Executive Coach, Facilitator and Founder of xPotential, Ewan Dunbar shares his experience of dealing with cancer and how his journey changed the trajectory of his life, career and mindset. 5,000 Steps!! That was my goal … if I could achieve that then I was sure that my system would kick back in, my wounds would start to heal properly, I would be able to cope without morphine and I would recover fully mentally.  24 hours earlier I had undergone significant surgery to remove stage three cancer and fit a temporary stoma bag for a year.  I had cried for the first time in over a decade when I looked down at my stoma wound, exhausted from the pain and a sleep deprived night in the “Zombie ward” (as I ‘affectionately’ named it). The Zombie Ward was intensive care where patients were typically on morphine and definitely not in control of their senses during the night (I only have admiration for the nursing staff).  I decided to take control of the situation… I declined any more ‘purple tablets’ (the morphine), forced myself out of bed and started putting one foot in front of the other to get walking.  I achieved the 5,000 steps within a couple of days much to the amusement (and possible annoyance) of the nursing staff as I marched up and down blocking the hospital corridor.  I achieved 10,000 steps after day five (not to be recommended) and was released from hospital in half the time I was originally told I had to stay for.  I had set a goal. I had a purpose. I had prepared through significant physical training in advance of my operation and apart from the ‘wobbly 24 hours’ mentioned above, I was determined to live up to the expectations that my friends, family and colleagues expected of me.  Throughout the year of my cancer treatment, the importance of having a really strong network was emphasised to me.  Everyone viewed me as being really positive but I was only positive because of them (they were the fuel to my fire in trying to cope with the challenges presented to me). How did I get there though? As everyone is all too aware, there are carcinogens throughout the world in which we live.  There is not any way to know definitively the cause of my disease however for me it was not coincidental that I was experiencing the most stressful period of my working career.  Whilst smiling on the outside and still being that positive person that everyone expected at work, I was going through so many challenges that I was not sleeping properly.  Despite a rigorous exercise regime, I was constantly exhausted from a lack of sleep and worrying about work issues.  It also does not surprise me that all the cancer sufferers that I befriended who are in their forties also developed cancer whilst going through a particularly stressful period in their lives. This is anecdotal and unfortunately people can just be extremely unfortunate, but this journey has led me to a large number of realisations which also prompted a career change.  I now coach and provide leadership talks to support business executives in navigating the challenges of business life. One of my regular questions to senior executives is “if you woke at 2am, what would you be thinking of” … unfortunately this transpires to be the reality for almost all of my clients, who are able to tell me exactly what they were thinking about.   In this ‘always on’ world, leaders need to check themselves (both physically and mentally) before they wreck themselves.  So please, if in doubt, get it checked out! (early detection is key to saving lives, possibly even yours!)  If you are struggling with business challenges then please reach out to someone for support. Written by Ewan Dunbar on behalf of Thrive. Ewan is an Executive Coach, Facilitator and Founder of xPotential. Ewan spoke at Thrive's Movember webinar, Movember Lessons: Surviving the Corporate World & Beyond, that focused on men’s health and their journey through the corporate environment. You can watch this webinar on-demand here. 

The Department of Housing, Local Government and Heritage has published an infographic outlining the timeline and processes for the implementation of the Residential Zoned Land Tax (RZLT). The first phase commenced 1 November 2022 when local authorities published draft maps showing lands that will be subject to RZLT. Landowners and others have until 1 January 2023 to make a submission to their local authority regarding the inclusion/exclusion of their lands from the draft maps, or to request a change of zoning of land. The RZLT will apply from 2024 to relevant land at a rate of 3 percent of market value. Considered by government to be an important component of the pathway to increasing new housing supply, contained in the Housing for All plan to 2030, the aim of the tax is to activate land for residential development rather than to raise revenue. Welcoming the publication of the Draft Residential Zoned Land Tax Maps, Minister Donohoe said: “This is an important step in the RZLT implementation process whereby land within scope of the tax has been identified by local authorities. Landowners whose land is included on a draft map should now review the map and consider if their land meets the criteria for inclusion and make submissions to their local authority accordingly. Residential properties, while they might be on the map, are not liable for the tax if they are subject to LPT. In the course of 2023, supplemental and final maps will be prepared by local authorities identifying the land within scope; the final map will be revised annually from 2025 onwards. Ireland requires increased housing supply to meet our housing needs. The RZLT aims to incentivise landowners to activate existing zoned and serviced residential development land for housing on identified lands and lead to the building of more homes.” Further details are included in the Department of Finance press release.

