Revenue, in conjunction with the Department of Social Protection (DSP), is hosting in-person information sessions for people over the age of 65 in April and May. The sessions will be held in Dublin, Louth and Donegal from 29 April to 3 May 2024.   Information will be provided on Capital Acquisitions Tax (CAT), PAYE, income tax and DSP Long-term Carers Contribution. There will also be presentations from Citizen’s Information and the Law Society (Wills).  Those attending the meeting must register in advance by calling 085 8582633 or emailing Over65Outreach@revenue.ie, before 24 April if possible.  Further details are available on Revenue’s website. 

Do you use HMRC online services? Don’t be caught out by the planned downtime to some services. HMRC are warning about the non-availability of specific services on the HMRC website, a range of services are impacted. Check the relevant page for information on planned downtime. 

In this week’s EU exit corner, we bring you the latest guidance updates and publications relevant to EU exit. The most recent Trader Support Service bulletin is also available and InterTrade Ireland is hosting a series of free webinars to help businesses navigate trade between Ireland, Northern Ireland and Great Britain (“GB”). HMRC has also launched a new online service for businesses importing goods into GB and Northern Ireland and we update you on some matters discussed at a recent meeting of HMRC’s Northern Ireland Joint Customs Consultative Committee.  New online service for importers  Businesses importing goods into any part of the UK can now use a new HMRC online service for the following purposes:- view and manage your cash account (top up and withdraw funds);  set up a Direct Debit for and top up a duty deferment account;  request older statements and certificates;  view and manage your general guarantee account;  manage the email address linked to your account;  access secure messages from HMRC related to your account; and  set up, manage, or view account authorities.  You can also view and download:- duty deferment statements;  import VAT certificates (C79);  postponed import VAT statements; and  notification of adjustment statements.  In order to use the service, you must be subscribed to the Customs Declaration service (“CDS”) and can sign in to the new service using the Government Gateway user ID and password used to subscribe the CDS.  Meeting of HMRC’s Northern Ireland Joint Customs Consultative Committee (“NI JCCC”)  The Institute was in attendance at the most recent meeting of HMRC’s NI JCCC, a stakeholder forum to discuss Northern Ireland specific customs issues as a result of the UK’s departure from the EU.  At the meeting HMRC presented on the issue of consumer parcels being sent from GB to NI. A new system will be operational from Spring 2024, the UK Carrier Scheme, before the next phase of the Windsor Framework takes effect from 30 September 2024. In summary, from 30 September 2024, consumer parcels will be able to be sent from GB to NI without customs declarations. However, some information will need to be provided in bulk under the new UK Carrier scheme which aims to remove the burden from the border.  HMRC will issue further guidance and stated that they will not be auditing large movements of parcels. However, if there is a perception of potential abuse of the scheme, for example by moving goods from GB to NI for the purposes of onwards movement into the EU, HMRC will raise this with carriers. A number of upcoming milestones were also highlighted which we will provide more details on in due course.   The consultation on the introduction of the UK’s Carbon Border Adjustment Mechanism (“CBAM”) was also discussed. This will be introduced from 1 January 2027. The Government is considering minimum thresholds and plans to operate this like a domestic tax making the person who is responsible for the goods the person responsible for paying this tax, not the customs agent. This will be implemented by primary and secondary legislation and will also be followed by the development of guidance.   A question was asked if there is a liability to the EU CBAM for Northern Ireland importers if Northern Ireland importers are moving the goods into the EU, but the goods are coming from GB into Northern Ireland. HMRC confirmed that imports into Northern Ireland are not subject to the requirements of EU CBAM. Imports into the EU, including Ireland, are subject to the EU CBAM.   Miscellaneous updated guidance etc.   Recently updated guidance, and publications relevant to EU exit are set out below:-  External temporary storage facilities codes for Data Element 5/23 of the Customs Declaration Service;  Data Element 2/3: Documents and Other Reference Codes (Union) of the Customs Declaration Service;  Known error workarounds for the Customs Declaration Service (CDS);  Apply for a voluntary clearance amendment (underpayment) (C2001);  Access trader testing for the New Computerised Transit System Phase 5;  Customs Importer and Exporter Population 2023; and  Customs Importer and Exporter Population. 

Revenue has published statistics for Local Property Tax (LPT) 2024 indicating compliance of 95 percent for returns filed and 87 percent for tax paid. To date €311 million has been paid for 2024 LPT. Revenue has noted that 10,584 payment arrangements are in place where a return has yet to be filed. Revenue has advised that those taxpayers should file an LPT return as soon as possible in order to avoid issues at a later date.   

