The extended phoneline hours this week for the ROS Technical Helpdesk, the Business Taxes (Income Tax only) phoneline and the Collector General’s Division (including ROS Payment Support) to support filers of ROS Form 11 and IT38 have been published. The phonelines will be open until 8pm from Monday to Wednesday this week. The ROS Technical Helpdesk and the Business Taxes (Income Tax only) phonelines will remain open until midnight on Thursday 14 November 2024, with the Collector General’s Division phoneline open until 8pm.  

Chartered Accountants Ulster Society has adopted Action Cancer as its charity partner for the Society's largest event of the year, the Christmas Charity Lunch.  The event will take place on 6th December at the Europa Hotel, Belfast with over 500 Chartered Accountants and guests attending and is expected to raise thousands of pounds for Action Cancer, as well as collecting hundreds of toys and vouchers for the Salvation Army and St. Vincent de Paul Christmas Appeal. Chairperson of Chartered Accountants Ulster Society, Gillian Sadlier said: “We are delighted to support Action Cancer which does so much great work throughout Northern Ireland, engaging with 20,000 people through its services each year. We hope that the money raised by our members at our Charity Lunch can make a real difference to families right across Northern Ireland.” Gareth Kirk, Chief Executive of Action Cancer said: “We are thrilled to have been selected by Chartered Accountants Ulster Society as the beneficiary charity for their 2024 Christmas Charity Lunch.  As a local cancer charity, Action Cancer is totally reliant on the financial generosity and support from local people and businesses, without such support we simply could not deliver our life saving breast and skin cancer detection services or provide a range of critical therapeutic interventions for people impacted by cancer.”  

Ireland’s economic future hinges on sustaining FDI, reforming regulations and tackling infrastructure issues to secure continued growth. Brendan Murphy explains why “It’s FDI, stupid” to paraphrase a 1990s US election slogan. We are a relatively small country – we need foreign direct investment to keep flowing in whether it is from the US or other parts of the world, including China. Over 80 percent of our corporation tax receipts and over 50 percent of our payroll tax receipts are generated by these companies. That money benefits all of us – consumers, savers and workers. We must not lose the golden goose.  This will require a long hard look at our infrastructure challenges in the coming decades, including some of the well-documented planning restrictions that can frustrate international businesses planning to set up in Ireland. The recent Government Budget missed an opportunity to champion Ireland’s businesses and entrepreneurs, featuring very few improvements to capital gains tax rules to encourage either. The cost of establishing and running a business continues to spiral. We would strongly support calls for improvements to entrepreneur relief to reward business owners and an easy-to-use share-based remuneration scheme that would allow those businesses to retain and reward key talent. Budget 2025 referred to four major issues that could make a real difference: share-based remuneration, the R&D tax credit, interest deductibility and the tax climate for the funds sector. In all four cases, however, the Government opted only to reference new and ongoing reviews rather than introduce any new tax policies. We think these should be top priorities for any incoming government to show some real tangible decisions from these reviews. Airport cap The airport cap has highlighted a key issue with planning laws and regulations in Ireland. This 17-year-old rule was introduced when Terminal 2 was built during a very different era. With a growing population and improvements to airport infrastructure, this cap should have been lifted years ago. We understand the need to manage this from an environmental perspective, but there is also a need to be mindful of the business travel that is crucial to maintaining our FDI levels and ensuring we support our hospitality sector, which felt forgotten and overlooked in the recent Budget.  We need to boost our tourist and investor numbers – not potentially put them off with higher air fares and fewer flights. Housing deficit There is no doubt housing will be a key battleground during this election and a key focus for the new government of whatever political makeup. In the recent Budget, the government outlined a roadmap for how current and future considerations from bank share sales will be allocated, emphasising a strong commitment to infrastructure spending. This investment is critical for achieving Ireland’s ambitious housing targets, with all agencies and commentators signalling that 60,000 new housing units will need to be completed annually to address the chronic undersupply. Despite these good intentions, however, planning delays and higher building costs continue to be significant constraints to meeting these targets. Some builders are unable to commence building unless they know they can deliver houses and apartments people can afford to buy. In addition to the generous budget allocations, planning regulations need to be closely examined and overhauled. Tangible policies over reviews To maintain Ireland’s status as an attractive FDI destination, decisive action is required. Infrastructure challenges, regulatory reform and thoughtful incentives for both entrepreneurs and international companies must be prioritised by any incoming government. Ireland’s economic future relies on supporting FDI, addressing the housing crisis and creating a business-friendly environment. If we are serious about growth, it’s time to replace reviews with real policy changes that meet the needs of today’s global economy. Brendan Murphy is Head of Tax at Baker Tilly Ireland 

