Payments made in respect of the Mother and Baby Institutions Payment Scheme are exempt from income tax under section 205B TCA 1997. Revenue has now updated the Tax and Duty Manual which outlines the procedures for paying deposit interest without deduction of Deposit Interest Retention Tax (DIRT).  

Revenue will host an information webinar on enhanced reporting requirements (ERR) for employers on Tuesday 21 May 2024. Registration for the free webinar can be booked through Revenue’s Eventbrite webpage with a further webinar scheduled for Thursday 13 June 2024. Revenue has also posted informational videos on its website to assist employers with their ERR submissions.  Feedback on issues or problems you experience with the new ERR reporting regime can be emailed to the Institute and we will continue to engage with Revenue through the TALC forum. We will also keep you up to date on developments in Tax News.  

The EU has reached political agreement on the Directive on Faster and Safer Relief of Excess Withholding Taxes or FASTER. The FASTER initiative aims to boost cross-border investment and combat tax fraud, particularly in light of the ‘Cum/Ex’ and ‘Cum/Cum’  scandals. The FASTER rules include: A common EU digital tax residence certificate Two fast-track procedures complementing the existing standard refund procedure The creation of national registers for certified financial intermediaries and an EU certified financial intermediary portal Standardised reporting obligations. 

Tackling systemic hurdles to the long-term economic health of Ireland’s SMEs will be a top priority for Chartered Accountants Ireland’s incoming President. Barry Doyle, Investment Director of MASV, takes up the office of President today following the Institute’s 136th AGM in Dublin, bringing considerable experience of advising and scaling successful businesses. On the same day, Chartered Accountants Ireland has published a new thought leadership paper informed by the views of its 33,000 members, setting out the measures that it believes will achieve strategic, systemic improvements for SMEs operating across Ireland. Chartered Accountants Ireland is the largest and longest-established professional accountancy body on the island of Ireland. Extensive engagement with members, two-thirds of whom work in business, over the last year has led to the publication of today’s paper, which sets out practical and progressive measures aimed at achieving sustainable, long-term progress. Measures include: Further increases to the thresholds for Employer PRSI so all wages up to the minimum wage are exempt and wages up to the living wage are at the reduced rate of 8.8%. No extension to the Enhanced Reporting Requirements (ERR) for at least three years and not before an appropriate cost-benefit analysis of the current system has been completed. Reducing Capital Gains Tax (CGT) from 33% to 25% to stimulate business and personal transactions that will bring additional funds into the Exchequer. Wider SME eligibility for grants to include more ‘traditional’ industries and the service sector. A more prominent role for the Strategic Banking Corporation of Ireland (SBCI) in encouraging banks to provide low-cost credit to SMEs, and to underwrite this credit. New opportunities for Credit Unions to increase SME lending by adapting Central Bank regulations, e.g. lending limits. Commenting, President of Chartered Accountants Ireland Barry Doyle said “Record corporation tax receipts will not always be with us. There’s a strategic imperative to ensure economic health for SMEs long-term. This can only come from understanding the unique challenges facing them, not simply by virtue of their size, but also specific to the sector they operate in, and supports they need. Our members have first-hand experience of the cost and administrative burdens that SMEs are encountering, and the proposals we are publishing today are tailored to address these. “The package announced this week by Government is a positive step, but we must ensure that a strategic lens is adopted in tackling what are stubborn, systemic hurdles. What we are publishing today is a blueprint that in the long-term will effect change if implemented. Further Government commitment yesterday to this sector in Budget 2025 is welcome, this is a commitment that will need to endure even as we move towards a new Government next year.”   The Institute’s proposals are grouped under four headings: resilience and growth, Government supports and funding, sources of business finance, and reducing the cost of business through the tax system. Among the proposed measures are: Alleviating administrative and cost burdens for SMEs Further reducing an employer's PRSI bill by benchmarking the thresholds with the minimum and living wages: Weekly wages between €495.30 and €577.20 should be subject to the 8.8% rate of Employer PRSI, i.e. earnings between the minimum wage and living wage (which is suggested to be €14.80 per hour or €577.20 per week based on a 39-hour work week). Weekly wages above €577.20 are subject to full Employer PRSI. Enhancing the scope of Revised Entrepreneur Relief to encourage investment and growth and ending tax discrimination so that professional service companies can benefit from the various investment reliefs available to comparable trading companies. Removing the real time reporting requirement for enhanced reporting requirements (ERR) for employers – replacing it with monthly or annual returns. Additionally, we ask for a commitment from Government not to extend ERR for at least three years until the system is embedded and an appropriate cost-benefit analysis of the current system has been properly completed. Commenting, Cróna Clohisey, Director of Public Affairs, Chartered Accountants Ireland said “SMEs have faced an unprecedented number of new legislative requirements in recent months which significantly adds to their cost and administrative burden. In 2024 alone, the minimum wage has increased by 12% and additional sick leave entitlements have added 1% to payroll costs. From 1 October, the rate of Employer, Self-Employed and Employee PRSI will increase by 0.1%, while pensions auto-enrolment will add a further 1.5% in costs during 2025 as many employers will now be