Welcome to this week’s Technical Roundup. In developments this week, IAASA has published a paper setting out information requests that it has raised with companies on their climate-related disclosures in their annual financial reports and did you know about the European Commission’s podcasts? Short episodes are released at the same time as the monthly EU Commission Finance Newsletter on topics related to banks, capital markets, insurance, digital or sustainable finance, anti-money laundering, sanctions, etc. Read more on these and other developments that may be of interest to members below. Financial Reporting In their latest edition of “Insight from SME accountants” series, Accountancy Europe looks at how sustainability matters for the new generation of accountant. The IASB has produced a series of eight webcasts to explain the Dynamic Risk Management project to date. The FRC Lab has published a report on the disclosure of net zero commitments. This provides tips for companies on how to consider when disclosing their commitments. IAASA has published a paper setting out information requests that it has raised with companies on their climate-related disclosures in their annual financial reports. Anti-Money laundering, sanctions On 6 October 2022 the European Union announced its eighth package of sanctions. Click here for a press release on the eighth package of sanctions and please also visit our sanctions webpages “Europe & International” for more details of what the eighth package consists of. HMRC in the UK has recently issued an economic crime supervision annual self-assessment report for the period  1 April 2021 to 31 March 2022 which it says  analyses the extent to which HMRC is meeting its obligations under the Money Laundering Regulations 2017, as well as comparing it to the standards set for professional body anti-money laundering supervisors. The National Cyber Security Centre Ireland has a quick guide to phishing to help to avoid being phished, spotting the giveaway signs of phishing e-mails, and what to do if you think you’ve already clicked the attacker’s bait. Other The Minister for Public Expenditure and Reform recently signed the commencement order for the Protected Disclosures (Amendment) Act 2022 to set 1 January 2023 as the date on which the Act will commence in its entirety. Readers may be aware that the new legislation will substantially amend the Protected Disclosures Act 2014. It will expand the categories of protected person to include protections for volunteers, shareholders, board members and job applicants for the first time. It also expands the wrongs in respect of which a protected disclosure can be made. It imposes requirements on organisations to put internal whistleblowing procedures in place and a new Office of the Protected Disclosures Commissioner will be established. You can read more in the Department’s press release on its website here and we will provide more information to members in due course on this topic. The Department of Enterprise, Trade and Employment has published its October's Enterprise Newsletter. This includes information about Budget 2023 helping businesses and families with escalating energy costs, the Cross-Government launch of a new National Implementation Plan for the Sustainable Development Goals 2022-2024, and EU trade sanctions in response to situation in Ukraine. There are also details of a new pay agreement providing pay increases and wage structure for early learning and childcare workers, publication of the Final Report of the LEEF High-Level Working Group on Collective Bargaining, and public consultation on the Single Market Emergency Instrument. The newsletter can be found here. The Pensions Authority has published the results of a survey conducted on trustees’ IORP II preparedness. The survey provides information on pension scheme trustees’ progress since a similar survey was carried out in 2020. The survey findings indicate that while significant progress has been made by scheme trustees to meet the requirements of the Act, there is still work to be done by trustees to ensure compliance ahead of the 1 January 2023 deadline. The survey findings also indicate that most DB scheme trustees surveyed intend to continue their scheme, while almost half of the DC trustee respondents noted an intention to wind up their scheme and move to a master trust. Further information and the results can be found here. Did you know about the European Commission’s podcasts? Short episodes are released at the same time as the monthly EU Commission Finance Newsletter on topics related to banks, capital markets, insurance, digital or sustainable finance, anti-money laundering, sanctions, etc. The latest one “the on about Anti Money laundering dated 29 September 2022 can be accessed now. Please also click here to read the European Commission’s latest Banking and Finance newsletter where DG FISMA's Director-General talks about topics including the energy crisis and  sanctions, and includes a short discussion about cryptocurrencies, the current ‘crypto winter’, and the digital euro. Cathy Shivnan, the Corporate Enforcement Authority’s (CEA) Director of Insolvency Supervision, sat down recently with Graham Kenny of Eversheds Sutherland LLP to talk about the role of the newly established CEA. The CEA is now the competent authority in Ireland for the investigation of breaches of the Companies Acts and the taking of necessary enforcement actions. You can listen here. For further technical information and updates please visit the Technical Hub on the Institute website. 

The FRC Lab has published a report entitled "Net zero disclosures". This report, which highlights examples of current practice, discusses some of the key considerations for investors who use net zero disclosures and the elements of net zero disclosures that investors want to understand. The report builds on three key elements of net zero disclosures (commitments, impacts and performance) and discusses areas of consideration and challenge within these topics. The report provides some useful guidance for preparers seeking to navigate the difficult area of reporting on their greenhouse gas emission reduction commitments.

