The Financial Reporting Council (FRC) has reached a significant milestone in the periodic review of its financial reporting standards with the release of FRED 82 Draft amendments to FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland and other FRSs. This Financial Reporting Exposure Draft (FRED) forms part of the periodic review of the standards which happens approximately every five years. The FRED is now open to consultation and comments are requested by the FRC by 30 April 2023. In March 2021, the FRC commenced the periodic review with a request for views from stakeholders. The Institute's Financial Reporting Technical Committee responded to this request with some recommendations. Some of the key points to note from the FRED are; The draft proposals include significant changes to how leases are accounted for and proposes a model similar to that of IFRS 16 Leases  and will result in many leases which were previously expensed as operating leases now being classified as "right of use assets" within fixed assets. However, given the wide range of users of FRS 102 financial statements, there are simplifications proposed which are aimed at ensuring that these accounting requirements are proportionate and cost effective to apply. There are also some proposed exemptions from the rules for some assets.  The draft proposals include a new model of revenue recognition in FRS 102 and FRS 105. This is based on the principles of IFRS 15 Revenue from Contracts with Customers and the five step model included in this standard. This aims to ensure that there will be more consistency in the reporting of Revenue and that the process for revenue recognition is clearer. The FRC have decided to defer its conclusion as to whether to align FRS 102 with the expected credit loss model of financial asset impairment in IFRS 9 Financial Instruments, but have indicated that they may revisit this when the IASB's IFRS for SMEs Accounting Standard goes through its periodic review process. The proposed effective date for the amendments is accounting periods beginning on or after 1 January 2025, with an option for early adoption. Along with the FRED, the FRC have also released some supporting documents including; FRED 82- at a glance FRED 82- Impact assessment Q&A A podcast providing an overview of the changes

Welcome to this week’s Technical Roundup. In developments this week, the Central Bank of Ireland has recently updated its sanctions webpage with an infographic and financial sanctions FAQs about which you can read more including a question on whether sanctions only apply to those on the sanctions lists; the European Banking Authority (EBA) recently published its roadmap on sustainable finance which outlines its workplan on sustainable finance and Environment, Social and Governance (ESG) risks. Read more on these and other developments that may be of interest to members below. Auditing The Institute has responded to the consultation on ISA(Ireland) 600 Group audits. The FRC has launched its Audit & Assurance Sandbox, a collaborative space for approaching issues facing the audit and assurance industry, to support high quality audit and assurance work. The International Auditing and Assurance Standards Board (IAASB) has published a new fact sheet on the interactions between International Standard on Audit (ISA) 220 (Revised), which addresses quality management at the engagement level, and ISA 600 on group audits. The fact sheet highlights aspects of a group audit that may be affected by ISA 220 (Revised) and International Standard on Quality Management 1 addressing quality management at the firm level. IFAC have released an implementation tool for auditors on risk of material misstatement.  Financial Reporting The FRC has issued Draft amendments to FRS 102 The Financial reporting Standard applicable in the UK and Republic of Ireland and other FRSs – Periodic Review. FRED 82 proposes a number of changes resulting from the second periodic review of FRS 102 and other Financial Reporting Standards. The proposals include: a new model of revenue recognition in FRS 102 and FRS 105; a new model of lease accounting in FRS 102; and various other incremental improvements and clarifications. The FRED is accompanied by a consultation stage impact assessment. The FRC’s ‘What makes a Good Annual Report and Accounts’ sets out the attributes for a high-quality Annual Report and Accounts (ARA). IAASA has published its revised policy paper Publication of information regarding IAASA’s financial reporting supervision activities. This paper sets out IAASA’s policies on publication as well as the nature and extent of information to be published relating to the outcomes of its financial reporting supervision activities.  