In this week’s EU exit corner, we bring you the latest guidance updates and publications relevant to EU exit. We also update you on recent developments in relation to the Windsor Framework and the latest Trader Support Service bulletin is also available. The Institute will also be attending the next UK Domestic Advisory Group meeting on 6 November and would welcome your feedback by Friday 3 November on specific areas of concern which arise in relation to the Trade and Co-operation Agreement. Update on the Windsor Framework   Meetings of the Joint Committee and the Specialised Committee on the Windsor Framework took place recently, where the EU and UK reviewed progress and finalised certain arrangements for the Framework’s implementation. According to the joint statement released  after the Withdrawal Agreement Joint Committee meeting “The Joint Committee took stock of discussions under the Withdrawal Agreement framework since the last meeting on 3 July 2023. The alternate co-chairs welcomed the progress made and reiterated their mutual commitment to continued work to ensure the full implementation of all the elements of the Windsor Framework in a faithful way.”  Parliament also returned from conference recess last week, with debates taking place on the Retained EU Law Bill, and the Windsor Framework regulations. Miscellaneous updated guidance etc.   The following updated guidance, and publications relevant to EU exit are available:- HMRC Brexit communications resources;  Report payments and view your allowance for non-customs state aid and Customs Duty waiver claims;  Report and manage your allowance for Customs Duty waiver claims: service availability and issues;  Data Element 2/3 Documents and Other Reference Codes (National) of the Customs Declaration Service (CDS);  Check if a business holds Authorised Economic Operator status;  List of customs training providers;  Making an entry summary declaration;  Apply for a voluntary clearance amendment (underpayment) (C2001);  Claim repayment or remission of charges on rejected imports; and  Moving goods between the UK and the UK Continental Shelf. 

From 1 April 2023, the reporting requirements for the Trust Registration Service (“TRS”) were expanded. As a result, HMRC updated the TRS manual. An online form must now be used to report “material discrepancies”. This does not include small spelling errors or slight differences in the trust name, so long as the trust is identifiable from the trust name on the TRS.  A relevant person is now required to conduct ongoing due diligence throughout a business relationship with a registerable trust, and prior to engaging in the relationship. Ongoing monitoring must also be carried out in line with the relevant person’s money laundering obligations. 

District Societies arrange lunch or evening events for members to celebrate the season. Here is a roundup of the events for Christmas 2023, including how to book. London Society dinner University Women's Club, Mayfair Took place on Thursday 30 November 2023 Charity supported: The Irish Elderly Advice Network Thank you to all who attended Western Society lunch – bookings now closed The Dean, Galway Friday 1 December 2023 Charity supported: Hope Space Sponsor: Money Butler Ulster Society lunch – bookings now closed Europa Hotel Friday 8 December 2023 12:00pm Entertainment: Andrew Ryan Charities supported: Salvation Army; St Vincent de Paul; NOW Group Sponsor: Ulster Bank Sold out. Waiting list  Mid West Society dinner Savoy Hotel, Limerick Took place on Thursday 30 November 2023 Thank you to all who attended Cork Society Christmas lunch Maryborough Hotel Friday 8 December 2023 12:15pm Guest speaker: Jacqui Hurley Supporting Edel House Individual | Table of 10 North West Society Christmas lunch Glasshouse Hotel, Sligo Friday 8 December 2023 12:30pm Speaker: Deirdre McGettrick  Individual | Table of 10 Leinster Society Wexford Christmas dinner Kelly's Hotel, Rosslare Took place on Thursday 23 November 2023 Thank you to all who attended Kilkenny Christmas dinner Zuni Restaurant Took place on Thursday 30 November 2023 Thank you to all who attended Dublin Christmas lunch Clayton Hotel, Burlington Road Friday 8 December 2023 12:00pm Guest: Mario Rosenstock Supporting: Jack and Jill's Children's Foundation Sponsor: CPL Email to book  

Edel Walsh outlines the techniques you can use to destress at work, safeguard your well-being and boost productivity Stress is how our body reacts when we feel under pressure or threatened, usually when in a situation that we don’t feel we can manage or control. Finance professionals have been facing a growing amount of pressure in recent years, and while many will say that stress comes with the territory (they’re not wrong), there are both healthy and unhealthy amounts of stress one should endure. In fact, stress in the short term is not harmful. However, chronic stress can have a major impact on both our physical and mental health and can easily lead to burnout. Our stress system  When your body is reacting to a stressor, your fight, flight or freeze (FFF) response is activated.  The FFF triggers the release of hormones that prepare your body to either stay and deal with a threat (fight), run away to safety (flight) or just stop in your tracks all together (freeze).  