Dawn Leane examines the main barriers to success experienced by women and what organisations can do to break the career inhibitors down In workshops organised after the publication of the research study carried out by Fiona Dent and Viki Holton for their book Women in Business: Navigating Career Success, women were asked to identify factors they believed had hindered their progress. Their responses are broadly categorised as follows: Limiting beliefs; Family issues; Work colleagues; Personal style and skills; Lack of organisational support; Gender issues; Taking the wrong career path; and Politics and bureaucracy. The most frequently mentioned issues focus on self-doubt and limiting beliefs. As this is a nuanced subject, it is important to distinguish between limiting beliefs and confidence.  Limiting beliefs vs confidence Beliefs are assumed truths developed over time from our direct experiences and observations. They usually don’t exist as explicit propositions. We may barely be aware of them, but they influence what we think, say, and do.  When they manifest self-doubt, they become limiting beliefs. An example of a limiting belief may be ‘I can’t handle conflict’, which could lead to a lack of assertiveness or the tendency to give in to others. Limiting beliefs can have a significantly negative impact on our ability to achieve our full potential. Confidence, however, can be significantly influenced by workplace culture. Women are regularly told that they should be more confident, which is particularly unhelpful as it puts the responsibility firmly back on women, as opposed to examining the environment as a contributing factor. One way in which the office environment can impact confidence is ‘backlash avoidance mechanism’, whereby women feel uncomfortable self-promoting due to perceived social consequences. Feedback and career development In the workshop, 59 percent of participants believed that men and women are judged unequally, particularly when it comes to feedback and development in the workplace. This is supported by the Women in the Workplace study—a study of US women in the workplace conducted by LeanIn.Org and McKinsey & Company—which found that women report receiving feedback much less frequently than their male co-workers. In fact, women are more than 20 percent less likely than men to receive difficult feedback, which is essential to improving performance. One reason cited by managers is their fear of an emotional response, which is less of a concern when giving feedback to male employees. Further, the feedback that women receive is often vague and non-specific. In their Harvard Business Review article, ‘Research: Vague Feedback is Holding Women Back’, Shelly J. Correll and Caroline Simard advised that “women are systematically less likely to receive specific feedback tied to outcomes, both when they receive praise and when the feedback is developmental.” They also found that when women did receive feedback, it was largely focused on their style of communication. Family issues While it is widely accepted that family issues can be a barrier to success, most participants in Dent and Holton’s research recognised that decisions made in relation to family life require compromise—and that it was typically the woman in the relationship who compromised out of personal choice. Many women accepted this as an inevitable consequence of motherhood and feel obliged to take responsibility and be available for their children. Managing employee long-term success The overarching message from these pieces of research is that what happens early in a woman's career significantly impacts her long-term success. It is important that both the career accelerators and inhibitors discussed in this series are considered by organisations when developing talent management and career development programmes. You can read the first two articles in this series: Empowering women for better balance in the workplace Four success factors for women in the workplace Dawn Leane is Founder of Leane Leaders and Leane Empower. 

Welcome to this week’s Technical Roundup. In developments this week, the IFRS Foundation has published its September 2022 monthly news summary which highlights the news and events from the past month and in a recently released episode of the International Accounting Standards Board podcast, Chair Andreas Barckow and Executive Technical Director Nili Shah, talk through the highlights from the September 2022 IASB meeting. Read more on these and other developments that may be of interest to members below. Financial Reporting IAASA has published its annual Observations paper highlighting matters that those charged with governance should consider when preparing their financial statements for 2022. The Financial Reporting Council (FRC) Lab have issued their September 2022 news roundup. EFRAG, the European Financial Reporting Advisory Group has published its September 2022 update. In its September 2022 podcast, the ISSB discuss the highlights from its recent board meeting. The IASB have also released its September 2022 podcast. The IFRS Foundation has published its September 2022 monthly news summary which highlights the news and events from the past month. The FRC has published a report on Navigating barriers to senior leadership for people from minority ethnic groups in FTSE 100 and FTSE 250 companies.  Auditing and Assurance The Financial Reporting Council (FRC) has opened a post implementation review of the auditing standard (ISA) (UK) 540 (Revised December 2018) Auditing Accounting Estimates and Related Disclosures. This ISA became effective for audits of accounting periods beginning on or after 15 December 2019. Interested stakeholders are also invited to attend one of two roundtables to support the call for feedback. These are being held on: Wednesday 23 November 2022, 14:00-15:00 (online) Thursday 24 November 2022, 11:00-12:00 (in person at the FRC’s offices) To RSVP for the roundtables please email stakeholderengagement@frc.org.uk. The call for feedback is open until 13 January 2023. Accounting In a recently released episode of the IASB podcast, Chair Andreas Barckow and Executive Technical Director Nili Shah talk through the highlights from the September 2022 IASB meeting. Ethics and the Ukraine Conflict The Staff of the International Ethics Standards Board for Accountants have released the Staff Alert, The Ukraine Conflict: Key Ethics and Independence Considerations. The publication draws the attention of professional accountants in business and in public practice, including firms, to a number of important provisions in the International Code of Ethics for Professional Accountants (including International Independence Standards) with which they must comply in carrying out their work as they navigate the unprecedented challenges and risks arising from the Russia-Ukraine war. Other The Pensions Authority has published its Annual Report and Accounts for 2021. The Annual Report and Accounts for 2021 and an accompanying statement from the Pensions Regulator, Brendan Kennedy, can be read here. Also in Pensions Authority news, they recently published information in relation to exit charges, trustee annual reports and audited accounts for one member arrangements (OMAs) migrating into a master trust. You can read more details from their website here. The Pensions Authority has also published an update for trustees in relation to trustee annual reports and audited accounts for group schemes with less than 100 active and deferred members transferring to a master trust or PRSAs. The UK Financial Conduct Authority has published research showing that a quarter of consumers it surveyed would withdraw pension savings earlier to cover cost of living – making them vulnerable to scammer ‘misdirection’. It has recently launched its latest ScamSmart campaign aimed at giving consumers the knowledge and tools to avoid pension scams and you can read more about it here. The Central Bank has recently announced a review of the Consumer Protection Code 2012 (“Code”) to modernise it and ensure it is fit for purpose. The Code is a set of principles and rules that regulated financial firms must follow when they sell financial products and services, give financial information or advice, advertise financial products or services and handle complaints of consumers. A discussion paper has been published and you can click on the link to access the discussion paper and complete the survey. The Central Bank published its final Quarterly Bulletin of 2022 and  you can read the press release here. Chartered Accountants Ireland Western Society was pleased to co-host the launch of the Bulletin in the Galmont Hotel Galway on 6 October 2022. The event was an opportunity to discuss the general outlook for the Irish economy and the Bulletin which noted that energy-driven inflation is causing uncertainty and challenges for domestic growth. Following a short presentation, attendees were invited to ask questions from the panel moderated by Dr Brian Keegan, Director of Advocacy and Voice, Chartered Accountants Ireland.  The panel included Robert Kelly, Director of Economics and Statistics, Ireland; Tara McIndoe-Calder – Senior Economist, Central Bank of Ireland and Cathal O'Donoghue – Established Chair, Social and Public Policy, National University of Ireland, Galway. Please click here to access a podcast by Europol on Ransomware. A number of cybercrime specialists speak about how law enforcement dealt with a cybercriminal network selling ransomware services. Also in Ireland on this topic, the National Cyber Security Centre and the Garda National Cyber Crime Bureau this week launched a joint public awareness campaign for European Cyber Security Month. The campaign this year is focused on the twin themes of phishing and ransomware, urging vigilance and outlining their potential impacts on the everyday lives of Irish citizens and businesses. You can read more in the Dept. of Justice press release here. On Wednesday of this week there was a cross government launch of  the new National Implementation Plan for the Sustainable Development Goals 2022-2024. Its purpose is to  increase Ireland’s ambition and strengthen implementation structures to achieve the Sustainable Development Goals (which are set out in the plan). The Minister of State at the Department of Finance with special responsibility for Financial Services, Credit Unions and Insurance, Seán Fleming, recently launched an update of the Ireland for Finance strategy. This update charts the future development of the international financial services sector in Ireland to the end of 2026. Under the updated strategy the government has a target to grow employment in the sector by 5,000 net new jobs. You can read the press release here and access the updated strategy by clicking here and clicking the Updated Ireland for Finance Strategy. For further technical information and updates please visit the Technical Hub on the Institute website. 

