Last week we reminded you that the 2023/24 self-assessment registration deadline is approaching. It is now just six days’ away on Saturday 5 October 2024 in order to avoid a failure to notify penalty. Those required to register for self-assessment include anyone who is: self-employed or a sole trader in a business which commenced in 2023/24, ·not self-employed but who had a new source of income or a gain in 2023/24, or became a partner in a partnership or any new partnership which commenced in business in 2023/24. 

Following public consultation IAASA has adopted ISAE (Ireland) 3000, Assurance Engagements Other Than Audits or Reviews of Historical Financial Information – Assurance of Sustainability Reporting in Ireland as the standard to be applied by auditors performing sustainability assurance engagements required by the European Corporate Sustainability Reporting Directive (CSRD). The Irish standard is based on ISAE 3000 (Revised) issued by the International Auditing and Assurance Standards Board (IAASB) with limited amendments. Chartered Accountants Ireland responded to the consultation in April. Updates to ISQM (Ireland) 1 ISAE (Ireland) 3000 requires auditors to comply with ISQM (Ireland) 1, Quality Management for Firms that Perform Audits or Reviews of Financial Statements, or Other Assurance or Related Services Engagements. IAASA has updated ISQM (Ireland) 1 to reflect the requirements of the CSRD as transposed in Ireland. Additional minor amendments were made to ISQM (Ireland) 1 to make conforming amendments for ISA (Ireland) 600, which was revised in February 2023 and is effective for financial periods starting on or after 15 December 2023. The remaining ISA (Ireland) 600 conforming amendments will be published on IAASA’s website in October. Additional information IAASA’s Statement on Scope and Authority of Audit and Assurance Pronouncements has also been updated to reflect the adoption of ISAE (Ireland) 3000. An explanatory video is available here on IAASA’s YouTube Channel. IAASA published feedback on the Consultation in June. Effective date ISAE (Ireland) 3000 applies to assurance reports issued on or after 15 December 2024. Amendments to firms’ systems of quality management related to the assurance of sustainability reporting must be designed and implemented by 15 December 2024. An evaluation of the updated system of quality management must be performed within one year of this date. Engagement letters for CSRD engagements TA 02/2024 - Sample Engagement Letter Terms in respect to the provision of Limited Assurance under the Corporate Sustainability Reporting Directive (“CSRD’’) was issued in June 2024. These sample engagement letter terms were prepared to assist members in drafting engagement letters in respect of limited assurance engagements under the CSRD prior to its implementation. Therefore, they may be useful to implement a contract with the entity but following transposition of the CSRD they are currently being reviewed for any required amendments. Please monitor the Institute’s regular news channels for any updates to this TA. 

In this week’s miscellaneous updates, we bring you news of a new role for the Office of Budget Responsibility (OBR) and the latest HMRC performance data has been published. HMRC’s bank details have changed in respect of paying several taxes and the letter sent to taxpayers when they authorise an agent to act on their behalf via the online agent authorisation service has been updated. And finally, the latest HMRC Stakeholder Digest has been published. New role for OBR The Budget Responsibility Act 2024 received Royal Assent earlier this month on 10 September 2024. The aim of this legislation is to ensure that “future fiscal announcements making significant, permanent tax and spend changes” will be “subject to an independent assessment by the OBR”. More information on what this means is set out in the Press Release published in July when the original Bill was introduced to Parliament. HMRC bank details changed Agent Update 123 highlights that HMRC has changed its bank accounts for payment of the following taxes: the customs declaration service, plastic packaging tax, fuel duty, economic crime levy, soft drinks industry levy, and the trust registration service penalty. Taxpayers who make payments via Faster Payments, BACS or CHAPS should use the new details. Anyone paying by direct debit is not required to take any action. Updated agent authorisation letters In another story from Agent Update 123, HMRC has updated the letter which is sent to taxpayers when an agent is authorised to act on their behalf via the online agent authorisation service. According to HMRC, the changes are intended to clarify the role of the agent and in particular, reinforces that the taxpayer retains responsibility for their own tax affairs.

In this week’s EU exit corner, we bring you the latest guidance updates and publications relevant to EU exit. The most recent Trader Support Service bulletin is also available as is the latest Brexit and Beyond newsletter from the Northern Ireland Assembly EU Affairs Team. We also bring news of changes to excise goods legislation for Northern Ireland which take effect from 1 October 2024 and remind you that the next changes in the Windsor Framework do not commence from 30 September 2024 and have been delayed to 31 March 2025. Changes to excise goods legislation for Northern Ireland Legislation takes effect from 1 October 2024 which makes several changes to the holding and movement of excise goods in Northern Ireland. The purpose of this legislation is to make “technical fixes to the statute book to better implement the EU excise provisions applicable in Northern Ireland under the Windsor Framework of the EU Withdrawal Agreement”. More information is available at the following links: Excise Duties (Northern Ireland Miscellaneous Modifications and Amendments) (EU Exit) (Amendment) Regulations 2024, SI 2024/941, and Policy paper. Miscellaneous updates to guidance and publications CDS Declaration Completion Instructions for Exports, