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Sustainability
(?)

FRC’s Thematic review shows an incremental improvement in quality of climate- related metrics and targets

The Financial Reporting Council (FRC) has published a thematic review entitled “CRR Thematic review of climate-related metrics and targets” which assesses the quality and maturity of climate-related metrics and targets disclosures across 20 companies annual reports for 2022. The review focusses on 4 sectors- materials and buildings, energy, banks and asset managers. The report is intended to assist preparers in the preparation of climate-related disclosures and highlights instances of good practice identified as well as opportunities for improvement and omissions identified. Throughout the report the FRC consider the following overarching questions; Has companies’ climate-related metrics and targets reporting improved since last year? Are companies adequately disclosing their plans for transition to a lower carbon economy, including interim milestones and progress? Are companies using consistent and comparable metrics? Are companies explaining how their targets have affected the financial statements? Overall, the report shows an improvement in the quality of companies’ disclosures of net-zero commitments and interim emissions targets, however it also noted that disclosures of actions and milestones required to meet these targets were sometimes unclear.  

Jul 27, 2023
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Six questions in six minutes with Ailish Byrne in Bermuda

Seeking a new adventure, Ailish Byrne's ACA qualification brought her to Bermuda.  Where did you grow up and where do you live now? I grew up in Kilcoole in Co. Wicklow (of Glenroe fame!) and moved to Bermuda in April 2022 to work as Chief Compliance Officer with the Bermuda Stock Exchange (BSX). I spent all my career in Dublin except for a year in Australia post qualification. What made you choose to become a Chartered Accountant? I was always interested in business subjects in school, particularly accountancy. I liked languages too and thought I’d like to combine the two and initially chose to do Languages and Marketing (German and Spanish) in Dublin City University (DCU). However, I realised fairly quickly that the course was too language focused for me. After completing first year, I switched into DCU’s Accounting and Finance where I was much happier. After that, becoming a Chartered Accountant was highly likely as a career path once you secured a training contract. Can you tell us a little about how you got to where you are today – both the geographical relocation and career path? I was looking for a new role post Covid and I wasn’t attracted to the job opportunities in Ireland. I decided an adventure abroad might be fun. Turns out the BSX was looking to replace their Chief Compliance Officer who was retiring. I had worked in the Irish Stock Exchange (ISE) for 18 years in two different roles – as Head of Regulation and Head of Communications and my exchange experience was a perfect fit for what they needed. It was great timing! What do you value most about your membership of the profession and how do you think those benefits can be used to support the economy and society? Being an Irish Chartered Accountant has given me career opportunities and experiences that I would not have had without my qualification. Accountancy training gives you a mindset and a way of thinking that can be applied to lots of different roles and challenges. I’ve taken a non-financial accounting path and worked in internal audit, communications, compliance and regulatory roles - who knows what’s next! How has your membership been of value to you globally and what do you value about it now that you’re living overseas (and what would you like to see more of)? The Irish Chartered Accountancy profession is a ready-made network of people.  When I contacted Gillian Duffy, the Global Member Manager, about a potential Bermuda Chapter she said there was about 90 members living in Bermuda. We had our first event in May and for our July event, Chartered Accountants Ireland President, Sinead Donovan, was visiting so the timing was brilliant. I think the Chapters are a great way to keep ties with home and meet other members of all ages when you are working overseas. What were the most significant differences you encountered doing business and networking in a completely new location a long way from home? Bermuda has a culture all its own – it has a blend of British, Caribbean, Portuguese and American influences. It’s true that Bermuda shorts are considered business attire during the summer months! Business is more relaxed though it can be more formal and bureaucratic too. With a population of less than 60,000, I find everyone really does know everyone and people are friendly so it makes networking fairly easy as long as you are happy to get involved and join in.  

Jul 25, 2023
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News
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Risky business: managing employee well-being

 Employee well-being is vital for business success. Moira Grassick explores the biggest people risks, from stress to diversity, and outlines how you can strengthen your organisation’s resilience A business is only as successful as its employees. People are both the most important asset a business has and, on the other hand, a source of risk if they’re not properly managed. After a stressful number of years in which health and well-being were primary concerns for everyone, the workplace has changed irreversibly, and it’s up to business owners to adapt to ensure their people stay happy and, in turn, deliver business growth. Some business risks are outside the control of Irish employers. Global geopolitical tensions and interest rates continue to impact the cost of doing business, but it’s different when it comes to your people. Employee risks are within your control. Here are some risks your organisation can minimise, ensuring happier and more productive employees. Stress and burnout After a challenging number of years, your employees may be suffering from anxiety, stress or burnout symptoms. These psychosocial issues can have a direct impact on productivity and potentially on the reputation of your business. Employees are more focused than ever on work-life balance and well-being. Taking steps to help employees achieve their goals in these areas helps reduce errors, minimise staff turnover and avoid dips in productivity. Remote Health & Safety  A remote worker’s home workstation is an extension of the workplace, and employers need to consider their Health & Safety obligations in this regard. The main responsibility for Health & Safety at work rests with the employer regardless of whether an employee works remotely or onsite. A risk assessment of the employee’s home workspace should be carried out. Work-related injuries (both physical and psychosocial), whether they happen onsite or in a remote location, could lead to penalties, brand damage and a deterioration in employee relations. Recruitment and retention Although the labour market shows signs of turning back in favour of employers, it’s crucial for business owners to figure out what will help staff build long-term careers with them. High staff turnover is bad for business, so engaging with employees and responding to their feedback on what could help them build a long-term future with you will pay dividends. Workplace culture Serious misconduct like bullying and harassment or theft and fraud can derail a business. It’s vital to manage these risks through the effective operation of appropriate policies and procedures. Staff should be aware of the values they are expected to uphold. Likewise, if employers don’t deal with grievances in the correct manner, they risk demoralising staff who won’t want to work within an uncaring culture. Preventing grievances in the first place should be the aim, but failing to manage employee grievances properly will distract your management team from their main tasks, demotivate staff who think colleagues have not received fair treatment and ultimately hurt your business. Diversity, equity and inclusion As the Irish population continues to diversify, it’s important to develop an inclusive and diverse working environment. Failing to address this area will limit your access to the broadest possible talent pool and potentially have reputational consequences that hurt relationships with employees, customers and other stakeholders. Legal and compliance As well as the challenge of managing the transition away from pandemic-related work practices, employers also have a wide range of new employment laws to consider. The statutory sick pay scheme came into force in January and affects all employers. The transparent and predictable working conditions regulations impact probation periods, employment contracts and documentation. Most recently, employers will need to act upon various new work-life balance rights, including the right to request remote work. It’s a major challenge for employers and employment law practitioners to keep pace with the volume of recent employment regulations. The cost of ineffective management The costs associated with these risks are multiple. Management spends too much time firefighting, employees take their talents elsewhere, and the bottom line suffers. With the right approach, however, business owners can turn all these risks into strengths that will make their business more resilient to setbacks and more productive when trade is brisk. Moira Grassick is Chief Operating Officer at Peninsula Ireland

