Ireland’s urban growth demands sustainable development. As we transition to a green future, our focus must be on modernising regulations, energy resilience, R&D and public-private partnerships, says Robert Costello Ireland’s urbanisation has been rapid: in 1969, half of the population lived in rural areas, and urbanisation is expected to reach 75 percent by 2050. In recent decades, urbanisation combined with general population growth and an economic boom has dramatically increased the footprint of Ireland’s cities. Much of this growth occurred without due regard for sustainable development. As Ireland sets out on a green transition, we must focus on making our cities sustainable. Like the broader economy, Ireland’s cities run largely on fossil fuels. According to the United Nations, cities consume about 78 percent of the world’s energy, accounting for more than 60 percent of greenhouse gas emissions. Transport accounts for almost 18 percent of total emissions in Ireland, and nearly all (94 percent) of these emissions come from road transport. Ireland has among the longest commute times in Europe, with many commuting into and around cities. Ireland’s buildings are among the hardest to heat in Europe, with heat loss rates (U-values) three times those of Sweden. With poor heat retention and a relatively high reliance on solid fuels and oil, Irish buildings have the highest emissions in Europe. Net zero emissions commitments of Ireland and the EU The European Union is committed to achieving a 55 percent reduction in greenhouse gas emissions by 2030 and net zero emissions by 2050. Ireland has committed to reducing emissions by 50 percent by 2030 and achieving net zero emissions by 2050. Considering Ireland’s starting point relative to many of our European counterparts, significant action is required across the economy and society. By implementing initiatives across the following four pathways, Ireland’s urban areas can become more sustainable and resilient to climate change. 1. Modernise regulations Having the funding and finance to complete the green transition is necessary, but it is not sufficient: the regulatory environment must enable the required investment. Ireland’s regulatory regime has been slow to respond to the needs of those working towards Ireland’s net zero ambition. Green hydrogen (hydrogen produced from renewable energy) will have a key role to play in decarbonising the country’s hard-to-electrify sectors. This must be underpinned by a national hydrogen strategy that reviews existing regulations, considers where changes are required, and signals to the market the direction of travel in terms of the development of this vital sector. While the Government has consulted on a hydrogen strategy, the consultation report has yet to be published. An ambitious hydrogen strategy will go hand in hand with plans to develop offshore wind farms on Ireland’s west coast, allowing the country to become an energy exporter. 2. Plan for energy resilience and sustainability According to Engineers Ireland, Ireland faces an energy trilemma in which we must meet our energy needs while ensuring that we (i) increase sustainable energy production, (ii) keep our energy supply secure, and (iii) maintain affordability. Diversity of supply and investment in infrastructure, such as interconnectors and energy storage, are essential in overcoming this trilemma. 3. Invest in research and development We cannot build the world of tomorrow without research and development (R&D) today. We must therefore recognise the role of R&D within Ireland in making our green transition possible. As an international hub for technology firms, Ireland has the potential to make digitalisation a core part of how we decarbonise our economy, building smart cities and communities. Combined public and private investment in digitalisation R&D will transform our economy. 4. Rethink public-private partnerships Public-private partnerships (PPPs) are a very useful method of contracting to deliver infrastructure. In Ireland, they have been successfully deployed to develop our motorway network, build schools and now deliver much-needed social housing. They involve a lot of upfront work, de-risking projects and ensuring that the assets built are robust and well-maintained into the future. They also encourage more private sector involvement in infrastructure, bringing new technology and innovation into projects. In addition, PPPs allow governments and public bodies to retain ownership of the infrastructure assets, an essential feature for long-term public ownership. Rethinking PPPs involves broadening the areas in which this model can be deployed to help realise our net zero ambition. Areas where the model (or a variation of the model) can be deployed include district heating, battery storage, offshore grid infrastructure, bus and train fleets, electric vehicle (EV) charging, sustainable buildings and port infrastructure. On the (path)way to a better future Cities, big and small, can set out on clean-energy pathways. Each pathway requires working with various stakeholders, including some with competing needs. These stakeholders include regulators, power generators, power transmission and distribution companies, industry and consumers. Only by laying the proper groundwork can people be brought on board and positive outcomes maximised. Stakeholder engagement is all the more essential in the case of Ireland’s cities, which have less administrative and financial autonomy than cities such as Paris or Berlin – Ireland has the lowest level of local autonomy in the European Union. With a population that continues to grow rapidly and become more urban, Ireland must seize the opportunity to build more sustainable cities. A successful and sustainable green transition requires bringing people on board and embracing the technology that will enable shorter, cleaner commutes, warmer homes and a cleaner environment. Outlining and committing to clean energy pathways enables the public and private sectors to put the resources in place and build the necessary capacity to deliver the required investment in our cities and towns. Robert Costello is Leader in Capital Projects & Infrastructure Practice at PwC

Addressing underperformance requires a thoughtful approach that considers the underlying reasons behind it. Moira Grassick outlines ten essential steps to manage underperforming employees effectively Poor employee performance affects both the worker and your wider business. Underperforming employees can have a domino effect. When colleagues see one employee slacking, their own motivation can decrease. In some cases, an employee may be genuinely trying but is simply incapable of hitting their targets or meeting your business’s standards. Here are ten simple steps to deal with an underperforming employee fairly and effectively. Know what you want from the employee If an employee is underperforming, first be clear on what level of performance you want and consider if the relevant standards have been properly communicated to them. Confusion is unavoidable if either party isn’t aware of the required standards.  Begin with an informal approach When addressing a performance issue for the first time, approach it informally by conversing with the underperforming employee. This doesn’t mean the issue goes unaddressed; it simply means no formal disciplinary action will be taken at this stage. Approach this conversation with an open mind and empathise with the employee if their issue is personal.  Let the individual know that you have concerns The first practical step is to let the employee know that you have concerns regarding their performance. This should be done in a private conversation with them. This isn’t a formal hearing, so there’s no need to formally invite the employee with notice. Again, it’s best to approach this conversation in a personal, friendly manner.  Identify the problem Enquire as to the reason for the employee’s underperformance. This is necessary to establish what subsequent action you need to take. If they can perform better but simply choose not to, tell them that they must improve. If they can do the job (they’re trying hard but still can’t perform well), identify how you can help them. For example, the employee may need further training or supervision. If the reason is health related, it may be necessary to obtain an expert medical opinion. If they have a disability, reasonable accommodations to the workplace may need to be considered.  Refer to further consequences Although you’re dealing with the issue informally, let the employee know that you may need to begin a formal disciplinary procedure if they show no signs of improvement. Monitor performance Keep tabs on the employee’s subsequent performance. The level of monitoring required will need to be considered on a case-by-case basis. The employee is unlikely to appreciate overbearing scrutiny as they seek to improve, so handle this aspect sensitively. Revisit the issue If the employee’s performance doesn’t improve, or another dip follows a temporary improvement, revisit the issue. Speak to the employee again, pointing out that your previous discussion and/or any help provided doesn’t appear to have had an effect. Again, ascertain what the reasons are for the underperformance. Consider a formal procedure If insufficient improvement or explanation is provided, consider implementing a formal disciplinary or capability procedure with the employee. Formal disciplinary processes must follow the steps set out in your written policies. These processes must follow fair procedures and the principles of natural justice. Formally invite the employee to these hearings and inform them of their rights, like the right to be accompanied, the right to state their case and the right to appeal any decision that goes against them. Complete the process promptly Deal with the process efficiently ─ don’t allow the issue to drag on. Where you have prescribed timeframes in your procedures, stick to them. Be consistent Act in accordance with previous cases of a similar nature to ensure a consistent approach in terms of assistance provided or, if appropriate, sanctions issued. In addition to these tips, communicate clearly with any employee going through a disciplinary process and keep good written records of all the steps you have taken to address the issue. Moira Grassick is Chief Operating Officer of Peninsula Ireland

