Welcome to this week’s Technical Roundup. In developments this week, the Financial Reporting Council and Financial Conduct Authority have jointly written to CEOs of UK issuers who are required to start producing their 2021 annual financial reports in a structured electronic format; the Committee of European Auditing Oversight Bodies has issued revised “CEAOB guidelines on the auditors’ involvement on financial statements in European Single Electronic Format (ESEF)”. They replace the initial guidelines issued by the CEAOB in 2019. Read more on these and other developments that may be of interest to members below. Financial Reporting The Financial Reporting Council (FRC) have published a staff factsheet on climate related matters to assist preparers of annual reports under FRS 102 The factsheet provides guidance on how climate-related matters may impact a set of financial statements. The first part of this factsheet outlines the ways in which climate related matters may impact a set of financial statements prepared under FRS 102 and the second part summarises current and proposed legislative requirements applicable to companies in the UK in relation to climate and associated matters. The FRC and Financial Conduct Authority (FCA) have jointly written to CEOs of UK issuers who are required to start producing their 2021 annual financial reports in a structured electronic format. The letter reminds such entities of their obligations and of the FRC and FCA’s quality expectations. The European Financial Reporting Advisory Group (EFRAG) have issued a detailed five-month status report outlining the progress to date for the elaboration of sustainability reporting standards following the recommendations of the Project Task Force on European sustainability reporting standards. The International Accounting Standards Board have announced that they expect to publish the Exposure Draft Non-current Liabilities with Covenants on 19 November 2021. The UK Endorsement Board (UKEB) has published its [Draft] Endorsement Criteria Assessment: IFRS 17 Insurance Contracts and welcomes stakeholders’ views on the potential adoption of IFRS 17 for use in the UK. The comment period runs to 3 February 2022.    The UKEB has also launched a survey on subsequent measurement of goodwill and are keen to hear views. You can take part in the survey until 26 November here. The UKEB invites stakeholders to attend a series of upcoming roundtables as it develops its response to the following IASB consultations: Post Implementation Review – IFRS 9 Financial Instruments, Classification & Measurement ED/20212/7 Subsidiaries Without Public Accountability: Disclosures Auditing A new report from the UK Financial Reporting Council (FRC) has set out the key elements required by audit firms to ensure they are delivering high quality audit. The Committee of European Auditing Oversight Bodies (CEAOB) has issued revised “CEAOB guidelines on the auditors’ involvement on financial statements in European Single Electronic Format (ESEF)”. They replace the initial guidelines issued by the CEAOB in 2019.  ESEF is the new electronic reporting format for annual financial reports published by issuers whose securities are admitted to trading on a regulated market in the European Union for financial years beginning on or after 1 January 2021. Other Areas of Interest The Pensions Authority has published FAQs on  investment and borrowing for one-member arrangements under the Pensions Act, 1990, as amended. It has also given notice of forthcoming information on  final Code of Practice and guidance for one-member arrangements (OMAs) during this week, instructions on outsourcing notification, guidance for the public and employers about the minimum standards they should expect from master trust vehicles and a findings report from the Authority’s engagements with master trust, DB and DC schemes during December .We will bring you details when published. The organisation, Irish Rule of Law International (a joint initiative of the Law Societies and Bars of Ireland and  Northern Ireland), is running a commercial law conference on November 25th.Readers may be interested in the paper on “Recent Developments Concerning Auditors Liability” by Gerard Sadlier and spoken to by Michael Coonan of McCann FitzGerald LLP. Tickets cost from €10-€30 euro and the conference can be booked here . The Public Interest Law Alliance together with a number of law firms is promoting Pro Bono week from 22nd to 26th November. Readers may be interested in the session on Implementing the Charities Governance Code on Wednesday, November 24 2021 - 12:00pm to 1:15 pm where legal professionals will discuss the Code, the organisational role played by trustees, the essential elements of good governance, the key legal duties of charity trustees, and provide tips to NGO's for compliance. The Decision Support Service (DSS) has launched a number of consultations recently as part of its preparations for the commencement of the Assisted Decision-Making (Capacity) Act 2015. One of the consultations is on the code of practice for financial professionals and financial service providers. This code will provide guidance for financial professionals and financial service providers on how to engage with and advise customers who are relevant persons under the 2015 Act. It also provides guidance on working with decision supporters and interveners.   You can access the draft code here. Feedback can be given by completing the online questionnaire or by downloading the questionnaire. The DSS asks that the financial professional draft code be read alongside the main  Code of Practice on Supporting Decision-making and Assessing Capacity. The consultation closes at 5pm on Friday 7 January 2022.   The Central Bank Governor recently spoke at a round table event focused on the changing landscape of the financial system, including issues such as the impact of climate change, technology and the need for firms and regulators to be future-ready. He said greenwashing was an area of concern as ‘green’ market practices are currently almost exclusively based on voluntary principles and standards, which leaves a lot of room for different interpretations. The Central Bank Director of Financial Regulation also spoke about climate change in his recent speech delivered at Irish Association of Corporate Treasurers (IACT) Annual Conference. In other Central Bank news, feedback on a consultation paper on engaging with stakeholders  from earlier in the year is now available .Also, the Central Bank recently published its Anti Money laundering bulletin focussing on Fund and Fund Management companies . For further technical information and updates please visit the Technical Hub and the Covid-19 Hub on the Institute website. 

