Welcome to this week’s Technical Roundup.   In developments this week, the Financial Reporting Council (FRC) has issued a consultation on publishing audit quality indicators (AQIs) for the largest UK audit firms, the FRC has issued an updated edition of the Guidance on the Strategic Report to incorporate the new climate-related financial disclosures and MEPs and EU governments struck a provisional agreement on new reporting rules for large companies. The Corporate Sustainability Reporting Directive (CSRD) will make businesses more accountable by obliging them to disclose their impact on people and the planet. Read more on these and other developments that may be of interest to members below. Financial Reporting The deadline for commenting on EFRAG’s discussion paper ‘Better Information on Intangibles – Which is the best way to go?’ is approaching (30 June 2022). The Discussion Paper explores various approaches to improve information on intangibles in financial reports. IFRIC, the IFRS Interpretations Committee, has issued its June 2022 update. The IASB has published a Project Report Feedback Statement concluding its Post-Implementation Review of IFRS 10 Consolidated Financial Statements, IFRS 11 Joint Arrangements and IFRS 12 Disclosure of Interests in Other Entities. The FRC has issued an updated edition of the Guidance on the Strategic Report to incorporate the new climate-related financial disclosures, following changes in legislation made earlier this year. In addition, a number of other amendments were also made to maintain alignment with legislation. For entities within their scope, the new climate-related financial disclosures are effective for financial years beginning on or after 6 April 2022. The FRC has published a consultation on proposed changes to Technical Actuarial Standard 100 which would require actuaries to include climate change risks in the course of their work. The UK Endorsement Board is holding a virtual outreach event on the International Sustainability Standards Board’s Exposure drafts. The event will take place on 30 June 2022. Auditing  The Financial Reporting Council (FRC) has issued a consultation on publishing audit quality indicators (AQIs) for the largest UK audit firms, which would provide users of audited information with greater detail on audit firms’ efforts to deliver high quality audit. The FRC welcome the views of all stakeholders – including users of audit services, investors, audit firms, and others with an interest in this topic by 18 August. A link to the consultation is available here. The Financial Reporting Council (FRC) has published comprehensive professional judgement guidance for auditors to improve how they exercise professional judgement. Professional judgement is key to high quality audit, however the FRC regularly identifies poor professional judgement as one of the most significant issues affecting audit quality. The new guidance includes a framework for making professional judgements and a series of illustrative examples. Insolvency The UK government recently published its interim report on the permanent measures in  the Corporate Insolvency and Governance Act 2020. Those measures are restructuring plans, the stand-alone moratorium, and restrictions on contractual termination (ipso facto) clauses. As part of the review,  the University of Wolverhampton was commissioned to conduct independent research. The report concludes that the permanent measures have been broadly welcomed by stakeholders and are seen as satisfying their policy objectives. It also  includes suggestions as to  how the measures could work even better.Details of the report can be found by following this link . Sanctions and Anti-Money Laundering The Irish Central Bank Director of Enforcement & Anti Money Laundering  has this week contacted business groups and professional representative bodies including Chartered Accountants Ireland regarding financial sanctions obligations. You can read details of the press release  here. The Central Bank  has asked for a letter they have written on sanctions to be circulated to members. The letter advises recipients that the Central Bank is the competent authority for the administration and enforcement of financial sanctions and that the adoption of sanctions places legally binding obligations on all individuals and entities. You can read our news item and the full contents of the letter here. PWC has recently published its Global Economic Crime Survey 2022: UK findings. Almost two in three respondents reported a fraud in the last 24 months. The survey deals with what types of fraud are occurring, who is perpetrating the crimes and how are they being detected. It identifies five key trends in respect of both fraud frameworks and specific risks. They are fraud risk and maturity, data and technology in risk management and detection, supply chain risk and resilience, ESG risk and cybercrime.You can go to their webpage and follow the registration procedure for a copy of the report. Other areas of interest The EU Corporate Sustainability Reporting Directive New social and environmental reporting rules for large companies were agreed this week by the European Council and European Parliament. It is an ambitious deal on compulsory reporting on environment, social affairs and governance. The Corporate Sustainability Reporting Directive (CSRD) will make businesses more accountable by obliging them to disclose their impact on people and the planet. This aims to end greenwashing and lay the groundwork for sustainability reporting standards at global level. New social and environmental reporting rules for large companies | News | European Parliament (europa.eu). Sustainability will become a new pillar of businesses’ performance, moving away from focus on short-term profits and the CSRD EU set to become front-runner in setting global sustainability reporting standards The UK House of Commons Treasury Committee recently issued a report on the future of financial services regulation. It includes consideration of the new regulatory framework (post Brexit),regulatory objectives and priorities and payment innovation including a focus on cryptoassets. You can read a copy of the report here. CLS Chartered Secretaries has published an article which maybe of interest to members on whether a company limited by guarantee  or a dormant Company must make a  filing  with the RBO. You can read more details and their conclusion here. The UK government, HM Treasury recently published the outcome of a consultation launched in July 2021. The consultation outlined how the government intended to amend the UK’s Money Laundering Regulations (the MLRs) to make updates to ensure that the UK continues to meet international standards, whilst also strengthening and ensuring clarity on how the UK’s anti-money laundering and counter-terrorist financing (AML/CTF) regime operates. The recently published  document summarises the responses to the consultation and sets out the government’s final approach to the relevant Statutory Instrument (SI) and you can read it here. Ministers in the Dept. of Enterprise Trade and Employment recently welcomed the publication from the Expert Group on Future Skills Needs (EGFSN) on the skills needed for Ireland to fully benefit from the opportunities presented by Artificial Intelligence.The report is entitled  AI Skills: A Preliminary Assessment of the Skills Needed for the Deployment, Management and Regulation of Artificial Intelligence.You can read the press release here and a copy of the report here. The Irish government recently announced a new €85 million fund, the Digital Transition Fund, to help businesses, at any stage or in any sector to go digital. The fund will be administered by Enterprise Ireland.Funding of €85 million has been allocated during the period to 2026 as part of Ireland’s National Recovery and Resilience Plan. €10 million will be available in 2022. A new online website is being developed and you can read more detail on the fund here. Any one member arrangements (OMA) set up on or after 22 April 2021 must meet the full requirements of the Pensions Act, 1990, as amended, including the new requirements of the IORP II Directive, by 1 July 2022.The Pensions Authority has recently issued a further reminder to trustees about this details of which you can read here. For further technical information and updates please visit the Technical Hub  on the Institute website. 