Ahead of the 1 May 2024 deadline, the Minister for Finance Michael McGrath TD is encouraging businesses availing of the Debt Warehousing Scheme (DWS) to engage now with Revenue to agree arrangements to repay their warehoused debt. The Minister has noted Revenue’s flexible approach to working with taxpayers to manage their liabilities over a timeline that suits their particular circumstances on a case-by-case basis.   Revenue has stated that there is no expectation on businesses to have all their warehoused debt paid in full by 1 May. They must, however, have engaged with Revenue by submitting an ePPA online via ROS to address their warehoused debt. Where a business plans to use an approved refund/credit to pay some or all of their debt, they must notify Revenue in advance of 1 May 2024.   Revenue has updated its website to include a video recording to outline the key actions businesses need to take now and the payment options available. In addition, Revenue has also updated the Debt Warehousing Information Booklet to outline some key Frequently Asked Questions (FAQs) in relation to the payment of warehoused debt.   Section 997A TCA 1997 operates to deny directors/employees with a material interest in the company a credit for tax deducted from their remuneration until such tax has been remitted to the Collector-General. The credit for tax deducted cannot exceed the tax actually remitted in respect of that person’s emoluments. Revenue has provided clarification on the approach for section 997A TCA 1997 regarding warehoused debt relating to emoluments paid to directors/employees with a material interest in the company. In such circumstances, both the company and the director/employee will need to enter into a formal phased payment arrangement (PPA) for their warehoused liabilities via ROS. However, the director/employee may request a payment break for the PPA until such time as the company has paid its liability in full. Revenue is aware that some companies may need an extended period of time to pay off the warehoused debt. Revenue Legislation Services (RLS) is currently considering the position. It is not intended that the director/employee will be negatively impacted where the company pays its full Employer PAYE liability (i.e. credit for PAYE paid will be available to the director/employee where the Employer PAYE liability is paid in full, even outside of the usual 4-year time limit).   Revenue will continue with its approach to PPAs so long as the taxpayer continues to file their current tax returns and pay current liabilities as they fall due, and they engage with Revenue in advance of 1 May to agree to agree arrangements to address their liabilities. The Minister last week highlighted that the payment of current taxes, mainly employer’s PAYE, PRSI and VAT, and arrears arising outside the warehouse periods is considered to be a key indicator of a business’s viability.  To assist customers as the debt warehouse deadline approaches, the Collector General’s Division will be extending the opening hours for their phone lines from 9.30 to 16.30 from 24 April to 3 May.  The Minister also noted that at the end of March Revenue wrote to customers providing them with a schedule of their debt and highlighting the immediate action required before 1 May 2024 to address the debt and the flexible payment options available.  Warehoused debt of €1.65 billion remains outstanding in respect of 55,490 individual taxpayers, 70 percent of which owe amounts less than €5,000. The bulk of the debt, €1.41 billion, is owed by 5,040 taxpayers, each owing in excess of €50,000. At 31 March 2024 2,760 taxpayers had agreed PPAs for warehoused debt totalling €237 million.  The Minister also noted Revenue’s approach in refunding taxpayers who have paid interest at 3 percent on warehoused debt and by adjusting the terms of PPAs.  Commenting on the latest statistics, Minister McGrath stated:  “The reducing amount of debt in the warehouse and the associated number of customers involved demonstrates that businesses are working with Revenue to pay the amounts due. However, the liabilities of over 55,000 customers remain in the warehouse. Many of these customers have engaged with Revenue, as is evidenced by the increase in numbers of PPAs in place, however, for those businesses that have not already done so, the key message is that they should engage with Revenue now, in order to agree arrangements to address their debts and avail of the flexibilities being offered in relation to this debt. Taxpayers must have submitted their application for a Phased Payment Arrangement (PPA) using Revenue’s online Service (ROS) by 1 May 2024, where appropriate.  It is important to note that, businesses are not required to pay all of their warehoused debt by 1 May 2024. However, in order to avail of the 0 percent interest and flexible payment options, they are required to engage with Revenue to make arrangements to pay the debt over an agreed period of time, based on their individual circumstances and capacity to pay. A key condition of the scheme is that taxpayers continue to file their current tax returns on time and meet their current tax liabilities as they fall due.  Finally, I welcome the pragmatic and fair approach being taken by Revenue and their efforts in assisting their customers agree a realistic payment plan tailored to their particular circumstances.” 

  The theme of Earth Day 2024 (April 22) is Planet vs Plastics.  Planet vs. Plastics unites students, parents, businesses, governments, churches, unions, individuals, and NGOs in an unwavering commitment to call for the end of plastics for the sake of human and planetary health, demanding a 60% reduction in the production of plastics by 2040 and an ultimate goal of building a plastic-free future for generations to come.  About Earth Day First held on April 22, 1970, Earth Day is an annual day to demonstrate support for environmental protection. It now includes a wide range of events coordinated globally by earthday.org, working to drive meaningful action for our planet across these issues: Climate Action, Science and Education, People and Communities, and Conservation and Restoration, and Plastic and Pollution.  Here are some resources from Earth.Day.org: join or create a clean up: The Great Global Cleanup® is a worldwide campaign to remove billions of pieces of rubbish from neighborhoods, beaches, rivers, lakes, trails, and parks — reducing waste and plastic pollution, improving habitats, and preventing harm to wildlife and humans. It aims to continue clean ups every day of the year for a brighter, greener, and cleaner planet. check out the Earth Day 2024 End Plastics Action Toolkit 52 actions and tips to make a difference, every day of the year Learn More About Plastic Pollution (Factsheets)  Earth Day and Accountants On Earth Day 2022, the chief executives of 10 of the world’s leading accountancy institutes joined together to support a call to action in response to the nature crisis, ahead of the upcoming UN Convention of Biological Diversity (CBD) COP 15. Working together as part of the Global Accounting Alliance (GAA), the CEOs signed the call to action ‘Nature is Everyone’s Business’ to signal the important role the profession plays in this crisis.  