The October Exchequer figures show that tax revenues were €6.4 billion ahead of profile and €13 billion up on the same period last year. Contributing to this was the strong performance of corporation tax receipts, which were nearly €4.8 billion higher than profiled. The annual increase is, in part, flattered by Covid-19 restrictions that were in place in the early part of last year. Corporation tax receipts of €2.3 billion were reported in the October tax revenues. This is €1.2 billion higher than profiled. The Department of Finance press release on the publication of the October Exchequer figures, notes that it is not expected that such a high level of receipts will be repeated in future years. The Minister for Finance discussed the continued uncertainty within the corporation tax base despite the 12-month rolling Exchequer surplus of €7.3 billion, as such revenues may prove transitory. Commenting on the figures, the Minister for Finance, Paschal Donohoe T.D. said: “Today’s figures show that tax receipts remain strong at the start of the fourth quarter. However, the strength of potentially volatile corporate tax receipts continue to provide an artificially positive picture of the public finances. As I have warned on many occasions, while these receipts are welcome, it is imperative that that Government does not build up permanent fiscal commitments on the basis of revenues that may prove transitory.   Budget 2023 was, of course, a ‘Cost of Living Budget’ focused on mitigating inflationary pressures. The Government has aimed to strike a delicate balance between providing assistance to those suffering the most but without adding fuel to the fire of inflation, while ensuring that we retain sufficient firepower to respond to further challenges over the coming years.   That is why I allocated €2 billion to the National Reserve Fund this year, with a further €4 billion to be transferred next year.  This policy instrument is aimed at further enhancing the resilience of the public finances and will enable the Government to respond in a pro-active manner should risks materialise over the coming period.” Further details are included in the Fiscal Monitor October 2022.    

