Over the past number of months, we have been informing Tax News readers that employers will be required to report details of small benefits, travel and subsistence and remote working allowances paid to employees and directors from 1 January 2024. This new requirement was introduced in Finance Act 2022 and is set out in Section 897C TCA 1997.  Last week, Revenue updated its website to set out information on the new reporting requirements for employers. As previously reported, in Tax News, representatives from the Institute, under the auspices of the CCAB-I, attended the first meeting of the Tax Administration Liaison Committee (TALC) Enhanced Reporting Requirements Subgroup earlier this month to discuss the implementation of enhanced reporting requirements. At the subgroup meeting, and previously at Main TALC, our representatives raised their concerns around the practicality of real-time reporting as well as concerns with the additional costs for businesses associated with the new measures. The CCAB-I has suggested to Revenue that an annual return frequency is a more reasonable reporting time-frame given it would meet Revenue’s needs in terms of reporting non-taxable reimbursements but would place less burden on employers to comply. While it is accepted that employers already maintain records of the reportable benefits, feedback has informed us that integrating these records with a real-time filing requirement is a complex task. Earlier this month comments from Cróna Clohisey, Tax & Public Policy Lead, on the new Enhanced Reporting Requirements for Employers were covered in the Sunday Independent Business. The current edition of Accountancy Ireland’s Briefly newsletter explores the practical challenges employers need to address and outlines four key actions to prepare for this new initiative. CCAB-I will continue to liaise with Revenue on these requirements and will inform members via Tax News.

The International Accounting Standards Board (IASB) has announced that it has concluded its decision making on two projects and will begin drafting and balloting two new IFRS Accounting Standards. The IASB expect to issue the new standards in the first half of 2024. The first of these standards will be the result of the Primary Financial Statements project and will supersede IAS 1 Presentation of Financial Statements. This standard will result in companies reporting more consistently and transparently on their financial performance, making it easier for investors to compare companies. The second standard is the result of the Subsidiaries without Public Accountability: Disclosure project and will reduce the disclosure requirements for subsidiaries that are not traded on a public market, or who do not hold assets entrusted to them by their customers. The IASB have decided that the effective date for the two new standards will be periods commencing on or after 1 January 2027, with early adoption permitted.

Enhanced employer reporting will necessitate prompt collation and submission of data in the correct format. Doone O’Doherty explores the practical challenges employers need to address and outlines four key actions to prepare for this new initiative From 1 January 2024, all employers will be required to report to Revenue, on a real-time basis, three categories of non-taxable employee remuneration:  €3.20 per day remote working payment, which employers can provide; Small Benefits Exemption; and travel and subsistence. Details are only starting to emerge from Revenue, leaving a very short timeframe for preparation. However, it is already clear that enhanced employer reporting (EER) will challenge employers to collate and report the required information on time in the correct format. There are significant practical challenges that employers need to consider and navigate in preparing for EER, on top of potential risks that they need to be aware of arising from these increased compliance requirements. “Enhanced” reporting – who benefits?  Enhancement is all about providing more information to Revenue. As a result, Revenue will have enhanced information, enhanced insights and enhanced data to interrogate. Revenue has stated it intends to utilise the information received via EER to target its Revenue audit resources where it perceives the highest risk of non-compliance to arise (and therefore compliance intervention ‘yield’). Revenue has also confirmed that the three elements of EER are just ‘phase one’ of a planned expansion of requirements for employers to report non-taxable remuneration to Revenue. Preparing your organisation From a practical perspective, each employer needs to consider: whether it provides any of these reportable non-taxable reimbursements/benefits to employees; what internal systems/processes/policies apply to these benefits; how and where the data relating to these benefits is recorded and how the data is to be extracted in the format required for reporting in real-time; who in the organisation will be responsible for reporting to Revenue; and  if the company will have access to software or be required to complete manual filings for EER.  Some organisations may utilise finance systems or expense tools with self-service or configurable reporting capabilities. Others may be facing compiling information from emails or spreadsheets. (Revenue did a consultation questionnaire on EER in early 2023 and found that half of employers are tracking expenses with manual processes, including 37 percent of respondents using spreadsheets to record these benefits and a further 13 percent using paper-based records.) How will the reporting work?  