mandated to operate a second employee pension scheme alongside their existing staff pension plans. “While the Debt Warehousing Scheme has mitigated part of these challenges for some businesses, Government needs to be cognisant of this challenge when implementing new labour regulations, having regard to the timing and suitability of these. An ‘SME Test’, as announced this week will perform most effectively if close engagement with business is built in from the outset.” Improving access to business supports Chartered Accountants Ireland believes that more resilient businesses will be better positioned to weather crises and uncertainty, and have confidence to invest, to scale, and to create employment. The Institute is calling on the Government to support SMEs in accessing finance, optimising governance structures, and investing in developing their workforces. Proposed measures include: Widening the eligibility criteria for the broad range of grants available to include more ‘traditional’ industries and service sector. Ensuring more consistent availability of grants and supports nationwide. Our members tell us that services provided in one part of the country may not be available to similar businesses elsewhere; much depends on the approach and funding at a local level. With the advent of remote working, a common approach to supporting all small businesses, regardless of where they are located in Ireland is needed. Promoting healthy competition in the business lending market, by enhancing the role that community-based lenders and alternative lenders can play in addition to the pillar banks. At today’s AGM, members of Chartered Accountants voted to approve the resolution amending the bye-laws to facilitate the amalgamation of CPA Ireland into Chartered Accountants Ireland, as was mandated by the members in February of this year. Chartered Accountants Ireland and CPA Ireland will continue working together to progress the amalgamation of the two Institutes.    ENDS

On 16 May John Tougher, partner in the Real Estate team at A&L Goodbody, delivered a webinar for Ulster Society members on commercial property matters. John advises many of the leading insolvency practitioners in the jurisdiction in relation to property insolvency topics. The session will arm you with the knowledge required to advise your clients on property matters. Watch the webinar on YouTube Download the PowerPoint presentation as a PDF

Struggling with imposter syndrome? Jean Evans outlines practical strategies to help overcome self-doubt, boost your confidence and network effectively I used to be the queen of feeling like an imposter. I didn’t have the language to describe what was happening to me, to describe the emotions and fear I felt. For decades in my corporate career, I simply never felt good enough. I always felt ‘less than’. While the phrase ‘imposter syndrome’ has become ubiquitous, there is also a clarification to be made: it’s not a syndrome but rather a collection of feelings – not good enough and a fraud. Imposter syndrome can manifest in several ways when it comes to networking: Simply not showing up. Not engaging at all because you aren’t ‘perfect’. Signing up for events and meetings and then suddenly becoming ‘too busy’ to attend and cancelling last minute. Showing up but slinking to the bar, coffee station, table or chair and attaching oneself as if life itself depends on it. Showing up but freezing when the opportunity arises to connect with others. Managing imposter syndrome while networking can be challenging, but there are strategies you can employ to help you cope with these feelings and present yourself confidently. 1. Acknowledge your achievements Remind yourself of your accomplishments and the skills and experience that qualify you to be in the networking event or situation. Reflect on your successes and recognise your value. 2. Practice self-compassion Treat yourself with kindness and understanding. Be aware that it’s natural to feel insecure sometimes, and it doesn’t diminish your worth. Practice self-compassion by speaking to yourself as you would to a friend in a similar situation. 3. Set realistic expectations Understand that not every interaction needs to be perfect. Set realistic expectations for yourself and accept that it’s okay to feel nervous or unsure in networking situations. 4. Focus on learning Instead of seeing networking events as opportunities to prove yourself, view them as opportunities to learn and grow. Shift your focus from trying to impress others to gathering information, making connections and expanding your knowledge. 5. Find a support system Surround yourself with supportive friends, family members or mentors who can provide encouragement and reassurance when you’re feeling doubtful. Share your feelings with them – they may offer valuable perspectives and advice. 6. Visualise success Visualise yourself confidently engaging in networking conversations and making meaningful connections. This mental rehearsal can help boost your confidence and reduce anxiety when you are in networking situations. 7. Practice assertive communication Practice assertive communication techniques to express yourself confidently and effectively. Remember that it’s okay to ask questions, share your opinions and assert your expertise when appropriate. 8. Challenge negative thoughts When you notice negative thoughts creeping in, challenge them with evidence that contradicts them. Remind yourself of your past successes and the reasons why you belong at the networking environment. 9. Take breaks when needed If you start to feel overwhelmed or anxious during a networking event, it’s okay to take breaks. Step outside for some fresh air, grab a drink of water or simply find a quiet corner to collect your thoughts and regroup. 10. Seek professional help if necessary If imposter syndrome is significantly impacting your well-being or ability to network effectively, consider seeking support from a therapist or counsellor. They can provide strategies and techniques tailored to your specific needs. Remember that imposter syndrome is common and experienced by many successful individuals. By implementing these strategies and practising self-compassion, you can navigate networking situations with greater confidence and authenticity. Jean Evans is a Networking Architect and founder of NetworkMe 

