When an employee resigns, handling the process smoothly is crucial. Moira Grassick outlines key steps to manage both formal resignations and sudden departures in your business Occasionally, employees resign. In doing so, they usually give full contractual notice of their resignation. However, an employee sometimes resigns in the heat of the moment. As you can imagine, quitting a job with no notice given doesn’t exactly follow the typical resignation process. Regardless of whether an employee submits a resignation letter or rage quits their job, you need to handle the situation properly.   What is resignation? Resignation is when an employee informs their employer that they’re quitting. The employment relationships can end in various ways, including: An employee gives you their notice of resignation by speaking with you or handing in a letter of resignation; The business ends the contract of employment; or An employee reaches a justifiable contractual retirement age. Once an employee has notified you of their intention to resign, they must complete a notice period. The length of this notice period can be found in the employee’s employment contract. During this period, you can begin your search to find a replacement for the role. It’s also worth noting that you can pay the employee to not work through their notice period. Notice periods in Ireland Notice periods in Ireland vary by each employee’s employment contract and often their length of service. There are, however, two common types of notice to keep in mind: Contractual notice: You can decide the amount of contractual notice an employee must give. For instance, two months’ notice may be required for an employee who has worked with your business for two years. Statutory notice: This is the length of notice an employee is legally required to give. This will depend on their length of service. If an employee has worked with your business for at least 13 weeks, they must give you at least one week’s notice. However, one week’s notice is generally too little time to arrange a replacement. This underlines the value of an appropriate contractual notice period that works for your business. Next steps When an employee of yours decides to resign, it’s only natural that you may try to convince them to stay. After all, they could be one of your highest achievers. If instead you accept the resignation, there are some key steps to follow: Get the resignation in writing: Written confirmation of the resignation must include the employee’s name, the date, and a signature. Seek a resignation letter regardless of the length of employment. Respond to the resignation: Acknowledge your acceptance of the resignation. This can be a written or verbal response. You can also send a resignation email with the notice period confirmed. Decide on the notice period: Do you want the employee to work their full notice period? Confirm your decision with the departing employee. Prepare a handover pack: A handover pack for the departing employee’s replacement will come in handy when they arrive. Conduct an exit interview: This interview allows you to understand the employee’s reasons for resigning. You’ll also be able to make improvements to their role or management practises based on that feedback. Retrieve business property: Retrieve business property from the departing employee. These items could include computers, devices, or their uniform. You must also arrange the employee’s final wage payment. Failing to do so can result in a Workplace Relations Commission (WRC) claim. Finally, try to end the professional relationship on a positive note. After all, the departing employee may return to your business down the line. Moira Grassick is Chief Operating Officer at Peninsula

Finance Bill 2024 introduces key updates on tax reliefs for employers and private businesses. Pat Mahon breaks down the most significant changes From an employment and personal tax standpoint, the majority of the legislative actions contained in Finance Bill 2024 are aligned with announcements made on Budget Day. However, some newly announced measures in the Finance Bill are likely to be of interest to employers and private businesses. Employment Investment Incentive Finance (No. 2) Act 2023 brought several changes to Employment Investment Incentive (EII) relief to ensure the relief complied with amended EU state aid rules. The most fundamental change concerns the rate of tax relief. Finance (No. 2) Act 2023 restricted the maximum effective rate of EII relief for follow-on investments to 20 percent. This change was implemented based on an initial interpretation of EU state aid rules. However, on further developments, it appears that there is flexibility in the EU state aid rules for the 35 percent rate to apply to follow-on risk finance investments where the company has been in existence for less than ten years or within seven years of its first commercial sale. Finance Bill 2024 has recognised this rate of relief on a retrospective basis for shares issued on or after 1 January 2024. This is a welcomed change for the Irish scale-up sector. Other relevant changes to the regime were: An extension to the deadline for processing the relief from four months post-year-end to 31 December in the year following the year in which the shares were issued. The extension of the operation of the relief to 31 December 2026. The amount upon which an investor can claim tax relief under the scheme has increased from €500,000 to €1 million. Start-Up Refunds for Entrepreneurs The amount of Start-Up Refunds for Entrepreneurs (SURE) relief that an investor can claim annually has been increased from €100,000 to €140,000. This results in a total maximum of €980,000 over seven years. For SURE relief being claimed where a loan is converted to eligible shares, a business plan must be in place in advance of the date of the issue of the loan. The same change for the rate of relief from 20 to 3 precent for follow-on EII investments also applies to SURE claims.   