Since then nearly every country on Earth has signed up to the most ambitious plan ever to protect nature, and nature and biodiversity have rapidly risen up the corporate agenda as more and more companies understand the need to protect it. International initiatives addressing nature have developed: the Task Force on Nature-related Financial Disclosures (TNFD) which develops risk management and disclosure frameworks for organisations to report and act on evolving nature-related risks; the European Sustainability Reporting Standards (ESRS) E4 standard specifically addresses corporate sustainability relating to biodiversity and ecosystems. The ultimate aim is to support a shift in global financial flows towards nature-positive outcomes. You can find out more about accounting for nature in the Chartered Accountants Ireland Sustainability Centre. Some quick resources are here: A quick read about nature and numbers Find out about Accounting for Nature on the Chartered Accountants Ireland Sustainability Centre Read our call to action ‘Nature is Everyone’s Business’ to signal the important role the profession plays in this crisis. Check out the Business for Biodiversity Ireland, the not-for-profit organisation helping Irish businesses transition towards a nature positive way of working Read about Navigating TNFD: A new era in nature reporting from Accounting for Sustainability (A4S) Watch Earth Day Live event series Follow updates on X: #EarthDay2024

World Wildlife Day 2022 was a day not traditionally associated with businesses! However, on this day the chief executives of 10 of the world’s leading accountancy institutes joined together to support a new call to action in response to the nature crisis. Working together as part of the Global Accounting Alliance (GAA), the CEOs signed the call to action ‘Nature is Everyone’s Business’ to signal the important role the profession plays in this crisis.  Every business relies on nature. Healthy societies, resilient economies and thriving businesses depend on it. But while protecting nature has been of increasing importance to policy makers concepts like ‘nature’, ‘biodiversity’ and ‘ecosystems’ have long been considered as something that exists firmly outside the office window. Without being overtly aware of it, though, businesses are in an ecosystem on which they have an impact, and which impacts on them. And that ecosystem is under severe threat. Our natural world is facing one million species under the threat of extinction, with a consequent impact on the environment in which we live and work. The International Finance Corporation, a member of the World Bank Group, describes biodiversity as a fundamental component of long-term business survival. Businesses are dependent on nature and biodiversity for supplies of raw materials, fuel, availability of clean water, clean air, pollination, crops, climate regulation for a stable climate, and a healthy safe environment. They rely on it for the wellbeing of their staff, their consumers, in their own operations and along their supply chains. Experts warn biodiversity loss poses as much of a threat to our planet as climate change, but businesses struggle to understand their connection with biodiversity and its relevance to their business. This leaves them potentially vulnerable to a range of risks. In 2020, the World Economic Forum (WEF) ranked biodiversity loss and ecosystem collapse as one of the top five risks for the coming 10 years in terms of likelihood and social and economic impact. The IPCC report published this week pointed to ‘non-climatic global trends’, like biodiversity loss, as being a crucial to threat to our continued survival. Sectors like fisheries, forestry and agriculture and agri-food will be directly affected by nature loss – for example, rising temperatures causing the extinction of a species that pollinates plants, leading to global shortages of certain products, leading to rising prices, and hunger. But any business involving a direct interaction between people and nature is similarly threatened, the most obvious being the tourism industry and much of the hospitality sector. For these businesses, the nature loss is a significant business risk, but most businesses suffer indirectly from nature impairment. So what can businesses do? A lot, it seems. A report to the National Parks and Wildlife Service, of the Department of Housing, Local Government and Heritage prepared by Optimize, Irish Forum on Nature Capital and AECOM in 2020, found that business has a considerable role to play in protecting biodiversity. This sentiment is echoed by Business in the Community Ireland (BITCI) in its Biodiversity Handbook, which has resources for business biodiversity action for business. In Northern Ireland, Business in the Community has created a Business and Biodiversity Charter as a framework for businesses to engage with biodiversity. The Charter is based around a staged approach, and is applicable to all organisations from micro-businesses to large facilities owned by multi-national companies. Some actions businesses can take are Build awareness Knowledge is power. Businesses can utilise resources such as those provided by Natural Capital Ireland (NCI), those in the BITCI’s Biodiversity Handbook, the resources provided by Business in the Community in Northern Ireland, or global sources such as Business for Nature. Build biodiversity into your strategy. For many businesses, this means focussing on what used to be called the ‘triple bottom line’ of people, planet and profit, where benefits to humanity, the environment and the financial bottom line are given equal prominence by a business. Define what is material to you. Business for Nature describes this as “Assess[ing] your impacts and dependencies on nature to ensure you are committing and acting on the most material ones”. You can create an impact by connecting with your local community, engaging in clean-up projects, or grow-your-own workshops, and provide leadership and opportunities for your team to promote action on nature protection. Keep an eye on developments In Ireland NCI is working to develop a national Business and Biodiversity Platform to support businesses to act to combat the biodiversity crisis. This an online hub will help the private sector recognise the risks posed by biodiversity loss and take measurable, practical actions to halt the growing crisis. Greenwash at your peril Many businesses are embracing biodiversity and environmental sustainability as a means of differentiating themselves competitively to attract customers, client staff and even access to access to finance. However, businesses must be transparent about their activities. Accountability is king, so if you pledge to do something, do and it disclose it, and ensure that it will have an impact. Biodiversity is increasing in importance to business, and businesses will be expected to know about biodiversity action and to engage with it.