The FFF response was very useful to us thousands of years ago when we lived in caves and were fighting off predators such as wild animals. Nowadays, our FFF response can be activated by our email inbox, boss or a too-big workload.  Managing your FFF response The first step in managing your FFF response is asking yourself a few questions: Why are you reacting this way to the stressor? What is within your control? If the situation is outside of your control, can you let it go? Who can help you cope if needed? Once you’ve answered these questions for yourself, take a moment to observe your surroundings. In your head, take note of three visuals, three sounds and three feelings or sensations. When you tap into your surroundings, you can begin to relax.  Next, if needed, give yourself the freedom to walk away from the stressor until you are better able to handle it.  If you are in a conflict with someone in the workplace, for example, you can walk away from the situation – even if it only for five minutes. This doesn’t mean you are ignoring the situation. You are giving yourself at least five minutes to remove yourself from the confrontation to deal with the building emotions before they get out of hand. Finally, it’s important to do some deep breathing. The key to deep breathing is to practise it daily. If you wanted to build up muscle in your arms, you would go to the gym and train. Deep breathing is the same. It needs to be practised so when you do get into those tricky situations your body knows what to do to calm you down.   Practising stress relief Practising stress relief techniques in the workplace is paramount in today’s high-pressure professional environment. The modern workplace is often characterised by tight deadlines, demanding projects and a constant need to stay connected and productive. The benefits of practising stress relief techniques extend to the overall productivity and efficiency of the organisation as well. When you have the tools to manage stress, you can maintain focus, leading to better decision-making and problem-solving in and out of the office. These stress relief techniques can re-energise you, help avoid burnout and maintain a consistent level of performance. In the long term, this not only enhances the quality of work but also reduces the risk of workplace conflicts. Integrating stress relief practices, like deep breathing, into your daily routine is not merely a matter of your well-being; it is a strategic investment that can significantly contribute to your success and competitive advantage. Edel Walsh is a talent and leadership coach at Edelwalsh.ie

David W Duffy explains how companies can use ESG materiality to strengthen stakeholder communication and sharpen business strategy Environmental, social and governance (ESG) materiality is a metric showing the importance or relevance of a given issue to a company’s ESG strategy. The more relevant the issue, the higher the materiality.  Often, ESG materiality depends on money. Companies will analyse every issue’s materiality relative to its financial impact. Because ESG is too vast to pursue every principle at once, organisations often need to break down what is in the scope of their ESG strategy and what has to be left out because of its low materiality. ESG will always mean different things to every organisation. Its focus areas will vary depending on and organisation’s industry, local laws, competition and the borders it operates across.  ESG materiality is a way to prioritise what’s essential for an organisation’s success and disregard what makes little to no difference. Such priorities show that companies are thinking smartly about ESG. How to measure materiality To measure an organisation’s ESG materiality they often conduct a materiality assessment.  How companies conduct this varies from place to place, but the common trend is to assess what’s important for the company against what’s important to internal and external stakeholders. The overlap between the two is where companies will identify issues of high materiality, and these issues will be prioritised. A good ESG materiality assessment is thorough and far-reaching. It analyses every relevant issue and considers its impact on business strategy, all stakeholders and the company’s long-term viability.  The process of identifying material ESG factors involves: stakeholder engagement, including communication with investors, customers, employees and communities to understand their ESG concerns and expectations; impact assessments that will give clarity on every issue concerning ESG in the organisation; creating a materiality matrix plotting the significance of each ESG factor based on its potential impact on the organisation and its importance to stakeholders. This essentially gives materiality a numerical and graphical life, making it easier to use it for decision-making; and integrating the findings into strategy, thereby ensuring all high-materiality issues are considered in business plans, risk management and reporting. The benefits of ESG materiality A materiality assessment can, first and foremost, support strategic focus. It can inform your organisation about what matters most using logical processes, giving confidence to all involved.  Additionally, because ESG materiality work involves stakeholder engagement, it has the potential to boost communication between stakeholder groups – something that can support business success. David W Duffy is founder of the Corporate Governance Institute