Welcome to this week’s Technical Roundup. In developments this week, the IFRS Foundation has issued a summary of the recent World Standard Setters Conference held on 26-27 September. This includes updates on recent, ongoing and upcoming work by the IASB and ISSB and the European Securities and Markets Authority (ESMA) and the EU’s financial markets regulator and supervisor, has recently published its latest edition of its Spotlight on Markets Newsletter. Read more on these and other developments that may be of interest to members below. Financial Reporting The Financial Reporting Lab is launching a project to understand how companies develop, assess and use materiality and to consider how enhancements to disclosure about materiality processes might assist investors. The project is expected to cover financial and non-financial reporting. The IASB have released the final instalment of its Dynamic Risk Management (DRM) webcast series. These webcasts explain the DRM project based on the IASB’s tentative decisions to date. The IFRS Foundation has issued a summary of the recent World Standard Setters Conference, held on 26-27 September. This includes updates on recent, ongoing and upcoming work by the IASB and ISSB. The FRC will be holding a webinar on Structured digital reporting – improving quality and usability on 8 November. This will cover some of the key points raised in the FRC Lab’s recent report on Structured Digital Reporting. The FRC will also be holding a webinar on this year’s Annual Review of Corporate Reporting on 2 November. EFRAG has released its educational session on the Primary Financial Statements project. Audit - Quality Management IAASA over recent weeks has published a series of videos designed to provide information on the new suite of Quality Management Standards in Ireland. The full series is available here. To accompany the video series, IAASA has published a factsheet for each Quality Management Standard available here. The new standards apply to periods from 15 December 2022. See our QM resource pages for links to the standards and further guidance. Anti-money laundering, sanctions Click here for the “Inside FCA Podcast: Fighting Financial Crime” where the FCA Executive Director of Markets speaks at the Financial Crime Summit in London. Also see the remarks by the  interim Chair of the FCA and Chief Executive of the FCA delivered recently at the FCA's 2022 Annual Public Meeting. The UK National Crime Agency’s latest edition of SARs in action is now available. It includes items on the red alert issued by the Joint Money Laundering Intelligence Taskforce in July 2022 on Russia elite and enablers, non-fungible tokens and money laundering and trade-based money laundering. Please click here to access the October issue. Other The Corporate Enforcement Authority, (CEA), has drafted an Information Note concerning the European Union (Preventive Restructuring) Regulations 2022. The Note will provide a list of potential early warning indicators which may help directors to identify that the company is approaching financial difficulties. It will also give information on the restructuring options available to companies facing financial difficulties, but which may otherwise have a reasonable prospect of survival. CEA is inviting interested parties to submit their views on the draft Information Note by 5pm on 1 November 2022.Readers can access the draft information note here. Revenue has announced a 12-month extension to the Debt Warehousing Scheme to continue to support businesses. Under the scheme, businesses with warehoused debt were due to enter into an arrangement with Revenue to deal with that debt by the end of the year - or by 1 May 2023 for those subject to an extended deadline.  But given the current economic uncertainty, Revenue said it was now extending that timeline to 1 May 2024. Th Minister for Business, Employment and Retail recently introduced draft legislation, the Employment Permits Bill 2022 which if enacted will help modernise the Employment Permit system in Ireland. You can read the press release and access the draft bill on this page. The Deputy Governor of Central Bank of Ireland recently spoke at Climate Finance Week 2022 on the topic of addressing Climate Risk in the Financial System today. She talked about prioritising climate risk at the Central Bank and how firms should identify and manage climate risks. You can click here to read the speech. Announcing the Northern Ireland Charity Commission’s first public meeting since pre COVID-19, Chief Charity Commissioner, Nicole Lappin, highlighted the event as an important opportunity for the charity sector, and for the Commission itself.  The event will include an overview of the Commission’s work and development in recent years, the changes brought in following new Charities Act (Northern Ireland) 2022 as well as the regulator’s plans for the future. Date: Wednesday 16 November 2022 Time: 10am – 12.30pm (registration from 9.45am, refreshments will be available) Venue: Chestnut Suite, Lagan Valley Island, Lisburn The European Securities and Markets Authority (ESMA), the EU’s financial markets regulator and supervisor, has recently published its latest edition of its Spotlight on Markets Newsletter. For further technical information and updates please visit the Technical Hub on the Institute website. 

The Department of Finance has published the responses it received to its public consultation on a Territorial System of Taxation. In March 2022 the Institute, under the auspices of the CCAB-I, responded on the basis that an elective territorial-based system of taxation should be introduced in Ireland by 1 January 2023, with a participation exemption and exemption for branch profits included. There were 15 submissions to the Department and the full list can be accessed here.

The Tax Appeals Commission (TAC) has published a catalogue of the TAC determinations published since its establishment in 2016 up to 3 October 2022. TAC determinations are catagorised by tax head and are accessible here.

Prior to the introduction of the Special Assignee Relief Programme (SARP) there was an expatriate-based tax relief available under section 825B Taxes Consolidation Act 1997 to individuals who were not Irish domiciled and who, before they came to the State, were living and working in a country with which Ireland had a double taxation agreement. As the latest tax year in which the relief could be claimed was 2015, Revenue has removed Tax and Duty Manual Part 34-00-08 as it is no longer relevant.

Revenue has updated the iXBRL Tax and Duty Manual to highlight to taxpayers, their agents and iXBRL software vendors common tagging errors which occur on the submission of iXBRL Financial Statements. Incorrect tagging causes distortions in the accounting information available to Revenue and may lead to unnecessary Revenue Compliance Interventions and costs for businesses.