Start-Up Relief S486C TCA 1997 For accounting periods beginning on or after 1 January 2025, in addition to providing the current relief relevant to the amount of employer’s PRSI borne by the company, relief will also be available by reference to the amount of Class S PRSI paid by a director of the company. This is subject to a maximum of €5,000 employer’s PRSI per employee, €1,000 Class S PRSI per company director and €40,000 overall. R&D tax credit  The amount of refundable R&D tax credits that can be paid to a company in a year has been increased from €50,000 to €75,000. CGT retirement relief Finance (No. 2) Act 2023 increased the age limits for CGT retirement relief purposes from 65 to 69 years. However, it also introduced a new maximum limit of €10 million on disposals of qualifying assets to children up to and including the age of 69 years. These changes were due to take effect from 1 January 2025. While the increased upper age limit will remain in place, amendments introduced in Finance Bill 2024 propose a clawback period of 12 years in relation to disposals of qualifying assets in excess of €10 million made by an individual between the ages of 55 and 69 years (inclusive) from 1 January 2025. The relief will operate to defer any CGT which would be due by the parent disposing of the asset to the earlier of: the date on which the shares are disposed of by the child; or the expiration of 12 years from the date of the disposal. Where a qualifying asset on which retirement relief is claimed is subsequently disposed of by the child within 12 years of the transfer, the child will be assessed on the deferred CGT in addition to any CGT arising in respect of the gain accruing to the child. However, if the qualifying asset is held by the child for at least 12 years, the CGT will be abated. This change is to be welcomed and will ensure that transfers of successful businesses to the next generation are not penalised subject to a number of requirements being satisfied. Angel investor CGT relief Angel investor CGT relief was introduced in Finance (No. 2) Act 2023. The relief provides a reduced CGT rate for qualifying investments made by a qualifying investor in a qualifying company. The reduced CGT rate is 16 percent for direct investments or 18 percent for investments made by a partnership. The relief was restricted to a lifetime limit of €3 million on gains. The new Finance Bill increased the lifetime limit on gains from €3 million to €10 million. The commencement of the relief is subject to Ministerial Order. Small benefit exemption Finance Bill 2024 confirms the increase in the small benefit exemption threshold to €1,500 per annum. There is also a very welcome increase in respect of the number of vouchers or benefits that qualify for the relief, with five gifts or vouchers now being eligible for relief providing the cumulative value does not exceed €1,500 per annum. Surprisingly, the Bill also states that the exemption will cease with effect from the year of assessment 2030 onwards. PAYE statute of limitations There is a provision to amend the time limits within which the Revenue Commissioners can raise PAYE assessments against employers for tax years 2025 et seq. However, there are some uncertainties in relation to the effect of the changes and further clarity will need to be provided once the draft provision is debated. Pat Mahon is Tax Partner at PwC

  In this week’s Sustainability/ESG bulletin read about Chartered Accountants Ireland's new regulatory framework in place for sustainability assurance service providers in Ireland. Also covered is a report from Business in the Community Ireland urging action on interconnected climate and nature crises, sustainability in the October issue of Accountancy Ireland, and the publication by Global Accounting Alliance of Nature is everyone’s business: the GAA’s progress and pathway to 2030, as well as the usual resources, articles and upcoming events. Ireland news New regulatory framework for sustainability assurance service providers in Ireland in place The Institute has published the Audit Regulations (incorporating assurance under CSRD) and Guidance, Ireland with effect from 11 October. These regulations replace the existing Audit Regulations for Ireland and introduce the Institute’s regulatory framework for the authorisation and oversight of firms and individuals undertaking sustainability assurance engagements pursuant to Part 28 of the Companies Act 2014 (which reflects the EU’s Corporate Sustainability Reporting Directive (CSRD)). Read more here.  Reverse the Trend Ireland's first official sustainable fashion campaign – Reverse the Trend – launched this week. The launch marked World Circular Textiles Day on Tuesday, 8 October, a day dedicated to exploring circularity in textiles around the world and sharing stories to inspire more sharing, re-wearing, reuse and remanufacturing along the textiles supply chain. The fashion industry is estimated to be responsible for 10% of global carbon emissions, while only 31% of Irish people see a link between purchasing textiles and climate change. Three in Five Irish Consumers More Likely to Support Businesses Committed to Climate and Nature Three in five Irish consumers are more likely to support businesses committed to climate and nature, according to a report published this week by Business in the Community Ireland (BITCI). BITCI surveyed consumers ahead of the launch of their new collective action campaign  Accelerate, the Business Pact on Climate and Nature which urges action to address the interconnected climate and nature crises. Sustainability in Accountancy Ireland The October/November 2024 issue of Accountancy Ireland published this week, with a special report into sustainable finance. The recently transposed Corporate Sustainability Reporting Directive (CRSD) is covered, along with articles by Chartered Accountants supporting businesses and the wider profession in its implementation: Niamh Brennan, Louise Gorman and Seán O’Reilly explain why accountants will play a critical role in helping SMEs manage the impact of new sustainability reporting requirements on their supply chains.   In ‘The CSRD – more than just compliance?’ David Connolly and Alba Boshnjaku explain how companies complying with the Corporate Sustainability Reporting Directive could see real business benefits, but the right mindset is crucial.   Clarity is needed to support compliance with CSRD in Irish law, writes Daniel O’Donovan, who considers the urgent need to resolve interpretative questions that have emerged following the transposition of the Corporate Sustainability Reporting Directive into Irish law.   Chartered Accountants Ireland Professional Accounting Lead, Dee Moran, writes about how Accountants are key to reaching Climate Act targets, and have a critical role to play in assisting companies, both large and small, to get on their sustainability journey.   Dee France, Wellbeing Lead with Thrive, Chartered Accountants Ireland’s dedicated wellbeing hub, writes how age discrimination is often under-represented in DE&I discussions, with older professionals experiencing the ill-effects of negative attitudes and bias. World news Chartered Accountants Ireland, as a member of the Global Accounting Alliance (GAA), has this week published ‘Nature is everyone’s business: the GAA’s progress and pathway to 2030’. The publication builds on progress made since our combined commitments made in 2022 to reverse nature loss before the Biodiversity COP 16 meeting being held later this month in Colombia. The report summaries the progress made to date, what we need to do as professional bodies, actions we need to take collectively and as individual GAA members, to accelerate progress.   