Successful digital transformation requires strong leadership. Dave Vincent outlines his tips for successfully embedding innovation in business Growing up in Belfast in the seventies and eighties, I was convinced that by 2020, we’d all be travelling around on flying cars or hoverboards and have a host of robot servants looking after us. Fast forward to the nineties, and I can vividly remember sitting in my university computer lab wrestling with the logic and code required to help teach a hungry virtual monkey how to get their hands on a hidden bunch of bananas. In 2023, while software applications and systems are significantly more developed than in the nineties, the reality doesn’t quite match the vision of the eighties (the hoverboard being the biggest disappointment). I couldn’t have dreamed of many of the developments that have instead taken place, however. Since the term ‘artificial intelligence’ (AI) was first coined almost 70 years ago, we’ve seen wave after wave of technology-enabled innovation, from the rise of personal computing to the internet, mobile devices, augmented and virtual reality, the cloud, the metaverse, self-driving vehicles and now, generative AI. Each shift has captured the imagination, created new opportunities and raised further questions and challenges for business leaders. We are surrounded by technology, and every day, we can see that technology evolves and changes as it impacts how we live and do business. How can technology help? Some of the most frequent questions I hear from clients considering digital transformation are: “Where do I start?” “How do I create the most impact?” “What does success look like?” Rather than starting by asking or thinking about what a particular tool or technology can do, I prefer to reverse engineer the questions and ask: “What are you trying to do in your business or what problem would you like to solve, and how can a digital mindset or technology help?” As these new technologies continue to influence all areas of our business operations, customers and employees, companies need a new type of (digital) leader who can understand, interpret and navigate this digital transformation era. The digital leader Implementing new technology is challenging. The organisation seeking to embed the latest technology — and its staff — must unlearn old concepts and embrace the new systems. For digital leaders, this means adopting alternative leadership styles. In the past, leadership was about giving orders and making decisions. Digital leaders know that successful digital transformation is not just about adopting technology; it’s about transforming business and operating models, driving growth, enhancing competitive advantage and increasing business agility. Today’s leaders must be able to evaluate progress, priorities and business models continually and be prepared to change direction quickly. Digital leaders need to understand not only how systems and technology work but also how that technology will be received and used by staff, as well as how it will impact how employees work and the type of work they do. Digital leaders need to be able to effectively manage employees through shifts and changes to ensure that digital technology is used to deliver the best business outcomes. To make informed and pragmatic decisions about technology, digital leaders must be able to evaluate the impact technology can deliver for their organisations, use data to inform policy and decision-making, and proactively assess and manage risks related to data security. To drive digital innovation, leaders must be agile and flexible, creating a culture where innovation, collaboration and continuous learning can flourish and empower their teams to make data-driven decisions. To ensure focus and alignment, leaders must share a well-defined and compelling strategic vision, calling out what success looks like and showing the roadmap that will get there. It is also important to remember that leadership in the digital age is not just the responsibility of the nominated digital leaders and senior leadership teams, however. Every employee can be a digital leader. The future is digitally enabled Organisations can drive digital innovation and growth from the ground up by empowering staff at all levels to take ownership of, and show leadership in, their work.  The future of work is undoubtedly digitally enabled, and business leaders who are prepared to embrace this change and lead their teams effectively will be the ones to succeed. The digital age allows leaders to create more meaningful and purpose-driven work for their employees and promote innovation and growth for their organisations. Organisations can position themselves for continued success by investing in digital leadership development.  And maybe somebody will finally work out how to create the hoverboard of my dreams. Dave Vincent is a Director of Digital Transformation at Grant Thornton Northern Ireland

Finance (No.2) Bill 2023 was published yesterday by the Minister for Finance Michael McGrath TD. The Bill contains the legislation giving effect to the announcements on Budget Day. We will have a full overview of the Bill in next Monday’s Tax News. For now, you can download the Bill here and the Explanatory Memorandum here.