With the first reporting deadline for CESOP around the corner, it is critical that your company is fully prepared, writes Emma Broderick From 2024, all European Union (EU) payment service providers (PSPs) will be required under legislation to record and report transactional data in excess of 25 cross-border payments quarterly. This includes banks, electronic money institutions and other regulated payment institutions. The information given will be stored in a centralised European database – the Central Electronic System of Payment (CESOP) – and all information will be made available to anti-fraud experts. This has been brought in to help combat e-commerce VAT fraud. The first reporting deadline is 30 April 2024, meaning payment service providers have less than two weeks to file the report. Here are five key points to consider when helping payment service providers. The Central Electronic System of Payment (CESOP) report must be filed in the country where the PSP provides a payment service according to the payment license. For many providers offering payment services in multiple countries under an EU passport, a CESOP report must be filed in each country. Registration is required in most countries, but the manner of registration differs. In some countries, the PSP must apply to access the CESOP portal, while tax registration is required in other countries. Sometimes, the PSP must apply for a certificate. Unfortunately, in a few countries, it is necessary to have all three. The CESOP registration for Irish-resident PSPs can be completed using the online system operated by the Revenue Commissioners (Revenue). Revenue has also developed a Non-Resident Registration app for PSPs resident outside Ireland. In some cases, filing the CESOP report requires the use of special software, an electronic certificate, special encryption or an electronic signature. For example, in the Netherlands, you must have a public key infrastructure (PKI) government certificate and access to the Digipoort bestandsuitwisseling FTP. In Ireland, a PSP can engage the services of an intermediary to prepare and file the CESOP report without the PSP having to use any further technical tools. That is also the case in many other countries. There is a standard XML format for preparing and filing the CESOP report, but a specific heading is required in several countries. Revenue will have guidance on the headings needed for Ireland. The data in the CESOP report must comply with the CESOP requirements. There are various ways to check this. The European Commission website has a CESOP validation module, for example. However, please be aware that the European Commission has recently released new explanatory notes on the requirements of the file. The explanatory notes state that PCPs must consolidate all transactions for a single account under the same payee. Reporting per payment instead of per payee results in an incorrect report. Next steps We recommend PSPs establish the countries in which a CESOP report must be filed as soon as possible. If those countries require registration, it is important to do this immediately to meet the 30 April deadline. Although the market has asked for this, there is currently no general extension, which means many countries will continue to maintain the 30 April deadline. It is a good idea to test the data that will be filed to avoid it being rejected or returned with error messages. Emma Broderick is a Director with KPMG

Ireland’s placement in this year’s PwC Private Business Attractiveness Index has been helped by our start-up ecosystem and talent but challenges remain in other areas, writes Colm O’Callaghan Ireland ranks ninth among 33 EMEA countries as a location for private businesses to thrive, according to this year’s PwC Private Business Attractiveness Index. This is higher than Ireland’s 2022 ranking in 14th place, but below last year’s ranking in seventh place.   The index ranks the relative attractiveness of the environment and conditions needed for private businesses to thrive based on ten categories. These include: Macroeconomics. Private business landscape. Tax and regulatory environment. Sustainability and climate. Social responsibility and governance. Public health. Education. Skills and talent. Technology and infrastructure. Start-up ecosystem. While sustainability and climate, social responsibility, governance and public health all impact this year's rankings, three categories correlate highly with the countries’ overall ranking. These are private business landscape, technology and infrastructure, and start-up ecosystem. Virtually all jurisdictions in the higher positions perform strongly in these areas, more than making up for their lower scores in other categories. Conversely, tax and regulatory regimes and macroeconomic data categories – or even GDP per capita – have less bearing on the overall performance in the index. The index confirms that countries need to focus continually on the fundamentals that support an attractive environment for businesses in order to encourage and attract entrepreneurs and business founders. Trends in Ireland Several positives are driving Ireland’s attractiveness as a place for private businesses to thrive: It is in sixth place for ‘start-up ecosystem’; It is in ninth place for ‘education, skills and talent’; and It is in tenth place for ‘tax and regulatory environment’, up from 20th in 2021. Some concerning trends have outweighed these positives this year, however. Ireland’s ranking for ‘macroeconomics’ has fallen to sixth place this year, down from first last year. This is a significant slide, much of it stemming from the cost of living crisis and the fact that rising costs in the private business sector were most keenly felt in 2023. In this regard, Ireland ranked 30 out of 33 for the cost of electricity and 29 out of 33 for the cost of living metrics, impacting its overall macroeconomic standing. Ireland also scores 13th place and eighth, respectively, for ‘sustainability and climate’ and ‘social, responsibility and governance’. Ireland's overall fall by two positions to ninth place in this year’s index reflects the intense pressure some private businesses are under and the urgent need for continued support for this important sector of our economy.  In recent years, private businesses have had to deal with the pandemic followed by a period of steep inflation, high interest rates, electricity price rises and other cost pressures, often while working with restrained cash flows. Private businesses now face further cost pressures ranging from an increased minimum wage, pension auto-enrolment and employer PRSI hikes all coming together. It is good news that the Minister for Finance has announced that the interest rate on tax debt (frozen since the pandemic) has been cut to zero and that the Revenue Commissioners has indicating that it will take a flexible approach to the repayments. However, new and creative long term solutions may still be needed to help businesses service or repay the debt due while continuing to grow.  A key driver of Government over the next 12 to 24 months must be simple, clear and longterm policy measures aimed at supporting private businesses and further encouraging entrepreneurship and innovation. In particular, Ireland needs to do more to help support indigenous private businesses to become world leaders in their sector. Supporting businesses to invest in their finance teams and performance-led transformation could, for example, help them scale and internationalise faster. Business owners could also be given access to the reduced 10 percent rate of Entrepreneur Relief on the payment of a salary instead of having to sell their business. This would encourage the retention of businesses in the private sector and help to create more world-leading companies in Ireland under private ownership. Overall, if the Government can introduce a clear, simple and stated policy to help private businesses flourish and grow, doing so could make a long-term contribution to Ireland’s economy and naturally hedge our dependency on foreign direct investment. Colm O'Callaghan is a partner with PwC Private