Even the best and most expensive technology can’t produce good results from bad data. This is true for AI models, too, say Liam Cotter and Niall Duggan Nothing has changed, yet everything has changed because of the advent of generative artificial intelligence (AI) and large language models. Their ability to surface unstructured data and use it to generate insights is enormously powerful and dangerous at the same time. The problems lie not only in the quality of the unstructured data but much of the structured data to which it may have access. This situation has arisen mainly because organisations have not been using this data to any great extent up until now. Refining data for best results If organisations want to take advantage of the potential benefits of generative artificial intelligence (GenAI), they must give GenAI access to their full treasure trove of data or as much of it as is legally permitted. If data is the new oil, however, much of it needs refining to unlock its value. Unfortunately, too many organisations are turning AI loose on the data they have now without first addressing the quality and governance issues associated with it. AI and data analytics need good, trusted, consistent and well-curated data to work correctly and deliver value, which can be rare. Organisations tend to have very fragmented enterprise data environments. Data can be stored on-premises, in the cloud or externally with third parties – and it can be both structured and unstructured. Typically, there are lots of siloes and duplication. This results in separate parts of the same organisation interpreting the same data differently. Finding the best storage solution Data storage is a complex problem to solve. First, there is the sheer volume of data, much of it historical, held by organisations. Then, there is the way the data is passed around. It is often stored in multiple locations, amended and altered in different ways in different places, and subject to misinterpretation, which results in the same data having more than one existence. This is not a new problem; it has already been addressed for business intelligence systems. The standard solution has been the creation of data warehouses or farms which attempt to offer a single source of data truth for the entire organisation. With the enormous volume of data required for GenAI to deliver on its promise, however, the cost of maintaining and resourcing a single data source would quickly become prohibitive. Furthermore, the effectiveness of having data stored in single locations is now questionable. As a result, we are now seeing a move towards data mesh infrastructure. This sees data stored in multiple interconnected, decentralised domains that are all equally accessible. They are organised by business function, so the people most familiar with the data – those best qualified to assess and assure its quality – are in control of it. This helps to ensure the consistency and good governance of the data – the foundation required for adopting AI and GenAI in organisations. The need for team collaboration The data mesh infrastructure has other advantages. It allows different collaborators to work together, for example. In the warehouse model, all data was in the hands of the IT department, and that had severe limitations. IT professionals may be experts on secure data storage, but they are typically not familiar with the nature of the data itself and can’t be expected to vouch either for its quality or the accuracy of an interpretation. On the other hand, when different parts of the business are responsible for managing and curating their own data, they can use it more and work together to create new uses. AI can be deployed while the mesh is under development and can be given access to the data in each domain as it becomes available. However, the development of a data mesh is not simply a technology exercise. It is also a data cleansing and quality assurance process. All data in the mesh should be verified for quality and consistency. This is vitally important for organisations in which the lineage of data can be doubtful. An energy utility’s meter data sits in multiple areas of the business, for example, including the billing and asset functions. This data needs to be brought together into one coherent object, and disparate systems must be joined up and a common taxonomy shared when describing the data. This will enable AI systems to learn from the data in a consistent and more reliable way. This cleansing and verification exercise offers significant benefits in relation to compliance with new reporting standards such as the Corporate Sustainability Reporting Directive (CSRD). Further, readily accessible quality-assured data will make the reporting process much less onerous. Governance and control Having addressed the quality and accuracy issue, the correct governance and controls must be put in place regarding privacy, data protection and security. Organisations must ensure that AI systems do not inappropriately use their data. This requires constant monitoring of data management and governance. Other key aspects to be addressed are the organisation's culture and the skills of its workforce. Organisations need to become data-centric, and their people must adopt a data mindset if they are to fully take advantage of the value of their data. They must also look at the skills within the workforce and ensure that everyone has basic data skills and that the organisation is not dependent on the IT function to get business insights from its data. Liam Cotter is Partner at KPMG and Niall Duggan is a Director at KPMG