The International Accounting Standards Board (IASB) has released a webcast showing some of the main changes included in the recently released Exposure Draft on the Third edition of the IFRS for SMEs Accounting Standard. The IASB has also shared a presentation on the same topic from the World Standard Setters Conference, which was held in September. The IFRS Interpretations Committee (IFRIC) has released its November 2022 update. In his address to delegates at the 2022 EFRAG Conference entitled “Where is Corporate Reporting Going?”, Andreas Barckow, Chair of the IASB, spoke about the IASB’s relationship with EFRAG over the years as it celebrates its 21st anniversary. The UK Endorsement Board has adopted three narrow-scope amendments on 30 November 2022. These were published by the IASB in 2021 and have an effective date of 1 January 2023. The narrow-scope amendments relate to; Disclosure of Accounting Policies (Amendments to IAS 1 Presentation of Financial Statements and to IFRS Practice Statement 2 Making Materiality Judgements). Definition of Accounting Estimates (Amendments to IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors). Deferred Tax related to Assets and Liabilities arising from a Single Transaction (Amendments to IAS 12 Income Taxes). The UK Endorsement Board has approved and published its Due Process Handbook. The FRC has issued FRED 81 FRS 101 Reduced Disclosure Framework 2022/23 cycle. This proposes no changes to FRS 101 in the annual review. Comments are requested by the FRC up to 28 February 2023. The FRC Lab has released its last quarterly newsletter for 2022. This issue focuses on the year-end and the annual report season, and highlights some of our work that may assist preparers in meeting the challenges ahead. The European Financial Reporting Advisory Group (EFRAG) have issued their November 2022 update. Insolvency Readers may know that for various reasons set out in the Companies Act 2014 (section 842), a court may disqualify a director. The Corporate Enforcement Authority is one entity which can initiate the procedure by way of a notice under S850. Also, the Authority can apply (under S820) for a declaration for restriction of a director.  The Minister of State at the Department of Enterprise, Trade and Employment, has recently issued new regulations effective from 9 December 2022, the Companies Act 2014 (Disqualification and Restriction Undertakings) Regulations 2022 and please click here for a useful summary from the Corporate Enforcement Authority on the purpose of the new regulations. Sustainability The European Banking Authority (EBA) recently published its roadmap on sustainable finance which outlines its workplan on sustainable finance and Environment, Social and Governance (ESG) risks. The EBA says that the roadmap explains its sequenced and comprehensive approach over the next three years to integrate ESG risks considerations in the banking framework and support the EU’s efforts to achieve the transition to a more sustainable economy. Please also click here for further information on the relevant EBA webpage and an interesting infographic on the key objectives of the roadmap. In its Joint Statement on the Corporate Sustainability Due Diligence Directive (CSDDD), Accountancy Europe has expressed its overall support for the CSDDD and have called on the EU co-legislators to strengthen certain provisions in the Directive. The International Sustainability Standards Board (ISSB) made some announcements following its meeting this week. These include an agreement on how to describe sustainability and its relationship to financial value creation, addressing natural ecosystems as it relates to climate, and the decision to consider the work of the Taskforce on Nature-related Financial Disclosures (TNFD) and other existing nature-related standards and disclosures where they relate to the information needs of investors. While initially focused on setting rules on climate-related disclosures such as carbon emissions, the ISSB said that it will create rules relating to natural ecosystems after these are published. Find out more here. Other news Law Reform Commission publishes consultation paper on liability of clubs, societies and other unincorporated associations. Submissions are invited from all interested parties on the Commission's Consultation Paper on Liability of Clubs, Societies and other Unincorporated Associations. The Financial Conduct Authority in the UK has published a document (which is not FCA guidance) containing insights from the 2021 Cyber Coordination groups.(CCGs).   You can read more on the CCG forums on this FCA webpage  and while the matters were discussed at forums in 2021 they may be of interest in highlighting  the cyber risk landscape, as well as emerging cyber risks discussed. The FCA also announced this week that it has established a new advisory committee to the FCA’s Board to work on Environmental, Social and Governance (ESG) issues. Click here to read more details and here for the committee’s terms of reference .  