The Main Tax Administration Liaison Committee (“Main TALC”) convened its first meeting of the year earlier this month. The primary role of this committee is to hold general oversight of the various TALC sub-committees. Revenue reminded bodies of the 1 May 2024 deadline for the Debt Warehousing Scheme and provided an update of the ongoing work of the TALC Business Simplification Sub-Group, which is due to report later this year. There was also an update on the guidance on section 80 SDCA 1999, as we reported in last week’s Tax News. Minutes of the meeting will be available shortly.   Compliance rates for Enhanced Reporting Requirements for Employers  Revenue noted that it is satisfied with compliance rates so far in 2024. A subgroup, which includes the Institute, under the auspices of the CCAB-I, continues to meet and report into Main TALC. Practitioners raised concerns about the volume of queries reportedly being brought to the National Employers’ Helpline (NEH). Our own members have raised several issues with the upload facility, in particular returns not being accepted. Revenue will continue to work with taxpayers during this service for compliance period and we will continue to keep readers updated about developments via Tax News.  R&D Specified Returns for 2022 and 2023  Readers may be aware of the requirement to submit a ‘Specified Return’ when submitting R&D claims with the Form CT1 2023. This is due to the amendments made in Finance Act 2022 updating the administration of the credit, moving to a credit repayable over 3-years, in line with certain requirements of the EU Minimum Taxation Directive (“Pillar Two”). Practitioners noted that problems seem to be persisting when filing 2024 corporation tax returns using certain software systems.  Following the meeting, Revenue provided the group with a note  regarding R&D tax credit claims for 2022 and 2023 This is covered in more detail in the next story in Tax News. 

Last week saw the publication of the Spring Finance Bill 2024 (official title Finance (No. 2) Bill 2023-24). The Bill reflects many of the tax measures recently announced as part of the Spring Budget 2024. First reading of the Bill took place last week in the House of Commons. No date has yet been set for second reading.  The National Insurance Contributions (Reduction in Rates) (No. 2) Bill has also been introduced to Parliament. This Bill provides for the reductions in both Class 4 and Class 1 employee National Insurance Contributions as announced earlier in the month as part of the Spring Budget 2024.  

This week we bring you the latest list of employers, as published by the UK Government, for failing to pay the national minimum wage and the Public Accounts Committee has published its report into HMRC performance. HM Treasury has also confirmed that post office compensation payments will be tax free for overturned convictions and HMRC has set out the evidence which will be needed from 1 April 2024 when making a claim for a creative sector tax relief.  National minimum wage  Over 500 employers have been named in the UK Government’s annual report for failure to pay National Minimum Wage. The NMW is enforced in the UK by HMRC. Employers were ordered to repay workers nearly £16 million, plus an additional financial penalty, after breaches left over 172,000 workers out of pocket. The report also features a reminder that NMW is set to increase from 1 April 2024 as announced in the November 2023 Autumn Statement.  Report into HMRC performance  The Public Accounts Committee has published its report into HMRC performance in 2022-23. The report’s accompanying Press Release is titled “‘All-time low’: HMRC customer service deteriorates amid taxpayers’ exasperation” and says that HMRC is appearing to struggle to cope as taxpayer population and tax complexity rise. Although there has been a significant drop in criminal prosecutions, according to the report this sends the wrong message. The approach to IR35 rules is also deterring legitimate economic activity. Chartered Accountants Ireland regularly discusses HMRC performance at various forum meetings and welcomes your feedback at any time by email.  Post office compensation payments  In a written statement made to Parliament last week, the Financial Secretary to the Treasury Nigel Huddleston has confirmed that no income tax, capital gains tax, national insurance contributions, corporation tax or inheritance tax will be payable on compensation for postmasters whose convictions are overturned by upcoming legislation or those who receive the £75,000 fixed sum payment from the Horizon Shortfall Scheme. The Government will legislate via secondary legislation to exempt these payments in due course.  Guidance on creative sector claims  From 1 April 2024, a company claiming a creative industry tax relief will be required to provide supporting evidence for its claim. HMRC has now updated the relevant guidance to provide details of the supporting evidence required in order to make a valid claim for creative industry tax relief. If this mandatory information is not provided, HMRC will be able to amend the company’s tax return to remove the claim. 