On 16 June, we welcomed a team from the FRC to Chartered Accountants House in Dublin for an in-person financial reporting update. The FRC were represented by Jenny Carter and Stephen Maloney from the Accounting and Reporting Policy team and Phil Fitz-Gerald from the FRC Lab. During the event, Jenny and Stephen provided an update on UK and Ireland accounting standards.  FRS 102, is currently in the early stages of its periodic review which occurs at least every 5 years and during 2021, the FRC sought views on this review. The Financial Reporting Technical Committee of the Institute submitted a response to this request in 2021. The FRC are now considering the views of stakeholders in advance of issuing an exposure draft with proposed changes. This exposure draft is expected to be issued for consultation in 2022. Stephen provided an update of some of the key issues being addressed as the FRC develop the exposure draft including the incorporation of newer IFRS standards such as IFRS 9- Financial Instruments, IFRS 15- Revenue from Contracts with Customers and IFRS 16- Leases into FRS 102, whilst remaining appropriate for entities applying FRS 102. The FRC have also recently held a series of roundtables with stakeholders to discuss ways in which the periodic review can be implemented. Stephen and Jenny discussed FRED 80- Draft amendments to FRS 100 Application of Financial Reporting Requirements Application Guidance The Interpretation of Equivalence which was issued in May 2022 for consultation. This exposure draft proposes updates to the Application Guidance of FRS 100 on the interpretation of equivalence and seeks to address how Irish intermediate parents with a UK parent can assess equivalence of consolidated financial statements when applying section 300 of the Companies Act 2014. Similarly, the exposure draft provides application guidance on equivalence when applying section 401 of the Companies Act 2006 in the UK. Also discussed were the current status of other UK and Irish accounting standards such as FRS 101, FRS 103, FRS 104 and FRS 105. The Financial Reporting Lab were represented by Phil Fitz-Gerald who provided an update on recent and upcoming projects. Having celebrated its 10th anniversary in 2021, the Lab provides an environment where investors and companies can come together to develop pragmatic, market-led solutions to today’s reporting needs. Their publications provide a valuable resource to companies and investors and address topical matters.   Phil discussed some of the recent publications by the Lab, including; Reporting on stakeholders, decisions & section 172 Structured reporting: early implementation review Reporting on risks, uncertainties, opportunities and scenarios TCFD: ahead of mandatory reporting and current projects on their agenda including; ESG data production Structured reporting: driving up quality  Net zero disclosures Digital security and strategy risk disclosure During his address, Phil noted the importance of participants to the Lab's work and how this contributes to the quality of the publications issued by the Lab. Phil issued a request for participants to their upcoming project entitled 'Net zero disclosures'. Companies willing to participate can do so via the FRC or by contacting the Institute.

The Irish Central Bank Director of Enforcement & Anti Money Laundering  has this week contacted business groups and professional representative bodies  including Chartered Accountants Ireland regarding financial sanctions obligations .You can read details of the press release here. The Central Bank  has asked for a letter they have written on sanctions to be circulated to members. The letter advises recipients that the Central Bank is the competent authority for the administration and enforcement of financial sanctions and that the adoption of sanctions places legally binding obligations on all individuals and entities. You can read the full contents of the letter here.

Elaine O'Brien is a member living and working in New York. Here she outlines for us how she got there.   Where did you grow up and where do you live now? I was born and raised in Dublin, went to university in Trinity College Dublin, trained as a Chartered Accountant in KPMG, Transaction Services, and have been working in L’Oreal since 2014 – first in the London office and since 2016, based in New York City.  What made you choose to become a Chartered Accountant?  I became a Chartered Accountant as I saw it as a ‘business passport’ in a sense. I understood that accountancy is more than just the debits and credits and really is a tool to enable business partnership and strategic direction.  Can you tell us a little about how you got to where you are today – both the geographical relocation and career path After training as a Chartered Accountant in KPMG, Transaction Services, I moved to London to work as a Controller in L’Oreal. I spent just under three years in the London office working across Marketing Finance and Commercial Finance on the Lancome, Yves Saint Laurent and Giorgio Armani businesses. In 2016, I transferred to L’Oreal USA based in NYC and took over the Commercial Finance management of the Active Cosmetics Division and also worked on the acquisition and integration team for the CeraVe acquisition in 2017. In 2019, I took over the Head of Finance position in Yves Saint Laurent USA and most recently, I have been leading the Revenue Team in the Luxury Division where I am responsible for the ecosystem of unlocking value to drive market share – this scope includes Wholesale and D2C Sales, Media, Consumer Connections and Supply Chain partnerships.  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?  I think the Chartered Accountant qualification has given me a seat at the table for all business partnering decisions – I am not purely a financier crunching numbers but am a co-pilot of the businesses I work on. I see the ACA qualification as a global business passport that enables you to partner cross functionally and internationally. Since qualifying as an ACA in 2013, I have worked across the UK and USA and work daily with a diverse range of functions including logistics, marketing, HR, sales etc.    As a member living in the USA, can you talk to us about how your membership has 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)?  It’s an internationally recognised qualification which is really fantastic! I didn’t have to do any conversion courses to utilise the qualification and my company and business partners understand the merits of this membership. It’s also been a good common denominator with fellow expats in the USA and I have gone to many ACA organised networking events and met fellow ACA members here as a result. It definitely makes the world a smaller place! And finally Elaine, if you weren’t an accountant, what do you think you would you be/have been?   After spending most of my L’Oreal career working in Commercial Finance, I think I would be in FMCG Sales. I love partnering with the retailers on sell in and sell out plans, marketing on launch execution and operations on forecast planning! It’s such a fast paced and exciting division! Elaine O'Brien is Vice President, Finance at L'Oreal USA   

