Emma Broderick explains how suppliers of virtual events must account for VAT where customers are located, complicating compliance The EU VAT treatment of live streaming and virtual events services has changed with effect from 1 January 2025. Suppliers of such events will need to consider whether it will be necessary to account for VAT in multiple EU jurisdictions and how to efficiently manage any associated registration ‘footprint’. A virtual event isn’t defined in VAT law, but could include live-streamed events or other online events that involve people interacting in a virtual environment rather than meeting in a physical location.  The change is intended to apply VAT where the service is consumed, in line with the normal place of supply rules for business-to-business (B2B) services and similar rules for electronically supplied services provided on a business-to-consumer (B2C) basis. New measures Currently, VAT is levied on live-streamed events, including virtual events, where that event takes place. This means that live-streamed events are subject to VAT in the country in which the event is taking place, even if the viewers are located in a different jurisdiction. This is the case regardless of the business or non-business status of the customer. From 1 January 2025, EU law applies VAT to such events where the viewer, or customer, is located. This operates as follows: For B2B supplies, the EU business recipient may be required to self-account for reverse charge VAT in their EU country of establishment. For B2C supplies, the supplier will be responsible for collecting and remitting VAT in the EU country where the customer is located. This is intended to bring the VAT treatment of virtual events into alignment with that of other telecommunication, broadcasting and electronically supplied services (including streaming services or the delivery of other pre-recorded content). A pan-European €10,000 threshold applies for EU and NI businesses, and a nil threshold applies for non-EU established businesses. This change follows an amendment to the VAT place of supply rules for certain events services in Directive 2022/542. Irish law has not yet been amended to implement these changes, but we anticipate a statutory instrument to this effect will be issued in the coming weeks. Going forward The VAT treatment of events provided on a B2C basis will change considerably and bring about increased costs of compliance for businesses providing such B2C virtual services. The provider of the online events may need to register and charge VAT in each EU country where their final customers reside. Suppliers of live-streamed and virtual events will need to think about how to identify the location of their consumers and understand the impact of being subject to VAT in another EU jurisdiction. There is a VAT registration simplification available, known as the VAT One Stop Shop, to facilitate one single-EU-wide registration to remit output VAT on supplies, but there remains a challenge of monitoring differing VAT rates across the EU and pricing, contracting and invoicing decisions associated with this. The impact on cross-border B2B supplies should be less significant, as business customers should be able to self-assess for VAT on the reverse charge basis in their country of establishment, but suppliers will still need to consider invoicing and relevant VAT reporting requirements. Emma Broderick is a tax partner at Grant Thornton

As 2024 breaks temperature records, Derarca Dennis explores how businesses are advancing net zero strategies and why urgent climate action is essential In November, the EU climate monitor Copernicus reported that 2024 was "virtually certain" to be the hottest year on record, with warming above 1.5C, highlighting that the world was passing a "new milestone" in temperature records. These statistics, among countless others, highlight the critical need for immediate and sustained action to reduce emissions and mitigate the impacts of climate change. As the global climate crisis intensifies, the urgency for businesses to commit to and achieve net zero carbon emissions has never been more critical. The EY State of Sustainability 2024 report sheds light on the progress organisations are making towards sustainability. However, as events of recent weeks and months have shown us, every business, person and country need to do more. The global climate crisis is arguably the most pressing challenge of our time. Rising temperatures, extreme weather events and the degradation of natural ecosystems are just a few of the devastating impacts of climate change. A revision of National Defined Contributions (NDCs) is an absolute requirement as we know already that we will surpass 1.5C if we continue on current NDCs. As major contributors to global emissions, the actions businesses take to reduce their carbon footprint can have a profound impact on the overall trajectory of climate change. While part of a much bigger and very complex picture, by committing to net zero targets, businesses can help drive the systemic changes needed to transition to a low-carbon economy, protect natural resources and ensure a sustainable future for all. The EY State of Sustainability report shows that increased focus on sustainability is evident in the high rate of adoption of formal sustainability strategies among businesses. According to the report, 70 percent of respondents have approved and implemented a sustainability strategy, with the same number reporting alignment between that strategy and the overall