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. We issue a reminder about the move of export declarations to the Customs Declarations Service (“CDS”) the deadline for which has now been extended and, from 1 March 2024, the EU has introduced a new digital system for union goods. News of how changes to the CDS which take effect from 24 March 2024 impact on goods moving into Northern Ireland also features.  Move to CDS for all export declarations delayed to June 2024  HMRC had previously announced that from 30 March 2024 all export declarations must be made using the CDS and not CHIEF. Recently HMRC issued a Press Release confirming that all businesses can now move their export declarations to the CDS. However, instead of requiring the CDS to be used for all exports from 30 March 2024, businesses who have yet to move their export declarations to CDS will have a transition period to move across until 4 June 2024. After this date, customs declarations will not be able to be submitted through the CHIEF service.   More information about moving to the Customs Declaration Service is available on GOV.UK. HMRC says that it will continue to provide help and support to businesses moving to CDS in the coming months and will continue to work closely with the border industry throughout this process.  Digital proof of status for EU goods  From 1 March 2024, the EU has introduced a new digital system for union goods (products made in the EU or imported with duties paid). Union goods avoid EU customs procedures but require digital “Proof of Union Status” when moving them between EU countries and Northern Ireland via a non-EU territory.   To use the new system, traders should email admin.uum@hmrc.gov.uk with their name, email, registration confirmation, NI business address, and XI EORI number. More information is available in a recent Agent Update.  Impact of CDS changes on goods moving into Northern Ireland  From 24 March 2024, HMRC changes to the CDS will affect how you make declarations into Northern Ireland. After this date, to use your UKIMS authorisation, you (or your agent or intermediary) will need to start using some new codes and your UK Internal Market Scheme authorisation (“UKIMS”) authorisation number.   These changes will apply to goods moving into Northern Ireland from Great Britain (GB-NI) and to goods moving into Northern Ireland from a country outside of both the UK and the EU (Rest of World-NI).  If you (or your agent or intermediary) have been using the ‘NIREM’ code to declare goods ‘not at risk’, you could be impacted by these changes if you haven’t already got a UKIMS authorisation. From 24 March 2024, if you use the ‘NIREM’ code without declaring a valid UKIMS authorisation, duties at the EU rate will be calculated and will be charged to you by CDS if duties are due.  Note that there will be additional considerations if you are:- moving goods that will be subject to processing in Northern Ireland;  moving goods subject to tariff-rate quotas, such as steel; or  seeking to waive duties under the customs duty waiver scheme.  Further guidance on these changes will be published on GOV.UK from 24 March 2024. In the meantime, HMRC has advised us that letters are being sent to affected traders to notify them in advance.  Miscellaneous updated guidance etc.   Recently updated guidance, and publications relevant to EU exit are set out below:-  Reference documents for The Customs (Reliefs from a Liability to Import Duty and Miscellaneous Amendments) (EU Exit) Regulations 2020;  Import, export and customs for businesses: detailed information;  Simplified Customs Declaration Process: notification of non monetary amendment;  Change or cancel a Simplified Frontier Declaration;  Moving qualifying goods from Northern Ireland to the rest of the UK;  Trading and moving goods in and out of Northern Ireland;  Search the register of customs agents and fast parcel operators; and  Customs Declaration Service. 

Background The Department of Children, Equality, Disability, Integration and Youth (the Department) has recently issued a document1 “Guidance Note for Core Funding Reporting Requirements Transitional Arrangements Year 1 and 2” (“the Department Guidance Note”) to entities providing childcare and early education services regarding the transitional arrangements for the application for funding under a new funding model called ‘Together for Better’.  These transitional arrangements will be in place for the next two reporting periods (years ended 31 August 2023 and 31 August 2024). Reporting regime This reporting regime includes a requirement that the childcare service providers (“client”) engage a professional accountant to submit a document called an ‘Income and Expenditure Template. CCAB-I have made the Department aware of the potential cost implications for an accountant providing this service to their client.  The following matters should be noted: The report is to cover expenses incurred on a cash basis for the year ended 31 August. The requirement is for expenditure incurred in the relevant period only, no accruals or prepayments. Income will be pre-populated in the online platform. Where your client has a different year end, time apportionment is not permitted. Important considerations for CCAB-I members CCAB-I has engaged with the Department over a number of months to discuss the nature and extent of work expected and the respective responsibilities of the client and the professional accountant and, in particular, the concerns regarding the request for the professional accountant to submit the report (as set out in the Department Guidance Note) on behalf of a client. There was positive engagement and much, but not all, of the feedback by CCAB-I on the process was reflected and incorporated into the final guidance. However, given the type of engagement, CCAB-I are making members aware of the potential issues and extant guidance which our members may consult. The Department Guidance Note sets out the responsibility for the data included in the report. See section 2 of the Guidance Note: “The Service Provider is responsible for fully complying with all financial transparency requirements in accordance with their Core Funding contractual obligations. The accountant relies on information provided by the Service Provider, who is responsible for disclosing all relevant information.” The Service Provider/client will make an online declaration on the platform provided by the Department that they have authorised a professional accountant2 to make the submission for them.  