The Pensions Authority has published its Engagement and audit findings report for 2022. The purpose of this report is to share observations on the key findings identified during the Authority’s engagement and audit activity in 2022 which included face to face meetings with a number of larger DC and DB schemes. It is expected that all trustee boards and their advisers will consider these findings and evaluate their own practices to establish if any improvements are required. The report is available here. The Pensions Authority also brings news this week of the European Insurance and Occupational Pensions Authority (EIOPA) conclusion of its fourth European-wide stress test of IORPs (pension schemes). The 2022 exercise assessed the resilience of participating IORPs against a climate change scenario, representing the first climate stress test for IORPs in the European Economic Area. Details of the 2022 report is available here on the EIOPA website. The Irish Central Bank (CBI ) has recently updated its sanctions webpage with an infographic and financial sanctions FAQs about which you can read more here including a question on whether sanctions only apply to those on the sanctions lists? In the answer CBI says that where you identify that a sanctioned individual or entity owns or controls the individual/entity with whom you are transacting, you should fully assess the impact of this ownership or control. When conducting this assessment, you should refer to the EU Commission’s guidance on ownership and control. This guidance on ownership/control can be found in EU Best Practices which was updated in 2022. As previously advised, access to the Central Register of Beneficial Ownership for Companies (RBO) in Ireland was suspended for general access following a recent judgment by the European Court of Justice. The case found that the provision of the directives, whereby information on the beneficial ownership of companies incorporated within the territory of the Member States is accessible in all cases to any member of the general public, was invalid. The RBO has now been updated to allow restricted access to search the register to Designated Persons and Competent Authorities only, with very limited information being available to other parties. Further information and details on how to register as a designated person is available here. The Dept of Enterprise Trade and Employment last week issued its monthly enterprise newsletter. While many of the topics have already been brought to readers  of this bulletin click here to access the newsletter which contains information on topics such as the new entitlement to paid sick leave from 2023 , the Temporary Business Energy Support Scheme and Skills for Better Business - a new resource for SMEs. The Institute’s Professional Standards Dept (PSD) has issued its latest regulatory bulletin which you can access here. Readers attention is drawn in particular to the item on the Register of Overseas Entities (ROEs) in the UK. A critical element of the ROE regime is the requirement to verify, independently, elements such as the exercise of control. PSD warns that firms should carefully consider whether they should provide this verification work. Firms are reminded that the work required for verification under the ROE is not the same as the risk-based approach to client due diligence under the Money Laundering Regulations and PSD reminds firms that they should familiarise themselves with the differences. The bulletin also gives a link to an alert on the subject from the Accountancy AML Supervisors’ Group (AASG)  . For further technical information and updates please visit the Technical Hub on the Institute website. 

The Financial Reporting Council (FRC) has announced its areas of supervisory focus for 2023/24, including priority sectors, for corporate reporting reviews and audit quality inspection The FRC’s Supervision Division will supplement its routine reviews of corporate reporting and audits with a number of thematic reviews.  These reviews will identify scope for improvement, as well as examples of better practice. The FRC will conduct the work over the course of the year, as resources allow, and will release the findings in a range of forms.   The FRC’s Audit Quality Review team will pay particular attention in its audit quality inspections to areas including going concern, fraud risks, climate-related risks, and risk identification and assessment.   In selecting corporate reports and audits for review, the FRC will prioritise sectors that are under particular pressure. Thematic reviews of corporate reporting   The Corporate Reporting Review team will conduct four thematic reviews during the next year: Insurance contracts (IFRS 17): The new standard on insurance contracts will have a significant effect on corporate reporting in the insurance sector. The FRC will review a selection of insurers’ 2023 interim accounts to identify compliance with IFRS 17 and examples of good disclosures. Large private companies: The proposed change to the definition of a Public Interest Entity will bring an enhanced regulatory focus on the largest private companies. The Government’s intended threshold is entities that exceed £750 million annual revenue and 750 employees. The FRC will review a selection of private companies’ annual reports to identify whether and where there are areas of poor compliance with reporting requirements with a view to informing our monitoring activities going ahead.  