Welcome to this week’s Technical Roundup.  In developments this week, the European Financial Reporting Advisory Group, jointly with BusinessEurope and EuropeanIssuers, will hold an outreach event on 4 July 2022 to discuss the EFRAG Exposure Drafts on Draft European Sustainability Reporting Standards (ESRS) and the Irish Pensions Authority announced recently that it is launching a short survey of a selection of defined benefit and defined contribution schemes the results of the which will be published in September 2022. Read more on these and other developments that may be of interest to members below. Financial Reporting On 16 June, we welcomed a team from the FRC to our Dublin office for an in-person event for members. During the session Jenny Carter and Stephen Maloney from the accounting and reporting policy team of the FRC gave members an update on financial reporting matters including details of the progress made to date on the ongoing periodic review of FRS 102. Phil Fitz-Gerald from the FRC Lab was also on hand to give attendees an update on recent projects completed by the Lab, including structured reporting, ESG data, Net Zero disclosures and cybersecurity risk disclosures. The Financial Reporting Council has published a consultation on proposed changes to Technical Actuarial Standard 100 which would require actuaries to include climate change risks in the course of their work. EFRAG, jointly with BusinessEurope and EuropeanIssuers, will hold a joint outreach event on 4 July 2022 to discuss the EFRAG Exposure Drafts on Draft European Sustainability Reporting Standards (ESRS). The IASB have released their May 2022 podcast which addresses some highlights from their May meetings. Some of the topics covered include a discussion on the technical staff’s research on Goodwill and Impairment, an analysis of the feedback received on the recent consultation - Targeted Standards level Review of Disclosures and the post implementation review of IFRS 9 - Classification and Measurement. Auditing IAASA has published a consultation paper on its draft work programme for the period 2023-2025. Section 910 of the Companies Act 2014 provides that IAASA must prepare and submit a work programme to the Minister of Enterprise Trade and Employment for each successive period of three years. Sanctions and anti-money laundering The EU recently announced its sixth package of sanctions against Russia. Further details is available on the Institute’s webpages on Sanctions. One prohibition which will be of interest to members is the prohibition on provision directly or indirectly of certain business-relevant services such as accounting, auditing including statutory audit, bookkeeping and tax consulting services to the Russian government, as well as to legal persons, entities or bodies established in Russia. Please click here for some more detailed information and links on the subject on the Institute’s news page. DLA Piper has issued its Anti-Money Laundering Bulletin: Spring/Summer 2022. You can download it by going to this page and in it you can read updates on AML developments in the UK, the US and internationally. The National Crime Agency in the UK has issued its latest Suspicious Activity Report (SAR) Glossary Codes and Reporting Routes as of June 2022. This booklet replaces all previous glossary codes publications and you can access it here. While it relates to credit or financial institutions, the recent publication by the European Banking Authority (EBA) of its guidelines specifying the role and responsibilities of the anti-money laundering and countering the financing of terrorism (AML/CFT) compliance officer and of the management body of credit or financial institutions might be of interest to readers. You can read the press release and download the guidelines here. Sustainability Accountancy Europe are hosting a webinar on 20 June which will bring together key stakeholders to discuss audit committees’ role in the effective implementation of sustainability and ESG aspects in business. They will also present the recent Accountancy Europe paper ESG Governance: recommendations for audit committees. In the last few weeks, the International Sustainability Standards Board (ISSB™ Board), EFRAG and the SEC have all published proposed sustainability reporting standards. All of them represent significant steps towards greater connectivity between sustainability reporting and financial reporting. In a recent podcast the three leaders of the KPMG global corporate and sustainability reporting team offer a high-level overview of the proposals. The government recently announced a new €55 million ‘Green Transition’ fund to help businesses move away from fossil fuels and towards more sustainable, cheaper alternatives. The Green Transition Fund is part of Ireland’s National Recovery and Resilience Plan (NRRP), which is funded by the European Union. It comprises the Climate Planning Fund for Business and the Enterprise Emissions Reduction Investment Fund. You can read more information here. Other Areas of Interest The Companies Registration Office (CRO) have issued their June 2022 Gazette which features new companies; change of name; annual returns received and registered. The Central Bank of Ireland has today (15 June) published the first Financial Stability Review (FSR) of 2022. The FSR outlines key risks facing the financial system and the Central Bank’s assessment of the resilience of the economy and financial system to adverse shocks. You can read the Central Bank governor’s remarks on the review here. The Central Bank recently issued a letter to financial vehicles which are required to register in the central register of beneficial ownership with the Central Bank. The letter gives details of the levy which is payable by those financial vehicles ICAVs, Credit Unions, Unit Trusts, Common Contractual funds and Investment Limited Partnerships for 2021. Details of the letter can be found here. The Irish Pensions Authority announced recently that it is launching a short survey of a selection of defined benefit and defined contribution schemes. The purpose of the survey is to assess schemes’ progress since the original survey on IORP II preparedness, which was conducted in 2020. Results of the survey will be published in September 2022. The Minister of State for Trade Promotion, Digital and Company Regulation recently attended a meeting of the EU Competitiveness Council. Matters discussed included progress on the Consumer Credit Directive and the proposed EU Chips Act which, when adopted, will help further develop and strengthen the EU’s production and innovative capacity. You can read more information here. A joint webinar has been organised by the EUIPO and 4iP Council for 23 June 2022 on how trade secrets can impact the business of SMEs. You will be able to ask questions to the experts and learn the essentials of trade secrets, the risks and advantages and the best way to use them for your business. Please click this link to register for the webinar. The Minister for Public Expenditure and Reform recently announced the next phase of consultation in the ongoing Review of Freedom of Information Act, which will inform the direction of travel for FOI and transparency policy in the coming years. You can read more details here. The Financial Conduct Authority (FCA) is in the course of writing to more than 3,500 lenders to remind them of the standards they should meet as consumers across the country are affected by the rising cost of living. In its letter, the FCA is also telling lenders to make sure that their approach to taking on new borrowers takes account of the financial pressure they may face and the impact on their expenditure. To consider and, if necessary, improve how they treat consumers in vulnerable circumstances and effectively direct customers who need it to money guidance or free debt advice. You can read details on the FCA website by clicking this link. For further technical information and updates please visit the Technical Hub on the Institute website.   

