Even the best and most expensive technology can’t produce good results from bad data. This is true for AI models, too, say Liam Cotter and Niall Duggan Nothing has changed, yet everything has changed because of the advent of generative artificial intelligence (AI) and large language models. Their ability to surface unstructured data and use it to generate insights is enormously powerful and dangerous at the same time. The problems lie not only in the quality of the unstructured data but much of the structured data to which it may have access. This situation has arisen mainly because organisations have not been using this data to any great extent up until now. Refining data for best results If organisations want to take advantage of the potential benefits of generative artificial intelligence (GenAI), they must give GenAI access to their full treasure trove of data or as much of it as is legally permitted. If data is the new oil, however, much of it needs refining to unlock its value. Unfortunately, too many organisations are turning AI loose on the data they have now without first addressing the quality and governance issues associated with it. AI and data analytics need good, trusted, consistent and well-curated data to work correctly and deliver value, which can be rare. Organisations tend to have very fragmented enterprise data environments. Data can be stored on-premises, in the cloud or externally with third parties – and it can be both structured and unstructured. Typically, there are lots of siloes and duplication. This results in separate parts of the same organisation interpreting the same data differently. Finding the best storage solution Data storage is a complex problem to solve. First, there is the sheer volume of data, much of it historical, held by organisations. Then, there is the way the data is passed around. It is often stored in multiple locations, amended and altered in different ways in different places, and subject to misinterpretation, which results in the same data having more than one existence. This is not a new problem; it has already been addressed for business intelligence systems. The standard solution has been the creation of data warehouses or farms which attempt to offer a single source of data truth for the entire organisation. With the enormous volume of data required for GenAI to deliver on its promise, however, the cost of maintaining and resourcing a single data source would quickly become prohibitive. Furthermore, the effectiveness of having data stored in single locations is now questionable. As a result, we are now seeing a move towards data mesh infrastructure. This sees data stored in multiple interconnected, decentralised domains that are all equally accessible. They are organised by business function, so the people most familiar with the data – those best qualified to assess and assure its quality – are in control of it. This helps to ensure the consistency and good governance of the data – the foundation required for adopting AI and GenAI in organisations. The need for team collaboration The data mesh infrastructure has other advantages. It allows different collaborators to work together, for example. In the warehouse model, all data was in the hands of the IT department, and that had severe limitations. IT professionals may be experts on secure data storage, but they are typically not familiar with the nature of the data itself and can’t be expected to vouch either for its quality or the accuracy of an interpretation. On the other hand, when different parts of the business are responsible for managing and curating their own data, they can use it more and work together to create new uses. AI can be deployed while the mesh is under development and can be given access to the data in each domain as it becomes available. However, the development of a data mesh is not simply a technology exercise. It is also a data cleansing and quality assurance process. All data in the mesh should be verified for quality and consistency. This is vitally important for organisations in which the lineage of data can be doubtful. An energy utility’s meter data sits in multiple areas of the business, for example, including the billing and asset functions. This data needs to be brought together into one coherent object, and disparate systems must be joined up and a common taxonomy shared when describing the data. This will enable AI systems to learn from the data in a consistent and more reliable way. This cleansing and verification exercise offers significant benefits in relation to compliance with new reporting standards such as the Corporate Sustainability Reporting Directive (CSRD). Further, readily accessible quality-assured data will make the reporting process much less onerous. Governance and control Having addressed the quality and accuracy issue, the correct governance and controls must be put in place regarding privacy, data protection and security. Organisations must ensure that AI systems do not inappropriately use their data. This requires constant monitoring of data management and governance. Other key aspects to be addressed are the organisation's culture and the skills of its workforce. Organisations need to become data-centric, and their people must adopt a data mindset if they are to fully take advantage of the value of their data. They must also look at the skills within the workforce and ensure that everyone has basic data skills and that the organisation is not dependent on the IT function to get business insights from its data. Liam Cotter is Partner at KPMG and Niall Duggan is a Director at KPMG

Client surveys offer a direct pathway to understanding client needs. Mary Cloonan outlines how they can help to foster loyalty, innovation and growth Understanding clients deeply is crucial for any professional services firm aiming for long-term success. The client survey is one of the most effective tools for achieving this goal. Before your organisation sends out a survey, however, you should get to know the potential benefits and learn how to get the best results. Listening to understand Client surveys provide a direct line to your clients' thoughts and feelings. By asking thoughtful questions about their satisfaction, preferences and pain points, you can gain valuable insights that are seldom accessible through regular interactions. This allows you to tailor your services more closely to their needs. Proactive engagement Surveys are a powerful tool to help uncover unmet needs and opportunities for improvement. Clients often have evolving needs that might not be immediately apparent. You can identify these shifts through regular surveys and adapt your services and resources accordingly. This proactive approach ensures that your firm remains relevant and valuable to your clients, strengthening your relationships. Enhancing client retention A firm’s willingness to listen to and act on client feedback can bolster client retention. When clients see that their opinions are valued and lead to tangible changes, their loyalty increases. This reduces churn and turns satisfied clients into advocates, amplifying your firm’s reputation through word-of-mouth and referrals. Driving business development Client feedback is a goldmine for business development. Surveys can reveal new service opportunities or potential areas for expansion you might not have considered. Additionally, understanding common challenges your clients face can guide the development of new solutions, positioning your firm as a proactive and innovative partner. Promoting a culture of learning Conducting client surveys regularly fosters a culture of continuous improvement within your