Task Force on Climate-related financial Disclosures (TCFD) – metrics and targets: climate-related metrics and targets, including companies’ “net zero” plans, are seen as increasingly important by investors, and the TCFD’s recommendations in this area were updated in 2021. Following the FRC’s thematic review of TCFD disclosures in 2022 (carried out in collaboration with the FCA) which highlighted room for improvement in many companies’ metrics and targets disclosures, the FRC will undertake a targeted follow-up in 2023, with a focus on the metrics and targets disclosures of companies from four relevant sectors. The FRC will also consider how adequately these companies’ net zero commitments have been addressed in their financial statements. Fair value measurement (IFRS 13):  The FRC’s review will focus on companies in the non-financial sector, and will provide an overview of the disclosure requirements of the standard, highlighting examples of better disclosure and common pitfalls. Thematic reviews of audit When identifying audit thematic reviews, the FRS has considered carefully how topics align with and complement the monitoring of the imminently effective new quality standard for firms, ISQM 1. The new standard is a more holistic and integrated standard, covering all elements of firms’ systems of quality management for their audit practice and so the thematic work more naturally overlaps with this. The FRC has selected the following topics to be covered in this inspection cycle: Sampling Hot reviews Network resources and service providers Root cause analysis  Areas of focus for audit quality inspections   The FRC’s programme of audit quality inspections will pay particular attention to the auditor’s work in the following areas: Going concern Fraud risks Climate-related risks, including the linkage between the audited financial statements and climate-related disclosures elsewhere in the Annual Report    The application of the revised Auditing Standard on risk identification and assessment (ISA (UK) 315). Other areas, including prior year areas of focus, will continue to be selected for review on individual audits applying a risk-based approach (with any financial reporting concerns identified, for example, potentially material errors in the cash flow statement, taken into account). Priority sectors In selecting both corporate reports and audits for review, the FRC will give priority to the following sectors: Travel, Hospitality and Leisure  Retail and Personal Goods Construction and Materials Industrial Transportation   These sectors are considered by the FRC to be higher risk, for corporate reporting and audit, by virtue of economic or other pressures.    Given the difficult economic conditions that are currently being experienced, we recognise that many companies, in many different sectors, are currently under particular commercial and financial pressure. We will therefore be especially careful over the coming year in monitoring where these pressures are being felt most acutely, and tailor our selection of company reports for review and audits for inspection accordingly.    

The International Federation of Accountants (IFAC) has released a new resource, The Risk Identification and Assessment Process: Tips on Implementing ISA 315 (Revised 2019). The tool helps auditors implement the International Auditing and Assurance Standards Board’s (IAASB) International Standard on Auditing (ISA) 315 (Revised 2019), Identifying and Assessing the Risks of Material Misstatement, which is effective for audits of financial statements for periods beginning on or after December 15, 2021. The implementation tool provides an overview of core concepts and explains new and previously existing requirements. It also includes examples and emphasizes the scalability of the standard with a focus on less complex entities. The tool does not replace the need to read ISA 315 (Revised 2019), including its application and other explanatory material.  The resource is based on Chartered Professional Accountants of Canada’s (CPA Canada) Implementation Tool for Auditors and follows the release earlier this year of IFAC’s Auditing Accounting Estimates: ISA 540 (Revised) Implementation Tool. These tools support efforts to improve audit quality globally and, more broadly, international standards’ adoption and implementation. Additional guidance and resources are available on the dedicated Supporting International Standards section of the IFAC Knowledge Gateway.

Submissions are invited from all interested parties on the Commission's Consultation Paper on Liability of Clubs, Societies and other Unincorporated Associations. The relevant media release can be found here (as Gaelige). The full text of the Consultation Paper can be found here. An executive summary of this Consultation Paper can be found here. Tá achoimhre ar an bPáipéar Comhairliúcháin as Gaeilge ar fail anseo: Cliceáil anseo Details of the various options to submit your response - whether verbally, by email (direct to: UnincorporatedAssociations@lawreform.ie ) or by post - can be found here. Those who require a hardcopy of the Consultation Paper should contact the Commission offices at info@lawreform.ie Contributors are requested to make their submissions/comments, if possible, before close of business on 15 March 2023.