On 3 June 2022 the European Commission announced its sixth package of sanctions against Russia. Further details are now available  on the Institute’s webpage on Sanctions. One of the measures is that the provision directly or indirectly of certain business-relevant services such as accounting, auditing including statutory audit, bookkeeping and tax consulting services, business and management consulting, and public relations services to the Russian government, as well as to legal persons, entities or bodies established in Russia are now prohibited. The relevant legal acts, a Decision 2022/884 and a Regulation 2022/879 have been published in the Official Journal. The recitals to Regulation 2022/879 provide a little more detail of the services which fall within the sanctions. They state that “......accounting, auditing, bookkeeping and tax consultancy services cover the recording of commercial transactions for businesses and others; examination services of accounting records and financial statements; business tax planning and consulting; and the preparation of tax documents….” Exemptions to the EU sanction are provided. There is an exemption for provision of services that are strictly necessary for the termination by 5 July 2022 of contracts which are not compliant with the Article (i.e now prohibited by the sanction) which were concluded before 4 June 2022 or of ancillary contracts necessary for the execution of such contracts. Exemption is also given for services that are strictly necessary for the exercise of the right of defence in judicial proceedings and the right to an effective legal remedy. An exemption is given for services for the exclusive use of entities established in Russia but owned, solely controlled, or jointly controlled, by an entity in an EU Member State. Derogations (which would have to be sought) are provided for services necessary for humanitarian purposes. The provisions are somewhat vague. For example, the wording on the applicable date is not entirely clear though it seems that the services are banned with a deadline for cessation of activities ,the provision of services that are strictly necessary, of 5 July 2022. Strictly necessary services are not defined either. On 24 June 2022 the EU Commission updated its FAQs to include an FAQ document on prohibition of certain business relevant services. You can click here to read the FAQs on sanctions on certain business relevant services. In the UK a ban on professional services exports to Russia was announced by the UK government  on May 4th.No further details have been publicly announced although we understand that legislation is being prepared on those sanctions. We will provide further information when available. Please see links below for some recent news items on this issue: European Commission press release on Sixth package of sanctions Arthur Cox, solicitors Linklaters Responses to the Russia/Ukraine Crisis – Sanctions Update No.3 Reed Smith This news item is provided as resources and information only and nothing in the news item  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 news item. 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 news item 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 in the news item. Chartered Accountants Ireland can accept no responsibility for the content on any site that is linked to/from the Institute website. Links are provided in good faith for the potential support of members and students.

Welcome to this week’s Technical Roundup.  In developments this week, the European Securities and Markets Authority, the EU’s securities markets regulator, has published its latest edition of its Spotlight on Markets Newsletter and Enterprise Ireland this week held its second offshore wind forum. It is an event which provided Irish companies the opportunity to hear from and meet with international developers in the sector. Read more on these and other developments that may be of interest to members below. Auditing As part of their information series on ‘What IAASA does’, IAASA have released a second instalment focusing on the Financial Reporting Supervision (‘FRS’) function. Financial Reporting The Financial Reporting Council (FRC) are hosting a webinar on actuarial regulatory reform on 21 June 2022. Crypto The OECD recently published a report “Institutionalisation of crypto-assets and DeFi [decentralised finance]–TradFi [traditional finance] interconnectedness”. While it is aimed at institutional investor participation in markets for digital assets it may be of interest to those interested in crypto for a few reasons. It analyses the potential for increasing interconnectedness between TradFi and decentralised finance and identifies linkages between the two. It outlines the risks these growing markets may create, examines the potential benefits of the decentralisation of financial services and puts forward policy recommendations. You can access and download the report from the ECD website here. Other Areas of Interest The European Securities and Markets Authority (ESMA), the EU’s securities markets regulator, has published its latest edition of its Spotlight on Markets Newsletter DETE has recently updated their webpage on EU trade sanctions in response to situation in Ukraine as of 3 June 2022 and their guidance notice  to 7 June 2022. The Minister for Public Expenditure and Reform spoke recently at the Irish Tax Institute Annual Dinner. Topics discussed included the economy, public finances, the economic outlook and climate action. He said of the latter that Ireland is committed to doing its part to address the climate crisis through the Climate Action Plan. He referenced the update in the planning code with the passing of the Maritime Area Planning Act 2021 to harness offshore wind and that the Government has committed to carbon pricing through the carbon tax which will be key to moving away from fossil fuels. You can read his speech here. Enterprise Ireland this week held its second offshore wind forum. It is an event which provided Irish companies the opportunity to hear from and meet with international developers in the sector. The first day examined the opportunity that exists in the UK and the UK’s industry ambition, investment, project pipelines and supply chain requirements. The second day focussed on the Irish market. Enterprise Ireland also formally launched the Gael Offshore Network at the event to bring together and grow expertise in Offshore Wind in Ireland. You can read more about the event and network here. The Health and Safety Authority this week published its Annual Report for 2021. It gives details of work carried out during the year and of the proposal to introduce a new Occupational Health division. This new division will centre its focus on various safety and health concerns in the Irish workplace including the impacts of the pandemic in accelerating the move to remote/hybrid working, the continued growth of the ‘gig economy’, the particular needs of vulnerable workers and migrant groups, and the impact of psychosocial issues in the workplace. You can download a copy of the report here. For further technical information and updates please visit the Technical Hub on the Institute website. 