CCAB-I members are reminded of the relevant Code of Ethics issued by their professional body.  Independence The Department Guidance Note3 defines an accountant as someone who: "(a) has been admitted as, and is, a member of a prescriber accountancy body, (b) is currently practicing in the profession of accountant, (c) is not and never has been a principal officer or employee, or an owner or part owner, of the licensee in respect of whom he or she is preparing an accountant’s report, and (d) is maintaining such minimum level of professional indemnity insurance as is required by the prescribed accountancy body concerned." .Members should be cognisant of any conflicts with other engagements they may undertake for their clients.  When you are the Auditor  Where the accountant is the statutory auditor the Ethical Standard for Auditors (Ireland)4 applies and Section 5.129 prohibits the audit firm providing accounting services where the services would involve the firm undertaking part of the role of management or initiating transactions.  "S 1.24           In the case of a statutory audit, non-audit services shall not be provided that involve playing any part in management decision-taking of an entity relevant to an engagement. The firm shall not accept any engagement which includes the provision of services where it is probable that an objective, reasonable and informed third party would conclude that the firm or a covered person was playing a part in management decision-taking.  5.128          The provision of accounting services by the firm to an entity relevant to an engagement creates threats to the integrity, objectivity and independence of the firm and covered persons, principally self-review and management threats, the significance of which depends on the nature and extent of the accounting services in question and the level of public interest in the entity. 5.129            The firm shall not provide accounting services to an entity relevant to an engagement where: (a) the entity is a listed entity, relevant to an engagement by the firm, or a significant affiliate of such an entity; or (b) for any other entity: those accounting services would involve the firm undertaking part of the role of management, or initiating transactions; or the services are anything other than of a routine or mechanical nature, requiring little or no professional judgment.” When you are not the Auditor We recommend that members read the Department Guidance Note1 and that an appropriate letter of engagement and representation letter are in place where they undertake these engagements.  Members should refer to guidance documents issued by Chartered Accountants Ireland.  TA 06/2023 Grant Claims5 and the International Standard on Related Service ISRS 4400 (Revised) Agreed-Upon Procedures Engagements6 which give guidance on engagement acceptance and continuance and some general advice on agreeing the terms of engagement.  1 https://earlyyearshive.ncs.gov.ie/downloads/download-corefunding/   2 A professional accountant is defined as a member of a Prescribed Accountancy Body that comes within the supervisory remit of IAASA, •              Chartered Accountants Ireland. (CAI) •              Association of Chartered Certified Accountants (ACCA) •              CPA Ireland (CPA) •              Chartered Institute of Management Accountants (CIMA)  3 See Section of Guidance Note for Core Funding Reporting Requirements Transitional Arrangements Year 1 and 2. 4 https://iaasa.ie/wp-content/uploads/docs/media/IAASA/Documents/audit-standards/Ethical-Standard-Consultation/Ethical_Standard_Nov_2020_updated_June_3.pdf 5 https://www.charteredaccountants.ie/chariot/account/ta/TA06_2023.html 6 https://www.iaasb.org/publications/international-standard-related-services-isrs-4400-revised  

President Sinead Donovan, Deputy President Barry Doyle and Vice President Pamela McCreedy held a series of engagements this week in New York and Washington DC, with members and key stakeholders. With St Patrick’s Day approaching, this time of year provides an invaluable opportunity for the Institute to represent members and the interests of the profession at the highest levels with policy makers and business leaders from across the island of Ireland and the United States.     Against the backdrop of a new global minimum corporation tax rate from 2024, and stiff competition for investment, chartered accountants will continue to play a key role on both sides of the Atlantic driving and servicing the well-established, mutually beneficial two-way flow of investment for Ireland’s economies North and South. As part of that, at the Ireland Inc event, the Institute’s officers had the opportunity to brief US Special Envoy for Northern Ireland Joe Kennedy on the contribution of the profession and our commitment to supporting continued investment and prosperity.    The team also took the opportunity to discuss future collaboration with colleagues in our professional network, with whom strong and enduring relationships have been built over many years, including the International Federation of Accountants (IFAC), AICPA, and Chartered Accountants Worldwide (CAW). Topics discussed included the enhancement of mutual recognition of qualifications and the need to continue work to position members to lead on sustainability reporting. This collective voice is invaluable in continuing to help our profession to grow and further develop meaningful economic and societal impact.    The US remains a destination of choice for Irish ACAs and the officer group hosted a networking event at the Consulate General of Ireland, New York together with Deputy Consul General, Gareth Hargadon. Over 100 members and business leaders gathered: many thanks to Gareth and his team for their hospitality, and Gareth’s remarks on the important contribution of Ireland’s chartered accountants locally.   The insights gleaned on the trip will be put into action in the coming weeks and months, and we will update members further.    

