the weekend. Members of Green Pearse Street include All Human, Bread41, Chartered Accountants Ireland, Cloud Picker Coffee, Dublin Chamber, Grant Thornton, The Podcast Studios, Henry J Lyons, Honey Truffle, Iput, Jobcare, O'Neills Victorian Pub and Townhouse, Pearse Street Management, PLM Group, St Andrews Resource Centre, The Lombard Pub & Townhouse Accommodation, Trinity College Dublin, and William Fry, with more businesses expected to join in the months to come.   Green Pearse Street surveyed over 750 respondents to generate insights. 96% of those approached on the street identified a need for change (of some variety, ranging from small to larger scale). Only 6% rated the current street layout as very good or excellent, with 24% rating it as poor. Popular recommendations on changes to the street include addition of more greenery (91%) more social spaces (benches and tables) (77%), and a safe cycle lane (64%).    As one of the main arteries in the city, Pearse Street regularly records elevated levels of harmful pollutants such as nitrogen dioxide (NO²) and particulate matter (PM 2.5). According to EU research air pollution is the largest environmental health risk in Europe, causing chronic illness and premature deaths, particularly in urban areas.   Working in two parallel streams, the Green Pearse Street campaign includes action at individual organisation level, and on the collective level to create street-wide change for businesses, local communities, tourists, and other street users. Coordinated work by businesses along the street has already commenced with measures including planters at ground and roof/balcony level to provide food for pollinating insects; the construction of living walls/green roofs; the installation of bird boxes/feeders to provide space for nesting and foraging; and a programme of local community engagement.    In the longer-term, the group will campaign for the optimisation of this significant streetscape to make greater provision for Dubliners and visitors to the city to stop and enjoy the surroundings.  Lord Mayor of Dublin, Caroline Conroy said “I am delighted to launch this exciting initiative bringing together local businesses and communities on Pearse Street. This street is more than a traffic thoroughfare. It’s a home, it’s a community, it’s a place where people study, work and meet others.  “The benefits of greening have been demonstrated in other jurisdictions, and include space for urban wildlife to flourish, reductions in air pollution, physical health benefits from increased active travel, and enhanced mental health because of greater connectivity amongst street users. This campaign is an opportunity for the businesses and local organisations of Pearse Street to contribute to making the street a vibrant, welcoming, and exciting space for people to enjoy, and I look forward to following its progress.”  Susan Rossney, Sustainability Officer, Chartered Accountants Ireland, said “Reimaging Pearse Street is at the heart of this campaign. Trees and planters, repair works to the street surface, street furniture, seating near bus stops, space for active travel (walking, cycling) and for people with disabilities will transform our street. A greener street would also enhance the experience of street users, by introducing space for eating and drinking, street art such as sculptures and murals, and starting to signpost and further open up the cultural and historical gems dotted right along the street and waiting to be explored. “More than ever, businesses need to satisfy the ESG requirements of stakeholders, like investors, regulators, consumers, clients, and staff, but it can be hard to know where to start. By banding together, the Green Pearse Street partners can share advice on organisation-level activities, but also build a strong collective voice to campaign for the Pearse Street they want in the future. It’s a way of taking action under the environmental and social ‘pillars’ of ESG, on which many businesses will soon need to report.” ENDS   

Professor Patricia Barker has been recognised for her contribution to the accountancy profession. She received the “Outstanding Contribution to Accountancy” award at the 2023 Irish Accountancy Awards in Dublin. Professor Barker sat her accounting exams 50 years ago this year, becoming only the 20th female chartered accountant in Ireland in 1973. The Outstanding Contribution category recognises an individual whose work demonstrates a sustained commitment to the advancement of the profession. It recognises the exceptional abilities and achievements of Professor Barker, as well as her commitment to the organisations and teams she has worked with, and to the industry overall. Previous recipients of the award include Elaine Coughlan, FCA, Dr Laurence Crowley, CBE, FCA and Dr Margaret Downes FCA.   Chief Executive of Chartered Accountants Ireland, Barry Dempsey said  “Patricia Barker has devoted decades of service to the advancement of the chartered accountancy profession in Ireland, and around the world, and the Institute was fortunate to have her expertise on Council for almost a decade. She played an integral role in the advancement of education in accounting and finance over many years. At a time when it is more critical than ever that we attract a new generation of students into the profession, we have a renewed appreciation of the importance of her work. “The extent of her engagement beyond the profession however, on such a variety of boards and international bodies, is an outstanding embodiment of the role that Chartered Accountants can and should play in society. Her devotion to fostering higher ethical standards, greater equality and protecting basic human rights is a source of enormous pride for all of us who have had the pleasure of working alongside her at different junctures.” Accepting the award, Professor Barker said “It’s such an honour to accept this recognition. Our profession opened up to women in 1918, and it’s encouraging to see women now making up 50% of our numbers. It’s so important for women to act as mentors to other women entering the profession. “There is so much opportunity in the modern profession beyond the conventional accounting roles, and I would encourage chartered accountants to entertain opportunities to expand their careers, even it seems risky.  The sense of anxiety that accompanies these opportunities should also be embraced and balanced by a set of personally developed ethical values.” The Irish Accountancy Awards were launched in 2016 to celebrate excellence in the accountancy profession across a total of 27 categories.  

