Dr Claire Guy explores how Irish companies can reduce costs, boost reputation, and gain market share through eco-friendly practices Being environmentally friendly is not only good for the planet, but also for the bottom line. Businesses that adopt sustainable practices can reduce their costs, improve their reputation, and gain a competitive edge in the market. Additionally, sustainability is increasingly becoming a legal requirement, as both Ireland and the EU have set ambitious targets and regulations to combat climate change and environmental degradation. Regulatory framework Ireland’s Climate Action Plan 2024 outlines Ireland’s commitment to achieving a 51 percent reduction in greenhouse gas emissions by 2030, compared to 2018 levels. The European Green Deal commits to delivering net-zero GHG emissions at EU level by 2050; with Ireland committed to achieving net-zero emissions no later than 2050. These ambitious targets require significant investment and changes across various sectors, including energy, agriculture, and transport. For businesses, this means adapting to stricter environmental regulations and investing in sustainable practices. Companies now need to innovate and adopt greener technologies to meet these targets, which may initially increase operational costs but also present new opportunities for growth and competitiveness in a low-carbon economy.  The transition to a more sustainable business model is not just a regulatory requirement but also a strategic move to future-proof businesses against the impacts of climate change. To meet the 51 percent reduction in greenhouse gas emissions by 2030, Ireland has agreed to several specific sectoral targets, including: Electricity: 75 percent greenhouse gas reduction by 2030; Transport: 50 percent greenhouse gas reduction by 2030; Industry/enterprise: 35 percent greenhouse gas reduction by 2030; and Agriculture: 25 percent greenhouse gas reduction by 2030. Meeting these target reductions is a journey which presents challenges and opportunities for Irish businesses.  Businesses are now encouraged to set science-based targets (SBTs) and develop comprehensive company-specific climate action plans, covering everything from resource efficiency to supply chain, to achieve these goals and transition to a low-carbon, circular economy.  These targets involve measuring and reducing emissions across all scopes (Scope 1 relates to direct emissions from an organisation’s facilities, Scope 2 relates to emissions from energy purchased by the organisation, and Scope 3 relates to other indirect emissions, such as those from suppliers and the use of the organisation’s products), investing in renewable energy, improving energy efficiency, and innovating sustainable practices. Benefits to Irish businesses Going green offers several benefits to Irish businesses, both economically and environmentally. Here are some key advantages: Economic resilience: The need to reduce our reliance on fossil fuels was especially highlighted by global events like the war in Ukraine. By investing in green technologies and practices, Ireland aims to build a more resilient and self-sufficient economy. Circular economy: Ireland is promoting a circular economy, which involves reusing and recycling materials to minimise waste. This approach not only benefits the environment but also offers significant cost savings for businesses. Companies like IKEA are now transitioning towards a circular business, aiming to give products and materials a longer life through reuse, refurbishment, remanufacturing, and recycling. The company designs products with circular capabilities and uses renewable or recycled materials. Their sustainability strategy includes becoming a fully circular business by 2030. Cost savings: Implementing sustainable practices can lead to significant cost reductions. For example, energy-efficient technologies and waste-reduction strategies can lower utility and disposal costs. Attracting talent: A survey by IBM showed that 67 percent of people are more willing to apply for jobs from organisations they consider to be environmentally sustainable and environmentally responsible. By going green, businesses can attract and retain top talent who value sustainability. Customer demand: 75 percent of Irish consumers think that climate change and its consequences are the biggest challenges for humanity in the 21st century, and have turned to sustainable products and services. Meeting these demands can help businesses win new customers and increase loyalty. Investment and funding: Sustainable businesses are more likely to attract investment and funding. There are various grants and supports available for businesses that commit to green practices in Ireland. Compliance and futureproofing: As regulations around environmental impact become stricter, businesses that adopt green practices early will be better prepared to comply with future laws and standards. Reputation and brand image: Being known as a sustainable business can enhance a company’s reputation and brand image, making it more appealing to both customers and partners. For example, Kellogg’s aims to use 100 percent recyclable, reusable or compostable packaging by the end of 2025 to align its business with circular economy principles, as well as strengthen its green reputation and brand. Global market access: Many international supply chains now require sustainability from their partners. Going green can open new markets and opportunities for Irish businesses. Whether a business is furthering its journey towards sustainability or just beginning to take serious steps in that direction, various aids are available from Ireland and the EU. These supports facilitate progression towards more eco-friendly operations and foster employee participation in these initiatives. Dr Clare Guy is a Senior Consultant at KPMG