  In this week’s Sustainability/ESG bulletin, read how business leaders are increasingly looking to Chartered Accountants as trusted advisors on ESG issues. Also covered is increased funding for projects in Ireland under the Just Transition Fund; CSO statistics showing one-third of Irish office buildings received an ‘E’ energy rating or lower; new national End-of-Waste Criteria for Ireland’s largest waste stream; how the European Banking Authority is revising capital rules to include ESG risks; and the usual roundup of technical updates, articles and events.   Trust in Chartered Accountants as ESG leaders Business leaders increasingly look to Chartered Accountants for guidance on environment, social and governance (ESG) issues. This was among the key findings from an Edelman research report that measures trust with Chartered Accountants among financial decision makers globally. Now in its fourth wave, the study focused on topical themes to the business world, including economic uncertainty, the cost-of-living crisis, combatting misinformation, digitalisation, automation, and the importance of ESG. The report was launched at a panel event run by Chartered Accountants Ireland, alongside a Chartered Accountants Worldwide research paper Trust: Making the Difference. Increased funding for projects in Ireland under the Just Transition Fund Minister for the Environment, Climate and Communications, Eamon Ryan, T.D., has announced a further €24 million for the Midlands region under Ireland’s EU Just Transition Fund (JTF) programme. Targeted at the wider Midlands region as it transitions away from peat extraction for energy use, the JTF programme provides funding to projects that invest in the development of local communities, create employment and help diversify the local economy. Further information is available on the website of Pobal, which is administering the scheme. One-third of office buildings in Ireland received 'E' energy rating or lower Figures released from the CSO this week on energy ratings of non-domestic buildings in Ireland for Quarter 3 of 2023 has found that over one-third (35 percent) of office buildings in Ireland received a Business Energy Ratings (BER) certificate of ‘E’ or below between 2009-2023.  BER audits were conducted for 1,754 non-domestic buildings constructed between 2020 and 2023. Almost two-fifths (38 percent) of these buildings received an ‘A’ rating, compared with 22 percent of non-domestic buildings constructed during 2015 to 2019. While the most energy efficient building types audited during 2009-2023 were schools and colleges (40 percent of these were awarded an ‘A’ rating), at least 14 percent of office buildings were among the least energy efficient building types, scoring the lowest rating (‘G’), with only 2 percent receiving an ‘A’ rating. EPA publishes national end-of-waste criteria The Environmental Protection Agency (EPA) has today published national End-of-Waste Criteria for elements of construction waste, which is Ireland’s largest waste stream. The criteria apply to ‘aggregates’ recycled from construction and demolition waste, including soil and stone, concrete, bricks and ceramics. The implementation of new criteria aims to reduce construction waste going to landfills and increase current low recycling rates. Further information on the criteria and other initiatives of the circular economy programme are available on the EPA website.   Green Agreements guidance launched by Competition and Markets Authority The UK Competition and Markets Authority has launched new Green Agreements Guidance for businesses. The guidance explains how competition law applies to environmental sustainability agreements between firms operating at the same level of the supply chain, to help them act on climate change and environmental sustainability. The guidance includes additional practical examples that businesses can use to inform and shape their own decisions when working with competitors on environmental sustainability initiatives. EBA revising capital rules to include ESG risks The European Banking Authority (EBA) has published a report on the role of environmental and social risks in the prudential framework of credit institutions and investment firms. The report recommends targeted enhancements to accelerate the integration of environmental and social risks across ‘ Pillar 1’ (one of the three areas of focus of the Basel Framework which sets out capital requirements and risk measurements for global banks). The proposed enhancements aim to support the transition towards a more sustainable economy, while ensuring that the banking sector remains resilient. Commission adopts new ETS Auctioning Regulation The European Commission has adopted a new ETS Auctioning Regulation that sets out technical elements necessary for good organisation of auctions of greenhouse gas emission allowances under the EU’s Emissions Trading Scheme (ETS). The action follows the revision of the ETS Directive in the context of REPowerEU plan and the ‘Fit for 55’ legislative package to reduce Europe’s net greenhouse gas emissions by at least 55 percent by 2030. The main elements introduced in the new Regulation include the extension of the ETS scope, changes related to improvements regarding market oversight and transparency, and changes related to the rules regarding the notification of the voluntary cancellation of allowances by Member States under the ETS Directive. After a period of scrutiny by the European Parliament and Council the new regulation will be published in the Official Journal and enter into force thereafter. Accountancy bodies publishes report for public sector sustainability Three global accountancy bodies, ACCA, IFAC and IDI, have launched a publication on preparing for sustainability reporting in the public sector. The report, Preparing for Sustainability Reporting and Assurance - An introduction for the public sector globally, was launched at the World Investment Forum in Abu Dhabi, and outlines what sustainability reporting and assurance mean for the public sector, why they are important, and key principles for governments, SAIs and other public sector bodies to consider in this journey. Asset owners and investor engagement The Net-Zero Asset Owner Alliance (NZAOA) has released its third annual progress report. Increasing Climate Ambition, Decreasing Emissions. For the first time, the report by the 2019-founded alliance of global asset owners committed to ensuring their investment portfolios are carbon neutral by 2050, provides data on the membership’s absolute financed greenhouse gas emissions. It also reportedly shows a 3.5 percent decrease from 2021 to 2022 (from 221.2 mtCO2e to 213.4 mtCO2e) despite membership growth over that period. Separately, however, Climate Action 100+, the world’s largest investor engagement initiative on climate change, has found that of the most companies it assessed against its newly updated ‘Net Zero Company Benchmark’ are not moving fast enough to align with the goals of the Paris Agreement and reduce investors’ risk. The results, a summary of which can be found here, reveal that while there is long-term ambition among the companies it surveyed, there is a lack of detailed plans of short-term actions. These include targets to reduce greenhouse gas emissions, CAPEX allocation and climate policy engagement.   