Welcome to this week’s Technical Roundup.    In developments this week, the European Financial Reporting Advisory Group is holding a symposium on Connectivity between financial reporting and sustainability reporting at the European Accounting Association Annual Congress which will take place in Helsinki and Espoo on 26 May, 2023; the Joint Committee of the European Supervisory Authorities (EBA, EIOPA and ESMA - ESAs) has published its 2022 Annual Report, which provides an account of its joint work completed over the past year.  Read more on these and other developments that may be of interest to members below.  Financial Reporting IAASA, Ireland’s accounting enforcer, has published a Paper “Transparency Regulations – information requests”. This Paper lists some information requests that IAASA has made to companies as part of its financial statement examinations. In its recent letter to the EC’s President Ursula von der Leyen & Commissioner Mairead McGuinness, Accountancy Europe have addressed the recent commitments by the EC to simplify reporting requirements in the green, digital and economic thematic areas. Specifically, the EC have recommended that any upcoming legislative proposals should not be rushed, should be based on independent and costed impact assessments, should be subject to public consultation and should be field tested. The Financial Reporting Council (FRC) has issued Amendments to Basis for Conclusions FRS 101 Reduced Disclosure Framework - 2022/23 cycle. This completes the annual review by the FRC of the FRS 101 standard, which proposed no amendments. The International Accounting Standards Board (IASB) has issued amendments to IAS 12 Income Taxes. The amendments give companies temporary relief from accounting for deferred taxes arising from the Organisation for Economic Co-operation and Development’s (OECD) international tax reform. The IASB has also issued amendments to IAS 7 Statement of Cash Flows and IFRS 7 Financial Instruments: Disclosure. These amendments are intended to enhance the transparency of supplier finance arrangements and include additional disclosures. The changes are effective for accounting periods beginning on or after 1 January 2024. The European Financial Reporting Advisory Group (EFRAG) is asking for preparers to provide input to an academic study on the effects of the adoptions of IFRS 15. This is to assist in EFRAG’s work on the post-implementation review of the standard. The UK’s Department for Business and Trade is seeking views on the non-financial reporting requirements UK companies need to comply with to produce their annual report, and whether company size thresholds remain appropriate. This consultation remains open until 16 August. The European Financial Reporting Advisory Group (EFRAG) is holding a symposium on Connectivity between financial reporting and sustainability reporting at the European Accounting Association Annual Congress which will take place in Helsinki and Espoo on 26 May, 2023. Audit The Financial Reporting Council (FRC) has announced the Audit Committees and the External Audit: Minimum Standard, which comes after careful consideration of the consultation responses received from stakeholders. Corporate Governance The Financial Reporting Council has launched a public consultation on proposed revisions to the UK Corporate Governance Code. This follows the UK Government's response to the White Paper, Restoring Trust in Audit and Corporate Governance, which identified areas of reform related to a particular focus on directors' responsibilities for internal control, risk, audit and corporate reporting. Comments on the questions set out in this consultation document are requested by Wednesday 13 September 2023. Other Safeguarding reports for payment and electronic money firms The Central Bank of Ireland have issued a communication to clarify the nature of the specific audit of compliance with the safeguarding requirements under the Payment Services Regulations (PSR)/ Electronic Money Regulations (EMR), as communicated in the Central Bank’s letter dated 20 January 2023, addressed to all payment and electronic money institutions authorised in Ireland. The European Securities and Markets Authority (ESMA) is consulting on draft regulatory technical standards (RTS) under the revised ELTIF Regulation. Interested stakeholders are invited to provide input by 24 August 2023.  ESMA will consider the feedback it receives to this consultation in Q3/Q4 2023 and expects to publish a final report and submit the draft technical standards to the European Commission for endorsement by 10 January 2024. The Joint Committee of the European Supervisory Authorities (EBA, EIOPA and ESMA - ESAs) has  published its 2022 Annual Report, which provides an account of its joint work completed over the past year.  It focused on issues of cross-sectoral relevance, such as joint risk assessment, sustainable finance, digitalisation, consumer protection, securitisation, financial conglomerates, and central clearing. Sustainability Accountancy Europe has announced that it has joined EU Green Week, which raises awareness, promotes and discusses European environmental policy. For further technical information and updates please visit the Technical Hub on the Institute website. Technical Hub on the Institute website.     

Next Gen must be able to see themselves in our profession’ – Donovan   Demand for improved work-life balance remains and needs to be tackled – Donovan  New President takes office 37 years after late father, Cecil Donovan assumed same position 19 May 2023 – The newly elected President of Chartered Accountants Ireland has today highlighted the significant perception gap that exists among Gen Z considering accountancy as a career path.  Sinead Donovan, Chair of Grant Thornton Ireland and Partner in its Financial Accounting and Advisory Services practice has made positioning the profession to attract the next generation the key objective of her one-year term.   The AGM of Chartered Accountants Ireland, the longest-established professional accountancy body on the island of Ireland took place in Dublin today.  The new President takes office 37 years after her late father, Cecil Donovan and the Institute now has over 31,700 members in over 100 countries, and 7,000 students. Donovan cited new Chartered Accountant Ireland research, conducted under the auspices of Chartered Accountants Worldwide among Gen Z respondents in Ireland and around the world, to emphasise this perception gap among Gen Z.  The study aimed to find out how the qualification is perceived by this cohort, in the context of skills shortages affecting the accounting profession, and many other professions globally.  The survey results showed a significant perception gap between those surveyed who had no experience /engagement with chartered accountancy, compared to those who had commenced their training.  Respondents from Ireland reported seeing chartered accountancy as challenging (56%), numbers-based (34%) and boring (19%). They were considerably less likely than the global average to view the profession as purpose-led (2%), creative (0%) or exciting (4%). Encouragingly however, once they started their chartered accountancy training, Irish respondents were far more likely to view it as varied (increased from 8% to 25%) and purpose-led, and those describing it as “boring” halved.    Donovan noted,  “It’s clear that once students commence their training, they get a much better sense of what the qualification is about, but for those who haven’t made the decision yet, the perception gap is pretty stark.  Irish students recorded a significant difference in perception, which shows us there is work to do.  Engaging the next generation of accountants and the next generation of leaders will be front of mind for the Institute this year.” Routes into the profession There are more routes into the profession today than ever before, but Donovan reflected on what now needs to be done to promote the qualification to the next generation, including changing the established and accepted ways of doing things.  She said, “If the next generation does not buy into what we do and see itself in our profession, it will be because we are not adequately selling it to them, whether at school or third level, or in the early stages of their professional training. I want to ensure that students understand what ACA is and what the benefits of entering the profession are. Gone are the days of calculators and ledgers – our focus now is on technology; data analytics; leadership skills and global developments. Being an Irish Chartered Accountant is respected around the globe and the qualification enables truly global travel and ability to do business.  “There has been a lot of attention in public discourse about the need to step up post pandemic and help students and new recruits adapt to the working environment.  I firmly believe there is also a need for us to re-examine that status quo and use this opportunity to ensure the environment is one that works for the next generation of the profession too.  Those at the start of their careers are seeking a greater degree of flexibility and better work-life balance.  Our profession is in the middle of a recruitment and retention challenge and if we don’t step up to harness this talent pool, we are missing out.”        