Welcome to the latest edition of Technical Roundup. In developments since the last edition, the Financial Conduct Authority in the UK recently issued a ‘Dear CEO’ letter detailing action needed in response to common control failings identified in anti-money laundering frameworks. The International Accounting Standards Board published its Exposure Draft Business Combinations-Disclosures, Goodwill and Impairment on 14 March 2024. The ED is open for public comment until 15 July 2024. Read more on these and other developments that may be of interest to members below. Financial Reporting EFRAG (the European Financial Reporting Advisory Group) has issued its February 2024 update. This summarises public technical discussions held and decisions taken in the month. The International Accounting Standards Board (IASB) has issued a call for fieldwork participants to explore the potential effects of the tentative agenda decisions. These tentative decisions relate to the entities who would be subject to the expected credit loss model arising from proposed changes to the IFRS for SMEs Accounting Standard. The IASB has published its next Exposure Draft Business Combinations-Disclosures, Goodwill and Impairment on 14 March 2024. This is open for public comment until 15 July 2024. The IFRS Foundation has issued its February 2024 monthly news summary, which covers news and events over the past month. Following the publication of the revised UK Corporate Governance Code earlier this year the FRC updated the guidance and for those stakeholders who wish to download or print copies of the guidance in full starting from 6 March 2024, any future updates will be made on the first Wednesday of the month. A link to the updates log is on the UK Corporate Governance page on the FRC website. The Pre-Emption Group (PEG) arm of the Financial Reporting Council has published its first report monitoring the use of its updated Statement of Principles on the disapplication of pre-emption rights for UK listed companies which give existing shareholders rights of a company priority to participate in future share issues thereby protecting their ownership stakes. Auditing IAASA has published its 2023 quality assurance review reports in respect of seven firms that perform statutory audits of public-interest entities (PIEs) in Ireland. The reports summarise IAASA’s inspection of each firm’s implementation of the International Standard on Quality Management (Ireland) 1 (ISQM 1) which was effective for the first time during this period. IAASA undertook 31 (2022: 35) inspections of audit files, 24 were graded as good audits, (2022: 31) 7 required improvements, (2022: 4) No audit files inspected required significant improvement. The 2023 reports can be accessed here. Anti–money laundering and sanctions The Financial Conduct Authority (FCA) in the UK recently issued a ‘Dear CEO’ letter detailing action needed in response to common control failings identified in anti-money laundering frameworks. The letter was issued to “Annex 1 Financial Institutions “. These entities carry out activities such as financial leasing and providing payment services. Click here for full details of Annex 1 activities. The letter listed common control failings including for example lack of resources for financial crime and inadequate training. Readers can click here for full details of the dear CEO letter. Sustainability EFRAG has announced the addition of three new entities to the “Friends of EFRAG – Sustainability Reporting” community. Greenomy, osapiens and SISB have joined the group, demonstrating their commitment to sustainability reporting and supporting EFRAG’s mission. Accountancy Europe has issued its March Sustainability Update. Central Bank of Ireland The Central Bank of Ireland (CBI) is conducting a comprehensive review of the Consumer Protection Code 2012 (the Code). It has launched its Consultation Paper which is an opportunity for stakeholders to provide feedback on how CBI is proposing to update the Code. The purpose of the review is to deliver an updated and modernised Consumer Protection Code which is centred around firms securing customers’ interests which CBI says is the key to delivering positive consumer outcomes. You can read more about the review here and the consultation paper here. The consultation is open for feedback for three months until 7 June 2024.  CBI will then consider submissions received and publish the final revised Code in 2025 alongside a feedback statement. CBI also recently launched its first quarterly bulletin of 2024 which you can read here. The Governor of the Central Bank wrote to the Minister for Finance in January 2024 outlining his financial regulation priorities for 2024 and readers can access the letter here. Readers may also find some of the topics in CBI Regulatory & Supervisory Outlook 2024 published recently of interest. The outlook gives an overview of risk themes and risk areas including climate and other environmental –related risks and financial crime risks. It outlines supervisory priorities and under the heading “legal and regulatory” provides a summary of key regulatory initiatives for 2024.It considers various sectors including the credit union sector and the insurance and re-insurance sector. There is also a section on a supervisory perspective on artificial intelligence and a spotlight on financial crime. Other news The Charities Regulator reported in its recent newsletter that it has removed four charities from the Register of Charities for failing to file an annual report despite being required by law to do so. The Regulator also initiated prosecution actions against a further eight charities that have failed to file at least one annual report with the Regulator. These organisations are among over 1,700 charities contacted by the Charities Regulator in a targeted compliance programme to improve compliance with annual reporting obligations. Please click here to read the full article in the Charities Regulators newsletter. Minister for Enterprise Trade and Employment, Simon Coveney TD, has launched Powering Prosperity – Ireland’s Offshore Wind Industrial Strategy.  