Welcome to this week’s Technical Roundup. In developments this week, IAASA has published a paper setting out information requests that it has raised with companies on their climate-related disclosures in their annual financial reports and did you know about the European Commission’s podcasts? Short episodes are released at the same time as the monthly EU Commission Finance Newsletter on topics related to banks, capital markets, insurance, digital or sustainable finance, anti-money laundering, sanctions, etc. Read more on these and other developments that may be of interest to members below. Financial Reporting In their latest edition of “Insight from SME accountants” series, Accountancy Europe looks at how sustainability matters for the new generation of accountant. The IASB has produced a series of eight webcasts to explain the Dynamic Risk Management project to date. The FRC Lab has published a report on the disclosure of net zero commitments. This provides tips for companies on how to consider when disclosing their commitments. IAASA has published a paper setting out information requests that it has raised with companies on their climate-related disclosures in their annual financial reports. Anti-Money laundering, sanctions On 6 October 2022 the European Union announced its eighth package of sanctions. Click here for a press release on the eighth package of sanctions and please also visit our sanctions webpages “Europe & International” for more details of what the eighth package consists of. HMRC in the UK has recently issued an economic crime supervision annual self-assessment report for the period  1 April 2021 to 31 March 2022 which it says  analyses the extent to which HMRC is meeting its obligations under the Money Laundering Regulations 2017, as well as comparing it to the standards set for professional body anti-money laundering supervisors. The National Cyber Security Centre Ireland has a quick guide to phishing to help to avoid being phished, spotting the giveaway signs of phishing e-mails, and what to do if you think you’ve already clicked the attacker’s bait. Other The Minister for Public Expenditure and Reform recently signed the commencement order for the Protected Disclosures (Amendment) Act 2022 to set 1 January 2023 as the date on which the Act will commence in its entirety. Readers may be aware that the new legislation will substantially amend the Protected Disclosures Act 2014. It will expand the categories of protected person to include protections for volunteers, shareholders, board members and job applicants for the first time. It also expands the wrongs in respect of which a protected disclosure can be made. It imposes requirements on organisations to put internal whistleblowing procedures in place and a new Office of the Protected Disclosures Commissioner will be established. You can read more in the Department’s press release on its website here and we will provide more information to members in due course on this topic. The Department of Enterprise, Trade and Employment has published its October's Enterprise Newsletter. This includes information about Budget 2023 helping businesses and families with escalating energy costs, the Cross-Government launch of a new National Implementation Plan for the Sustainable Development Goals 2022-2024, and EU trade sanctions in response to situation in Ukraine. There are also details of a new pay agreement providing pay increases and wage structure for early learning and childcare workers, publication of the Final Report of the LEEF High-Level Working Group on Collective Bargaining, and public consultation on the Single Market Emergency Instrument. The newsletter can be found here. The Pensions Authority has published the results of a survey conducted on trustees’ IORP II preparedness. The survey provides information on pension scheme trustees’ progress since a similar survey was carried out in 2020. The survey findings indicate that while significant progress has been made by scheme trustees to meet the requirements of the Act, there is still work to be done by trustees to ensure compliance ahead of the 1 January 2023 deadline. The survey findings also indicate that most DB scheme trustees surveyed intend to continue their scheme, while almost half of the DC trustee respondents noted an intention to wind up their scheme and move to a master trust. Further information and the results can be found here. Did you know about the European Commission’s podcasts? Short episodes are released at the same time as the monthly EU Commission Finance Newsletter on topics related to banks, capital markets, insurance, digital or sustainable finance, anti-money laundering, sanctions, etc. The latest one “the on about Anti Money laundering dated 29 September 2022 can be accessed now. Please also click here to read the European Commission’s latest Banking and Finance newsletter where DG FISMA's Director-General talks about topics including the energy crisis and  sanctions, and includes a short discussion about cryptocurrencies, the current ‘crypto winter’, and the digital euro. Cathy Shivnan, the Corporate Enforcement Authority’s (CEA) Director of Insolvency Supervision, sat down recently with Graham Kenny of Eversheds Sutherland LLP to talk about the role of the newly established CEA. The CEA is now the competent authority in Ireland for the investigation of breaches of the Companies Acts and the taking of necessary enforcement actions. You can listen here. For further technical information and updates please visit the Technical Hub on the Institute website. 

The FRC Lab has published a report entitled "Net zero disclosures". This report, which highlights examples of current practice, discusses some of the key considerations for investors who use net zero disclosures and the elements of net zero disclosures that investors want to understand. The report builds on three key elements of net zero disclosures (commitments, impacts and performance) and discusses areas of consideration and challenge within these topics. The report provides some useful guidance for preparers seeking to navigate the difficult area of reporting on their greenhouse gas emission reduction commitments.