Navigating capability issues in the workplace demands both empathy and procedural diligence. Gemma O’Connor explores how to address poor performance fairly Your employees are human; just like anyone, their work performance may dip occasionally. If this becomes an ongoing issue, an informal chat with the employee can often help shed light on what may be affecting their ability to complete their duties. Once the cause is identified and the employee receives suitable support, their performance will hopefully improve. After this, no further action will be necessary. However, if this informal approach does not work, it may be time to address the employee’s capability to do their job. What is capability? Capability in the context of employment law refers to an employee's skill, aptitude, health or any other physical/mental quality that allows them to complete their duties. Employment law recognises that employers may need to dismiss staff who no longer have the capability to complete their work. To understand whether an employee's poor performance may be due to their capability, you must ascertain if it is the case that they cannot do the work versus will not do the work. The latter may fall under the category of conduct. Capability policy A capability dismissal may be lawful if an employee does not have the capability, competence or qualifications to perform the work they are employed to do. A capability policy clearly outlines how the business will address capability issues that arise in the workplace. To do this, you will need to take steps to support your employees in working effectively. An informal discussion with the employee will often prevent the need for formal disciplinary action. A mutually agreed performance management solution should be explored first to help the employee overcome any capability issues. Performance-related capability dismissal The procedure to establish the basis for the dismissal must comply with the rules of natural justice and the terms of your written disciplinary procedures. In competency cases, you must outline the nature of the performance issues you need the employee to improve on. To determine whether a dismissal related to employee competency is fair, management should ask themselves if the employee is incapable of carrying out the job, and if so, do they have reasonable grounds to support that belief? Before moving to dismiss on the grounds of competence, you must first highlight the performance issues to the employee and grant them an opportunity to improve. With the right training and support, the employee may turn things around. Medical capability dismissal In many cases, the incapability of an employee to continue performing their job may result from ill health. Even if the employer's conduct is caused by ill health, dismissal will not necessarily be unfair, although it may also mean that the employer should take greater steps to avoid dismissal than would otherwise be the case. Before dismissing someone on the grounds of medical capability, you should obtain detailed medical evidence confirming that the employee’s return to work or recovery is unlikely. A dismissal based on medical capability must follow the principles of natural justice. You should: make sure you fully possess all material facts concerning the employee’s condition; ensure the employee receives fair notice that the question of a medical capability dismissal is being considered; and provide the employee with an opportunity to prove their case; if the employee isn't capable after a medical expert deems them so, ensure you explore reasonable accommodations that could render the employee fully capable (for instance, changing hours of work, etc). Unfair dismissal laws and capability Most unfair dismissal claims arise when an employer fails to follow fair procedures prior to confirming a dismissal. The Workplace Relations Commission will examine the following questions in an unfair dismissal claim, which are also applicable in cases involving capability: Did the employer believe that the employee was guilty of misconduct as alleged? If so, did the employer have reasonable grounds to sustain that belief? Did the employer carry out as much investigation into the matter as was reasonable before dismissing the employee? If so, was the penalty of dismissal proportionate to the alleged misconduct? The best way to minimise the risk of unfair dismissal claims is to have thorough disciplinary policies and procedures in place and to follow them strictly before confirming a dismissal. Gemma O’Connor is Head of Service at Penisula Ireland

  In this week’s Sustainability/ESG bulletin, read about the €8.8 billion gross output by Ireland’s Environment Goods and Services Sector, and a report on gender disparities in the labour market across the island of Ireland. Also covered is the new climate change reporting duties for specified public bodies in Northern Ireland, updates on the EU gas and electricity markets, new resources – including a new carbon software guide from Chartered Accountants Worldwide  – and the usual articles and upcoming events.  IRELAND Congratulations to SustainabilityWorks! The Institute is delighted to congratulate SustainabilityWorks on winning the ESG Consultancy Awards at the Business and Finance ESG Awards yesterday.   SustainabilityWorks was co-founded by FCA Laura Heuston, aims to help Ireland unlock the financial, economic and social opportunities that come from sustainability. Chartered Accountants Ireland was nominated for an award in the category of ESG Company Awards (SME). Adoption of a sustainability assurance standard in Ireland Chartered Accountants Ireland has responded to the consultation by IAASA on the adoption of a sustainability assurance standard in Ireland.  