firm and your team to be open to feedback and dedicated to enhancing client satisfaction. This culture not only improves service quality but also keeps your firm agile and responsive in a competitive market. Building trust through engagement Asking for your clients’ views through surveys demonstrates your commitment to their success, how your firm values their input, and how you are dedicated to enhancing their experience. This transparency builds trust, a critical component of any long-lasting client relationship. Survey tips To maximise the benefits of client surveys, consider the following best practices: Keep it short and focused: Long surveys can be daunting. Keep your surveys concise, focusing on critical areas of interest to ensure higher response rates. Use clear and simple language: Avoid jargon. Use straightforward language to ensure clients can easily understand and respond to your questions. Incorporate quantitative and qualitative questions: To gather comprehensive feedback, use a mix of rating scales and open-ended questions. Act on feedback promptly: Show clients their feedback matters by implementing changes and communicating these improvements. Follow up: After making changes based on survey feedback, follow up with clients to let them know their input made a difference. This reinforces their value to your firm. Embrace surveys Incorporating client surveys into your firm’s strategy is a wise move that pays dividends in client satisfaction, retention, and overall business growth. By actively seeking and acting on client feedback, you position your firm as a client-centric, innovative, and responsive partner. This strengthens existing relationships and paves the way for new opportunities and long-term success. In the competitive landscape of today’s market, understanding and responding to your clients’ needs is not just an advantage—it’s a necessity. Embrace client surveys as a vital tool in your accountancy firm, and watch your firm thrive. Mary Cloonan is Founder of Marketing Clever

Welcome to the latest edition of Technical Roundup. In developments since our last edition, the Central Bank of Ireland has recently updated its page which provides information on the impact of the Markets in Crypto Assets Regulation (MiCAR) on Virtual Asset Services Providers. MiCAR will become applicable for Crypto Asset Service Providers (CASPs) from 30 December 2024. The International Accounting Standards Board has issued a new accounting standard IFRS 19 Subsidiaries without Public Accountability: Disclosures. The new standard will permit eligible entities to use IFRS Accounting Standards with reduced disclosures. Read more on these and other developments that may be of interest to members below. Financial Reporting Chartered Accountants Ireland are hosting a webinar on 27th June in Chartered Accountants House with the Financial Reporting Council (FRC). During this event, the FRC will discuss the upcoming changes to FRS 102 and how they will impact accountants in Ireland. Please join us for this free, in-person event. EFRAG, the European Financial Reporting Advisory Group has issued its April 2024 update which summarises the public technical discussions and decisions taken in the last month. The FRC hosted a webinar on 15th May to outline the recent revisions to FRS 102 and FRS 105 as part of the recently completed periodic review. The International Accounting Standards Board (IASB) has published an Exposure Draft which proposes narrow-scope amendments relating to renewable electricity contracts. The amendments aim to ensure that financial statements more faithfully reflect the effects that renewable electricity contracts have on a company. The Exposure Draft remains open for public comment until 7 August 2024. The IASB has issued a new accounting standard, IFRS 19 Subsidiaries without Public Accountability: Disclosures. The new standard will permit eligible entities to use IFRS Accounting Standards with reduced disclosures. This is intended to reduce the costs of preparing financial statements for eligible entities. The IASB has released a series of webinars to raise awareness on their package of proposals contained in their Exposure Draft Business Combinations—Disclosures, Goodwill and Impairment which remains open for public comment until 15 July 2024. The UK Endorsement Board has called for more debate on the need for comprehensive revisions to the accounting and reporting of intangible assets. In recognition of this, it has published a report on its research of intangible reporting in the UK as well as the findings from a survey of users of financial statements. In the UK, the Department of Business & Trade has issued a consultation on two proposals aimed at reducing the burden of reporting on medium-sized companies. This is part of the government initiative to legislate on a series of non-financial reporting measures following a commitment to consult on further measures to reduce regulatory burdens for medium-sized companies. These proposals are (1) Uplifting the employee threshold for medium-sized companies from no more than 250 to 500 employees and (2) Exempting medium-sized companies from producing a strategic report (including companies that would be medium-sized except for the fact that they are a member of an ineligible group). The consultation will close on Thursday 27 June.   Auditing and Assurance Chartered Accountants Ireland have responded to the IESBA Exposure Draft: Using the Work of an External Expert and also the IESBA consultation on the Code of Ethics. Accountancy Europe have also responded to IESBA’s Exposure Draft on International Ethics Standards for Sustainability Assurance (including International Independence Standards) (IESSA) and ethics standards for sustainability reporting. Anti–money laundering and sanctions The Central Bank of Ireland has recently updated its page which provides information on the impact of the Markets in Crypto Assets Regulation (MiCAR) on Virtual Asset Services Providers. MiCAR will become applicable for Crypto Asset Service Providers (CASPs) from 30 December 2024. After this date, any firms seeking to establish themselves in Ireland to offer any CASP services will firstly need to be authorised by the Central Bank of Ireland. Under the existing Virtual Asset Services Providers regime, introduced in April 2021, firms seeking to provide any VASP activities are required to be registered by the Central Bank as a VASP prior to the commencement of operations. The page also gives details of a transitional period which will apply for up to 12 months. You can read more details about the changes here. Companies House UK has recently updated guidance in relation to its “Register of Overseas Entities: Approach to enforcement” which explains how it will use its enforcement powers in relation to the Register of Overseas Entities. Readers can find out more about it here. Insolvency David Swinburne and Philip Maher of Mazars along with Laura-Michelle Moore from Chartered Accountants Ireland will be speaking at a webinar about the practical issues of the Small Companies Administrative Rescue Process (SCARP) on 29 May at 10am. You can register here for this free webinar.   