Members in Perth are invited to join Chapter Head Darren King for a Christmas social event on Thursday, 12 December at Durty Nelly's, Murray Street Perth. It is a free event but booking is essential here.

Get your skates on and join the North West Society for a brand new family friendly event before Christmas. On Sunday, 8 December at 3pm the North West Society members and their families are going ice skating in Queen Maeve Square. It is an event suitable for adults and children of all ages, but spaces or limited, so get your skates on and book early to avoid disappointment! Tickets for members and their families are subsidised by the Society and are only €10 per person (adult or child). Book now here.

Thank you to all the members of the North West Society who participated in Run in the Dark last night. Event photos are available to view here

Ahead of Thrive's upcoming Movember lunchtime webinar, Maximising Your Potential, taking place on Wednesday 27th November, speaker John Slattery shares his journey to self-acceptance, the stages he encountered to finding his authentic self along with reflected questions to help you maximise your potential.  I was sitting in a bar with five teammates. We had won the tournament that we compete in for only the second time in 36 years. I was captain of the team that year. The five of us were talking about the best captains we had ever played with on a team. I mentioned a current teammate of ours, previously our captain. He was a ‘fire and brimstones’ man. Physically very strong, the first to ‘put his body on the line’ for the team. It was an absolute shock when one of the five said, ‘I think you’re the best captain I’ve played with’. I struggled to accept the compliment. I was not physically imposing to opposition. I was not ‘fire and brimstones’. How could I be spoken about in this way? It is often our own self-limiting beliefs that stop us from being all that we are capable of. It is frequently our use of an inauthentic definition of ‘strong’ that downplays or denies our own wonderful strength. There were four stages to the journey on the road to self-acceptance, authenticity and maximising my potential that I want to share with you: It’s OK to Seek Shelter in ‘Safe Havens’: For a long time, sport was my safe haven. It gave me an identity that felt easy to hold in the world. It gave me a foothold in my community. It became a major reference point for me. I often viewed what was acceptable in the world from what I learned through the world of sport. All the energy given to one interest meant that I pigeon-holed a lot of the development of myself into one singular interest. In that respect, it was as limiting as it was helpful. In saying all that, I loved it. It was a safe place for me at a time in life where that felt good and helpful to have. Questions that might be helpful to ask ourselves at this stage include: How is the time in the safe haven serving me well? What other aspects of my personality/interests could serve me well to give more energy to? Appreciating the Challenge of What Happens When You Leave the Safe Haven Behind: After 15 years of giving most of the year up to sport, I finished playing at a high-level of commitment. The fall-off was real. In some ways, I felt like a child does when their hiding place has been discovered. The reference is a little harsh. I wasn’t hiding, as such. I just didn’t know how entwined my life was with sport. I now felt somewhat bare without it. I had to find my place in the world outside of work and sport. If you close your hand into a fist and clench it for a while, it will have a locked-in feeling. It takes time for it to loosen. I had to gently unfold my personality into the broader world. I had to find safe new spaces, with the help of trusted people. I had to not forget sport, I loved it. I had to gently find new interests outside the world of sport. And new ways to connect with sport in a more novel way. Each step a gentle move forward towards the authentic self. Questions that might be helpful to ask ourselves at this stage include: Who is a good person to chat to for advice to help me find my feet? What can I do in the time approaching leaving the safe haven to ready myself? Starting to Own Your Own Space: Through the suggestions of others and answering the inner call of bravery and curiosity (like going travelling on my own in South America), interests emerge (such as, for me, music, dance, yoga, meditation). It becomes a journey of branching out in the world. Depending on how aligned or not this journey is with your own comfort zone, societal norms etc. internal and external barriers will emerge. This will lead to powerful steps forward, as well as sometimes necessary, sometimes unwanted, steps back. In all this, you start to own the evolving nature of your identity. You accept that these new interests are as much part of you as anything that has gone before. You embrace that the steps here are further steps in service of authenticity. You can also now relook at how you define words like ‘strong’ and ‘happiness’, amongst others. You notice how people recognise the evolution of you as a person. In their eyes, you see a next-level respect. In others, you might see a new-found discomfort. In your heart, you feel a sense of inner-connectedness. It’s like you are reading the second, third, fourth chapters of your own story. One that you are becoming more in flow with now. Questions that might be helpful to ask ourselves at this stage include: Are these new interests serving me well? What am I learning about myself? Whose feedback is helpful to take on board and whose feedback is not helpful? Embracing the Importance of Being Kind to Yourself: The journey to being authentic and self-accepting is unlikely to be in a straight line and likely to have its challenges. Showing kindness to one-self is at the heart of a successful journey. You are you. With every extension of your personality into the world, you get closer to your true self. Kindness toward yourself allows you to continue along the path. There are times when I draw a reaction to me being me, in myself or from others, that makes my heart feel sore. I come back to kindness. I meet my own inner-judgement with kindness. I meet the reaction of the other person/people with kindness. Kindness helps you to accept that normal is you being you, normal is the next person being them. For sure, respect the world we live in and the people we co-habit the world with. In the same breath, embrace, with kindness, that the only person you can be true to is yourself. Questions that might be helpful to ask ourselves at this stage include: Am I enjoying what I am doing? Am I putting too much pressure on myself? What are simple ways that I can be kind to myself today? What motivates me to carry on this journey? I feel quite authentic these days. I am learning to accept who I am now and who I am not. The primary source of my work is coaching. I feel that the exploration of my interests and development of myself as a person supports me to be the most effective coach that I can be. Being comfortable in my own skin allows me to show up authentically for the coachee. It places them at ease. It allows them to be vulnerable because they can see that vulnerability in me too. This all creates a very healthy environment for effective coaching to take place. Maximising my potential at work is intrinsically linked to my journey towards authenticity and self-acceptance. I am motivated to stay with the journey. Written by John Slattery on behalf of Thrive. John Slattery is a chartered accountant and transformational coach, specialising in helping people to maximise their potential in work and life. You can find more information on his website https://www.prosperwithjohn.ie/.   You can hear more from John at Thrive's upcoming webinar, Maximising your Potential this Movember, taking place on Wednesday 27 November at 12.30. John will detail his personal journey, how embracing authenticity benefits our professional and personal lives, along with tips on how to shift from a ‘what you think you should say and do’ approach to ‘what you know you should say and do’.  Book Here