Conal Kennedy, Head of Practice Consulting, writes: In Practice Consulting, we often take calls and emails from members about difficulties and challenges that arise in practice. One of the most common queries surrounds the rights and obligations of the various parties when there is a change of professional adviser. When a client decides to move from one accounting firm to another, both parties should cooperate to make the transition as smooth as possible. However, complications and difficulties can arise when one of the parties has a grievance. Sometimes, the relationship between the firm and the client may have lasted many years, and its ending can come as an unpleasant surprise to the existing accountant, the worse so if they have not been fully paid for all work done. On the other hand, the new accountant may be very pleased to gain a new client, and may be surprised in their turn by difficulties posed by the incumbent. In some rare instances, incoming accountants do not do all that is required of them under the Code of Ethics, particularly around professional enquiries. In Practice Consulting, we receive communications from members on both sides of the fence. We provide information and guidance to the member, bearing in mind of course that there are two sides to every issue. Let’s look at a typical scenario and discuss some of the issues and possible misconceptions, with the details anonymised but addressing problems that are common enough. As always, we need to concentrate on the key matters in a generalised way, so if you are faced with this scenario yourself, please go to the Sections 320 of the Code of Ethics for the full requirements and guidance. In our example, a firm has made contact with Practice Consulting, explaining that they have recently taken on a new client. The client is a limited company, who needs a non-audit accounts preparation assignment and tax compliance work carried out. The firm has sent the professional enquiry letter to the previous accountant. However, the outgoing accountant has written back to the firm and the client to say that they have not been paid for a certain piece of work, and are withholding clearance and keeping possession of all records until they have been paid in full. What are the rights and obligations of the parties? In the first instance, there is no such thing as “professional clearance” as such. No accounting firm can prevent another accounting firm from working for a client, and therefore no firm can give or withhold clearance. The incoming accountant is obliged to carry out professional enquiries to determine if there is any professional reason why they should not take up the appointment. This is the purpose of the “any professional reason” letter, to which the outgoing accountant should respond, with the approval of the client. The new agent should make their best efforts to obtain responses to the letter, including re-sending the letter by registered mail, if necessary. However, if they do not receive a response following reasonable efforts, and their other enquiries are sufficient to indicate that there is no valid reason not to take up the assignment, then they may proceed. In this instance, the existing accountant would appear to be attempting to take a lien, meaning a right to retain possession over certain documents that they have in their possession until they have been paid. Whilst this right still exists, it is really only applicable in quite narrow circumstances. Firstly, the outgoing accountant is obliged to co-operate with the successor to ensure that the client’s interests are not prejudiced, including the client’s obligation to comply with its legal obligations if there is no other means to do so. This may in effect mean the that the incumbent accountant is obliged to forward any missing information to ensure that tax compliance and filing obligations are met, or other interests are protected, and therefore the right of lien may be largely irrelevant in respect of the core accounting records of the entity. Secondly, in the case of an incorporated client, insofar as any of the documents held by the outgoing accountant constitute the accounting records of the company, then company law requires that these should be returned to the directors of the company. The fact that the outgoing accountant has not been paid does not affect either of the obligations mentioned above. Insofar as the accountant proposes to take a lien, this only applies to documents that have been worked on and for which the accountant has not been paid. In the case above, it would appear that the outgoing accountant is obliged to hand over the key accounting records that it holds, and to separately seek payment of the outstanding fees. The outgoing accountant should also respond to the professional enquiry letter. When we discuss the above rights and obligations with members who contact us, the members occasionally observe that the advantage appears to be with the incoming accountant. In fact, the Code of Ethics cannot override the obligation of the client to comply with legislation, or give the existing accountant rights that contradict company law. The message that members should draw is that their rights to refuse cooperation in the event of non-payment are quite limited, and they should organise their credit control policies accordingly. Many firms have a policy of limiting their exposure to large outstanding fees through direct debit and staged payment arrangements with clients. In the case of audit clients, the incoming auditor has certain rights to access information held by the outgoing auditor. The circumstances in which these rights apply differ slightly between ROI and UK, but are a legal right of the incoming auditor, and the application of them differs somewhat from the ethical obligations discussed above. If you have questions in connection with this issue or other practice related issues or dilemmas, please contact Practice Consulting and we will endeavour to give you the information and guidance that you need.

Russia’s War in Ukraine changed many assumptions held by European governments, but Judy Dempsey asks is Europe prepared to embrace significant strategic issues that will change the status quo? Russia’s full-scale invasion of Ukraine in February could radically re-shape the European Union.  And it’s about time.  For too long, the EU and most member states were content in the comfort zone that did not have to deal with issues that would fundamentally change their way of doing things. These included energy, security, the future of enlargement and Russia. Until Russia’s second invasion of Ukraine, there was a tactic consensus that Europe could continue along the path of perceiving Eastern Europe through the prism of Russia and depending on Russian energy. The EU accepted the independence of Ukraine, Moldova and Georgia, not to mention Belarus. However, among many big member states, their sovereignty and independence were ambiguous.  While it was never publicly stated, this part of Europe, whose history and culture are unknown to many EU member states, was considered in Russia’s sphere of influence. In several ways, Russia’s all-out attack on Ukraine has changed that perception. First is the energy issue. It is only a matter of time before Europe will wean itself off Russian gas and oil. This dependence had given President Vladimir Putin immense leverage and blackmail over several EU countries, particularly Germany.  The EU, and German Chancellor Scholz’s Green coalition partners, say they now want to become independent from Russian energy as soon as possible. Despite the considerable pressure from German industry and its business lobbies tied to Russia, who wish to retain the status quo with Moscow, don’t underestimate this goal.  The reality is that Russia’s war in Ukraine has become the catalyst for speeding up Europe’s transition to renewable energy and alternative sources of supplies. As dependence on Russian gas decreases, so will the Kremlin’s geopolitical influence. Another impact of Russia’s aggression is security. Neutral Finland and Sweden are poised to join NATO. These two countries that have long cherished their neutrality now recognise that their security needs to be boosted. Joining NATO would fill a big security vacuum in Northern Europe, where Denmark and Norway are members of the US-led military alliance. The Baltic (NATO member) States will be more than reassured with Finland and Sweden on board. In short, Putin’s aggression in Ukraine has given NATO and the transatlantic alliance a new lease of life. It is changing the geo-security architecture of Europe. It will be interesting to see how Ireland deals with its long-standing neutrality stance.  Another big issue is enlargement that is tied to the future direction of Europe. President Emmanuel Macron’s speech at the conclusion of the Future of Europe conference set out how to make the EU more efficient by having a qualified majority voting system for certain policy issues and having a much closer, structural relationship with Eastern Europe.  But what about making the EU more politically integrated? This would require a treaty change that several member states oppose. However, this is where the war in Ukraine comes into play. European governments cannot retain the status quo when its own security and that of its eastern neighbours are at stake.  For a union with ambitions to be a global player, muddling through is no longer an option. It’s going to require a major shift in the mindset of EU countries to end Europe’s comfort zone that, until now, didn’t take its – nor Eastern Europe’s – security vulnerability seriously.  If it doesn’t make that shift, Europe will fail to use the war in Ukraine to develop a strong, integrated and secure Europe – with Eastern Europe as part of that house.  Judy Dempsey is a Non-Resident Senior Fellow at Carnegie Europe and Editor-in-Chief of Strategic Europe.

