With mandatory gender pay gap reporting becoming a legal requirement for some companies this month, effective reporting is essential. Doone O'Doherty outlines her five-step guide to getting it right Irish companies employing 250 people or more were required to publish their first gender pay gap report online by 1 December 2022, but not all have met the deadline. For those lagging behind, there are potential consequences. Guidance issued by the Department of Children, Equality, Disability, Integration and Youth, notes that: “The Gender Pay Gap Information Act 2021 provides the Irish Human Rights and Equality Commission with the power to make an application to the Circuit Court or to the High Court for the granting of an order requiring the employer concerned to comply with the Regulations”. The 2021 Act also provides that an employee may refer their employer to the Director General of the Workplace Relations Commission for failure to comply with regulations. It is therefore crucial that any company employing 250 people or more, which has yet to publish its gender pay gap, take immediate steps to do so. Here are the five steps I recommend: 1. Complete your calculations The Gender Pay Gap Information Act 2021 outlines 11 specific data points that must be included in reports. Companies should ensure that: they understand what is required, such as who is included in the count, the snapshot timeframe, and what counts as ‘ordinary pay’ and ‘remuneration’, etc.; they have gathered all relevant data needed for the calculations; and calculations are complete. Once this is has been done, the focus should shift to conducting any additional analysis needed to contextualise the numbers in the report. 2. Document your approach Your calculations will need to be re-run annually, and your 2022 gender pay gap number will be the baseline against which annual progress will be measured. Ensure your approach is well documented so that your organisation can compare like-for-like each year. As some aspects of the legislation are unclear, a judgement call may be needed. In this context, documenting the rationale will be important. 3. Finalise your report In addition to the reporting of certain data points, the legislation requires that companies: explain the reason for any gender pay gap; and ·outline measures that have been taken or proposed to close the gap. Ensure that any reasons given for the gap are evidence-based. Do the numbers reported support the reasons for a gap, for example? Are actions proposed to close the gender pay gap in your organisation realistically implementable? In finalising your report, consider the following: the branding support needed to ensure that the report aligns with other publications produced by your organisation; who in the organisation will carry out a final review; who will provide the final sign-off; and who will be responsible for uploading the report to your website. 4. Lock down your communications strategy With a sensitive and technical topic like gender pay gap reporting, effective communication is essential. When considering your communication strategy, make sure that: your marketing and public relations teams are prepared to execute the communication strategy; all senior stakeholders are fully briefed on the key messages for both internal and external audiences; and you have considered whether you should nominate a team member responsible for responding to media queries and social media comments. 5. Start to prepare for year two There will be a very short window between reporting now and the next snapshot date in June 2023. To ensure that you can demonstrate progress in closing your gender pay gap, you must drive ongoing Diversity, Equity and Inclusion (DE&I) plans and consider whether new initiatives may be required. The steps companies take now when publishing their reports will largely determine how their gender pay gap rating will be received and understood, both internally and externally. My advice is that employers prepare their completion checklist without delay—and check it twice. Doone O'Doherty is Partner of People & Organisation in PwC

Welcome to this week’s Technical Roundup. In developments this week, the Financial Reporting Council (FRC) has published new firm-level audit quality indicators (AQIs) following clear support from users of audit services for greater insight into many of the indicators that drive audit quality; following a global conference on criminal finances and cryptocurrencies, Europol and the Basel Institute on Governance have issued a booklet with 5 recommendations for crypto assets related crime and money laundering Read more on these and other developments that may be of interest to members below. Auditing IAASA have updated their website. The statement of auditors’ responsibilities is now at https://iaasa.ie/publications/description-of-the-auditors-responsibilities-for-the-audit-of-the-financial-statements/ while the standards are at https://iaasa.ie/auditing-and-assurance-standards/. ISQM Transition issues A new Technical Alert (TA 05 2022) has been issued which discusses the transition from ISQC1 to ISQM 1 in relation to assurance engagements and reports prepared under international standards. The Financial Reporting Council (FRC) has published new firm-level audit quality indicators (AQIs) following clear support from users of audit services for greater insight into many of the indicators that drive audit quality. The AQIs will provide users of audit services provided by the largest UK audit firms with more information about factors that drive audit quality and help them make an informed choice when selecting an auditor. The 11 AQIs include a range of comparable indicators on perceived culture within an audit firm, audit quality inspection results, staff workloads, and the level of partners’ involvement in audits. Audit committees and others will also be able to assess firms on a consistent basis, with the knowledge that AQIs across the firms will be calculated in the same way.  