business strategy. This alignment is crucial as it ensures that sustainability is integrated into the core operations and decision-making processes of the organisation. However, 35 percent of respondents feel their organisation is not doing enough, a notable rise from 17 percent in 2022. While it’s positive to see the overall trajectory of sustainability in business in Ireland moving in the right direction, it’s equally heartening to see that organisations are beginning to understand that there is much more to do. One of the most encouraging findings from the report is that 55 percent of organisations are aiming for net zero science-based targets, with 40 percent having established a clear roadmap towards achieving net zero. Leadership plays a crucial role in driving sustainability efforts, with 53 percent of organisations assigning C-suite responsibility for sustainability. In 67 percent of these cases, the CEO or managing director leads the initiative, while in 22 percent, the responsibility falls to the chief sustainability officer or head of sustainability. The assignment of sustainability responsibilities to senior leaders underscores the high priority businesses place on achieving their net zero targets. This commitment from the top is a clear signal to employees, customers and stakeholders of an organisation’s dedication to sustainability. And we need more leaders to follow suit to set the tone from the top if we, as a collective business community, are to play our part in halting the climate crisis. Why business emissions reductions matter Businesses are significant sources of greenhouse gas emissions, creating emissions through electricity and other energy use, manufacturing, transportation, agriculture and food waste, among others. By reducing their emissions, businesses can: Mitigate climate change: Lowering emissions helps to slow the rate of global warming, reducing the frequency and severity of climate-related disasters such as hurricanes, floods, and wildfires. Protect ecosystems: Reducing emissions can help preserve biodiversity and protect ecosystems that are vital for maintaining the planet's health and resilience. Drive innovation: The pursuit of net zero can spur innovation in clean technologies and sustainable practices, creating new business opportunities and driving economic growth. Enhance reputation: Companies that lead in sustainability can enhance their brand reputation, attract environmentally conscious consumers, and gain a competitive edge. Ensure regulatory compliance: As governments worldwide implement stricter environmental regulations, businesses that proactively reduce their emissions will be better positioned to comply with new laws and avoid penalties. The adoption of formal sustainability strategies, risk and materiality assessments, clear KPIs, and accountability, along with a strong commitment to science-based targets, are all essential steps towards achieving net zero. While there is more to do, it is very encouraging to see all the progress made in the past two years and great to see business leaders continuing to commit to building a better future for all. Derarca Dennis is Assurance Partner and Sustainability Services Lead at EY

When considering the trajectory of artificial intelligence, it’s worth looking back to see forward, writes Tania Kuklina Though it’s hard to believe now, following the invention of the World Wide Web in 1989, it took several years for businesses to realise its potential and value.   That journey began, slowly and tentatively, with ‘portals’ providing information for investors and the curious public. Next came sites assisting job applicants or helping customers to make purchasing decisions. With Web 2.0, businesses moved towards self-service models, enhancing customer engagement and user experience. In a clear case of back to the future, what we are currently witnessing in relation to artificial intelligence (AI) is similar, as businesses are only gradually beginning to understand its potential. Of course, it is already here and in a variety of guises. It provides enhanced search capabilities and supports learning and teaching. It can write, summarise and analyse large documents. In the realm of computer vision, AI is already being used for context-specific focus tracking in digital cameras. Despite these advancements, we are still waiting for AI’s first “killer app”, the groundbreaking application that will revolutionise and disrupt the world like the first internet browser on the World Wide Web.   We do not know if this application will be a job killer or a job creator, but what we do know is that, when it comes, it will shape the thinking of employers and employees about AI within their own organisations.   Productivity challenge At present, we believe AI will replace humans in low-stakes tasks. It is increasingly being used for customer engagement tasks, such as the pop-up web chat screens that sometimes launch when we visit websites. But as AI becomes more widespread and demystified, and the large language models that power them are cheaper to build, businesses are returning to a fundamental question – what is its value to them?   For businesses ready to look at their processes in a new way, the best way to assess AI’s value is the old-fashioned way – through business case assessment and return on investment.   