Ruth McNamee explores how GenAI is transforming finance, automating tasks, enhancing decision-making and providing insights to deliver better business results The landscape of Generative Artificial Intelligence (GenAI) is changing at an unprecedented pace, offering companies a unique opportunity to drive innovation and secure competitive advantages. Among the various business functions poised to benefit from this technological revolution, the finance function stands out as ideal candidates for early adoption. The power of GenAI in finance GenAI has the potential to revolutionise finance functions by automating routine tasks, enhancing decision-making processes and uncovering valuable insights from vast datasets. From virtual assistants that facilitate chatting with data and documents through automated document processing, to automating financial reporting, the potential applications of GenAI are vast and varied. By implementing a structured and systematic approach, finance functions can improve efficiency and drive strategic growth. Initial steps: ‘TOM Light’ and enablement For organisations eager to start their GenAI journey, adopting a streamlined target operating model (TOM), or ‘TOM Light’, is an excellent first step. This can help organisations to quickly realise the benefits of GenAI without extensive initial investments or complex restructuring. By focusing on a few high-impact use cases, supported with a preliminary governance and technology set-up, finance teams can demonstrate the value of GenAI and build momentum for broader adoption. The GenAI revolution requires companies to actively support employees during the transition, convincing them of the benefits and initiating a cultural shift. New skill sets are in demand, and employees need to learn to use new GenAI systems effectively in a corporate context. To expand the pipeline with additional use cases and support the successful roll out of high-impact use cases, it can be beneficial to start by training an initial group of employees and then extend training step-by-step. A role-based upskilling initiative typically includes foundational and technical AI knowledge, complemented by practical use case ideation sessions — from small daily benefits to large-scale GenAI use cases. For example, knowing how to effectively create prompts and recognise potential applications for GenAI can create efficiencies in an accountant’s or controller’s daily tasks. Long-term vision: a comprehensive target operating model While ‘TOM Light’ offers a quick and effective entry point, long-term success with GenAI requires a more comprehensive TOM. This model should be designed to handle GenAI effectively and responsibly, ensuring the technology is integrated seamlessly into the organisation’s processes and culture. Key components of a comprehensive TOM include: Governance framework: establish clear guidelines for the responsible use of GenAI, including data privacy and security measures. Talent and skills development: invest in larger-scale enablement, building on the experience with the initial group to equip finance teams with the skills needed to leverage GenAI effectively. Technology infrastructure: build a robust and scalable technology infrastructure that can support the deployment and ongoing maintenance of GenAI solutions. Creating a roadmap for success With a TOM in place, organisations can develop a detailed roadmap outlining the steps needed to implement GenAI across the finance function.  The transformative potential of GenAI is undeniable, and finance functions are uniquely positioned to lead the way. By taking immediate action and adopting a structured approach, finance teams could drive innovation, enhance efficiency and create sustainable competitive advantage for their organisation. The time to embrace GenAI is now — don’t just observe the revolution, be a part of it. Ruth McNamee is Finance Transformation Director at PwC

EY’s new State of Sustainability report shows businesses have reached a tipping point on sustainability, revealing a significant shift in sentiment and behaviour, writes Derarca Dennis The EY State of Sustainability 2024 report has reveals an important shift in how Irish businesses view sustainability. Eighty-one percent of respondents reported a heightened focus on sustainability within their organisations over the past year, marking a 19 percent increase from the previous survey in 2022. This is the largest percentage increase noted in the study, indicating a growing commitment to sustainable practices among businesses in Ireland. Sustainability efforts and industry leadership The findings suggest that progress is being made, with 74 percent of respondents rating their sustainability efforts as 'established or better', up from 61 percent in 2022. Fifteen percent consider their efforts 'industry-leading', meanwhile, doubling the corresponding seven percent recorded in 2022. There is still room for improvement, however, with 35 percent of this year’s respondents noting their organisation is not doing enough, up significantly from 17 percent in 2022. Fear of greenwashing influences communication strategies Awareness of the negative impact and reputational risk associated with misleading sustainability claims is growing. Thirty-five percent of the respondents in the EY State of Sustainability 2024 report indicated that fear of greenwashing is influencing their communication strategies, a significant increase from 13 percent in 2022. Key motivations for sustainability Rising stakeholder interest, regulations and perceived bottom-line benefits are key motivating factors driving sustainability in organisations. Close to two-thirds (65%) of businesses reported wider stakeholder enquiries about sustainability impact, up from 49 percent in 2022. More than half (58%) believe demonstrating a greater commitment to sustainability is necessary for access to capital. Interestingly, 30 percent indicated they are increasingly assessing the sustainability status of target companies when considering a merger or acquisition. Regulatory concerns Navigating complex EU regulations is the leading sustainability-related concern for organisations, according to EY’s research, with the EU Emissions Trading System cited by almost two-thirds (65%) as a key concern. Supply chain due diligence, driven by the Corporate Sustainability Due Diligence Directive (CSDDD), is a concern for 62 percent of respondents. The EU Deforestation Regulation and plastic packaging-related measures were cited by 54 percent and 46 percent of respondents, respectively. Supply chain responsibility Sustainability regulations such as the Corporate Sustainability Reporting Directive (CSRD) and CSDDD are designed to make organisations more sustainable by holding them accountable for their supply chains. Sixty-two percent of respondents cited supply chain due diligence as their biggest sustainability-related concern. Engagement levels with supply chains on ESG reporting vary, with 26 percent having not engaged at all, while 50 percent have technology solutions in place to gather data for compliance purposes. Long-term resilience The findings show that the link between sustainability and profitability is becoming an increasingly important factor in corporate strategies. As companies embrace this agenda, they must engage with all stakeholders to create a more resilient and sustainable business. Irish businesses are moving toward sustainability, with growing stakeholder interest, regulatory pressure and bottom-line benefits driving this shift. The report shows that more companies are embedding sustainable practices. Despite this, concerns about greenwashing and regulatory compliance remain challenging. Notably, many companies are scrutinising the sustainability of potential mergers and acquisitions, signalling a commitment to change. While progress is evident, there is still work to do, especially in supply chain accountability. For sustained impact, continued engagement with stakeholders and a proactive approach to regulation will be essential for long-term resilience. Derarca Dennis is Assurance Partner and Sustainability Services Lead at EY