The Department of Finance published its Annual Report for 2021. The report relates to the Department’s performance and the work undertaken in achieving the strategic goals of the Department. These include achieving a balanced, sustainable macroeconomic environment and sound public finances, a well-regulated, sustainable financial sector, international leadership in economic, fiscal and financial decision making and promoting environmentally sustainable progress.

Revenue has updated its Guide to Exchange of Information under Council Directive 2011/16/EU, Ireland’s Double Taxation Agreements and Tax Information Exchange Agreements and the OECD/Council of Europe Convention on Mutual Administrative Assistance in Tax Matters. The revised guidance sets out the role of the International Tax Division.

The Department of Finance has published a review of the Help to Buy Scheme by Mazars. The scheme is intended to assist first time buyers (FTBs) to save for the deposit required to qualify for a mortgage for the purchase of a newly built residential property. The report notes that the scheme is poorly targeted and promotes demand for new housing in a market where there are supply constraints, while highlighting the deadweight associated with the expenditure. The Mazars report states that, “[t]here are weaknesses in the Help to Buy scheme and it cannot be concluded that it is sufficiently efficient to represent good value for money. Consequently, we conclude that it should be withdrawn. However, now is not the time to do so.” The report recommends an extension of the scheme for two years only, while removing self-builds from the scheme and increasing the minimum mortgage loan-to-value ratio from 70 percent to 80 percent, during which time a move away from a tax expenditure scheme towards a scheme under the direction of the Department of Housing, Planning and Local Government should be facilitated. However, in Budget 2023 the Minister for Finance announced an extension of the Help to Buy scheme, at current rates, to the end of 2024.

Revenue has published a new Tax and Duty Manual to provide guidance for caseworkers conducting compliance interventions in respect of employers who have incorrectly operated payroll taxes. The guidance deals only with cases where an update of the employee’s payroll record is required due to the incorrect operation of the PAYE system by an employer as a result of error or carelessness. This guidance will apply to any self-correction or qualifying disclosure received and/or Revenue compliance intervention initiated following the publication of this Tax and Duty Manual.

Revenue has published updated guidance regarding its Revenue On-line Service (ROS) and useful ROS Pay and File tips in advance of the personal tax deadline of 31 October 2022. The deadline is extended to Wednesday, 16 November 2022 where the taxpayer both files their 2021 Form 11 return and makes the appropriate payment for 2022 Preliminary Tax and the balance of 2021 Income Tax using ROS. The extension does not apply where only one of these actions is completed through ROS. The updated ROS Tax and Duty Manual includes information on new services such as Trust Register Functions, the redesign of the ROS ‘Login’ and ‘Manage My Certificate’ screens, MyEnquiries auto-registration for new ROS registrations and information on updating a bank account in an RDI. The updated ROS Pay and File Useful Tips Tax and Duty Manual is to assist taxpayers and their agents to comply with their ROS Pay and File obligations. The guidance includes information on the calculation and payment of 2022 preliminary tax, CGT self-assessment, CAT and PAYE return deadlines, updates to the 2021 Form 11 and the ROS Offline application. Further information is available in Revenue eBrief no. 178/22.

Revenue has published information on the changes made to excise duty rates as part of Budget 2023 and has updated a number of Tax and Duty Manuals. Details on the changes made to excise duty rates as part of Budget 2022 are included in Tax and Duty Manual Budget 2023 - Excise Duty Rates. The Tax and Duty Manual Tobacco Products Tax has also been updated to reflect changes to the excise duty rates that take effect from 28 September 2022.

Revenue published its Budget 2023 summary, detailing the key measures in this year’s budget.