Client surveys offer a direct pathway to understanding client needs. Mary Cloonan outlines how they can help to foster loyalty, innovation and growth Understanding clients deeply is crucial for any professional services firm aiming for long-term success. The client survey is one of the most effective tools for achieving this goal. Before your organisation sends out a survey, however, you should get to know the potential benefits and learn how to get the best results. Listening to understand Client surveys provide a direct line to your clients' thoughts and feelings. By asking thoughtful questions about their satisfaction, preferences and pain points, you can gain valuable insights that are seldom accessible through regular interactions. This allows you to tailor your services more closely to their needs. Proactive engagement Surveys are a powerful tool to help uncover unmet needs and opportunities for improvement. Clients often have evolving needs that might not be immediately apparent. You can identify these shifts through regular surveys and adapt your services and resources accordingly. This proactive approach ensures that your firm remains relevant and valuable to your clients, strengthening your relationships. Enhancing client retention A firm’s willingness to listen to and act on client feedback can bolster client retention. When clients see that their opinions are valued and lead to tangible changes, their loyalty increases. This reduces churn and turns satisfied clients into advocates, amplifying your firm’s reputation through word-of-mouth and referrals. Driving business development Client feedback is a goldmine for business development. Surveys can reveal new service opportunities or potential areas for expansion you might not have considered. Additionally, understanding common challenges your clients face can guide the development of new solutions, positioning your firm as a proactive and innovative partner. Promoting a culture of learning Conducting client surveys regularly fosters a culture of continuous improvement within your firm and your team to be open to feedback and dedicated to enhancing client satisfaction. This culture not only improves service quality but also keeps your firm agile and responsive in a competitive market. Building trust through engagement Asking for your clients’ views through surveys demonstrates your commitment to their success, how your firm values their input, and how you are dedicated to enhancing their experience. This transparency builds trust, a critical component of any long-lasting client relationship. Survey tips To maximise the benefits of client surveys, consider the following best practices: Keep it short and focused: Long surveys can be daunting. Keep your surveys concise, focusing on critical areas of interest to ensure higher response rates. Use clear and simple language: Avoid jargon. Use straightforward language to ensure clients can easily understand and respond to your questions. Incorporate quantitative and qualitative questions: To gather comprehensive feedback, use a mix of rating scales and open-ended questions. Act on feedback promptly: Show clients their feedback matters by implementing changes and communicating these improvements. Follow up: After making changes based on survey feedback, follow up with clients to let them know their input made a difference. This reinforces their value to your firm. Embrace surveys Incorporating client surveys into your firm’s strategy is a wise move that pays dividends in client satisfaction, retention, and overall business growth. By actively seeking and acting on client feedback, you position your firm as a client-centric, innovative, and responsive partner. This strengthens existing relationships and paves the way for new opportunities and long-term success. In the competitive landscape of today’s market, understanding and responding to your clients’ needs is not just an advantage—it’s a necessity. Embrace client surveys as a vital tool in your accountancy firm, and watch your firm thrive. Mary Cloonan is Founder of Marketing Clever

Welcome to the latest edition of Technical Roundup. In developments since our last edition, the Central Bank of Ireland has recently updated its page which provides information on the impact of the Markets in Crypto Assets Regulation (MiCAR) on Virtual Asset Services Providers. MiCAR will become applicable for Crypto Asset Service Providers (CASPs) from 30 December 2024. The International Accounting Standards Board has issued a new accounting standard IFRS 19 Subsidiaries without Public Accountability: Disclosures. The new standard will permit eligible entities to use IFRS Accounting Standards with reduced disclosures. Read more on these and other developments that may be of interest to members below. Financial Reporting Chartered Accountants Ireland are hosting a webinar on 27th June in Chartered Accountants House with the Financial Reporting Council (FRC). During this event, the FRC will discuss the upcoming changes to FRS 102 and how they will impact accountants in Ireland. Please join us for this free, in-person event. EFRAG, the European Financial Reporting Advisory Group has issued its April 2024 update which summarises the public technical discussions and decisions taken in the last month. The FRC hosted a webinar on 15th May to outline the recent revisions to FRS 102 and FRS 105 as part of the recently completed periodic review. The International Accounting Standards Board (IASB) has published an Exposure Draft which proposes narrow-scope amendments relating to renewable electricity contracts. The amendments aim to ensure that financial statements more faithfully reflect the effects that renewable electricity contracts have on a company. The Exposure Draft remains open for public comment until 7 August 2024. The IASB has issued a new accounting standard, IFRS 19 Subsidiaries without Public Accountability: Disclosures. The new standard will permit eligible entities to use IFRS Accounting Standards with reduced disclosures. This is intended to reduce the costs of preparing financial statements for eligible entities. The IASB has released a series of webinars to raise awareness on their package of proposals contained in their Exposure Draft Business Combinations—Disclosures, Goodwill and Impairment which remains open for public comment until 15 July 2024. The UK Endorsement Board has called for more debate on the need for comprehensive revisions to the accounting and reporting of intangible assets. In recognition of this, it has published a report on its research of intangible reporting in the UK as well as the findings from a survey of users of financial statements. In the UK, the Department of Business & Trade has issued a consultation on two proposals aimed at reducing the burden of reporting on medium-sized companies. This is part of the government initiative to legislate on a series of non-financial reporting measures following a commitment to consult on further measures to reduce regulatory burdens for medium-sized companies. These proposals are (1) Uplifting the employee threshold for medium-sized companies from no more than 250 to 500 employees and (2) Exempting medium-sized companies from producing a strategic report (including companies that would be medium-sized except for the fact that they are a member of an ineligible group). The consultation will close on Thursday 27 June.   