Get in touch with your Chartered Accountants Ireland Careers Team today to help sculpt your new CV now that you are qualified. Its never too early to start this essential document. We will send you a template to get you started and you can schedule an online call to review and talk through it once complete.   For the moment, here are some initial CV tips, pitfalls, versions and suggestions : Minimise (no) colour No photo – that’s more a continental thing. Your latest job detail should take up about half of the 1st page – good detailed points. Use ‘ownership’ terminology such as “I drove, I led, I resolved … “ 1 or 2 lines about your current employer = context Use the width of the page- no large whitespace gaps | Typically 2 full pages give or take. Ariel or Calibri 11 or 12 Include your Annual Review Rating if you got a good one. Naming Clients – where suitable … to give context. Clients : - what size / what sector ? Have a few versions of your cv for different applications Include Academic results 2.1 / 2.2 / 510 points 3.8 grade avg etc Punchy – Not long winded story style points. Profile Summary for HR/Website applications – per below Strong References available on request(include of you have) Include Charity work, societies, events, articles written etc. Spelling – check it and triple check it Focus on the getting across your competencies and your value add Identify your USP / What differentiates you System Skills ? ( Tip )  Create a Summary profile or synopsis to go alongside your CV or to be mailed with your cv attached to either recruiters or employers : For example :  My Profile Summary : ACA 2022 Big 4 Trained – Audit Currently in XYZ plc as a Financial Accountant Previously Audit Senior working with Banking Insurance and Funds clients Very strong leadership qualities and relationship building track record Strong audit fundamentals Very keen on a move into IA with the right organisation and ABC ltd very much appeals. Excellent communication skills and very positive client interaction feedback 100% comfortable with travel required On 55k base + solid bens currently Target base 60/65k base circa Linkedin Profile : https://www.linkedin.com/in/daveriordanaca/ Get in touch with your Careers Team in the Institute as your first step once you qualify for cv, interview and market guidance as well as job placement and an unbiased, objective view of the market and your career path.  Dave Riordan (ACA) Recruitment Specialist & Career Coach | Careers Team Chartered Accountants Ireland. Dave.riordan@charteredaccountants.ie   

Glanbia were announced as the overall winner of this year’s Chartered Accountants Ireland Leinster Society Published Accounts Awards. Glanbia were announced as the overall winner of this year’s Chartered Accountants Ireland Leinster Society Published Accounts Awards. They had a double whammy and were also awarded the Euronext Dublin (Large Cap >€1b) Award at the event which took place on Thursday 7 November in the Shelbourne Hotel. The awards, sponsored by Euronext and Arachas, and in partnership with the Business Post, highlighted companies across the island of Ireland for excellence in corporate reporting. Special guest MC Risteárd Cooper hosted the celebrations. The awards have evolved over the years to include categories reflecting the changing nature of business and reporting requirements, going beyond just the scope of financial reporting, and we will continue to do so as the reporting landscape changes. Commenting on the awards Joey Wynne, CEO Arachas, said, “In a world that demands greater scrutiny and precision, the task of financial reporting has never been more complex or crucial.  The hard work, attention to detail, and ethical responsibility of our finalists are what help businesses and organisations stay robust and accountable.” Aisling McArdle, Head of Primary Market Admissions at Euronext commented, “The Published Accounts Awards celebrate the critical role of integrity, transparency and accountability in financial reporting, which form the cornerstone of investor confidence and market integrity. Congratulations to all the finalists and winners, who have displayed excellence in these areas and help sustain a strong foundation for trust and credibility in the financial markets.”   Category  Winner  Euronext Growth Award Origin Enterprises  Euronext Dublin (SME <€1bn)  Kenmare Resources   Euronext Dublin (Large Cap >€1bn)   Glanbia  Company Listed on a Foreign Market   DCC   Statutory or Unlisted Entity (IFRS)   ESB  Statutory or Unlisted Entity (Non-IFRS)  daa  Arachas Not for Profit – Large   Jigsaw  Not for Profit - Small / Medium   Barretstown  Arachas Sustainability and ESG Reporting Award Listed entities  Bank of Ireland  Sustainability and ESG Reporting Award Unlisted entities  CIÉ Group  Branding, Communication and Digital Award  Barnardos    Diversity and Inclusion Award - Not for Profit  Jigsaw  Diversity and Inclusion Award - Listed and Unlisted entities  Bank of Ireland     Marian Ryan, Head of Group Financial Reporting, Glanbia, says of their win; We are honoured to win this award. The Annual Report process in Glanbia is a huge production. We put a lot of time, effort and resourcing into it and are very proud of the output, so to get an acknowledgement like this is very rewarding.  Our Annual Report is a key document in providing our stakeholders with an overview of our financial and non-financial performance in a clear and transparent manner. Along with compliance with regulatory frameworks, the structure of the report also facilitates easy navigation for the reader around what can be a complex document. It is also very visually appealing, with the Glanbia branding evident throughout. Dee Ahearn, CEO, Barretstown was delighted with their award; It’s a tremendous honour to have been selected as the recipient of this award, and even more so considering the stellar line up of nominees in this category. Good governance, ensuring full accountability and transparency are cornerstones of operations at Barretstown and are fundamental to every aspect of how we do business. Awards of this nature are a welcome boost and provide even more motivation to an already hard-working team. A commitment to excellence and ensuring a best-in-class approach were among the key factors in our success in this category. John Flannery, Group Financial Accountant, CIÉ Group, on being a second time winner; We are really delighted to win this prestigious award for the second consecutive year.  