Key growth drivers in the coming years will be in high-value emerging tech in areas such as renewables, cleantech, ultra-personalised medicine, quantum computing and AI, says Feargal de Freine The results of EY’s 2023 Europe Attractiveness survey indicate a marked improvement in sentiment regarding Ireland’s attractiveness for foreign direct investment (FDI) compared with 12 months ago. Of those surveyed, roughly 46 percent believe Ireland’s attractiveness for FDI will improve over the next three years, an increase of nine percentage points on the 2022 survey result. A further 34 percent believe the country’s attractiveness will remain unchanged over the period. Only around 18 percent said it would decrease (down from 23 percent last year).  Future investment growth drivers Next generation FDI is likely to be very different. High-value emerging technologies in various areas, including renewables, cleantech, quantum computing, AI and ultra-personalised medicine, will be key growth drivers in the future. Countries competing for investments in these new battleground areas must demonstrate high levels of expertise and research capability and a ready supply of top-tier talent.  Competitiveness, agility, proximity and access to key markets, and tax remain important considerations when choosing a location. New imperatives, including political stability, security of energy supply, and creative subsidy and support programmes such as the US Inflation Reduction Act (IRA) and the EU Green Deal, are rising up the agenda. Businesses also look for locations to support them on their net zero and digitalisation journeys. Coupled with those factors are the evolving priorities of governments and local communities. Governments across the world are aiming to reshape investment agendas through new policy instruments such as the US CHIPS and Science Act. As the incidence of FDI mega projects increases, investors increasingly seek direct subsidies and other supports.  Tax reforms  There is continuing uncertainty related to the global tax reform process. Ireland is committed to the new global minimum tax rate of 15 percent, which will come into effect next year. Global adoption of new nexus and profit allocation rules is less advanced. Respondents to our survey highlighted the importance of increased support for overseas investors and reductions in business tax in the countries in which they invest. Globally, increased levels of state support may present challenges to countries in Europe that are constrained by EU state aid rules and may require new and imaginative policy responses at EU level.  Amid this uncertainty, Ireland needs to continue to set a stable and reliable course in terms of tax policy – this has been a key reason for the country’s attraction over the years. Ireland also needs to respond creatively to remain competitive. That response could include continuing to improve incentives like the R&D Tax Credit, investing in our universities to nurture the next generation of Irish talent, and ensuring high-quality property and real estate options are available nationally for prospective investors. Ireland will also need to continue to challenge itself in terms of how tax policy supports the ability to attract key senior talent as part of the strategy to secure and retain critical investment. Policy responses can be highly effective if they are responsive to investors’ needs, and not every policy requires a material investment of government funds. Risks to future FDI performance There are identifiable risks to Ireland’s future FDI performance. During the National Economic Dialogue in early June, the Department of Finance cited the “Four Ds” – demographics, decarbonisation, digitalisation and deglobalisation – as the key trends likely to transform the Irish economy over the next decade. They are also likely to have a profound impact on our competitiveness as an investment location.  Survey respondents noted the ongoing war in Ukraine, the level of public debt and its potential impact on taxes, the tight labour market, high inflation and a rising interest rate environment as key risks impacting 2023 investment plans in Ireland.  For those who believed that Ireland’s attractiveness would diminish over the next three years (18 percent of respondents), the top concerns were higher costs and political instability, followed by increased incentives available elsewhere.  Future growth Ireland’s future FDI growth hinges on embracing high-value emerging technologies, demonstrating expertise, nurturing top-level talent and addressing evolving priorities. Uncertainty surrounding tax reforms and potential risks such as geopolitical conflicts and economic challenges must be carefully navigated. Ireland’s stability, competitiveness and proactive policy responses will be vital in maintaining its attractiveness as an investment destination. Feargal de Freine is Assurance Partner and Head of FDI at EY Ireland

The Department for Business and Trade has launched a new digital service, the Regulated Professions Register (RPR). The RPR provides information about 200 regulated professions in the UK in one place on GOV.UK, and the service is particularly relevant to professionals from overseas seeking to access the UK labour market and also to UK businesses wishing to attract overseas professionals to the UK. The service signposts individuals to their chosen profession, offers them information about how the profession is regulated and by whom, and provides contact details for the relevant regulator. In launching the service, the Department notes that having this information in one, easily accessible place will make it easier for qualified professionals to navigate the UK labour market, and that it will also be a useful tool to understand more about the UK’s regulatory landscape and the various legislation governing regulated professions.