Technical Updates (From our colleagues in Professional Accounting) The European Parliament has voted to adopt the European Sustainability Reporting Standards (ESRS), paving the way for the standards to become effective, depending on a company size and nature, on a phased basis financial periods beginning on or after 1 January 2024. Several accounting standards boards, including in the UK and Australia, have jointly issued a letter to the International Sustainability Standards Board (ISSB) regarding its recent Agenda Consultation. The letter highlights common concerns, which include connectivity with accounting standards; strategic roadmap; and implementation priority. The Financial Stability Board (FSB) has published its annual progress report on climate-related disclosures, delivered to G20 Finance Ministers and Central Bank Governors for their 11-12 October 2023 meeting. The Financial Conduct Authority (FCA) has welcomed the publication of the Transition Plan Taskforce (TPT) Disclosure Framework. Resources (From our friends in Accounting for Sustainability) New guidance has been published for pension fund chairs and trustees on managing nature-related risks and seizing opportunities for pension chairs and trustees: Managing Nature Risks and Investing in The Opportunities: Top Tips for Pension Fund Chairs and Trustees. Out now This month’s SustainabilityWorks Newsletter has issued, with news, top reads, videos, and sustainability jobs (subscribe here). Did you know? 77 countries had their hottest September on record, according to climate science initiative Berkeley Earth. Read more. Watch: Sustainable Supply Chains In this 15-minute chat, Institute's Sustainability Officer Susan Rossney chatted to Shane Faulkner,  KPMG's Sustainability Manager, about what why sustainable supply chains are important for SMEs, what questions SMEs might be asked by their customers and clients, and what they can do to prepare. Watch back here. Listen The cost of climate change: ‘almost like driving another budget through public finances’ (Irish Times, Inside Business Podcast) 38:51 Articles New electric car sales up 52% so far this year – CSO (RTÉ) UK boards prioritised experience over diversity last year, says headhunter (Financial Times) EU climate ministers back ‘polluter pays’ principle in agreed declaration for Cop28 negotiations (Irish Times) California requires companies to report carbon emissions (BBC News) New World Bank president signals that time is up on billion euro subsidies for fossil fuels (Euronews) More than 50,000 companies to report climate impact in EU after pushback fails (Financial Times) Green Fees Overtake Fossil Fuels for Second Straight Year (Bloomberg) Upcoming Events   SustainExchange: What can you and your organisation do to help avert the climate crisis? Panel discussion: Hybrid (in person/virtual): Tuesday 24 October. Women in Business (Northern Ireland) Women in Finance A session on women in finance which will focus on work in finance departments, small scale accountancy or working for yourself. Members and non-members are welcome to join this online event. Part of Women in Business wide-ranging programme of female entrepreneurship events over the upcoming months, including sectoral networking, webinars, and training courses for essential skills. Virtual: Wednesday, 25 October, 10-11.30am. Sustainable Finance Skillnet is offering funded training opportunities until October and November 2023 to Irish employees in the financial services sector at 30 percent of course fees (with 70 percent funding available for members of the International Sustainable Finance Centre of Excellence). A series of short, deep dive training modules on key sustainable finance topics include  •           EU Taxonomy •            Net-Zero •            SFDR (Sustainable Finance Disclosure Regulation)   Chartered Accountants Ireland: ESG Masterclass: Take your Sustainability Knowledge to the Next Level A 3-hour online masterclass providing a high-level overview of the key global, European and national regulations, standards and developments impacting sustainability governance, reporting and assurance, with an emphasis on areas highly relevant to accountants. Virtual: Thursday, 26 October, 8.30-13.30, €206.25 (€165.00 Chartered Accountants Ireland Member Price) Climate Finance Week Ireland 2023 Week-long summit. In person and virtual: Monday, 20 November – Friday, 24 November iQuest & Business Post Events: The ESG Summit In person: Thursday, 9 November, Radisson Blu Royal Hotel, Golden Lane, Dublin ICAEW Climate Summit Week-long summit Virtual: 13-17 November. Innovate UK's showcase for climate tech event in Northern Ireland Innovate UK is delivering a series of 18 'showcase for climate tech' events across the UK until September 2025. Each event focuses on a specific net zero theme or technology area. The Northern Ireland event, run in partnership with Business in the Community NI, will take place in Belfast on 6 December 2023 and will focus on digital solutions for net zero. In person: 6 December Certificate in Sustainability Strategy, Risk and Reporting Classes start Wednesday 8 November Due to popular demand, our Certificate in Sustainability Strategy, Risk and Reporting for accountants is back again in November 2023. Over 8 weeks, you'll cover key reporting frameworks and metrics, and learn to address the ESG opportunities and challenges that organisations already face. 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. 3rd or 4th Wednesday of every month Next: 25 October 2023  14.00-15.00/30 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.    