Sustainability In its recent article, the Global Reporting Initiative (GRI) has highlighted the results of its recent research which found that 26% of the 1,000 largest public companies worldwide are voluntarily using the GRI tax standard in their sustainability report. IAASA recently undertook a desktop examination of the EU Taxonomy Regulation disclosures of a sample of issuers’ financial statements and has now published a Paper setting out its findings. The GRI has produced CSRD Essentials which outlines key aspects of the CSRD and is the result of joint working between GRI, Pascal Durand, Member of the European Parliament and CSRD Rapporteur, and the Lefebvre – Sarrut Group. It consists of 11 core briefings and is definitely worth a read for anyone looking to get a good overview of the CSRD. The International Sustainability Standards Board (ISSB) has released a webcast introducing the ISSB Taxonomy. Recent case law -franchises Readers involved with franchisors, franchisees and franchise agreements will be interested in a recent UK High Court decision which demonstrates the importance for franchisors of giving prior consideration to exit strategies from agreements. This is to minimize the risk of being locked into long-term franchise agreements which are no longer commercially viable for business. Please click here for an article and commentary by A&L Goodbody Solicitors on the case entitled Pre-planning and active management of longstanding franchise agreements | A&L Goodbody LLP (algoodbody.com). A &L Goodbody note that while the case was in the UK High Court, it is likely to be persuasive in this jurisdiction, particularly in the current absence of similar caselaw in Ireland and that it is understood that the decision is under appeal. Other The Charities Regulator has recently issued its latest e-zine newsletter. Its news includes information on managing conflicts of interest and details on a stakeholder forum which met in April. You can access the newsletter here. In other Charities news, the Charities Regulator is hosting a webinar on 28 May next at 12.30 as it is publishing an analysis of the Annual Reports submitted by charities to the Charities Regulator between 2019 and 2022.The webinar will be hosted by Research Manager, Mandy Osborne, and the session will give attendees up-to-date information on changes across the charity sector. The webinar will provide insights into charity income, expenditure, employment and volunteering, and how organisations have weathered COVID-19. Please click here for more information and how to register. The European Securities and Markets Authority has published its April 2024 newsletter which you can access here. It includes items on crypto assets market structures and EU relevance and a number of items on Digital Operational Resilience Act (DORA). For further technical information and updates please visit the Technical Hub on the Institute website.    This information is provided as resources and information only and nothing in the information purports to provide professional advice or definitive legal interpretation(s) or opinion(s) on the applicable legislation or legal or other matters referred to in the information. If the reader is in doubt on any matter in this complex area further legal or other advice must be obtained. While every reasonable care has been taken by the Institute in the preparation of the information we do not guarantee the accuracy or veracity of any resource, guidance, information or opinion, or the appropriateness, suitability or applicability of any practice or procedure contained therein. The Institute is not responsible for any errors or omissions or for the results obtained from the use of the resources or information contained herein.

During exam season, it can be a struggle to build and maintain momentum in the final weeks of preparation for the big exams. Stress levels can be at an all-time high and while some stress can help keep you motivated and focused, too much can be unhelpful. Here we look at tactics and strategies to help you focus your efforts and build study resilience in the weeks ahead. The Art of Distraction With a mammoth task like exam preparation, it can be easy to fall into the trap of procrastination – we’ve all been there!  However, the more you procrastinate the worse you feel and the greater your anxiety might become. The psychology profession outlines two types of procrastination – active and passive. Active procrastinators deliberately decide to procrastinate as they believe they work better under pressure. Whereas passive procrastination is seen as the more negative of the two where people are paralysed by indecision or lack of confidence, loading them with anxiety causing even further stress and inaction. Passive procrastination is usually a sign of something bigger – performance anxiety, fear of failure or simply to avoid negative feelings.  At its core, procrastination is about emotions, not productivity. Therefore, it is important to identify the reason why you are procrastinating and try to address it. There are ways to beat the procrastination bug if it’s really impacting your focus, here is where your study schedule and a reward system will come in handy. Blocking out chunks of time for study will help you concentrate on the task in hand. Don’t bite of more than you can chew either though, quick burst of 30-40 minutes study might work best for you to help keep your focus.  Reward yourself after completing a task whether that’s a quick cup of tea and a treat, a scroll through your social media or half an hour of your favourite show. Tap into and regulate your emotions with mindfulness techniques, mediation or breathing exercises to better manage your feelings around studying and exams. Time Management Time management is key to exam success and helps you gain control. Use a day planner or a weekly schedule to help you determine your available time. Managing and mapping out your day can bring structure to your study without it feeling too overwhelming. However, be realistic with your schedule and don’t overload your day. For maximum efficiency, determine and prioritise the subjects you find most difficult and focus on them first. Certain subjects may also warrant more study time than others. Get to know your body clock, there may be times throughout the day or week where you feel more alert or sluggish than usual and use these times to your advantage. Track your progress and by the end of the week you will feel a sense of accomplishment with all the work you have done over the past few days, and it will help shape your schedule for the next week. Most importantly, schedule time for relaxing activities and exercise too - your body and mind will thank you for it! Studies have shown that exercise improves cognitive performance so consider it as part of the exam preparation. Meet up or chat with friends and family to help you reset and have time away from work and study for some fun. Think of the Bigger Picture! When caught up in the stress of study and exams, it can be hard to motivate yourself and gain perspective on why you are actually doing it. Studying to be a chartered accountant is challenging – the personal sacrifices you have made, the unattended social gatherings, the copious amounts of exams and years you have already put in etc. But if you look to your goals and the end game you can find the motivation to carry on. Think of why you decided to become an accountant in the first place, the career goals you want to achieve and where you want to be in a few years’ time. These exams are leading up to something bigger and are a means to achieving your goal. By keeping this in mind, it can help you attain the self-discipline and encouragement you might need when you feel your efforts and motivation begin to wane. Wishing you all the best for the weeks ahead. Happy Studying! If you need more advice on preparing for your exams, Thrive has a dedicated student hub to help you navigate student life. Alternatively, you can contact the CA Support wellbeing team in confidence on mobile: (353) 86 024 3294 or by email: thrive@charteredaccountants.ie.