  In this week’s Sustainability/ESG bulletin, read how environmental taxes in Ireland raised €4.5 billion in 2022 compared to capital taxes which raised €2.35 billion in the same period. In addition, we cover the launch of a multimillion pound project to explore the potential for geothermal energy in Northern Ireland, updates from Europe, new sustainability resources that are available for businesses, as well as the usual roundup of articles, podcasts and events. Environmental taxes bring in €4.5 billion in 2022 The Central Statistics Office (CSO) has published its latest release of environment taxes for 2022. The statistics indicate that environment-related taxes accounted for 4 percent of total taxes in 2022, amounting to €4.5 billion (compared to capital taxes which represented just under 2.9 percent in the same period amounting to €2.35 billion). Carbon taxes increased by 22 percent in 2022 compared to the same period in  2021, and amounted to €807 million. Energy taxes, which include transport fuels, accounted for 61 percent of all environment-related taxes in 2022. Transport taxes (including motor tax and vehicle registration tax) accounted for 39 percent of all environment-related taxes in 2022. Ireland’s progress on the UN Sustainable Development Goals Ireland has submitted its second Voluntary National Review (VNR) on the Sustainable Development Goals (SDGs) to the United Nations, assessing the country’s progress on actions to achieve Agenda 2030 and the SDGs. The VNR notes that while progress has been made, including fully achieving over 80 percent of the associated 169 targets, Ireland faces challenges in achieving the goals. A report published separately by Concern Ireland states that businesses, particularly SMEs, are a cohort in particular need of support in delivering on sustainability goals, and highlighted the tensions between the business sector’s drive for profit and the need to address the pressing climate and sustainability challenges. Separately, the  Minister for Transport, Eamon Ryan TD, announced the publication of the Renewable Transport Fuel Policy 2023-2025, which aims to bring Ireland closer to sustainable transport goals. Meanwhile, the EPA launched a new Food Waste Charter, calling on all businesses and State Agencies operating across the food supply chain to sign up and commit to reducing food waste to help Ireland meet its commitments to halve food waste by 2030 under UN Sustainable Development Goal 12.3. Further information about what the UN SDGs mean for accountants can be found in Chartered Accountants Ireland’s Sustainability for Accountants. Irish Government consultations on sustainability  The Department of the Environment, Communications and Climate Action (DECC) is inviting contributions to a number of consultations including: a call for expert evidence to support and inform the preparation of the Climate Action Plan 2024, which is due for publication later this year. The closing date for responses is 14 July, and submissions can be made online through a consultation platform.   a consultation on the Department’s Research and Innovation Strategy. The accompanying consultation document sets out the background and context for research and innovation in DECC, including an overview of current research and innovation activities supported. The closing date for receipt of submissions via the EU Survey website is 11 August. Climate Conversation 2023, an online questionnaire seeking views on how Ireland can secure a sustainable future and become a climate resilient society. Inputs will feed into ongoing work on Climate Action Plan 2024, and the closing date for responses is 8 September. Northern Ireland Geothermal energy potential project launches A new multimillion pound project from the Northern Ireland Department for the Economy is set to explore the potential for geothermal energy in Northern Ireland, it was announced this week. The project designed to ‘unearth the heat beneath our feet’ aims to support how the region will decarbonise the energy sector in pursuit of net zero carbon targets by 2050.  Geothermal energy is the heat generated and stored in the Earth and is a source of affordable, low-carbon, renewable energy. Air quality statistics - Europe The European Environment Agency (EEA) has published provisional data on CO2 emissions from new passenger cars and vans registered in Europe in 2022 which show that average carbon dioxide (CO2) emissions from new cars and vans in Europe dropped in 2022 for the third year running. The main driver of this trend was a continued growth in the share of electric car and van registrations. A separate report found that key air pollutants monitored under EU law continued to decline across most EU Member States, maintaining a trend since 2005. Separately the European Parliament’s Environment Committee adopted its position to improve air quality in the EU and to create a cleaner and healthier environment, setting stricter 2030 limit and target values for several pollutants to ensure that air quality in the EU is not harmful to human health, natural ecosystems and biodiversity. This news comes as the EU Commission this week adopted annual emissions allocations for Member States for 2023, 2024 and 2025, setting the maximum level of greenhouse gas emissions that each Member State can generate per year in the sectors covered by the European Union’s Effort Sharing legislation, aligning the allocations with the recently agreed, more ambitious national targets for 2030. These will collectively cut the EU’s greenhouse gas emissions in the Effort Sharing sectors by 40 percent when compared with 2005 levels (the previous 2030 target was a 30 percent reduction). Climate change, security and defence  - Europe The European Commission and the High Representative have adopted a Joint Communication laying out how the EU will address the growing impact of climate change and environmental degradation in the fields of peace, security, and defence. The communication sets out four main priorities around planning, operations and partnerships, and approximately 30 actions to deliver on them, making clear the connection between