The FRC has announced new supervision measures to support smaller audit firms seeking to grow their share of the audit market without compromising audit quality. Chartered Accountants Ireland has responded to a consultation by IAASA on International Standard on Auditing (ISA) (Ireland) 600: Special Considerations – Audit of Group Financial Statements (including the Work of Component Auditors). Sustainability The Central Bank Director of Securities and Markets Supervision spoke at a recent event which was primarily on the subject of fund management companies but also touched on the topic of sustainable finance in light of the forthcoming deadline for compliance with the disclosure requirements under the EU Sustainable Finance Disclosures Regulation (SFDR). She referenced a recent CBI  seminar in this area and the CBI  Information Note on the topic. You can read her remarks in full here. See also the remarks on climate change made by the CBI Director of Credit Institutions Supervision Federation of International Banks in Ireland annual conference. You can read the news item here. The EU Council has adopted its general approach for the proposed Corporate Sustainability Due Diligence Directive (“CSDDD”).  This Directive will lay down rules on obligations for large companies regarding actual and potential adverse impacts on human rights and the environment, with respect to their own operations, those of their subsidiaries, and those carried out by their business partners in their chain of activities. It also will lay down obligations for companies to adopt a plan ensuring their business model and strategy are compatible with the Paris Agreement on climate. Lastly, the CSDDD will also specify penalties and civil liability for violating the obligations. The proposal for the CSDDD is available here. Crypto news Crypto continues to be in the news and some readers may find interesting a recent speech by a Member of the Executive Board of the ECB on the bursting crypto bubbles and the destiny of digital finance. He goes through 3 fundamental flaws in crypto finance, being unbacked crypto assets offering no benefits to society, stable coins being exposed to runs and crypto markets being highly leveraged and interconnected. He also discusses the destiny of digital finance and regulating crypto assets. Click here to access the speech. Following a global conference on criminal finances and cryptocurrencies Europol and the Basel Institute on governance have issued a booklet with 5 recommendations for crypto assets related crime and money laundering. It includes a recommendation to break down silos between traditional and crypto saying that the separation between “traditional” and “crypto” organised crime and money laundering is increasingly unhelpful. It also says that it is essential that crypto assets are treated like any other asset for the purposes of AML/CFT supervision and enforcement. Readers can access the booklet here. Other news The Dept. of Enterprise Trade &Employment tweeted on Thursday that in the light of ongoing repercussions of the pandemic on Irish businesses, the Government has approved the further extension of 2 important temporary measures of the Companies Act to 31 Dec '23 📌virtual general meetings will continue 📌Threshold a company is deemed unable to pay its debts remains at €50k. The Minister of State for Trade Promotion, Digital and Company Regulation Dara Calleary said the increased threshold of 50k is retained until Dec '23 to assist in the ongoing operation of struggling or recovering businesses and will ensure that fundamentally viable companies will not be wound up for relatively small debts of €10,000. He also said that importantly, work continues to put virtual AGMs and general meetings on a permanent statutory footing. The extension to Dec '23 will allow companies & co-ops to continue to comply with their legal obligations in what is a challenging trading environment. Please click here also for the Dept.'s recent press release on the subject. The Charities Regulator has recently published the latest issue (19) of its bulletin “Charities Regulator News”. It includes details of a survey of the charity sector where it wants to hear from charity trustees, employees and advisers to a charity. It also contains details of its new charity classification standard and some information on the sale authorisation process for charity properties. The Irish government this week launched its White Paper on Enterprise 2022-2030 setting out the government’s enterprise priorities in the period to 2030. At the launch