When it comes to mental wellbeing, you often hear the term resilience. But what is it and why is it important? Resilience is your ability to cope with change and adversity. By strengthening your resilience, you’re better able to maintain your mental wellbeing through all of life's ups and downs. Being resilient doesn’t mean that you won't ever feel overwhelmed, under pressure or stressed. But it does mean that your behaviours, habits and emotional health allow you to handle that pressure more effectively, reducing its negative impact on your overall wellbeing. The good news is that resilience is something we can all learn. We’re all capable of establishing new behaviours and habits that promote resilience and empower us to remain calm, confident, healthy and effective in the face of new challenges. Here are 5 ways to boost your resilience: 1. Find a new perspective As humans, we have a natural negative bias, which means we tend to assume the worst about every new situation. This was a useful natural survival instinct thousands of years ago when dangers and predators lurked around every corner. Nowadays however it can mean we’re more likely to feel anxious or stressed about new situations and makes it difficult to see or make the most of new opportunities. The next time you find yourself dwelling on the negatives, ask yourself the following questions: Is there another way of looking at this situation? Do I need more information? How will I benefit from the way I am thinking/feeling/behaving? You might find that when you allow for a more positive interpretation of events, things naturally feel a little easier. 2. Get the rest your body needs Without sufficient sleep, we find it more difficult to challenge our natural negative bias. We’re also more likely to make poor decisions, be irritable and struggle with poor concentration. It’s not hard to see why a good night’s sleep is crucial for a more calm, considered and resilient approach. But it's not just sleeping that matters. It’s important to take regular breaks throughout the day. These brief pauses allow your brain space for more creative thinking, help you retain and process information and improve your focus. This clarity and productivity helps you to feel in control and reduces stress. As little as 5 minutes away from your computer or phone every 90 minutes or so will make a big difference to how you feel. 3. Fuel your brain and your body What we eat and drink can have a big impact on our resilience levels. Simple things like staying hydrated, reducing your caffeine intake and eating three balanced meals each day can help. But it’s also important to pay attention to changes in your blood sugar levels, which can affect your mood and your energy levels. Eating slow-release carbohydrates such as oats, brown rice and quinoa help to stabilise your blood sugar levels, meaning you’ll avoid the energy slump, loss of focus and irritability that often accompanies fast food and snack fuelled sugar crashes. Top tip: Dark leafy green vegetables, nuts and seeds contain high levels of magnesium, which helps to regulate the production of the stress hormone cortisol and assists with the release of GABA, a calming neurotransmitter. 4. Celebrate your success Noting down your achievements or things that have gone well and made you happy has several benefits for your emotional health. Reflecting on our successes improves self-confidence and helps us to feel positive about ourselves. Writing down your achievements can also serve as a tangible reminder of your personal strengths whenever you feel insecure about a new situation. 5. Practice mindfulness The underlying principle of mindfulness is that we can simply observe and notice our thoughts and feelings without letting them impact our wellbeing. This focus on emotional regulation and self-control is essential for resilience. With regular practice, mindfulness can help you approach new and challenging situations with a sense of calm and clarity. Article reproduced with the kind permission of caba, the organisation providing lifelong support to ICAEW members, ACA students and their close family around the world.