climate and environmentally induced instability and resource scarcity that can be instrumentalised by armed groups and organised crime networks, among others. Nature restoration law There was no majority amongst MEPs on the Environment Committee for the Commission’s proposal, as amended, for a Nature Restoration Law. The regulation on nature restoration was proposed by the Commission in 2022 as part of the European Green Deal to contribute to the long-term recovery of damaged nature across the EU’s land and sea areas and to achieve EU climate and biodiversity objectives. Separately the Commission is planning to mobilise an additional €430 million of EU funding for EU farmers, including €9.5 million for Irish farmers, impacted by adverse climatic events, high input costs, and diverse market and trade-related issues. New sustainability guidance for business Irish business group Ibec has launched ‘Climate Action: A toolkit for business’, in collaboration with Accenture. The toolkit provides businesses with the information they need for their climate action journey and provides practical guidance on how to develop an enduring climate action strategy.   Business in the Community Ireland has also recently published its 2023 Sustainability Handbook which aims to help develop a common understanding of the role of business as powerful agents for good in bringing about a low-carbon economy.   The Science Based Targets initiative (SBTi) has issued new supplier engagement guidance which aims to enable businesses to accelerate their decarbonisation efforts and support companies to engage their supply chains to set science-based targets.   The World Wide Fund For Nature (WWF) has issued a short explainer on the implications for business from recent climate science, describing how businesses can invest in solutions and innovations that can protect both the environment and nature, cut emissions and “unleash business ingenuity at every level with their customers, investors and employees”.   A summary has been published by the International Federation of Accountants (IFAC) of a recent 2023 EU Green Week event where global industry leaders, experts and finance professionals explored the crucial role of accountancy in driving sustainability. The event addressed the relevant skills and capacity building needed to empower accountants, and IFAC’s summary also includes useful resources and links to further information. Technical update (From our colleagues in Professional Accounting) The International Sustainability Standards Board (ISSB) issued its inaugural standards - IFRS S1 and IFRS S2 - on 26 June 2023.The standards create a common language for disclosing the effect of climate-relates risks and opportunities in companies. See also webcasts on IFRS S1 and how IFRS S1 and IFRS S2 work together, ISSB’s an article “Ten things to know about the first ISSB Standards” responses from EFRAG and IFAC and the UK Endorsement Board (UKEB) draft comment letter relating to the ISSB’s recent Request for Information to inform its initial two-year work plan. Comments are requested by 23 July 2023. The Department of Enterprise, Trade and Employment is holding a webinar on the Corporate Sustainability Reporting Directive on Tuesday 4 July at 3pm. The webinar will provide an update on the policy decisions taken following the recent public consultation on member state options, and an update on its transposition plans.  Glossary update The Chartered Accountants Ireland sustainability glossary has been updated to include the All-Ireland Pollinator Plan, the Business for Biodiversity Platform, Business for Nature, ENCORE, the Wildlife Habitat Council (WHC) and the WWF – Biodiversity Risk Filter. Did you know? People around the world are preparing for Plastic Free July. Participants are taking their own small steps by looking at the plastics in their lives and choosing one or two items to switch. A free 31 Days of Plastic Free Choices calendar is available to download, with ideas for how to reduce single-use plastic waste at work, home, school, and in the community. Podcast The Explainer: What is hydrogen power, and could it replace coal, oil, and gas? James Carton, assistant professor in Sustainable Energy with DCU and an academic advisor to the United Nations on hydrogen, joins us on this week’s podcast to discuss this lesser spotted form of energy. How do you make it? Where could it be used instead of fossil fuels? Could it be part of a clean energy future, or does it amount to simply greenwashing? (27 mins) ‘You can’t decarbonize without digitization, you can’t increase digitization without data centres’  Ciaran Hancock is joined by Irish Times Business Reporter Ian Curran, Director of Cloud Infrastructure Ireland, Michael McCarthy and Energy Researcher at UCC, Paul Deane to discuss the impact of data centres on Ireland’s carbon emissions goals (32 mins) Articles   Accounting for Sustainability (A4S) has published a piece about bring finance mindset into sustainability reporting How to tell a good ESG story (ICAEW Insights) New rules aim to clamp down on corporate greenwashing (Reuters) The crucial role of auditors and accountants in the climate change fight (Accountancy Age) Five Takeaways From the Paris Summit to Fix Global Climate Finance (Bloomberg) EU Banks Expand Risk Scenarios They Face From Climate Change  (Bloomberg) Greenwashing firms and public entities face growing threat of litigation (Irish Times) EU regulators step up scrutiny on greenwashing (ICAEW Insights) CSRD: striving for consistent and quality sustainability assurance engagements across the EU. Accountancy Europe is inviting key stakeholders to exchange on their expectations for assurance engagements, the practical implications of the CSRD assurance requirement and the role of the assurance standard. This event is in person and by invitation only. For more information, contact events@accountancyeurope.eu. 5 July 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 Accountant 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: 26 July, 2023  14.00-15.00/30 Chartered Accountant House/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.  