Opportunities for improvement need to be quantified, processes may need to be redesigned and specific AI applications need to be developed. Total costs, including regulatory compliance, must be measured against potential benefits. People power People have a key role to play in assessing AI’s value proposition and making the technology work. As part of this work, several trends have emerged. First, workers still struggle with basic AI concepts and applications. Many do not grasp what AI implies for their roles, nor question why they should master a technology that might eventually take their jobs. This uncertainty underscores the need for clear communication and education about AI's personal benefits and potential. It is also increasingly clear that the success of generative AI (GenAI) technologies and the ability to realise their value depends on the ability of the workforce to adopt and apply them effectively. Despite this, many organisations are pushing for rapid adoption before their teams are fully equipped. As GenAI features evolve constantly, providing employees with consistent, stable and coherent learning experiences will prove difficult. With an ever-changing curriculum, Gen AI learning must be broad-based and continue to keep pace with change. Employees also need abundant structured opportunities to apply and practice what they are learning. Yet AI is not well enough democratised – not every employee has access to it, or support. This could lead to the ‘Matthew effect’, which is the phenomenon wherein those with pre-existing advantages accumulate more advantages over time. If access to GenAI is unevenly distributed, it could exacerbate existing disparities. AI has already started to extend our cognitive abilities, enabling us to access, understand and process more information than ever before. Highly skilled individuals find that when they explore and figure out how to use AI to support their work, it enhances and extends their capabilities without diminishing their hard-earned skills. However, for novices, an over-reliance on AI tools may limit their ability to develop essential skills such as problem-solving and subject matter expertise. So, while Gen AI requires traditional methods of evaluating investment and return on investment, in the training and people space, we need to reconsider learning approaches. This includes incorporating data-driven measurements such as tracking understanding and perceptions of GenAI, engagement levels and sustained versus lapsed adoption. KPMG has been actively developing and supporting these initiatives for clients, including through our GenAI Academy. Get it right, now Recognising the central role people play in the AI journey is crucial. It is also important to consider the medium and long-term impacts on skills, roles, learning, and culture. Investing in workforce upskilling is the cornerstone of how organisations show their commitment to putting humans at the centre of AI transformations. We may reach a point in the future where AI can be trusted to work autonomously. We may see a digital workforce of bots emerge as our co-workers. For now, however, AI adoption is a journey in which employee engagement, participation and support are vital. Tania Kuklina is a Director at KPMG

Chartered Accountants Ireland has agreed a 3-year strategic partnership with GRID Finance, Ireland’s leading independent lender for small and medium businesses. This partnership will deliver a biennial GRID Finance SME Business Sentiment Survey co-created with Chartered Accountants Ireland in support of its strategic focus on the SME/SMP sector. GRID will also become a sponsor of the Institute’s schools Bootcamp “Be The Boss” Challenge, a highly engaging, interactive business simulation for students signing up to the Bootcamp programme. This aligns with both GRID’s and the Institute’s ethos of educating future business leaders and promoting financial literacy from a young age, as well as giving back to the community. Finally, GRID will sponsor ‘Going into Practice’ days, an essential day of training for practitioners who are taking the first steps into running their own practice or being admitted as partners in small and medium sized practices in Ireland and Northern Ireland. Eoin Christian, CEO, GRID Finance, “We are thrilled to be part of this exciting new partnership between GRID Finance and Chartered Accountants Ireland. This collaboration marks a significant step forward in supporting and educating businesses of all shapes and sizes across Ireland by combining GRID Finance's innovative funding solutions with the trusted expertise of Chartered Accountants Ireland”. Barry Doyle, President Chartered Accountants Ireland, “This partnership is an excellent fit at an important time. As President, my commitment is to support and advocate for businesses, most particularly SMEs, the backbone of our economies. While the economy is performing strongly, businesses are facing turbulence, none more so than SMEs. “By virtue of their size, they often lack the ability to remain resilient against external shocks, of which there is potential in the global economy this year. Our partnership with GRID will allow us to map SME sentiment, understand and respond to it, while also investing in the education of our future business leaders and promoting financial literacy.” About GRID Finance GRID was founded in 2013 with a belief and a passion. Our belief is that small and medium sized businesses are the economy’s real powerhouses. And since they are so important, we’re passionate about keeping them open for business. GRID’s total focus is on providing quick and easy access to the capital, advice and tools small businesses need to grow and thrive.