Auditing and Assurance Chartered Accountants Ireland have responded to the IESBA Exposure Draft: Using the Work of an External Expert and also the IESBA consultation on the Code of Ethics. Accountancy Europe have also responded to IESBA’s Exposure Draft on International Ethics Standards for Sustainability Assurance (including International Independence Standards) (IESSA) and ethics standards for sustainability reporting. Anti–money laundering and sanctions The Central Bank of Ireland has recently updated its page which provides information on the impact of the Markets in Crypto Assets Regulation (MiCAR) on Virtual Asset Services Providers. MiCAR will become applicable for Crypto Asset Service Providers (CASPs) from 30 December 2024. After this date, any firms seeking to establish themselves in Ireland to offer any CASP services will firstly need to be authorised by the Central Bank of Ireland. Under the existing Virtual Asset Services Providers regime, introduced in April 2021, firms seeking to provide any VASP activities are required to be registered by the Central Bank as a VASP prior to the commencement of operations. The page also gives details of a transitional period which will apply for up to 12 months. You can read more details about the changes here. Companies House UK has recently updated guidance in relation to its “Register of Overseas Entities: Approach to enforcement” which explains how it will use its enforcement powers in relation to the Register of Overseas Entities. Readers can find out more about it here. Insolvency David Swinburne and Philip Maher of Mazars along with Laura-Michelle Moore from Chartered Accountants Ireland will be speaking at a webinar about the practical issues of the Small Companies Administrative Rescue Process (SCARP) on 29 May at 10am. You can register here for this free webinar.   Sustainability In its recent article, the Global Reporting Initiative (GRI) has highlighted the results of its recent research which found that 26% of the 1,000 largest public companies worldwide are voluntarily using the GRI tax standard in their sustainability report. IAASA recently undertook a desktop examination of the EU Taxonomy Regulation disclosures of a sample of issuers’ financial statements and has now published a Paper setting out its findings. The GRI has produced CSRD Essentials which outlines key aspects of the CSRD and is the result of joint working between GRI, Pascal Durand, Member of the European Parliament and CSRD Rapporteur, and the Lefebvre – Sarrut Group. It consists of 11 core briefings and is definitely worth a read for anyone looking to get a good overview of the CSRD. The International Sustainability Standards Board (ISSB) has released a webcast introducing the ISSB Taxonomy. Recent case law -franchises Readers involved with franchisors, franchisees and franchise agreements will be interested in a recent UK High Court decision which demonstrates the importance for franchisors of giving prior consideration to exit strategies from agreements. This is to minimize the risk of being locked into long-term franchise agreements which are no longer commercially viable for business. Please click here for an article and commentary by A&L Goodbody Solicitors on the case entitled Pre-planning and active management of longstanding franchise agreements | A&L Goodbody LLP (algoodbody.com). A &L Goodbody note that while the case was in the UK High Court, it is likely to be persuasive in this jurisdiction, particularly in the current absence of similar caselaw in Ireland and that it is understood that the decision is under appeal. Other The Charities Regulator has recently issued its latest e-zine newsletter. Its news includes information on managing conflicts of interest and details on a stakeholder forum which met in April. You can access the newsletter here. In other Charities news, the Charities Regulator is hosting a webinar on 28 May next at 12.30 as it is publishing an analysis of the Annual Reports submitted by charities to the Charities Regulator between 2019 and 2022.The webinar will be hosted by Research Manager, Mandy Osborne, and the session will give attendees up-to-date information on changes across the charity sector. The webinar will provide insights into charity income, expenditure, employment and volunteering, and how organisations have weathered COVID-19. Please click here for more information and how to register. The European Securities and Markets Authority has published its April 2024 newsletter which you can access here. It includes items on crypto assets market structures and EU relevance and a number of items on Digital Operational Resilience Act (DORA). For further technical information and updates please visit the Technical Hub on the Institute website.    This information is provided as resources and information only and nothing in the information purports to provide professional advice or definitive legal interpretation(s) or opinion(s) on the applicable legislation or legal or other matters referred to in the information. If the reader is in doubt on any matter in this complex area further legal or other advice must be obtained. While every reasonable care has been taken by the Institute in the preparation of the information we do not guarantee the accuracy or veracity of any resource, guidance, information or opinion, or the appropriateness, suitability or applicability of any practice or procedure contained therein. The Institute is not responsible for any errors or omissions or for the results obtained from the use of the resources or information contained herein.