In developments this week, IAASA has published a June 2023 edition of Standards Newsletter which includes information on the revision of ISA (Ireland) 600 for group audits and international developments; in the UK, the Department for Business and Trade has launched a new digital service, the Regulated Professions Register (RPR) which provides information about 200 regulated professions in the UK in one place on GOV.UK. Read more on these and other developments that may be of interest to members below. Assurance and Audit Technical Release 01/2023 Safeguarding reporting for payment and electronic money firms has been issued. The purpose of this Technical Release (TR) is to provide assistance to auditors who are engaged by Payment and Electronic Money (E-Money) institutions (the Firms) following a request from the Central Bank of Ireland to carry out an engagement pursuant to a letter to the Firms dated 20 January 2023 and a further communication on 25 May 2023. IAASA has published a June 2023 edition of Standards Newsletter. It includes information on the revision of ISA (Ireland) 600 for group audits, updates to the CEA guidance note, ethics for auditors in Ireland, proposed revisions to ISA (UK) 505 and international developments. ISSA 5000 General Requirements for Sustainability Assurance Engagements: The proposed International Standard on Sustainability Assurance 5000 (ISSA 5000) was approved by the IAASB and will be open for public consultation by August. This proposed standard aims to enhance confidence in sustainability reporting, responds to IOSCO recommendations, and complements the work of other standard setters, including the International Ethics Standards Board for Accountants, EFRAG, International Sustainability Standards Board and IFRS Foundation, Global Reporting Initiative, and others. Once finalized, ISSA 5000 will serve as a comprehensive, stand-alone standard suitable for limited and reasonable sustainability assurance engagements. It will apply to sustainability information reported across any sustainability topic and prepared under multiple frameworks. Moreover, the standard will be profession-agnostic, enabling its use by professional accountants and other professionals performing sustainability assurance engagements. Sustainability The International Sustainability Standards Board (ISSB) issued its inaugural standards—IFRS S1 and IFRS S2—on 26 June 2023.  The standards create a common language for disclosing the effect of climate-relates risks and opportunities in companies. Two webcasts recently hosted by ISSB Vice-Chair Sue Lloyd focus on IFRS S1 General Requirements for Disclosure of Sustainability-related Financial Information and articulate how IFRS S1 and IFRS S2 work together, with IFRS S1 setting out the way companies should approach reporting. The ISSB has also released an article entitled “Ten things to know about the first ISSB Standards”. EFRAG has welcomed the publication of IFRS S1 and S2, noting that their publication is a major step forward towards a global baseline in sustainability disclosure requirements. The International Federation of Accountants (IFAC) has also welcomed the release of the standards and issued an urgent call for the global accountancy profession to drive adoption and use of the standards. The European Commission (EC) issued the Corporate Sustainability Due Diligence Directive (CS3D) to trigger a behavioural change and hold businesses accountable for the impacts of their operations on environment and human rights. As the EU institutions are entering the trilogues on the CS3D, an in-person event is being held on 5 July in Brussels at the offices of the European Parliament which will bring together speakers representing the European Parliament, EC, investors, business and civil society to debate key issues and hear their priorities for the negotiations. The UK Endorsement Board (UKEB) has issued its draft comment letter relating to the ISSB’s recent Request for Information to inform its initial two-year work plan. Comments are requested by 23 July 2023. The Department of Enterprise, Trade and Employment is holding a webinar on the Corporate Sustainability Reporting Directive on Tuesday 4 July at 3pm. The webinar will provide an update on the policy decisions taken following the recent public consultation on member state options, and an update on its transposition plans. Registration is open here. Financial Reporting While opening the IFRS Conference 2023, Andreas Barckow, Chair of the International Accounting Standards Board (IASB) spoke about the role of financial reporting in uncertain times and how the IASB is supporting companies and ensuring investors’ information needs are met. Speaking at the opening of the same event, Emmanuel Faber spoke about the International Sustainability Reporting Standards (ISSB) and the role they will play in the future. The European Financial