The strategy’s vision is to build a vibrant and impactful new offshore wind energy (OWE) sector by the end of this decade and hopes to create up to 5,000 jobs in this area. The Business Law Committee of the Law Society has published an in-depth article on revised Central Bank of Ireland (CBI) Administrative Sanctions Procedure (ASP) Guidelines. The FRC has updated the guidance on the revised UK Corporate Governance Code. It is now a live document containing links to relevant publications and this will allow it to be reviewed to ensure it remains accurate and up-to-date. As we approach the European Parliament elections, which are due to take place across Europe in June, Accountancy Europe have announced an upcoming campaign which intends to promote these elections. The first event entitled “Democracy in action: Discussing Inflation and the Sustainability Agenda” will take place on April 16. The Financial Conduct Authority (FCA) has announced that it will investigate the use of personal guarantees in certain UK entities. An Garda Síochána, Garda National Cyber Crime Bureau (AGS) has recently produced a booklet Cybercrime Risks and Prevention Tips which it says aims to enhance awareness of this type of crime as AGS sees more people using the online world as their primary means of interacting. Minister for Enterprise, Trade and Employment, Simon Coveney TD, and Minister for Children, Equality, Disability, Integration and Youth, Roderic O’Gorman TD, have brought the right to request remote working arrangements for all employees and the right to request flexible working arrangements for parents and carers into operation. They have also approved and published the Code of Practice for Employers and Employees Right to Request Flexible Working and Right to Request Remote Working. 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.  

In this week’s Sustainability/ESG bulletin, read about Ireland’s new offshore wind industrial energy strategy, natural capital accounting and updates on sustainable travel in Ireland. Also covered is a call for evidence on Northern Ireland Climate Change Adaptation Programme, and climate risk in separate reports from The Scottish Fiscal Commission, the European Commission, and the Inevitable Policy Response, as well as the usual articles and upcoming events. IRELAND Institute shortlisted for Business & Finance ESG Award Chartered Accountants Ireland is delighted to have been shortlisted for a Business & Finance ESG Award in the Company Award (SME) category. Now in their third year, these Awards shortlist across 18 categories reflecting the evolving ESG landscape and showcasing the successes of ESG initiatives and examples of best practice. The Institute was proud to share details in our submission of the measures we have taken so far to embed sustainability in the Institute, both in Dublin and Belfast. New offshore wind industrial energy strategy introduced Last week Ireland launched a new offshore wind industrial strategy that aims to build a successful, vibrant, and impactful new offshore wind energy (OWE) sector in Ireland with significant value and creating up to 5000 jobs by 2030. The overarching objective of Powering Prosperity – Ireland’s Offshore Wind Industrial Strategy is to maximise the industrial development opportunity arising from OWE production in Ireland so as to create clean, green, renewable industries of the future. The strategy has 40 actions for implementation in 2024 and 2025 and was developed in collaboration with other government departments and agencies. Some of the key actions to be advanced in this initial iteration include exploring the concept of Green Energy Industrial Parks, establishing an OffShore Wind Centre of Excellence, driving scale in the offshore wind supply chain and building on international strategic partnerships. Right to request remote/flexible working arrangements introduced The right to request remote working arrangements for all employees and the right to request flexible working arrangements for parents and carers was brought into operation last week. Following a public consultation, which the Institute fed into (you can read our submission here) the Code of Practice for Employers and Employees Right to Request Flexible Working and Right to Request Remote Working was also approved and published. The code is available on the WRC’s website  Sustainable Finance The Department of Finance has published an update to the Ireland for Finance strategy, which looks to further establish Ireland as the recognised global location of choice for specialist international financial services. The 2024 Action Plan, published last week, details various key measures to realise this ambition, in collaboration with public and private sector stakeholders, including Chartered Accountants Ireland, where it highlights the Institute’s embedding of certain pillars of sustainable finance, for example, regulation, reporting and assurance, within its student and continuing professional education programmes, as well as outreach programmes. Separately, the Central Bank of Ireland recently published its Regulatory and Supervisory Outlook 2024 (RSO). One such risk identified is Climate and other environmental-related risks, i.e. physical climate risk, transition risk and litigation risk, which it describes as “no longer simply emerging risks but reflect[ing] present day realities that are getting more severe and impactful and unpredictable as time goes by”. On sustainable finance, the report notes that “[t]o support the transition to net zero, it is imperative that investors are fully informed, and in no way misled, regarding