And there is much work to be completed in this area. The Living Planet Report, a comprehensive overview of the state of the natural world, reveals how global wildlife populations have shrunk by an average of 73% in the past 50 years. Our institutes are committed to supporting our members and contributing to our global commitment. The GAA intends to publish a ‘Starter guide to Nature for Accountants’ later this year to give our members practical guidance on why nature matters to them in their professional roles, and how to get started on embedding it in their day-to-day practices. Technical update In case you missed them, here are some  Technical updates from the Professional Accounting team at Chartered Accountants Ireland   The Minister for Enterprise, Trade and Employment has signed into law S.I. No 498 of 2024 The European Union (Corporate Sustainability Reporting)(No. 2) Regulations 2024. Following the signing into law of S.I No 336 European Union (Corporate Sustainability Reporting) Regulations 2024 in July 2024, many organisations, including the Institute, have engaged with the Department of Enterprise, Trade and Employment regarding the wording of the legislation, which many felt contained significant application challenges.   The IFRS Foundation has published a guide Voluntarily applying ISSB Standards — A guide for preparers that aims to support companies as they start to apply ISSB Standards voluntarily and communicate their progress to investors.   The Global Reporting Initiative (GRI), along with the World Benchmarking Alliance, has published How to strengthen corporate accountability: The case for unlocking sustainable corporate performance through mandatory corporate reporting. The publication explores the link between the use of the GRI Standards and companies' social performance, as measured by WBA's Core Social Indicators. Did you know UK retail giant ASDA has launched a new initiative aimed at boosting sustainability within its supply chains. Set to launch in January 2025, the initiative will reportedly provide financial incentives to encourage sustainable practices among suppliers, rewarding those performing strongly with most preferential terms. Articles Social mobility can widen talent pool ((The Times (UK)) Fossil Fuel Companies Made Bold Promises to Capture Carbon. Here’s What Actually Happened (DeSmog) Renewables provided a third of electricity in September (Irish Examiner)   Upcoming Events Trinity College Dublin, What does economics have to do with nature? What does economics have to do with nature? What is the natural capital approach? Why do we need an economic approach to climate change risks?  Come and hear answers to these questions and more from Ece Ozdemiroglu, environmental  economist, founder & CEO of EFTEC (Economics for the Environment) In person, Oct 14, 2024 at 6:00 PM   Wall Street Green, Wall Street Green Digital Summit Date: Oct 15th Location: Online UN Global Compact, Virtual Open House: Exploring the UN Global Compact & the Network for Ireland Are you interested in learning more about the world’s largest corporate sustainability initiative? Curious about how your company can play a role in advancing the UN SDGs and driving impactful change? Join the Virtual Open House on 16th October for a unique opportunity to connect with like-minded leaders and explore how we can work together to create a more sustainable and responsible future. At this webinar you’ll gain insights into the value of engaging with the UN Global Compact and the soon-to-be-launched Network for Ireland. - Overview of the UN Global Compact and its Ten Principles - Benefits of joining the UN Global Compact for your business - Introduction to the new Ireland Network and how it can support your sustainability goals Online, 16 October, 3:30- 4:30pm Environmental Finance, Sustainability Data EMEA Date: Oct 17th Location: London Environment Ireland, Environment Conference Environment Ireland® is Ireland’s major environmental policy and management conference. Now in its 20th year, this important event features a range of focused sessions highlighting the pressing issues facing the environment in Ireland and further afield. In person, Croke Park, 17 October   Derry City and Strabane District Council, The Sustainable Climate Conference 2024 This event will unite national leaders, policymakers, scientists, industry experts, and community leaders to address the pressing challenges presented by climate change, sustainability, biodiversity loss, and the preservation of our natural environment for the betterment of all citizens and communities. In person, Guildhall Square Londonderry BT48 7BB United Kingdom, Thursday, October 17 · 9:30am - 12:45pm   Convention on Biological Diversity, COP16 Date: Oct 21-Nov 1 Location: Colombia Chartered Accountants Ireland ESG Masterclass: Take your sustainability knowledge to the next level (ROI/NI) Masterclass designed for all professional accountants working in business or practice, wishing to consolidate their knowledge and understanding of the sustainability regulatory, reporting and assurance landscape. 24 October, 08:30 – 12.00, Virtual   Business in the Community Ireland (BITCI) +NSAI, IBEC and The ESG Exchange, CSRD compliance linked to strategy and long-term (sustainable) performance At this event, company practitioners and international experts will discuss what good ESG data management looks like, and a new international sustainability maturity guideline on where to start and how to build towards best practice in sustainability' Virtual, 24th October 2024, 10:00-11:30   IAFA & IAASA  Integrating Sustainability Reporting and Assurance into Accounting Education Conference The conference is a collaboration between IAFA and the Irish Auditing and Accounting Supervisory Authority (IAASA) and aims to build awareness of the implications of sustainability reporting & assurance for accounting education, and to foster meaningful dialogue & collaboration among stakeholders to drive positive change. It will explore: Challenges and opportunities facing accounting education in the context of sustainability reporting and assurance, Corporate Sustainability Reporting Directive (CSRD) and its implications for accounting education, Future skills for sustainability reporting and assurance, Strategies for enhancing accounting education and student skills development. In person, 1 November, Maynooth University   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)   iQuest & Business Post, ESG Autumn Summit Date: Nov 20th Location: Croke Park   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: Wednesday, 23 October, 14:00-15.30 Zoom 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.