  In this week’s Sustainability/ESG bulletin, read about an increase in Energy Efficiency Grant amounts, an ESRI report into individual climate actions, ISIF’s announcement about investments in female-led investment firms, Ireland’s call to EU member states to approve the Nature Restoration Law, and England’s High Court ruling that the UK climate action plan is unlawful. Also covered are European updates and the usual articles, resources and events. IRELAND Increase in Energy Efficiency Grant Scheme The maximum amount available under the Energy Efficiency Grant Scheme has been increased to €10,000, with the business contribution rate reduced from 50 percent to 25 percent, it was announced this week. The measure is part of an agreed a range of measures to support SMES, brought forward by Minister for Enterprise, Trade and Employment, Peter Burke. The measures  aim to reduce costs for small and medium sized businesses. ESRI report finds ‘widespread misunderstandings’ in emissions An ESRI report has found widespread misunderstandings regarding what leads to higher emissions. The study –  What is preventing individual climate action? Impact awareness and perceived difficulties in changing transport and food behaviour - surveyed a nationally representative sample of 1,200 participants. Commenting,  Dr Eimear Cotter, Director of the Office of Evidence and Assessment in the EPA (which funded the report) said that: "Responding to the climate crises requires collective action to reduce our daily emissions. It is clear from this research that much better information is needed to inform people what actions they can take to make the biggest difference to their carbon footprint. This research provides valuable insights to help inform the design of both effective climate policies and public information campaigns”. ISIF announces investments in female-led investment firms The Ireland Strategic Investment Fund (ISIF), part of the National Treasury Management Agency (NTMA), has announced its first two investments from its €50 million initiative to promote female-led investment firms (Blume Equity and Norrsken Venture Capital). The two investments total €36 million and will target the climate-tech and health-tech sectors. The initiative aims to build on existing measures by ISIF to drive greater female participation at senior levels within the financial sector, and through it, ISIF is seeking to demonstrate its commitment to addressing gender inequality and promoting greater diversity at senior levels – both within ISIF and in the companies and funds in which it invests. Ireland leads call to approve the Nature Restoration Law It was announced this week that 11 EU Member States have so far have signed up to an Ireland-led call to adopt the Nature Restoration Law (NRL). These Member States are also urging other Member States to do the same at the next Environment Council meeting on 17 June. The 11 states have agreed that restoring the EU’s lands and seas is essential to mitigate and adapt to the impacts of climate change and to safeguard European food security. Failure to approve the law would mean the EU resiling on its previous commitment to be a global leader in nature restoration. The Environment Council meeting on 17 June is the critical endpoint where a majority vote in favour is needed to ensure that  the law is adopted and nature can be protected and restored. UK climate action plan ruled unlawful The English High Court has reportedly ruled that the climate action plan devised by the UK government is unlawful, with the court deciding that there is not enough evidence of policies in place that would reduce greenhouse gas emissions. A revised plan must now be prepared within 12 months by Energy Secretary Claire Coutinho, and must ensure that the UK achieves its carbon budgets as well as its pledge to cut emissions by more than two-thirds by 2030. The UK government is reportedly off track to meet both of these targets. Europe The European Commission has published reports on the operation of several pieces of climate legislation: the European Climate Law; the EU Emissions Trading System (EU ETS) Directive; the Effort Sharing Regulation; and the Land Use, Land Use Change and Forestry (LULUCF) Regulation. These reports are required under the legislation to provide an overview of how the different elements of climate policy are being implemented. Read more here. Transport is responsible for one quarter of all greenhouse gas emissions in the EU, and road transport makes up 70% of that amount. These emissions primarily come from petrol and diesel cars. The European Commission has published 5 top things you should know about battery electric cars, which can be found here. Did you know... May 16 was Global Accessibility Awareness Day (GAAD). This day aims to increase awareness about ‘digital accessibility’ : the ability of people with disabilities/impairments to independently consume and/or interact with digital (e.g., web, mobile) applications and content. Notably, the landmark European Accessibility Act will be implemented into Irish law from 28 June 2025, and will require specific categories of consumer products and services to be accessible for persons with disabilities once it becomes applicable. Find out more about what this Act means for your organisation in this article in Accountancy Ireland. Articles Richard Curran: When it comes to global warming, we all want someone else to do the heavy lifting (Sunday Independent) Promoting sustainability with corporate power purchase agreements (Accountancy Ireland Briefly) Last summer was the hottest in the northern hemisphere in 2,000 years - yes, 2,000 - study says (The Journal)  Upcoming Events  ICAEW, Preparing your business for the green workforce, (time to be confirmed) This webinar will provide an overview of the latest trends on green skills in the UK economy and the key steps businesses are to take to develop an inclusive green talent pipeline. The speakers will feature case studies of UK businesses that have implemented green skills development initiatives and key recommendations. 21 May, Virtual Department of Enterprise, Trade & Employment, Responsible Business initiatives: Rising expectations The need for businesses to operate responsibly is increasingly reflected in mandatory measures creating obligations for enterprises. This event will describe the Responsible Business landscape, and the OECD Guidelines for Multinational Enterprises on Responsible Business Conduct, proposed EU regulation on prohibiting products made with forced labour from the Union market, and the proposed EU Directive on Corporate Sustainability Due Diligence Virtual, 22 May, 2.30pm National Sustainability Summit 2024 In person (RDS, Dublin), May 28-29 Chartered Accountants Ireland, Everyday Acts of Inclusion A collaboration between the Institute’s Balance LGBTQ+ Network Group, the Ethnicity Network Group and the Age/Disability working group, this event will highlight the benefits of diversity and inclusion and will explore the importance of focussing on intersectionality. Staff, students and members are all welcome to attend this free event. In person, 30 May, 6pm, CA House Pearse Street, Dublin 2   1Business World, 2024 Global Natural Capital Conference Virtual, June 3-4, 2024 Accountancy Europe, CSRD readiness: building trust through sustainability assurance In-person event, by invitation only, Brussels, 14 June 2024 (10:00 - 14:30) Chartered Accountants Ireland, Western Society AGM with 1 hour CPD, 'Before & after ESG and SDGs' This presentation by Sheila Killian will cover the foundational pillars of sustainability, clarifying some of the alphabet soup of the latest trends, and tracking what the core underlying elements are that will be relevant in the future. This presentation will be immediately followed by the Western Society AGM. In person: Wednesday, 12 June | 6.00pm | Connacht Hotel.   Chartered Accountants Ireland, The Small/Medium Practice Sustainability Workshop A workshop for small to medium accounting practices (SMPs) on how to get ahead of the sustainability curve. This interactive half-day session will focus on positive actions you can take to understand the ‘trickle-down’ effect of the Corporate Sustainability Reporting Directive ('CSRD’), green public procurement, access to sustainable finance, and how to make your practice more sustainable to save costs and respond to staff and client demands. In person, Chartered Accountant House, 25 June, 9.30- 12.30; €90 member/€112.50 non-member; 3 hours CPD points. Email sustainability@charteredaccountants.ie to register your interest. EPA Circular Economy Conference 2024 Online and inperson (Aviva Stadium, Dublin), 25 September, 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, 29 May, 14:00-15.30 Teams 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.  