From the Professional Accountancy team The President signed the Companies (Corporate Governance, Enforcement and Regulatory Provisions) Bill 2024 into law on 12 November 2024. Provisions which will be of interest to our members were outlined in our news item in March 2024 following publication of the general scheme of the Bill .These include change in the rules regarding loss of audit exemption, provisions relating to receivers, some new grounds for company strike off and provisions regarding registered office and electronic filing agents.  Following publication of the draft Bill in August 2024 we did a further update on the Bill noting that most but not all of the provisions of the General Scheme had been included in the Bill .Click for the August 2024 updated news item.  At the time of writing, publication of the legislation on the Irish Statute Book as passed  and details of its commencement into law is awaited.This should be available very shortly and we will provided further updates when information on this is made available. 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.    

The IAASB has published the much anticipated ISSA 5000 International Standard on Sustainability Assurance 5000, General Requirements for Sustainability Assurance Engagements.  This standard is a comprehensive, stand-alone standard suitable for any sustainability assurance engagements. It will apply to sustainability information reported across any sustainability topic and prepared under multiple frameworks. The standard is also profession agnostic, supporting its use by both professional accountants and non-accountant assurance practitioners. The draft standard was subject to a public consultation in 2023 and Chartered Accountants Ireland's response can be read here. 

In Irish news, Revenue has advised us of upcoming changes to its direct debit payment facility and the Department of Finance has published minutes of the recent Business Tax Stakeholder Forum. In UK news, the latest Finance Act has begun its journey through Parliament and read part 2 of our more detailed coverage of the 2024 Autumn Budget. In International news, we provide an update on VAT in the Digital Age. Ireland Revenue has advised us of upcoming changes to its direct debit payment facility. The Department of Finance has published the minutes of the meeting of the Business Tax Stakeholder Forum which took place on 18 October. UK 3. Finance Bill 2024/25 has been published and awaits second reading stage in the House of Commons. 4. Read part two of our detail Autumn Budget 2024 coverage examining Closing the Tax Gap, capital allowances, tax policy making and simplification, VAT and various duties, and miscellaneous measures and other taxes. International 5. Read our an update on VAT in the Digital Age. 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.  