The International Auditing and Assurance Standards Board (IAASB) has published a new fact sheet on the interactions between International Standard on Audit (ISA) 220 (Revised), which addresses quality management at the engagement level, and ISA 600 on group audits. The fact sheet highlights aspects of a group audit that may be affected by ISA 220 (Revised) and International Standard on Quality Management 1 addressing quality management at the firm level. This includes the revised definition of engagement team and leadership and direction, supervision, and review responsibilities. The factsheet will be particularly useful for group audits in which component auditors are involved.

In this week’s public policy bulletin we take a look at the latest economic forecasts for Ireland from both the OECD and the ESRI. We also examine the latest economic output statistics from the Northern Ireland Statistics and Research Agency, and the final economic report for Northern Ireland for 2022 from Danske Bank. In addition, we review the latest on pay transparency measures agreed this week between the European Council and European Parliament. OECD publishes 2022 Economic Survey of Ireland The OECD has this week published its latest ‘Economic Survey of Ireland’ in which it analysed the State’s structural policies and their potential to improve the economy’s long-term performance and people’s overall living standards. Noting how the economy weathered the worst of the Covid-19 pandemic and is “coping well” with the economic repercussions from the Russian invasion of Ukraine, the report commends the Government for reacting “forcefully to shield households and businesses from both shocks”. However, the report notes that Irish fiscal policy “is facing a number of pressures in the short run and on its longer-term sustainability” with high inflation putting pressure on Government to increase spending and the recent multilateral agreement on corporate tax likely to “reduce the buoyancy of tax receipts”. Moreover, on housing policy, the report notes that while the Government’s Housing for All strategy is ambitious, its “near-term effects might be limited” due to high construction costs, labour shortages and complex regulations.    ESRI forecasts reduced economic growth for 2023 In its final Quarterly Economic Commentary for 2022, the ESRI forecasts that the Irish economy is set to grow “at a significantly reduced pace” in the near term due to recessionary risks facing the State’s main trading partners, persistent cost of living pressures and increases in monetary policy interest rates. Anticipating that inflation will average 7.1 percent in 2023, the ESRI estimates that economic growth will likely contract from 8.4 percent in 2022 to 2.2. percent in 2023. Moreover, in assessing the potential prospect of a global economic downturn next year, the report states that the impact of any such downturn in Ireland will largely depend on how the ICT and pharmaceutical sectors are affected as these have been “the main engine of growth” in Irish trade to date. Northern Ireland Economic Output Statistics published as Danske Bank forecasts recession The Northern Ireland Statistics and Research Agency (NISRA) has this week published its latest statistics on Northern Ireland economic output. According to the data, output in the services sector increased by 0.1 percent in real terms over the third quarter of 2022 and increased by 0.4 percent over the year. Production sector output increased by 0.5 per cent over the third quarter of 2022 and by 1.9 per cent over the year. By contrast, retail output in NI saw a quarterly decrease of 1.7 per cent in Quarter 3 2022 and a decrease of 5.3 per cent over the year. When comparing current output with the pre-Coronavirus pandemic levels seen in Quarter 4 2019, Northern Ireland production output is 5.6 percent above its pre-pandemic level and Northern Ireland service output is 4.8 percent above its pre-pandemic level. In contrast, Northern Ireland Retail output remains 6.2 percent below the pre-pandemic level seen in Quarter 4 2019. Alongside the publication of these statistics however came the latest quarterly report from Danske Bank in which it suggested that Northern Ireland “is likely to experience a recession” in 2023 due to high inflation, low consumer confidence and tighter monetary policy. As a result of this anticipated downturn, the bank estimates that unemployment in Northern Ireland will likely increase from 2.9 percent in 2022 to an average of 3.9 percent in 2023. European Council and EU Parliament reach agreement on pay transparency measures According to the agreement reached by European Parliament and EU countries’ negotiators on Thursday, EU companies will be required to disclose information that makes it easier to compare salaries for those working for the same employer. Welcoming the agreement, the EU Commission voiced its support for the measures which it maintains will provide for more transparency and effective enforcement of the equal pay principle between women and men as well as improve access to justice for victims of pay discrimination. Originally proposed by the Commission in March 2021, this week’s agreement marked the end to the fifth round of negotiations to agree a common text on the proposal, with some of the key measures agreed including:   a requirement of employers to provide information about the initial pay level for a role or its range in the job vacancy notice or before the job interview, and an entitlement for employees to request information from their employer on their individual pay level and on the average pay levels, broken down by sex, for categories of workers doing the same work or work of equal value Following this week’s agreement, EU member states ambassadors will have to endorse the agreement which will be followed by the usual adoption process in the Council and European Parliament.