Reporting Advisory Group’s (EFRAG) draft comment letter in relation to the IASB’s Exposure Draft 2023/2 Amendments to the Classification and Measurement of Financial Instruments (Proposed amendments to IFRS 9 and IFRS 7) remains open for comment until 30 June 2023. The International Accounting Standards Board (IASB) has published the Request for Information: Post-implementation Review of IFRS 15 Revenue from Contracts with Customers. This request for information is intended to inform the upcoming post-implementation review of IFRS 15. This June IASB Update has been issued which highlights preliminary decisions of the International Accounting Standards Board (IASB). Projects affected by these decisions can be found on the work plan. The UKEB has published its Draft Endorsement Criteria Assessment (DECA) on International Tax Reform: Pillar Two Model Rules (Amendments to IAS 12). Comments are requested by 10 July 2023. The Financial Reporting Council (FRC) has published new technical actuarial guidance on models (TAS 100), which comes into effect on 1 July 2023. The FRC Lab has released its latest Insight Report entitles “Disclosure of dividends revisited”. Anti Money Laundering Readers with an interest in virtual assets and virtual asset service providers can read the recent report from FATF entitled Targeted update on Implementation of the FATF Standards on Virtual Assets and Virtual Asset Service Providers. FATF writes that this report is the fourth update on global implementation of these requirements, including the travel rule, a key FATF requirement to prevent funds being transferred to sanctioned individuals or entities. The report finds that, four years later, global implementation is poor and remains behind that other sectors and that many jurisdictions have not yet implemented fundamental requirements. Register of Beneficial Ownership: Following the 2022 judgment of the Court of Justice of the Europe Union, access to the Register of Beneficial Ownership has been severely restricted. New regulations, the European Union (Anti-Money Laundering: Beneficial Ownership of Corporate Entities) (Amendment) Regulations 2023 (SI 308 of 2023) have restricted the basis for access to the central register as a matter of legislation. Click here for our recent news item with details. Other News Decision Support Service: The Consultative Committee of Accountancy Bodies - Ireland (CCAB-I), of which Chartered Accountants Ireland is a member, has recently issued Technical Alert 04 2023 Help sheet on the appointment of a Decision-Making Representative under the Assisted Decision-Making (Capacity) Act 2015. This help sheet signposts certain features of the Decision Support Service (DSS) as it may relate to the work of our members in their role as a professional accountant. IAASA Annual Report: The Minister for Enterprise, Trade & Employment has laid the Authority’s 2022 Annual Report before the Houses of the Oireachtas.  The report provides detail on the many activities undertaken by the Authority in 2022, together with an outline of the strategic actions undertaken by IAASA in the context of its remit to oversee auditing and accounting in Ireland. Regulated Professions Register launched in the UK: The Department for Business and Trade has launched a new digital service, the Regulated Professions Register (RPR). The RPR provides information about 200 regulated professions in the UK in one place on GOV.UK, and the service is particularly relevant to professionals from overseas seeking to access the UK labour market and also to UK businesses wishing to attract overseas professionals to the UK.  The service signposts individuals to their chosen profession, offers them information about how the profession is regulated and by whom, and provides contact details for the relevant regulator. In launching the service, the Department notes that having this information in one, easily accessible place will make it easier for qualified professionals to navigate the UK labour market, and that it will also be a useful tool to understand more about the UK’s regulatory landscape and the various legislation governing regulated professions. Find out more here.’ The Irish Minister for Finance recently launched a public consultation on Ireland’s funds sector entitled “Funds Sector 2030: A Framework for Open, Resilient & Developing Markets”. The public consultation period will run until 15 September 2023. Click here for preliminary details from the Central Bank on a Financial System Conference 2023 – “Achieving good outcomes in an uncertain world”. The conference will be held in November 2023 and CBI gives details on its webpage of how to register your interest. Technical roundup is taking a break for the summer and the next Roundup will be issued on Friday 1 September. Any updates during this period will be published on the technical hub on the Institute's website.    