the Tánaiste and Minister for Enterprise, Trade and Employment spoke about decarbonisation, the Minister for Trade Promotion, Digital and Company Regulation spoke about the importance of Ireland as a hub for the digital sector and the Minister of State for Business, Employment and Retail spoke about local business community in Ireland playing an increasingly important role in creating jobs. You can read details of the press release here and download the white paper here . Readers who deal with credit unions will be interested to know about the recent publication by the Dept of Finance (DOF) of the Credit Union (Amendment) Bill 2022. It is the first substantive credit union legislation since 2012 and covers items such as the creation of corporate credit unions, as an additional regulated vehicle through which credit unions could collaborate, improving members’ services by allowing credit unions to refer members to other credit unions and to participate in loans of other credit unions and allowing the Minister for Finance to set a maximum interest rate .You can read the DOF press release here  and access a copy of the draft bill here. The Central Bank has issued a “Dear Chair” letter regarding: “Follow up on thematic review of fund management companies’ governance, management and effectiveness” The letter covers areas where improvement is required including diversity, INED tenure, director time commitments and dedicated CEOs. There is a requirement for firms to bring this letter to the attention of their boards and must ensure that any areas “requiring improvement that directly relate to a firm are given due consideration to ensure robust and appropriate governance arrangements are in place”. The full text of the letter is available here. The UK Fraud Advisory Panel recently launched the findings of its annual survey into fraud within the charity sector in association with BDO. This year’s report offers a snapshot view of how some charities in the UK (particularly large ones) have been affected by fraud over the last year. Readers can see how charities perceive their fraud risk, and importantly, what measures charities can put in place to combat fraud risk during times of great pressure and uncertainty. Click here to access a copy of the report. The Dept. Of the Taoiseach recently launched a public consultation on the Irish National Risk Assessment 2023.The National Risk Assessment provides a systematic overview of national-level risks and since first published in 2014 has drawn attention, at an early stage, to the importance of phenomena such as the UK’s departure from the EU, housing shortages, as well as pandemics. The Dept. has listed Proposed 2023 Strategic Risks and asks stakeholders to assess whether the draft risks identified accurately represent the major risks facing the country, whether there are any significant risks that should be added, or whether any of the proposed risks do not warrant inclusion. The consultation is open until Friday the 17th of February 2023. Please click here for more details on the consultation and for the draft list of strategic risks. For further technical information and updates please visit the Technical Hub on the Institute website. 

In this week’s bulletin we bring you news of the ‘green and digital economy’ as set out in Ireland’s white paper on enterprise, the launch of Ireland’s ‘SDG Champions’ programme, renewable energy use in Northern Ireland, the Biodiversity COP in Montreal, Canada, and the launch of the Chartered Accountants Ireland Ethnicity Network Group. Also find links to useful articles, sustainability jobs and events.   Chartered Accountants Ireland launches initiative to support ethnic minorities in accountancy profession  Chartered Accountants Ireland has today launched an Ethnicity Network Group to develop a more inclusive profession by helping organisations to foster a culture of equity, inclusion and belonging for employees from minority ethnic groups. The Ethnicity Network Group will include a programme of events; the provision of training and resources for organisations; and the development of a mentoring programme to support members and students from Traveller, Black, Asian and other Minority Ethnic groups.    ‘Green and digital economy’ set out in enterprise policy   The Irish Government’s ‘White Paper on Enterprise’ launched this week and points to the increased urgency to decarbonise industry. The first of the policy’s seven priority enterprise policy objectives – ‘Integrating decarbonisation and net zero commitments’ – includes a target to reduce emissions from industry by 35 percent by 2030, with a 45 reduction in emissions expected in the commercial built environment by 2030. Speaking at the launch, Tánaiste and Minister for Enterprise, Trade and Employment Leo Varadkar, T.D., said that “decarbonisation requires all business to take action and invest in change. Government will be there to help businesses reduce their reliance on fossil fuels and improve their energy efficiency in the coming years through a range of initiatives, including knowledge transfer, grants and loans.”   