During exam season, it can be a struggle to build and maintain momentum in the final weeks of preparation for the big exams. Stress levels can be at an all-time high and while some stress can help keep you motivated and focused, too much can be unhelpful. Here we look at tactics and strategies to help you focus your efforts and build study resilience in the weeks ahead. The Art of Distraction With a mammoth task like exam preparation, it can be easy to fall into the trap of procrastination – we’ve all been there!  However, the more you procrastinate the worse you feel and the greater your anxiety might become. The psychology profession outlines two types of procrastination – active and passive. Active procrastinators deliberately decide to procrastinate as they believe they work better under pressure. Whereas passive procrastination is seen as the more negative of the two where people are paralysed by indecision or lack of confidence, loading them with anxiety causing even further stress and inaction. Passive procrastination is usually a sign of something bigger – performance anxiety, fear of failure or simply to avoid negative feelings.  At its core, procrastination is about emotions, not productivity. Therefore, it is important to identify the reason why you are procrastinating and try to address it. There are ways to beat the procrastination bug if it’s really impacting your focus, here is where your study schedule and a reward system will come in handy. Blocking out chunks of time for study will help you concentrate on the task in hand. Don’t bite of more than you can chew either though, quick burst of 30-40 minutes study might work best for you to help keep your focus.  Reward yourself after completing a task whether that’s a quick cup of tea and a treat, a scroll through your social media or half an hour of your favourite show. Tap into and regulate your emotions with mindfulness techniques, mediation or breathing exercises to better manage your feelings around studying and exams. Time Management Time management is key to exam success and helps you gain control. Use a day planner or a weekly schedule to help you determine your available time. Managing and mapping out your day can bring structure to your study without it feeling too overwhelming. However, be realistic with your schedule and don’t overload your day. For maximum efficiency, determine and prioritise the subjects you find most difficult and focus on them first. Certain subjects may also warrant more study time than others. Get to know your body clock, there may be times throughout the day or week where you feel more alert or sluggish than usual and use these times to your advantage. Track your progress and by the end of the week you will feel a sense of accomplishment with all the work you have done over the past few days, and it will help shape your schedule for the next week. Most importantly, schedule time for relaxing activities and exercise too - your body and mind will thank you for it! Studies have shown that exercise improves cognitive performance so consider it as part of the exam preparation. Meet up or chat with friends and family to help you reset and have time away from work and study for some fun. Think of the Bigger Picture! When caught up in the stress of study and exams, it can be hard to motivate yourself and gain perspective on why you are actually doing it. Studying to be a chartered accountant is challenging – the personal sacrifices you have made, the unattended social gatherings, the copious amounts of exams and years you have already put in etc. But if you look to your goals and the end game you can find the motivation to carry on. Think of why you decided to become an accountant in the first place, the career goals you want to achieve and where you want to be in a few years’ time. These exams are leading up to something bigger and are a means to achieving your goal. By keeping this in mind, it can help you attain the self-discipline and encouragement you might need when you feel your efforts and motivation begin to wane. Wishing you all the best for the weeks ahead. Happy Studying! If you need more advice on preparing for your exams, Thrive has a dedicated student hub to help you navigate student life. Alternatively, you can contact the CA Support wellbeing team in confidence on mobile: (353) 86 024 3294 or by email: thrive@charteredaccountants.ie.