Welcome to the latest edition of Technical Roundup. In developments since the last edition, the Institute has published new guidance Technical Alert 04/2024 – Sample CSRD Limited Assurance Report in accordance with ISAE (Ireland) 3000 as required by Section 1613 of the Companies Act 2014. The UK Endorsement Board (UKEB) has published a Draft Endorsement Criteria Assessment on the potential use in the UK of the International Accounting Standards Board’s ‘Amendments to the Classification and Measurement of Financial Instruments’. Read more on these and other developments that may be of interest to members below. Financial Reporting On 10 December, the European Financial Reporting Advisory Group (EFRAG) held their 2024 conference entitled ‘Advancing Transparency & Competitiveness in Challenging Times’. A recording of this event is now available to view on EFRAG’s website. The body responsible for drafting the next version of the Charity SORP has provided an update on the development of the next version of the standard, which will incorporate the recent changes in UK and Irish GAAP. The SORP making body plan to submit a draft SORP to the Financial Reporting Council (FRC) in January 2025. Once the draft has been approved by the FRC, the draft SORP will be subject to a 12-week consultation period (expected no later than March). The SORP making body have also stated that they expect the updated SORP to be issued in Autumn 2025, with an effective date of 1 January 2026. The FRC is hosting a webinar on Wednesday, 15 January on the topic of recent amendments to FRS 102 to discuss how it will impact UK charities and how they can start preparing for implementation of the updated reporting requirements. The UK Endorsement Board (UKEB) has published a Draft Endorsement Criteria Assessment on the potential use in the UK of the International Accounting Standards Board’s Amendments to the Classification and Measurement of Financial Instruments. Comments are welcomed by UKEB by 10 January. UKEB has published a draft comment letter for public consultation in response to the International Accounting Standards Board’s (IASB) Exposure Draft Provisions – Targeted Improvements. Comments are welcomed by UKEB until 10 February 2025. The UK Government have issued their Government Financial Reporting Manual (FReM) which sets out guidance for preparing government annual reports and accounts in the United Kingdom. Auditing The Institute has published new guidance ‘Technical Alert 04/2024 – Sample CSRD Limited Assurance Report in accordance with ISAE (Ireland) 3000 as required by Section 1613 of the Companies Act 2014’. The Technical Alert has been prepared to assist members reporting on the limited assurance engagements under the Corporate Sustainability Reporting Directive (“CSRD”) and in compliance with International Standard on Assurance Engagements (Ireland) 3000 . Anti–money laundering and sanctions In December 2024 the Minister for Justice passed Regulations which from 30 December prescribes crypto asset service providers as a designated person under the Criminal Justice (Money Laundering and Terrorist Financing ) Act 2010 and prescribes the Central Bank of Ireland as the competent authority for crypto-asset service providers. Accountancy Europe have issued a factsheet: Navigating the EU Anti-Money Laundering Regulation: Key Issues for the Accountancy Profession on their website. The European Banking Authority latest newsletter was published in the last few weeks. Take a look for a roundup of the last few months and a preview of what lies ahead. Please click to access the EBA AML CFT newsletter here. On 16 December 2024 the European Union adopted its 15th package of sanctions measures. The package includes travel bans and asset freeze measures against natural persons and legal persons, entities, or bodies, updated sectoral sanctions and extension of derogations. Click to read the European Council press release giving details of the 15th package. The derogation in certain circumstances from the prohibition on provision of services including accounting and auditing services (which prohibition exists since the 6th package of sanctions in 2022) has been extended to 31 December 2025. Please click for further details in our news item. Sustainability Accountancy Europe have published a new webpage of FAQs: fundamentals to assurance on sustainability reporting which provides answers to frequently asked questions on sustainability reporting assurance. EFRAG has published an addendum to EFRAG IG 3 ‘ESRS Datapoints’, which is part of EFRAG's non-authoritative implementation guidance on the European Sustainability Reporting Standards (ESRSs).   The International Federation of Accountants (IFAC) and the We Mean Business Coalition (WMBC), together with the Global Accounting Alliance (GAA), have published a report titled ‘Building Trust in Sustainability Reporting and Preparing for Assurance: Governance and Controls for Sustainability Information’. Accounting for Sustainability (A4S) is preparing a series focused on nature to assist accountants and finance professionals in shaping a nature-positive economy that supports long-term value creation. The first guide in the series, The Business Case for Nature, explains why nature is vital to business and offers clear steps and practical tips for developing the business case for your organization. Central Bank of Ireland The Central Bank of Ireland has announced the establishment of a dedicated Fitness and Probity Unit. Other news The Institute has revised the Public Practice Regulations with effect from 1 January 2025. Please click here for a news item on revision of Public Practice Regulations from the Institute’s Professional Standards Department on the amendments. The Institute has revised the CPD Regulations with effect from 1 January 2025. Please click here for a news item on revision of CPD Regulations from the Institute’s Professional Standards Dept. on the changes. In December 2024 the UK Government laid the legislation, the Companies (Accounts and Reports) (Amendment and Transitional Provision) Regulations 2024 before Parliament to increase the monetary size thresholds for micro, small and medium-sized entities. It also removes certain requirements from the Directors’ Report. Please also click to read the explanatory memorandum to the legislation for further insight into the changes. The new monetary size threshold changes are effective from 6 April 2025.                        