Welcome to this week’s Technical Roundup.  In developments this week, IAASA has published a consultation on its intention to amend the definition of ‘listed entity’ in its Glossary of Terms, which defines the terms used in the Irish auditing and assurance standards; the European Securities and Markets Authority (ESMA), the EU’s securities markets regulator, has 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 In their October 2021 monthly podcast, Andreas Barckow and Sue Lloyd, Chair and Vice-Chair of the International Accounting Standards Board (IASB) respectively, spoke about the discussions that took place in recent meetings, as well as some highlights from the previous month. The IASB has also released a series of three webcasts explaining the proposals set out in the Exposure Draft Subsidiaries without Public Accountability: Disclosures. The series discusses the objectives & scope of the project, proposed disclosure requirements and the structure and application of the draft standard. Auditing Organisation of the public oversight of the audit profession in 30 European countries.  Enhancing companies’ credibility through audit ensures that stakeholders make informed decisions based on these companies’ financial statements. In parallel, public oversight ensures audit quality. The European Union (EU) statutory audit rules significantly impact how the public oversight of statutory auditors and audit firms is organised. Designated national public oversight bodies have the ultimate responsibility for the oversight of the audit profession. This survey by Accountancy Europe: presents the impact of the 2014 EU audit legislation. The findings show that the national public oversight bodies now carry out many activities previously in the competence of the professional bodies. Nevertheless, professional bodies continue to play an important role in this area working together with public oversight bodies to reinforce audit quality. The survey also provides an overview of how the public oversight is organised in each of the 27 EU Member States and Iceland and Norway as members of the European Economic Area (EEA). Organisation of the public oversight of the audit profession in 30 European countries - Accountancy Europe IAASA has published a consultation on its intention to amend the definition of ‘listed entity’ in its Glossary of Terms, which defines the terms used in the Irish auditing and assurance standards. The consultation is available here Insolvency The Insolvency Technical Committee – Northern Ireland has responded to the Joint Insolvency Committee consultation on changes to Statement of Insolvency Practice 3.1 - Individual Voluntary Arrangements.  SIP 3.1 applies in England and Wales and Northern Ireland. A copy of the consultation response can be found here. Other Areas of Interest The Financial Action Task Force (FATF) is considering proposals for tougher global beneficial ownership rules to stop criminals from hiding their illicit activities and dirty money behind shell companies. Read more here on the proposals and a consultation affecting stakeholders. ICAS are hosting a public webinar on Tuesday 30 November to discuss the results and practical recommendations from a large-scale research project on reporting of Intangibles from the University of Ferrara (Italy). The European Securities and Markets Authority (ESMA), the EU’s securities markets regulator, has published its latest edition of its Spotlight on Markets Newsletter. The Central Bank recently published its Strategy for 2022-2024 with  four connected themes for the Bank’s strategic direction :future-focused, open & engaged, transforming and safeguarding. Matters which may be of interest are the aim to strengthen the resilience of the financial system to climate-related risks and its ability to support the transition to a low-carbon economy, promoting  the provision of choice and access to payment instruments in Ireland, including cash and electronic payments and prioritising financial and operational resilience and AML/CFT. You can also watch a video on the strategy here. The Minister for Finance and president of the Eurogroup Paschal Donohoe recently chaired its November meeting .One of the topics was a discussion on the digital euro which he said could offer a European solution in a context of increased demand for alternative means of payments. Read also European central bank information on the digital euro. In the same vein HM Treasury and the Bank of England have this week  announced the next steps on the exploration of a UK Central Bank Digital Currency . The Irish Central Bank Deputy Governor Ed Sibley spoke recently to the National Supervisors’ Forum AGM for credit unions. The theme of the AGM was the Fifth Anti Money Laundering Directive. He spoke about how important they  consider the continued success of the credit union movement, as a necessary component part of the wider financial services system serving the needs of the people of Ireland and the wider Irish economy. You can read his remarks in his speech here. Charity Trustees’ week is taking place from 15-19 November 2021. The event is hosted in partnership by the Charities Regulator, Boardmatch Ireland, Carmichael, The Wheel, Volunteer Ireland, Charities Institute Ireland, Pobal and Dóchas. Minister Paschal Donohoe’s opening statement to the committee on finance public expenditure and reform included comments on the forthcoming Central Bank (Individual Accountability Framework)  Bill and the minister stated that the objective of the legislation is to underpin a thorough transformation of the culture in the financial services industry . In last month’s round up news we brought you details of the government’s proposals to amend freedom of information legislation. Minister McGrath has this week announced the launch of a public consultation as part of the review. The consultation asks participants to briefly identify key issues with the FOI system as they see it, to help the Department in defining the scope of the review. You can take part in the survey here. For further technical information and updates please visit the Technical Hub and the Covid-19 Hub on the Institute website. 

Chalene Gallagher ACA is truly a global citizen who now calls New York home. She somewhat stumbled into becoming a Chartered Accountant - her background being in Business and Management. She values the career options her qualification has presented her, as well as the opportunity to give back to her community and causes she values. Can you introduce yourself and tell us where are you from?   My name is Chalene Gallagher and I was born in the United States and raised in Antigua & Barbuda. I now live in New York with my husband, Brian, and our pandemic pup, Daisy. Tell us why you chose to become a Chartered Accountant? It happened unexpectedly, actually. I was living and working in London back in 2008, and decided it was time to make a change. Several people ranging from family members to one of my Masters professors (who happens to be an FCA) had suggested that I pursue professional accountancy, but I didn’t really take it to heart until then. Also I had visited Dublin a few times before then and always had a lovely time. So when I finally decided to dabble in accounting, I thought, "why not go study there for a while?" I applied to the Dublin Institute of Technology (now the Technology University Dublin) for the one year Post Graduate Diploma in Accounting, attended a career fair during the first couple weeks and ended up getting a role in PwC. The rest is history.  How you got to where you are today?  When my training contract ended, I wanted to use the natural opportunity that created to change things up again. Although I was born in the States, up until that point I had never lived here. So when a company called Cross Country Consulting was looking for Chartered Accountants to work in the States, I jumped at the opportunity. Once I got here, I worked as a consultant for a few years in a couple of firms, but really wanted to find a role that balanced accounting with my desire to give back to the community. A friend who worked at the Federal Reserve suggested that it would be  good for my career goals, and I have been working here as a specialist in income statement/balance sheet based regulatory reports ever since.  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? My training as a CA really helped to strengthen my ability to hit the ground running when dealing with new clients and be able to manage multiple projects simultaneously. Also Chartered Accountancy is very much focused around a value system that is critical for working in a mission-driven organisation such as the Federal Reserve. I’ve also been able to bring an international perspective to the table.  As a member living in the USA, can you talk to us about how your membership has been of value to you globally and if there is anything you would like to see your Institute do more of to support members overseas?   In addition to the international perspective being a CA reinforced for me, being able to locally tap into a network of such a diverse group of professionals who span a range of tenures and industries has really contributed to my growth personally and professionally. It has been invaluable to me during my time serving on the members Board and now as the chapter head of the greater New York chapter of Chartered Accountants Worldwide Network USA.  And finally Chalene, if you weren’t an accountant, what do you think you would you be/have been?  Honestly, a few things but most likely an artist of some kind. I’ve always had a creative streak, and I always look for ways to express it.   Chalene Gallagher                      