The Ulster Society Public Sector Sub-Committee held the next latest event in its leadership series on Tuesday 8 October - 'Spotlight on leading in the Public Sector' Will Young, Director of HR in the Northern Ireland Civil Service, presented on what it means to be a leader in the public sector today. A pdf copy of Will's presentation is available HERE

The Institute has published the Audit Regulations (incorporating assurance under CSRD) and Guidance, Ireland with effect from 11 October.   These regulations replace the existing Audit Regulations for Ireland and introduce the Institute’s regulatory framework for the authorisation and oversight of firms and individuals undertaking sustainability assurance engagements pursuant to Part 28 of the Companies Act 2014 (which reflects the EU’s Corporate Sustainability Reporting Directive (CSRD)). In Ireland only statutory auditors and statutory audit firms can undertake sustainability assurance engagements.  The regulatory regime builds on the existing regulatory regime for statutory auditors and audit firms and this is reflected in the Institute’s revised Audit Regulations (incorporating assurance under CSRD).  The Audit Regulations (incorporating assurance under CSRD) provide for the authorisation, quality assurance and regulatory enforcement of firms and individuals carrying out sustainability assurance engagements and sets out the ongoing regulatory obligations of those firms and individuals. Applications for approval to carry out sustainability assurance engagements The Institute is accepting applications from Institute firms and responsible individuals (RIs) registered for audit in Ireland for approval to carry out sustainability assurance engagements.  Given the urgency of providing authorisation for eligible firms and RIs who have clients reporting under the CSRD in respect of financial year 2024 the Institute will prioritise applications from audit firms and RIs who have clients in this ‘first wave’ of sustainability reporting.  Application forms are available from sasp-applications@charteredaccountants.ie.  The Institute FAQs regarding approval to carry out sustainability assurance engagements provide useful information for potential applicants. Eligibility for approval to carry out sustainability assurance engagements: An Irish registered audit firm is eligible for approval to carry out sustainability assurance engagements if the firm has at least one RI who has been approved as a sustainability assurance service provider (SASP).  An individual approved as RI in Ireland before 1 January 2026 can avail of transitional arrangements and therefore is eligible for approval as a SASP if that RI has demonstrated competence in sustainability assurance by undertaking the appropriate relevant CPD.  A detailed CPD template is submitted by the RI on application for SASP status.   An individual approved as RI in Ireland on or after 1 January 2026 will not be able to avail of those transitional arrangements and will have to undertake a programme of education, including examination, and 8 months of practical training in relevant work. Background note: The CRSD was transposed into Irish law in July 2024 by SI 336 of 2024 which amended the Companies Act 2014.  New Part 28 of the Companies Act 2014 requires certain companies to prepare sustainability reports disclosing information about the company’s environmental, social and governance (ESG) activities in line with the European Sustainability Reporting Standards (ESRSs).  It also requires third party assurance (limited assurance initially) on these ESG disclosures and provides for a regulatory regime for the education, training, authorisation and oversight of sustainability assurance providers.   In Ireland only statutory auditors and statutory audit firms can undertake sustainability assurance engagements. 