In conjunction with commencement of Screening of Third Country Transactions Act 2023 on 6 January 2025, the Dept. of Enterprise Trade and Employment has launched an Inward Investment Screening mechanism whereby transactions that meet certain criteria are notified using a new Inward Investment Screening (IIS) online portal, and checked to make sure all is in order before being given the green light to proceed, or to modify or cancel the investment. Please click for all the details on the new system, including access to the new IIS portal. The European Securities and Markets Authority (ESMA) has published a Feedback Statement summarising the responses it received to its Consultation Paper (CP) on the securitisation disclosure templates under the Securitisation Regulation (SECR). The International Organisation of Pension Supervisors (IOPS) has launched a public consultation on its draft Revised IOPS Principles of Private Pension Supervision.  The process is due to be closed by 14 February 2025. The Corporate Enforcement Authority have recently issued ‘A graduated response’ which details specific criminal offences and the range of civil enforcement measures available under the Companies Act 2014. For further technical information and updates please visit the Technical Hub on the Institute website.    This information is provided as resources and information only and nothing in the information purports to provide professional advice or definitive legal interpretation(s) or opinion(s) on the applicable legislation or legal or other matters referred to in the information. If the reader is in doubt on any matter in this complex area further legal or other advice must be obtained. While every reasonable care has been taken by the Institute in the preparation of the information we do not guarantee the accuracy or veracity of any resource, guidance, information or opinion, or the appropriateness, suitability or applicability of any practice or procedure contained therein. The Institute is not responsible for any errors or omissions or for the results obtained from the use of the resources or information contained herein.  

  In this week's, Sustainability/ESG Bulletin read about tax measures for electrical vehicles now in effect from Budget 2025, detailed climate projections and new funding for adult financial literacy projects in Ireland. Also covered is the entering into application of new EU rules to improve gender balance in corporate boards, a new OECD paper on how public budgeting can support climate goals, the departure of US firms from the Net-Zero Banking Alliance, as well as technical updates, articles, podcasts and upcoming events.   Ireland news EV tax measures from Budget 2025 now in effect   The following tax measures pertaining to Battery Electric Vehicles (BEVs) announced in Budget 2025 took effect from Wednesday 1 January 2025: BIK Exemption for Installation of BEV home charger: From 1 January 2025, a benefit-in-kind (BIK) exemption will apply to the installation of a battery electric vehicle (BEV) home charger by an employer at a director’s or an employee’s private residence. This means that a director or employee will not pay BIK on the installation of a home charger, which is required for work purposes and aims to support the rollout of BEVs in the commercial fleet. VRT Rate Change for Commercial Battery Electric Vehicles (BEVs): Finance Act 2024 amended the weight ratio requirement from 130% to 125% for commercial electric vehicles in order to qualify for the €200 category C VRT rate. This amendment comes into effect from 1 January 2025.   Climate Projections for Ireland: Key Findings and Implications Scientists based at the Irish Centre for High-End Computing (ICHEC) in the University of Galway have warned that Ireland’s future weather will be even warmer and wetter than previously predicted. Commenting, the report’s lead author, Paul Nolan, said that it is imperative that planners and policymakers are adequately informed about future climate change so they can implement appropriate mitigation and adaptation measures: “This research will inform national policy and further our understanding of the impacts of climate change at a local scale”.   New funding for adult financial literacy projects in Ireland The Competition and Consumer Protection Commission (CCPC) is to contribute €250,000 towards adult financial literacy projects in 2025 supporting adults with the skills needed to build financial literacy and access financial services. Latest figures from the Programme for International Assessment for Adult Competencies (PIAAC) published by the OECD show that one in four adults in Ireland struggle with everyday maths. The funding announcement by the CCPC follows the publication in April 2024 by the Department of Finance of a mapping report into the development of a Financial Literacy Strategy.   Export phase of Small-scale Renewal Electricity Support Scheme The terms and conditions of the export phase of the Small-scale Renewable Electricity Support Scheme (SRESS) have been published. They have been designed with the aim of providing a simpler route to market for community and small-scale projects, and to align more closely to the experience and capacity of this sector. Commenting, Eamon Ryan, Minister for the Environment, Climate and Communications described the approval of the SRESS terms and conditions as “an important milestone for communities, SMEs [Small and Medium Sized Enterprises], farmers and others to maximise their participation in the energy transition.” The scheme is due to open for applications on 27 January 2025.   