Also announced this week was a funding agreement with the European Investment Fund (EIF) for a €500 million “Growth and Sustainability Loan Scheme”. This scheme will make competitively priced loans of between €25,000 and €3 million available to SMEs for terms of up to ten years, with loans of up to €500,000 available unsecured. The scheme will target a minimum of 30% of the lending volume towards Environmental Sustainability purposes with the aim of encouraging SMEs to take positive actions in support of the climate change agenda.  Ireland launches ‘SDG Champions’ programme   The Department of the Environment, Climate and Communications (DECC) has launched its 2023 SDG Champions Programme. DECC is seeking applications from all organisations and groups to find 20 advocates for the UN Sustainable Development Goals (SDGs), to raise public awareness of the SDGs as ‘SDG Champions’. Applications will be accepted until Friday, 20 January 2023. Find out more about the SDGs from the Chartered Accountants Ireland Sustainability Hub.   Renewable electricity consumption -  Northern Ireland   A total of 49.3 percent of total electricity consumed in Northern Ireland between October 2021 and September 2022 was generated from renewable sources located. The ‘Electricity Consumption and Renewable Generation in Northern Ireland: Year ending September 2022’, published this week, details the percentage of electricity consumption in Northern Ireland generated from renewable sources and includes information on the type of renewable generation. The highest percentage recorded  - and the monthly proportion on record for the region – was recorded in February 2022, when 76.5 percent of electricity consumption was generated from renewable sources.   The Biodiversity COP  The ‘Biodiversity COP’  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. This COP comes quickly after the international summit on the climate crisis – ‘COP27’ – in Egypt, at which the architects of the Paris Agreement reiterated that the climate crisis and nature loss are intrinsically linked: “There is no pathway to limiting global warming to 1.5 degrees without taking action on protecting and restoring nature”. Find out more about accountants and accounting for nature on the Chartered Accountants Ireland Sustainability Hub.   Articles  The stakes could not be higher at Cop15, where countries must map way to save biodiversity on Earth (Irish Times)  Carbon accounting: what it is and why your company should start doing it (World Economic Forum)  COP27  - Impact and implications (Accountancy Ireland)   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.   Upcoming events  A4S Summit, bringing together leaders in finance for discussion, insight and action to explore the trends shaping our world and the practical actions that can be taken to build a resilient, sustainable economy,  13-15 December  Biodiversity COP15 Part 2, 7-22 December 

In this week’s EU exit bulletin, we bring you the latest guidance updates and publications relevant to EU exit. We also update you on recent developments in relation to the Protocol on Ireland / Northern Ireland. HMRC has now published in one place a new collection bringing together guidance on customs valuation rules for imported goods and the latest FAQs on the Customs Declarations Service (“CDS”) are available. Update on the Protocol The Northern Ireland Protocol Bill remains at Report Stage. At the end of November, the House of Lords Sub-Committee on the Protocol on Ireland/Northern Ireland wrote to the Foreign Secretary on the Northern Ireland Protocol Bill and also published a news story on this.   The letter summarises the findings of the Committee’s inquiry into the Bill and takes account of 11 evidence sessions held in Westminster, a visit to Newry and Belfast, and nearly 40 written submissions from a range of Northern Ireland stakeholders and experts, including Chartered Accountants Ireland. In order to inform the House’s continued scrutiny of the Bill, the Committee has requested a response to the questions outlined in the letter by 13 December 2022. The Welsh Senedd recently voted on the Bill and did not give consent (35 votes for, 15 against) to the UK Parliament considering the provisions of the Bill which fall within the legislative competence of the Senedd. Updated guidance on customs valuation HMRC has published a collection of guidance on working out the customs value of imported goods. The purpose of the collection is to bring together in one place all the relevant information on customs valuation. The collection includes guidance on:- ·valuation methods; ·valuing different types of goods; delivery costs; how to calculate the import VAT payable; rates of exchange; and different types of charges and fees. Miscellaneous updated guidance etc. The latest guidance updates, and publications relevant to EU exit are as follows:- Customs declaration completion requirements for Great Britain; Customs Declaration Completion Requirements for The Northern Ireland Protocol; Data Element 2/3 Documents and Other Reference Codes (National) of the Customs Declaration Service (CDS); Data Element 2/3: Documents and Other Reference Codes (Union) of the Customs Declaration Service; Apply to use simplified declarations for imports; Apply to import goods temporarily to the UK; Customs Declaration Completion Requirements for The Northern Ireland Protocol; and Customs declaration completion requirements for Great Britain.    