Alan Fagan has been living and working in the US for almost 10 years and has had some great experiences in that time. He comes from a family of Chartered Accountants and has some good tips for anyone considering a move to the USA, especially about the benefits of getting involved with CAW Network USA. 1. What is your name and where are you from? My name is Alan Fagan and I was born and raised in Dublin. I now live in New York with my wife, Susie and two children Eva and Felix. 2. Can you tell us why you chose to become a Chartered Accountant? You could really say it was like a family business…My Dad, Gerry, and two of my older sisters, Jen and Suzanne, are all Chartered Accountants so it was a proven career path in my household by the time I decided to do it. Accounting and Business were also my two favourite subjects in school and college so it was a natural choice for me. 3. And how did you get to where you are today, and what your qualification brings to your career and society? Can you tell us more about how your compliance work and family life during Covid in New York has been, and how it differs from Ireland? I started at KPMG in Dublin, which really set me up for having a successful career. I worked with and for some amazing people and learned so much in my five years there. It was my training and experience at KPMG that gave me confidence to apply for and ultimately land a role with CrossCountry Consulting in the US. My training at KPMG and studying and obtaining my CAs helped instil a great work ethic in me and also helped develop the skills needed to be successful both professionally and personally. I recognise that I have been extremely lucky with all the opportunities that have been presented to me in my life so try to pay that back to society as much as I can. Although my career in the US started out working in Accounting, when I moved to CrossCountry Consulting’s NY office in 2014, the focus was on more Risk and Compliance work. Although it wasn’t exactly what I had planned to do, I embraced the challenge and dedicated a lot of time to becoming a subject matter expert in areas such as Credit Risk, Anti-Money Laundering, Operational Resiliency and more recently LIBOR. Even more recently, I once again pivoted my career path to focus on Fintech companies and now lead the Fintech practice for CrossCountry in the US. I have been extremely lucky with the opportunities presented to me throughout my career but key to my success has been my ability to change direction and focus on new areas and industries and ultimately make a success of them. In my nine years in the US, I have been lucky enough to work with great colleagues in three great cities (Chicago, Washington DC and now New York) and work with some of the biggest companies in the world.  As I said, I believe the key to my success to date has been embracing new opportunities and challenges, even if they weren’t quite in line with where I saw my career going.  4. How are working and family life different in New York, especially during Covid? The biggest difference between working in the US and Ireland is definitely the culture. In the US, you need to be your own biggest cheerleader and really let people know about the value you are bringing as there are a lot of big personalities in the US. The same is true around networking and building relationships, you have to put yourself out there and really go outside your comfort zone to develop that network. I learned pretty early on that the things that made me successful in Ireland may not be the same things that make me successful in the US so had to really adjust my way of doing things to more align with the US way of working.  Covid was challenging for everyone, but on balance we were very lucky that we did not have too bad an experience. NY in the early days of pandemic were tough but from June 2020 things started to improve and we didn’t really have much setbacks in terms of the city reopening. The hardest part was definitely being away from family and my kids not getting to see their grandparents but we were fortunate enough to be able to go back in June this year and have another trip planned for Christmas.  5. As a member living overseas, can you talk to us about how your membership has been of value to you globally and if there is anything you would like to see your Institute do more of to support members overseas?  Since I moved to the US in 2012, I have been actively engaged with Chartered Accountants Worldwide Network USA (formerly ACAUS), that I am member of as part of my Chartered Accountants Ireland membership. This has been a great network to meet people with a similar background and learn how to be successful in the US, leveraging the CA qualification. I am very passionate about the value of this network and recently joined the Executive board of CAW Network USA as Treasurer. I am looking forward to continuing to engage with CAs moving from Ireland to the US so that they can also benefit from it. My one ask of the Institute is to continue to raise awareness of CAW Network USA to members moving to the US as it can be such a valuable resource for those trying to start careers in a new place.   6. And finally Alan, if you weren’t an accountant, what do you think you would you have been? Probably a lawyer – I was always fascinated by law growing up and liked the idea of working in a courtroom but in the end I found numbers more interesting than text so went with accountancy!     

Welcome to this week’s Technical Roundup.  In developments this week, the FRC has published the annual review of corporate reporting which outlines the top ten areas where improvements are needed, IAASA has published a video briefing for audit committees and the EFRAG has released it’s third of three podcasts on “good practices in reporting the business model, sustainability risks and opportunities”. The Financial Reporting Lab has published a report to help companies prepare for mandatory TCFD reporting. Read more on these and other developments that may be of interest to members below. Financial Reporting The Financial Reporting Council (FRC) has published its Annual Review of Corporate Reporting, which outlines the FRC’s ‘top ten’ areas where improvements to reporting are required. These include reporting on judgements and estimates, revenue and cash flow statements. https://frc.org.uk/news/october-2021/frc-to-focus-on-climate-related-reporting-as-new-d The IASB has prepared a series of five bitesize webcasts on the Exposure Draft Management Commentary. This has been produced to address frequently asked questions about the International Accounting Standards Board’s proposals for a new framework for preparing management commentary. The European Financial Reporting Advisory Group (EFRAG) released it’s third of three podcasts on “good practices in reporting the business model, sustainability risks and opportunities”. This third and final episode in the series highlights the current and potential role of technology in sustainability reporting. FRC publishes oversight responsibilities and independent supervisor reports The FRC has also published its annual report to the Secretary of State for Business, Energy, and Industrial Strategy (BEIS) on how the FRC has discharged its oversight responsibilities in 2020/21 and its Report of the Independent Supervisor on Auditors General. The Financial Reporting Lab (the Lab) has published a report to help companies prepare for mandatory TCFD reporting.  It includes practical advice and examples that better address aspects of TCFD reporting from those companies already adopting the framework on a voluntary basis. https://frc.org.uk/news/october-2021/preparing-for-mandatory-tcfd-reporting,-including Auditing IAASA have published videos for those who would like to view their recent Audit Committee Briefing. Sustainability 57 organizations have released an open letter for the European Union to act on ESG disclosure standards. They encourage the European Commission to promote a global baseline set of standards through supporting the IFRS Foundation on the launch of the International Sustainability Standards Board (ISSB). The Irish Central Bank Deputy Governor Sharon Donnery was a panellist at the recent awards ceremony for G20 Tech Sprint 2021 on green and sustainable Finance  where the central banks’ mandate and roles in the area was discussed including the dedicated climate change units. Fraud and money laundering The UK Government recently published a fraud sector charter containing an assessment of fraud threats in the accountancy sector.  This voluntary charter sets out actions to tackle fraud in the accountancy sector including improving information regarding fraud and enhancing Companies House data. The UK National Economic Crime Centre has launched a campaign aimed at raising awareness of payment diversion fraud. The aim is to help small and medium sized businesses and home-buyers protect themselves. Click here to read more about the campaign. The European Data Protection Supervisor recently issued its latest newsletter  which contains information on the EDPS views on matters such as  the European Commission’s proposed Anti-Money Laundering legislative package  which it supports but suggests improvements to protect individuals’ personal data.  Other Areas of Interest The Department of Enterprise Trade and Employment has published the revised work safely protocol recently. Entitled the “COVID-19 National Protocol for Employers and Workers” it has been reviewed by employers and employee representative groups following the most recent public health advice received by Government.  On 20 October 2021, a guidance note was published by the Labour Employer Economic Forum, which supports the guidance set out in the Protocol. Following on from its recent Annual Conference 2021 - Opportunities and Aspirations for the Assisted Decision-Making (Capacity) Act 2015, the National Disability Authority has added presentations and other resources to their website. Also, recordings of the conference sessions can be watched via the NDA Youtube channel. The Property Services Regulatory Authority (PSRA) issued its Annual Report which presents an overview of the activities and outputs of the Authority in 2020. For further technical information and updates please visit the Technical Hub and the Covid-19 Hub on the Institute website. 