We have invested significant resources to bring sustainability reporting in line with financial reporting and to ensure full transparency of our performance.  This award is an important endorsement of our commitment to sustainability and excellence in reporting.       At CIÉ Group, sustainability is central to our strategic purpose; a significant investment is being made to deliver the national climate targets and support the achievement of our sustainability commitments.  Measuring performance is critical to achieving on our objectives and over the past number of years we have prioritised data accuracy and reporting transparency to inform strategic decisions and work with our stakeholders.    Tom Hickey, Managing Director, Kenmare Resources comments on what it means to win their award;  Kenmare is delighted to have won the Best Annual Report (SMEs <€1bn) award at the Published Accounts Awards. The Annual Report is a huge team effort and is the result of months of planning and hard work across a number of different departments here in Dublin and in our other offices in the UK and Mozambique. The other finalists were strong, so we were particularly pleased to be recognised in this category for the second time in five years. We’ve just started planning for our 2024 Annual Report so we’re excited to see if we can bring home an award for the third time at the 2025 awards ceremony.   Mike Mansfield, Director of Communications and Fundraising, Jigsaw, on why they believe they took home their award;  Firstly, the competition  from others in our sector was so high, so to come through hugely validates the high effort we place on our reporting each year. Commencing in December of the previous year, the project team who leads on the Annual Report invest time, energy and thought; all hugely important elements. We would like to think some of the elements that stood out was a consistent narrative; the voice and experience of our people – be they donors, staff, volunteers or beneficiaries  - and an openness. Annual Reports are hugely important in Jigsaw. As well as adhering to our corporate governance requirements, each year, Jigsaw’s Annual Report showcases our work, celebrates our achievements and tells the story of our people, our supporters and our impact; and for a charity in the coalface of some hugely significant social issues, this is key. Lorraine Cody, Financial Accountant, ESB, comments on their win; Our Annual Report is central in providing investors, customers and other stakeholders with a good understanding of our financial and non-financial performance and on ESB’s progress towards delivering our Net Zero by 2040 Strategy. This award validates the work we have done in that regard and is well deserved recognition for all those who work so hard to produce an Annual Report which is accurate, comprehensive and useful for our stakeholders.   

  In this week’s Sustainability/ESG bulletin read about Ireland and the UN Biodiversity COP16, €55 million in new funding for Irish business decarbonisation, and the €1 million from Irish businesses to nature-positive actions. Also covered is DAERA’s consultation on draft environmental principles policy statement, the launch of the UK SME Climate Hub’s new platform of climate action tools, reports from the WBCSD and the London Stock Exchange, as well as the usual resources, podcasts, webinars, articles and events.   Ireland news Accounting for Nature - the Biodiversity COP Ireland attended COP16, the United Nations conference aimed at protecting and restoring biodiversity, which took place in Colombia from 22 Oct to 1 November. At the conference, Minister for Nature and Heritage Malcolm Noonan reportedly committed to continue to scale up nature restoration and protect its vulnerable ecosystems, while improving climate resilience. Chartered Accountants Ireland has written an explainer about COP16 and what it means for businesses.  Ireland’s competitive advantage The Department of the Taoiseach has published the Response to Ireland’s Competitiveness Challenge 2024, outlining how the Government is addressing the priority areas and actions proposed by the National Competitiveness and Productivity Council (NCPC). Among other issues, the report highlights the promotion and delivery of sustainable development, and the measures taken to deal with expenditure pressures, including ageing, climate, digitalisation and other fiscal and economic shocks that may arise in future. (See also our event Maintaining Ireland’s Competitive Advantage: FDI in 2024 and Beyond, taking place on 12 November in Chartered Accountants House). New Heat Bill paves the way for district heating nationwide The Irish Government has approved the General Scheme of the Heat (Networks and Miscellaneous Provisions) Bill 2024, which aims to facilitate the growth of a district heating industry in Ireland. District heating utilises a centralised heat source, such as a waste facility or data centre, to heat multiple buildings across a potentially wide geographical area. The development of such legislation would establish a regulatory model to ensure price protection for large and small heat network consumers. Increase in approvals of Energy Efficiency Grant applications Approval of applications for the Energy Efficiency Grant has nearly doubled since a series of revisions to its terms last July, according to a statement made by the Department of Trade, Enterprise and Employment. The grant, administered by the Local Enterprise Offices (LEOs), is for businesses investing in new energy efficient equipment, smart control systems, heat recovery and more. Welcoming the news, Minister for Enterprise, Trade and Employment, Peter Burke, T.D., encouraged interested businesses to contact their LEO, commenting: “Sustainability is good for business. By cutting energy costs, businesses will save money.” Separately the SEAI has launched a new section on its website sign-posting businesses to technologies to enhance energy efficiency and move towards carbon neutrality. Smart Energy for Business also includes tips for staff interested in smart energy habits at home. Significant projected gaps to energy targets The Sustainable Energy Authority of Ireland (SEAI) has published its National Energy Projections 2024 report, which points to significant projected gaps in Ireland’s ability to meet all legally binding targets, including national carbon budgets and sectoral emissions ceilings, as well as EU obligations on renewable energy, energy efficiency and greenhouse gas emissions. The report goes on to state that “unprecedented technology change must be combined with strong policies and measures to limit growth in energy demand and disincentivise behaviours and practices that incur wasteful energy use in all parts of society”.  