The Russian invasion of Ukraine has given rise to potentially complex financial reporting considerations for Irish companies with a presence in one or both territories. David Drought delves into the details of two areas of concern. The ongoing conflict in Ukraine, and resulting sanctions and counter sanctions imposed globally on and by Russia, have impacted certain companies.  Although the conflict is first and foremost an immense human tragedy for those involved, companies whose operations have been affected will need to consider the financial reporting implications.  Here, we consider two potential issues—the first being whether control of subsidiaries located in Russia has been lost, and the second being whether impairment tests of non-financial assets in the affected territories should be carried out. Do you continue to control your subsidiary?  Under IFRS 10 Consolidated Financial Statements, a company (investor) controls a subsidiary (investee) when it has power over the subsidiary, is exposed to variable returns from its involvement with the subsidiary, and can also affect those returns by exercising its power. Control requires power, exposure to the variability of returns, and a linkage between the two. Continuous control assessment  Suppose the facts and circumstances indicate that there are changes to one or more of the elements of the control model. In this scenario, an investor must reassess whether it continues to have control over the investee.  Here, companies will need to consider whether the consequences of the ongoing conflict lead to changes in investors’ relationships with investees in Russia. As a result of the effects of the ongoing conflict, for example, foreign investors may: face difficulties in repatriating funds from investees; exit or cease operations in these markets, either by choice or by being forced to do so because of sanctions imposed; or be impacted by potential new restrictions imposed on foreign owners – e.g. nationalisation of local operations. The hurdle for losing control of an existing subsidiary is generally high, but the loss of control of subsidiaries in the conflict-affected countries or regions should not be immediately presumed.  There is, for example, no exclusion from consolidation due to difficulties alone in repatriating funds from the subsidiary to the parent or the lack of exchangeability of currencies.  In considering the impact of these ongoing conflicts, management must consider these two critical elements of control: power and returns. Power When assessing power over the investee, an investor considers only substantive rights relating to an investee – i.e. rights that it has the practical ability to exercise.  Determining whether rights are substantive requires judgement. Whether there are any barriers due to the consequences of the ongoing conflict preventing the holder from exercising these rights should be considered (e.g. due to current sanctions a company may no longer be able to exercise rights previously available to it.) Returns When assessing returns, an investor evaluates if they are exposed to variable returns from involvement with an investee. The sources of these returns may be very broad and may include both positive and negative returns.  Sources might include dividend or other economic benefits, for example, remuneration for services provided to the investee, tax benefits or certain residual interests.  Management should consider whether the company’s exposure to the variability of returns has been impacted and needs to be reassessed. IFRS 10 does not establish a minimum level of exposure to returns to have control.  Where there has not been a loss of control, there may be other impacts to consider. These might include: possible impairment of the investment in the subsidiary; presentation of the subsidiary as held-for-sale or as a discontinued operation; or  possible impairment of the assets held by the subsidiary. Do I need to test my non-financial assets for impairment? Control in relation to other assets  Before considering impairment for companies with assets on the ground in Russia or Ukraine, it is necessary to assess whether they have, in substance, lost control of those assets.  Control in the context of assets generally means the practical ability to control the use of the underlying asset. If control has been lost, the asset is derecognised in its entirety, and no impairment is carried out. IAS 36 Impairment of assets  The standard requires management to assess whether there is any indication of impairment at the end of each reporting period.  Irrespective of any indicator of impairment, the standard requires goodwill, and intangible assets with indefinite useful lives (and those not yet available for use) to be tested for impairment at least annually. An annual test is required alongside any impairment tests performed as a result of a triggering event. Triggering events  The likelihood that a triggering event has occurred for non-current assets has increased significantly for companies that: have significant assets or operations in Russia or Ukraine; are significantly affected by the sanctions imposed and/or Russia’s counter-measures; are adversely affected by increases in the price of commodities; and/or are significantly affected by supply chain disruption. Impairment indicators  Indicators of impairment may come from internal or external sources, but the likelihood of some impairment indicators existing has increased for companies impacted by the Russia-Ukraine war. Some indicators that may arise include: the obsolescence or physical damage of an asset. For example, plants and operations in Ukraine may be subject to physical damage; significant changes in the extent or manner in which an asset is (or is expected to be) used which has (or will have) an adverse effect on the entity.  a significant and unexpected decline in market value; significant adverse effects in the technological, market, economic or legal environment, including the impact of sanctions on the entity’s ability to operate in a market; a rise in market interest rates, which will increase the discount rate used to determine an asset’s value in use; and the carrying amount of the net assets of an entity exceeding its market capitalisation. Falling stock prices may result in an entity’s net assets being greater than its market capitalisation. Abandonment or idle assets  Companies may have abandoned—or have considered a plan to abandon—certain operations or properties in Russia or Ukraine.  Some companies may have been forced to abandon owned or leased facilities in Ukraine as a result of the war, for example. In such cases, the company needs to accelerate or impair the depreciation of the property based on the revised anticipated usage or residual value. Assets lefts temporarily idle are not regarded as abandoned—for example, when a company temporarily shuts a manufacturing facility but intends to resume operations after military activities in the area abate.  Although temporarily idling a facility may trigger an impairment of that item (or the CGU to which it belongs), a company does not stop depreciating the item while it is idle—unless it is fully depreciated or is classified as held-for-sale. Companies should, however, consider the most appropriate depreciation method in this situation.  Disclosures When reporting in uncertain times, it is essential to provide the users of financial statements with appropriate insight into the key assumptions and judgements made by the company when preparing financial information. Depending on an entity’s specific circumstances, each area above may be a source of material judgement and uncertainty requiring disclosure. David Drought is a director in the Accounting Advisory team at KPMG in Ireland