Welcome to this week’s Technical Roundup. In developments this week, the Irish Pensions Authority recently published information for trustees on the appointment of a service provider to carry out more than one key function and the Financial Reporting Council has published the revised ISA (UK) 600 (Revised September 2022) Special Considerations - Audits of Group Financial Statements (Including the Work of Component Auditors). Read more on these and other developments that may be of interest to members below. Financial Reporting The UK Endorsement Board (UKEB) has published a report entitled “Subsequent Measurement of Goodwill: A Hybrid Model”. This report contributes to the ongoing international debate on the subsequent measurement of goodwill. The Financial Reporting Council Lab has published a report entitled “Structured Digital Reporting - Improving quality and usability”. This report identifies lessons learned from the first year of mandatory structured digital reporting. The FRC are holding a joint webinar with the Financial Conduct Authority (FCA) to discuss the regulators views on the first year of TCFD-aligned disclosures. The FRC has also published its thematic review of the accounting and reporting for business combinations. The European Financial Reporting Advisory Group (EFRAG) has published a discussion paper on Accounting for Variable Consideration from a Purchaser’s Perspective, and invites constituents to comment by 31 May 2023. IAASA has published a Consultation Paper on its proposed revised Policy Paper – Publication of information regarding IAASA’s financial reporting supervision activities. The International Accounting Standards Board (IASB) has issued narrow-scope amendments to IFRS 16 Leases, which add to requirements explaining how a company accounts for a sale and leaseback after the date of the transaction. These amendments will apply for periods beginning on or after 1 January 2024, with early adoption permitted. The IASB has issued its September 2022 update. The taskforce on Disclosures about Expected Credit Losses has published a report entitled “Recommendations on a comprehensive set of IFRS 9 Expected Credit Loss disclosures”. The guidance is aimed primarily at the biggest UK-headquartered banks and building societies but is also likely to be relevant to a much wider group of preparers. Auditing and Assurance Revisions to ISA (UK) 600 The FRC has published the revised ISA (UK) 600 (Revised September 2022) Special Considerations -Audits of Group Financial Statements (Including the Work of Component Auditors). IAASA has published its fourth video in a series designed to provide information on the Quality Management Standards in Ireland. This video provides an overview of International Standard on Quality Management 2 – Engagement Quality Reviews. Click here to access the video. Sustainability The IFRS Foundation staff has prepared the staff request for feedback on the draft of the IFRS Sustainability Disclosure Taxonomy. The document outlines staff recommendations reflecting the proposals in the two exposure drafts published by the International Sustainability Standards Board: [Draft] IFRS S1 General Requirements for Disclosure of Sustainability-related Financial Information; and [Draft] IFRS S2 Climate-related Disclosures. The European Securities and Market Authority (ESMA) has updated its sustainable finance implementation timeline with an interesting infographic. EFRAG is establishing Community Sector Groups across a number of sectors to allow a range of external stakeholders to provide their input in the development of sector specific draft European Sustainability Reporting Standards. Stakeholders with a direct interest in the sectors listed below can apply to join these groups via the EFRAG website. The groups being established cover the following sectors; Agriculture, Farming and Fishing Coal Mining & Mining Energy and Utilities Food and Beverages Motor Vehicles Oil and Gas Mid to Downstream & Oil and Gas Upstream Road Transport Textiles, Accessories, Jewellery and Footwear The International Sustainability Standards Board (ISSB) has issued its September 2022 update. Corporate Governance The Wates Principles have been widely adopted by large private companies and have become an important part of the UK’s corporate governance environment.  The FRC invites you to an event on 25 October that will explore benefits and opportunities the principles bring to individual companies and the good practice in corporate governance. Other The Irish Pensions Authority recently published information for trustees on the appointment of a service provider to carry out more than one key function. Read further information in their press release. The Authority reminds trustees that they must notify the Authority of any arrangement concerning the outsourcing of a key function within a certain timeframe and it also provides guidance on its website on how to notify the Authority of key function holder appointments. The European Securities and Markets Authority (ESMA), the EU’s securities markets regulator, has this week published its Report on the distributed ledger technology pilot regime (DLT Pilot). The Central Bank is holding a conference on 2/3 November 2022 the theme of which will be Supporting the Economy, Delivering for the Consumer. Discussions will cover the challenges and opportunities facing the financial system, including climate change, consumer protection, innovation, disruption and regulation. There is a good line up of speakers already with more to be announced. Interested readers can go to the relevant webpage here for further information. Arbitration Ireland recently published “A Concise Guide to Arbitration in Dublin”. It describes the guide as providing the essentials for anyone participating in an arbitration in Dublin, from the basis of the arbitration agreement, the appointment of arbitrators, to the making, challenging and enforcement of the award. This text includes a synopsis of decisions under the Arbitration Act 2010, a summary of the Commercial Court in Ireland and considers the role of Ireland’s designated arbitration judge in addition to general guidance on Irish contract law. Interested readers can download their free copy by following this link. The Financial Conduct Authority in the UK has recently updated its page on Cryptoassets: AML / CTF regime. Click the link to access the page for further information. In the UK the government has recently introduced the Economic Crime and Corporate Transparency Bill  Click here to read the UK Government press release on the Bill  and click here for a government factsheet. According to an article on the Bill by Eversheds Sutherland the Bill builds on the Economic Crime (Transparency and Enforcement) Act 2022 which came into effect in the UK on 15 March 2022. The Bill proposes to expand the powers given to Companies House and to improve transparency over UK companies to better protect the UK economy and improve its reputation as a place of legitimate business. It also includes plans to expand the Serious Fraud Office’s  investigative powers. Also see here an article from Reynolds Porter Chamberlain LLP solicitors (RPC) on the provisions in the Bill to make it quicker and easier for law enforcement agencies, such as the National Crime Agency, to seize, freeze and recover cryptoassets used by criminals to launder the proceeds of crime. According to RPC the Bill is due to have its second reading in October and a number of amendments can be expected before the Bill is enacted. In its fifth episode of “The Fast Future with IFAC” Amy Bridges, Professional Development Manager at CPA.com offers an expert view of the market for client advisory services and a wide range of opportunities and challenges for Small and Medium Practitioners. The Department of Children, Equality, Disability, Integration and Youth has informed the Decision Support Service (DSS) that a ‘go-live’ date of 21 November 2022 has been selected for the full commencement of the Assisted Decision-Making (Capacity) Act 2015 (the 2015 Act). The DSS will provide further updates in advance of its commencement. For further technical information and updates please visit the Technical Hub on the Institute website.   