Enterprise Ireland Approves Over €55 Million in Funding to Drive Decarbonisation in Irish Businesses Enterprise Ireland (EI) has approved over €55 million in funding to support the decarbonisation of Irish businesses it was announced this week. Approved under the Environmental Aid scheme and EI’s Green Transition Fund, the funding has benefited more than 400 Irish companies since June 2022, reducing CO2 emissions by an estimated 130,000 tonnes. The Department of Enterprise, Trade and Employment also allocated a further €300 million in June this year under the Environmental Aid scheme to support EI’s broader commitment to advancing sustainable growth among Irish companies. Public support for climate action remains high across Ireland The Environmental Protection Agency (EPA) has announced that public support for climate action remains high across Ireland, according to national, regional, and county-level data about people’s climate change beliefs, attitudes, policy preferences and behaviours. There is majority support for all surveyed policies nationally, although an emerging divergence was noted between Dublin and other counties regarding support for taxing fossil fuel-powered cars. The data noted an increased awareness of the potential impacts of risks resulting from climate change among people in counties with a history of environmental risks such as flooding, water shortages or wildfires. Businesses commit over €1 million to finance Irish farm biodiversity A new national initiative has launched that aims to make farming for nature sustainable and scalable, while providing businesses with an opportunity to fund nature-positive actions on Irish farms in a way that can be reported on under new EU sustainability reporting directives. ReFarm, established by Dr Brendan Dunford, a founder of Burrenbeo Trust, and impact investor Anke Heydenreich, leverages private finance to complement public subsidies. A collaboration between Trinity College Dublin, Burrenbeo Trust and local and international organisations, ReFarm has already started to finance projects on Irish farms to address the biodiversity and climate crises.   Northern Ireland/UK news (From the Institute’s Tax News) UK Government publishes response to UK CBAM consultation The UK Government has published its response to the March 2024 consultation on the introduction of a UK Carbon Border Adjustment Mechanism ‘CBAM’. (The Institute responded to the consultation earlier this year.) The response confirms that the UK CBAM will be introduced on 1 January 2027, placing a carbon price on goods at risk of ‘carbon leakage’ that are imported to the UK from the aluminium, cement, fertiliser, hydrogen and iron and steel sectors. Read more here. DAERA opens consultation on draft environmental principles policy statement The Department of Agriculture, Environment and Rural Affairs (DAERA) is consulting on a draft environmental principles policy statement (EPPS). The statement sets out how five internationally recognised environmental principles should be interpreted and proportionately applied to policy making. When fully in force, all Northern Ireland government departments and United Kingdom government ministers making policy for NI will have a statutory duty to have due regard to the statement. The consultation close on Monday, 9 December. UK SME Climate Hub launches new platform of climate action tools The UK SME Climate Hub has launched its Action Space, a new platform of climate action tools, created for SMEs to understand the steps needed to achieve their net zero goals. The SME Climate Hub is a non-profit global initiative that empowers small to medium sized companies to take climate action and build resilient businesses for the future. London Stock Exchange warns of risks to 49 cities The COP29 Net Zero Atlas report by London Stock Exchange Group has called for G20 countries to set ambitious new 2035 targets to accelerate the pace of the transition and limit warming to well below 2°C by the end of the century.  The report, which aims to provide investors with analysis of physical and transition climate risks across the G20, points to the need for clear policy signals among companies and investors taking steps to mobilise long-term investment in greening the global economy. Highlighting the cost of inaction and the need for large scale adaptation measures and financing, the report points to physical effects of climate change intensifying across the globe, showing that 49 cities accounting for nearly 20% of global GDP, will be particularly affected. Separately, the Business Breakthrough Barometer report from the World Business Council for Sustainable Development (WBCSD) has emphasised the need for government action to unlock private sector investment at scale, upon which hinges the ability of countries to achieve plans to halve emissions by 2030 and meet the 1.5°C climate target. Notably, 91% of business leaders surveyed view the transition to net zero as an investment opportunity, but that without long-term, investment-positive policies, the next wave of large-scale investments are at risk. Europe news Copernicus confirms a new milestone in global temperature records 2024 is virtually certain to be the warmest year on record, and the first year above 1.5°C,  according to Copernicus Climate Change Service (C3S), the European Centre for Medium-Range Weather Forecasts on behalf of the European Commission. Commenting, Samantha Burgess, C3S Deputy Director, said: “This marks a new milestone in global temperature records and should serve as a catalyst to raise ambition for the upcoming Climate Change Conference, COP29.” Sustained progress needed to meet ambitious Climate Law targets Total net greenhouse gas emissions in the European Union dropped by 8% last year, according to the European Environment Agency’s recently published Energy Trends and Projections report. The drop was led by a significant decline in coal use and growth of renewable energy sources and supported by reduced energy consumption across Europe. The report cautions that sustained progress will be needed towards 2030 and beyond to meet ambitious targets set by the EU Climate Law. World news The Institute of Singapore Chartered Accountants (ISCA) has issued an illustrative sustainability report based on ISSB’s and GRI’s standards. The main objective of this report is to provide a glimpse of how a sustainability report could look like when a company adopts both the IFRS Sustainability Disclosure Standards and GRI at the same time. The Global Capacity Building Coalition (GCBC), which launched during September’s New York Climate Week, has released the beta version of their global capacity building platform. The platform will act as a ‘one-stop shop’ with a suite of resources, tools, and training on climate finance and related topics, for financial institutions and finance professionals seeking to develop their organisational capacity and individual knowledge and skills to accelerate and scale climate finance. The World Business Council for Sustainable Development (WBCSD) has published the twelfth edition of its ‘Reporting Matters’ series, aimed at enhancing the effectiveness of corporate sustainability reporting. Changing Gears: How are companies navigating higher expectations and demands in sustainability reporting offers insights into how effective reporting adds value and provides strategic direction. It includes latest reporting trends and data gathered from an in-depth review of 181 reports. The International Public Sector Accounting Standards Board (IPSASB) has announced the release of SRS ED 1, a new draft climate-related disclosure standard for governments and other private sector entities. This would be the first sustainability reporting standard for the public sector. SRS ED 1 is open for public comment until February 28, 2025.  