Welcome to this week’s Technical Roundup.    In developments this week, the IFRS Foundation has published educational material to illustrate how the IFRS for SMEs Accounting Standard requires companies to consider climate-related matters that have a material effect on the financial statements; a new tool from the International Federation of Accountants (IFAC) is now available to help professional accountancy organizations (PAOs) take leading roles in the anti-corruption fight in their jurisdictions. Read more on these and other developments that may be of interest to members below.  Audit IAASA has published its 2022 Annual Audit Programme and Activity Report. This report provides a summary of the activities performed by IAASA during 2022 to oversee the audit profession in Ireland. Financial Reporting The IFRS Foundation has published educational material to illustrate how the IFRS for SMEs Accounting Standard requires companies to consider climate-related matters that have a material effect on the financial statements. While the IFRS for SMEs Accounting Standard does not explicitly refer to climate-related matters, there are many areas of the standard where entities should consider climate-related matters and how this impacts accounting treatment. The educational material has been developed in response to feedback from some members of the SME Implementation Group and respondents to the 2022 Exposure Draft Third edition of the IFRS for SMEs Accounting Standard. This feedback identifies that interest in the potential effects of climate-related matters on SMEs’ financial statements is growing among users of those statements. The UK Endorsement Board has adopted Lease Liability in a Sale and Leaseback- Amendments to IFRS 16. The Amendments add subsequent measurement requirements for sale and leaseback transactions to improve the requirements for such transactions in IFRS 16 Leases. These amendments were issued in September 2022 by the International Accounting Standards Board. The amendments have an effective date of 1 January 2024, with early application permitted. The European Council has extended the scope of rules to transfers of crypto assets, with the intention of making it more difficult for criminals to circumvent anti-money laundering rules via crypto currencies. Under the new rules, crypto asset service providers are obliged to collect and make accessible certain information about the sender and beneficiary of crypto transfers, regardless of the amount being transacted. Sustainability In a EU Green Week 2023 partner event, the Association of Chartered Certified Accountants (ACCA), Accountancy Europe and the International Federation of Accountants (IFAC) will bring together global experts on 8 June to discuss the skills and education needed for finance professionals to contribute to a green and just transition. Insolvency The Insolvency Service in the UK is seeking views on proposed changes to its statistics publications to ensure it continues to produce relevant statistics that meet users' needs. The consultation closes on 30 June 2023. Other The FRC is hosting a webinar on the proposed revisions to Technical Actuarial Standard 300 (TAS 300) and the introduction of Technical Actuarial Standard 310 (TAS 310) relating to pensions. The proposed revisions include requirements for providing advice on setting actuarial factors and for bulk transfer exercises including buyout transactions with an insurer and transfers to a pension superfund. TAS 310 sets out the standards for actuarial work in relation to collective money purchase pension schemes.  The CCAB-I Business Law Committee has published a Technical Alert entitled Questions and Answers on the provision of PPSN for directors on certain CRO filings. This document outlines what is required under the new requirement, the potential issues arising and some practical guidance on actions that directors and their advisors can take to prepare for the new requirement which comes into effect on 11 June 2023. The European Securities and Markets Authority has released the latest edition of its Spotlight on Markets Newsletter. This Newsletter includes details of the third edition of the ESMA’s Data Quality report. On 8 May 2023, the Department of Enterprise Trade and Employment (DETE) launched a public consultation on proposals to enhance the Companies Act 2014. DETE has published a press release and consultation paper ion their website. The Institute will be making a submission in response to the consultation on behalf of members and all submissions can be emailed to companylawconsultation@enterprise.gov.ie .The closing date is no later than 5pm on 9 June 2023. A new tool from the International Federation of Accountants (IFAC) is now available to help professional accountancy organizations (PAOs) take leading roles in the anti-corruption fight in their jurisdictions. Global Fight, Local Actions: Anti-Corruption Advocacy Workbook for PAOs equips PAOs and accountancy profession leaders with the background and framework to craft bespoke approaches and messages that best fit their jurisdiction and needs. For further technical information and updates please visit the Technical Hub on the Institute website. Technical Hub on the Institute website.     

Welcome to this week’s Technical Roundup.    In developments this week, the Financial Reporting Council has welcomed the Financial Conduct Authority's recently published consultation on Primary Markets Effectiveness, which propose significant reforms to improve the framework for listing commercial companies' equity shares; IDA Ireland has published its May 2023 monthly e-zine where you can read its latest industry news including about the EU’s Chips Act and Irish aerospace collaboration securing €2.5m Disruptive Technologies Innovation funding. Read more on these and other developments that may be of interest to members below.  Financial Reporting The Institute has recommended, in its response to FRED 82, that the FRC allow small companies an additional three years before they must apply the proposed leasing amendments set out in the Periodic Review of FRS 102. This recommendation is in recognition of the increased compliance demands and reporting requirements which some smaller companies will be exposed to as a result of the changes, as well as the potential consequence that some companies will increase in size as a result of the change. The European Financial Reporting Advisory Group (EFRAG) has issued its April 2023 update. This summarises public technical discussions held and decisions taken during the month. The Financial Reporting Council (FRC) has welcomed the Financial Conduct Authority's (FCA) recently published consultation on Primary Markets Effectiveness, which propose significant reforms to improve the framework for listing commercial companies' equity shares.   The FCA's proposals aim to improve the competitiveness of the UK equity market by creating a more attractive and compelling option for companies considering a share listing in the UK. The proposals include replacing the current standard and premium listing share categories with a single listing category for commercial company issuers of equity shares, retaining the sponsor regime with modifications, and retaining discrete listing categories for other types of instruments. Audit Chartered Accountants Ireland has responded to the IAASB consultation on the Proposed Part 10, Audits of Group Financial Statements of The Proposed ISA For Audits of Financial Statements of Less Complex Entities (ISA for LCE).  The initial proposed ISA for LCE (in 2022) excluded all groups from the scope of the standard, the proposed changes would include some groups, a move we welcome in our response. The IAASB envisions approving a final standard in December 2023. Institute responses to recent consultations can be read here. Accounting The International Accounting Standards Board (IASB) have issued their April 2023 Update which highlights preliminary decisions and projects affected by these decisions. Anti money laundering In April 2023 the UK National Crime Agency has issued its latest edition of its booklet “Suspicious Activity Report (SAR) Glossary Codes and Reporting Routes” and this booklet replaces all previous glossary codes publications. Sustainability Would you like to know more about the Corporate Sustainability Reporting Directive (CSRD)? Join Dee Moran, Professional Accountancy Lead, Chartered Accountants Ireland and Lisa Campbell, Head of Operations in IAASA to understand more about the directive and what future developments might mean for your organisation. There will also be an overview of the proposed European Sustainability Reporting Standards, an update on the assurance of sustainability reporting and an opportunity to ask questions. The webinar will take place on 25 May at 10am and you can register here to attend. Other IDA Ireland has published its May 2023 monthly e-zine where you can read its latest industry news including about the EU’s Chips Act and Irish aerospace collaboration securing  €2.5m Disruptive Technologies Innovation funding. The Charities Regulator has recently issued its latest newsletter  and includes new guidance on charity registration and information on the Charities Regulator stakeholder forum . For further technical information and updates please visit the Technical Hub on the Institute website.   