When it comes to attracting the best and brightest of accountancy graduates, having teams based in Dublin, Enniscorthy and the WorkLAB hub in Waterford – part of the Connected Hub network – is helping to support the ambitious growth plans of Azets Ireland. The professional services firm, which specialises in meeting the needs of entrepreneurial, owner-managed, and family-owned businesses, recently announced plans to double the number of employees employed in the south-east by the end of 2025. The planned recruitment will involve hiring for graduate and professional positions at its new offices in Seanan House, Enniscorthy and the WorkLAB hub in Waterford. The WorkLAB hub in Waterford is a key facility where Azets colleagues across the South-East can come together to collaborate and foster creativity. By using the hub and its new office space in Senan House in Enniscorthy, where another Connected Hub – Greentech HQ –  is based, to grow its presence in the south-east, Azets has been able to strengthen its advisory and professional services to local businesses and enhance the depth of expertise of its team. The strategy has already shown success in opening access to skilled talent across the country, helping to fuel the firm’s ambitious growth plans. “One of our remits at the moment is to develop and create locations outside of Dublin, particularly for our graduates, many of whom come from regional universities and institutes from around Ireland,” Donal O’Leary, Chairman of Azets Ireland, explains. “For a graduate, working in Dublin is a very expensive ask at the moment due to the cost and availability of accommodation. So, we need to ensure that we can facilitate them outside of Dublin – finding a way of operating where they get the experience of working not just on their own, at home, but in a hybrid set-up. That way, they get the benefits of coming into the office here in Waterford and are part of a team environment.” One of the fastest growing professional service firms in Ireland, Azets Ireland provides a range of services including audit, due diligence, tax and restructuring to the Irish mid-market. Earlier this year Azets completed a merger with PKF O'Connor, Leddy & Holmes, achieving a total headcount of more than 220 employees across its hubs in Dublin and the South-East. As the firm rapidly expands, the services provided by the WorkLAB hub enable Azets colleagues based in Waterford to seamlessly connect and collaborate with colleagues based in Dublin, Enniscorthy and other communities around the country.   With businesses around the country facing an evolving set of challenges from increased costs to new regulation, Eoin Kenny, Tax Partner, South-East at Azets Ireland describes how regional hubs are enabling Azets to support businesses across the South-East achieve their growth potential,  “As we grow, we believe it is crucial that we continue to address the needs of ambitious businesses in communities across the country, who are the lifeblood of the Irish economy. “The WorkLAB hub in Waterford is helping to strengthen our local footprint across the South-East and make sure that we have the right talent in place to deliver the high-quality services that enable businesses in the region to thrive.” For graduates keen to join a company that not only provides flexible working, but also supports strong career progression, O’Leary says the benefits of working across a diverse and experienced team in the south-east and Dublin are huge. “The type of graduate we want to attract is really keen to see there’s a chance to progress beyond their current role and having those all-team meetings means they can see the different career paths within the company.” With plans to employ 400 people across the country by 2025, the Waterford WorkLab will provide an important base for expansion in the south-east. “The Hub network gives us that flexibility to go into different regions and locations and see how it goes,” O’Leary says. “It’s an ideal way of working for us and our teams.” Highlighting the success of this collaborative approach to working across its regional hubs, Kenny notes, “For our employees based in Waterford, and other regional hubs, it’s really important that our team members stay connected and always feel part of the wider team. “By regularly bringing together colleagues across these hubs for training and meetups, we can ensure that our team across the country are fully aligned on our mission of meeting the needs of mid-size businesses around the country.” Along with Azets Ireland’s base in Waterford’s WorkLab, the Connected Hubs network offers a host of flexible working spaces for businesses across Ireland. Find out what sort of space would suit your business needs here. Check out connectedhubs.ie to see how the expert team can help your business and plans for the future today.  Connected Hubs is part of Our Rural Future – a Government of Ireland Initiative This article is sponsored by Connected Hubs

(This news first published in October 2021; Chartered Accountants Ireland continues this commitment and has embarked on a programme of work to manage and reduce emissions. Find out more here)  Chartered Accountants Ireland has joined UK accountancy bodies ICAEW, ICAS, AAT and ACCA and others across the world to combat climate change by committing to net zero greenhouse gas emissions. This includes commitments to achieve net zero emissions in their own organisations and to encourage and guide their significant membership base to do the same. The accountancy bodies are part of The Prince of Wales’s Accounting for Sustainability Project (A4S) Accounting Bodies Network. This network represents more than 2.5 million professional accountants and students, across 179 countries, representing two-thirds of the world’s accountants. The bodies have committed to reach net zero emissions as soon as possible and will publish plans to do so within the next 12 months, reporting annually to show progress. They have also committed to provide their members with training, support, and resources to help them create their own net zero plans and reduce their emissions.  In launching the commitment, the bodies reiterated that climate change is of critical concern to their members because it is the responsibility of professional accountants to act in the public interest, which must now include helping to reach net zero. It is also an economic risk to the businesses they work with and the countries they work in.  The accountancy bodies stated their belief that the accountancy profession can help societies adapt to minimise climate change, using accounting practices to help governments adjust economic policy. They also committed to providing advice to help governments create the policies and infrastructure necessary for the transition to net zero economies.  