In this week’s public policy bulletin, we examine the latest wage growth statistics from November together with the latest from Government on its revised enterprise policy and progress in relation to the National Digital Strategy. We also take a look at the launch of a review into late payments made to small businesses in the UK as well as a series of new proposals from the European Commission aimed at harmonising corporate insolvency rules across the EU. Slowdown in wage growth seen in November   According to a new report jointly developed by economists from the Central Bank and recruitment site Indeed.com, wage growth slowed across economies in Europe during November – with this slowdown being most acutely felt in Ireland, Italy and the Netherlands.  The Indeed Wage Tracker measures growth in wages and salaries advertised on Indeed job postings across eight advanced economies, made up of six euro-area countries, the UK and the US. While in 2022 growth in posted wages in job ads on Indeed accelerated sharply as labour markets continued their recoveries from the pandemic, November data suggests that this period of accelerated wage growth “could be coming to an end”. As set out in the report, wages rates across the six-euro area countries tracked fell from an annual rate of 5.2 percent in October to 5.1 percent in November, the first decline in 19 months. Enterprise policy direction to 2030 announced This week the Government approved a ‘White Paper on Enterprise’ effectively setting out the State’s policy direction on enterprise to the end of the decade. Framing it as “a plan of adaption rather than a major departure” from current Government policy in the area, the paper sets out a range of ambitious objectives as part of the strategy. Included amongst these objectives is a 20 percent increase in IDA client expenditure by 2024, a target of 2.5 percent average annual growth in Irish-owned enterprise productivity by 2024 as well as an overall spend of 2.5 percent of Gross National Income on research and development by the year 2030.   Progress report on National Digital Strategy This week the Government issued a progress report on its National Digital Strategy, ‘Harnessing Digital – The Digital Ireland Framework’. Launched in February of this year, the aim of the strategy is “to drive and enable the digital transition across the Irish economy and society” across four key dimensions – enterprise, infrastructure, skills and public services. Outlining the progress that has been made across each of these dimensions since the strategy’s launch, the report highlights how Ireland retained its strong position of 5th out of the EU27 in the EU’s 2022 Digital Economy and Society Index. Some of the milestones highlighted by the report include: the launch of an €85 million Digital Transition Fund to support companies at all stages of their digital journey; a new digital training scheme for SMEs, ‘You’re the Business’, in partnership with Google; and the publication of a revised Statement on the Role of Data Centres in Ireland’s Enterprise Strategy in July The report makes particular mention of the importance of accelerating Ireland’s digital development in view of the “economic headwinds” currently facing Irish businesses and households together with the recent job losses seen in the technology sector. UK Business Secretary launches review into tackling late payments to small businesses UK Business Secretary Grant Shapps this week announced an in-depth review into payment practices to small businesses aimed at reducing late payment of invoices by larger companies which has led to significant cash flow problems in the sector and an estimated £23.4 billion in current outstanding invoices owing to the UK’s 5.5 million small businesses.   The Payment and Cash Flow Review will consider the progress made in specific sectors of the economy in combatting late payment and will also include an in-depth examination of current payment reporting regulations and the Prompt Payment Code. Also within the scope of the review is the role of technology-enabled accountancy platforms in tackling late payments and promoting a better understanding of prompt payment measures within the small business community. EU Commission issues new proposals on corporate insolvency as part of Capital Markets Union initiative The European Commission this week put forward a series of proposals designed to further develop the EU’s Capital Markets Union initiative and break down barriers between the bloc’s financial markets. Amongst a suite of new proposals, the Commission is aiming to harmonise certain corporate insolvency rules across the EU with a view to making these more efficient and helping to promote cross-border investment. As part of the suggested changes, the Commission has proposed a simplified regime for microenterprises across the EU to lower the costs of winding them down and to enable the companies' owners to be discharged from debt, granting them a fresh start as entrepreneurs. Moreover, the Commission’s proposals also include measures to introduce ‘creditors' committees’ as part of the insolvency process to ensure a fair distribution of the recovered value amongst creditors as well as specific new rules designed to preserve the insolvency estate (i.e. avoiding actions by debtors that would reduce the value that creditors can get).