According to a Forbes article, 69% of people said their manager impacts their mental health more than their therapist or doctor—and it’s equal to that of their partner. Further research from Gallup identifies management style as the second leading cause of work-related stress absence. If you’re struggling with a difficult manager, it's important to understand how to effectively navigate the situation.    Understand what’s driving their behaviour Managers can act difficult for a variety of reasons, many of which may have nothing to do with you. They may be stressed, lack proper training, have challenging personality traits or may have other personal issues. Recognising this can help you avoid taking their behaviour personally and cultivate empathy. While constructive feedback and direction are a normal part of any job, if your manager is delivering this in a harsh or unhelpful manner, it is more likely a reflection of their internal struggles or skill gaps than your performance. Regulate your own emotions and behaviour Dealing with a difficult manager can be incredibly stressful, often taking a toll on your self-esteem. It’s important to prioritise self-care and process these difficult emotions. Techniques such as breathwork, meditation, journaling, practicing self-compassion and grounding exercises can help you stay calm and avoid reacting impulsively to their behaviour. It is also important to reflect on your own actions—are there any behaviours or responses on your part that might be contributing to the tension? Being self-aware can help you navigate the situation more effectively. Communicate your concerns It is important to remember that no one is a mind reader. Although we might expect our manager to know what to do or not do, it is crucial to communicate your concerns openly and professionally, rather than letting frustrations build up. While preparing for this conversation: - Provide specific examples of the issues you are facing rather than vague complaints. - Focus on the behaviour rather than making it personal. Avoid placing blame or statements like ‘you’re too critical’ and instead use ‘I’ statements such as ‘I noticed that I received a lot of detailed feedback on my last three reports.’ - Be clear on the impact it is having on your work and your mental health, for example, ‘It’s making it difficult for me to feel confident in my work, and it’s starting to affect my motivation and self-esteem.’ - Offer solutions to improve the situation rather than just pointing out problems for example, ‘Could we balance detailed feedback with what’s working well, so I can improve more effectively?.’ - Ask for feedback and be open to hearing their perspective on the situation, for example, ‘I’d like to get your perspective on the situation and how we can improve it going forward.’ Seek Support A problem shared is a problem halved. When dealing with a difficult manager, it is vital to have a support network. Trying opening up to a trusted family member, friend or colleague that can listen or give you impartial advice. If your entire team are struggling with the same issue, consider discussing the issue collectively. Having addressed the issue with your manager without seeing any progress, it may be time to escalate the situation to their manager or HR, either informally or through formal channels. If you’ve exhausted all options and you are still struggling, it may be worth considering whether the role or team is the right fit for you in the long term, or if exploring new opportunities could offer a better environment. Written by Gillian Bane on behalf of Thrive.  If you are struggling with the impacts of work-related issues, Thrive is here to help. Thrive is the Institute's dedicated wellbeing hub that offers free wellbeing support to members and students. Contact the team by email at: thrive@charteredaccountants.ie  or by phone: (+353) 86 0243294.  Gillian Bane is a chartered accountant and workplace health and wellbeing consultant who specialises in manager and leadership training. You can find more information on her website www.wellwork360.com.

We are delighted, and excited, to announce this year's Leinster Society Annual Christmas Lunch is moving to a new venue; the Dublin Royal Convention Centre! We listened to feedback from our members and felt it was the right time for a move!   When: Friday 6 December from 12.00pm Where: The Dublin Royal Convention Centre Price: €125 per person Join us, Santa, and a very special guest MC who we will reveal in the coming weeks as we kick off silly season while raising money for charity, with a fantastic raffle and delicious festive lunch. Tickets are on sale now at €125 per person or €1,250 for a table of ten. (A limited number of larger tables can be accommodated, get in touch to enquire.) To book your tickets email us LeinsterSociety@charteredaccountants.ie. This event is in partnership with Debra Ireland, and all money raised from our raffle on the day will go directly to Debra. There are fantastic prizes up for grabs on the day, and through the generosity of our members we hope to raise a substantial amount for Debra. Debra is the national charity providing support and advocacy for individuals and families affected by epidermolysis bullosa (EB). With over 300 people living with this rare and debilitating genetic condition in Ireland, Debra plays a critical role in improving their quality of life. EB renders skin as fragile as a butterfly's wings, causing painful blisters and wounds with even the slightest friction.   This event is kindly sponsored by our friends at CPL. Due to limited seating at this event please note our Cancellation policy: •    Cancellations may be made up to 2 weeks in advance and will not incur any fee. •    No shows, or those cancelling within this 2 week period of the event, will be charged in full. Venue Information: We are proud to be working with the Dublin Royal Convention Centre; a first-class venue with NZEB standards, LEED Gold Certificate, and that strives to achieve more sustainable and green initiatives to safeguard the environment. LEED is an internationally recognised green building certification system aimed at improving performance across all the metrics that matter the most: energy savings, water efficiency, CO2 emissions reduction, improved indoor environmental quality, and stewardship of resources and sensitivity to their impacts. More on their Sustainability Mission here.  Venue accessibility information Parking There are three wheelchair accessible allocated parking spaces within the Convention Centre parking Reception Desk This is wheelchair accessible for height – 720mms Bar There is a lowered bar area for wheelchair users – 860 mms Doors Doors when open in revolving door – 1.4 Metres Doors from street into pre-function area – 1.9 Metres Double Doors within Partition Doors – 1.8 Metres Toilets There are wheelchair accessible toilets located on the left of the bar near the cloakroom and a second one downstairs with the other toilets. Hearing Loop There is a hearing loop in the main room for guests with hearing aids.