Jul 21, 2023
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News
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Driving a culture of accountability for organisational success

In the modern business landscape, fostering a culture of accountability is paramount for organisational success and ethical behaviour. Yvonne Kelleher and Conor McCarthy discuss the crucial connection between culture and accountability Culture and accountability are not new concepts. However, for many organisations, driving a culture of accountability seems like an intangible feat, with many organisations leaping to enhance the operating model without recognising the need to manage the human factors. This can be a costly oversight, and without considering a unified approach and mindset to drive accountability, the desired benefit and return will not be realised. Executives must set a leading example in this time of increased public and regulatory scrutiny and change in Ireland and globally. They need to exhibit accountability and maintain trust with both stakeholders and employees. Culture and accountability are not static ideas, nor do they impact one industry. In fact, in Ireland, we have seen over the last 12 months a lack of accountability underpinned by poor behavioural drivers across a range of industries such as financial services, public bodies and broadcasting has resulted in computational damage and a loss of stakeholder and employee trust. Time is of the essence for organisations to conduct a stocktake, reassess their culture journey and address any gaps to promote and embed an effective and resilient culture to drive and enforce accountability. Organisations should look at this as not only a necessity but also an opportunity that will support their success in the long run.  Organisational accountability – what is it? Organisational accountability occurs when all employees behave in a way that promotes the successful and timely completion of their responsibilities. It involves the organisation being answerable for its actions, decisions and impact on stakeholders, including employees, customers, shareholders, communities and, of course, the environment. A poor culture of accountability can present itself in several ways. Lack of transparency There is often a lack of transparency in decision-making processes, communication and reporting. Information may also be withheld, buried, distorted or not shared openly with stakeholders.  Lack of clarity in roles and responsibilities When there is a lack of clarity regarding roles, responsibilities and expectations, it becomes challenging to establish accountability. Unclear lines of authority, ambiguous decision-making processes, and overlapping responsibilities can contribute to a culture where no one feels truly responsible or accountable for outcomes. Lack of leadership Leadership plays a crucial role in shaping the culture of an organisation. In a poor culture of accountability, leaders may fail to model and uphold the principles of accountability. Leaders evading responsibility or engaging in unethical behaviour without facing the consequences sets a negative example for others.  Lack of trust There may be an environment of distrust and scepticism. This can lead to a lack of collaboration, communication and willingness to report issues and mistakes.  Low consequences for misconduct In organisations with a poor culture of accountability, there may be a lack of appropriate consequences for unethical behaviour or poor performance. This can lead individuals to believe they can engage in misconduct without facing significant repercussions.  Fear of retaliation Conversely, a poor culture of accountability may foster an environment where individuals fear retaliation for speaking up, reporting wrongdoing or challenging the status quo. This fear can deter individuals from holding themselves or others accountable, leading to a lack of transparency and the perpetuation of negative behaviours. It is crucial, therefore, to get a balance between consequences and a fear of retaliation.  Low morale A lack of organisational accountability can diminish an employee’s sense of purpose. This results in a lack of motivation to do your job and impacts the quality of employees’ work.  The link between culture and accountability Today, an organisation’s success is no longer just about the bottom line; qualitative inputs like transparency, trust and employee performance, productivity, collaboration and engagement also determine success. Therefore, an organisation’s cultural norms, values and practices can significantly influence the expected, accepted and enforced accountability level to ensure sustainable change. 1. Trust and transparency   Culture affects the level of trust and transparency within an organisation. In cultures where trust is high, and transparency is valued, accountability tends to be emphasised more. Employees tend to hold themselves accountable for their actions as they believe in the importance of integrity and honesty.  2. Consequences and enforcement Cultural attitudes towards consequences and enforcement also play a role in accountability. In some cultures, the fear of reputation, trial by the media or social stigma may serve as a powerful deterrent leading individuals to be more accountable for their actions. In other cultures, legal frameworks and regulatory systems play a key role in enforcing accountability (like the new individual accountability regime currently being implemented by the Central Bank in regulated institutions within Ireland).  Cultural influences Cultural influences on accountability can vary significantly across different societies and organisations, particularly as the operating and workforce landscape evolves. While some cultures may prioritise individual accountability, others may emphasise collective responsibility more. Understanding and addressing these cultural dynamics, including behavioural drivers, are essential for promoting a sustainable culture of accountability and ethical behaviour. Yvonne Kelleher is Managing Director in Risk Consulting at KPMG Conor McCarthy is Partner, Head of People and Change at KPMG