The requirement for company directors to provide Personal Public Service Numbers (PPSN) came into force on 11 June 2023. After three months, the system has bedded in and the CRO has been able to identify some particular issues that presenters and directors may wish to address. To take a typical day (26/09/2023), for example, there were a total of 1799 forms requiring a PPSN received by the CRO. Of these, 145 (8%) were returned by the online system. A further 372 were subject to offline scrutiny by CRO staff where a decision can be made on a close match of a director’s name. The majority of returns were due to a fundamental failure to match a director’s name, PPSN and date of birth held by the Department of Social Protection (DSP). The CRO advises presenters to ensure that directors verify the information they are supplying before submitting forms to the CRO. In particular, it is important that the date of birth supplied to the CRO matches exactly with the date of birth on the DSP database. It is also important to remember that a director may use a different name on the CRO register than that held by the DSP. For example, James O’Reilly may be registered with the CRO but the DSP may have Seamus O’Reilly on record. It is important therefore that as a first step, the director’s data on CORE should be checked to ensure that it is correct. The online CORE form has a field titled “Name registered with Department of Social Protection for PPSN purposes (if different)” and this should be filled in to avoid any delay in registering the form. Where a director has been issued with a PPSN it is compulsory to use that PPSN when submitting a form to the CRO. Where a director does not have a PPSN but does have a Register of Beneficial Owners (RBO) number, then the RBO number can be used. If a director does not have either a PPSN or an RBO number the director can apply for an Identified Person Number (IPN) using the VIF form. The IPN is a number issued by the CRO to directors/beneficial owners who do not have a PPSN or an RBO number and can be used to file with either RBO or CRO. For further information on PPSN, RBO or IPN please see the CRO website PPSN - FAQ (cro.ie).   If presenters have queries not dealt with on the CRO website these can be emailed to crodirectorid@enterprise.gov.ie. As we approach the peak filing period the CRO recommends that presenters ensure that they have the full details in relation to the directors of companies well in advance of the company’s filing date. If it is necessary to apply for an IPN then that should be done as soon as possible in order to ensure that the IPN is issued in good time for the filing deadline. While the CRO will endeavour to deal with all IPN applications promptly, processing times will depend on the volumes of applications received so the earlier the application is made the better.  

Welcome to this edition of Technical Roundup. In recent developments, the European Commission has welcomed the adoption of two final pillars of its Fit for 55 legislative package for delivering the EU's 2030 climate targets; the Pensions Authority has published its guidance for trustees on the own-risk assessment (ORA), as required under section 64AL of the Pensions Act. Read more on these and other developments that may be of interest to members below. Financial Reporting The European Financial Reporting Advisory Group (EFRAG) has launched a survey which seeks feedback on the IASB’s tentative decisions on its project Business Combinations - Disclosure, Goodwill and Impairment. The objective of this survey is to help EFRAG’s project team to better understand whether the proposed disclosure requirements in the tentative decisions can be applied in practice and whether they meet the intended objectives at a reasonable cost. EFRAG has announced that the report Towards Sustainable Businesses: Good Practices in Business Model, Risks and Opportunities Reporting in the EU, which was developed by the European Lab Project Task Force on the reporting of non-financial risks and opportunities, was selected for this year’s session of ISAR Honours. The report looks at the drivers of current reporting practices and the application of technological solutions, while also looking at how the reporting of sustainability risks and opportunities and their linkage to the business model can be improved. In its Annual Review of Corporate Reporting 2022/2023, the FRC has reported findings from its monitoring activities along with its expectations for the coming year. Also included in the annual review were the most frequently raised issues identified by the FRC which includes impairment of assets, judgements & estimates, cash flow statements amongst other new and recurring themes. The report provides a useful insight for preparers and auditors of financial statements, investors and other users of corporate reports. The FRC are also holding a webinar on 1 November to discuss the key findings. ESMA, the European Securities and Markets Authority has published its September 2023 “Spotlights on Markets” newsletter. In his “Investor Perspectives” article, International Accounting Standard Board (IASB) member, Nick Anderson discusses transactions that are not reflected in cash flow statements and also the new disclosure requirements issued by the IASB in May 2023 (effective for periods commencing on or after 1 January 2024). The IFRS Interpretations Committee have released their September 2023 podcast which discusses the decisions reached at its meeting in September. This includes details of a new request made in relation to business combinations as well as the consideration of feedback received on three tentative agenda decisions. The UK Endorsement Board (UKEB) has published a survey on Accounting for Intangibles. This seeks views on how the accounting for, and reporting of, intangible assets could be improved.   