The Financial Reporting Council (FRC) has announced  that the four largest audit firms (Deloitte, EY, KPMG, PwC), have concluded the transition period of operational separation. Throughout the three-year transitional period, all four firms have made significant improvements to their governance to prioritise the delivery of audit quality. This includes the creation of independent audit boards chaired by Audit Non-Executives, improved transparency on financial transactions between the audit and non-audit business, and greater accountability at firm level for the delivery of operational separation outcomes. The firms have also developed audit specific cultures, with behaviours focussed on challenge, openness and professional scepticism. All four firms have met the 2024 deadline set by the FRC to implement the principles of operational separation. As set out in the Operational Separation Principles, the FRC will publish an assessment of the firms’ compliance each year, following the transition period.

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 Observations paper addresses financial reporting matters and, for the first time, sustainability reporting matters. The Corporate Sustainability Reporting Directive (CSRD) is in force for certain larger entities for the first time in 2024. IAASA has responsibility for examining issuers’ sustainability statements in much the same manner as it already has responsibility for examining issuer’s periodic financial reports. The paper sets out the approach IAASA will take in conducting sustainability statement examinations in 2025. Read the full paper here.

One of my direct reports manages a team of five. Nobody has complained about her, but there is a fairly high level of turnover on her team. She works incredibly hard to (mostly) very high standards. She sometimes spends too much time on unimportant issues and loses sight of the bigger picture. I have sat in on some of her team meetings: she is very task and deadline focused and quite tense. They are not bad meetings, but something is missing. She is very defensive around feedback and can get upset. A. It can be hard to help somebody who is well-intentioned, hard-working and, in their own eyes anyway, doing the right thing.  It sounds like she is quite anxious about her work or performance and the trick will be to find a balance between encouraging her (commitment, high standards, work rate) while ensuring that her singular focus does not hinder productivity or well-being.  While feedback may be part of the response, you may also need to broaden out her sense of what it is to be a manager, i.e. it’s not only about getting the work done, but also about motivating and developing people along the way.  It might also be useful to reflect on whether your direct report is clear on expectations, goals and priorities. It could be worth going back to first principles and discussing what else is important in their role (e.g. developing their direct reports).  You might also reflect on whether you keep them in the loop so they know what’s important for you. Weekly meetings where you (jointly) clarify priorities may be useful.  Assuming you have more than one direct report, and that you meet with this group from time to time, look at how you build connection and trust with them – creating a place where they can share challenges, reflect on learning (from failure as well as success), and discuss how they are working with their own reports, etc.  Each person’s real-life challenges can be a case study for the group to discuss. This encourages a growth-mindset and will help her, and her peers, reflect on what it means to be a leader. Share a resource on leadership (the book recommended below, maybe?) and discuss the ideas. You will probably also need to share feedback to encourage behavioural change. The success of this feedback will be dependent on three main factors:  Your relationship with the person – is there trust between you?   Their self-esteem – are they open to feedback and resilient?   Your skill in sharing feedback – ensuring feedback is balanced, using the right language, etc.  Building trust may allow you to find out what is driving her behaviour (e.g. perfectionism, anxiety, fear of failure, habit) which may open a deeper conversation. The BOFF model provides a useful framework for giving both positive and developmental feedback:  Behaviour: what have you observed? (heard, seen, experienced). This helps you describe rather than judge. Outcome: the impact of the behaviour Feelings: what you are happy about (or concerned about). Future: Next steps (for you, for them). It will be useful to approach the feedback with her, not from the point of ‘what’s not working’, but placing it in the context both of her career aspirations as well as developing her team.  Her development, her team’s development, her work-life balance, etc., should be standing items in your one-on-ones – and this will help you role model the type of behaviour you want from her. Julia Rowan is Principal Consultant with Performance Matters Ltd, a leadership and  team development consultancy. To send a question to Julia, email julia@performancematters.ie

Three Chartered Accountants weigh in on how the outcome of the US presidential election might impact the future of foreign direct investment in Ireland, exploring potential economic shifts and changes to the corporate tax regime Paraic Burke Head of Tax PwC Ireland Despite international uncertainties, Ireland’s economy continues to be one of the best-performing in Europe.  Employment remains at a historic high, our fiscal position is strong and inflation is easing. Global companies here continue to see the opportunities Ireland presents as a gateway to Europe and further afield, with a highly skilled workforce in a stable business environment.  The impact of the US election on Ireland’s FDI from a tax and business perspective is two-fold:   1. The US election should determine how the US responds to the stalled element of global tax reforms led by the Organisation for Economic Cooperation and Development. While Ireland and EU member states have enshrined Base Erosion and Profit Shifting Pillar Two into their domestic law, the US has not.  