Welcome to this week’s Technical Roundup.  In developments this week, the UK Financial Stability Board has welcomed the publication of the 2021 status report by the industry-led Task Force on Climate-related Financial Disclosures; Public trust and confidence in charities research has recently been published by the Charity Commission for Northern Ireland. According to new research 87% of respondents marked 'doing what they say they will do' as a major factor that influences their trust in a charity. Read more on these and other developments that may be of interest to members below. Financial Reporting The Financial Reporting Council (FRC) has published the findings of its review into IAS 37 ‘Provisions, Contingent Liabilities and Contingent Assets’, which has been identified as a recurrent problem area by the FRC.  The International Accounting Standards Board (IASB) is currently consulting on proposals for a new accounting standard that would permit eligible subsidiaries to apply IFRS Standards with reduced disclosure requirements in their financial statements. The comment period is open until 31 January 2022. The IASB recently released a short video which introduces the board’s proposals set out in the exposure draft. The European Financial Reporting Advisory Group (EFRAG) released it’s second of three podcasts on “good practices in reporting the business model, sustainability risks and opportunities”. In this second podcast, Giuseppe Milici, Task Force member and Sustainability Services Senior Manager at Deloitte Italy, provides insights on the good practices identified in the report’s supplement, the selection process set by the Task Force, observed common threads among the identified good practices and the challenges encountered by the Task Force. The UK Endorsement Board secretariat has published its survey on IASB Exposure Draft ED/2021/3 Disclosure Requirements in IFRS Standards – A Pilot Approach (the Disclosure Pilot). The ED proposes replacing today’s mandatory disclosure regime with a series of disclosure objectives, giving companies more freedom to decide what should be disclosed to meet the objectives. Read more here. Q&A We have published a number of Questions & Answers to answer some of the most common questions members and other stakeholders have in relation to audit and assurance engagements financial reporting and insolvency. Other Areas of Interest The Financial Stability Board (FSB) has welcomed the publication of the 2021 status report by the industry-led Task Force on Climate-related Financial Disclosures (TCFD), which reports on the further progress in TCFD-aligned disclosures by firms. The Irish Pensions Authority recently published information on trustees obligations to notify the Authority of outsourcing arrangements. From 1 December 2021, trustees must notify the Authority when they enter an outsourcing arrangement for the provision of the internal audit and risk management key functions. Trustees who have entered these arrangements since 22 April 2021 must also notify the Authority. As part of Charity Trustees’ Week  on 15-19 November 2021 the Irish Charities’ Regulator together with Boardmatch Ireland, Carmichael, The Wheel, Volunteer Ireland, Charities Institute Ireland, Pobal and Dóchas, have put together a timetable of diverse events to suit trustees from every type of charity such as the Charities Governance Code Workshop for Small Non-Complex Charities on 18 November 2021 and the Charities Governance Code Workshop for Registered Charities on the 19 November. Places are limited so register now if interested. Public trust and confidence in charities research published by the Charity Commission for Northern Ireland. According to new research from the Charity Commission for Northern Ireland, 87% of respondents marked 'doing what they say they will do' as a major factor that influences their trust in a charity. Fraud and Money laundering The ICAEW has produced a useful insights article on payment diversion fraud. It outlines what it is and how businesses can avoid it for example by training and vigilance. It also provides advice  on what to do if it happens to your business and a link to the NCA brochure. HMRC has recently updated its guidance “Help and support for money laundering supervision”. There are a series of webinars on its pages on money laundering supervision containing information for all businesses and sectors including Accountancy Service Providers and Trust or company service providers registered with HMRC . For further technical information and updates please visit the Technical Hub and the Covid-19 Hub on the Institute website. 