Chartered Accountants Ireland has issued its response to the Financial Reporting Council’s (FRC) Exposure Draft Draft amendments to FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland and other FRSs("FRED 82"). FRED 82 forms part of the periodic review of FRS 102 and other standards maintained by the FRC (such as FRS 105). The most significant changes proposed by the FRC in FRED 82 include proposals to change the Revenue and Leasing requirements in FRS 102 to an accounting regime similar to that in IFRS 15 Revenue from Contracts with Customers and IFRS 16 Leasing respectively, both of which have been in effect at IFRS level for several years now. Some of the key points raised by the Institute in its response include: The Institute conceptually agrees with the proposal to align lease accounting requirements in FRS 102 to reflect the on-balance sheet model from IFRS 16. The Institute recommended that smaller entities are given an additional three years to implement the proposed leasing amendments. This recommendation is in recognition of the increased compliance demands and reporting requirements which some smaller companies will be exposed to as a result of the changes, as well as the potential consequence that some companies will increase in size as a result of the change. The Institute has called for more guidance to be issued in defining the “obtainable borrowing rate” when accounting for leases and how this differs from the “incremental borrowing rate” under IFRS 16. While agreeing with the proposals to update sections 23 and 18 (Revenue) of FRS 102 and FRS 105 respectively, the Institute strongly recommended the inclusion of worked examples in an appendix to demonstrate the differentiating factors that may lead to changes in revenue recognition if the proposed amendments are adopted. The Institute highlighted some concerns regarding simplifications made to IFRS 15 principles in the proposed changes to FRS 102 and FRS 105, instead believing that these simplifications will add complexity to revenue recognition. Following the closing of the invitation to comment period on 30 April, the FRC will now consider the responses received and are expected to publish the final amendments later this year. An effective date of 1 January 2025 has been proposed for the changes.

Welcome to this week’s Technical Roundup.   In developments this week, the European Commission’s EU Green Week is an opportunity to raise awareness, promote and discuss European environmental policy and will take place from Saturday, 3 June to Sunday, 11 June 2023 under the overarching theme of the European Green Deal; the Central Bank has published research and information on ongoing work to ensure consumers are protected in a changing economic landscape.    Read more on these and other developments that may be of interest to members below.   Financial Reporting The European Financial Reporting Advisory Group (EFRAG) is consulting on its draft endorsement advice letter on International Tax Reform – Pillar Two Model Rules. Comments are requested by EFRAG by 24 May 2023.  EFRAG has also issued its Recommendations and Feedback statement which summarises the main comments received by EFRAG on its recent discussion paper- Better Information on Intangibles – Which is the best way to go?  The IFRS Foundation has published its annual report and audited financial statements for the year ended 31 December 2022. Marking a transformative year for the IFRS Foundation, the report highlights significant accomplishments by its two boards, the International Accounting Standards Board (IASB) and the International Sustainability Standards Board (ISSB). The two boards are united in the mission to provide better information about companies all over the world so that investors and other capital market participants can make better decisions―better information for better decisions.  Audit The Staff of the International Ethics Standards Board for Accountants released a jurisdictional PIE database to further support the adoption and effective implementation of the revisions to the definitions of listed entity and PIE in the International Code of Ethics for Professional Accountants. The revised PIE provisions specify a broader list of categories of entities as PIEs whose audits should be subject to additional independence requirements to meet stakeholders’ heightened expectations concerning auditor independence when an entity is a PIE.  The International Auditing and Assurance Standards Board issued proposed revisions to its current standard on going concern, International Standard on Auditing 570 (Revised), Going Concern.  The proposed changes aim to:  Promote consistent practice and behaviour and facilitate effective responses to identified risks of material misstatement related to going concern;  Strengthen the auditor’s evaluation of management’s assessment of going concern, including reinforcing the importance, throughout the audit, of the appropriate exercise of professional skepticism; and  Enhance transparency with respect to the auditor’s responsibilities and work related to going concern where appropriate, including strengthening communications and reporting requirements.  Comments are requested by August 24, 2023.  Sustainability  The European Single Electronic Format’s (ESEF) implementation has taught us that timely preparation and communication are the most important factors for the success of relevant IT projects. Now, EU Member States have started implementing the Corporate Sustainability Reporting Directive (CSRD) for transposition. Accountancy Europe is hosting a webinar on 16 May – ‘Towards digital corporate reporting with CSRD’ to explore this area.    The European Commission’s EU Green Week is an opportunity to raise awareness, promote and discuss European environmental policy. Organised by Directorate-General for Environment every year, this high-level event attracts policymakers, leading environmentalists, stakeholders from across Europe to discuss pressing issues related to environmental protection and sustainability. This year’s topic highlights the urgent need for sustainability in decision-making.  EU Green Week 2023 will take place from Saturday 3 June to Sunday 11 June 2023 under the overarching theme of the European Green Deal.  In the April 2023 issue of the ISSB podcast, ISSB Vice-Chair Sue Lloyd talks to Chair Emmanuel Faber about the latest developments and discussions from the board.  The discussion covers:  an update on foundational work;  summary of decisions made at the ISSB’s supplementary April 2023 meeting; and  decisions made at the April 2023 ISSB meeting on the ISSB’s Consultation on Agenda Priorities and the International Applicability of the SASB Standards project.  Accountancy Europe has issued a call for an ambitious EU Due Diligence Framework to meet the objectives of the Corporate Sustainability Due Diligence Directive. In its call, Accountancy Europe has set out its recommendations under the following headings;  Support Affected SMEs  Maintain Directors’ role and duties  Set up high quality independent third-party verification  Ensure workable rules for civil liability enforcement  In a recent webinar hosted by the International Federation of Accountants (IFAC), the International Public Sector Accounting Standards Board (IPSASB) and Accountancy Europe the issue of sustainability reporting in the public sector was discussed and the need to develop public sector specific sustainability reporting standards.  Other Areas of Interest   The three European Supervisory Authorities (EBA, EIOPA and ESMA - ESAs) have issued their Spring 2023 Joint Committee Report on risks and vulnerabilities in the EU financial system. While noting that EU financial markets remained broadly stable despite the challenging macro environment and recent market pressure in the banking sector, the three Authorities are calling on national supervisors, financial institutions and market participants to remain vigilant in the face of mounting risks.  A new resource, offering advice on how to improve your cyber security and links to information on dealing with cyber-attacks, has this week been published by NICVA (The Northern Ireland Council for Voluntary Action).  The resource, available at Advice for those experiencing cyber attacks | NICVA, was published following the news that hackers had stolen data from charities and community organisations in a cyber-attack on a Londonderry-based IT company.  The Central Bank has published research and information on ongoing work to ensure consumers are protected in a changing economic landscape.  This new research sheds light on the resilience of households to these developments and, more broadly, on how credit markets have been evolving in this rapidly evolving environment. The Central Bank is also publishing a note on the ongoing  work to ensure regulated firms meet the expectations set in its November 2022 Dear CEO Letter on protecting consumers in a changing economic landscape, relating to mortgages secured on a borrower’s primary residence.  The Irish Competition and Consumer Protection Commission recently launched a major campaign to help Irish consumers with their financial dilemmas. Read more in their news release here. The campaign highlights the CCPC’s online financial information hub (ccpc.ie/money) and the CCPC Money Tools – a suite of user-friendly online calculators and comparison tools designed to help everyone make good financial decisions. As part of the campaign, the CCPC is rolling out a series of videos answering real-life consumer questions collected from members of the public across Ireland.  