As some companies pivot back to full-time office work, Mark Fallon examines the sustainability of remote work and its impact on business culture and talent retention The first few months of the year changed the landscape of the professional working week. From the onset of the COVID-19 pandemic up until 2022, office workers were predominantly ‘working from home’ (WFH). Then came the shift to a hybrid working model, with professionals working part-time in the office and part-time at home. Today, in thew fourth quarter (Q4) of 2024 and trending into 2025, the dynamic is changing once again with many companies doing a U-turn on their WFH policies, demanding their employees to return to the office five days a week. Resurfacing culture concerns In 2020, Coopman Search and Selection ran a survey of more than 400 professionals in Ireland about working from home in the first winter of COVID-19. Out of several interesting findings in this survey, the biggest fear from corporations at this time was the ‘lack of collaboration’ and ‘loss of culture’ with employees not being present in the office environment. Fast-forward to Q4 2024 and this concern has come to fruition, with business leaders ‘feeling’ that employees need to be in the office more , as stated by Andy Jassy, CEO of Amazon, in September 2024, “to be better set up to invent, collaborate and be connected to each other”. There is mixed data on the advantages and disadvantages of WFH. Some claim productivity has dropped since its introduction, while employees who benefit from hybrid working feel more empowered, better at balancing personal and professional responsibilities. Flexibility remains key to talent attraction Flexible remote work policies can significantly impact the quality of talent they attract. Companies based in major cities might miss out on top talent by requiring full-time office attendance, as many skilled workers are located outside of the commuter area. Offering hybrid or remote work options can help businesses remain competitive in the talent market. While studies have shown mixed results on productivity, some report up to a 13 percent increase in output from remote workers, though others suggest a drop in collaboration and engagement. Looking ahead to 2025, many large companies are expected to increase mandatory office days, while smaller businesses may stick to hybrid models. Employees unhappy with stricter office requirements will likely seek more flexible employers, giving those companies a chance to secure top talent. Fully remote workers may face more challenges securing roles as the trend shifts toward in-office work. A future of retention and growth As the debate over remote work continues, companies that balance flexibility with in-office collaboration will likely be best positioned to attract top talent and meet employee needs in Ireland for talent attraction and retention. Organisations must carefully assess their policies to foster environments that encourage both individual efficiency and collective creativity, ensuring a sustainable future in the evolving work landscape. Mark Fallon is Director and Co-Founder at Coopman Search and Selection

Welcome to the latest edition of Technical Roundup which is published on the first and third Friday of every month. In developments since the last edition, IAASA has issued its annual Observations paper highlighting matters that management, audit committees and auditors should consider when preparing, approving and auditing financial statements for 2024 year-end dates. The European Securities and Markets Authority has published Clearing the smog: Accounting for Carbon Allowances in Financial Statements which aims at improving financial reporting for issuers engaging in carbon allowance programmes. Read more on these and other developments that may be of interest to members below. Financial Reporting The European Financial Reporting Advisory Group (EFRAG) has released its September 2024 Update. This report summarises the public technical discussions held and decisions taken by EFRAG in September. EFRAG is seeking feedback on its assessment of the Annual Improvements to IFRS Accounting Standards-Volume 11. This assessment is based on the EU's technical endorsement criteria and their alignment with the European public good. The Deadline for comments is 22 November 2024. EFRAG has submitted its Endorsement Advice on Amendments to the Classification and Measurement of Financial Instruments (Amendments to IFRS 9 and IFRS 7) to the European Commission. In its submission, EFRAG has assessed that the Amendments meet all technical endorsement criteria of the IAS Regulation and are conducive to the European public good. It therefore recommends endorsement of the Amendments. EFRAG has published its Feedback Statement on the International Accounting Standards Board’s (IASB) Exposure Draft ED/2024/1 Business Combinations—Disclosures, Goodwill and Impairment (Proposed amendments to IFRS 3 and IAS 36) The FRC are hosting an upcoming webinar on the key changes in the revised UK Corporate Governance Code ahead of its first reporting cycle (beginning 1 January 2025). The event takes place on 24 October 2024. The Q3 2024 IFRS Interpretations Committee podcast is now available. This podcast focusses on guarantees issued on obligations from other entities and recognition of revenue from tuition fees in accordance with IFRS 15 Revenue from contracts with customers. The IASB is consulting on proposed amendments aimed at helping companies to account for their investments in associates and joint ventures.  A webcast series has been launched to take a detailed look into these proposed amendments. The Financial Reporting Council (FRC) has published revised Technical Actuarial Guidance: Models, to support the growing use of Artificial Intelligence and Machine Learning (AI/ML) techniques in actuarial work. Assurance and Auditing IAASA has published its annual Observations paper highlighting matters that management, audit committees and auditors should consider when preparing, approving and auditing financial statements for 2024 year end dates. The FRC have announced that all four big firms in the UK have met the 2024 deadline set by the FRC to implement the principles of operational separation. Sustainability The European Securities and Markets Authority (ESMA) has published 'Clearing the smog: Accounting for Carbon Allowances in Financial Statements' which aims at improving financial reporting for issuers engaging in carbon allowance programmes. ESMA has also recently issued the 2024 EU Carbon Markets report.  The fourth episode of the IFRS Sustainability webinar series, ‘Perspectives on Sustainability Disclosure’, took place on 17 October 2024 with a focus on the Pan-African approach to sustainability disclosure. The Financial Reporting Council has published initial feedback on its market study into assurance of sustainability reporting. Amongst other findings, the study found that “while currently most UK companies reported having sufficient choice of provider of assurance, some raised concerns that the market may begin to consolidate around the largest UK audit firms”. Other The annual reporting deadline for NI charities is coming up at the end of the month.  The Charity Commission for Northern Ireland is encouraging anyone with a query around reporting to get in touch. The Minister for Enterprise, Trade and Employment is seeking nominees as representatives of expert, technical, legal, government and regulatory bodies. Also sought are expressions of interest from suitably qualified candidates for appointment to one of the six Ministerial nominations to the Employment Law Review Group (ELRG).  Mark Koziel, CPA, CGMA has been named to succeed Barry Melancon in January 2025 as Chief Executive Officer of the AICPA & CIMA.   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.