As you head towards qualification and perhaps start to think about moving to a new role then why not set up your ‘job search project’. The detail below will help guide you in some of the key actions : Looking for work is a job in itself. As with any other important activity in your life, you should set aside time in your diary exclusively for this and give it your full attention to ensure you are covering all the key tasks. There are a wide range of activities you can work on, so allocate proportionate time for each and keep all your interfaces up to date. We have put together this checklist that you can incorporate into your activities to ensure you are giving enough focus to your interaction with third party advisors, your personal networking and your direct applications. LINKEDIN : Tick the ‘open to new opportunities’ check box in my LinkedIn settings Get my LinkedIn profile up to 100% completion   Follow companies of interest on LI   Send a polite connection request with message to 10 targeted profiles in LinkedIn each day. Review the profiles of my peers and predecessors on LinkedIn to see what steps their career paths have taken. Join groups on LinkedIn like Chartered Accountants Ireland and sector/skillset relevant groups MARKET MAPPING : Market map the sectors that appeal to you Set up job alerts messages on relevant job websites such as Irishjobs and LinkedIn Open a spreadsheet to track your applications and to facilitate following up on them Check the Irish times 1000 list of companies and examine each sector Research the companies and sectors that are of interest to you Make a list of sectors that interest you and are currently offering job opportunities Consider contract and interim roles Send 5 speculative applications per week to organisations of interest. NETWORKING : Review back issues of Accountancy Ireland or other business publications as research and for networking suggestions Reconnect with the practice where you trained; partners may have clients with requirements now Brainstorm a personal network list of contacts to go through and reconnect with in the weeks ahead Create a spreadsheet of potential contacts to keep track of your progress Analyse closely the organisations and business parks your locality to see what organisations might be recruiting Check the websites of IDA and Enterprise Ireland, Chamber of commerce and others Are the Big 4 firms doing Breakfast networking meetings online now that you could attend? List out the top 10 Buoyant sectors in the current market and research employment opportunities CV : Create a few different versions of my CV. Short / long, sector-specific etc Tweak my CV each week and save new version as I research specs. Seek feedback on my CV from a number of professional sources RECRUITERS : Research 3 reputable recruiters to partner with and build relationships Seek recommendations of recruiters to approach and get a warm introduction where possible Check in with your recruiter regularly for an update either by mail or brief call PERSONAL DEVELOPMENT: Use the Chartered Accountants Ireland Career Pathway tool to clarify your development needs Select a CPD or upskill course to start soon. Speak to my mentor and discuss plan / Get an independent experienced mentor. Review the Chartered Accountants Ireland website for articles and webinars Use the time to get devise a clear plan that reflects what is important to me in terms of a career roadmap and preferences in relation to: salary / location / work life balance / benefits / bonus / hours flexibility / WFH / promotion prospects. INTERVIEW PREPARATION : Start practicing your interview technique F Build a one page bulleted ‘strengths and weaknesses’ skill-set list Develop a bank of examples that you can outline in interview that will showcase your skills and competencies (use the STAR format) SELF -CARE AND WELLBEING :  Allocate time to connect with family and friends F Build exercise and relaxation into your weekly schedule Try to make some time for your own hobbies and interests each week. Dave Riordan (ACA) Recruitment Specialist & Career Coach | Careers Team – Chartered Accountants Ireland Chartered Accountants House | 47 Pearse St, Dublin 2, Ireland Phone: +353 1 637 7251 | Mobile: +353 87 9674285                 

The Dept. of Enterprise Trade &Employment tweeted today  that in the light of ongoing repercussions of the pandemic on Irish businesses, the Government has approved the further extension of 2 important temporary measures of the Companies Act to 31 Dec '23 📌virtual general meetings will continue 📌Threshold a company is deemed unable to pay its debts remains at €50k. The Minister of State for Trade Promotion, Digital and Company Regulation Dara Calleary said the increased threshold of 50k is retained until Dec '23 to assist in the ongoing operation of struggling or recovering businesses and  will ensure that fundamentally viable companies will not be wound up for relatively small debts of €10,000. He also said that importantly, work continues to put virtual AGMs and general meetings on a permanent statutory footing. The extension to Dec '23 will allow companies & co-ops to continue to comply with their legal obligations in what is a challenging trading environment. Please click here also for the Dept.'s press release this morning on the subject.