Jul 21, 2023
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The 11th EU sanctions package

The latest, 11th EU sanctions package was implemented on 23 June 2023. Click here and here for the press releases from the EU Council. The package introduces further trade, transport and energy restrictions. It also lists  over 100 additional individuals and entities subject to asset freezes and other restrictions  such as extension of the media ban to 5 additional channels. Click here for a summary of the key elements. Click here to go to the European Commission website where readers can find further information on the eleventh package including Q&A on the package. The European Union External Action webpage has a booklet on their website summarising the provisions of the eleventh package which you can access here. This information is provided as resources and information only and nothing in these pages purports to provide professional advice or definitive legal interpretation(s) or opinion(s) on the applicable legislation or legal or other matters referred to in the pages. If the reader is in doubt on any matter in this complex area further legal or other advice must be obtained. While every reasonable care has been taken by the Institute in the preparation of these pages, we do not guarantee the accuracy or veracity of any resource, guidance, information or opinion, or the appropriateness, suitability or applicability of any practice or procedure contained therein. The Institute is not responsible for any errors or omissions or for the results obtained from the use of the resources or information contained in these pages.  

Jul 14, 2023
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FRC issues amendments to FRS 101 and FRS 102

Following its recent consultation on the proposed amendments to FRS 101 and FRS 102 relating to the OECD's Pillar Two model rules, the FRC has now issued amendments to FRS 101 and FRS 102. The amendments introduce a temporary exception to accounting for deferred taxes arising from the implementation of the Pillar Two model rules, alongside targeted disclosure requirements. The temporary exception is effective immediately and the disclosure requirements are effective for accounting periods beginning on or after 1 January 2023, with early application permitted. A small number of FRS 102 preparers are likely to be impacted by the Pillar Two model rules and the changes are based on a similar amendment to IAS 12 issued in May by the International Accounting Standards Board.

Jul 12, 2023
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Press release
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Time to future proof the economy for next generation – accounting profession publishes Pre-Budget Submission

9 July 2023 – The success of future generations must be prioritised over short-term measures in Budget 2024, to ensure economic and societal progress in the decades to come. This is according to the Consultative Committee of Accountancy Bodies-Ireland (CCAB-I), the umbrella group which represents over 50,000 professional accountants, as it published its Pre-Budget Submission today.   The submission, entitled ‘Supporting Ireland’s Transition to a Sustainable future’, prioritises the long-term, highlighting that while the Irish economy has doubled in size in the past decade, we still have significant shortfalls in healthcare, housing, transport infrastructure and education. Demographics are exacerbating these shortfalls.  The submission identifies two key areas for budgetary focus;  The introduction of an intermediate 30% rate of income tax to reduce the tax burden on younger workers; and Investment in housing capacity to accommodate our young workforce and our significant FDI community. Commenting, Tax and Public Policy Lead at Chartered Accountants Ireland, Cróna Clohisey said:  “In the absence of a long-term focus, we risk an intergenerational divide becoming a chasm. The half-year Exchequer returns of €41bn published this week highlight more than ever the difficult decisions government faces in Budget 2024. This sum represents an 11% increase on the same period last year, but it is now, when the Exchequer is relatively robust, that government should limit itself to modest budgetary tax adjustments and put real spending power behind sustained investment in infrastructure, particularly housing.  “Our economic position is strong, but it is not future-proofed. There is a real divide between generations in terms of access to housing, pensions security and many other indicators. We need Ireland to be a country our young people choose to stay in and that others choose to bring their skills to, but we cannot do that without long term, strategic interventions in transport, health, and housing.”  Reforming the income tax system  Ireland’s 40% tax rate is high in comparison to other competitor countries and the CCAB-I believes that introducing a third rate of income tax of 30% would make the system more equitable. It would also enhance Ireland’s attractiveness as a place to work, particularly among younger workers.   Ms Clohisey continues: “Workers in Ireland pay income tax at a rate of 40% once they earn €40,000. This entry point is below the average wage and is significantly lower than most countries across the UK and Europe where incidentally having more than two tax rates is extremely common.” “Speaking on behalf of a mobile profession where most are in the early stages of their careers and are planning their futures, introducing an intermediate 30% rate would make the system more attractive and more equitable, lessening the tax burden on workers and putting more money in their pockets. An intermediate rate would also support Ireland’s FDI offering. The government needs to take immediate action to address the inequities that clearly exist within the system.” The submission also proposes: Income tax credits and rate bands should be index-linked to earnings to account for inflation Employers’ PRSI should not be increased The rate of CGT and CAT should be reduced from 33% to 20% The CGT annual exempt amount should be increased from €1,270 to €5,000  The Category A threshold for CAT should be increased from €335,000 to €350,000  The CAT small gift exemption should be increased from €3,000 to €5,000. Housing measures The CCAB-I believes that small private landlords are critical in boosting Ireland’s housing supply, particularly in provincial towns where demand is not sufficient to justify large-scale investment in the private rental sector.  Ms Clohisey continues: “Our members tell us that one of the biggest barriers to expansion is the lack of adequate, affordable housing that is reasonably located for their staff. We do our young people an enormous disservice by limiting their opportunities to live and work where they want to.” “The tax burden of small private landlords should be the same as that for companies at the 25% rate, rather than at the marginal rate of 52%. On the supply side, to enable property developers to manage their cash-flow, a tax debt warehousing system, like that created during the pandemic, could be developed whereby the collection of taxes such as PAYE is delayed until all housing units have been sold.” The submission also proposes: Local property tax should be allowed as a deduction against rental income Wear and tear rates for fixture and fittings should be increased from 12.5% to 25% per annum to facilitate landlords investing in the maintenance of properties Where landlords retrofit a property to improve its energy rating, 100% capital allowances should be offered in the year of work ‘Rent-A-Room’ relief should be increased to match the standardised average rent and the ‘cliff-edge’ for qualifying for relief should be removed. The Rent Tax Credit should be permanently included in legislation. ENDS Issued by Chartered Accountants Ireland on behalf of the Consultative Committee of Accountancy Bodies-Ireland (CCAB-I). Read the submission in full here.  About the Consultative Committee of Accountancy Bodies-Ireland (CCAB-I) The Consultative Committee of Accountancy Bodies-Ireland is the representative committee for the main accountancy bodies in Ireland. It comprises Chartered Accountants Ireland, the Association of Chartered Certified Accountants, the Institute of Certified Public Accountants in Ireland, and the Chartered Institute of Management Accountants which combine to represent over 50,000 professional regulated accountants in Ireland.              