Revenue has updated its Tax and Duty Manual on Phased Payment Arrangements (PPA). The guidance now reflects the enhanced PPA system that allows for PPA consolidation. It also sets out temporary changes to PPA during Covid-19 which remain in place. Previously taxpayers were unable to add additional liabilities to their existing PPA. However, the ability to add extra periods to a PPA has become a necessity because of the need to incorporate warehoused debt into a PPA at the end of the Debt Warehouse Period 2. The enhanced PPA system allows for PPA consolidation, providing taxpayers greater flexibility in the management of their PPA. Taxpayers can apply for PPA consolidation on ROS. Further information regarding Debt Warehousing Scheme PPAs is available here.

Revenue would like to remind members about the filing obligations of charitable organisations and to highlight that those charities that do not hold tax exemption must file returns. Revenue has issued a note stating: “If a registered charity wishes to apply to Revenue for tax exemption, an application must be submitted, through Revenue’s online applications system, which can be done via ROS. Where Revenue grants tax exemption to a registered charity, it issues a CHY number to that charity; this indicates that the charity has tax exempt status. A registered charity that does not hold tax exemption is obliged to file all returns, as appropriate, to Revenue. There is no obligation on tax exempt charities to file tax returns to Revenue for the taxes to which the exemption applies. They must file returns for those taxes to which the exemption does not apply. Any enquiries in this regard can be sent via Revenue’s secure online MyEnquiries facility.” Details about applying for tax exemption are available here.

Mindful of the disruption that may arise for taxpayers and their agents as Ulster Bank and KBC leave the Irish banking market, Revenue has confirmed that, where members have previously set up RDIs for their clients with Ulster Bank or KBC bank accounts, a change of bank details on ROS will update the RDI. Any queries that may arise should be sent to ROS Payment Support via MyEnquiries, selecting ‘Other than the above’ and then by selecting ‘Revenue On-line Service (ROS) Payments’ from the ‘more specifically’ menu. Revenue will shortly be writing to all ROS customers advising on how to update bank details quickly and securely through its online channels to avoid disruption to payments or refunds during the upcoming Pay & File period. In addition, messaging on updated bank details will display on ROS and MyAccount screens from 10 October. Agents should maintain similar awareness with their clients who may be using an Ulster Bank or KBC account for payments and refunds.  If a customer misses their payment due to delay in the update of bank details, they should engage with Revenue in the first instance via the My Enquiries channels set out above, to outline their difficulty and Revenue will work with the taxpayer or their agent to address the matter on a case-by-case basis.     

Insolvency practitioners in particular and other readers may find of interest the recent judgment of Butler J in the Irish High Court in the case of Bayview Hotel (Waterville) Limited (the “Company “) and the Companies Act 2014. The judgment can be accessed free of charge on the BAILII website by clicking the link to the judgment. There were two opposing groups of creditors of the Company. The petitioner applied for the Company to be wound up on grounds set out in the Companies Act, 2014 either of being unable to pay its debts (under section 569(1)(d)) or on the basis that the court is of the opinion that it is just and equitable to wind the Company up (under section 569(1) (e)). There was much dispute as to the business dealings of the two opposing groups and poor records of transactions and prior recollections were given little weight by the judge in the case. Some considerations which may be of interest in the case include: The position of a creditor who opposed the winding up petition to speak on behalf of the Company. This creditor was also a director of the Company. The judge said that this creditor personally had much to gain if the court were to accept the arguments that he now purports to advance on behalf of the Company. In the circumstances of board deadlock between rival interests and a dispute about ownership of shares it would not be in the interests of justice to allow one of the two competing factions to speak on the Company’s behalf. A review of the law as to whether or not the Company was able to pay its debts. The court set out the test for insolvency: is the Company able to pay its debts as they become due? On a review and application of the law to this case the judge was satisfied that the Company was unable to pay its debts within the meaning of S 569(1)(d) of the Companies Act, 2014. Winding up on the just and equitable ground. The court was satisfied that the company could be wound up because it was unable to pay its debts. Therefore, it was not necessary for the judge to give a decision on winding up on the just and equitable ground. However, she outlined her views which are obiter and persuasive only, in case the matter was taken further. She said that in the circumstances there has been a complete falling out between the parties, there was deadlock on the board of directors and there is no evidence that agreement could be reached on the voluntary sale of the hotel. The judge said she would be minded to also grant the petition to wind the Company up on the just and equitable ground. The judge also gave some consideration to the exercise of discretion by the court and made reference to some recent Irish caselaw in the matter. These pages are 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 Chartered Accountants Ireland in the preparation of these pages, we do not guarantee the accuracy or veracity of any statement, resource, guidance, information or opinion, or the appropriateness, suitability or applicability of any practice or procedure contained therein. Chartered Accountants Ireland 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.  