Our 30,000th member, Richard Akpan, trained with KPMG in Dublin and is now embarking on a move to Edinburgh to take up a new role in a new city. We caught up with him to find out about his preparations and feelings about this adventure. Can you tell us a little about how the circumstances of your move came up? Besides my summer in Berkeley/San Francisco on a J-1 visa back in 2016, I’ve lived in Dublin for as long as I remember. While I do love home, I’ve always been keen to live abroad as a professional. Further afield is a lot more uncertain with Covid-19, but mainland UK offers something different that is still close to home. Myself and my girlfriend (who is also a Chartered Accountant) were between choosing London and Edinburgh to move to. What drew us to Edinburgh was that it was a smaller city where you can walk to everywhere, combined with both of us having family and friends scattered across Edinburgh, Glasgow and Aberdeen, led us to believe that it would be an easier city to settle in. The timing works out nicely with me finishing up with KPMG as a Chartered Accountant and looking towards the next steps of my career. What about the proposition made it a "yes"? There definitely were a number of factors.  I visited Edinburgh a few months ago and instantly fell in love with the city. I had visited when I was a child, but the feasibility of it as a potential place to relocate to was lost on my five year old self. What I like about Edinburgh is that while the Old Town is in the heart of the city centre, it doesn’t feel like a city centre. It has a really homely feel to it. Edinburgh was ranked the second biggest predominantly English speaking financial services centre in Europe in 2020, so there were a lot of suitable roles for both myself and my girlfriend to apply to.   Edinburgh is also a big rugby city – a sport of which I am an avid fan and incredibly average player of. I intend on joining a club when I move over in order to keep fit and get to know new people. A trip to Murrayfield is definitely on the bucket list.   The cost of renting is a lot more reasonable in Edinburgh. The housing market in Dublin is a nightmare, as anyone from my generation will tell you. The current rent I’m paying in Dublin for a one-bedroom in Ranelagh would get me a two-bedroom apartment in Edinburgh’s city centre, so there is a lot more bang for your buck.   The people there are very friendly. I find that the Scottish and the Irish have a very similar sense of humour too. What are you particularly excited about? I’m particularly looking forward to the change of scene. There’s so much that goes on in Edinburgh – such as the Fringe Festival in August and Christmas markets. I certainly envisage myself doing a lot of hosting with friends and family using visiting me as an excuse for a holiday! I am really looking forward to discovering a new city. What are you nervous about? I’m definitely nervous about starting my new role and making friends over there, but definitely in an excited way. It will very much have a "first day of school" feel to it – going from being very much settled in Dublin to a complete change in Edinburgh. I’ll be moving to a new city and a new apartment, starting a new job in a new company and joining a new club. There will be a lot of new firsts and there will be plenty of things to be nervous about along the way but I am looking forward to throwing myself into it. Now that you're ready to go, what have you learned along the way that might have helped you to know in advance? I would definitely make sure that if you’re looking to move abroad, to make sure that you start the job hunting process with a few months to go. A lot of employers may require a notice period that is as long as three months, so that is definitely a timeline to factor in.  A lot of companies are also inundated with applications to roles and can be slow to respond, so make sure to apply to a few roles that you are interested in and allow for a few weeks to progress to the next stage.   Make sure to confirm with your employer whether you are required to also become a member of their local accountancy body. Chartered Accountants Ireland is part of an international network so you should be able to maintain your membership at home as well as being a membership abroad, but it is definitely something to consider.   I remember reading a publication from Barden that was sent out alongside an Accountancy Ireland magazine back in late-2019.  On their moving abroad section, they said  “only apply to a job abroad if you would apply to the same role if you weren’t moving.”  I can’t stress how important that advice has been when job hunting. It meant I spent time reflecting on what direction I want my career to go and applying to suitable roles to get me there.   Make sure that you have the right to work in the country you are hoping to move to.  As Ireland is part of the Common Travel Area agreement with the UK, Irish nationals are automatically entitled with a right to work in the UK. It’s also good to have an idea about the National Insurance number – the UK equivalent of the PPS number. This can take some time to receive but it is good to look into it ahead of moving.   It probably goes without saying but I would heavily recommend spending some time in the city you would like to move to if at all feasible, just to make sure that the city is a good fit for you personally. What will you miss most about home? My family and friends. I’ve made a promise to my mum to visit home every 6-8 weeks! A flight back home is quicker than most people’s morning commutes, so I can at least make it back home on a regular basis and quite easily as well! Richard Akpan was admitted to membership in June 2021, becoming the Institute's 30,000th member.               

The details of the procedure for accountants in exceptional difficulty to make an arrangement with Revenue for the income tax deadline are set out in our Irish tax developments, along with confirmation from Revenue that arrangements for accountants reporting turnover for VAT Form 56A continue to apply. On the UK front, read this week’s updates on HMRC administered COVID-19 supports and we also bring you news of a new economic crime levy. While in international news, with Ireland signing up to the OECD global minimum tax agreement, 136 jurisdictions including all EU Member States and OECD members have agreed the two pillar plan.     Ireland Revenue set out the process for accountants in exceptional difficulty for the upcoming income tax deadline to seek to put an arrangement in place. Long-standing arrangements for accountings to support a client’s VAT Form 56A application continue to be recognised by Revenue. UK           Read this week’s updates on HMRC administered COVID-19 supports. HM Treasury has published more information on a new economic crime levy on professional firms and financial institutions. International The OECD two pillar plan on international tax reform is agreed by 136 jurisdictions, including Ireland. Keep up to date with all the latest Irish, UK, and international tax developments through Chartered Accountants Ireland’s Tax Newsletter. Subscribe to the Tax Newsletter by updating your preferences in MyAccount. 