As members are aware In December 2022 the new international standards on quality management (QM) come into effect: International Standard on Quality Management 1 (ISQM 1), International Standard on Quality Management 2 (ISQM 2) International Standard on Auditing 220 (revised) (ISA 220 (revised)). These standards are effective for periods beginning on or after 15 December 2022 and effective for other assurance and related services engagements beginning on or after 15 December 2022.  Members are directed to our quality management webpages which have links to the standards and to further guidance including the Technical Alert issued in May 2022 TA 03/2022 Guidance on the Quality Management Standards.  A new Technical Alert has been issued which discusses the transition from ISQC1 to ISQM 1 in relation to assurance engagements and reports prepared under international standards. TA 05/2022 Transition issues arising from the implementation of the Quality Management Standards 2022

Institute research shows those who identify as ‘other’ ethnicity more likely to report a negative impact on their career Over half of members and over 60% of students interested in accessing additional Diversity & Inclusion supports  7 December 2022 – Chartered Accountants Ireland has today launched an Ethnicity Network Group to develop a more inclusive profession by helping organisations to foster a culture of equity, inclusion and belonging for employees from minority ethnic groups. The Institute represents over 31,500 members working in business, in practice and the public sector on the island of Ireland and in over 100 countries.  The Ethnicity Network Group will include a programme of events; the provision of training and resources for organisations; and the development of a mentoring programme to support members and students from Traveller, Black, Asian and other Minority Ethnic groups. In establishing this initiative, the profession wants to encourage and facilitate the discussion of issues relevant to people in these minority groups and give them the voice and platform to identify solutions.  This comes as a survey of over 1,300 members and students of Chartered Accountants Ireland conducted by Coyne Research showed that over 40% (2 in 5) of members who claim to have witnessed/heard discrimination against others report it was based on ethnicity. 2 in 3 students reported the same. Accordingly, among both members and students, ethnicity was cited as the primary area that the Institute could place greater priority on, and over half of members and 60% of students surveyed would be interested in attending associated training or supports if offered by the Institute.  Commenting, President of Chartered Accountants Ireland Pat O’Neill said  “I warmly welcome the establishment of this Network Group, and my thanks to my colleagues in EY for supporting the Institute in launching this important initiative. Our organisation must be representative of those we educate, regulate, represent, and engage with, and indeed our membership should be reflective of the society we operate in and the public interest we act in support of.  “Supporting greater inclusion and belonging among minority ethnic groups in our profession makes sense on so many levels. First and foremost, it is the right things to do as a membership and student body and as an employer. In addition, however, by committing to the creation of a more diverse, inclusive, and supportive body it ensures that we are positioned to attract a wealth of talent into the profession, talent that places a premium on choosing an environment which values diversity and inclusion.” Commenting, Deborah Somorin, Chair of the Chartered Accountants Ireland Ethnicity Network Group said “I am delighted to see this network officially form today and on behalf of the committee I’d like to issue a warm invitation to people right across the Chartered Accountants Ireland network to join us in bringing our ambitions to life. We know that diverse perspectives, combined with an inclusive culture and equitable opportunities stimulate innovation, improve decision making and strengthen resilience.  “With this network we will aim to expand the conversation around diversity, to further strengthen the cultural intelligence within our profession and beyond, and to continually challenge biases in the highest and best way. I’m immensely proud of where we are today and look forward to seeing what we can create together.” ENDS 

In Irish news, tax receipts remain strong in 2022 and Revenue publishes guidance on the new ROS Return Preparation Facility. In UK news, the Institute does not recommend further tax devolution for Northern Ireland at this time and HMRC transfers remaining businesses to Making Tax Digital for VAT. On the International front, OECD data reveals tax revenues rebounded as economies recovered from the COVID-19 pandemic. Ireland November Exchequer figures confirm that tax receipts remain strong in 2022. Revenue has published detailed guidance on accessing and using the new ROS – Return Preparation Facility (RPF), enabling taxpayers and tax agents to complete forms without the need to log into ROS, save the forms on their local computer and upload the files to ROS at a later time. UK     3. The Institute does not recommend further tax devolution for Northern Ireland at this time.     4. HMRC transfers remaining businesses to Making Tax Digital for VAT. International     5. OECD data reveals tax revenues rebounded as economies recovered from the COVID-19 pandemic. Keep up to date with all the latest Irish, UK, and international tax developments through Chartered Accountants Ireland’s Tax Newsletter. Subscribe to the Tax News by updating your preferences in MyAccount.    