Depending on a complex series of political factors, we could see increasing tensions between the US and Europe, which could have big implications for Ireland. Under a clause in the Pillar Two agreement called the undertaxed profits rule (UTPR) – a way of ensuring that multinational companies pay the globally agreed 15 percent corporate tax rate on their profits – the Irish Government, like others across the EU, could find itself having to tax US profits.  This would not sit well with the US Government. If it is not dealt with, it could have serious trade implications for multinational companies exporting from Ireland. The outcome of the election will very likely have a significant impact on the US approach in this context. 2. This US election will also determine who deals with the potential expiration in 2025 of the individual tax rate cuts introduced by Donald Trump in 2017.  As part of the overall strategy in this context, Democratic candidate Kamala Harris has outlined a plan to raise the US corporation tax rate to 28 percent (currently at 21 percent), but this is likely to be politically impossible.  On the other hand, if elected as US President for a second term, Trump has mentioned a reduction in the US corporate tax rate to 15 percent – although, again, this is likely to be impossible given the overall US fiscal position.  In addition, Trump has regularly stated that he may adopt a policy of applying tariffs on all US imports, a move that could greatly disrupt global trade, including Irish exports.  Cormac Kelleher International Tax Partner Forvis Mazars The upcoming presidential election in the US, due to take place in November, is delaying US companies in making their foreign direct investment (FDI) decisions.  Uncertainty over upcoming trade policy is causing new and existing US businesses to pause decision-making. However, it has not stopped firms from exploring and readying themselves for investment decisions in 2025. If the US introduces or strengthens existing tax repatriation programs post-election, as seen in the Tax Cuts and Jobs Act of 2017, it could incentivise US companies to bring profits and operations back home, possibly reducing FDI in Ireland.  However, given Ireland’s low corporate tax rate (12.5%) and status as a key EU hub for the technology and pharmaceutical sectors, US firms might still find Ireland an attractive location for their European operations. It will be interesting to watch the level of US engagement with the OECD’s BEPS 2.0 tax proposals.  This year has delivered probably the most significant level of tax reform practitioners are likely to witness.  The effective 15 percent rate has caused multinational groups to grapple with a plethora of complex and challenging legislation. Despite initial positive soundings from the US Treasury, achieving sufficient political appetite for the introduction of BEPS 2.0 (Pillar Two) has proved elusive.  The rules, however, will result in US-headquartered groups being affected by the global minimum tax rules from 2026 onwards.  If Pillar Two plans continue to have momentum, commentators will watch with interest to see how the US will react and whether retaliatory measures will be introduced. While tax policy is an important feature of Ireland’s FDI offering, there are many other features that are equally attractive and important to organisations when seeking to establish an international presence.  This is particularly important for firms establishing their first presence outside the US.  Ireland will continue to be an important cog in the global international tax expansion plans of US-based multinational groups. Fundamentals – including making Ireland an attractive location for people to relocate to – will play a greater role in years to come. Catherine Drysdale Consultant Barden Ireland's job market is highly interconnected with global trends and events. There are a number of key factors impacting the employment industry in Ireland at present, including the upcoming US election and potential impact on FDI, geopolitical conflicts, climate initiatives, uncertainty regarding policy and regulatory changes and interest rates and inflationary impacts. How these directly impact talent looking for opportunities within US companies headquartered in Ireland will be sector dependent. Certain sectors, for example, will be impacted more significantly by policy and regulatory changes including technology, pharmaceutical and financial services industries.   The challenges for acquiring talent may include: Changes in visa policies and global mobility restrictions; Cautious spending that could result in longer, more complex hiring processes coupled with the risk that companies will prioritise hiring local talent in the US due to shifting labour policies or cost-saving measures; A shift to contract opportunities, a trend we have already witnessed, reflecting employers’ desire for flexibility and a cautious approach to permanent hires; and Increased competition among jobseekers for a reduced number of opportunities, potentially leading to longer lead time to secure new roles. The stance companies are taking on hybrid and remote working arrangements remains in flux. We saw the recent announcement from Amazon CEO Andy Jassy regarding a mandatory full-time return to office. Whether others follow suit remains to be seen.  Organisations could adopt permanent remote working policies. While this may open up opportunities for a broader talent pool and flexible working arrangements, professionals in the Irish market would likely face increased competition from the global talent pool, potentially leading to downward pressure on salaries as companies seek cost-effective labour. With potential changes in the US economic environment post-election, given their established presence in Ireland, US companies with operations here may need to adjust their salary structures to remain competitive in attracting top talent, particularly if remote work opportunities expand.  A focus on enhancing their existing localised talent acquisition strategies, coupled with a strong emphasis on employer branding to showcase corporate culture and values, will help to make positions more attractive in a competitive market.  