the stated sustainability credentials of financial products”, and identifies as particular areas of risk ‘ESG disclosures’ and ‘poor ESG data quality’. The Impacts of Electric Vehicles Uptake and Heat Pump Installation on the Irish Economy - December 2021 The Department of Finance has published a link to a paper examining the economic and environmental impacts of the adoption path of electric vehicles (EVs) and home retrofitting in the form of heat pumps (HPs) projected in the recent Climate Action Plan for Ireland. The paper’s results show that an increase in the carbon tax has substantial impacts on emission reduction. It also finds that EV adoption and HP installations can further reduce emissions but to a lesser degree than the carbon tax increase. The results prove the importance of simultaneous use of carbon taxation and electrification of transport and home heating, where carbon taxation increases the benefits of adopting low carbon technologies and adoption reduces the costs of carbon taxation. ‘What Can Natural Capital Accounting Do For Us?’ The National Economic and Social Council (NESC) held an event this week to discuss the potential of natural capital accounting in Ireland, examining the fundamental question: What Can Natural Capital Accounting Do For Us? Natural Capital Accounting (NCA) involves including environmental data in the national economic accounts and valuing the many benefits nature provides, like clean air, water and biodiversity. The event followed the recent publication of the NESC report “Natural Capital Accounting: A Guide for Action.” Research updates on travel in Ireland published Figures released by the Central Statistics Office (CSO) this week show a continued growth in the number of electric and plug-in hybrid vehicles licensed in Ireland. The number of new electric cars licensed increased by 7 percent from 4,583 in the first two months of 2023 to 4,896 in the first two months of 2024. Research released separately by the National Transport Authority (NTA) suggests that walking and cycling take 680,000 cars off the road each day in Ireland’s five largest cities (Dublin, Cork, Galway, Limerick/Shannon and Waterford). The figures were from NTA’s largest-ever survey of walking, wheeling and cycling in Ireland, which also found that the annual economic benefit from walking, wheeling and cycling in the five metropolitan areas each year is over €3bn. The above coincides with the opening of a public consultation from 12 March until 3 May on  the development of Shared Mobility Hubs, where a range of shared travel options – including, for example, shared bikes, electric bikes or e-cars – come together and can be accessed in one place by people who need them. NORTHERN IRELAND & UK Call for evidence on Northern Ireland Climate Change Adaptation Programme Climate NI, on behalf of the Department of Agriculture, Environment and Rural Affairs (DAERA), are asking for a contribution to the next Northern Ireland Climate Change Adaptation Programme (NICCAP3). Information is being sought for planned or ongoing projects during the period 2024-2029 which will address the impacts of climate change in Northern Ireland. Adaptation action can take many forms, and the UK Climate Change Committee has grouped the risks into 13 different systems where action is required (e.g. water supply, buildings, nature, business etc.). Relevant projects should relate to one or more of these systems, be ongoing or planned during the period 2024-29, and reduce vulnerability to climate change in NI by protecting or enhancing an asset, area or group from the impacts of climate change; filling an evidence gap to improve understanding or decision-making; or improving governance, policies and procedures to enable either of the first two options. The call for evidence will close on Friday 12 April 2024. Climate risk and the cost of net zero – Scotland The Scottish Fiscal Commission has analysed the implications for the Scottish public finances of meeting Scotland's statutory emissions target to reach net zero by 2045, adapting to climate change and handling the damage it will cause. In its publication Fiscal Sustainability Perspectives: Climate Change, the Commission reported that unmitigated climate change (i.e. climate change that is allowed continue without any efforts being made to stop it) would have catastrophic impacts on individuals, businesses and the public finances. In line with the Paris Agreement, both the Scottish and UK Governments are committed to help limit global warming through their own emissions targets, but these actions will impose costs on the public sector, as will the need to adapt to and deal with damage from climate change. EUROPE A report released this week shows that the EU’s objectives under the European Green Deal are attainable if the actions planned are fully implemented.The 8th Environment Action Programme (EAP) mid-term review also points to the positive economic and social impacts of achieving the goals, for example, in terms of improving wellbeing, health, resilience, or security of supply. Many planned actions, such as legislative changes have been delivered, but it is too early to assess their impact on the environment as they are yet to be implemented on the ground.   Europe is the fastest warming continent in the world, and climate risks are threatening its energy and food security, ecosystems, infrastructure, water resources, financial stability, and people’s health. According to the first European Climate Risk Assessment (EUCRA) on behalf of the European Environment Agency’s (EEA), many of these risks have already reached critical levels and could become catastrophic without urgent and decisive action. Responding to the publication of the report, the European Commission published a Communication on managing climate risks in Europe, which sets out how the EU and its Member States can better anticipate, understand, and address growing climate risks. It further presents how they can prepare and implement policies that save lives, cut costs, and protect prosperity across the EU.   