Regarding getting the information to Revenue, EER will be a separate ‘service’ or tax head area on ROS, likely similar to how share scheme reporting is currently managed. This separation of EER from standard employer PAYE reporting should result in privacy/separation of EER data from full payroll remuneration. But the EER data is still employee-specific, and each organisation will have to decide who should own/have visibility of this data and is capable of undertaking the reporting to Revenue. In reality, a partnership approach between several functions in the organisation will probably be required, making it even more critical for organisations to have clarity around their EER. Requirements for reporting A return is required when any employee receives any of the reportable EER elements. The return must be made “on or before” the date the reimbursement or tax-free benefit is provided to the employee.  There will be a facility to import/upload a file into ROS or manually enter the reporting details one employee at a time via an online form in ROS. General data required includes: Employee details; Date of payment; Tax year; Employer reference; and Employment ID. For each specific element, there are differences in what data must be reported: Small Benefit Exemption: the value per employee; Remote Working Relief: the amount paid per employee and the number of days it relates to; Travel and subsistence: the amount paid per employee across several categories: Travel vouched and unvouched; Subsistence vouched and unvouched; Site-based employees (includes “country money”); Emergency travel; and Eating on-site. Preparing for employee engagement Revenue has stated that it plans to give employees visibility of what their employer reports about them. The reported information is expected to be available on a per-employee basis in the relevant employee’s Revenue myAccount portal. As such, employers also need to plan for employee communications and possible queries around this. If changes are made to the expense reimbursement, e.g. frequency, policy or process in preparation for EER, this will likely also necessitate employee engagement.  Four key actions to take now Understand the new reporting requirements and identify relevant data owners within your organisation. Consider data quality and timeliness, data flow, reporting capabilities, accountability, etc. Analyse the data before Revenue does. Consider whether any policy or process changes are required, including any retrospective non-compliance that may need to be addressed with Revenue via a self-correction/voluntary disclosure. Educate stakeholders, map and document internal roles and responsibilities, and keep compliance under review regarding timeliness, quality, completeness of data and tax risk. Consider what resources you’ll need to manage the reporting. Will you use software, and does your current provider have a solution? If manual reporting is used, you must allocate and train resources. Doone O’Doherty is Tax Partner at PwC

Costly talent acquisition pales in comparison to the consequences of poor hiring. Paul O’Donnell identifies the three perilous profiles in staffing and offers strategies to overcome their impact on hiring success While winning and retaining customers is regarded as a top priority for most companies, many describe recruitment as their most difficult challenge. The ability to attract and retain talent for key roles determines the success or failure of most major initiatives. As expensive as talent acquisition seems, it is less costly than the consequences of poor hiring. Leaving key roles empty or not being able to retain talent causes a continuous cycle of organisation misery and cultural crisis. However, poor talent acquisition and retention is often due to their focus on the three most dangerous people in staffing: Cinderella managers, unicorns and ageing rock stars. Cinderellas  Cinderella managers fear making decisions and falling foul of organisation politics. They keep roles unfilled way past midnight, often at the expense of other employees left to carry the workload. No number of candidates will address the ever-increasing range of needs and concerns. The shoe just never fits.  Everyone wants to avoid making expensive mistakes, but the damage to your employer brand from such indecisiveness is real. Hiring becomes more challenging as frustrated candidates share their experiences. Address this by ensuring staffing processes have clear timescales, defined metrics, commitment and allocated responsibility so that hiring managers stay on point. Unicorns Organisations that chase unicorns seek only the “perfect” candidate. However, the perfect candidate does not exist. The organisation will apply more and more resources to seek out what cannot be found. The search for a unicorn often arises from poor hiring needs analysis, unrealistic strategy or underinvestment in a role. The cost of the position being empty is rarely considered.  Unicorns do not exist because top talent will not move to a role they can already deliver. High performers want a new position to stretch them, so offer something new to learn, a new challenge and something that builds their skill portfolio. Work out your must-haves versus your nice-to-haves when filling a role. Prioritise the essentials, create a development plan for other issues, and hire for potential, not just experience. Ageing rock stars Although Baby Boomers have started retiring, some still hold senior positions and have the final say on recruitment. Their expertise makes them valuable to firms. However, sometimes they do not possess the intergenerational flexibility to work with and understand the motives of later generations.  They can misread the desire of younger employees to work smarter as not wanting to “work hard”. They see the passion for connected relationships with line managers as not having respect for authority. These newer employees are put off at an interview if they sense an ageing rock star who has not adapted to new ways of working and they will not stay long if they report to one. Ask your younger employees to give feedback on the experience of working with your organisation. If such a manager exists, share the feedback with them. Coach this key manager away from these perspectives. Paul O’Donnell is CEO of HRM Search Partners