Accountancy was well on its way to digital transformation long before COVID-19, but it can’t be denied that post-pandemic, the digitalisation of the profession has come a long way. Five members discuss their firm’s digital transformation and their role within it. David O’Connor Director Sheil Kinnear Our organisation operated, as many practices, did with an on-premises server and that worked well to a point but as demand for more flexibility grew as a response to the pandemic, it became an obvious option for us to take. In partnership with Datapac, moving to the cloud has futureproofed the business. We have learned to be more flexible and conscious of the risks around us. It has become more and more apparent that cyber security is a concern as we move toward a more paperless, digital environment. As a firm that does statutory audits, the ability to securely access our various software tools from anywhere was a huge incentive for us. I think there is an improvement in terms of what can get done no matter where you are. We are also benefitting from superior processing speeds both in the office and remotely. A challenge in our sector now is the transfer of knowledge. It’s huge in our business and people who work remotely still have to pass on that knowledge to trainees and other team members. This takes a lot more structure and scheduling.  I think there is a change towards more flexible working, but we do like to get together as a team and share knowledge and, because of that, it’s going to be hybrid going forward. Emer McCarthy  Group Strategy and Ecommerce Director Kilkenny Group We set up a “Go Digital” initiative a few years ago to transform as a company and become a true omnichannel retailer.  We defined a range of important steps and investments around channels, technology, and organisational restructuring to realise the omnichannel strategy.  We are one of the first to market with our VR store experience, giving potential shoppers worldwide an immersive, in-store experience from the comfort of their own homes. It allows our customers to engage with the Kilkenny Design brand in a completely new and unique way when the way we shop has undergone such a dramatic shift. COVID-19 has driven dramatic change in the digital space, and consumers have adapted accordingly. We have seen a decade of change over the last two years, and businesses need to continuously invest in experiences or processes via digital to meet and exceed the needs of the evolving omnichannel consumer.  Thankfully, we had commenced this journey before the pandemic, which allowed us to navigate an otherwise tricky trading period for bricks and mortar during the pandemic.   Our culture is very open to technology and the benefits that it brings. Embedding technology and new processes bring a level of change management but collectively, our culture has embraced the same by bringing our teams on the journey with us. Our environment has changed the need to adapt quickly to trends. COVID-19 has driven dramatic change in customers’ digital knowledge and use, which expedites the need to roll out pipeline projects sooner and plan to meet consumer needs three years in advance, at least. Louise Heffernan  Audit and Practice Manager Hugh McCarthy & Associates The pandemic exposed a weakness many firms weren’t prepared for and are now forced to adapt to, highlighting how behind some of us were in the digital age, primarily facilitating working remotely and having a strong online and digital presence.  We took this opportunity to begin a rebrand of the firm, working towards moving all systems online and providing additional training where needed.  We understand Rome wasn’t built in a day, but we are in the final stage of an online rebrand, transitioning to a paperless office and entirely cloud-based within four years.  My role in this has been writing and redesigning the website, developing a strategy with the marketing team, working with the IT team to develop a future cloud-based infrastructure, securing software that is online while ensuring GDPR compliance and setting out a four-year plan to go paperless while upskilling the team to ease with the gradual transition. The company has changed in so many ways. While our team chose to come back into the office, there is an option to work from home, providing a higher level of trust amongst the team and strengthening team communication. Giving the option to work from home also shows we value our employees and understand and appreciate the importance of life outside the office. Because of our digital focus, I have changed how I train the team, making sure all resources are available online while developing the team’s IT literacy. And my role has evolved – I now work with marketing and focus on long-term strategic planning while heavily analysing future costs. Bill O’Leary  Director  Goldbay Consulting Four years ago, I introduced accounting software to offshore wind energy consultants, delivering user-friendly automated features. Its reporting capability significantly enhanced the quality, relevance, and timeliness of our management information, which supported profitable business growth.  In March 2020, the pandemic forced us to change how we worked and the so-called “paperless office” had finally arrived.  My organisation implemented video conferencing software. Weekly and operational review meetings, and bi-monthly revenue assurance meetings with directors and senior fee earners were critical in managing revenue and cash flow during the pandemic.  More recently, our focus is on improving operating margin by using data management tools to extract, process and present project margin information in a graphical format to the leadership team. Collaboratively, we review project information, seek to understand the past better and work to agree on actions to modify future behaviour and increase performance.  Leveraging modern software and related digital processes have enabled me to provide the tools, coupled with knowledge, to empower our project leaders to make better informed financial decisions.  The benefits of digitisation and automation of processes are not always linear. As more simple and repetitive tasks are automated, the remaining work becomes more complex – which creates several challenges, such as increasing demands being placed on senior fee earners and the training and development staff becoming more complex.  The answer, which is nothing new, lies in how we use the wealth of digital information available today. How we extract, analyse, synthesise, present, communicate, discuss, understand, and act on the fruits of digital transformation is critical to unlocking the benefits of the digital revolution.  David Heath  CEO Circit At Circit, we have tried to create a culture of digital transformation from the company’s very beginning. With the assumption that technology will continue to evolve at pace, our team is encouraged to be tuned in to what is available in the market and trial services that they believe our organisation and people can benefit from.  This does not mean we implement every new tool we are aware of, but we do become better at monitoring the market, assessing the potential positive benefits of a new cloud service, and getting the timing right for making a change. By having a mentality of being adaptive, we can more easily advise and be an example for our customers who are also on their own digital transformation journey. Lockdowns and viruses have accelerated business trends already underway for companies, like moving to the cloud and modernising their IT departments, but it has also made them think about how their employees can work more efficiently. We’re moving from it being about ‘work from home’ to it being about entirely new ways of doing work.  For example, in the past few weeks, I’ve held investor meetings over video conference instead of in person, with the same – if not better – results.  Instead of thinking about who’s in an office, I’ve also been broadening the scope of who I chat with and when. On an average day, I’m probably talking to five times the number of people from different time zones than when I worked at the office. After all, anyone I want to communicate with is only a chat bubble and video call away. I think we will be forever changed, but now the challenge is to get the balance and team culture correct – one that is digital-first, security risk averse, being personable and willing to travel to in-person meetings to maintain a deeper connection with customers. 