Welcome to this week’s Technical Roundup. In developments this week, the European Union has published a Commission Regulation endorsing the amendments to IFRS 17 Insurance contracts: Initial Application of IFRS 17 and IFRS 9 – Comparative Information. The amendments are effective on initial application of IFRS 17 and the UK Endorsement Board has published the findings of its first Annual Board Effectiveness Review. Read more on these and other developments that may be of interest to members below. Financial Reporting EFRAG, the European Financial Reporting Advisory Group, has released its Annual Review for 2021 which highlights the main achievements of the organisation in the past year. The European Union has published a Commission Regulation endorsing the amendments to IFRS 17 Insurance contracts: Initial Application of IFRS 17 and IFRS 9 – Comparative Information. The amendments are effective on initial application of IFRS 17. As a result, the EFRAG Endorsement Status report has been updated. Accountancy Europe has published an article entitled “Accountants and Ethics: Promoting Trust in the Public Sector”. The UK Endorsement Board has published the findings of its first Annual Board Effectiveness Review. The FRC has published its thematic review of earnings per share. This highlights the requirements of local and international standards in relation to reporting EPS, as well as some common errors. Auditing and Assurance A financial statement compilation is a service to assist the management of a business in presenting its financial statements. Members undertaking compilation engagements should refer to International Standard on Related Services 4410 (Revised) Compilation Engagements (ISRS4410) for guidance on the completion of such engagements.  We recently issued a technical alert, TA 04 2022 Chartered Accountants’ Reports on The Compilation of Financial Information to highlight a number of matters that may be helpful to an accountant in Ireland/UK undertaking such an engagement. Insolvency The Revenue Commissioners has recently issued a document entitled Guidance for Procedures for Small Company Administrative Rescue Process. This document provides an overview of the Small Company Administrative Rescue Process (SCARP) and Revenue's procedures including the role of the Insolvency Unit and information required by Revenue. It also includes templates for several documents including a Statement of Affairs, notices of appointment and proxy forms.  Anti-Money Laundering and Sanctions A representative of the Financial Conduct Authority spoke recently at a financial crime summit in London. Some of the key themes included that the FCA expects financial crime to become even more prolific during the cost-of-living crisis, that their work is ongoing on sanctions, that they use data and intelligence to identify firms with potential weaknesses in controls, and then data tools to test firms sanction screening systems effectiveness.  They also warn firms which use vendor solutions for sanction screening processes, to ensure that the solution is tailored and suitable for their customer and business profile. Readers may be interested in the webpage with information and links to a recent UK Parliament debate on the UK Government’s regulatory approach to crypto-assets and currencies. You can also download the full report which deals with matters including what are cryptoassets and UK regulation of cryptoassets. The Central Bank of Ireland recently updated its ‘financial sanctions updates’ webpage to include two recent EU legislative developments published on 9 September which concern restrictive measures directed against certain persons, entities and bodies in view of the situation in Ukraine. The Financial Action Task Force (FATF) and INTERPOL recently launched a joint initiative to deprive criminals of their dirty money holding its first ever FATF-INTERPOL Roundtable Engagement (FIRE) event. It brought together law enforcement agencies, financial intelligence units, asset recovery offices, prosecutors, policy makers, international organizations and private sector industry leaders and you can read more details about it here. For further technical information and updates please visit the Technical Hub on the Institute website.     