The constant flood of emails, coupled with the expectation of instant responses, can leave us feeling tethered to our inboxes, jeopardising our ability to focus on important tasks. Moira Dunne provides strategies to strike a balance between responsiveness and productivity Email is an essential business tool that can dominate our workdays. The volume of email seems higher than ever and there is an increasing expectation of instant response. We feel we need to be in touch all the time, which plays havoc with plans to get other work done resulting in more time being spent on other people’s priorities. And time is not the only issue when it comes to email. Email notifications on our screens are compelling and very difficult to ignore. High email volumes result in an interrupted work environment. Studies show that this impacts the quality of our work, our ability to make decisions and to think things through. Once distracted by an email alert, it can take up to 23 minutes to get the same level of focus back. So, how can we reduce this impact on our time and performance? Manage your response time We have become very responsive, often answering emails immediately, even when we don’t need to. To start to win back time, look for the opportunity to manage this better. First, think about your email statistics: How many emails do you get each day? How many interruptions is that? How important are those emails? Do they all require an instant response? Second, consider all your stakeholders. What is the agreed response time? What is their expectation when it comes to email responses? Once you have answered the questions about your emails and consider your stakeholder needs, you are able to go to all concerned parties (manager, colleagues, stakeholders) to discuss and agree on an acceptable response time that allows you to work productively but also manage other’s expectations. Spend less time on email To start to spend less time on email, there are two ways you can proceed: checking and processing. Checking email When checking your email, do a quick scan to check what emails have arrived and respond to anything urgent. You can do this as many times as you need to throughout the day. Processing email When processing emails, flag messages that require a response and then sort your inbox by the flag so that these emails stay at the top of your inbox until processed and unflagged. Because you have flagged the emails needing a reply, and they sit at the top of your inbox for your attention, you can schedule productive email processing/response time blocks in your diary. However, between those time blocks, you must mute or close out of email to give yourself time for other work, free of email alerts and distractions. You are still responsive to email but in a controlled way. Email time blocking is an increasingly common work practice that people are using to boost their productivity. Breaking the ‘always on’ habit It can be hard to step away from work when you need to. Start small by figuring out what checking frequency you need to stay in touch with your clients. Pick a day when your email volume is usually lower (perhaps on a Friday). Take a morning and try to alternate between checking and processing, using a time block. When you figure out which method works for you, build it into your schedule/email habits day by day until you have learned to manage your email productively. Moira Dunne is Founder of beproductive.ie Moira is providing a free monthly webinar series on the last day of each month. Her next webinar is on Friday, 25 August on how to reset after summer

The Financial Reporting Council (FRC) has published a thematic review entitled “CRR Thematic review of climate-related metrics and targets” which assesses the quality and maturity of climate-related metrics and targets disclosures across 20 companies annual reports for 2022. The review focusses on 4 sectors- materials and buildings, energy, banks and asset managers. The report is intended to assist preparers in the preparation of climate-related disclosures and highlights instances of good practice identified as well as opportunities for improvement and omissions identified. Throughout the report the FRC consider the following overarching questions; Has companies’ climate-related metrics and targets reporting improved since last year? Are companies adequately disclosing their plans for transition to a lower carbon economy, including interim milestones and progress? Are companies using consistent and comparable metrics? Are companies explaining how their targets have affected the financial statements? Overall, the report shows an improvement in the quality of companies’ disclosures of net-zero commitments and interim emissions targets, however it also noted that disclosures of actions and milestones required to meet these targets were sometimes unclear.  