The European Parliament has adopted measures to reduce road transport emissions from passenger cars, vans, buses, trucks and trailers. Vehicles will need to comply with the new standards for longer, ensuring they remain cleaner throughout their lifetime. An Environmental Vehicle Passport will be made available for each vehicle and contain information on its environmental performance at the moment of registration (such as pollutant emission limits, CO2 emissions, fuel and electric energy consumption, electric range, battery durability).   The European Court of Auditors is assessing whether European Union and member state policy frameworks and funding for climate adaptation address the effects of climate change effectively. Auditors are looking at the EU Strategy for Adaptation to Climate Change and EU-funded projects on climate change adaptation. Their findings and recommendations are expected in autumn. GLOBAL Unprepared investors at risk as national policies to halt nature loss and deforestation accelerate The policy forecasting body Inevitable Policy Response (IPR) has forecast that progress on nature and land use will ultimately make or break efforts to achieve net zero. The forecast, which was commissioned by the Principles for Responsible Investment (PRI), analysed the trajectory of national environmental policies and their impacts on companies and investors. It forecasts that half of global emission reductions by 2035 are set to come from the land use sector through a combination of policies to end deforestation, lower agricultural emissions, reduce food waste, restore degraded natural ecosystems, and scale nature-based solutions. Calling our members in the Energy Sector Business For Biodiversity Ireland is building on its successful multi-sector Community of Practice (CoP) of businesses coming together to share, evolve and drive change toward a Nature Positive future. The national platform is now convening sector-specific CoPs for 2024 - starting with the Energy Sector.  If you are an energy provider, regulator, renewable energy organisation / expert, community group, NGO or SME specialising in the area of energy and carbon emissions, you can get involved by finding out more here: https://businessforbiodiversity.ie/energy-sscop/ Articles ‘The Batmans of this sustainability reporting saga’ Sustainability reporting revolution: UK & EU lead the charge (Acountancy Age) How to make your accountancy practice more sustainable (Accountancy Today) “Nature positive is not a destination – it’s a mindset, a way of working, a cultural shift” (The Currency) Upcoming Events       CAANZ, Sustainability Seminar 2024 AU The Sustainability Seminar 2024 is designed to elevate your knowledge and confidence in tackling the sustainability challenges faced by accounting, business and finance professionals every day. With sessions designed to enhance your understanding of developments and future trends, we’re shifting the conversation from discussions around conceptual climate risk to embedding sustainable business practices at every level, making sustainability part of business as usual. Tuesday 19 March 2024, 10:00am to 2:00pm AEDT, Virtual (Zoom) CAANZ,Climate Disclosures Seminar 2024 This two-day seminar will assist delegates to understand the complex landscape of climate disclosures. In 2026, Group 2 organisations will commence reporting on their climate metrics, so finance professionals and executives need to understand now what will be required, and where to begin. Wednesday-Thursday, 20-21 March 2024, Virtual Sustainable Energy Authority of Ireland, The Energy Show 2024 Join SEAI for a host of informative seminars and industry talks as well as over 100 exhibitors from the sustainable and renewable energy sector. Of note: SEAI’s grants and supports for business - The SME Business Grant Briefing on Wednesday at 2-2:45pm at the Energy Theatre  20-21 March, In person. RDS, Dublin A4S Sustainability In Action Webinar: Capitals Accounting An interactive webinar exploring various aspects of capitals accounting and how it is being applied in practice. The discussion will explore the information needed to tackle a range of impacts. 28 March, 08:00 Accountancy Europe and others How can company boards lead the sustainability transition? The event will also draw on the recent Accountancy Europe, ecoDa and ECIIA publication ESG Governance: questions boards should ask to lead the sustainability transition which sets out practical questions that boards should consider in their efforts on ESG, sustainability transition planning, delivery on sustainability objectives and limiting greenwashing risks. 10 April, 10:30-12:00 CET, Virtual Chartered Accountants Ireland ESG Masterclass: Take your sustainability knowledge to the next level (ROI/NI) Masterclass designed for all professional accountants working in business or practice, wishing to consolidate their knowledge and understanding of the sustainability regulatory, reporting and assurance landscape. 18 April, 08:30 – 13.00, Virtual 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. National Sustainability Summit 2024 Dates: May 28-29 Locations: RDS 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: Wednesday, 27 March, 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.  

The Money Laundering and Terrorist Financing (Amendment) Regulations 2023 came into force on 10 January 2024. The legislation now provides that a domestic politically exposed person (PEP) has a lower starting point for risk than a non-domestic PEP (foreign PEP) and if no enhanced risk factors are present, the extent of customer due diligence for a domestic PEP should be lower than a foreign PEP.