The FRC has launched its Audit & Assurance Sandbox, a collaborative space for approaching issues facing the audit and assurance industry, to support high quality audit and assurance work. The sandbox offers a confidential environment for relevant parties to discuss ideas and technical issues in audit and assurance policy areas such as the application of the FRC’s auditing, assurance and ethical standards, relevant technologies, ESG and competition.

Chartered Accountants Ireland has responded to IAASA's consultation on International Standard on Auditing (ISA) (Ireland) 600: Special Considerations – Audit of Group Financial Statements (including the Work of Component Auditors).

  In this week’s bulletin we bring you news about the Temporary Business Energy Support Scheme, the public consultation on the National Risk Assessment 2023, and a report showing the efficiencies of aligned renewable energy targets for Ireland and Northern Ireland. Also covered is the launch of an investor coalition at the Biodiversity COP in Montreal and the reaching of an agreement on the EU’s Carbon Border Adjustment Mechanism (CBAM), as well as articles, resources and events. TBESS - Using the Climate Toolkit 4 Business Chartered Accountants Ireland acknowledges that Revenue has clarified its guidance regarding completion of a carbon footprint exercise by applicants to the Temporary Business Energy Subsidy Scheme (TBESS) regarding the requirement for applicants to either complete a carbon footprint exercise using the Government’s Climate Toolkit for Business, or demonstrate that they are taking steps to reduce energy use and environmental impact. However, the Institute recommends that business use this toolkit as an opportunity to manage their costs and their carbon emissions. Read more Public consultation – National Risk Assessment 2023 The Irish Government has launched a public consultation on the National Risk Assessment outlining proposed risks facing Ireland in the short, medium, and long term. Stakeholders are asked to assess whether the draft risks identified accurately represent the major risks facing the country, or if any should be added or removed. The risks are categorised under the headings economic, geopolitical, social, environmental and technological. The public consultation will be open until Friday 17 February 2023. Report shows efficiencies in aligned renewable energy targets for Ireland and Northern Ireland New research from the ESRI shows that aligned renewable energy targets for Ireland and Northern Ireland support a more efficient electricity dispatch system and lower costs around the island. The report - All-island coordination of energy infrastructure and renewable energy supports – found that the North-South interconnector, a 400kV transmission line which will run between the two jurisdictions, will facilitate greater energy transmission between the two jurisdictions, reducing the requirement to invest in storage. The interconnector would also reduce the number of network upgrades needed. Investor coalition launched at ‘Biodiversity COP’ At the ‘Biodiversity COP’ this week a group of institutional investors announced the formation of a new global engagement initiative to mobilise investors to drive urgent action on the nature-related risks and dependencies in the companies they own. Nature Action 100 will identify the private sector actions that need to be undertaken to protect and restore nature and will seek to catalyse these actions via investor-company engagements. The ‘Biodiversity COP’ is the United Nations Convention on Biological Diversity (‘COP 15’); it is taking place from 7-19 December in Montreal, Canada. Governments from around the world have come together to agree on a new set of goals to guide global action through 2030 to halt and reverse nature loss. Agreement reached on EU’s Carbon Border Adjustment Mechanism (CBAM) Political agreement has been reached between the EU Parliament and Council on the Carbon Border Adjustment