Over 20 organisations have founded Nature Positive Matters, recognising the importance of nature positive action to economies and communities. A government-backed initiative, Nature Positive Matters is a network of leaders who recognise the growing international importance and economic value of looking after nature. Members of the network announced they will work together to support business uptake of nature-related reporting and data collection, pilot programs to inform policies and investment decisions that are good for nature, and develop tools to help investors understand whether an economic activity is environmentally sustainable. The United Nations Environment Programme (UNEP) has published a report that finds that nations must deliver dramatically stronger ambition and action in the next round of Nationally Determined Contributions (NDCs). The report, Emissions Gap Report 2024: No more hot air … please!, now in it’s 15th edition, brings together many of the world’s leading climate scientists to examine future trends in and provide potential solutions to the challenge of global warming. Updated NDCs are to be submitted early next year ahead of the COP30 climate talks in Brazil.  Did you know The Deposit Return Scheme, which launched on 1 February 2024, has collected over 635 million containers, refunding €110 million in deposits to consumers. Every month, over 100 million containers are collected and last month 73% of plastic bottles were returned. €70,000 has been collected for the Return for Children charity. Podcast Chair Emmanuel Faber and Vice-Chair Sue Lloyd discuss the latest ISSB developments  (Podcast -22 mins) Articles How we can leverage CSRD to drive sustainability and innovation (Accountancy Ireland – Briefly) Lack of female leaders in public companies a disgraceful indictment of Irish business (The Business Post) Greenwashing risks: a growing challenge for legal professionals (GRI) How to cut our dependence on fossil fuels rapidly (SEAI Blog – Hannah Daly, Jim Sheer) Why Tax is Essential for Comprehensive and Transparent CSRD Reporting (Grant Thornton) Upcoming Events COP29 Climate Summit Date: Nov 11-22 Location: Azerbaijan Host: CBD, UN Accountancy Europe, Shaping the future of sustainability assurance engagements Join Accountancy Europe and the International Federation of Accountants (IFAC) to discuss the latest developments in the world of sustainability assurance. In this webinar, you will hear insights from the International Auditing and Assurance Standards Board (IAASB), the Committee of European Auditing Oversight Bodies (CEAOB) and the Nordic Federation of Accountants. Virtual, 12 November, 15.00-16.45 (Brussels Time) Business for Biodiversity, Business & Biodiversity 101 Broaden your understanding of your business relationship with nature and get to grips with where to start on credible nature action and legislative compliance for your organisation. Topics include risks businesses are facing in this nature crisis, how they can address these risks and how can the Nature Positive approach bring opportunities to businesses. Virtual, 14 November, 13:00-14:00 Dublin Chamber, Sustainable Business Practices - Strengthening Customer Connections Designed for professionals in customer-facing roles, this workshop will provide the tools to incorporate sustainability into customer engagement strategies, leading to improved satisfaction and loyalty. Virtual, 15 November, 9.30-12.30 iQuest & Business Post, ESG Autumn Summit Date: Nov 20th Location: Croke Park Chartered Accountants Ireland (part of Sustainable Finance Ireland Week 2024), Access to sustainable finance by SMEs Part of Sustainable Finance Week Ireland, this seminar will describe the landscape of finance and other support options available for SMEs and entrepreneurs which can facilitate businesses taking action. It aims to debunk the concept of ‘green finance’ for SMEs and paint a clear picture of the steps and the commercially viable – scalable – actions SMEs could take to improve their impact and their ability to source finance for projects. Commercial financial products will be discussed, alongside the grants available from local enterprise offices (LEOs), Enterprise Ireland, the Sustainable Energy Authority of Ireland (SEAI). In person, Chartered Accountant House, Wednesday, 27 November, 17.00-18.00 Dublin Chamber, Internal Sustainability Integration - Building a Sustainable Workplace Culture Are you a professional in an internal facing role such as finance, operations, or HR? Our upcoming workshop at The Sustainability Academy is designed specifically for you. This session will guide you in integrating sustainability practices within your organisation’s internal mechanisms, demonstrating how these practices can improve employee engagement, operational efficiency, and the overall workplace environment. Virtual, 29 November, 09:30-13.00 Belfast Harbour Commissioners, Responsible Innovation Conference This conference will bring together business leaders, technology experts, and academics to discuss the ethical implications of technology. Participants will learn about managing the social and environmental impacts of technology while driving growth and innovation. The event will also include networking opportunities, allowing attendees to exchange ideas and collaborate on responsible business practices. In person, Belfast Harbour Commissioner, 29 November 2024, from 8:15 am Network for Chartered Accountants working on ESG projects Are you a Chartered Accountant working in ESG or working on ESG-related projects? Would you like an opportunity to engage with other Chartered Accountants working in this space to share insights, challenges and opportunities? Chartered Accountants Ireland now has a network to allow members working in sustainability/ESG to meet and discuss all matters of interest re ESG and accounting. Next meeting: November 27, 18:00-19:00 In person, Chartered Accountant House – Drinks & Networking 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.