When it comes to mental wellbeing, you often hear the term resilience. But what is it and why is it important? Resilience is your ability to cope with change and adversity. By strengthening your resilience, you’re better able to maintain your mental wellbeing through all of life's ups and downs. Being resilient doesn’t mean that you won't ever feel overwhelmed, under pressure or stressed. But it does mean that your behaviours, habits and emotional health allow you to handle that pressure more effectively, reducing its negative impact on your overall wellbeing. The good news is that resilience is something we can all learn. We’re all capable of establishing new behaviours and habits that promote resilience and empower us to remain calm, confident, healthy and effective in the face of new challenges. Here are 5 ways to boost your resilience: 1. Find a new perspective As humans, we have a natural negative bias, which means we tend to assume the worst about every new situation. This was a useful natural survival instinct thousands of years ago when dangers and predators lurked around every corner. Nowadays however it can mean we’re more likely to feel anxious or stressed about new situations and makes it difficult to see or make the most of new opportunities. The next time you find yourself dwelling on the negatives, ask yourself the following questions: Is there another way of looking at this situation? Do I need more information? How will I benefit from the way I am thinking/feeling/behaving? You might find that when you allow for a more positive interpretation of events, things naturally feel a little easier. 2. Get the rest your body needs Without sufficient sleep, we find it more difficult to challenge our natural negative bias. We’re also more likely to make poor decisions, be irritable and struggle with poor concentration. It’s not hard to see why a good night’s sleep is crucial for a more calm, considered and resilient approach. But it's not just sleeping that matters. It’s important to take regular breaks throughout the day. These brief pauses allow your brain space for more creative thinking, help you retain and process information and improve your focus. This clarity and productivity helps you to feel in control and reduces stress. As little as 5 minutes away from your computer or phone every 90 minutes or so will make a big difference to how you feel. 3. Fuel your brain and your body What we eat and drink can have a big impact on our resilience levels. Simple things like staying hydrated, reducing your caffeine intake and eating three balanced meals each day can help. But it’s also important to pay attention to changes in your blood sugar levels, which can affect your mood and your energy levels. Eating slow-release carbohydrates such as oats, brown rice and quinoa help to stabilise your blood sugar levels, meaning you’ll avoid the energy slump, loss of focus and irritability that often accompanies fast food and snack fuelled sugar crashes. Top tip: Dark leafy green vegetables, nuts and seeds contain high levels of magnesium, which helps to regulate the production of the stress hormone cortisol and assists with the release of GABA, a calming neurotransmitter. 4. Celebrate your success Noting down your achievements or things that have gone well and made you happy has several benefits for your emotional health. Reflecting on our successes improves self-confidence and helps us to feel positive about ourselves. Writing down your achievements can also serve as a tangible reminder of your personal strengths whenever you feel insecure about a new situation. 5. Practice mindfulness The underlying principle of mindfulness is that we can simply observe and notice our thoughts and feelings without letting them impact our wellbeing. This focus on emotional regulation and self-control is essential for resilience. With regular practice, mindfulness can help you approach new and challenging situations with a sense of calm and clarity. Article reproduced with the kind permission of caba, the organisation providing lifelong support to ICAEW members, ACA students and their close family around the world.

  In this week’s Sustainability/ESG bulletin, read about an increase in Energy Efficiency Grant amounts, an ESRI report into individual climate actions, ISIF’s announcement about investments in female-led investment firms, Ireland’s call to EU member states to approve the Nature Restoration Law, and England’s High Court ruling that the UK climate action plan is unlawful. Also covered are European updates and the usual articles, resources and events. IRELAND Increase in Energy Efficiency Grant Scheme The maximum amount available under the Energy Efficiency Grant Scheme has been increased to €10,000, with the business contribution rate reduced from 50 percent to 25 percent, it was announced this week. The measure is part of an agreed a range of measures to support SMES, brought forward by Minister for Enterprise, Trade and Employment, Peter Burke. The measures  aim to reduce costs for small and medium sized businesses. ESRI report finds ‘widespread misunderstandings’ in emissions An ESRI report has found widespread misunderstandings regarding what leads to higher emissions. The study –  What is preventing individual climate action? Impact awareness and perceived difficulties in changing transport and food behaviour - surveyed a nationally representative sample of 1,200 participants. Commenting,  Dr Eimear Cotter, Director of the Office of Evidence and Assessment in the EPA (which funded the report) said that: "Responding to the climate crises requires collective action to reduce our daily emissions. It is clear from this research that much better information is needed to inform people what actions they can take to make the biggest difference to their carbon footprint. This research provides valuable insights to help inform the design of both effective climate policies and public information campaigns”. ISIF announces investments in female-led investment firms The Ireland Strategic Investment Fund (ISIF), part of the National Treasury Management Agency (NTMA), has announced its first two investments from its €50 million initiative to promote female-led investment firms (Blume Equity and Norrsken Venture Capital). The two investments total €36 million and will target the climate-tech and health-tech sectors. The initiative aims to build on existing measures by ISIF to drive greater female participation at senior levels within the financial sector, and through it, ISIF is seeking to demonstrate its commitment to addressing gender inequality and promoting greater diversity at senior levels – both within ISIF and in the companies and funds in which it invests. Ireland leads call to approve the Nature Restoration Law It