The Decision Support Service was launched this week following the full commencement of the Assistant Decision-Making (Capacity) Act 2015 (as amended). The Act has established a modern legal framework to support decision-making by adults who may have difficulty making decisions without help. One of the key reforms is the abolition of the wards of court system. The DSS have published  13 Codes of Practice to provide essential guidance in relation to the practical implementation of the Act. For more information on the DSS, visit www.decisionsupportservice.ie.  The Minister for Finance recently signed an order to commence a large part of the Central Bank (Individual Accountability Framework) Act 2023 with effect from 19 April 2023. The Minister in a press release described the new legislation as a significant enhancement of the powers of the Central Bank and said he looks forward to commencing the remainder of the Act later this year. He said cultural and practical change in the banking sector and throughout the financial services industry is required to rebuild trust in the financial sector. The Central Bank (Individual Accountability Framework) Act 2023 should make a significant contribution to bringing about this needed cultural change. This is the ultimate aim of this legislation.  Please join us on 9 May for a webinar on “Navigating Ireland's New Protected Disclosures Law - Legal and Practical Insights” The session will be moderated by Stephen Lowry, Public Policy Manager in the Institute and Lilian Halpin, Technical Manager will take part in the panel with Barry Robinson, Head of Forensic Services at BDO in Ireland, Michael Deeny, Compliance Consultant and Annelie Demred, VP Strategy and Growth Whistlelink. There will be an overview of the new legislation, client insights and experience of implementation. We will also discuss European cross sector experience of protected disclosures legislation and there will be an option to stay on the webinar to view a demonstration of a compliance tool.  The Department of Enterprise, Trade and Employment is holding a webinar on Responsible Business, to be held on Tuesday, 23 May, from 10:00am – 11:30am. Responsible Business encompasses a range of initiatives – some voluntary, some mandatory – aimed at promoting positive business impacts on issues such as climate action and human rights, and it corresponds in important ways with the ESG (environment, social and governance) agenda that is now an established aspect of good corporate governance. In this online event, Minister Simon Coveney TD will provide opening remarks on the Responsible Business agenda. Officials from the Department will follow with short presentations, explaining three Responsible Business initiatives of which enterprises should be aware. The webinar will conclude with a Q&A session. You can register for the webinar here.   For further technical information and updates please visit the Technical Hub on the Institute website.      

The National Crime Agency in the UK has recently issued its April 2023 edition (Issue 19) of SARs IN ACTION. It contains items such as a summary of the 2022 SARs Annual Report (which can be accessed in full here), which features statistics covering the years 2020-21 and 2021-22, an article on modern slavery and human trafficking, and looks at SARs related to cryptocurrency and  trust or company service providers. It also has some information on the new SARs portal and on two new podcast episodes on Evolving Payments and Banking Firms and the UK Fraud Communications Toolkit.

Welcome to this week’s Technical Roundup.   In developments this week, the Financial Reporting Council has issued a new web page providing conversation starters to help promote better engagement between investors and audit committees; the European Securities and Markets Authority has published the third edition of its Data Quality Report under the European Markets Infrastructure Regulation (EMIR) and the Securitised Financing Transactions Regulation (SFTR) reporting regimes. Read more on these and other developments that may be of interest to members below.  Financial Reporting The FRS 102 & FRS 105 Periodic Review Consultation (FRED 82) closes on 30 April. Individuals and organisations wishing to contribute to the future direction of Irish and UK accounting standards can submit a response to this. Details of the questions raised by the FRC and how to respond are contained in the “Invitation to comment” section of FRED 82. A summary of the changes proposed in FRED 82 can be found in our recent event with the FRC. The IASB have issued their Supplementary Update April 2023.  This Update highlights preliminary decisions of the International Accounting Standards Board (IASB). Projects affected by these decisions can be found on the work plan. The UK Endorsement Board (UKEB) has published the 2023 IFRS Standards on behalf of the UK Government. Audit and Assurance  IAASA has published its annual Profile of the Profession for 2022. This contains statistical data provided by the six Prescribed Accountancy Bodies (‘PABs’) within IAASA’s supervisory remit. The Profile of the Profession presents an overview of the PABs’ members and students and includes statistics about the PABs’ regulatory and monitoring activities. The FRC has issued a new web page providing conversation starters to help promote better engagement between investors and audit committees. The goal of this is to facilitate better understanding of companies and their approach to financial reporting and internal control. Sustainability The International Sustainability Standards Board (ISSB) will shortly be seeking feedback on its future priorities for the next two years. In May 2023, the ISSB plans to publish a request for information about its agenda priorities with a comment period of 120 days. Anti money laundering, terrorist financing The National Crime Agency in the UK has recently issued its April 2023 edition (Issue 19) of SARs IN ACTION. It contains items such as a summary of the 2022 SARs Annual Report (which can be accessed in full here), which features statistics covering the years 2020-21 and 2021-22, an article on modern slavery and human trafficking, and looks at SARs related to cryptocurrency and  trust or company service providers. It also has some information on the new SARs portal and on two new podcast episodes on Evolving Payments and Banking Firms and the UK Fraud Communications Toolkit. Other Areas of Interest   Accountancy Europe’s latest online blog ‘Beyond the books: soft skills as important for accountants as technical knowledge’ by Jens Poll, AE Deputy President, discusses how, if the profession wants to be a part of the transition and accompany clients through it, we must adapt and be open to change. Soft skills and openness help build long-lasting client relationships based on mutual communication. With time and trust, our advice becomes more diverse and personal. The European Securities and Markets Authority (ESMA), the EU’s financial markets regulator and supervisor, has published the third edition of its Data Quality Report under the European Markets Infrastructure Regulation (EMIR) and the Securitised Financing Transactions Regulation (SFTR) reporting regimes.  The report highlights the increased use of transaction data by EU financial regulatory authorities in their day-to-day supervision and identifies significant quality improvements following a new approach to data monitoring. The Dept. of Enterprise Trade & Employment has published its April 2023 Enterprise newsletter. It includes details on a couple of consultations, one on the EU proposal for a directive on liability for defective products and a consultation on guidelines for the export of cyber-surveillance items. It also includes the latest round of the Online Retail Scheme where retailers can access up to €25,000 in grant funding to strengthen their ecommerce capabilities. Details of application requirements including provision of statutory accounts can be found in the link in the newsletter and submissions should be made by 3rd May 2023 at 12.00pm (noon). The Companies Registration Office has delayed the implementation of the CRO PPSN project which was due to go live on April 23rd. The CRO have indicted that it is a short delay and we will keep you updated. In the meantime, members are advised to continue to prepare for the new requirements. We are pleased to have recently launched new webpages providing information and resources to members in the area of protected disclosures legislation. The pages are located on the Institute’s technical hub. Click here for the protected disclosures landing page. The pages cover both the Republic of Ireland and the UK and deal with areas such as updates to Irish legislation since the commencement of the Protected Disclosures (Amendment) Act 2022 earlier this year. For example, an expanded definition of worker, wrongdoing and penalisation. The pages also deal with reporting requirements including the new internal reporting channel and procedures required under the 2022 Act. The pages also collate some of the many resources available on the topic. We hope members will find the new resource useful. For further technical information and updates please visit the Technical Hub on the Institute website.         