On 4th November Chartered Accountants Ireland issued a response to the Northern Ireland Executive’s public consultation on its draft Programme for Government 2024-2027. The response was informed by members' views taken in a survey issued to members by email. A copy of the response is available to view HERE

  COP16, the major United Nations summit on biodiversity, concluded on 1 November in Cali, Colombia, after a record number of attendees attended two weeks of negotiations on progress towards the goals of the United Nations Convention on Biological Diversity. Governments failed to agree on how the goals of the 2022 Global Biodiversity Framework will be financed, but some key agenda items were adopted and are now operative (see below). This article provides background to the summit and what it means for accountants.   What is the Biodiversity COP? ‘COP’ stand for ‘Conference of the Parties’. COPs are the main decision-making bodies of the United Nations treaty bodies. At COPs representatives of all the ‘Parties’, i.e. countries that have agreed to participate in and be bound by the treaties, converge to discuss their progress on achieving the goals of the treaties. The Biodiversity COP – also known as the Convention on Biological Diversity (CBD) or the ‘Nature COP’ – was established to promote the conservation and sustainable use of biodiversity, as well as the fair and equitable sharing of benefits arising from genetic resources. While the more famous ‘Climate COPs’ take place every November, the Biodiversity COPs happen every second October. Biodiversity COPs are becoming increasingly relevant to business as the scale of biodiversity destruction, and its impact on people, planet and economies, becomes clear.   What was the theme of COP16? The headline of the COP16 summit was “peace with nature”. It focused on how the nature crisis is entrenching poverty and jeopardizing economies and undermining the Sustainable Development Goals.  The theme of COP16 was ‘COP of the People’, as explained by Susan Gardner, director of the Ecosystems Division at the United Nations Environment Programme (UNEP): “For too long, humanity has viewed itself as separate from nature…That perspective is starting to shift and COP16 will be an important opportunity to re-enforce the message that humanity and nature are intrinsically linked.”  This summit saw the launch of The World Coalition of Peace With Nature: A Call for Life,  a coalition of 21 countries that agreed to a set of principles aimed at changing humanity's relationship with nature. It called for “the development of public policies to strengthen institutional and human capital, governance, intercultural dialogue, technical capabilities, and adequate finance to achieve a balanced and harmonious relationship with nature”.   Why was this COP so important? The primary agenda of COP16 was the implementation of the ‘Kunming-Montreal Global Biodiversity Framework’ (GBF) Often described as the “Paris Agreement for nature”, the ‘GBF’ had been adopted at COP 15 in December 2022 in Montreal, Canada. It set out four long-term goals and 23 specific targets to be achieved by 2030 to halt and reverse biodiversity loss. Under the GBF, countries are expected to submit updated national plans detailing how they will meet their targets under GBF. These National Biodiversity Strategy and Action Plans (NBSAPs) were to be submitted by the start of conference on October 21. Only 17% of the 196 countries had submitted their updated NBSAPs by the start of the conference, among them Colombia, Mexico, Suriname, and Cuba. By the close of the summit, only 44 out of 196 parties – 22% – had come up with new biodiversity plans.   Why does biodiversity matter to business? UN Secretary-General António Guterres has emphasised how prompt and effective action on the nature and biodiversity crisis makes economic sense: “Every dollar invested in ecosystem restoration creates up to thirty dollars in economic benefits.” At COP16, Guterres warned delegates that humanity faces a “dangerous and uncertain tomorrow” caused by its destruction of life-sustaining nature. Many businesses and financial institutions have already acknowledged the real risks this presents to business and livelihoods and signed a call to heads of states and governments for renewed policy ambition in advance of COP16 to implement the Global Biodiversity Framework and halt and reverse nature loss this decade. In recognition that businesses and the accountancy profession need to be part of the solution, the Global Accounting Alliance (GAA) in March 2022 launched a call to action to the accounting profession in response to the nature crisis. In October 2024, it published a report taking stock of the GAA’s collective accomplishments against its four nature commitments. The report, The GAA’s Progress and Pathway to 2030, considers relevant trends affecting the profession, such as the growing market trend towards transparency, reporting and regulation on nature-related issues. It also sets out actions that the GAA and its members will take to help further accelerate collective progress towards our nature commitments.   Accounting and finance at COP Finance was a critical issue at COP16, as $700 billion annually is reportedly needed to achieve the GBF targets on biodiversity protection and restoration. For the second time in its history, a Finance & Biodiversity Day took place at a Biodiversity COP, but funding commitments have fallen short of the target, with only seven countries pledging a total of $243 million to the newly established UN fund for the GBF. The lack of sufficient funding threatens the implementation of biodiversity projects on the ground. A new ‘Cali Fund’ was agreed to collect voluntary contributions from pharmaceutical and other companies to cover their use of genetic data from nature, but overall COP16 failed to reach consensus on global finance for nature.   