Mechanism (CBAM), the tool created by the EU to put a fair price on the carbon emitted during the production of carbon-intensive goods entering the EU. The CBAM aims to prevent ‘carbon leakage’, which occurs when companies based in the EU move carbon-intensive production abroad to countries with less stringent climate policies, or when EU products get replaced by more carbon-intensive imports. The goal is to make the carbon price of imports equivalent to the carbon price of domestic production, thereby ensuring that the EU’s climate objectives are not undermined. On clarification of final technical details of the mechanism and finalisation of the text, the European Parliament and the Council will have to formally adopt the new Regulation before it can enter into force. Report publishes into climate change adaptation in Europe Advancing towards climate resilience in Europe, a European Environment Agency (EEA) report published this week, shows that EU Member States recognise the importance of adapting to impacts of climate change. (Adaptation refers to how we adapt our society and economy in response to climate change, by changing our processes, practices, and structures to reduce damage or benefit from opportunities.) The report, which assesses the state of national adaptation actions in 2021, show that many of the measures reported by Member States involve increasing capacity. It also shows that while adaptation is being increasingly financed, several issues remain, including how to measure adaptation finance. Only a few Member States have dedicated national adaptation funds for financing the implementation of national adaptation plans.  Articles Sustainability: driving investment in Ireland - Stephen Prendiville looks at how sustainability efforts to date are contributing to Ireland’s attractiveness to investors (Accountancy Ireland) Your gender pay gap reporting checklist (Accountancy Ireland) Ireland’s biggest companies are increasingly prioritising environmental, social and governance (ESG) issues, recognising it as a key performance indicator, a new study has indicated (Irish Times) New wind farm plan aims to transform Shannon estuary and create 50,000 jobs - It is expected that offshore wind farms in the region could meet Ireland’s entire electricity demand (Business Post) Cop15 Q&A: Why this biodiversity summit should matter to everyone (Irish Times) Jobs Financial/Reporting Accountant for major energy provider in Ireland’s Energy/Sustainability/Renewables sector. Newly qualified ACAs can contact Dave Riordan, Careers Team, Chartered Accountants. Events The Leinster Society kicks of the new year with a free Expert Series webinar on 11 January, from 12.30pm - 1.30pm on energy saving for your household. A representative from the Sustainable Energy Authority of Ireland (SEAI) will give advice and tips, and answer your questions on how to make your household more energy efficient and sustainable. Register here You can find information, guidance and supports to understand sustainability and meet the challenges it presents in our online Sustainability Centre.

In this week’s EU exit bulletin, we bring you the latest guidance updates and publications relevant to EU exit and HMRC has also published updated guidance about the law and regulations for Customs Civil Penalties. Miscellaneous updated guidance etc. The latest guidance updates, and publications relevant to EU exit are as follows:- Apply to operate a customs warehouse; Apply to delay or pay less duty on goods you import to process or repair; Apply to pay less duty on goods you export to process or repair; Apply to pay less duty on goods you import for specific uses; Check if an alcohol wholesaler in the Isle of Man is approved; Software developers providing customs declaration software; Check simplified procedure value rates for fresh fruit and vegetables; Attending an inland border facility; and Apply for release of a private vessel on payment of Customs Duty and VAT (C384 (Vessels)).