  COP29 – the 2024 Climate COP - gets underway this week. World leaders, policy-makers, diplomats and activists will converge on Baku, Azerbaijan, to discuss the world’s progress towards the goals of United Nations climate treaties.   The Climate COP is the most significant event on the global climate calendar.     What is COP?  COPs stand for ‘Conference of the Parties’, i.e. the countries that have agreed to participate in and be bound by the UN treaties.   COPs are the main decision-making bodies of the United Nations treaty bodies. For example:   Climate COP: the summit of countries that have signed the United Nations Framework Convention on Climate Change treaty (UNFCCC). COP29 is taking place in Baku, Azerbaijan in November 2024.   Biodiversity: the summit of countries that have signed the United Nations Convention on Biological Diversity (CBD). COP16 took place in Colombia in October 2024   Desertification: the summit for signatories to United Nations Convention to Combat Desertification (UNCCD), which aims to accelerate action on land and drought resilience through a people-centred approach. COP16 will take place in Saudi Arabia in December 2024     Why do COPs matter to business?   While the summits have been criticised for being ‘talking shops’, COPs serve to restate the importance of tackling the crises caused by climate change, biodiversity collapse and desertification that affects businesses and citizens worldwide.   What is decided at COP filters down to organisations through legislation and policy, like Europe’s EU Green Deal, Ireland’s Climate Action Plans, through investors’ continued demands for projects that are aligned to climate targets to meet their own portfolio requirements, and to citizens adapting to the effect of disasters exacerbated by the ongoing climate and biodiversity crises.   What has happened at previous COPs?  Previous COPs have led to momentous agreements, the most significant of which was the Paris Agreement in 2015. This Agreement challenged the world to keep dangerous global warming to a level of 1.5° above pre-industrial levels.   In 2021, at the Glasgow COP, the International Sustainability Standards Boards (ISSB) was announced. Under the auspices of the International Federation of Reporting Standards (IFRS), this board has international support with its work to develop sustainability disclosure standards backed by the G7, the G20, the International Organization of Securities Commissions (IOSCO), the Financial Stability Board, African Finance Ministers and Finance Ministers and Central Bank Governors from more than 40 jurisdictions.   2021 also saw the formation of the Glasgow Financial Alliance for Net Zero (GFANZ), a global coalition of leading financial institutions committed to accelerating the decarbonization of the economy.   At COP27 in Egypt, a new loss and damage fund was set up for those countries most severely impacted by the effects of climate change (floods, drought, desertification, and land loss due to rising sea-levels) and COP28 last year saw the ‘global stocktake’, required under the Paris Agreement to assess progress made since 2015 and show what needs to be done to address gaps by 2030.  This COP will be significant for finance, as the focus of negotiations will be the setting of a new finance target for tackling climate change. The New Collective Quantified Goal, or NCQG, will replace a goal initially agreed in 2009, when developed nations pledged to provide $100 billion annually in climate financing for developing countries.    Did you know?   The first Climate COP  – COP01 – was in Berlin in 1994. It was presided over by the-then Environmental Minister, Angela Merkel.    Articles  Battle lines drawn on climate finance ahead of COP29 (Financial Times)  The Irish Times view on Cop29: climate policy must not be pushed into the background (The Irish Times)  The COP29 climate summit is facing big decisions for the world - sign up for our newsletter (The Journal)    Podcast  A Preview of COP29: What Business Leaders Should Know with Outrage & Optimism Co-hosts (Climate Rising)  Explainers  A guide to COP29 climate jargon (RTÉ) Why Cop29 matters to you, Ireland and the world despite Trump ‘whiplash’ (The Irish Times)  The NCQG: What is it and why does it matter? (World Economic Forum)       