In this week’s Sustainability/ESG bulletin, read about Ireland’s progress in dealing with the climate emergency, Ireland’s new national policy statement on electricity interconnection, and a report into the potential fiscal impacts of the transition to a lower carbon economy. Also covered is Northern Ireland’s climate consultations, a new set of guidelines from Europe on national adaptation strategies, and Ireland and Europe’s progress towards the UN Sustainable Development Goals, as well as the usual roundup of articles, resources and events. Ireland and the climate emergency The Climate Change Advisory Council (CCAC) has published its Annual Review, in which the advisory body warns that at the current rate of policy implementation, Ireland will not meet the targets set in the first and second carbon budget periods. Among other recommendations, CACC is calling on the Government to find ways to help industry become more energy efficient and less reliant on fossil fuels, and that communities, NGOs and the private sector should be involved in adaptation planning and implementation. It also recommends that the Government build and maximise public support for climate action, ensuring a just transition and leveraging actions already in place. The advice comes at a time when analysis by the World Weather Attribution network reportedly announced that European and North American heatwaves would be “virtually impossible without climate change,” and that these events are likely to become more frequent and more severe. The Environmental Protection Agency (EPA) has also published its provisional estimates on 2022 greenhouse gas emissions, which show that Ireland has already used 47 percent of its Carbon Budget for 2021-2025 in the past two years. An annual reduction of 12.4 per cent is now required for each of the remaining years if Ireland is to stay within the Budget. As emissions fell by only 1.9 percent in 2022, this has been described as “extremely challenging”. New national on policy statement on electricity interconnection The Minister for the Environment, Climate and Communications, Eamon Ryan, T.D., has welcomed Cabinet approval of a new National Policy Statement on Electricity Interconnection which plans to make Ireland central to Europe’s energy future. The statement also outlines how a State-directed approach will ensure integrated forward planning, enabling the necessary infrastructure to unlock significant green energy export opportunities. Potential fiscal impacts of the transition to a lower carbon economy in Ireland Current environmental taxes are an important source of revenue for the State, according to a Department of Finance report recently published on the potential fiscal impacts of the transition to a lower carbon economy in Ireland. The report states that the taxes represent approximately €5.3 billion annually or around 6.4 per cent of overall exchequer tax revenue in 2022, and suggests that policy and policy makers will need to consider how to use taxation as an instrument in the economy’s transition to lower carbon over the medium term and towards carbon neutrality by 2050. Public finances in Ireland will come under increasing pressure from factors other than climate change, the report noted, such as population ageing and other demographic changes. Northern Ireland climate consultations open The Department for Agriculture, Environment and Rural Affairs (DAERA) on behalf of the Northern Ireland Executive has published a consultation on “Northern Ireland’s 2030 and 2040 Emissions Reduction Targets and First Three Carbon Budgets and Seeking views on Climate Change Committee (CCC) Advice Report: The path to a Net Zero Northern Ireland”. The main aim of the consultation is to consult on the proposed 2030 and 2040 emissions targets for NI and proposed carbon budgets for the periods 2023-2027, 2028-2032 and 2033-2037. A series of consultation sessions are planned to include sector specific workshops and a number of public consultation sessions, with registration links available. The consultation will run until Wednesday 11 October 2023. Building a climate-resilient future in Europe The European Commission has adopted a new set of guidelines to assist Member States in updating and implementing comprehensive national adaptation strategies, plans and policies in line