Welcome to this week’s Technical Roundup.  In developments this week, the recently published Companies (Corporate Enforcement Authority) Bill 2021 (the Bill) establishes the Office of the Director of Corporate Enforcement (ODCE) as a standalone statutory body with a commission structure, to be called the Corporate Enforcement Authority (CEA); In its third quarterly podcast, the IFRS Interpretations Committee Chair and Vice-Chair of the International Accounting Standards Board Sue Lloyd joined Technical Staff Member Patrina Buchanan to talk about recent activities to support the consistent application of IFRS Standards during the third quarter of 2021 Read more on these and other developments that may be of interest to members below. Auditing The International Auditing and Assurance Standards Board (IAASB) has issued a proposed International Standard on Auditing of Financial Statements of Less Complex Entities. The consultation is open until 31 January 2022. The Institute's Audit and Assurance Technical Committee is considering this proposal in detail. To keep our members informed and updated on this important development we have published a webpage where members can access the consultation papers and submit their comments to us. IAASA have issued a revised version of ISA (Ireland) 240 The Auditor’s Responsibilities Relating to Fraud in an Audit of Financial Statements. The main changes to the standard are designed to provide increased clarity about the auditor's obligations to detect material fraud and enhance the requirements for the identification and assessment of the risk of material misstatement due to fraud and the procedures to respond to those risks. Read more here. Financial Reporting In its third quarterly podcast, the IFRS Interpretations Committee Chair and Vice-Chair of the International Accounting Standards Board Sue Lloyd joined Technical Staff Member Patrina Buchanan to talk about recent activities to support the consistent application of IFRS Standards during the third quarter of 2021. Topics discussed in the podcast included; Non-refundable VAT on lease payments Accounting for warrants that are financial liabilities on initial recognition Demand deposits with restrictions on use Cash received via electronic transfer as settlement for a financial asset. The FRC’s Lab published a report that supports companies in the move towards high-quality digital reporting. The Lab report sets out key considerations and tips for companies covering: how to set up the structured reporting process; how to enhance the usability of structured reports; and common tagging issues to avoid. The Financial Reporting Council (FRC) has published the findings of its review into IAS 37 ‘Provisions, Contingent Liabilities and Contingent Assets’, which has been identified as a recurrent problem area by the FRC. In it’s latest podcast, the European Financial Reporting Advisory Group (EFRAG) provided an insight into the European Lab Project Task Force on the reporting of non-financial risks and opportunities and the linkage to the business model (PTF-RNFRO) report : Towards Sustainable Businesses: Good Practices for Business Model, Risk and Opportunities, Reporting in the EU and Supplementary Document: Good Reporting Practices. Other Areas of interest The recently published Companies (Corporate Enforcement Authority) Bill 2021 (the Bill) establishes the Office of the Director of Corporate Enforcement (ODCE) as a standalone statutory body with a commission structure, to be called the Corporate Enforcement Authority (CEA). Listen to the Association of Compliance Officers’ podcast series. Compliance files- Season 2, Episode 1.This week they speak with Ian Drennan, Director of Corporate Enforcement, on the role and powers of his Office, the implications of the Hamilton Report and the Implementation Plan which can be found on the Department of Justice website. One of the strands is the Advisory Council one of the key responsibilities of which will be developing Ireland’s first multi annual strategy for combatting crime and economic corruption. The director also makes reference to the above Bill which he says the legislature hope to have in force by year end, so a recent priority of his office has been work in this area to have the CEA ready to go by January 2022. As part of European Cybersecurity Month ISME are hosting a webinar on cybercrime with Department of Justice and  An Garda Síochána on protecting your business from cybercriminals.    The free webinar is on 28 October, and you can register by clicking the link above. The Department of Enterprise Trade and Employment has issued a Budget day newsletter with a link to the department’s Budget 2022 allocation. The newsletter gives details of some of the business focused measures contained in Budget 2022 such as enhanced tax arrangements for remote working and funding for digital and green funds. The Central Bank’s Director General Derville Rowland spoke recently at  the A&L Goodbody Corporate Crime and Regulation Summit about the evolution of enforcement at the Central Bank. She referred to  areas such as establishing and maintaining the credible threat of enforcement by the Central Bank and also about the proposed Individual Accountability Regime under the General Scheme of the Central Bank (Individual Accountability Framework) Bill 2021 making reference also to the UK experience in relation to this. HMRC has issued its October edition of its  bi-monthly magazine for employers and agents giving them the latest information on topics and issues that may affect them. Also, in the anti-money laundering supervision area, HMRC has recently updated its Guidance on Understanding risks and taking action for Trust or Company Service Providers. Sustainability Sustainable Finance Ireland in conjunction with the UN-convened FC4S, has launched Ireland's Sustainable Finance Roadmap, in collaboration with public and private stakeholders across Ireland including the Department of Finance, Skillnet Ireland, and internationally. Developing sustainable finance talent will be prioritised as a key pillar of the roadmap. In launching the report, the Minister for Finance Paschal Donohoe said the roadmap was a priority Action Measure under the Ireland for Finance Action Plan 2021, demonstrating sustainable finance’s increasing prominence as a priority for Ireland and an essential tool in addressing the climate crisis. For further technical information and updates please visit the Technical Hub and the Covid-19 Hub on the Institute website. 

Susan Rossney, Public Policy Officer, writes: It seems that everyone is talking about sustainability nowadays. Accountants in SMPs are watching the news and listening to the debate. You may well be asking questions like: “What can I do in the face of a global issue?” “How will this affect my practice and my clients’ businesses?” “What questions will my clients ask me next?” “ What expertise should I be developing now?” “How will sustainability work for me?” The sense of urgency to address climate change across the world is intensifying. Droughts, floods and wildfires are increasing, ecosystems are collapsing, and in response people are calling for change. But climate change is part of a broader sustainability challenge – one that can be summed up as ‘environment, social and governance’, or ESG. The responsibility to meet this challenge falls on all businesses and firms, including small ones. As ESG continues its rise up the political and corporate agenda, smaller businesses now more than ever need to meet certain ESG criteria so they can access finance, win contracts or be part of larger companies’ value chains. Clients and consumers also expect businesses to have a positive impact on the environment and to be doing their part to contribute to change. Companies that want to prosper in the future will have little choice but to become sustainable. Small businesses have a crucial role in the transition to more sustainable economies and societies. Accountants are key financial advisors for those businesses, but also need to understand and implement sustainability practices for their own businesses. This article discusses the opportunities for small businesses – and their advisors – in embracing sustainability. “Practices who want to engage particularly with the next generation of staff and clients need to be able to take sustainability seriously and need to be able to demonstrate that” Conal Kennedy, Head of Practice Consulting, Chartered Accountants Ireland Environmental, social and economic issues present huge risks for businesses. Examples include: losing out to competitors; having reduced access to capital; developing weaknesses in supply chains; developing succession risks; and failing to meet the requirements of stakeholders, including consumers, clients, banks, business partners, staff and regulators. Accountants can identify and quantify these risks for their own practices, and develop policies for themselves and their clients to address them. But managing risks against ESG factors can also benefit businesses directly. As this article will show, if properly addressed, it impacts employee welfare, improving employee experience and leading to greater output; it affects ability to access finance; it enhances an organisation’s reputation, helping to attract new business and staff; and it can help companies comply with supply chain requirements of their larger clients. Preparers and auditors of financial statements will also need to consider these issues going forward. Generating new business Many accountants are now adding “sustainability consulting” to their services to clients. As trusted advisors, they