Chartered Accountants Ireland has today launched its new guide to Foreign Direct Investment (FDI) in Ireland at an event in conjunction with IDA Ireland in Dublin.  Over 100 attendees gathered in Chartered Accountants House to hear from a panel of: Cróna Clohisey, Director of Public Affairs Chartered Accountants Ireland Feargal O'Rourke, Chair, IDA Ireland Barry Doyle, President Chartered Accountants Ireland Ireland faces greater competition as a location for global FDI than ever before as we move into 2025, with other countries enhancing their offering at pace. While Ireland’s FDI policy has stood the country in good stead for decades, a slowdown in growth of the global economy coupled with accelerated industrial policy interventions by competitor countries means Ireland’s inward investment model is now at a crucial inflection point. Commenting at the event, Cróna Clohisey, Director Public Affairs, Chartered Accountants Ireland said “Ireland’s record of attracting FDI has been the envy of other countries for decades and IDA Ireland has played a pivotal role. However, against a backdrop of heightened geopolitical uncertainty and intensifying global competition for inward investment, we cannot afford to be complacent about our offering. The significant deficits in the State’s crucial infrastructure, including housing, energy, water, childcare and nationwide public transport, need to be addressed with urgency if we are to remain fully competitive in the race for future FDI.” Barry Doyle, President, Chartered Accountants Ireland said “We are all familiar with the advantages that Ireland holds in attracting FDI - EU membership, strategic location, young talented workforce and a stable business environment. Our members also represent a key competitive advantage, with Chartered Accountants playing a central role in supporting FDI the length and breadth of the country. “Competition has never been greater for the flow of FDI around the world, and with a new US administration taking office in a matter of weeks, there is an increased chance of disruption to the traditional flow of FDI globally. However, investors with a long term, sustainable outlook will look beyond short-term protectionism. Ireland as a safe and stable environment will continue to benefit greatly from FDI and we as Chartered Accountants will be there to lead and support such investments.”

Increased global competition one of several challenges to FDI model Addressing infrastructural deficit critical to ensuring continued FDI growth Chartered Accountants Ireland launches FDI guide, highlighting critical role its members play in supporting investment   Ireland faces greater competition as a location for global Foreign Direct Investment (FDI) than ever before as we move into 2025, with other countries enhancing their offering at pace. While Ireland’s FDI policy has stood the country in good stead for decades, a slowdown in growth of the global economy coupled with accelerated industrial policy interventions by competitor countries means Ireland’s inward investment model is now at a crucial inflection point, according to Chartered Accountants Ireland.  The Institute, the largest professional body on the island of Ireland, representing over 38,400 members, has today launched its new guide to FDI in Ireland at an event in conjunction with IDA Ireland in Dublin.   Cróna Clohisey, Director Public Affairs, Chartered Accountants Ireland said  “Ireland’s record of attracting FDI has been the envy of other countries for decades and IDA Ireland has played a pivotal role. However, against a backdrop of heightened geopolitical uncertainty and intensifying global competition for inward investment, we cannot afford to be complacent about our offering. The significant deficits in the State’s crucial infrastructure, including housing, energy, water, childcare and nationwide public transport, need to be addressed with urgency if we are to remain fully competitive in the race for future FDI.” Barry Doyle, President, Chartered Accountants Ireland said  “We are all familiar with the advantages that Ireland holds in attracting FDI - EU membership, strategic location, young talented workforce and a stable business environment. Our members also represent a key competitive advantage, with Chartered Accountants playing a central role in supporting FDI the length and breadth of the country. “Competition has never been greater for the flow of FDI around the world, and with a new US administration taking office in a matter of weeks, there is an increased chance of disruption to the traditional flow of FDI globally. However, investors with a long term, sustainable outlook will look beyond short-term protectionism. Ireland as a safe and stable environment will continue to benefit greatly from FDI and we as Chartered Accountants will be there to lead and support such investments.”    

The transformation of tax administration will be the theme of the OECD Forum on Tax Administration Plenary 2024 event. The event will gather together Commissioners from advanced and emerging tax administrations and representatives from international organisations and regional tax administration bodies. It takes place later this week in Athens, Greece from 13 - 15 November 2024.

The European Commission has welcomed the general approach announced by the Council regarding the Commission's proposals on VAT in the Digital Age. The new rules, intended to make the EU VAT system more business-friendly and more resilient to fraud, aim to address challenges arising from the platform economy and to level the playing field for all providers of short-term accommodation and transport services. The package introduces three key measures: Uniform real-time digital reporting for VAT purposes using e-invoicing for cross-border transactions, Platform operators in the passenger transport and short-term accommodation sectors will become responsible for collecting and remitting VAT to tax authorities, where the underlying supplier does not charge VAT, and     A single VAT registration system for businesses selling to consumers across the EU. The UK intends to consult on e-invoicing in early 2025.