Northern Ireland news Business in the Community Northern Ireland (BITCI), in partnership with Diversity Mark, has announced a new series of monthly online sessions aiming to support businesses in creating more diverse and inclusive workplaces. The first session, ‘From Awareness to Action: Building Disability Inclusive Workplaces’ will take place on Tuesday 28 January, 10:00 – 10:45am.   Europe news New EU rules to improve Gender Balance in corporate boards enter into application New EU rules to improve Gender Balance in corporate boards have entered into application. The Gender Balance on Corporate Boards Directive, which entered into application at the end of 2024, aims for a more balanced gender representation on the boards of listed companies across all EU Member States. The Directive sets a target for EU large listed companies of 40% of the underrepresented sex among their non-executive directors and 33% among all directors. The deadline for the transposition by Member States was 28 December 2024, and companies must meet the targets by 30 June 2026.   World news OECD publishes paper on how public budgeting can support climate goals The OECD has published a paper on how public budgeting can support climate goals. The paper, Beyond green tagging, discusses new instruments to better link budgets and results, the challenges involved in linking budget and emissions, and the steps needed to overcome them.   Net-Zero Banking Alliance loses firms Several major Wall Street banks, including Bank of America, Citigroup, Goldman Sachs, JP Morgan, Morgan Stanley and Wells Fargo have left the Net-Zero Banking Alliance – a group dedicated to helping lenders reduce their carbon footprints. More US banks are expected to follow their lead, in a development reportedly reflecting growing anti-ESG sentiment in the US.   LA fires damage and economic loss potential A preliminary estimate of the financial impact of the damage and economic loss caused by the Los Angeles wildfires of $52 billion is likely to make it one of the costliest natural disasters in US history.  Burned homes and losses in tourism are among the major long-lasting costs resulting from the fires, which are thought to be the result of high winds, lack of rain and climate change. Technical Updates (From our colleagues in Professional Accounting) EFRAG has added further non-authoritative technical explanations to its compilation of explanations that are intended to assist stakeholders in the implementation of the European Sustainability Reporting Standards (ESRSs).  EFRAG has also published an addendum to EFRAG IG 3 ‘ESRS Datapoints’, which is part of EFRAG's non-authoritative implementation guidance on the European Sustainability Reporting Standards (ESRSs)   EFRAG has announced that it has delivered its technical advice on the Voluntary SME (“VSME”) standard to the European Commission. EFRAG has also released some educational videos on the VSME standard.   The International Accounting Standards Board (IASB) and the International Sustainability Standards Board (ISSB) recently launched a webcast series to discuss how IFRS Accounting Standards and IFRS Sustainability Disclosure Standards complement each other.     The FRC, in its role as the Secretariat to the UK Sustainability Disclosure Technical Advisory Committee, has published the Committee’s final recommendations to the Secretary of State for Business and Trade, recommending endorsement of the first two IFRS Sustainability Disclosure Standards for use in the UK.   Chartered Accountants Ireland has issued Technical Alert 04/2024 Sample CSRD Limited Assurance Report. This is in addition to Technical Alert 02/2024 – Sample Engagement Letter Terms in respect to the provision of Limited Assurance under the Corporate Sustainability Reporting Directive, issued in June 2024.   The Institute has revised the CPD Regulations with effect from 1 January 2025. CPD Regulation 4.6 now specifically mentions 'sustainability assurance' as a subject area in which a member who is working in practice should undertake CPD if that member is involved in work of this nature.  Read more here   Accountancy Europe has published a new webpage of FAQs: fundamentals to assurance on sustainability reporting  The International Federation of Accountants (IFAC) and the We Mean Business Coalition (WMBC), together with the Global Accounting Alliance (GAA), have published a report titled ‘Building Trust in Sustainability Reporting and Preparing for Assurance: Governance and Controls for Sustainability Information’.   Accounting for Sustainability (A4S) is preparing a series focused on nature to assist accountants and finance professionals in shaping a nature-positive economy that supports long-term value creation. The first guide in the series, The Business Case for Nature, explains why nature is vital to business and offers clear steps and practical tips for developing the business case for your organization. Articles Irish listed firms must ‘take action’ to meet new EU gender targets (Business Post) The antidote to doom is doing (FT-SustainableViews)   Podcasts Bloomberg’s Akshat Rathi talks to science fiction writer Kim Stanley Robinson, author of the seminal 2020 novel Ministry for the Future which is set in the year 2025 (Bloomberg) Events SEAI, Introduction to Energy Management Training The Sustainable Energy Authority of Ireland (SEAI) is running a free online workshop on the basics of implementing energy management within your business. Virtual, Thursday, 16 January, 2-4pm Jobs Trinity College Dublin seeks a researcher/project manager for Ecosystem Accounting project (Job details)   Sustainability Centre You can find information, guidance and supports to understand sustainability and meet the challenges it presents in our online Sustainability Centre.  

