To look forward and create a better business environment to restore employment and the economies on the island of Ireland, Chartered Accountants Ireland have published a landmark position paper called “The Next Financial Year: Making Irish Business More Competitive”. It draws on problems encountered by members and member firms in handling the Covid-19 crisis to propose how this can be achieved. From members working at the coalface of both economies, we know that businesses, particularly SMEs, are fighting hard to survive.  For the next financial year, we propose how government can help by simplifying processes and removing red tape, and by going fully digital.  We also call for a range of targeted tax measures and supports for businesses in Ireland and Northern Ireland, as well as emphasising the importance of excellent corporate governance and professional ethics. “The Next Financial Year: Making Irish Business More Competitive”, a position paper with alternative approaches and proposals informed by extensive engagement with members, for a better business environment post-pandemic be read or downloaded from our website.

  On June 23 IFAC responded to the European Commission’s review of the Non-Financial Reporting Directive (NFRD). In this review IFAC urged the Commission to adopt a global mindset by engaging input from a broad range of international stakeholders in determining the best way forward.  Steps taken must “fit within” a global system and avoid regional regulatory fragmentation.  Non-financial reporting answers the call from investors and other providers of capital for better, broader information about company performance and prospects for value creation, while also helping identify opportunities to support sustainable—and less carbon-reliant—business models. In the post-COVID world, corporate reporting that reflects the needs of a broad range of stakeholders will be particularly important to communicate on an organization’s performance and priorities.     As a Network Partner of the B20, IFAC calls on global bodies—including the G20—to encourage policy-makers, standard-setters, and regulators to facilitate harmonization towards a globally-acceptable approach to reporting ESG metrics and disclosures.