Dawn Leane examines the main barriers to success experienced by women and what organisations can do to break the career inhibitors down In workshops organised after the publication of the research study carried out by Fiona Dent and Viki Holton for their book Women in Business: Navigating Career Success, women were asked to identify factors they believed had hindered their progress. Their responses are broadly categorised as follows: Limiting beliefs; Family issues; Work colleagues; Personal style and skills; Lack of organisational support; Gender issues; Taking the wrong career path; and Politics and bureaucracy. The most frequently mentioned issues focus on self-doubt and limiting beliefs. As this is a nuanced subject, it is important to distinguish between limiting beliefs and confidence.  Limiting beliefs vs confidence Beliefs are assumed truths developed over time from our direct experiences and observations. They usually don’t exist as explicit propositions. We may barely be aware of them, but they influence what we think, say, and do.  When they manifest self-doubt, they become limiting beliefs. An example of a limiting belief may be ‘I can’t handle conflict’, which could lead to a lack of assertiveness or the tendency to give in to others. Limiting beliefs can have a significantly negative impact on our ability to achieve our full potential. Confidence, however, can be significantly influenced by workplace culture. Women are regularly told that they should be more confident, which is particularly unhelpful as it puts the responsibility firmly back on women, as opposed to examining the environment as a contributing factor. One way in which the office environment can impact confidence is ‘backlash avoidance mechanism’, whereby women feel uncomfortable self-promoting due to perceived social consequences. Feedback and career development In the workshop, 59 percent of participants believed that men and women are judged unequally, particularly when it comes to feedback and development in the workplace. This is supported by the Women in the Workplace study—a study of US women in the workplace conducted by LeanIn.Org and McKinsey & Company—which found that women report receiving feedback much less frequently than their male co-workers. In fact, women are more than 20 percent less likely than men to receive difficult feedback, which is essential to improving performance. One reason cited by managers is their fear of an emotional response, which is less of a concern when giving feedback to male employees. Further, the feedback that women receive is often vague and non-specific. In their Harvard Business Review article, ‘Research: Vague Feedback is Holding Women Back’, Shelly J. Correll and Caroline Simard advised that “women are systematically less likely to receive specific feedback tied to outcomes, both when they receive praise and when the feedback is developmental.” They also found that when women did receive feedback, it was largely focused on their style of communication. Family issues While it is widely accepted that family issues can be a barrier to success, most participants in Dent and Holton’s research recognised that decisions made in relation to family life require compromise—and that it was typically the woman in the relationship who compromised out of personal choice. Many women accepted this as an inevitable consequence of motherhood and feel obliged to take responsibility and be available for their children. Managing employee long-term success The overarching message from these pieces of research is that what happens early in a woman's career significantly impacts her long-term success. It is important that both the career accelerators and inhibitors discussed in this series are considered by organisations when developing talent management and career development programmes. You can read the first two articles in this series: Empowering women for better balance in the workplace Four success factors for women in the workplace Dawn Leane is Founder of Leane Leaders and Leane Empower. 