The Institute has revised the Public Practice Regulations with effect from 1 January 2025.  The key change (Regulation 6.19) relates to professional indemnity insurance (PII) requirements at firms authorised for investment business activities in Ireland.  Polices of PII taken out or renewed on or after 1 January 2025, by an authorised investment business firm whose investment business activities extend beyond referral only business,  must, at a minimum, provide cover for €1,564,610 (up from €1,300,380) per claim and €2,315,610 (up from €1,924,560) in aggregate.  This cover should be ring fenced in respect of the firms’ investment business activities.    This change arises from a recent revision by the Central Bank of Ireland of the Conditions and Requirements attached to the Institute’s recognition as an Approved Professional Body (APB).  The Professional Standards Department has recently written in this regard to investment business compliance principals at firms authorised by the Institute to carry out investment business in Ireland. Given the increase in PII requirements for firms generally from 1 September 2024 (PPRs revised effective 1 September 2024) this is not expected to have a significant impact on firms approved by the Institute for investment business in Ireland.    However, investment business firms are advised to discuss this requirement with the firm's PII provider to ensure compliance. Other revisions to the Public Practice Regulations can be summarised as follows: Practising certificate cessation: The list of circumstances in which a practising certificate (PC) will cease is amended to include where membership ceases under Institute Bye-Laws or other Institute Regulations (Regulation 5.5(c)) – this is consistent with other existing Institute Regulations. Practising certificate eligibility: Introduction of a provision for the Quality Assurance Committee (QAC) to require a PC applicant who is a reciprocal member to successfully complete an aptitude test where appropriate. (Regulation 5.10A). Disciplinary arrangements and affiliates: Clarification that a matter relating to an affiliate may be referred to another professional body, where appropriate, when an affiliate is subject to regulation by another professional body (Regulations 7.12 and 7.13) Sustainability assurance engagements:  Revision of definitions of 'reserved areas' and 'accountancy services' to include sustainability assurance work pursuant to CA 2014.  Therefore, consistent with the Audit Regulations (incorporating assurance under CSRD), effective 11 October 2024, a member who is a sustainability assurance service provider (SASP) is required to hold a practising certificate. Change to insolvency regulation: Revisions to reflect cessation of Institute’s role as a Recognised Professional Body (RPB) for the regulation of insolvency in the UK with effect from 1 January 2025. (Definitions: ‘insolvency practitioner’, ‘Insolvency Licensing Regulations and Guidance’, ‘Regulatory Committee’, Regulations 6.2 and 6.5(a)) Note the cessation of the Institute’s non-statutory insolvency practising certificate regime for Ireland was reflected in the Public Practice Regulations effective 1 September 2024. Miscellaneous:  The opportunity has also been taken at this time to make some minor editorial amendments. The Public Practice Regulations, effective 1 January 2025 are available on the Institute’s website.  Previous versions of the Public Practice Regulations remain available to read on the Archive page of the Institute’s website. Any member queries in relation to the revised Public Practice Regulations can be directed to professionalstandards@charteredaccountants.ie.

The Institute has revised the CPD Regulations with effect from 1 January 2025.  CPD Regulation 4.6 now specifically mentions 'sustainability assurance' as a subject area in which a member who is working in practice should undertake CPD if that member is involved in work of this nature.   This is an explicit application of the core principle that a member should undertake whatever CPD is necessary to ensure that he/she is competent for the work in which he/she is engaged.   Separate from this requirement, any individual who is approved by the Institute as a Sustainability Assurance Service Provider (SASP) should comply with CPD requirements for SASPs as set out in the Institute’s Audit Regulations (incorporating assurance under CSRD), effective 11.10.24.  The CPD Regulations, effective 1 January 2025 are available on the Institute’s website.  Previous versions of the CPD Regulations remain available to read on the Archive page of the Institute’s website. Any member queries in relation to the revised CPD Regulations can be directed to professionalstandards@charteredaccountants.ie.