On 27 June, the Ulster Society hosted a webinar looking at the economic outlook for Northern Ireland in the year ahead. In this webinar we checked in with three of Northern Ireland's leading economists (Maureen O'Reilly, Conor Lambe and Gareth Hetherington) who gave some insight into the key issues affecting the local economy; and to examine what businesses and policy-makers can do to address the challenges ahead.  A recording of this webinar is available to view, for free and on demand, HERE  

The Consultative Committee of Accountancy Bodies - Ireland (CCAB-I), of which Chartered Accountants Ireland is a member, has today issued Technical Alert 04 2023 Help sheet on the appointment of a Decision-Making Representative under the Assisted Decision-Making (Capacity) Act 2015. This help sheet signposts certain features of the Decision Support Service (DSS) as it may relate to the work of our members in their role as a professional accountant. The DSS is a new statutory service established under the Assisted Decision-Making (Capacity) Act 2015 and by the Assisted Decision-Making (Capacity) (Amendment) Act 2022 collectively referred to in this document as the 2015 Act. The DSS is part of the Mental Health Commission but has a new and separate role. The legislation has replaced wardship for adults and introduced a new protection regime and legal framework of supported decision-making for vulnerable adults. An individual can be appointed to one of a number of roles under the 2015 Act to assist a vulnerable person.

The fourth and fifth EU anti money laundering directives introduced obligations on entities to obtain and hold adequate, accurate and current information on beneficial ownership and on member states to ensure that beneficial ownership information is stored in a central register located outside a company (Central Register). In Ireland these obligations were introduced under the European Union (Anti-Money Laundering: Beneficial Ownership of Corporate Entities) Regulations 2019 (“2019 Regulations”). In the 2019 Regulations, unrestricted access to the information in the Central Register is afforded to certain persons as set out in the 2019 Regulations and restricted access to information in the Central Register will be made available to the general public and designated persons for example a bank carrying out customer due diligence. In 2022 the Court of Justice of the European Union ruled that access of the general public to information on beneficial ownership registers constituted an interference with rights of personal privacy and data protection under articles 7 and 8 of the EU Charter of fundamental rights. Readers might note that Ireland has recently responded to the CJEU ruling by implementing the European Union (Anti-Money Laundering: Beneficial Ownership of Corporate Entities) (Amendment) Regulations 2023 on 13 June 2023 .Now ,under the restricted access heading  it must now be shown (by “any person” as opposed to “a member of the public” under the 2019 Regulations) that the corporate or other legal entity  about which information is sought  (i) is connected with persons convicted (whether in the State or elsewhere) of an offence consisting of money laundering or terrorist financing, or (ii) holds assets in a high-risk third country. If this can be shown then the person will be able to access the name, month and year of birth, nationality, country of residence, and the statement about the nature and extent of the beneficial interest held. This information is provided as resources and information only and nothing in these pages purports to provide professional advice or definitive legal interpretation(s) or opinion(s) on the applicable legislation or legal or other matters referred to in the pages. If the reader is in doubt on any matter in this complex area further legal or other advice must be obtained. While every reasonable care has been taken by the Institute in the preparation of these pages, we do not guarantee the accuracy or veracity of any resource, guidance, information or opinion, or the appropriateness, suitability or applicability of any practice or procedure contained therein. The Institute is not responsible for any errors or omissions or for the results obtained from the use of the resources or information contained in these pages.

In Irish news, the Institute represented members at TALC Collections and TALC Direct and Capital Taxes, and the Minister for Finance opens a public consultation on Ireland’s funds sector. In UK news, HMRC interest rates are increasing again, and we need your assistance with some consultation work. In International news, the European Commission has proposed new withholding tax procedures to ensure better efficiency.  Ireland The Institute represented members at TALC Collections and TALC Direct and Capital Taxes. The Minister for Finance opens a public consultation on Ireland’s funds sector. UK HMRC interest rates are increasing again. We need your assistance with some consultation work. International The European Commission has proposed new withholding tax procedures to ensure better efficiency. 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.

Revenue has updated its CREST Manual regarding the rules, procedures, practices, guidelines and interpretations for electronic share trading.  The updated manual sets out the provision in Chapter 2 of Part 6 SDCA 1999 for stamp duty to be charged on the transfer of an interest in dematerialised securities. The updated guidance also outlines the procedure that is to be followed when claiming relief from stamp duty under any of the provisions of Chapter 1 of Part 7 SDCA 1999.

Revenue has made a further update to its Tax and Duty Manual regarding the payment and receipt of interest and royalties without deduction of income tax. The updated manual exempts payments to the International Bank for Reconstruction and Development as it is one of the statutorily tax-exempt bodies.