Jul 10, 2023
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Young Professionals Committee elects new chairperson Brendan Brophy

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  

Jul 06, 2023
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Sustainability
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Four pathways to sustainable Irish cities

Ireland’s urban growth demands sustainable development. As we transition to a green future, our focus must be on modernising regulations, energy resilience, R&D and public-private partnerships, says Robert Costello Ireland’s urbanisation has been rapid: in 1969, half of the population lived in rural areas, and urbanisation is expected to reach 75 percent by 2050. In recent decades, urbanisation combined with general population growth and an economic boom has dramatically increased the footprint of Ireland’s cities. Much of this growth occurred without due regard for sustainable development. As Ireland sets out on a green transition, we must focus on making our cities sustainable. Like the broader economy, Ireland’s cities run largely on fossil fuels. According to the United Nations, cities consume about 78 percent of the world’s energy, accounting for more than 60 percent of greenhouse gas emissions. Transport accounts for almost 18 percent of total emissions in Ireland, and nearly all (94 percent) of these emissions come from road transport. Ireland has among the longest commute times in Europe, with many commuting into and around cities. Ireland’s buildings are among the hardest to heat in Europe, with heat loss rates (U-values) three times those of Sweden. With poor heat retention and a relatively high reliance on solid fuels and oil, Irish buildings have the highest emissions in Europe. Net zero emissions commitments of Ireland and the EU The European Union is committed to achieving a 55 percent reduction in greenhouse gas emissions by 2030 and net zero emissions by 2050. Ireland has committed to reducing emissions by 50 percent by 2030 and achieving net zero emissions by 2050. Considering Ireland’s starting point relative to many of our European counterparts, significant action is required across the economy and society. By implementing initiatives across the following four pathways, Ireland’s urban areas can become more sustainable and resilient to climate change. 1. Modernise regulations Having the funding and finance to complete the green transition is necessary, but it is not sufficient: the regulatory environment must enable the required investment. Ireland’s regulatory regime has been slow to respond to the needs of those working towards Ireland’s net zero ambition. Green hydrogen (hydrogen produced from renewable energy) will have a key role to play in decarbonising the country’s hard-to-electrify sectors. This must be underpinned by a national hydrogen strategy that reviews existing regulations, considers where changes are required, and signals to the market the direction of travel in terms of the development of this vital sector. While the Government has consulted on a hydrogen strategy, the consultation report has yet to be published. An ambitious hydrogen strategy will go hand in hand with plans to develop offshore wind farms on Ireland’s west coast, allowing the country to become an energy exporter. 2. Plan for energy resilience and sustainability According to Engineers Ireland, Ireland faces an energy trilemma in which we must meet our energy needs while ensuring that we (i) increase sustainable energy production, (ii) keep our energy supply secure, and (iii) maintain affordability. Diversity of supply and investment in infrastructure, such as interconnectors and energy storage, are essential in overcoming this trilemma. 3. Invest in research and development We cannot build the world of tomorrow without research and development (R&D) today. We must therefore recognise the role of R&D within Ireland in making our green transition possible. As an international hub for technology firms, Ireland has the potential to make digitalisation a core part of how we decarbonise our economy, building smart cities and communities. Combined public and private investment in digitalisation R&D will transform our economy. 4. Rethink public-private partnerships Public-private partnerships (PPPs) are a very useful method of contracting to deliver infrastructure. In Ireland, they have been successfully deployed to develop our motorway network, build schools and now deliver much-needed social housing. They involve a lot of upfront work, de-risking projects and ensuring that the assets built are robust and well-maintained into the future. They also encourage more private sector involvement in infrastructure, bringing new technology and innovation into projects. In addition, PPPs allow governments and public bodies to retain ownership of the infrastructure assets, an essential feature for long-term public ownership. Rethinking PPPs involves broadening the areas in which this model can be deployed to help realise our net zero ambition. Areas where the model (or a variation of the model) can be deployed include district heating, battery storage, offshore grid infrastructure, bus and train fleets, electric vehicle (EV) charging, sustainable buildings and port infrastructure. On the (path)way to a better future Cities, big and small, can set out on clean-energy pathways. Each pathway requires working with various stakeholders, including some with competing needs. These stakeholders include regulators, power generators, power transmission and distribution companies, industry and consumers. Only by laying the proper groundwork can people be brought on board and positive outcomes maximised. Stakeholder engagement is all the more essential in the case of Ireland’s cities, which have less administrative and financial autonomy than cities such as Paris or Berlin – Ireland has the lowest level of local autonomy in the European Union. With a population that continues to grow rapidly and become more urban, Ireland must seize the opportunity to build more sustainable cities. A successful and sustainable green transition requires bringing people on board and embracing the technology that will enable shorter, cleaner commutes, warmer homes and a cleaner environment. Outlining and committing to clean energy pathways enables the public and private sectors to put the resources in place and build the necessary capacity to deliver the required investment in our cities and towns. Robert Costello is Leader in Capital Projects & Infrastructure Practice at PwC

Jun 30, 2023
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News
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How to embrace short-notice presentations

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

Jun 23, 2023
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Technical Roundup 23 June

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.