New Information Sharing Measures within the Economic Crime and Corporate Transparency (ECCT) Act (section 188-193) came into force, as of the 15th of January 2024.    These new measures will make it easier for relevant businesses to share customer information with each other for the purposes of preventing, investigating, and detecting economic crime by disapplying civil liability including for breaches of confidentiality where information is shared for this purpose.    The UK Government is currently developing guidance to assist firms and promote a consistent approach. We will share this guidance as soon as available. 

The Institute features in the Irish Government’s Finance strategy to further establish Ireland as the recognised global location of choice for international financial services. The 2024 Action Plan, published last Friday, 8 March 2024, details various key measures to realise this ambition, in collaboration with public and private sector stakeholders. Contributing to the development of the plan the Institute, as a stakeholder, highlighted our focus on developing skills and awareness across all key pillars of sustainable finance, including governance, reporting, assurance, and regulation. Commenting, Head of Ethics and Governance, Níall Fitzgerald referred to a range of activities the Institute is also engaged in that further supports the plan’s objectives including advocacy (e.g. consultations and representations to regulators and standard setters), member engagement, and external collaborations such as Chapter Zero Ireland, Accounting 4 Sustainability and Chartered Accountants Worldwide. A copy of the Institute’s submission is available here

Insomnia is a sleep disorder in which you have trouble falling and/or staying asleep. It is suggested that 42% of Irish adults have a mental health disorder with insomnia cited as the most common disorder experienced by adults in Ireland at 15%. Here, the Thrive wellbeing team explains insomnia, the symptoms, causes and tips to help you get a better night's sleep. Insomnia means you have problematic sleep habits. How much sleep an individual needs varies from person to person, but on average adults need 7-9 hours of sleep per night. If you are experiencing constant tiredness throughout the day, you are probably not getting enough sleep. Symptoms Insomnia can affect people on a short-term basis (less than 3 months). Insomnia that lasts 3 months or longer is classified as long-term insomnia. Insomnia symptoms may include: Difficult falling asleep A pattern of interrupted or broken sleep that doesn’t refresh you Waking too early Daytime tiredness and sleepiness Find it hard to nap during the day even though you're tired Difficulty paying attention, concentrating, or focusing on tasks Increased forgetfulness Irritability, depression, or anxiety What causes insomnia? Insomnia can be the primary problem but usually is a result of other factors that disrupt sleep. Therefore, treating the underlying causes can help improve insomnia symptoms. Common causes of insomnia include: Stress Irregular sleep schedule or poor sleeping habits Mental health disorders such as anxiety or depression Physical illness or chronic pain Travel or work schedules Lifestyle choices e.g., heavy reliance on stimulants such as alcohol, caffeine, or nicotine Age and life stage- older adults and those going through menopause have a higher susceptibility to chronic insomnia A combination of these factors can trigger or exacerbate insomnia, while poor sleep can initiate or worsen other health conditions, creating a vicious and complex cause and effect situation. Risk factors   During sleep, the body heals and restores itself, our brain forges new pathways and connections that helps with memory retention.  This is the time our bodies needs to carry out important functions to ensure we are running smoothly and effectively. When we continually don’t get enough sleep, it can have serious health effects over time. Science has linked poor sleep and insomnia to a multitude of health problems. A lack of sleep over time can increase the chances of developing a number of conditions such as a weakened immune system, obesity, high blood pressure, stroke, heart disease among other issues such as increased risk of accidents and errors, poor memory and performance and difficulty regulating our emotions. How you can treat insomnia yourself It is not always possible to prevent insomnia, but good sleep habits can help improve it and promote sound sleep. When trying to get your sleep cycle on track, the first place to start with is where you sleep. Make sure your room is dark and quiet, not to cold or warm and make sure your mattress, pillows and covers are comfortable. Create a good bedtime routine that helps you relax and get in the mood for sleep. Relax at least 1 hour before bed and only go to bed when you feel tired, limiting the use of technology and bright lights can help too. Try to maintain roughly the same schedule for sleeping, you should aim to go to bed and wake up at the same time every day, even on the weekends. Exercise regularly and get some sunlight most days. Sun exposure helps regulate the body’s internal body clock and promotes sleep at night, while exercise influences sleep efficiency on both a physical and mental level. Insomnia can seriously affect your mental and emotional health along with physical wellbeing. If your sleep is impacting your day-to-day life and a change in sleeping habits haven’t work, you should consult your GP. Thrive can also help you on your journey to better sleep. For advice, wellness coaching or counselling, contact the team by email at: thrive@charteredaccountants.ie or by phone: (+353) 86 0243294