Read more from our Professional Accounting team. Ireland’s Environment Goods and Services Sector’s gross output worth €8.8 billion The Central Statistics Office (CSO) has today released statistics for the Environment Goods and Services Sector (EGSS) for 2021. Figures for the sector, sometimes called ‘eco-industries’, show that the gross output of the EGSS was €8.8 billion in 2021, 1.1 percent of national accounts output. The gross value added (GVA) was €3.9 billion and full-time equivalent employment in the sector was 40,300. Report finds gender disparities in labour market across island of Ireland A new study published by the Economic & Social Research Institute (ESRI) has highlighted persistent gender disparities in labour market participation and working conditions in Ireland and Northern Ireland. The report assesses barriers to employment and highlights significant differences in low pay, working from home, and hours of work between women and men in the two jurisdictions. Levels of labour market participation are lower for both women and men in Northern Ireland compared to Ireland, with female labour force participation at 76 percent in Ireland and 72 percent in Northern Ireland. According to the report, differences in education attainment account for much of the differences across jurisdictions. NORTHERN IRELAND & UK UK Export Academy’s sustainability month The UK Export Academy is running a ‘sustainability month’ with a series of webinars in May covering key topics around becoming a sustainable business. Webinars are on topics including understanding key legislation, getting to grips with EU packaging rules and exploring how to use digital trade documentation. Find out more and register here. New climate change reporting duties for specified public bodies The Department of Agriculture, Environment and Rural Affairs (DAERA) Minister Andrew Muir has announced new regulations introducing climate change reporting duties on specified public bodies in line with duties under the Climate Change Act (Northern Ireland) 2022. The regulations will come into operation in early May 2024, 21 days after they are laid in the Assembly, but the first reports will not be due to be submitted until October 2025. Tenford NetZero Accelerator programme seeks applications Minister Andrew Muir has recently announced that the Tenfold NetZero Accelerator programme is taking applications from the UK’s technology startup and SME community. The programme aims to develop innovative methods that will help improve efficiency on-farm linked to feed management and usage, easy access to nutrient data; as well as help reduce waste during the production of dark glass bottles.  Each successful technology provider will receive £20,000 in funding from the industry partners.   EUROPE European Commission commits funding to OECD’s carbon mitigation program  (From our colleagues on the Tax Team) The European Commission has signed an agreement with the OECD to provide financial support to the OECD’s Inclusive Forum on Carbon Mitigation Approaches (IFCMA). The IFCMA is a project which aims to optimise global emissions reduction efforts by better data and information sharing, evidence-based mutual learning, and inclusive multilateral discussions. The IFCMA was launched in February 2023 and has welcomed 58 members, including some from outside the OECD.  Horizon Europe funding increase The Commission has adopted an amendment to the 2023-24 Work Programme of Horizon Europe, the EU's research and innovation programme. The amendment mobilises previously unallocated Horizon Europe funding to increase the 2024 budget by nearly €1.4 billion to a total of €7.3 billion. It also includes an investment of nearly €650 million in the EU Missions aiming to contribute to solving some of the challenges facing Europe, for example, making more than 100 cities climate neutral. Reforms to the EU gas and electricity markets  MEPs have approved reforms for a more sustainable and resilient EU gas market, adopting plans to facilitate the uptake of renewable and low-carbon gases, including hydrogen. Along with a new directive will help decarbonise the gas sector to tackle climate change, MEPs also secured measures to protect vulnerable consumers and to ensure transparency, and to enable EU countries to restrict imports from Russia and Belarus. These measures will now have to be formally adopted by Council before publication on the Official Journal. Separately the EU Parliament has adopted reforms of the EU electricity market to protect consumers against volatile prices and, among other things, prohibit suppliers from cutting the electricity supply of vulnerable customers, including during disputes between suppliers and customers. After Parliament’s approval, Council also needs to formally adopt the legislation to become law. GLOBAL Climate case to set benchmark for future litigation In a decision that will set a benchmark for future climate litigation, the European Court of Human Rights (ECHR) last week ruled that insufficient action to tackle climate change was a violation of human rights. In delivering Grand Chamber rulings in three climate change cases, the ECHR ruled that inadequate action by Switzerland to reduce carbon emissions breached the rights to respect for family and private life of some of its most vulnerable citizens. That case was brought by a group of 2,000 Swiss women, mostly in their 70s. Separately, India’s Supreme Court has reportedly expanded the “right to life” to include “protection against adverse effects of climate change”, adding that “climate change threatens ‘constitutional guarantees of equality and health’, impacting factors such as air pollution, disease, and food security”. The decision has been described as a “call to action”, adding that the significance of the ruling “cannot be overstated. Similar cases related to governments’ liability to protect citizens from climate change are being deliberated this year by the International Court of Justice, the International Tribunal for the Law of the Sea and the Inter-American Court of Human Rights. New resources Chartered Accountants Worldwide has published a list of frequently asked questions (FAQs) that businesses often encounter when navigating the complexities of calculating their company’s carbon footprint. This is accompanied by a helpful selection of global software providers that may offer suitable solutions to businesses grappling with an ever-increasing demand from regulators, customers, and suppliers for organisations to measure and report their carbon footprint.  Find out more on the Chartered Accountants Worldwide website’s sustainability centre. The International Federation of Accountants (IFAC) has released a new publication setting out four key areas where accountants need to update their knowledge to meet the growing demand for high-quality sustainability-related information. Equipping Professional Accountants for Sustainability: What's New and What Hasn't Changed speaks to the vital role that accountants play in producing reliable sustainability-related data, reporting and assurance, as well as the importance of education and training in ensuring professional accountants are able to meet society’s needs. Certificate in Sustainability Strategy, Risk and Reporting Chartered Accountants Ireland hugely popular Certificate in Sustainability Strategy, Risk and Reporting is now accepting registrations for its next sitting, start on 8 May. Register here. Technical Round-Up (From our colleagues in Professional Accounting) In the first episode of its new podcast series entitled “the ISSB Implementation Insights podcast” the IFRS Foundation discuss the recent Transition Implementation Group meeting on IFRS S1 and IFRS S2. EFRAG is preparing guidance to help companies disclose their transition plans in line with the ESRS standards and are