Jun 23, 2023
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Barden enters new agreement to support the Chartered Accountants Ireland Young Professionals group

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.

Jun 21, 2023
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News
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Six crucial elements for cultivating a culture of ingenuity

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

Jun 16, 2023
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Technical Roundup 16 June

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.

Jun 16, 2023
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Press release
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Lord Mayor of Dublin launches business led Green Pearse Street campaign

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   

Jun 06, 2023
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Sustainability
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Paving the way for a sustainable future

Our Chartered Star 2023 winner Peter Gillen tells us about his work helping companies to reach their sustainability goals and gives us his take on sustainable finance  Peter Gillen, a sustainability manager in Grant Thornton’s Financial Services Advisory Department, was recently named Chartered Star 2023, an annual designation recognising outstanding work in support of the UN Sustainable Development Goals (SDGs).   Run in partnership with One Young World and Chartered Accountants Worldwide, the aim of the annual Chartered Star competition is to celebrate the difference-makers in the profession who are helping to combat the climate crisis by bringing real, positive change to their workplaces and communities.  A graduate of Trinity College Dublin, Gillen grew up in Dundrum and began his career training with PwC before his passion for sustainability led him to join the Sustainability Team at Grant Thornton in 2021. As Chartered Star 2023, Gillen will attend One Young World Summit, representing Chartered Accountants Ireland and Chartered Accountants Worldwide, in Belfast in October. Here, he tells Accountancy Ireland about his interest in sustainability and gives us his take on ongoing developments in sustainable finance globally. Tell us about your decision to become a Chartered Accountant? What attracted you to the profession? When I was younger, particularly in the lead-up to the CAO application process in sixth year, family and friends told me accountancy was one of those qualifications that would allow me to work in any sector anywhere in the world. This has come to pass in my career so far as I’ve had the opportunity to work in Europe and the US as well as here in Ireland. Travel, in general, is one of the best ways I have found in my own life to learn from others. That’s why attending One Young World Summit later this year is so exciting to me. There will be so many people from many different countries, and we will have the opportunity to learn from both our shared experiences and different perspectives. What is it that initially sparked your interest in sustainability? I’ve always had an interest in sustainability and was frustrated by the slow pace of progress in the last decade or so. During the pandemic, when everyone had more time to reflect, I reconsidered the direction of my career and decided I would try to merge my training in financial services with my passion for sustainability. It was really about finding ways to use my knowledge to bring about real change and help companies on their sustainability journey. Chartered Accountants in general are uniquely placed to be right at the heart of sustainability discussions, and to deliver concrete plans to transition to a greener economy. There isn’t a medium- to large-sized organisation in the world that doesn’t employ a Chartered Accountant and we are uniquely placed to support ESG efforts, because of our problem-solving and analytical skill sets, our ability to take a step back and see the bigger picture, and lastly being able to apply our learnings from financial reporting to the impending sustainability reporting requirements, which will be applicable to companies over the next few years. What do you see as the greatest sustainability-related threats and challenges of our time? In terms of threats, it’s the classic, “the wants of the few outweigh the needs of the many”. Those in power – the few – often have self-interest in mind and their actions can have a disproportionate impact on others – the many. Those who have the power to influence real change are sometimes reluctant to do so. A classic example here is the large oil companies, or sometimes political leaders. Chartered Accountants working in leadership positions in large corporations really do have an important role to play in leading the way and convincing their stakeholders to tackle the climate crisis, not just for the planet but also for their companies’ long-term viability. For me, it comes down to collaboration, both nationally and internationally. Humankind is the single greatest determinant of the fate of our planet. We have the power to save our planet from becoming an uninhabitable place.  The challenge is trying to unite a large group to focus on one shared goal. History has shown us how difficult this can be, but also that it is possible and that it is often at times of catastrophic crisis that we unite. One example is the European Union, which was born in the aftermath of World War II. I’m confident that this time we can unite before it’s too late and introduce sufficient measures to address the issue. What is your take on current progress on Ireland’s Climate Action Plan? I think we have made a lot of progress, but we still have a long, long way to go. There are challenges but there is also immense opportunity for a country like Ireland. In particular, we have a unique opportunity to harness our coastline for the purposes of renewable energy – wind and wave, for example – and become a net exporter of energy instead of relying on imported fossil fuel-based energy sources. Reaching Ireland’s climate targets isn’t just about government action, though. Every single person has a role to play. For example, we have all become too reliant on convenience and this mindset needs to change. We need to learn to repair the goods we have where we can, instead of automatically replacing them – thinking differently about the lifespan of the items we own and the waste we generate. Tell us about Grant Thornton’s sustainability team and your role in it. I am a sustainability manager within our Financial Services Advisory Department. Our team helps our clients navigate all of the new environmental, social and governance (ESG) rules and regulations the EU and other regulatory bodies are bringing out. The world has really woken up to the climate crisis, so our work is evolving on a daily basis as legislators and regulators work to promote the transition to a greener economy. We help our clients to understand these requirements and the roadmap they need to put in place to meet them. My biggest career goal is to continue to help companies to support the UN SDGs, primarily by supporting SDG 13 Climate Action, because, for me, climate change is, without a doubt, the biggest challenge of our time. What do you think of the progress made by the European Commission thus far in progressing the Corporate Sustainability Reporting Directive? I’m optimistic about the progress they have made so far. The European Financial Reporting Advisory Group (EFRAG), the European body drafting these standards, delivered their first set of draft standards to the European Commission last November. In order to ensure companies can implement these new standards, Mairead McGuinness, European Commissioner for Financial Stability, Financial Services and the Capital Markets Union, has asked EFRAG to prioritise efforts on capacity-building, basically providing the relevant companies with a support function to help them implement the standards. As a result, EFRAG is pausing the roll-out of sector-specific standards for now, which I can understand given the circumstances. It’s important that companies are given sufficient support so that they may implement the sector-agnostic standards appropriately before moving forward with the sector-specific standards. What does it mean to you to be named Chartered Star 2023? It was an honour to win it and something I wouldn’t have thought possible all those years ago when I started my career in accountancy. The list of past winners is so impressive. To be chosen this year is a privilege and I have a responsibility as Chartered Star 2023 to continue the high standard in everything I do. Ultimately, I hope to continue to work towards the achievement of the UN’s SDGs for many years to come both in my personal life and through my career.