Nature-related reporting was a major theme at COP16, with discussions on how companies can better assess and communicate their impacts and dependencies on nature. This includes aligning business practices with the UN Sustainable Development Goals (SDGs), particularly those related to responsible consumption and production, climate action, and sustainable cities and communities. Among the highlights:   The International Sustainability Standards Board (ISSB) attended the summit, organising events particularly focused on biodiversity, ecosystems and ecosystem services disclosures.   The Association of Chartered Certified Accountants (ACCA) released a paper designed to help accountants support organisations to undertake nature-related reporting and tackle sustainability-related challenges: Empowering Business: Navigating Nature-Related Reporting”.   The Taskforce on Nature-related Financial Disclosures (TNFD) published a draft paper as part of its work to help markets access decision-useful nature-related data.A roadmap for upgrading market access to decision-useful nature-related data is now available for consultation and feedback.   Biodiversity credits were also to the forefront in COP16, with three international organisations releasing a set of 21 high-level principles for biodiversity credits which aims to steer the emerging market. The organisations were The World Economic Forum (WEF) the Biodiversity Credit Alliance (BCA) and the International Advisory Panel on Biodiversity Credits (IAPB). These principles were first launched in 2022 in an attempt “to explore the potential of biodiversity credits to unlock new financing for measurable positive outcomes for nature and its stewards.” The WEF also published a new report, Nature Finance and Biodiversity Credits: A Private Sector Roadmap to Finance and Act on Nature, that aims at empowering business leaders to take decisive actions towards a nature-positive future.   What’s next? This is the first of three UN environment COPs taking place in 2024. The Climate COP - COP29 – will take place in Azerbaijan from 11-22 November. In December, Saudi Arabia will host another COP, this one focused on desertification. Chartered Accountants Ireland will bring you highlights as they happen.   Articles COP16: Key outcomes agreed at the UN biodiversity conference in Cali, Colombia (Carbon Brief) UN summit agrees deal on genetic data but fails on wider finance to protect nature (Financial Times) Countdown to COP16: are businesses and government turning the tide on nature loss? (Business for Nature) Malcolm Noonan tells Cop16 Ireland making progress in ending biodiversity loss (Irish Times)     For more resources on nature and accounting, visit Biodiversity - Accounting for Nature in the Chartered Accountants Ireland Sustainability centre.

In Irish news, the Parliamentary Budget Office has published its analysis of Finance Bill 2024  and Revenue is advising tax agents to review their IT security processes. In UK news, read our more detailed coverage of the capital and business taxes measures in the 2024 Autumn Budget. In International news, the Commission and the UK conclude technical discussions on a competition cooperation agreement. Ireland The Parliamentary Budget Office has published its analysis of Finance Bill 2024. Revenue is advising tax agents to review their IT security processes. UK 3. Changes to capital gains tax and inheritance tax were the main feature of the Autumn Budget 2024 capital taxes measures. 4. On the business taxes front, the rate of employer’s National Insurance Contributions will increased from April 2025. International 5.        The European Commission and the UK concluded technical discussions on a competition cooperation agreement. 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.

The Failure to Prevent Fraud offence was introduced in section 199 of the Economic Crime and Corporate Transparency Act 2023 (ECCTA). The Act provides that the Secretary of State must issue guidance about procedures before the provisions come into force. This guidance to organisations on the offence of failure to prevent fraud has now been issued (as  of 6 ,November 2024). The guidance states that the offence will come into effect nine months after the publication of this guidance, to allow organisations to develop and implement their fraud prevention procedures. A reminder of what the Failure to Prevent Fraud offence is. The legislation will apply to large organisations where an associate of the organisation commits any of the offences listed in schedule 13 of the ECCTA (for example, cheating the public revenue or false accounting) with the intention of benefitting the organisation and the organisation did not have in place reasonable fraud prevention procedures. The large organisations to which the legislation will apply align with the thresholds in the Companies Act 2006. In short, a large organisation is one satisfying two or more of the following conditions: turnover of more than £36 million; balance sheet total of more than £18 million; or more than 250 employees. Readers should be mindful that there are proposals to uplift the monetary thresholds under company law. 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.