The crypto slump has highlighted the risks posed by cryptocurrency as a speculative asset, but for professionals in finance, the immediate challenge is working out how best to account for it. Gavin Fitzpatrick and Mike O’Halloran dig into the details. Money, currencies and the methods by which people and businesses earn, store and exchange value have taken numerous forms throughout history.  The evolution of currency dates back many millennia, from the early days of bartering to modern methods, such as coins, notes, loans, bonds and promissory notes. Introduced in 2009 with the launch of Bitcoin, cryptocurrency is the latest evolution in this process. Despite a slow initial uptake, its popularity has risen dramatically in the past decade and, today, there are thousands of different cryptocurrencies in existence.  Views on their usefulness and longevity are somewhat fragmented, however. Investors who have been fortunate enough to acquire cryptocurrency at low prices sing its praises, whereas critics argue against its fundamentals and highlight the volatility of the cryptocurrency market. For companies and the accounting profession, however, the immediate challenge is working out how these assets should be accounted for. Here are some common questions worth bearing in mind. Is there a specific standard that accountants can apply to cryptocurrencies? In short, the answer here is no—nor do cryptocurrencies fit neatly into any existing standard. Accounting for cryptocurrencies at fair value through profit and loss may seem intuitive. However, such an approach is not compatible with IFRS requirements in most circumstances, as cryptocurrencies may not meet the definition of a financial instrument as per IAS 32.  Should cryptocurrencies be treated as another form of cash? IAS 7 Statement of Cash Flows states that cash comprises cash on hand and demand deposits. IAS 32 Financial Instruments Presentation notes that currency (cash) is a financial asset because it represents the medium of exchange. While cryptocurrencies are becoming more prevalent, they cannot be readily exchanged for all goods or services.  IAS 7 also considers cash equivalents—short-term, highly liquid investments that are readily convertible to known cash amounts and subject to an insignificant risk of changes in value. Given the considerable price volatility in cryptocurrencies, entities have not sought to apply policies where they define holdings in crypto assets as cash or cash equivalents. In the absence of a specific standard, what guidance and methodologies can accountants follow when deciding how to account for these assets? In practice, accounting policies defined to deal with cryptocurrencies follow the principles of accounting for intangible assets or, in some cases, accounting for inventory.  Intangible assets IAS 38 Intangible Assets defines an intangible asset as “an identifiable non-monetary asset without physical substance”.  Identifiable – under IAS 38, an asset is identifiable if it “is capable of being separated or divided from the entity and sold, transferred, licensed, rented or exchanged.” Cryptocurrency holdings can be traded and are, therefore, identifiable. Non-monetary – IAS 38 defines monetary assets as “money held and assets to be received in fixed or determinable amounts of money.” The value of a cryptocurrency is subject to major variations arising from supply and demand. As a result, its value is not fixed or determinable. Without physical substance – as a digital currency, cryptocurrencies do not have physical substance. As a result of applying the above logic, many companies classify holdings in cryptocurrencies as intangible assets. In line with IAS 38, companies can use one of two approaches to account for intangible assets: Cost – cryptocurrency asset is carried at cost less accumulated amortisation and impairment. In applying this approach, companies must determine if the asset has a finite or indefinite useful life. Given that cryptocurrencies can act as a store of value over time, they have an indefinite useful life, meaning the asset would not be subject to an annual amortisation charge. Instead, an annual impairment review would be necessary. Revaluation – under IAS 38, intangible assets can be carried at their revalued amount as determined at the end of each reporting period. To adopt this approach, the asset must be capable of reliable measurement. While active markets are often uncommon for intangible assets, where cryptocurrencies are traded on an exchange, it may be possible to apply the revaluation model. In order to present increases and decreases correctly (i.e. determining how much is presented in other comprehensive income versus profit and loss), entities must be able to track movements in sufficient detail across their holdings. Establishing the cost of the crypto asset denominated in a foreign currency According to IAS 21 The Effects of Changes in Foreign Exchange Rates, entities will record holdings in cryptocurrencies using the spot exchange rate between functional currency and the cryptocurrency at the date of acquisition.  As noted earlier, cryptocurrencies are not considered to meet the definition of monetary items. Therefore, holdings in cryptocurrencies measured at historical cost in a foreign currency will be translated using the exchange rate at the initial transaction date. Holdings measured using the revaluation approach shall be translated using the exchange rate applied when the valuation was determined.  Inventory As demonstrated, holdings in cryptocurrencies can meet the definition of intangible assets under IAS 38. However, within the scoping section of IAS 38, it is noted that intangible assets held by an entity for sale in the ordinary course of business are outside the scope of the standard. This conclusion is drawn from the fact that such holdings should be accounted for under IAS 2 Inventories. While the default treatment, under IAS 2, is to account for inventories at the lower cost and net realisable value, the standard also states this treatment does not apply to commodity broker-traders.  Such traders are required, under IAS 2, to account for their inventory at fair value less cost to sell, with changes in value being recognised in profit and loss.  Intuitively, it may seem appropriate for entities holding cryptocurrencies to follow the same accounting applied by broker-traders under a business model that involves active buying and selling.  However, since cryptocurrencies do not have a physical form aligning their accounting to a scope exception for commodity traders, it is a judgment call.  In practice, where there is a business model under which crypto assets are acquired to sell in the short term and generate a profit from changes in price or broker margin, the treatment described here from IAS 2 for broker-dealers has been applied.  Other considerations  So far, we have explored accounting for holdings of cryptocurrencies (IAS 38) and trading in cryptocurrencies (IAS 2). The standards referenced are not new.  To date, the IASB has focused on aligning accounting for cryptocurrencies to existing guidance, and practice has developed accordingly. While there is clear logic to the policies developed from this approach, there are still challenges.  For example, while applying the cost model of IAS 38 is straightforward, the balance stated in the financials may be significantly different to the market value. On the other hand, applying the revaluation model of IAS 38 can be difficult from the point of view of tracking movements in value to determine how much is presented in profit and loss versus other comprehensive income.  What about custodians? As recently as March 2022, the US Securities and Exchange Commission (SEC) released their Staff Accounting Bulletin No. 121.  The bulletin provides guidance for reporting entities operating platforms allowing users to transact in cryptocurrencies, while also engaging in activities for which they have an obligation to safeguard customers’ crypto assets.  Until now, custodians may have concluded that they do not control the asset they safeguard. However, the SEC believes that stakeholders would benefit from the inclusion of a safeguarding liability and a related asset (similar to an indemnification asset), both measured at fair value. This guidance is applicable to reporting entities that apply US GAAP or IFRS in their SEC filings. These entities are expected to comply in their first interim or annual financial statements ending after 15 June 2022. While this requirement applies to SEC filings, it is an essential development to be aware of. Challenges ahead Accounting policies designed to deal with cryptocurrencies have developed, in practice, from existing standards. While these policies are grounded in fundamental accounting principles, there are challenges.  As cryptocurrencies continue to become more prevalent, some of the key assumptions in these policies will be challenged.  For example, if the price of cryptocurrencies becomes less volatile, this would challenge the conclusion that they meet the definition of non-monetary assets under IAS 38. Instead, with less price volatility, it could be argued that they meet the definition of cash equivalents.  Given the current challenges and ongoing development of cryptocurrencies, many are calling for standard-setters to engage in a dedicated project to address these issues.  Gavin Fitzpatrick is a Partner in Financial Accounting and Advisory Services at Grant Thornton.  Mike O’Halloran is Technical Manager in the Advocacy and Voice Department of Chartered Accountants Ireland.