Jun 02, 2023
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Sustainability
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Strength in numbers - Sustainability and the SME

Sustainability is often seen as the domain of large corporates but SMEs have the collective potential to be more powerful players. Sheila Killian explains why Social and environmental sustainability is often seen as more relevant to big multinational companies (MNCs) than to SMEs, small-to medium enterprises employing no more than 250 people. MNCs are more likely to have a sustainability strategy, and resources for its implementation, monitoring, reporting and communication.  They are more likely to report externally, integrating their reporting across sustainability and financial activities, and to be scored by ESG rating agencies.  This does not mean that MNCs carry all the responsibility or should reap all the benefits, however.  SMEs are enormously impactful in aggregate and have a huge amount to gain by getting involved. So, why and how should they engage? The potential impact of SMEs on sustainability SMEs have a massive collective impact. In Ireland, they account for seven jobs in 10. While large companies are commonly exporters, SMEs tend to serve their local region.  In terms of where people live, work, shop and spend their leisure time, smaller enterprises dominate. This amplifies both their responsibility, and the opportunities open to them. Because SMEs are embedded in their communities, they often make a huge contribution socially without realising it. This may lie less in strategy than in values.  David O’Mahony of O’Mahony’s Booksellers Ltd, a long-established independent bookshop in the south-west, sums up the position: “It’s only when you really think about it and put all the things together that you realise that there’s a lot more going on … [in corporate responsibility and sustainability] … than we would have probably realised ourselves.”  O’Mahony’s enjoys high social capital locally, gained through understated good work for the community and environment, derived from values and a sense of neighbourliness rather than from formal reporting.  Why SMEs do not report Despite this implicit moral accountability, many SME owners do not think about reporting externally on their sustainability. This is often because they don’t see the value to be gained. Compared with MNCs, there is much less separation between ownership and management/control in SMEs.  Therefore, the need for both internal and external reporting is reduced because the main shareholders are already intimate with what is going on in the business, and employees are closer to the leadership.  Unless the business is considering raising external finance, there is little need to consider how potential investors might perceive it, and if there is a perception that customers are not interested in sustainability activities, these will not be reported.  It seems to come naturally to SMEs to be community-oriented, however, often because they are family-owned, and such behaviour reflects the origins and values of the family.  Such firms tend not to have formal, written codes of conduct, but instead propagate the personal values of their owners, who do not consider that a separate, published set of values and reporting on their social and environmental activities is necessary for business. Why SMEs should report One reason for SMEs to begin some form of sustainability reporting is so that they can compete with MNCs locally to attract and retain talented employees.  The labour market is tight, remote working has shifted the power balance, and younger generations are more focused on sustainability.  Increasingly, SMEs are framing their sustainability credentials more clearly, and connecting them with their employer brand so that they can attract the talent they need.  There is also a consumer angle. The challenge posed by behemoth online retailers to small, local bricks-and-mortar businesses is now well-rehearsed.  A small, independent business, like a bookshop, needs to clarify and articulate its values and personal touch as a competitive advantage.  This ‘personality’ needs to be communicated externally if it is to reach the right customers effectively. Sustainability reporting can convey a sense of what the company is all about, its values and purpose – its ‘soul’. A third reason, particularly applicable to SMEs operating in the business-to-business sphere, is that reporting on strong sustainability metrics confers an advantage in entering the supply chains of larger firms.  If, for instance, an MNC is moving towards zero-carbon, it is likely to require smaller companies in its supply chain to be also on that journey.  A fourth reason to report is the internal value to be gained from paying attention to sustainability. Measuring, reporting and constructing a narrative around social and environmental values will improve the culture of the business, and pave the way to greater innovation.  Hotel Doolin in County Clare is an example of a small business that tells its sustainability story effectively. It has shortened its supply chain by buying local produce.  The hotel harvests rainwater, it has eliminated single-use plastics, and uses environmentally low-impact energy and heating. It became Ireland’s first carbon-neutral hotel in 2019, under the Green Hospitality Programme, ahead of many larger competitors.  The business also promotes social sustainability, employing refugees, supporting local community groups and actively seeks to be a good employer. This has enhanced its reputation not only locally but nationwide.  Partnering with not-for-profits Smaller companies that are ambitious in terms of sustainability targets will inevitably want to achieve things that are beyond their capacity.  If, for example, a business decides to work on the water quality in the area in which it operates, it may lack in-house expertise, jeopardising its credibility with the local community. One solution may be a partnership with a not-for-profit organisation (NFP). NFPs often have the expertise to tackle social and environmental issues but lack the resources, whereas companies may have resources (money) but lack the knowledge. A partnership can achieve sustainability goals if the match is right.  The NFP needs to be operating in the area in which the company wants to make progress, and the company needs to align with the NFP’s approach to society and the environment.  Mutual respect and consultation are key. At worst, a partnership can be seen as a ‘fig leaf’ for the SME and can undermine the legitimacy of the NFP. At best, it can be truly impactful for all involved. SMEs’ supply chain responsibilities  MNCs are famously held responsible for the working conditions in which their goods are produced by companies in their supply chains. Scandals, including the sweatshop labour exposed in the 1990s to the Rana Plaza garment factory collapse in Bangladesh in 2013, have forced companies such as Nike, Gap and Nestlé to change their practices.  Bad practices persist today, however, even where goods are produced close to home. In 2020, for example, it was revealed that online vendor BooHoo was selling clothes made in extremely poor working conditions in Leicester in the UK.  For a small, independent retailer, this means that, unless it takes steps to assure itself of the origin of the goods it sells, the risk remains that all or some element/s of those goods may have been produced in sweatshop conditions.  Smaller firms may lack resources to monitor conditions in their suppliers’ factories. Nor are they likely to have the requisite buying power to impose a code of conduct on their suppliers. So, what can they do about the conditions under which the goods they sell are produced? The International Labour Organization has clarified that a firm has responsibility as far up the supply chain as it has ‘reasonable influence’.  Large firms can leverage direct buying power to positively impact supplier. Starbucks works with its coffee producers to bring them up to higher social and environmental sustainability standards, for example.  A small trader is, however, limited to choosing suppliers wisely, and using their influence when feasible, perhaps working with other firms in the sector. The key differences between the supply chain responsibility of MNCs and SMEs, then, relate to power and influence. This principle also applies to other areas of sustainability. More power means more responsibility and the potential to make a positive impact.  SMEs need to address all the key issues of fair pricing, employee welfare, human rights and environmental impact within their own operations and – as far as possible – outside of them, bearing in mind their levels of resources and power.  The key questions here are: “Are we doing all we reasonably can to achieve sustainable practice?” and “Are we seeking to improve?”  Sometimes, acting in concert with other SMEs, can achieve more. The outcome may not be perfection, but honest efforts in the right direction will carry collective weight.  Sustainability and the SME advantage While corporate sustainability is often seen as the domain of MNCs, SMEs – because of their numbers and connection with, and impact on, society – are potentially more important players.  Many SMEs do not report their sustainability policies for several reasons, including informality, time and resource pressures, unfamiliarity with reporting standards and frameworks, or because a strong internal locus of value and ethical behaviour is already vested in their owners and leaders.  However, SMEs generally have high levels of engagement with their local communities and implement sustainability on an intuitive basis, drawing on leaders’ personal values. Reporting these efforts can bring significant advantages externally and internally.  Despite a lack of resources relative to larger companies, the key to building sustainable value for SMEs lies in making the best choices that are within their power at a given time. Sheila Killian is Associate Professor at Kemmy Business School, University of Limerick, and author of Doing Good Business: How to Build Sustainable Value