Originally from Dublin, Shane Rogers is the current President of CAW Network USA and lives in New York. Shane is now an independent Risk and Audit consultant. We had a chat with Shane to find out a little more about his journey. Can you introduce yourself and tell us a little about where you're from and where you live now? I'm Shane Rogers, and I grew up in Templeogue in Dublin. I attended Terenure College. These days I live in New York in a town called Syosset (which is about halfway out on Long Island) with my wife Helena and our four kids: Lauren, Lily, Sadie and Seamus.  You have recently been inaugurated as President of CAW Network USA. How did you get involved, and can you tell us what being President of this body means to you? I was a member of the CAW Network USA predecessor organisation (ACAUS) back in the early to mid-nineties when I worked at Price Waterhouse New York. Over time we drifted apart but during the pandemic I noticed the excellent online content from CAW Network USA. When a volunteer Board position opened up in late 2020, I put my name in the ring for the Vice President role. A year and a half later, following the great leadership of Chris Easton – our immediate Past President – and David Powell – our CEO – here I am!   Achieving this and holding this role means a great deal to me. It represents US-based members from many of the “home” institutes  - Chartered Accountants Ireland, ICAEW, ICAS, CAANZ, SAICA, etc. It gives me the opportunity to give back to the accountancy/audit profession which has supported me so well over my career thus far. We have a lot in common – we all qualified as Chartered Accountants in our home countries; we share a sense of professionalism and high esprit de corps; in practical terms, we are all foreign nationals and Chartered Accountants living in the US, and these shared values enables CAW Network USA to really develop globally relevant content for our members and the members of CAW. The US has broad and deep financial markets, and many best practices emerge here, which allows CAW Network USA to give back to Chartered Accountants globally. We recently entered into a MOU with Fordham University – Gabelli School of Business in New York, which will help CAW Network USA to progress ESG/finance-related educational initiatives, while also developing student awareness of the global Chartered Accountants brand. CAW Network USA has also built up an excellent digital library of Beyond Accounting events and educational webinars, which have global relevance and appeal. We have a great Executive Team at CAW Network USA (almost all of us volunteers), with great representation from the home institutes (including Alan Fagan, also a Chartered Accountants Ireland member, serving as our Treasurer. We like to box above our weight and that is our ongoing ambition – to add great value and services to our members, at a reasonable cost! Why did you choose to become a Chartered Accountant and how you got to where you are now?  I was always interested in business and economics, and had great teachers in Terenure (Mr Gallen and Mr Doherty) who really developed my interest in finance and the global economy. So for me, becoming a Chartered Accountant was a clear, youthful ambition. I attended the two year Commencement Course which Chartered Accountants Ireland ran back then, before starting work in Price Waterhouse as a trainee/staff accountant back in 1989. We had great fun in the Commencement Course as a class of students, and many of us keep in touch to this day, despite being all over the globe. I completed my FAE in 1991 and was admitted to membership in 1993 upon completion of my training contract. I left Price Waterhouse in 1994 and joined the Internal Audit team at Credit Suisse First Boston in New York where I reviewed all of the major trading and banking businesses. In 2011, I switched industries joining Swiss Reinsurance Internal Audit, focusing on their asset management and insurance businesses. Now, I work as an independent Risk and Audit consultant focused on ERM (Enterprise Risk Management) Framework assessments, and external quality assessments of Internal Audit functions, which are required every five years under Institute of Internal Auditors standards. What do believe are the biggest benefits from your membership of the profession? The biggest benefit for me has been the opportunity to meet so many interesting people and to continuously learn. Accounting and finance provides you with a broad canvas – it is up to you what colours you put on it. For me, it was always about learning new businesses and investment products and adding value through risk awareness and internal controls. Over the years, being a Chartered Accountant and an Internal Audit Executive has allowed me to review and challenge many banking and insurance businesses globally and to interact with and learn from many great and talented people. Listening well and being humble are important skills I have learned working in and navigating, complex global organisations; trust and integrity are also critical traits for Chartered Accountants. What do you believe to be the key role accountants will play in achieving a sustainable future today? Today, the role of the Chartered Accountant is beyond the numbers; de-carbonisation is a global strategic ambition that requires great focus, both now and in the long-term.  Carbon footprint and modelling will be critical undertakings (especially for medium and large corporations, indeed for all companies) as the supply chain impacts and end-consumer impacts will all need to be measured and transparently reported in time.  Accountants can play a crucial key role here in ensuring carbon reporting accuracy and integrity. Beyond the stewardship of the financial statements, Chartered Accountants should look to be the ‘organisational conscience’ as it relates to carbon usage, modelling, measurement, reporting and disclosures. By being trusted advisors, Chartered Accountants can shape positive outcomes in this critical ESG space.   Finally, Shane, if you were not a Chartered Accountant, what would you be/have been? Sad to say it but possibly an Actuary. I was always very good with numbers, (I could multiply and divide big numbers at three years of age) much to the astonishment of my parents, but probability wasn’t my thing! Just as well! Being a Chartered Accountant has provided me with a great, global career, full of challenges, learning and opportunities to meet great people.   Shane recently wrote an article, "Progressive Audit Practices", which can be read on the Chartered Accountants Worldwide Network USA website.