with the European Climate Law and the EU Strategy on adaptation to climate change. The guidelines aim to make climate adaptation a top political priority and to enhance Member States’ strategies and plans. The announcement comes as a new Eurobarometer survey finds that a large majority of Europeans believe climate change is a serious problem facing the world (93 percent) and that 73 percent of Europeans agree that the cost of damage due to climate change is much higher than the investment needed for a green transition. European Green Deal update The European Commission has welcomed the final approval of the revised Energy Efficiency Directive, FuelEU Maritime Regulation and Alternative Fuel Infrastructure Regulation (AFIR), as part of the ‘Fit for 55’ package of legislation to reduce EU greenhouse gas emissions by at least 55 percent by 2030. The revised legislation aims to reduce energy use this decade and beyond, and put the EU on a cost-efficient pathway to become climate-neutral by 2050. Following the formal approval of both co-legislators, the new legislation can now enter into force on publication in the EU's official journal. Progress on delivery of the UN Sustainable Development Goals The European Union has presented its first Voluntary Review on the implementation of the 2030 Agenda for Sustainable Development at the United Nations in New York. The review gives an overview of how EU internal and external actions are contributing to delivering on the 17 Sustainable Development Goals (SDGs), both within the EU and in partner countries around the world. Separately, Ireland’s Minister for the Environment, Climate and Communications, Eamon Ryan, T.D., presented Ireland’s second Voluntary National Review (VNR) on the SDGs, Building Back Better while Leaving No One Behind. The VNR outlines the progress Ireland is making, with 80 percent of the associated 169 targets reached. The EU has performed best on ensuring decent work and economic growth, reducing poverty and fostering peace, security, and inclusive societies and institutions, while Ireland has made progress in a number of areas, such as education, employment, social protection, hunger reduction, health, community engagement and wellbeing. Did you know? Business in the Community Ireland (BITCI) has put together a list of Corporate Environmental Volunteering Opportunities for its member companies. Each of the volunteering opportunities listed provides contact details, information on the skills required of volunteers, and the time they need to commit to the cause or organisation.  Articles FRC thematic review examines quality of climate-related metrics and targets disclosures (Financial Reporting Council)   IAASB to issue proposed sustainability assurance standard (Chartered Accountants Ireland)   FRC Lab publishes report on ESG data use (Chartered Accountants Ireland)   ‘No one wants to be right about this’: climate scientists’ horror and exasperation as global predictions play out (The Guardian)   Stocktake: Markets are under-pricing climate risks (Irish Times)   ESG label shunned amid political polarisation (Irish Times) Upcoming events  The Future of Sustainable Finance – In person – 5 September, 8.30 – 10.00 The latest event in our Dublin 2050 series. Dublin has been steadily growing its reputation as a hub for sustainable finance in recent times, making significant progress in advancing sustainable finance practices and attracting investments aligned with ESG principles. This expert panel-led event aims to contribute to knowledge sharing, collaboration, and innovation within the business community. Venue: Dublin Chamber, 7 Clare Street, Dublin 2 Dublin Chamber – Sustainability Academy Workshops Dublin Chamber has announced it will offer Sustainability Academy workshops in Autumn. Beginning  with a workshop on Sustainability/ESG 101 in September, the 3-hour Zoom workshops includes a free one-hour, post-workshop one-on-one advisory consultation per company with an expert advisor. Find out more here. Business Post LIVE and iQuest - Energy Transition Summit Delivering Ireland’s energy revolution - 19 September 2023 - Croke Park, Dublin   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. 3rd or 4th Wednesday of every month Next: 23 August 2023  14.00-15.00/30 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.