Welcome to this week’s Technical Roundup. In developments this week, the Financial Reporting Council has responded to the International Sustainability Standards Board’s request for feedback to inform future development of the IFRS Sustainability Disclosure Taxonomy for Digital Reporting and the European Securities and Markets Authority has this week published its latest edition of its Spotlight on Markets Newsletter. Read more on these and other developments that may be of interest to members below. Financial Reporting The International Accounting Standards Board has published its proposals to update the IFRS for SMEs Accounting Standard. The updates are intended to reflect changes that have been made in full IFRS Accounting Standards while keeping the overall standard suitable for the small and medium entities that apply it. Comments are welcomed by 7 March 2023. EFRAG, the European Financial Reporting Advisory Group has published its August 2022 monthly update. The Global Preparers Forum (GPF) is seeking new members to join the GPF from 1 November 2022. Successful candidates are expected to participate for a term of at least two years, with a maximum term of five years. Sustainability The Climate Change Unit of the Central Bank has issued its latest Financial Stability Note and is titled “Climate Risks in the Financial System: An Overview of Channels, Impact, and Heterogeneity". Please click here for the press release which gives summary details of the note. The International Organization of Securities Commissions (“IOSCO”) recently published its final report on retail investor education in the context of sustainable finance markets and products. The purpose of the report is to enhance investor education and protection and support the sound development of the sustainable finance market. It also includes educational activities that regulators should consider, and it  includes some key messages that securities regulators should consider for their financial education programs, to help retail investors understand how a “smart investor” would behave when faced with sustainable finance products. Auditing IAASA has published a third video in a series designed to provide information on the Quality Management Standards in Ireland. This video provides an overview of the eight components of a system of quality management as set out in International Standard on Quality Management 1. Previous videos recently published in the series are available on the IAASA YouTube channel, and there will be further videos available over the coming weeks, which will provide greater detail on ISQM 2 and ISA 220. Anti-Money Laundering and Sanctions IFAC, the International Federation of Accountants has issued its action plan to enhance the accountancy profession’s contribution to, and support of, a robust anti-corruption ecosystem. The Anti-money Laundering and Counter Terrorism Financing, Example Red Flag Training Material, issued in May 2022 is a publication by a Joint Practice Group with GNECB and the Garda Financial Intelligence Unit, and the Irish accountancy bodies including Chartered Accountants Ireland. A second update has been made to this document in September 2022. The changes are mainly to provide an explanation of the use of the word “fungible “in case study 7, to ensure correct reference to “FIU Ireland” and “suspicious transaction reports” throughout the document and to reference a threshold for suspicion being reached (rather than breached). You can access the red flags updated document here and details are also included on our “red flags -know the signs” page on our AML hub which you can access here. FATF’s recent webinar on Beneficial Ownership Transparency of Legal Persons which discussed new FATF obligations on beneficial ownership transparency, national experiences, challenges, and lessons and the role of private sector is now available to watch or listen to. In its recent second report, the EBA has called for more proactive engagement between  supervisors in anti-money laundering and counter-terrorist financing colleges to ensure ongoing collaboration and proactive information exchange. Colleges are permanent structures that serve to enhance cooperation between different supervisors involved in the supervision of cross-border institutions. In 2021, a total of 227 AML/CFT colleges were established and the EBA is a member of each college. In the report the EBA sets out its observations of good practices with an aim to help competent authorities to enhance their effectiveness in future, reminds the supervisors of the importance of consistent and timely exchange of information in colleges and emphasises the need for colleges to be organised in a more risk-sensitive manner. On the same subject, the EBA has recently issued the latest EBA AML/CFT newsletter (Issue 8) which may contain some news items of interest to readers. The UK FIU issued a recent reminder that Suspicious Activity Reports (SARs) are a vital source of intelligence that help detect and prevent money laundering, terrorist finance and all other types of crime and you can watch their latest video here to learn about the usefulness of SARs.  Chartered Accountants Ireland is currently regularly updating its webpage on sanctions. You can now read an update on the recent High Court judgment in the case of Pola Logistics Limited as plaintiff and GTLK Europe DAC, GTLK Malta Four Limited and Central Bank of Ireland (CBI) as defendants. The judgment is available free of charge from the Irish courts service website. The case which considered a number of matters provides some interesting insights into the role of CBI in the sanctions regime. Also on the webpage are details of a recent UK High court case (which readers can access free from the BAILII website). This case saw minority shareholders of London-listed gold producer Petropavlovsk failing to persuade an English judge to adjourn its sale to a Russian metals’ producer, days after he allowed the transaction to go ahead in the wake of UK and EU sanctions. See in particular the Appendix to the judgment which considers the application of the relevant sanctions’ legislation, the relevant UK sanctions legislation and the relevant EU sanctions regime. Other areas of interest The Financial Reporting Council (FRC) has published the list of signatories to the UK Stewardship Code (the Code) following its Spring 2022 assessment.  Following an extensive review process which considered organisations’ investment styles, sizes and types, 43 new signatories were added, taking the total number of signatories to 236, with assets under management (AUM) of £40.7tn, up from £33.3tn. The Equality and Human Rights Commission, Britain’s national equality body (EHRC) has made tackling discrimination in Artificial Intelligence  a major strand of its strategic plan for 2022-2025. EHRC has recently published new guidance to help organisations avoid breaches of equality law, including the public sector equality duty (PSED). The guidance gives practical examples of how AI systems may be causing discriminatory outcomes.  Please also click the link here to read the EHRC news item on their strategic plan. The Decision Support Service (DSS) has published a short video message on behalf of the Director of the DSS, Áine Flynn, to potential future service users, which outlines the current position on the progress of amending legislation to the Assisted Decision-Making (Capacity) Act 2015. The Department of Enterprise, Trade and Employment has issued its September Enterprise newsletter recently. In it you can read about various items of interest including a proposal for a  new law which will help to modernise the Employment Permits system in Ireland. Also read about the Screening of Third Country Transactions Bill which was published in August 2022. This legislation was drafted in response to the potential threat posed to security and public order from some third country investments and when enacted will establish a screening mechanism for third country investments into Ireland for the first time. It is also drafted to give further effect to an EU regulation on the matter. We will bring you more information on this draft legislation as relevant to members as it passes through the Dail. For further technical information and updates please visit the Technical Hub on the Institute website.     