Welcome to this week’s Technical Roundup.   In developments this week, the World Council of Credit Unions has recently released its 2023 International Advocacy Sustainable Finance Report, ‘What Credit Unions should know about Sustainable Finance’ which highlights important issues, trends, and recommendations to promote sustainability in the global financial sector; the European Financial Reporting Advisory Group (EFRAG) has published its March 2023 update which summarises public technical discussions held and decisions taken during the month. Read more on these and other developments that may be of interest to members below.  Audit and Assurance  The International Ethics Standards Board for Accountants (IESBA) has released final revisions to the International Code of Ethics for Professional Accountants (including International Independence Standards) to further increase the Code’s robustness and expand its relevance in a world being fundamentally reshaped by rapid technological advancements and accelerating digitalization. Financial Reporting The European Financial Reporting Advisory Group (EFRAG) has published its March 2023 update. This summarises public technical discussions held and decisions taken during the month including the publication of its final comment letter in response to the IASB’s Exposure Draft 2023/1 International Tax Reform – Pillar Two Model Rules (Proposed Amendments to IAS 12). EFRAG has completed its due process regarding the Amendments to IAS 1 Presentation of Financial Statements and has submitted its Endorsement Advice Letter to the European Commission. The amendments to IAS 1, which EFRAG has endorsed, include; Classification of Liabilities as Current or Non-current (January 2020); Classification of Liabilities as Current or Non-current - Deferral of Effective Date (July 2020); and Presentation of Financial Statements: Non-current Liabilities with Covenants (October 2022). Accountancy Europe has issued its response to the IAASB’s consultation on its proposed strategy and work plan for 2024-2027. The IFRS Foundation has published its 2022 Annual Report. The International Sustainability Standards Board (ISSB) has issued its supplementary April 2023 update which highlights preliminary decisions of the ISSB in the month. The IFRS Interpretations Committee (IFRIC) has issued its Q1 2023 podcast. The topics discussed include Definition of a Lease—Substitution Rights (IFRS 16 Leases) and a question relating to Premiums Receivable from an Intermediary (IFRS 17 Insurance Contracts and IFRS 9 Financial Instruments). The International Accounting Standards Board (IASB) has decided to finalise amendments to IAS 12 Income Taxes following the Pillar Two model rules published by the OECD. The amendments will provide temporary relief for companies from having to account for deferred taxes arising from the implementation of the Pillar Two model rules and will introduce targeted disclosures for affected companies. Separately, the FRC has released FRED 83 which proposes a similar exception to be included in FRS 102. Other Areas of Interest   With effect from 23 April 2023, company directors will be required to provide their PPS numbers in order to file certain documents with the Companies Registration Office. One purpose of this important step is to reduce the incidence of companies being incorporated based on false director details. Failure to comply, without just cause, will be a criminal offence. Given the reasons underlying this requirement, the CEA will, as appropriate, take prosecutions where non-compliance comes to our attention. In order to assist company directors in understanding their new obligations, the CEA has prepared an Information Note. The UK Department for Business and Trade have conducted a review to consider how the whistleblowing framework currently operates, including Public Interest Disclosure Act 1998 (PIDA) and subsequent legislative and non-legislative interventions.  It is expected that the research will be concluded by Autumn 2023. The World Council of Credit Unions has recently released its 2023 International Advocacy Sustainable Finance Report, ‘What Credit Unions should know about Sustainable Finance’ which highlights important issues, trends and recommendations to promote sustainability in the global financial sector. The report acknowledges the efforts by regulatory and standard-setting bodies in addressing climate-related financial risks and promoting sustainable finance, emphasizing the importance of proportionality language in regulatory frameworks and considering the unique benefits of the cooperative model of credit unions. The Irish Dept of the Environment Climate and Communications has opened registration for its next sustainable development goals national stakeholder forum in the Aviva Stadium on April 25th. This is a hybrid event. The meeting will focus on Ireland’s 2023 Voluntary National Review (VNR) which is a progress report reviewing a country’s progress towards achieving the Sustainable Development Goals. Go to this page for registration and an agenda will  be posted shortly. Minister of State for Trade Promotion, Digital and Company Regulation, Dara Calleary TD, will later this month launch a public consultation on proposals to enhance the Companies Act 2014.  The Department of Enterprise, Trade and Employment will seek views on a proposed Companies (Corporate Governance, Enforcement and Regulatory Provisions) Bill which will focus primarily on four areas of company law - corporate governance, enforcement, administration and insolvency. The Minister for Finance Michael McGrath today has published the terms of reference for the Department of Finance to conduct a review of Ireland’s funds sector and produce a report ‘Funds Sector 2030: A Framework for Open, Resilient & Developing Markets.’ This body of work will seek to ensure that Ireland maintains its leading position in asset management and funds servicing and that we continue to see support for our national and regional economies. For further technical information and updates please visit the Technical Hub on the Institute website.     

The Financial Reporting Council has released FRED 83-Draft amendments to FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland – International tax reform – Pillar Two model rules. This FRED proposes to introduce a temporary exception to the accounting for deferred taxes arising from the implementation of the Pillar Two model rules, alongside targeted disclosure requirements. A small amount of FRS 102 preparers are likely to be impacted by the Pillar Two model rules and FRED 83 is based on a similar proposal issued by the IASB relating to IAS 12. The shorter than normal consultation period remains open until 24 May, with the FRC planning to finalise any resulting amendments in summer 2023.