Jun 02, 2023
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Insolvency
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SCARP – a vital lifeline for SMEs in distress

In the face of rising business costs, practitioners must ensure that more SMEs avail of the Small Company Administrative Rescue Process in the months ahead, writes Graham Kenny In 1990, the Iraqi dictator Saddam Hussein led a ground force invasion into Kuwait. This war was to serve as an unlikely catalyst for a radical overhaul of corporate restructuring in Ireland. It set in train a clear evolutionary lineage to the Small Company Administrative Rescue Process (SCARP) recently enacted under the Companies (Rescue Process for Small and Micro Companies) Act 2021. To understand this evolution, it is important to consider what actually happened in 1990. The economic effects of the invasion of Kuwait had immediate and dire consequences for Ireland.  Up to 70 percent of Larry Goodman’s Anglo Irish Beef Group exports were sent to Iraq and its customers went into immediate default.   Faced with the collapse of one of the largest employers in the State, the then Taoiseach Charles J. Haughey hastily recalled the Dáil from its summer recess and passed the Companies (Amendment) Act in August 1990.  This piece of legislation introduced examinership into the Irish statute books and, for the first time, permitted protection from creditors and the subsequent write-off of company debts.  Over the past two decades, I have been involved in many of the seminal cases of examinership across a range of sectors, including the first Supreme Court hearing of an examinership (In Re Gallium Limited [2009] IESC 2009). My experience is that examinership has served as an essential corporate restructuring tool, saving thousands of jobs through schemes of arrangement. Often, however, the costs associated with such restructuring have been cited as a disincentive for smaller companies to use the process. As a result, examinership has notionally remained the preserve of larger companies. The genesis of SCARP In February 2020, COVID-19 reached Ireland and had a devastating effect on many small businesses. In response to the threat of another financial crisis, SCARP came into force in December 2021.  This new Act is based largely on the examinership model, but notably does not require an application to court for its commencement.  Like examinership, the idea behind SCARP was to give companies breathing space from their creditors in order to implement a restructuring plan, which ordinarily included the write-off of a portion of creditors’ debts.  Before discussing the necessary role SCARP will have to play in the coming months, it is important to first undertake a brief overview of the salient features of this new corporate restructuring tool.  Who can apply? The Companies (Rescue Process for Small and Micro Companies) Act 2021 is aimed at protecting ‘small’ and ‘micro’ companies.  Small companies are defined as having an annual turnover of up to €12 million, a balance sheet of up to €6 million and up to 50 employees.  Micro companies are defined as having a turnover of up to €700,000, a balance sheet not exceeding €350,000 and up to 10 employees.  How does a company prepare for SCARP? The first step a company should take in considering the SCARP process is that the directors should prepare a statement of affairs in accordance with section 558B(4) of the Act.  The statement of affairs is accompanied by a statutory declaration that is then given to a Process Advisor. What is a Process Advisor? The Process Advisor is ordinarily an experienced insolvency practitioner who will attempt to restructure the company’s debts. It may be noted that the company’s auditor or accountant cannot act as its Process Advisor.  The Process Advisor will review the company’s statement of affairs and other financial information (as set out in Section 558C(4)) and then outline their determination as to whether the company has a “reasonable prospect of survival”.  It is important to note that a Process Advisor does not take executive powers and that the board of the company maintains full control. The Process Advisor’s fees are subject to super-preferential status over all other creditor claims. How does the rescue process commence? If the Process Advisor determines that the company does have a reasonable prospect of survival, then they will confirm this in writing to the directors of the company.  Section 558D(2) sets out that, within seven days of receipt of such confirmation, the directors shall convene a board meeting to consider whether the appointment of a Process Advisor is appropriate.  Section 558K compels the Process Advisor to notify employees, creditors and the Revenue Commissioners within five days of their appointment.  Section 558O states that creditors must acknowledge receipt of such notice within seven days and further information regarding their claim within 14 days. Can a creditor opt out of the rescue process? Section 558L provides a list of potential excludable debts. This list includes the Revenue Commissioners.  Notably, the holders of such excludable debts have 14 days to notify the Process Advisor of their intention to be excluded from the rescue plan. Such creditors must give reasons for their decision to opt out.  