was announced this week that 11 EU Member States have so far have signed up to an Ireland-led call to adopt the Nature Restoration Law (NRL). These Member States are also urging other Member States to do the same at the next Environment Council meeting on 17 June. The 11 states have agreed that restoring the EU’s lands and seas is essential to mitigate and adapt to the impacts of climate change and to safeguard European food security. Failure to approve the law would mean the EU resiling on its previous commitment to be a global leader in nature restoration. The Environment Council meeting on 17 June is the critical endpoint where a majority vote in favour is needed to ensure that  the law is adopted and nature can be protected and restored. UK climate action plan ruled unlawful The English High Court has reportedly ruled that the climate action plan devised by the UK government is unlawful, with the court deciding that there is not enough evidence of policies in place that would reduce greenhouse gas emissions. A revised plan must now be prepared within 12 months by Energy Secretary Claire Coutinho, and must ensure that the UK achieves its carbon budgets as well as its pledge to cut emissions by more than two-thirds by 2030. The UK government is reportedly off track to meet both of these targets. Europe The European Commission has published reports on the operation of several pieces of climate legislation: the European Climate Law; the EU Emissions Trading System (EU ETS) Directive; the Effort Sharing Regulation; and the Land Use, Land Use Change and Forestry (LULUCF) Regulation. These reports are required under the legislation to provide an overview of how the different elements of climate policy are being implemented. Read more here. Transport is responsible for one quarter of all greenhouse gas emissions in the EU, and road transport makes up 70% of that amount. These emissions primarily come from petrol and diesel cars. The European Commission has published 5 top things you should know about battery electric cars, which can be found here. Did you know... May 16 was Global Accessibility Awareness Day (GAAD). This day aims to increase awareness about ‘digital accessibility’ : the ability of people with disabilities/impairments to independently consume and/or interact with digital (e.g., web, mobile) applications and content. Notably, the landmark European Accessibility Act will be implemented into Irish law from 28 June 2025, and will require specific categories of consumer products and services to be accessible for persons with disabilities once it becomes applicable. Find out more about what this Act means for your organisation in this article in Accountancy Ireland. Articles Richard Curran: When it comes to global warming, we all want someone else to do the heavy lifting (Sunday Independent) Promoting sustainability with corporate power purchase agreements (Accountancy Ireland Briefly) Last summer was the hottest in the northern hemisphere in 2,000 years - yes, 2,000 - study says (The Journal)  Upcoming Events  ICAEW, Preparing your business for the green workforce, (time to be confirmed) This webinar will provide an overview of the latest trends on green skills in the UK economy and the key steps businesses are to take to develop an inclusive green talent pipeline. The speakers will feature case studies of UK businesses that have implemented green skills development initiatives and key recommendations. 21 May, Virtual Department of Enterprise, Trade & Employment, Responsible Business initiatives: Rising expectations The need for businesses to operate responsibly is increasingly reflected in mandatory measures creating obligations for enterprises. This event will describe the Responsible Business landscape, and the OECD Guidelines for Multinational Enterprises on Responsible Business Conduct, proposed EU regulation on prohibiting products made with forced labour from the Union market, and the proposed EU Directive on Corporate Sustainability Due Diligence Virtual, 22 May, 2.30pm National Sustainability Summit 2024 In person (RDS, Dublin), May 28-29 Chartered Accountants Ireland, Everyday Acts of Inclusion A collaboration between the Institute’s Balance LGBTQ+ Network Group, the Ethnicity Network Group and the Age/Disability working group, this event will highlight the benefits of diversity and inclusion and will explore the importance of focussing on intersectionality. Staff, students and members are all welcome to attend this free event. In person, 30 May, 6pm, CA House Pearse Street, Dublin 2   1Business World, 2024 Global Natural Capital Conference Virtual, June 3-4, 2024 Accountancy Europe, CSRD readiness: building trust through sustainability assurance In-person event, by invitation only, Brussels, 14 June 2024 (10:00 - 14:30) Chartered Accountants Ireland, Western Society AGM with 1 hour CPD, 'Before & after ESG and SDGs' This presentation by Sheila Killian will cover the foundational pillars of sustainability, clarifying some of the alphabet soup of the latest trends, and tracking what the core underlying elements are that will be relevant in the future. This presentation will be immediately followed by the Western Society AGM. In person: Wednesday, 12 June | 6.00pm | Connacht Hotel.   Chartered Accountants Ireland, The Small/Medium Practice Sustainability Workshop A workshop for small to medium accounting practices (SMPs) on how to get ahead of the sustainability curve. This interactive half-day session will focus on positive actions you can take to understand the ‘trickle-down’ effect of the Corporate Sustainability Reporting Directive ('CSRD’), green public procurement, access to sustainable finance, and how to make your practice more sustainable to save costs and respond to staff and client demands. In person, Chartered Accountant House, 25 June, 9.30- 12.30; €90 member/€112.50 non-member; 3 hours CPD points. Email sustainability@charteredaccountants.ie to register your interest. EPA Circular Economy Conference 2024 Online and inperson (Aviva Stadium, Dublin), 25 September, Network for Chartered Accountants working on ESG projects Are you a Chartered Accountant working in ESG or working on ESG-related projects? Would you like an opportunity to engage with other Chartered Accountants working in this space to share insights, challenges and opportunities? Chartered Accountants Ireland now has a network to allow members working in sustainability/ESG to meet and discuss all matters of interest re ESG and accounting. Next meeting: Wednesday, 29 May, 14:00-15.30 Teams If you would like to attend, please email sustainability@charteredaccountants.ie   You can find information, guidance and supports to understand sustainability and meet the challenges it presents in our online Sustainability Centre.