Assurance and Auditing The FRC has published revised ISA (UK) 505 External Confirmations (Revised October 2023).  The revisions to the standard reflect recent enforcement findings as well as ensuring that modern approaches to obtaining external confirmations are considered, with additional material in respect of digital means of confirmation, enhanced requirements in relation to investigating exceptions and a prohibition on the use of negative confirmations. The revised standard is effective for audits of financial statements for periods commencing on or after 15 December 2024. IAASA has published its inspection insight series 3  Communication with Those Charged with Governance (TCWG) and IAASA’s YouTube channel also includes a video that shares questions asked by IAASA’s audit inspectors during 2022 and 2023 in the area of communication with TCWG. IAASA has published its annual Observations paper highlighting matters that management, Audit Committees and auditors should consider when preparing, approving and auditing financial statements for 2023 year end dates. Sustainability The European Parliament have voted to adopt the European Sustainability Reporting Standards (ESRS) which will pave the way for the standards to become effective, depending on a company size and nature, on a phased basis financial periods beginning on or after 1 January 2024. Members of the parliament rejected a resolution put forward on 18 October that would have weakened the European Sustainability Reporting Standards, clearing the way for final adoption of rules for companies to report on sustainability-related impacts, opportunities and risks. The ESRS are the sustainability reporting standards that companies subject to the CSRD will be required to apply. The ESRS will comprise 12 standards covering the following areas - 2 Cross-cutting standards which set out the general principles and disclosure requirements standards, and 10 Topical standards which incorporate five Environment standards, four Social standards and one Governance standard. The UKEB, the Australian Accounting Standards Board (AASB), Canadian Accounting Standards Board (AcSB), Malaysian Accounting Standards Board (MASB), and the New Zealand External Reporting Board (XRB), has published a joint letter to the International Sustainability Standards Board (ISSB) highlighting their common concerns regarding its recent Agenda Consultation. The 3 areas of concern noted were: Connectivity with accounting standards Strategic roadmap Implementation priority The European Commission has welcomed the adoption of two final pillars of its ‘Fit for 55' legislative package for delivering the EU's 2030 climate targets. Ahead of the crucial COP28 UN Climate Conference, and next year's European elections, this complete package of legislation shows that Europe is delivering on its promises made to citizens and international partners to lead the way on climate action and shape the green transition for the benefit of citizens and industries. The Financial Stability Board (FSB) has published its annual progress report on climate-related disclosures.  The report has been delivered to G20 Finance Ministers and Central Bank Governors for their 11-12 October 2023 meeting. The Financial Conduct Authority (FCA) has welcomed the publication of the Transition Plan Taskforce (TPT) Disclosure Framework.  As we transition to a low emissions economy, financial markets will increasingly want better information on how companies plan to adapt their business models, their operations and their products and services.   Insolvency The Institute recently hosted a webinar on Corporate Enforcement Authority – Insolvency. This conversation is with Cathy Shivnan, Director of Insolvency Supervision, at the Corporate Enforcement Authority (CEA) and gives insights into the CEA’s insolvency agenda. The session also included some background on Cathy’s career and her journey from Revenue to CEA along with the evolution of the CEA from the ODCE. The recording can be accessed here. Minister Dara Calleary, TD has signed the Companies Act 2014 (Section 682) Regulations 2023. The Regulations, which came into effect on 1 October 2023, prescribe a revised Report for use by liquidators when making reports to the Corporate Enforcement Authority under section 682 of the Companies Act 2014. The revised section 682 report should be used for all submissions made from 1 October 2023. The Rules of the Superior Courts (Order 74) 2023 also commenced on 1st October 2023. Sanctions -recent UK case A notable decision of the UK Court of Appeal Mints & Ors v PJSC National Bank Trust & Anor [2023] EWCA Civ 1132 was handed down 6 October 2023. The case concerns the UK Russian sanctions’ regime. One of the issues discussed but which was not part of the binding decision was the control issue. The judge said that the wording of the relevant UK regulation does not distinguish between different forms of “non-ownership control” or “calling the shots”. He concluded that control can be established under the regulation by whatever means including political and corporate office. You can read further details on the case and a subsequent statement issued by the UK Foreign, Commonwealth and Development Office in the news item here.   