can play a key role in helping SME clients think about their potential sustainability risks, and leverage opportunities offered by the sustainable transition. For example - Accountants can help clients to: assess sustainability impact and risks improve efficiencies reduce costs avail of grants acquire finance identify opportunities to expand their range navigate the changes Sustainability is also an increasingly important factor in tendering for contracts with larger organisations which have stricter sustainability goals. Some of these large organisations perform assessments of potential suppliers. Others also carry out regular risk screenings of existing supply-chain suppliers, and/or conduct internal audits and onsite supplier audits to verify that their supply chain suppliers are conforming to their policies. Accountants have a huge role to play in helping companies prepare this information, and in doing so themselves if they are part of these supply chains or are tendering for contracts. Accessing Finance Embracing sustainability is working towards ensuring the financial future of accountants’ businesses or their clients’ businesses. Investors are actively looking to invest in sustainable projects, and are screening out certain sectors or companies (like those heavily reliant on fossil fuels, for example). Businesses seeking this investment benefit from being able to collect and report on their sustainability-related activities against a recognised standard. Many banks are also adopting sustainability criteria and may require proof of sustainable practices from companies looking to avail of finance. There are also business grants as well as support schemes and tax incentives available for organisations looking to transition to more sustainable practices. Again, accountants have a huge role to play in guiding clients through this. Savings Operating in a sustainable manner saves costs. While there may be short-term costs associated with transitioning to a sustainable business model, businesses can recoup the investment they make and can also reduce their business costs by introducing more sustainable ways of working. According to the Sustainable Energy Authority of Ireland (SEAI), the average SME can save up to 30% on its energy bill by becoming more energy efficient. A business with an engaged and motivated team is also less likely to experience high employee-turnover and associated costs. In a drive to decarbonise Ireland’s economy, the rate of carbon tax increased by €7.50 in October 2020 from €26 to €33.50 per tonne/CO2. Reducing your carbon emissions will reduce your cost. Ultimately, though, any costs associated must be reframed as the cost of compliance or risk management. The greater costs are the costs of not being sustainable. Reputation With social media increasing access to companies, there are very few places to hide for organisations which are falling short of sustainability-related expectations. Staff expect it, and customers demand it. Companies not being transparent about their sustainability achievements, or their goals, will be called out by their customers and staff. Likewise, there is little patience for companies that are ‘green-washing’, i.e. presenting a false or misleading green public image. “64 percent of customers are ‘belief-driven buyers’ who will choose, switch, avoid or boycott a brand based on its stand on societal issues.” 2019 Edelman Trust Barometer Special Report: In Brands We Trust? Mobile Survey Attracting clients On the flip side, though, organisations that do embrace sustainability are in a strong position to attract clients. They can do this by becoming more visible in their community. Supporting local literacy or numeracy projects, participating in local charities or sports clubs, or engaging in local-tree planting initiatives not only increases brand awareness of a firm or business: it builds trust with a community. Remember – not everyone may be doing this, so you will have a first-mover advantage if you do. As a greater number of large companies are either required to or decide to report on human rights, diversity and climate-related policies, a greater number of local businesses supplying those companies will also be obliged to disclose their own sustainability practices, and will need help from a financial advisor to do so. Accountants who are experienced in offering clients this support may attract more clients looking to comply with the sustainability requirements of large organisations. Attracting & retaining talent Candidates are actively seeking jobs in companies with strong ESG credentials and are rejecting jobs in those companies not aligned with their own values. What was identified by McKinsey in 1997 as the ‘war for talent’ is as fierce as ever within the professional services sector, and organisations are going to great lengths to recruit talent. These same companies are now including their commitment to ESG values as a competitive differentiation. This is a trend seen by Karin Lanigan, Head of Member Experience in Chartered Accountants Ireland: “I have worked in recruitment for more than 20 years and in recent years, I have noticed a growing trend whereby candidates have become more and more discerning about types of organisations they’ll work for. They are not just considering salary and package; they are looking at the sector, at the reputation of an organisation, and asking themselves ‘will I feel proud if I’m out with my friends on a Friday night to say that I work with whatever the organisation is or whatever the sector is that they are in?’ They want to have sense of pride in their place of work.” Remember: a commitment to ESG does not have to mean having a large sustainability department or running an eco-business. It can also mean being a firm or company that looks after its employees, provides good training and promotion opportunities, and is active in its local community. “With ‘measurements’ everyone thinks of ‘carbon footprint’. But it doesn’t have to be. You can measure staff satisfaction through surveys. You can measure employee-turnover and retention or absenteeism. Encourage staff to measure the number of hours they spend giving back to others in the community.” Teresa Campbell, PKF FKM Impact on Financial Statements Preparers and auditors of financial statements should consider the impact on sustainability and climate change on every entity. Quoted companies, and some categories of larger companies have defined obligations to report on the impact of environmental matters on the companies’ businesses. These specific reporting requirements do not apply to private limited companies reporting under FRS 102. However, climate change and sustainability are major and developing issues that cannot be ignored by anyone. Both IAASA and the FRC have recently commented on matters that they expect to see considered in financial statements. Whilst their comments were largely made in the context of the IFRS framework, much of what they have said is directly applicable to financial statements prepared under FRS 102. Accountants should consider and report on how climate change has impacted on the assets and liabilities of the company, what additional risks have emerged and whether new or increased provisions are necessary. How has climate change impacted on the estimates and judgements applied, and do these need to be disclosed? Consider such matters as the useful lives of property, plant and equipment. Consider also the impact on impairment assumptions. Does the entity have an obligation to remediate environmental damage caused by any of its activities? Have any of its contracts become onerous, or are they likely to? The financial statements, taken as a whole, should contain sufficient information to be useful to stakeholders, and preparers should avoid the use of non-specific boilerplate. See IAASA’s recent observations on published financial statements. The Institute will cover these areas in more detail in future issues of Practice Matters, broadcasts of Practice News, and CPD courses. Some member resources Find more on the Institute’s Sustainability Hub with resources from articles, podcasts and webinars to a glossary explaining the acronyms and terms. You can also find tips in the Institute’s guide on Sustainability for Accountants. This free guide for accountants describes what to do – and where to start – to operate sustainably, successfully and cost-effectively.  