Welcome to this week’s Technical Roundup In case you missed it over the Summer…. The Protected Disclosures (Amendment) Act 2022  was signed into law in July 2022. It has not been commenced yet. It provides for a comprehensive overhaul of the statutory framework for the protection of whistleblowers in Ireland and for the transposition of the EU Directive 2019/1937 on the protection of persons who report breaches of Union law. A new Office of the Protected Disclosures Commissioner will be established in the Office of the Ombudsman to support the operation of the new legislation. You can read here the press release on the Act from the Dept of Public Expenditure and Reform. The Dept. of Enterprise Trade and Employment announced the establishment of the Corporate Enforcement Authority (CEA) on 7 July. Click here for our recent article on what the CEA is. We also provided an information sheet recently on changes to the Companies Act 2014 made by the Companies (Corporate Enforcement Authority) Act 2021 the same legislation which established the CEA. Please click here to access our publication on the changes to the Companies Act 2014. The Register of Overseas Entities came into force in the UK on 1 August 2022 through the new Economic Crime (Transparency and Enforcement) Act 2022. The Economic Crime (Transparency and Enforcement) Act 2022 (Commencement No. 3) Regulations 2022 commenced section 3 of the Act. The Register is held by Companies House. Overseas entities who want to buy, sell or transfer property or land in the UK, must register with Companies House and provide information on who their registrable beneficial owners or managing officers are. Companies House has some guidance here on the register and how you can add an overseas entity and its registrable beneficial owners or managing officers to the Register of Overseas Entities. On the AML front there were a few publications over the summer which may be of interest to readers. The UK National Crime Agency’s issued the July edition of its SARs in Action publication. The Consultative Committee of Accountancy Bodies (CCAB) published a number of helpful client due diligence case studies which readers can access here. Readers dealing with or having an interest in the Virtual Asset Service Providers (VASP) sector should take a look at the Irish Central Bank’s latest Anti Money Laundering (AML) bulletin published in July 2022. During the summer we continued to update our sanctions pages with relevant news items. These included the addition of details to our webpage of the EU maintenance and alignment package adopted in July 2022,the issuance in the UK by the National Economic Crime Centre (NECC) of a red alert on Financial Sanctions Evasion Typologies: Russian Elites and Enablers and the coming into force of the UK legislative ban on providing accounting services to Russia. Our news item explaining the scope of the regulations bringing the ban into force as well as defences, exceptions and licences can be accessed here . In July, the Minister for Finance, Paschal Donohoe TD, received agreement from his Cabinet colleagues to approve the drafting of the Central Bank (Individual Accountability Framework) Bill, the main purpose of which is to improve accountability in the financial sector. The general scheme of the bill has now been published and you can read it here. You can also read here the press release  delivered on the publication of the general scheme for the bill . The European Union (Preventive Restructuring) Regulations 2022 (“Regulations”) came into force at the end of July 2022.Their purpose is to amend examinership provisions in Companies Act 2014 so as to implement the directive (2019/1023) on preventive restructuring frameworks. Please click here to read our recent news item on the Regulations which provides some information on the content of the Regulations and links to several useful articles explaining further the Regulations and some different aspects. Over the summer, the European Financial Reporting Advisory Group (EFRAG) held a public consultation on its draft European Sustainability Reporting Standards (ESRSs). This consultation involved the consideration of 13 Exposure Drafts covering general disclosure requirements as well as specific Environmental, Social and Governance Standards. These standards will be used by larger companies under the Corporate Sustainability Reporting Directive (CSRD) to report on sustainability matters in their annual report. The 100-day consultation period closed on 8th August with over 750 submissions made by stakeholders. This included the response of the Institute. Our response outlined support for the introduction of ESRSs, but highlighted some significant practical difficulties with the standards as currently drafted. The UK Endorsement Board has published its 2021/2022 Annual Reports.  The Financial Reporting Council (FRC) has published regulations for the upcoming PIE Auditor Register. The FRC Lab published a report on digital security risk disclosures to help companies improve the disclosure of digital security strategies, risks and governance. The FRC published its thematic review of judgements and estimates update. The FRC published guidance on running effective AGMs.                                                               ****** In developments this week, Accountancy Europe have issued a summary which explains some of the key points made in their recent response to the European Sustainability Reporting Standards and the Financial Reporting Council is inviting investors, equity analysts and debt analysts to take part in one of two roundtables to discuss how auditor reporting in the UK can be further improved.  This will be an in-person event taking place at their London Wall offices on 12 September. Read more on these and other developments that may be of interest to members below. Sustainability The FRC is hosting a webinar on navigating the ESG and Sustainability reporting landscape on 7 September, an area that can be confusing and challenging for many of the entities we regulate. Accountancy Europe have issued a summary which explains some of the key points made in their recent response to the European Sustainability Reporting Standards. 65 different organisations comprising companies, investors and professional accountants have endorsed a joint statement calling for stronger alignment of regulatory and standard-setting efforts around sustainability disclosure. The statement encourages the International Sustainability Standards Board, the US Securities Exchange Commission and the European Financial Reporting Advisory Group to continue to work closely together in achieving their common goals. Financial Reporting The UK Endorsement Board has announced the appointment of Pauline Wallace as its first permanent chair. The Financial Reporting Council Lab has published a report on ESG data production designed to help companies consider how to collect and use ESG data more effectively to support better decision-making. Auditing The International Auditing and Assurance Standards Board (IAASB) has issued a non-authoritative publication  featuring Frequently Asked Questions addressing some of the common questions related to reporting going concern matters in the auditor’s report.  The Financial Reporting Council (FRC) is inviting investors, equity analysts and debt analysts to take part in one of two roundtables to discuss how auditor reporting in the UK can be further improved.  This will be an in-person event taking place at their London Wall offices on 12 September. Anti-Money Laundering The UK National Crime Agency  has issued its latest SARs in Action bulletin for September 2022. In it you can read about SARs case studies and how the UKFIU engages with a number of AML groups from a range of industries and sectors. Other areas of interest IAASA has this week published the second video in a series designed to provide information on the Quality Management Standards in Ireland. The Revenue Commissioners have updated their webpage on the information required for the Central Register of the Beneficial Ownership of Trusts (CRBOT). This includes the new requirement to provide the personal public service number (PPSN) for each beneficial owner. If the individual does not have a PPSN they must provide and upload proof of one of the following: foreign tax registration number passport number or national identity number. Further information on the CRBOT can be found here. The Central Bank’s third Quarterly Bulletin of 2022 forecasts continued economic growth but high rate of inflation will weigh on households and businesses. The Competition and Consumer Protection Commission has recently published its submission to the Department of Finance’s Banking Review, the  public consultation on banking. In it the CCPC expressed concerns about the impending increase in the concentration levels of the retail banking sector in Ireland as a result of the exits of KBC and Ulster Bank and made a number of recommendations to promote competition and the consumer interest. For further technical information and updates please visit the Technical Hub  on the Institute website.           

We recently brought you details of the establishment of the Corporate Enforcement Authority (CEA).The same legislation which established the CEA, the Companies (Corporate Enforcement Authority ) Act 2021 (“2021 Act”) also brought about some changes to the Companies Act 2014.These changes have now for the most part been brought into force with the commencement of the 2021 Act. Please click here to access our publication which gives some details of those changes .