From the impact of AI to what sport can teach us about making real change in communities, Chartered Star 2024 Evan O’Donnell shares his insights from the One Young World Summit in Montreal. Below, Evan discusses the energy and impact of the four-day youth leadership conference, his key take-aways and how he plans to put them to use going forward. In September, I had the honour to attend the One Young World Summit, "the world's biggest and most impactful youth leadership summit", in the vibrant city of Montréal, Canada. I was extremely proud to represent the chartered accountant profession, the country of Éire and Chartered Accountants Ireland throughout this four-day conference, along with my fellow delegates from Scotland and South Africa, all under the Chartered Accountants Worldwide banner. One Young World united over 250 organisations and over 2,000 young leaders each hoping to gain invaluable insights and work together to help shape the world's future. This year focused on five key global challenges; Indigenous Voices, Climate and Ecological Crisis, Artificial Intelligence, Health Inequality, and Peace and with each speech, workshop and story shared, the urgent need for change was highlighted. The opening ceremony was packed with energy and theatre, but the real highlight was hearing from incredible world activists. Two messages stood out: environmentalist, David Suzuki, who advised “Let’s open both eyes” and also from novelist, ‎Margaret Atwood who encouraged us, simply but profoundly, to “Go for it.” I had the honour of being flag bearer for Ireland, proudly waving my national flag on an international stage alongside representatives of 197 other nations. It was a joy to spend the day with my fellow flag bearers, exchanging our traditional customs, cultural stories and discovering both commonalities and differences within our communities. The other Chartered Accountants Worldwide delegates and I had insightful conversations with people from all over the world, spanning from Ireland to Iran to Texas, Czech Republic and France. Sport and leadership The energy continued as I joined 20 other delegates to participate in Jamad Fiin’s One Young World basketball camp. Fiin runs basketball camps around the world - inspiring the next generation, particularly young women, to stay active and embrace their love of sport. The session proved a perfect way to put teamwork into action, and we learned just how effective communication can elevate performance. This message was echoed throughout the conference but particularly at a standout panel discussion featuring athletes across the sports of rugby, basketball and swimming. Tendai Mtawarira, Jamad Fiin and Ma­­rk Tewksbury shared how they’re leveraging sport as a powerful agent for social change - an inspiring reminder of how sports can unite and empower communities. Artificial Intelligence Artificial Intelligence was at the forefront of many discussions, with numerous insightful perspectives offered. The ESG team from KPMG discussed the profound impact AI will have on humanity and explored just how much it can serve as a tool for good - when ethics and purpose are at the heart of innovation. Canadian Prime Minister, Justin Trudeau also broached the subject, discussing his perspective on the 'pivot generation'. As the last generation to experience life before AI, we have a unique opportunity to shape its future. Trudeau emphasised the importance of working together to ensure we harness AI to create positive, global change. Nobel Peace Prize winner, Maria Ressa, shed light on AI’s security risks and challenges, reminding us all to stay vigilant in the face of technological advancements. It would be impossible to accurately summarise all the highlights and learnings across the four days. Still, apart from all mentioned above, two stand-outs were a workshop on inclusive learning, which focused on the importance of making education accessible to every young person, regardless of their background and a discussion from the Zurich Foundation on how economic prosperity can pave the way to peace. If I was pressed to summarise what will stay with me? It would be the phrase echoed across everything that One Young World encapsulates - Collaboration has proven essential for long lasting impact. What next? The closing ceremony, an event just as colourful, inspiring and energising as all that had come before, offered a moment to reflect, with delegates invited to write a singular goal for the upcoming year on a ribbon. These ribbons were joined together to symbolise how goals are achieved when aligned with great unity. To quote the famous phrase, "If you want to go fast, go alone. If you want to go far, go together." This experience has opened many pathways, put me in contact with inspiring individuals and given me a wider platform to spread the knowledge gained. I feel proud to be part of an Institute that shares my commitment to protecting the future of our world and I welcome many more opportunities to bring my shared learnings to the broader chartered community.