Commenting Barry Dempsey, Chief Executive, Chartered Accountants Ireland said “On behalf of Chartered Accountants Ireland, I am pleased to make this commitment to net zero. It is a natural and very necessary continuation of last year’s call to action on climate change issued by the professional accounting bodies. This Institute is committed to substantially reducing carbon emissions in our own activities; we are already decarbonising our Scope 1 and 2 emissions and have put in place a roadmap for the future.  “The accountancy profession will play a significant and vital role in achieving climate change mitigation and adaptation, but many accountants are unsure where to start. We have an immediate responsibility to equip our members to take action through our education and advocacy work on their behalf.”  The accountancy bodies that have signed up to the commitment are: ICAEW, ICAS, Chartered Accountants Australia and New Zealand, Chartered Accountants Ireland, AAT, ACCA, Consiglio Nazionale dei Dottori commecialisti e degli Esperti Contabili, CPA Australia, CPA Canada, Institut der Wirtschaftsprüfer in Deutschland e.V. (IDW), Regnskap Norge, the Association of International Certified Professional Accountants, the Japanese Institute of Certified Public Accountants (JICPA).  The commitment is available to view at: www.accountingforsustainability.org/abn-net-zero-commitment  ENDS   About The Prince’s Accounting for Sustainability Project (A4S)  Our aim is to make sustainable business, business as usual. HRH The Prince of Wales established A4S in 2004 to work with the finance and accounting community to:  Inspire finance leaders to adopt sustainable and resilient business models  Transform financial decision making to reflect the opportunities and risks posed by the climate crisis and other environmental, social and governance (ESG) issues  Scale up action to transition to a sustainable economy   A4S has three global networks:   Chief Financial Officers (CFO) Leadership Network - CFOs from leading organizations seeking to transform finance and accounting  Accounting Bodies Network (ABN) - members comprise approximately two thirds of the world’s accountants  Asset Owners Network - Pension Fund Chairs who integrate sustainability into investment decision making  About Chartered Accountants Ireland  Chartered Accountants Ireland is Ireland’s leading professional accountancy body, representing 30,000 influential members around the world and educating 7,000 students. The Institute aims to create opportunities for members and students, and ethical, sustainable prosperity for society. An all-island body, Chartered Accountants Ireland was established by Royal Charter in 1888 and now has members in more than 90 countries. It is a founding member of Chartered Accountants Worldwide, the international network of over one million chartered accountants. It also plays key roles in the Global Accounting Alliance, Accountancy Europe and the International Federation of Accountants.   Chartered Accountants Ireland members provide leadership in business, the public sector and professional practice, bringing experience, expertise and strict standards to their work for, and with, businesses in every sector. Chartered Accountants Ireland engages with governments, policy makers and regulators on key issues affecting the profession and the wider economy.   

In Irish news, the Institute launches its Pre-Budget 2025 submission and Revenue issues demands to taxpayers with warehoused debt. In UK news, read the Institute’s response to the Call for Evidence on enquiries and assessments and this week’s miscellaneous updates features a range of matters relevant to agents. In International news, the European Commission has commenced a call for evidence on the Directive for Administrative Cooperation (DAC).  Ireland The Institute, under the auspices of the CCAB-I, has launched its Pre-Budget 2025 submission. Revenue has issued demands to taxpayers with warehoused debt. UK Read the Institute’s response to the Call for Evidence on enquiries and assessments. This week’s miscellaneous updates features a range of matters relevant to agents. International The European Commission has commenced a call for evidence on the Directive for Administrative Cooperation (DAC). 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 EU exit corner here.  

That’s according to the Northern Ireland Tax Committee in its response to “Call for Evidence The Tax Administration Framework Review: enquiry and assessment powers, penalties, safeguards.” The Committee is highlighting that when an enquiry has been opened, which is accompanied by an informal request for information, a 30-day deadline is usually set for submission of information to HMRC with an expectation that this is provided within 30 days from the date of the correspondence, and not from the date the taxpayer receives it. However, often there is a delay in the taxpayer receiving the correspondence.   This, coupled with ongoing resource constraints being experienced by tax agents and their clients, can make it extremely challenging to reply within the 30-day deadline, which is even shorter when correspondence is not received until much later.  Once information is submitted, often a response is not received from HMRC for several months and in some cases, there have been delays of up to six months. Agents and taxpayers feel held to account by being made to work to meet unreasonable deadlines and demands when HMRC is not held to the same standard.   Taxpayers are able to apply to Tribunal at any time to request closure of an enquiry, however in reality, many are reluctant to do so due to the costs involved and therefore there is currently no real impetus on HMRC to respond promptly.   There is also inconsistency in being able to agree with HMRC a longer time period within which to respond to information requests. Some officers follow HMRC guidance in this area, however others do not.   The submission therefore makes the following overall recommendations:  The deadline for provision of informal and formal information requests should not be set at 30 days “as rote” and should be agreed upfront with the taxpayer/their agent taking into account HMRC’s own guidance in this area;   The agreed deadline should begin from the date that correspondence is received by the taxpayer and should be set in working days only;   HMRC should respond more promptly once it has received information and should issue an acknowledgment to the taxpayer/agent setting out when a more detailed response can be expected; and  To strengthen the rights of taxpayers, the power to request that a Tribunal directs HMRC to issue an enquiry closure notice should be strengthened where there has been a significant delay by HMRC of six months or more in responding to correspondence from the agent/taxpayer. This safeguard should enable the taxpayer to recover their costs where the Tribunal’s decision is that HMRC should close the enquiry. HMRC should be directed to do so within 30 days of the Tribunal’s decision.  