seeking assistance from European companies to provide input on a variety of practices and challenges in relation to this. Interested entities can apply by 23 April 2024. The Global Reporting Initiative (GRI) and the Taskforce on Nature-related Financial Disclosures (TNFD) have announced their collaboration to support the corporate reporting needs of market participants globally. In doing so they have announced some plans for further joint publications. Articles ‘Two years to save the world’: UN climate chief calls for faster action and more finance (EuroNews) The role of tax in CSRD double materiality assessments: Tax must be considered as part of the Corporate Sustainability Reporting Directive’s double materiality assessment (Accountancy Ireland – Briefly) There’s no net-zero without SMEs – but they need more support (SME Climate Hub/Edie) KPMG: Majority of U.S. CEOs Expect Significant Returns from Sustainability Investments Within 3-5 Years (ESG Today) [Mary] Robinson calls for implementation of climate policies (RTÉ News) Fossil fuel lobbyists spending $4bn a year to undermine climate justice movement, Mary Robinson warns (Irish Independent) Upcoming Events  ICAEW, Sustainability for Business Gain insights on integrating sustainability into business operations, going beyond just carbon to consider the broader impacts and dependencies on people and planet. In person, 23 April, 08:15 - 12:00, Chartered Accountants Hall, One Moorgate Place, London, EC2R 6EA, UK   Chartered Accountants Ireland, Ulster Society Sustainability Reporting & the Public Sector The Chartered Accountants Ireland Ulster Society is hosting a free in-person event Sustainability in the Public Sector, where we will delve into the crucial realm of Sustainability Accounting and Reporting (SAR) across the island of Ireland.  Speakers include Dr. Elaine Stewart & Professor, Ciaran Connolly, Queen’s Business School and Gareth Martin, Deloitte.In person, 24 April, Chartered Accountants Ireland, 32-38 Linenhall Street, Belfast BT2 8BG, 12.30pm - 2pm. Lunch from 12.30pm with presentations from 1pm, followed by Q&A CAW Network USA: Beyond Accounting – Sustainability in Transactions Understand the issues of sustainability, including environmental, social and economic impacts of the transition to a net-zero economy, the challenges facing most organizations, the interrelationship between mergers and acquisitions and divestment, and how to identify appropriate sustainability related considerations during investment and divestment workflows. Virtual: 23 APRIL – 7pm – 8.30pm EASTERN / 24 APRIL – 11am NEW ZEALAND / 9am SYDNEY ICAS Sustainability Summit This event, hosted in association with Accounting for Sustainability (A4S), will bring together sustainability experts and forward-thinking business leaders to explore how we can accelerate the vital business changes needed to save our planet. A specialist line-up of speakers and panellists will delve into the future of sustainable business, the role of technology in the climate transition and the evolving sustainability reporting landscape. The summit also marks the launch of ICAS’ sustainability business network – a collaborative community where professionals can share and benefit from sustainability-related insights. In person, Edinburgh, 25 April 2024. European Commission Supporting companies in applying the European Sustainability Reporting Standards (ESRS)” In-person and virtual: 16 May , 09:00 - 13:00 CET Half-day event to showcase ongoing initiatives and discuss ideas for further mechanisms to support companies that apply the new European Sustainability Reporting Standards. iQuest & Business Post, ESG Summit 2024  In person, Dublin (Croke Park), April 30th   European Commission Supporting companies in applying the European Sustainability Reporting Standards (ESRS)” In-person and virtual: 16 May , 09:00 - 13:00 cet Half-day event to showcase ongoing initiatives and discuss ideas for further mechanisms to support companies that apply the new European Sustainability Reporting Standards. 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 National Sustainability Summit 2024 In person (RDS, Dublin), May 28-29   1Business World, 2024 Global Natural Capital Conference Virtual, June 3-4, 2024,   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, 24 April, 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.

Welcome to the latest edition of Technical Roundup. In developments since the last edition, Chartered Accountants Ireland have responded to IAASA’s consultation on the adoption of a sustainability assurance standard in Ireland.  Fallon Judge, Director of Civil Enforcement at the Corporate Enforcement Authority (CEA), provided a very informative session and slides during  a recent edition of our Practice News Webinar. The IASB have also issued its latest standard- IFRS 18. Read more on these and other developments that may be of interest to members below. Financial Reporting The International Accounting Standards Board (IASB) has published its latest standard IFRS 18 Presentation and Disclosure in Financial Statements. The new standard will be effective for periods commencing on or after 1 January 2027 (with early adoption permitted) and will replace IAS 1 Presentation of Financial Statements. The new standard carries forward many requirements from IAS 1 unchanged and seeks to improve comparability of the statement of profit or loss, enhance transparency of management defined performance measures and group information in a more useful manner in the financial statements. To support the implementation of IFRS 18, the IASB has included supporting information on an IFRS 18 implementation webpage. This webpage contains educational materials, webinars and implementation questions. Following the issue of IFRS 18, EFRAG, the European Financial Reporting Advisory Group, has updated its Endorsement Status Report. EFRAG and the IASB are holding webinars to introduce IFRS 18 on the 7th and 11th June. The IASB has issued an April 2024 IFRS for SMEs Update, which summarises news, events and other information about the IFRS for SMEs Accounting Standard. The update includes details of recent proposed amendments to the standard. The IASB has concluded its project on Business Combinations under Common Control and has published a project summary which explains the reasons behind the IASB’s decision in November 2023 not to develop requirements for reporting Business Combinations under Common Control. In its recent article entitled “Digital financial reporting—Facilitating digital comparability and analysis of financial reports”, the IFRS Foundation discuss what digital financial reports are, how they are created, and their benefits to stakeholders and other investors. EFRAG has published its March 2024 update. This summarises public technical discussions held, and decisions taken during the month. EFRAG has been gathering stakeholders views on the post-implementation review of IFRS 16 leases and the deadline for submission of views in relation to this is 22 April 2024. EFRAG has published its final comment letter on the IASB’s Exposure Draft ED/2023/5 Financial Instruments with Characteristics of Equity (Proposed amendments to IAS 32, IFRS 7 and IAS 1). Whilst agreeing with