To mark World Menopause Day (Friday 18 October) this week, the Thrive Wellbeing Hub explores the often overlooked and turbulent time in a woman’s life and the effects menopause can have on our emotional wellbeing.   Menopause and the preceding years are a significant life transition for any woman, whether it is part of the natural aging process or on-set by illness or medical treatment. Changes in our hormones bring about many physical changes and while menopause isn’t a mental health condition it can indeed affect your mental health or can often make existing mental health conditions worse. As a result of menopause, you may experience feelings of anxiety, stress, or depression, and many menopausal symptoms are intrinsically linked to how we feel or affect how we feel about ourselves, these include; Anger and irritability Forgetfulness Poor concentration Low mood and feelings of sadness Anxiety Loss of confidence and self-esteem or loss of self Difficulty sleeping Weight fluctuations These symptoms are a result of changes in the body and can have a big impact on your life. While some aren’t considered menopause symptoms, many women experience these effects. However, if you know what to expect, and why you are experiencing these feelings, it can help you make an informed decision on what to do to manage your mental health during this time.   In 2021, the Athlone Institute of Technology carried out a study on the experiences and health behaviours of menopausal women in Ireland. Interestingly, a key finding from the report was that the majority (77%) of women felt they were unprepared for menopause. When asked where they received information from, family (3%) and friends (6%) were not common information sources, demonstrating how menopause and the experiences associated are not discussed among peers.   Historically menopause has often been overlooked, underestimated, and simply not talked about enough but it is a natural part of the aging process and something all women will go through which is half the Irish population. Therefore, menopause can also be an extremely isolating and frustrating time. Friends and family may not understand or relate to what you are going through or be able to support you in the way you need.  It is also a time in a woman’s life when other life stressors and major events are taking place such as working full time, in busy and stressful seniority positions, caring for children, dealing with ageing parents and navigating other life transitions. Alleviating the emotional toll of menopause The impact of the hormonal changes that take place in the lead-up to menopause can be stressful, unfamiliar, and confusing. While some women will require medical intervention, for many healthy and positive lifestyle habits can ease many of the symptoms, help protect your mental wellbeing and alleviate the emotional toll experienced at this turbulent time.   Be aware of the symptoms and associated emotions that may accompany menopause as it helps you explain mood changes you may be experiencing.   Monitor your mood and note any patterns. Are you feeling irritable because you had difficulty sleeping? Do feelings of anxiety correlate with stress levels, poor concentration or brain fog? If these symptoms become severe and interfere with your daily life and relationships, seek help. Incorporate good lifestyle habits such as increasing exercise, eating well, getting plenty of rest and adequate sleep, and engaging in relaxing activities to help control stress and reduce potential symptoms. Reach out to others. It is important to not struggle alone. As we have detailed, many don’t share their menopause experience with peers and family but creating an open dialogue around menopause is important for peer-to-peer information sharing and confirming you are not alone and that many others have gone or are going through the same. Seek out workplace supports. Many women report that their work performance and availability are affected by menopause issues which can contribute to already heightened stress and anxiety levels. Thankfully, it is now much more commonplace for companies to implement menopause policies due to the challenges women face as they cope with symptoms. For example, Chartered Accountants Ireland developed its own menopause policy aimed at supporting employees coping with challenges arising from the menopause.  As part of the policy, training was provided to tackle the discourse, flexible working arrangements were implemented as well as other accommodations such as welfare rooms, appropriate workplace equipment and occupational health provisions. And remember, it's temporary. The menopausal transition is just that a transition and it isn’t permanent. It is important to remember that the dip in mental wellness and unpleasant symptoms in this period of life won't last forever and will ease with time. If menopause is affecting you or a loved one’s emotional wellbeing, please remember the Thrive Wellbeing Hub is here to support you, whether that’s help devising a self-care plan, dispensing advice, or being the confidant and support system you need.  