Retirement is one of the biggest transitional periods than anyone can go through with almost every aspect of our life changing. Suddenly you are met with a massive shift in your pace of lifestyle. While many of us may embrace the change, retirement can be a time of great upheaval physically and emotionally.  With this in mind, it is important to plan and prepare for the change ahead as you embark on this transitional life stage.  A long and fulfilling retirement isn’t just about a pension plan, it also about planning for your lifestyle shift. Without a plan in place, the initial novelty of retirement can wear off pretty quickly, leaving you to struggle to adapt to your new way of life.  Routine & schedule Adjusting to retired life is not something that happens overnight, and it may take a while to adapt. So do try to remember that like any big change in life, it'll take time for you to become accustomed to what comes with retirement. When working we have an imposed schedule and structure but once the 9 to 5 comes to an end, it can be incredibly difficult to fill all the extra hours you now have at your disposal. Across all stages in life, structure and routine are key habits that lead to good wellbeing. It may be tempting to fill your days with laze and leisure which is novel and exciting at first, but feelings of boredom or restlessness can creep in especially if you have been used to a busy schedule. You may want to define some specific routines to maintain order, predictability, and structure. In the run up to your retirement, take some time to consider what your day, week or month will look like. Stay active Staying active through exercise will help keep you healthy both physically and mentally and prolong your life. But it is also important to keep your mind active too. Ongoing learning can help keep you mentally sharp by getting you in the habit of staying mentally active. Having less structured days allows you to take up a new hobby or learn skills and feeds into the need for routine and schedule. Retirement is a great time to discover old and new passions that you felt you didn’t have the time for before.  Taking up a course or classes in your local college, learning to play an instrument, or another meaningful activity that you can enjoy and engage with can keep you mentally fit. The mantra ‘use it or lose it’ most definitely applies here! Connection As we transition from the workforce, our social circle can diminish due to our daily interactions reducing and unfortunately loneliness becomes more common as we get older. Loneliness has a detrimental impact on our health and wellbeing and may significantly increase the chances of poor health. Research found that older adults with a good social life tend to live longer than those who are more isolated and happier retirees were found to have more social interactions. So, whether you are married or single, an introvert or an extrovert, maintaining strong social connections is critical. It is important to keep in contact with friends and connect with your work circle as much as possible. Certain activities can also present opportunities for you to meet new friends or other retirees with similar interests. Taking a new class, joining a book club, participating in your local community centre, or joining an exercise group are just some of the many ways you can stay connected. There is also a wealth of benefits from spending time with grandchildren, it helps you to keep active, improves cognitive skills and can lower the risk of depression. Purpose For many, our sense of purpose can be wrap in what we do for living and measure our success only through our professional lives. Once we leave the workplace, there may be a need to find meaning to fill that void and reinvent your purpose in life. Outside of your profession, try and identify what gives your life meaning and purpose and makes you happy. Retirees have a unique insight and wisdom gained from a lifetime's worth of skills, expertise and competencies that could be of benefit elsewhere and this could mean using talents in service to others. Mentoring and volunteering are fulfilling paths for retirees. Retirees can gain meaningfulness and social and emotional benefits from mentoring and volunteering. But whatever you do in retirement it is important to see this time as an opportunity to live out the second half of your life purposefully.

Join the Melbourne Chapter for an interactive discussion with Chief Economist Bank Of Queensland Peter Munckton and FTI Consulting, Senior Director of Strategic Communication's Shannon Walker in Melbourne on 22 August.