On 30 November the Ulster Society hosted a webinar in partnership with Co-Ownership which has been  helping people become home owners in NI for 43 years.  In this webinar Glynis Hobson and Niall McNulty from Co-Ownership discuss the support offered by the organisation and how the process works A recording of this webinar is available to view, for free and on demand, HERE A copy of the slides used by Glynis and Niall can be viewed HERE    

Typically, the festive season is a joyous occasion and a time for celebration, but it can equally be an extremely busy and demanding time that often puts extra pressure on us whether socially, financially or emotionally.  For some, it is a time where they acutely feel the loss of loved ones and feelings of loneliness. The festive period can affect your mental health in many ways and can bring up feelings of being overwhelmed, anxious, stressed and again this year, uncertainty of the pandemic. Our Thrive wellbeing team has compiled a list of tips to help you look after your mental health this Christmas. Realistic expectations It is easy to get carried away with the expectations of a perfect Christmas and everything that goes with it. However, this can cause disappointment and impact our self-esteem if it doesn’t turn out how we hoped. Be realistic about what you can expect from the festive season and avoid unhealthy comparisons with others. Create your own Christmas agenda for how you want to spend your time, focusing on a couple of things that are most important to you. Take a break The Christmas period can be the one time of year where we can truly take a break from the demands of day-to-day life. It is essential for our mental wellbeing to have some time-out to help prevent stress and feelings of being overwhelmed. Take this time to rest and restore your energy especially if you are feeling particularly drained. Make sure you set time aside to be by yourself if you need it and engage in activities that help you relax and unwind. Christmas is a time of compassion and giving, so why not indulge in some self-compassion and treat yourself. Reflect As the year draws to a close, you can quickly fall into the trap of thinking about everything you didn’t achieve and all those forgotten resolutions and goals. Try not to be too hard on yourself as you begin to reflect on the year that has passed. Accept the year for what it was and reflect and acknowledge the (big and small) things you have achieved and where you are now.   Say no Leading up to and during Christmas you can find yourself inundated with social engagements, invites, and being surrounded by people. If you are feeling uncomfortable or unsettled with the incoming invitations, the key is to give yourself permission to say no. You may want to limit your social interactions and while it is important to maintain some social connection it is imperative that you set clear boundaries with yourself on how much interaction you want to have. Balance your sense of social obligation against your need for self-care and time by yourself.   Healthy habits The temptation to overindulge is ever present at Christmas - the few extra tipples, lounging on the couch watching Christmas movies or over-doing it on the mince pies and rich food. Overindulging can cause your motivation levels to diminish and make you feel sluggish and not ‘yourself’. Alcohol may make you feel relaxed at first, but it is a depressant which can cause low mood and irritability. Strive to maintain some balance across the festive period if you can. Maintaining a relatively healthy diet and getting some exercise will give your mental health a much-needed boost. Get outdoors, wonder at the Christmas lights and decorations in your area or head out on a nature walk, it will do you a world of good. It can be quite difficult to maintain your usual routine over the holidays too. The best way to retain some semblance of routine and structure is keeping up a healthy sleep pattern. Sleep is an essential component to not only positive mental health but also our physical health. Talk to someone The expectations of the festive season can take its toll and the pressure to have a good time can be overwhelming. How we feel can become all-consuming. If you are struggling it is important to talk to someone about how you are feeling. Your family and friends are your best support system, reach out to someone you feel comfortable disclosing your feelings to. If Christmas is a hard time for you, it's important to remember that you are not alone. Help is here if you need it. The Institute’s wellbeing hub, Thrive, provides an array of mental health supports to members and students. Whether you need a listening ear, wellbeing advice or professional counselling, we are here for you. You can contact the team by email at: thrive@charteredaccountants.ie or by phone: (+353) 86 0243294 Merry Christmas!