In this week’s miscellaneous updates, we provide an update on various issues relevant to agents and the latest VAT road fuel charges which apply from 1 May 2024 are available. HMRC has updated its guidance on taking reasonable care and a new online service has been launched for payment of voluntary national insurance contributions. HMRC has been writing to community amateur sports clubs asking them to check that they remain eligible, and the latest Agent Update 119 is now available. And finally, a new consultation has been launched on vaping products duty.  Update for agents   HMRC has recently set up a new service which means that agents to can make a complaint to HMRC online via the government gateway. The complaint can cover their own agent services or be made on behalf of a client. It is no longer necessary to complain via post and agents are encouraged to make complaints going forward via this new service. Agents will need to have the relevant authorisation to act on behalf of their clients recorded with HMRC before using it. New functionality has now been added to the Agent Services Account which now allows agents to change contact details online. Changes can be made to their postal address, email address, business name and phone number. See the updated guidance.  A new service for agents was also launched last month which also allows agents to register employment benefits which will be taxed through payroll from 2025/26 onwards in advance of the move to mandatory payrolling of benefits. Find out what the PAYE for Agents online service is for, what you can do in the service and how to do it. To access this service, the agent must opt in to use the employer liabilities and payments service.   You can use this service to tell HMRC about any employment benefits that will be taxed through your client’s payroll from 2025/26 including:  mileage and motoring expenses;  private medical expenses; and  relocation expenses.  By way of reminder for all tax years up to 2025/26, i.e. until 2024/25, the employer or their agent must continue to submit P11Ds for benefits and expenses that have not been payrolled.  Reasonable care guidance  HMRC has republished its guidance on how to make sure you take reasonable care if you need to send tax returns and other documents to HMRC, and what happens if you do not.  If you do not take reasonable care HMRC will charge penalties for inaccuracies.  HMRC will take your individual circumstances into account when considering whether a taxpayer has taken reasonable care. If the taxpayer has used tax avoidance arrangements, there are different rules about what ‘reasonable care’ is.  HMRC’s Compliance Handbook shows a list of the taxes and documents that penalties for inaccuracies apply to, as well as details of the dates on which these penalties can first apply.  Launch of digital service for voluntary National Insurance contributions  The Government recently launched a new online service for checking if voluntary National Insurance contributions (“NICs”) will increase the amount of state pension. The new digital service is called Check your State Pension forecast and is a joint service by HMRC and the Department for Work and Pensions, which is a fully end-to-end digital solution.  The service will show taxpayers by how much their state pension could increase and details of the voluntary NICs they would need to pay to achieve this. It allows most people under state pension age to view gaps in their NICs record and securely pay voluntary contributions to fill those gaps if it will benefit them. Confirmation that payment has been received and that their NICs record will be updated will also be provided. Individuals can access the Check your State Pension forecast or use the HMRC app.  It is usually only possible to make voluntary NICs for the previous six tax years. However, an extension is currently in place which allows individuals to fill gaps in their NICs record for periods from the tax year 2006/07 up to 2017/18 by making voluntary contributions by 5 April 2025.   Letters to community amateur sports clubs  In recent weeks HMRC has been writing to community amateur sports clubs (“CASC”) asking them to check if they are still eligible to stay within the scheme and avail of its benefits.  To be eligible for the scheme a CASC must:  be open to the whole community - this means that membership and facilities should be open to all without discrimination;  have affordable membership fees  be organised on an amateur basis  have no limit to the number of players a club can pay, as long as the total amount paid to all players is less than £10,000 in a year  have as its main purpose to provide facilities for eligible sports and encourage people to take part.  not exceed the income limit of £100,000 a year from non-member trading and property income;  be managed by ‘fit and proper persons’;  meet the location condition, where the scheme is open to qualifying clubs established in the UK, EU, Liechtenstein, Norway, or Iceland.  If a club still meets the conditions of the scheme, no further action is needed. However, if a club no longer meets the conditions for CASC status, HMRC must be contacted to explain the reasons why it is no longer eligible for the scheme and the date eligibility ended. This can be done by emailing CPCECLPICASC@hmrc.gov.uk or writing to the address at the top of the letter. HMRC will then contact the clubs to discuss the options available.  Latest Agent Update  Agent update: issue 119 is available now. Get the latest guidance and information which this month includes:-  the national insurance contributions checker tool and rate changes reminder;  reporting rules for digital platforms – digital reporting service;  Capital gains tax - common mistakes to avoid;  Research and development tax relief changes from 1 April 2024; and  An update on the VAT DIY housebuilders scheme.   

HMRC has published Revenue and Customs Brief 5/24 Tour Operators’ Margin Scheme for business to business (B2B) wholesale supplies which sets out a change in treatment as a result of a recent Tribunal decision. The ‘non-established taxable person’ (“NETP”) section of its VAT registration manual has also been updated.  TOMS Brief 5/24  The TOMS is a mandatory VAT accounting scheme for businesses involved in certain travel services. Under TOMS, tour operators cannot recover VAT on services they buy but only account for VAT on their profit margin.   As set out in the brief, HMRC’s previous policy on B2B wholesale supplies has now changed following a recent First Tier Tribunal case. This means that tour operators may opt out of TOMS for these supplies. This change is effective immediately. As a result, HMRC’s VAT Notice 709/5 has also been updated to reflect this new policy.  NEPT guidance updated HMRC has recently updated its guidance in the NETP section of its VAT registration manual. The updated guidance is merely a refresher and does not change existing policy. It includes:  A general improvement to overall content and language;  A new page on transfers of a going concern;  A new page on overseas sellers and online marketplaces;   Information on the reverse charge and low value consignments of goods; and  Removal of redundant pages and various references to outdated processes.