On 16 December 2024 the European Union adopted its 15th package of sanctions measures. The package includes travel bans and asset freeze measures against natural persons and  legal persons, entities, or bodies, updated sectoral sanctions and extension of derogations. Click to read the European Council press release giving details of the 15th package . The derogation from the prohibition on provision of services including accounting and auditing  services (which prohibition exists since the 6th package of sanctions in 2022) has been extended to 31  December 2025 .To avail of the derogation the  provision of services must be strictly necessary for the divestment from Russia or the wind-down of business activities in Russia and certain conditions must be fulfilled: that the services are provided to and for the exclusive benefit of the legal persons, entities or bodies resulting from the divestment; and that  competent authorities deciding on requests for authorisations have no reasonable grounds to believe that the services might be provided, directly or indirectly, to the Government of Russia or a military end-user or have a military end-use in Russia.   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.

If you are finishing your training contract in the months ahead and starting to consider your career path and what direction you want to take your professional qualification there are a number of actions you will need to take. Below is a list you can tick off as complete over the weeks ahead : Action list and Key considerations as a newly qualified ACA · Build a top class CV – Template and guide - cv-guide-template-2023.pdf · Start a Career Plan file – Guide here Career coaching - ..rteredaccountants.ie · Watch some career webinars - Chartered Accountants Ireland page on YouTube · Start market mapping and select my top ten preferred employers – If you need advice on MM contact your Careers Team in the Institute. · Get my LinkedIn profile up to speed – Document guide available from dave.riordan@charteredaccountants.ie Treat this as the appendix to your CV – Professional Photo and good bulleted detail. · Set up my alerts on jobs boards for a variety of different roles and titles and filter into a folder for review · Connect with a few recruiters I trust to understand the career curve of an ACA – Career Pathway Hub here : Career pathway | Career planning · Explore the full spectrum of career paths that I can take post qualification · Consider whether a contract might be a good option at this particular crossroads · Connect with a few mentors and get their advice formally - · Consider a stint abroad to add real-world experience to my CV · Initiate a networking mentality and start speaking to my peer group about what they are doing with their careers in the years ahead · Examine the LinkedIn profiles of peers several years ahead of me what paths they have taken as they moved out of their training contract. · Establish my elevator pitch about where I want my career to go · Based on my recent annual reviews in work write an honest SWOT analysis of my personal brand and current profile. · Follow companies on LinkedIn that I am very interested · Connect with CFO's and divisional heads on linkedIN in organizations that appealed to me using a polite connection message. · Start building my Interview narrative – What are my key selling points / key stories and value-add examples? Have I asked the Institute Careers Team or a recruiter for a prep session? Interview Do’s and Don’t’s document here : Interview preparation and advice - ..rteredaccountants.ie    · Do some work for Charity. · Who are my referees going to be and will they sing my praises. Give them advance notice. If March or April 2025 is when you will be leaving your training contract then start the key actions now per the above list and don’t put off contacting your Careers Team until too late.  Get ahead of the curve. The market is very good at the moment but change is the only real constant in the world of business today so take advantage and initiative while you can. Dave Riordan (FCA) Recruitment Specialist & Career Coach | Careers Team Chartered Accountants Ireland. Dave.riordan@charteredaccountants.ie

2nd level schools across the North West are being invited by Chartered Accountants Ireland North West Society to visit the ATU Sligo Campus on the 13 February 2025 for a Chartered Accountants Ireland mini "Be The Boss Bootcamp Challenge". This is a free  interactive event aimed at transition year, 5th and 6th year students as a fun way to explore Accounting as career choice. The challenge and ATU visit is bookable by class teachers and we invite members to spread the word to schools in their locality.

The Institute is pleased to publish its 2024 Gender Pay Gap report. As an SME, this is the first year that the Institute comes in scope of the Gender Pay Gap Information Act 2021. We have voluntarily published this data in our Annual Report for the last three years, however, because it is a priority for us, led by our Council and Leadership Team to reduce the gap that we have. Our working environment is based on values including innovation, collaboration, trust and inclusion, and improving gender representations in our organisation is integral to our strategic goals and values. In the following pages, we detail our Gender Pay Gap information, the reasons for this gap, and our measures to reduce it. We are on the right path, and we are committed to sustained improvements. You can read the report here.