From anecdotal evidence, it appears that the Revenue Commissioners is largely supportive of the process and generally determined to opt in. What is a Rescue Plan? Section 558Q sets out the matters that must be incorporated into any Rescue Plan. These include: a statement of affairs; the likely outcome for creditors on a winding-up or receivership; the effect of the plan on each creditor; the reasons why the plan is fair and equitable; and  details of the Process Advisor’s remuneration. How is the Rescue Plan approved? Section 558T puts the onus on the Process Advisor to call a meeting of members and creditors as soon as is practicable after preparing the Rescue Plan.  Section 558T(4) requires that such meetings shall be fixed for a date no later than 49 days after the date on which the Process Advisor was appointed.  It is important to note that creditors must be give seven days’ notice of such meetings, so in reality the meetings must be convened no later than day 42. Section 558Y(4) sets out that a Rescue Plan shall be deemed to have been accepted by a meeting of members or creditors when 60 percent in number, representing a majority in value of the claims represented at that meeting, have voted in favour. Section 558Y(5) sets out that the Rescue Plan shall be binding on members and creditors where at least one class of impaired creditor accepts the plan and, furthermore, that 21 days have passed from the date of filing of the notice of approval in the relevant court office and no objection is filed in accordance with section 558ZC. Section 558Z requires that creditors are given notice of such approval within 48 hours. It is important to note that under section 558ZB, the Rescue Plan will not become binding on members and creditors until 21 days have elapsed from the filing of the notice of approval. What does it mean for a Process Advisor to “certify” certain liabilities?  Like examinership, the Process Advisor is given the power under section 558ZAA to certify company liabilities.  This certification means that such liabilities are treated as expenses of the Rescue Plan and therefore give such creditors a preferential status.  This provision is often used as an incentive to encourage creditors to continue to trade with the company while a Rescue Plan is formulated.  The future of SCARP Corporate restructuring requires a fine balance between competing corporate interests, employee rights and duties to creditors.  An unfortunate consequence of this complexity is that the rules governing such restructuring, whether under examinership or SCARP, can be convoluted and sometimes confusing.  But this fact alone should not deter practitioners from seeking appropriate advice and permitting struggling companies from reaping the benefits of this multifaceted legislation.  The low number of companies availing of SCARP thus far is bewildering. I would suggest that one of the main reasons for this sluggish start is simply the unfamiliarity of practitioners with the process.  The well-worn path of liquidation is regrettably often proffered by advisors before a full consideration of SCARP (or indeed examinership) is properly undertaken.  I think the main reason SCARP has not taken hold, however, is down to the extensive supports and debt warehousing that has been offered by the State.  In my experience, entrepreneurial directors live in the moment and dream of a brighter future. Directors can be reluctant to focus on the dark clouds on the horizon and are often instead consumed with an arguably unrealistic optimism. A report published by the Revenue Commissioners in March 2023 highlighted that 13,000 businesses have been expelled from the tax warehousing scheme for non-compliance and are now facing a 10 percent penalty charge.  Perhaps more worryingly, the same report shows that about 63,000 businesses still had a combined €2.2 billion tax debt in the warehousing scheme. This report also revealed that such debts owed by businesses in the scheme ranged from 19,000 businesses owing less than €100 to 6,400 owing more than €50,000. Jobs and livelihoods at stake Behind all of these abstract statistics, it is important to remember that these businesses employ 400,000 people who, in turn, have families to support.  In the face of both cost-of-living and housing crises, it appears inevitable that any rise in corporate insolvency rates would have a devastating impact on countless families within the next two years.  In light of these stark numbers, it is incumbent on practitioners across Ireland to seek the appropriate advice from corporate restructuring specialists when consulted by companies in this quagmire of historical debt.  The sooner this advice is sought and considered, the more realistic the company’s chances of survival will be. SCARP offers a vital lifeline to many struggling companies, and in the coming months, it needs to become a standard go-to option for practitioners and  their clients.  Graham Kenny is a Partner in the Dispute Resolution and Litigation Practice Group at Eversheds-Sutherland LLP

Jun 02, 2023
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Professor Patricia Barker recipient of Outstanding Contribution to Accountancy award

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.  

May 30, 2023
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Technical Roundup 26 May

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.     

May 26, 2023
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