many of the clarifications, EFRAG made some recommendations to the IASB to improve the standards. EFRAG has issued a Feedback Statement which summarises the main comments received on its 2022 Discussion Paper Accounting for Variable Consideration- From a purchaser’s perspective. Accountancy Europe has published its April 2024 SME Update. The UK Endorsement Board (UKEB) has issued a report entitled “The IASB Exposure Draft: Regulatory Assets and Liabilities- A Preliminary Economic Assessment”. The purpose of the report is to provide information and economic analysis that will inform the UKEB’s assessment of the wider economic impacts of a new IFRS standard covering Regulatory Assets and Liabilities, if adopted in the UK in future. The consultation period for the UKEB’s Endorsement Criteria Assessment on Lack of Exchangeability – Amendments to IAS 21 closes on 6 May 2024. The UKEB have announced some outreach activities on the IASB’s Exposure Draft Business Combinations – Disclosures, Goodwill and Impairment. Auditing and Assurance Chartered Accountants Ireland has responded to IAASA’s consultation on the adoption of a sustainability assurance standard in Ireland.  Anti–money laundering and sanctions The European Commission last month published a report from the Commission to the European Parliament and the Council on the implementation of the 4th Anti-Money Laundering Directive. This report assessed how the 4th Anti-Money Laundering Directive was implemented. It gives a comprehensive review and touches on particular areas such as beneficial ownership and politically exposed persons. Insolvency The next issue of Introduction to members of the CCAB-I Insolvency Committee was recently published and gives an insight into the career and experience of Committee member Shane McAleer of Somers, Murphy & Earl. Sustainability In the first episode of its new podcast series entitled “the ISSB Implementation Insights podcast” the IFRS Foundation discuss the recent Transition Implementation Group meeting on IFRS S1 and IFRS S2. The European Commission is hosting a half day event entitled “Supporting companies in applying the European Sustainability Reporting Standards (ESRS)” on 16th May. The event will seek to showcase ongoing initiatives and discuss ideas for further mechanisms to support companies that apply the new European Sustainability Reporting Standards. EFRAG is preparing guidance to help companies disclose their transition plans in line with the ESRS standards and are seeking assistance from European companies to provide input on a variety of practices and challenges in relation to this. Interested entities can apply by 23 April 2024. The Global Reporting Initiative (GRI) and the Taskforce on Nature-related Financial Disclosures (TNFD) have announced their collaboration to support the corporate reporting needs of market participants globally. In doing so they have announced some plans for further joint publications. IFAC, the International Federation of Accountants has released a publication which sets out four key areas where accountants need to update their knowledge to meet the growing demand for high-quality sustainability-related information. Central Bank of Ireland On 9 April 2024, the Central Bank of Ireland published its updated approach to Expectations for Authorisation of Payment and Electronic Money Institutions and Registration of Account Information Service Providers together with a document setting out its expectations regarding the authorisation/registration of these regulated fintech entities. Click here for more information. The Central Bank recently published its Financial Conditions of Credit Unions Report which provides an update on the financial performance and position of the sector for the financial year ended 30 September 2023. The publication provides sectoral data and commentary and identifies key trends and notes that the Credit Union Amendment Act 2023, enacted last December, is a significant development and will provide new business opportunities for credit unions. In other Central Bank news, the Director Financial Regulation, Policy and Risk recently spoke about the Central Bank’s current consultation on its proposed review of the Consumer Protection Code. The review seeks to provide enhanced clarity and predictability, secure customers’ interests and modernise the code. Click here to read the director’s comments. Corporate Enforcement Authority The Corporate Enforcement Authority (CEA) has recently issued Information Notice 2024/1 – ‘Circumstances leading to Disqualification under the Companies Act 2014 and the associated consequences.’  The Information Note provides guidance on the purpose and effects of disqualification, and on the various ways in which a person can be disqualified from acting as a company director and also provides guidance on the consequences of breaching a disqualification. The CEA have also issued their April 2024 Newsletter. This focusses on the information note mentioned above, recent media activities and other relevant developments. Fallon Judge, Director of Civil Enforcement at the CEA provided a very informative session and slides during Friday 12 April 2024 edition of Practice News Webinar. Fallon gave a comprehensive overview of the work of the CEA including its investigative capabilities, sources of work and its approach to enforcement. She also drew attention to the information available on the Authority’s website including recent information notes on accepting directorships and guidance regarding disqualification under company law referred to above. A free recording of the webinar is available on the Institute’s YouTube Channel. Department of Enterprise Trade and Employment The Department of Enterprise Trade and Employment and Knowledge Transfer Ireland are jointly hosting a full-day conference on 23rd April 2024 at the Radisson Blu Hotel, Golden Lane Dublin 8 from 10am.The conference is entitled “Unlocking the Value of Knowledge Transfer Conference” This is part of the event series that the European Commission’s Directorate General for Research and Innovation are conducting across Europe.  Neale Richmond, T.D., Minister for Business, Employment and Retail will open the conference. You can read more here about the conference and how to register . Other The European Securities and Markets Authority (ESMA) has issued the fourth edition of its Report on the Quality and Use of Data which provides transparency on how the data collected under different regulations is used systematically by authorities in the EU and clarifying the actions taken to ensure data quality.   The Competition and Consumer Protection Commission is in the initial stages of a research study examining the state of competition across several sectors of the Irish economy. This project will provide an overview of the evolution of competition in Ireland over recent years and in doing so, it may identify competition or consumer protection issues that require further consideration or investigation. It is inviting interested parties to share their views. Click here for more information and details on how to contribute to the study. The closing date for submissions is 5pm Friday 17 May 2024. 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.