In Irish news, the Tax Strategy Group (chaired by the Department of Finance) has published its papers ahead of Budget 2024 and Revenue guidance on the R&D tax credit is updated for Finance Act 2022. In UK news, read this week’s miscellaneous updates from HMRC which includes a reminder about the new R&D Additional Information Requirements form which must now be used from 8 August 2023, and we bring you the highlights from last week’s legislation day. In International news, the OECD has published its Revenue Statistics in Asia and the Pacific 2023 report.     Ireland  1.  The Tax Strategy Group (TSG) last week published its annual papers in advance of Budget 2024. 2.  Revenue guidance on the R&D tax credit is updated for Finance Act 2022.  UK 3.  This week’s miscellaneous updates from HMRC includes a reminder about the new R&D Additional Information Requirements form which must now be used from 8 August 2023, and not 1 August 2023.   4.  Read about the highlights from last week’s legislation day.  International 5.  The OECD has published its annual review of Revenue Statistics in Asia and the Pacific.  Keep up to date with all the latest Irish, UK, and international tax developments through Chartered Accountants Ireland’s Tax Newsletter. Subscribe to the Tax News by updating your preferences in MyAccount. You can also read this week’s EU exit corner here.    . 

The International Auditing and Assurance Standards Board (IAASB) has announced that it plans to issue its proposed sustainability assurance standard, International Standard on Sustainability Assurance 5000 (ISSA 5000) on 2 August. This will then be subject to public consultation until early December to allow for stakeholder feedback. In making the announcement the IAASB stated that "When approved, ISSA 5000 will be the most comprehensive sustainability assurance standard available to all assurance practitioners across the globe. It will apply to sustainability information reported about any appropriate sustainability matter and prepared under any suitable framework. It will also apply for both limited and reasonable assurance engagements."

Seeking a new adventure, Ailish Byrne's ACA qualification brought her to Bermuda.  Where did you grow up and where do you live now? I grew up in Kilcoole in Co. Wicklow (of Glenroe fame!) and moved to Bermuda in April 2022 to work as Chief Compliance Officer with the Bermuda Stock Exchange (BSX). I spent all my career in Dublin except for a year in Australia post qualification. What made you choose to become a Chartered Accountant? I was always interested in business subjects in school, particularly accountancy. I liked languages too and thought I’d like to combine the two and initially chose to do Languages and Marketing (German and Spanish) in Dublin City University (DCU). However, I realised fairly quickly that the course was too language focused for me. After completing first year, I switched into DCU’s Accounting and Finance where I was much happier. After that, becoming a Chartered Accountant was highly likely as a career path once you secured a training contract. Can you tell us a little about how you got to where you are today – both the geographical relocation and career path? I was looking for a new role post Covid and I wasn’t attracted to the job opportunities in Ireland. I decided an adventure abroad might be fun. Turns out the BSX was looking to replace their Chief Compliance Officer who was retiring. I had worked in the Irish Stock Exchange (ISE) for 18 years in two different roles – as Head of Regulation and Head of Communications and my exchange experience was a perfect fit for what they needed. It was great timing! What do you value most about your membership of the profession and how do you think those benefits can be used to support the economy and society? Being an Irish Chartered Accountant has given me career opportunities and experiences that I would not have had without my qualification. Accountancy training gives you a mindset and a way of thinking that can be applied to lots of different roles and challenges. I’ve taken a non-financial accounting path and worked in internal audit, communications, compliance and regulatory roles - who knows what’s next! How has your membership been of value to you globally and what do you value about it now that you’re living overseas (and what would you like to see more of)? The Irish Chartered Accountancy profession is a ready-made network of people.  When I contacted Gillian Duffy, the Global Member Manager, about a potential Bermuda Chapter she said there was about 90 members living in Bermuda. We had our first event in May and for our July event, Chartered Accountants Ireland President, Sinead Donovan, was visiting so the timing was brilliant. I think the Chapters are a great way to keep ties with home and meet other members of all ages when you are working overseas. What were the most significant differences you encountered doing business and networking in a completely new location a long way from home? Bermuda has a culture all its own – it has a blend of British, Caribbean, Portuguese and American influences. It’s true that Bermuda shorts are considered business attire during the summer months! Business is more relaxed though it can be more formal and bureaucratic too. With a population of less than 60,000, I find everyone really does know everyone and people are friendly so it makes networking fairly easy as long as you are happy to get involved and join in.