Welcome to this week’s Technical Roundup. In developments this week, the IFRS Foundation has published its September 2022 monthly news summary which highlights the news and events from the past month and in a recently released episode of the International Accounting Standards Board podcast, Chair Andreas Barckow and Executive Technical Director Nili Shah, talk through the highlights from the September 2022 IASB meeting. Read more on these and other developments that may be of interest to members below. Financial Reporting IAASA has published its annual Observations paper highlighting matters that those charged with governance should consider when preparing their financial statements for 2022. The Financial Reporting Council (FRC) Lab have issued their September 2022 news roundup. EFRAG, the European Financial Reporting Advisory Group has published its September 2022 update. In its September 2022 podcast, the ISSB discuss the highlights from its recent board meeting. The IASB have also released its September 2022 podcast. The IFRS Foundation has published its September 2022 monthly news summary which highlights the news and events from the past month. The FRC has published a report on Navigating barriers to senior leadership for people from minority ethnic groups in FTSE 100 and FTSE 250 companies.  Auditing and Assurance The Financial Reporting Council (FRC) has opened a post implementation review of the auditing standard (ISA) (UK) 540 (Revised December 2018) Auditing Accounting Estimates and Related Disclosures. This ISA became effective for audits of accounting periods beginning on or after 15 December 2019. Interested stakeholders are also invited to attend one of two roundtables to support the call for feedback. These are being held on: Wednesday 23 November 2022, 14:00-15:00 (online) Thursday 24 November 2022, 11:00-12:00 (in person at the FRC’s offices) To RSVP for the roundtables please email stakeholderengagement@frc.org.uk. The call for feedback is open until 13 January 2023. Accounting In a recently released episode of the IASB podcast, Chair Andreas Barckow and Executive Technical Director Nili Shah talk through the highlights from the September 2022 IASB meeting. Ethics and the Ukraine Conflict The Staff of the International Ethics Standards Board for Accountants have released the Staff Alert, The Ukraine Conflict: Key Ethics and Independence Considerations. The publication draws the attention of professional accountants in business and in public practice, including firms, to a number of important provisions in the International Code of Ethics for Professional Accountants (including International Independence Standards) with which they must comply in carrying out their work as they navigate the unprecedented challenges and risks arising from the Russia-Ukraine war. Other The Pensions Authority has published its Annual Report and Accounts for 2021. The Annual Report and Accounts for 2021 and an accompanying statement from the Pensions Regulator, Brendan Kennedy, can be read here. Also in Pensions Authority news, they recently published information in relation to exit charges, trustee annual reports and audited accounts for one member arrangements (OMAs) migrating into a master trust. You can read more details from their website here. The Pensions Authority has also published an update for trustees in relation to trustee annual reports and audited accounts for group schemes with less than 100 active and deferred members transferring to a master trust or PRSAs. The UK Financial Conduct Authority has published research showing that a quarter of consumers it surveyed would withdraw pension savings earlier to cover cost of living – making them vulnerable to scammer ‘misdirection’. It has recently launched its latest ScamSmart campaign aimed at giving consumers the knowledge and tools to avoid pension scams and you can read more about it here. The Central Bank has recently announced a review of the Consumer Protection Code 2012 (“Code”) to modernise it and ensure it is fit for purpose. The Code is a set of principles and rules that regulated financial firms must follow when they sell financial products and services, give financial information or advice, advertise financial products or services and handle complaints of consumers. A discussion paper has been published and you can click on the link to access the discussion paper and complete the survey. The Central Bank published its final Quarterly Bulletin of 2022 and  you can read the press release here. Chartered Accountants Ireland Western Society was pleased to co-host the launch of the Bulletin in the Galmont Hotel Galway on 6 October 2022. The event was an opportunity to discuss the general outlook for the Irish economy and the Bulletin which noted that energy-driven inflation is causing uncertainty and challenges for domestic growth. Following a short presentation, attendees were invited to ask questions from the panel moderated by Dr Brian Keegan, Director of Advocacy and Voice, Chartered Accountants Ireland.  The panel included Robert Kelly, Director of Economics and Statistics, Ireland; Tara McIndoe-Calder – Senior Economist, Central Bank of Ireland and Cathal O'Donoghue – Established Chair, Social and Public Policy, National University of Ireland, Galway. Please click here to access a podcast by Europol on Ransomware. A number of cybercrime specialists speak about how law enforcement dealt with a cybercriminal network selling ransomware services. Also in Ireland on this topic, the National Cyber Security Centre and the Garda National Cyber Crime Bureau this week launched a joint public awareness campaign for European Cyber Security Month. The campaign this year is focused on the twin themes of phishing and ransomware, urging vigilance and outlining their potential impacts on the everyday lives of Irish citizens and businesses. You can read more in the Dept. of Justice press release here. On Wednesday of this week there was a cross government launch of  the new National Implementation Plan for the Sustainable Development Goals 2022-2024. Its purpose is to  increase Ireland’s ambition and strengthen implementation structures to achieve the Sustainable Development Goals (which are set out in the plan). The Minister of State at the Department of Finance with special responsibility for Financial Services, Credit Unions and Insurance, Seán Fleming, recently launched an update of the Ireland for Finance strategy. This update charts the future development of the international financial services sector in Ireland to the end of 2026. Under the updated strategy the government has a target to grow employment in the sector by 5,000 net new jobs. You can read the press release here and access the updated strategy by clicking here and clicking the Updated Ireland for Finance Strategy. For further technical information and updates please visit the Technical Hub on the Institute website.