Anti money-laundering The European Fund and Asset Management Association has recently issued views on the European Commission’s anti-money laundering (AML) package proposal including that the threshold for identifying beneficial owners should be kept at 25% across all industries in which customers operate and that ‘control exercised via other means’ criteria needs to be clear, workable and enforceable for practitioners. You can read their press release here. Other News The European Securities and Markets Authority (ESMA) has launched a public consultation on the revision of the Delegated Regulation regarding fees charged to Tier 1 third country central counterparties (CCPs) under the European Market Infrastructure Regulation (EMIR). ESMA has published a supervisory briefing on circuit breakers, which provides a comprehensive overview of supervisory expectations regarding the calibration of circuit breakers implemented by trading venues (TVs).  The International Auditing and Assurance Standards Board (IAASB) has released amendments aimed at bolstering transparency and providing auditors with a clear mechanism to action changes to the International Ethics Standards Board for Accountants’ (IESBA) Code of Ethics for Professional Accountants (including International Independence Standards). The IAASB amended International Standard on Auditing 700 (Revised), Forming an Opinion and Reporting on Financial Statements and ISA 260 (Revised), Communication with Those Charged with Governance. The European Commission issued a communication  outlining its 2024 work programme, along with the accompanying annexes which offers a comprehensive overview of the Commission’s plans including regulation, implementation and enforcement of EU law and delivery of its six headline ambitions. The Central Bank of Ireland issued a public statement on 21 August 2023 in relation to an archiving error that affected the retention period of some information on borrowers’ credit reports held on the Central Credit Register (CCR). The Central Bank provided an update on the matter on 13 October 2023. The Pensions Authority has published its guidance for trustees on the own-risk assessment (ORA), as required under section 64AL of the Pensions Act.  Except for one-member arrangements established before 22 April 2021, the latest date by which a pension scheme's first ORA can be completed is 22 April 2024. This guidance is available on the own-risk assessment (ORA) page of the Authority’s website. For further technical information and updates please visit the Technical Hub on the Institute website.

A notable judgement has been handed down in a recent examinership case. In the case involving Mac Interiors Limited, Mr Justice Michael Quinn ruled that the court had no jurisdiction to confirm the scheme of arrangement proposed by the Examiner. The Judge said there had been a material irregularity in relation to the meetings at which the proposals were considered by the creditors of the Company. Lawyers at Matheson outline, in a note on the firm’s website, that the irregularity in question was creation of a class of creditors called “retained project creditors” who had claims that arose from projects that had not been terminated by the company or by the relevant creditors. It was deemed that this class of “retained project creditors” had been improperly constituted. The Judge said that each class of creditor should be confined to persons “whose rights are not so dissimilar as to make it impossible to consult together with a view to their common interest”. As a result, the court decided, the “retained project creditors” should have been included in the class of unsecured creditors and it had no jurisdiction to confirm the proposals. This judgement is significant in light of the new EU rules that requires a class of creditors in line to receive a dividend payment to back the scheme in order for court approval to be granted.

Barden has appointed more finance directors in 2023 than any other company in Ireland. Fact. Over the last 12 months, Catherine Drysdale FCA (here >>>), Ornaith Giblin FCA (here >>>), Simon Cogan FCA (here >>>), and Tony Kerslake CA (here >>>) all joined Barden, Ireland’s leading talent advisory and recruitment firm. And they joined Barden for a reason… They’re here because they want to use their education and experience to help create value for people in a different way – by acting as talent advisors to some of Ireland’s top finance and tech teams and making sure Ireland’s top talent gets access to the opportunities they need to achieve their ambitions. They’re here because they believe what we believe; like the rest of us in Barden, they are passionate about recruitment and the impact it has on people’s lives. They’re here because in Barden we’re investing in our future and in yours. It takes talent to know talent. In Barden, we work with the very best; do you? Find out more about what Barden's team can do for you.