In Irish news today, we have prepared our annual ‘At a Glance’ document outlining the various measures and changes contained in Finance Bill 2024 and Revenue has published updated guidance on the Help to Buy Scheme. In UK news, the 2023/24 paper self-assessment filing deadline is approaching at the end of this month and a new process for claiming relief for employment expenses began earlier this week. In International news, Member States have updated the EU list of non-cooperative tax jurisdictions.   Ireland  1. Read our “At a glance” document for a brief overview of Finance Bill 2024. 2. Revenue has updated guidance on the Help to Buy scheme to clarify that a renovation or refurbishment of an old residential property does not qualify for the scheme.  UK  3. Read about the changes to the process for claiming relief for employment expenses which took effect from Monday 14 October. 4. The 2023/24 paper self-assessment filing deadline is approaching.  International  5. Member States have updated the EU list of non-cooperative tax jurisdictions.  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. You can also read this week’s post EU exit corner. 

Revenue has advised us of forthcoming changes to how Revenue will engage with agents providing services to PAYE taxpayers. Revenue is ending the practice, generally known as the “A2” process, of making repayments of Income Tax and/or USC to the bank accounts of tax agents, rather than directly to taxpayers. This change is being made to ensure that all taxpayers receive any repayments due as promptly as possible and will bring these repayments In line with other repayments of taxes and duties.  It is intended to implement the change in two stages. Firstly, from 1 January 2025, agents will no longer be able to add new clients to the A2 process and any such new clients will receive their repayments directly from Revenue.  In the second stage, all repayments under the A2 process will cease from 31 December 2025. This will enable an orderly wind-down of existing arrangements during 2025. Please note that this change relates solely to how repayments made by Revenue are remitted.  It does not, in any way, represent a change to the option for PAYE taxpayers to engage the services of an agent to manage their tax affairs if they so choose. Revenue will include this matter on the agenda of the December meeting of the Tax Administration Liaison Committee. In addition, Revenue is proposing to establish a working group with appropriate representation from the agent community, including representatives from the Institute, to identify and address any such transitional issues collaboratively. An eBrief will issue inviting persons to register their interest in this group.

Member States recently updated the EU list of non-cooperative tax jurisdictions. Antigua and Barbuda was removed from Annex I (list of non-cooperative jurisdictions) after being granted a supplementary review by the Global Forum on Tax Transparency and Exchange of Information for Tax Purposes. 

Revenue has updated the Tax and Duty Manual which provides guidance on registration and filing for European cross-border payments reporting (CESOP). The guidance has been updated to describe enhanced ROS functionality for CESOP filers who wish to file nil reports in a filing period.

Revenue has updated the Stamp Duty Manual which provides guidance to the relevant financial institutions located in the State that come within its scope as to the application of the levy for the 2024 year. The updated manual clarifies that the rate of the levy to be applied for the year 2024 will remain at 0.112% as legislated for in Finance (No.2) Act 2023.

Revenue has updated the Tax and Duty Manual which provides guidance on the Help to Buy scheme. The updated guidance clarifies that a renovation or refurbishment of an old residential property does not qualify for the Help to Buy scheme (paragraph 5.3).

31 October 2024 is the self-assessment paper filing deadline for 2023/24 to avoid penalties. Readers are reminded that if an online self-assessment return cannot be filed by virtue of one of the online filing exclusions or special cases (see GOV.UK for details as these regularly change) meaning the return must be filed on paper instead, then in those cases, the 2023/24 paper filing deadline is extended to 31 January 2025. A reasonable excuse claim should accompany such returns.