Welcome to this week’s Technical Roundup.  In developments this week, the Corporate & Insolvency Bar Association is hosting its inaugural annual conference on Friday, 31 March with a drinks reception and dinner taking place after the conference; the European Securities and Markets Authority (ESMA) has sent a letter to the European Parliament and Council raising concerns with proposed changes to the insider list regime in the Markets Abuse Regulation. Read more on these and other developments that may be of interest to members below. Audit and Assurance The FRC has issued guidance for audit firms on eligibility criteria in the context of the firm’s system of quality management and the performance of engagements. ISQM (UK) 1 and ISQM (UK) 2 have been reissued with updated footnotes to reflect this guidance. Insolvency The Revenue Commissioners has recently updated Revenue eBrief No. 69/23 on Examinership Caseworking Guidelines. The updates have been made to reflect recent changes to the Companies (Miscellaneous Provisions) (COVID-19) Act 2020 and the European Union (Preventative Restructuring) Regulations 2022. From 17 April 2023, new creditor winding up petitions may be issued in Northern Ireland for the first time since restrictions were imposed in March 2020.  The following new conditions, which did not exist prior to the pandemic, must now be met – (a) the petition must be in the new standard form; (b) the debt must be based on a Court Judgment; and (c) the statutory demand must be made after 13 March 2023. The Corporate & Insolvency Bar Association is hosting its inaugural annual conference on Friday, 31 March. There will be a drinks reception and dinner taking place after the conference. The conference schedule and booking details are available here. Financial Reporting The International Accounting Standards Board (IASB) has released its March 2023 IFRS for SMEs Accounting Standard Update. The IFRS Interpretations Committee has also released its March 2023 update. The IASB has published an exposure draft proposing amendments to the classification and measurement requirements in IFRS 9 Financial Instruments. The proposed amendments respond to feedback received from a post-implementation review of the classification and measurement requirements in IFRS 9, which concluded in December 2022. The comment period will remain open until 19 July 2023. The IASB has added a project to its work plan to explore whether and how companies can provide better information about climate-related risks in their financial statements. The International Sustainability Standards Board (ISSB) has released its March 2023 update and podcast. The UK Endorsement Board (UKEB) has published a report ‘Accounting for Intangibles: UK Stakeholders’ Views’. It sets out stakeholder views on the accounting for intangibles under international Accounting Standards within the context of the wider economic impact of intangibles in the UK. Sustainability Correspondence in September 2022 from the Financial Conduct Authority (FCA) to benchmark administrators in the UK highlighted the risk of poor disclosures for ESG benchmarks. The FCA said that high quality ESG benchmarks are important to support trust in the market for ESG products and the transition to a net zero economy. The FCA has completed a preliminary review on ESG benchmarks which found that the overall quality of ESG-related disclosures made by benchmark administrators was poor and it has sent a further letter to administrators outlining the issues identified. These include not enough detail on the ESG factors considered in benchmark methodologies and not fully implementing ESG disclosure requirements.  You can read the follow-on correspondence which details the issues here. The FCA has also indicated that it supports regulation of ESG ratings and is  working closely with Government on this. Anti-Money laundering/Sanctions The UK FIU writes that it has updated and redesigned it's 'Requesting A Defence Under POCA and TACT' guidance document, available on the National Crime Agency (NCA) website. This document is intended to inform of the approach when reporters, through submitting a SAR, seek a defence (or ‘consent’) from the NCA to a principal money laundering offence or terrorist financing offence. The UK’s Office of Financial Sanctions Implementation (“OFSI”) recently updated its guidance on monetary penalties and enforcement (the “Guidance”) to set out its enforcement approach in cases involving ownership and control by designated persons. You can read more here. Other Areas of Interest The European Securities and Markets Authority (ESMA), the EU’s financial markets regulator and supervisor, has sent a letter to the European Parliament and Council raising concerns with proposed changes to the insider list regime in the Markets Abuse Regulation. The Department for Communities has  launched a public consultation on a prospective Scheme of Delegation for decisions of the Charity Commission for Northern Ireland.  This consultation is accordance with the Charities Act (Northern Ireland) 2022, which allows that the Department may make a Scheme of Delegation to permit some of the Commission’s decision-making functions to be delegated to staff, as they are in other jurisdictions. Enterprise Ireland is running a series of webinars focusing on competitiveness. They are running from now until October and will cover a range of issues critical to competitiveness including supply chain management, raising finance and digital adoption. There are also three in-person workshops focused on attracting and retaining talent. Click here for more details in Enterprise Ireland press release and here for full details of the webinar series and workshops . The Central Bank (CBI) spoke at a recent event about its 2023 regulatory and supervisory priorities which include continuing to remain vigilant in assessing and managing the financial and operational resilience of firms and enhancing the Bank’s regulatory and supervisory approaches to mitigate risks from the changing financial system .It also referred to continuing vigilance of the financial system, supervising firms’ compliance with anti-money laundering and countering terrorist financing  obligations, detecting and sanctioning market abuse, and enforcing financial sanctions working closely with An Garda Síochána and other relevant bodies in all these areas. CBI recently published its Innovation Hub 2022 update. Established in 2018 it writes; the Innovation Hub gives firms operating in the fintech sector a way to engage with CBI outside of existing formal regulator/firm engagement processes. The crypto/ blockchain sector accounted for 33% of enquiries received last year. You can access the 2022 Innovation Update here. For further technical information and updates please visit the Technical Hub on the Institute website.