Welcome to this week’s Technical Roundup.   In developments this week, IAASA has published a Consultation Paper on its proposals to issue revised versions of ISQM (Ireland) 1, ISQM (Ireland) 2, and ISA (Ireland) 220, the IAASB released an updated version of their First-time Implementation Guide for ISQM 1, the European Securities and Markets Authority launched a consultation on proposals for improvements to the MiFID II framework on best execution reports, and the Minister for Finance announced that there will be no change to the Employment Wage Subsidy Scheme (EWSS) for the month of October 2021. Read more on these and other developments that may be of interest to members below. Accounting The IASB have recently updated their workplan since it was last revised in July 2021. Accountancy Europe hosted a podcast entitled “Reporting Beyond the Financials: Sustainability on the Books” which discusses how a sustainable future begins with corporate reporting. The European Securities and Markets Authority (ESMA), the EU’s securities markets regulator launched a consultation on proposals for improvements to the MiFID II framework on best execution reports. These proposals aim at ensuring effective and consistent regulation and supervision and enhancing investor protection. The ESMA also published the MiFID II/MiFIR review report on algorithmic trading. The Final Report concludes that no fundamental issues have emerged with respect to the MiFID II algorithmic trading regime which has overall delivered on its objectives. The ESMA made some recommendations which aim at both simplifying the regime and making it more efficient. The FRC's Financial Reporting Lab is inviting companies, service and systems providers, investors and other interested parties to participate in a new project looking at how companies produce ESG data. Auditing IAASA has published a Consultation Paper on its proposals to issue revised versions of ISQM (Ireland) 1, Quality Management for Firms that Perform Audits or Reviews of Financial Statements, or Other Assurance or Related Services Engagements; ISQM (Ireland) 2, Engagement Quality Reviews; and ISA (Ireland) 220 (Revised), Quality Management for an Audit of Financial Statements. The International Auditing and Assurance Standards Board (IAASB) have released an updated version of their First-time Implementation Guide for International Standard on Quality Management (ISQM) 1, Quality Management for Firms that Perform Audits or Reviews of Financial Statements, or Other Assurance or Related Services Engagements, which was previously issued in June. Read more here. Anti-Money Laundering The UK Government recently published the National Risk Assessment of Proliferation Financing to further strengthen its counter-proliferation system. Proliferation Financing (PF) is financing for the malicious use of chemical, biological, radiological and nuclear materials and weapons. The publication notes that awareness of PF risk in the Designated Non-Financial Businesses and Professions (DNFBPs) sector is, in general, low in most countries, which could represent a particular risk to the UK, notably in relation to trust and company service providers given the ease of establishing companies in the UK. The Irish Department of Justice (DoJ) is seeking expressions of interest from potential members of a new Advisory Council against Economic Crime and Corruption. In December 2020 the Hamilton Report recommended the establishment of a permanent cross-sectoral, partnership-based Advisory Council against Economic Crime and Corruption. The DoJ has now issued a call for expressions of interest for an independent Chairperson and six ordinary members. The deadline for applications is 3 pm on Friday 8 October. Further information on the selection process is available here. The UK Government has recently published draft legislation together with an explanatory note for a new levy on the anti-money laundering (AML) regulated sector. The levy is intended to fund government action and initiatives to tackle money laundering. The amount charged is to be based on UK revenue and depends on whether the entity is considered “medium”,” large” or “very large” as defined in the draft legislation. Other Areas of Interest The Charity Commission for Northern Ireland has been developing a stakeholder engagement forum to support the regulator in hearing a wide range of views from across the charity sector.  The first meeting of the group took place on 22 September. In the UK, the temporary provisions put in place under the Corporate Insolvency and Governance Act 2020 ("CIGA") regarding winding up provisions will expire on 30 September 2021.  However, there are new temporary provisions that will be in place until 31 March 2022. The Irish Government has published its legislative programme for the autumn 2021 Oireachtas session. Draft legislation which may be of interest to members include the Central Bank (Individual Accountability Framework) Bill which is on the priority list, the Charities (Amendment) Bill (to make amendments to the Charities Act 2009),the  Co-operative Societies Bill (to consolidate and modernise the existing Industrial and Provident Societies legislation) and the Limited Partnership Bill (to modernise the Limited Partnership Act 1907) all of which are heads in preparation stage and the Gambling Regulation Bill (to provide for a modern approach to the licencing of gambling activities and to establish a gambling regulator) in relation to which revised heads are underway. The UK Competition and Markets Authority (CMA) recently called for views to help inform its advice to government on how competition and consumer regimes can better support the UK’s Net Zero and sustainability goals. It calls for input from public bodies, businesses, non-governmental organisations and consumers to consider their contribution to the achievement of the UK’s Net Zero and environmental sustainability goals. The call for inputs is open until 10 November 2021. IFAC and ACCA last week hosted their third annual Climate Week NYC event: Plugging the Net-Zero Information Gap. The event brought together finance and accounting professionals to better understand the information gap that exists between business and investors and what could be done to address it.  A recording of the event and takeaways are now available.  The Property Services Regulatory Authority (PSRA), in conjunction with IPAV and SCSI, have revised and updated the Joint Sector Protocol for Property Service Providers. The Protocol is applicable to Property Services Providers and Valuers for the auction, sales, lettings, valuations and property management environment for both residential and commercial property. Please note that the document “Property Services Providers Guidance to implementing the Plan for Living with Covid 19” is no longer applicable. The Minister for Finance, Paschal Donohoe, T.D., has announced that there will be no change to the Employment Wage Subsidy Scheme (EWSS) for the month of October 2021. No decisions have yet been taken as to the appropriate operational parameters for EWSS for the remainder of Quarter 4 2021 and its possible extension beyond end-2021. The Minister is considering a range of possible options for the future of EWSS and such arrangements will be outlined on Budget Day, 12 October 2021. Read the full press release here. For further technical information and updates please visit the Technical Hub and the Covid-19 Hub on the Institute website. 

In developments this week, the Institute has issued Technical Alert TA 03/2021 to highlight to members the key new requirements of the ISAs applicable in Ireland and to add some clarification; the International Federation of Accountants (IFAC) has published a framework for implementing global sustainability standards at the local level, focusing on the building blocks approach published in May 2021. Read more on these and other developments that may be of interest to members below. Auditing The Financial Reporting Council (FRC) has published a letter providing feedback on the actuarial aspects of insurance entity audits.  The feedback is based on recent AQR reviews across various audit firms.  Guidance on revised ISAs Revised International Standards on Auditing (ISAs) (Ireland) were issued in November 2020 by IAASA and are effective for audits of financial statements for periods beginning on or after 15 July 2021, with early adoption permitted. We have issued Technical Alert TA 03/2021 to highlight to members the key new requirements of the ISAs applicable in Ireland and to add some clarification. ICAS The Institute of Chartered Accountants of Scotland (‘ICAS’) has applied to IAASA to have its recognition revoked in December 2021. If ICAS’ recognition were to be revoked, it would mean that ICAS would no longer be able to approve statutory auditors in Ireland. It also means that ICAS members in Ireland would no longer be regulated by IAASA.  Sustainability The International Federation of Accountants (IFAC) has published a framework for implementing global sustainability standards at the local level, focusing on the building blocks approach published in May 2021 Other Areas of interest Many small and medium sized enterprises (SMEs) in Europe are technology innovators or have taken major steps towards digitalisation. Accountancy Europe have just issued a paper setting out how professional accountants help with this digitalisation. The International Valuation Standards Council (IVSC) has published a per­spec­tives paper 'Time to get Tangible about In­tan­gi­ble Assets' that notes that despite the im­por­tance of in­tan­gi­ble assets to the capital markets, only a small per­cent­age are recog­nised on balance sheets.  For further technical information and updates please visit the Technical Hub and the Covid-19 Hub on the Institute website.