David Lucas, FCA, the recently appointed Head of Corporate Finance at Azets Ireland, tells us about his career path, passion for supporting entrepreneurial businesses and plans for the future Tell us a bit about yourself, and when and why you decided to become a Chartered Accountant? I learned from my parents the importance of having a profession from an early age. My father was an engineer and my mother a teacher, so I was encouraged to choose a profession that would provide me with solid career opportunities.  At school, I was strong at maths and I have always been interested in business, so the BComm at University College Dublin was a natural fit. It wasn’t until my third year at college that I decided to pursue accountancy. Upon completing my degree, I went on to do a master’s in accountancy at Smurfit Business School.  I qualified as a Chartered Accountant with KPMG at the age of 24. From there, I moved into banking, spending eight years with AIB in corporate lending before moving into corporate finance. My career path has blended my accountancy training with my interest in business and my entrepreneurial spirit.  Has your career unfolded as you anticipated or were there some surprises along the way?  There have been a lot of surprises. I firmly believe that once you become an accountant, you can do anything you want.  I have found it to be an excellent and well-regarded qualification that can open a lot of doors to exciting opportunities.  Once you are a qualified accountant, no one can take it away from you. Whether you work in industry, practice or become an entrepreneur or business owner, the training and experience you gain as a Chartered Accountant will always stand to you.   I have always been interested in corporate finance and have a genuine interest in entrepreneurship, talking to owner-managed businesses and understanding what makes them tick.  In my various roles, I have explored these interests and carved out a career in corporate finance, working with entrepreneurial businesses across multiple sectors. I enjoy what I do today, and I’ve enjoyed the journey. Are you glad you made the decision to qualify as a Chartered Accountant? Absolutely, yes. There are thousands of Chartered Accountants in Ireland and beyond. It is a fantastic network and the training gives you a strong range of skills that can prepare you for any challenge, both inside and outside work. Among the people you have worked with over the years, who has been your biggest inspiration?   I have been lucky to have had a number of mentors and trusted friends, all of whom have influenced me in various ways. One of the best lessons I have learned is that people do business with people.  Bearing this central principle in mind, growing my network, and building strong relationships across the business community, has been a consistent feature of my career. If you can stay connected with those around you, you can bring each other forward. How has the role of the Chartered Accountant evolved since you joined the profession? The role of the Chartered Accountant has evolved significantly and is now viewed as that of a broader business advisor.  It is no longer just about balancing the books. Today, Chartered Accountants are trusted advisors, serving as the go-to person for clients on a wide range of issues, opportunities and challenges.  The training Chartered Accountants undergo is comprehensive, covering nearly all aspects of business and finance.  Clients can trust us not only to manage financial matters, but also to lead teams, train and develop staff, and support clients through every stage of the business lifecycle – from start-up to sale.  We play a key role in helping business owners realise the full value of their work and dedication.  What advice can you offer ACAs starting out on their career path today? The Chartered Accountancy qualification is world-renowned and world-recognised. It opens so many doors and opportunities in whatever walk of life you want to take on.  The training you receive and the people you meet will give you the tools to pursue opportunities as they arise. With this qualification, there are any number of directions you can take and potential employers and clients can be comfortable in the knowledge that you have a good grounding due to your experience and training.  I would say it is really important to be open to new challenges, even those outside your comfort zone, as they often provide the greatest opportunities for growth.  Networking is also key. Surround yourself with mentors and peers who can offer guidance and support and seek to learn from everyone.  Lastly, trust in your abilities and don’t be afraid to go for things and do your best. You won’t know how to do everything and don’t pretend to know everything – no one does – but always give your best.  Who do you admire most right now in business or public life? I greatly admire Jürgen Klopp, the former manager of Liverpool Football Club, for his leadership approach both on and off the field.  Early in his Liverpool career, Klopp emphasised the importance of building a cohesive team by ensuring that all players knew and respected the entire staff, regardless of their role.  This inclusive leadership style is rooted in treating everyone with respect and acknowledging that every individual plays a crucial part in the success of the team. Klopp fosters a culture of mutual respect, camaraderie and accountability. He understands that a strong team is built, not just on talent, but on unity and shared purpose.  His ability to connect with people on a human level makes others want to work with him and be part of his vision.  By creating an environment where everyone feels valued, he motivates the whole team to perform at their best.  His leadership shows that when people are treated with dignity and trust, they are more likely to consistently deliver exceptional results. This is something I strive to achieve with my team: nobody gets left behind. We are all in it together and we have each other’s backs. Tell us about your new role as Head of Corporate Finance at Azets Ireland? Our Corporate Finance Department provides a full range of services to mid-market businesses across Ireland ranging from buy side and sell side mergers and acquisitions, due diligence and valuations to debt advisory services.  Given our extensive service offering and the range of sectors we operate across, every day is different for me. One day could involve advising on the sale of a business, and the next performing detailed financial due diligence or raising debt or equity to help fund growth for a  business.  Every deal is different, and I enjoy getting to know my clients and their businesses to provide the best service possible.  My bread and butter is the buying and selling of businesses. These transactions require a corporate finance advisor to manage all aspects of the deal from early-stage preparation through to going to market, deal negotiation, project management and liaising with legal advisors right through to completion. My recent appointment as Head of Corporate Finance comes at an important moment in the growth trajectory of Azets in Ireland.  Over the next three years, we aim to double the size of our department with the addition of about 20 new recruits. The expanded department will enable us to advise on the growing number of transactions expected in Ireland’s mid-market sector over the medium term.