Welcome to this week’s Technical Roundup.  In developments this week, the Institute’s Financial Reporting Technical Committee has responded to two International Accounting Standards Board (IASB) consultations in the past week. These consultations relate to the IASB’s third edition of the IFRS for SMEs standard and a temporary exception to IAS 12 relating to the potential effects of the OECD’s Pillar Two model rules on the accounting for income taxes. Read more on these and other developments that may be of interest to members below. Insolvency The Corporate & Insolvency Bar Association is hosting its inaugural annual conference on Friday, 31 March. There will be a drinks reception and dinner taking place after the conference. The conference schedule and booking details are available here. Financial Reporting The Institute’s Financial Reporting Technical Committee has responded to two International Accounting Standards Board (IASB) consultations in the past week. These consultations relate to the IASB’s third edition of the IFRS for SMEs standard and a temporary exception to IAS 12 relating to the potential effects of the OECD’s Pillar Two model rules on the accounting for income taxes. The European Financial Reporting Advisory Group (EFRAG) has also issued its response to the above IAS 12 consultation, as have the UK Endorsement Board (UKEB). The UKEB have issued a call for comments on its draft endorsement of two narrow-scope amendments to IAS 1 (Classification of Liabilities as Current or Non-current and Non-current Liabilities with Covenants). Comments are welcomed by the UKEB until 8 June 2023. IAASA has published a summary of the outcomes of its examinations of financial reports completed in 2022. Sustainability The European Financial Reporting Advisory Group has issued a set of Basis for conclusions to compliment the first set of draft European Sustainability Reporting Standards. The Minister for the Environment, Climate and Communications has recently launched a set of statutory guidelines to assist local authorities in preparing local authority climate action plans. Click here to read more details of the guidelines, Technical Annex A - Developing and Implementing the Local Authority Climate Action Plan, Technical Annex B - Climate Change Risk Assessment, Technical Annex C - Climate Mitigation Assessment: Baseline Energy Inventory and Technical Annex D - Decarbonising Zones. Anti-Money laundering/Sanctions The European Parliament recently published a briefing paper “EU sanctions on Russia: Overview, impact, challenges”. In it the briefing deals with a number of areas including EU sanctions on Russia: State of play, Sanction effectiveness: Alignment and enforcement, Economic impact of sanctions and the position of the EU Parliament. It lists the types of sanctions imposed and gives an overview of sanctions. It references the economic impact of sanctions. There is also reference to EU enforcement including the EU proposal for a directive on criminal offences/penalties for violation of EU restrictive measures. It also notes that the tenth package of sanctions introduced a new reporting obligation to ensure the effectiveness of the asset freeze prohibitions. Readers may know that in March 2022, the FATF agreed on tougher global beneficial ownership standards in its revised Recommendation 24. It requires countries to ensure that competent authorities have access to adequate, accurate and up-to-date information on the true owners of companies. The FATF has now updated the guidance that will help countries implement the revised Recommendation 24. It writes that the guidance will help countries identify, design and implement appropriate measures in line with the revised Recommendation 24 to ensure that beneficial ownership information is held by a public authority or body functioning as a beneficial ownership registry, or an alternative mechanism that enables efficient access to the information and will also help countries assess and mitigate the money laundering and terrorist financing risks associated with foreign companies to which their countries are exposed. Click here to read a useful summary page on the guidance and to find a link to the guidance. The Russian Elites, Proxies, and Oligarchs (REPO) Task force was set up shortly following the Russian invasion of Ukraine. It includes various countries and the European Commission. It recently issued a REPO Global Advisory identifying certain typologies of Russian sanctions evasion tactics and issuing recommendations to mitigate the risk of exposure to continued evasion. Typologies identified in the advisory include the use of family members and close associates to ensure continued access and control; the use of complex ownership structures to avoid identification and the use of enablers to avoid involvement and leverage expertise. Read more details in the Advisory on some of these headings and REPO recommendations including following FATF recommendations, complying with AML/CFT laws and regulations and reporting requirements and ensuring that risk assessments are kept up to date. The UK National Crime Agency (NCA) recently issued its latest update of Guidance on submitting better quality suspicious activity reports (SARs). Central Bank of Ireland Following enactment of the Central Bank (Individual Accountability Framework) Act 2023 on 9 March, the Central Bank of Ireland (CBI) has recently launched a three-month consultation on key aspects of the implementation of the Individual Accountability Framework (IAF), including the publication of draft regulations and guidance. Click here to find more information in CBI’s press release. The draft regulations and guidance seek to provide clarity in terms of CBI expectations for the implementation of three aspects of the framework: the Senior Executive Accountability Regime (SEAR), the Conduct Standards and certain aspects of the enhancements to the Fitness & Probity regime. The full consultation paper, draft regulations and draft guidance are available on the CBI’s website. For convenience the links are set out below: Consultation Paper 153 Enhanced governance, performance and accountability in financial services Regulation and Guidance under the Central Bank (Individual Accountability Framework) Act 2023. Draft Regulations Draft Guidance on the Individual Accountability Framework. In relation to changes to CBI enforcement processes, the enhancements to CBI Fitness and Probity investigation, suspension and prohibition processes will be the subject of separate regulations and guidance which will be published once the underlying legal provisions have been brought into effect. As part of CBI’s phased plan, it will launch a second consultation in respect of changes to its Administrative Sanctions procedure later this year. The Central Bank has included information on proposed implementation periods. It says that to ensure a focus by firms on high quality implementation of the framework, the following implementation period timelines are proposed: Conduct Standards including accountability of senior individuals for running their parts of the business effectively to apply from 31 December 2023; Fitness & Probity Regime - Certification and inclusion of Holding Companies to apply from 31 December 2023; Regulations prescribing responsibilities of different roles and requirements on firms to clearly set out allocation of those responsibilities and decision making to apply to in-scope firms from 1 July 2024. The consultation will remain open for 3 months from 13 March 2023 to 13 June 2023. Responses should be addressed to IAFconsultation@centralbank.ie. and the following subject heading should be included in the email.  “Consultation Paper on the Individual Accountability Framework”. In other CBI news, its Consumer Protection Outlook Report 2023 was published recently. It outlines five key drivers of consumer risk for consumers of financial services in Ireland in this changing and challenging economic environment. Click here to read about them and for a helpful infographic on the subject. CBI has also advertised that it will publish Guidance for (Re)Insurance Undertakings on Climate Change Risk on its website on Thu 16th March and we will provide that link when available. The Pensions Authority and other pension matters The Pensions Authority this week published updated guidance for determining assumptions used in pension benefit statements, as required under regulation 34(4) of the European Union (Occupational Pension Schemes) Regulations 2021. The update maintains consistency with recently revised guidance from the Society of Actuaries in Ireland in relation to pension projections. The latest version of the guidance is available on the pension benefit statement projection assumptions page of the Authority’s website. Also this week the Pensions Authority issued a summary of its regulatory activity for 2022 which you can read here. Readers should take note of an important issue about which the Law Society of Ireland has recently alerted the Pensions Authority and legal practitioners. It relates to the serious effect of new EU pension legislation on death-in-service benefits for former spouses. Please click here for a link to the Law Society’s website which provides the background. In summary the arising issue means that no payment will be made to the beneficiary of a Contingent Benefit Pension Adjustment Order on the death in service of a member of a scheme which has moved to a Master Trust. The Law Society has met with the Irish Pensions Authority and believes that the issue is of such severity that emergency legislation is required. It has also issued a bulletin to practitioners and made available a letter it wrote to the Pensions Authority both of which readers can access by following the above link to its website. Anyone who may potentially be affected by this issue should contact their pension and /or other professional adviser for further advice. Other Areas of Interest The Irish Dept. of Finance recently launched the 1st Action Plan from the updated Ireland for Finance strategy. The strategy sets out the key measures that the public and private stakeholders will take this year to support the further development of the international financial services sector in Ireland. Click here for a press release from the minister of state for financial services credit unions and insurance and here for the Update to Ireland for Finance The strategy for the development of Ireland’s international financial services sector, extended to 2026 Action Plan 2023. The Department of Enterprise, Trade and Employment the national competent authority in Ireland with responsibility for enforcing national and EU controls on the export of sensitive items will host an online event for business and industry representatives about export control compliance inspections on 24 March 2023. These controls form part of a global framework designed to prevent the proliferation of weapons of mass destruction, to preserve regional stability and to protect human rights. Click here to find out more on DETE’s website including examples of sensitive items subject to export control and how to register for the event. The DETE have issued their March Enterprise Newsletter which outlines current applications open re Disruptive Technologies Innovation Fund and Enterprise Ireland’s €63 million in funding programmes. For further technical information and updates please visit the Technical Hub on the Institute website.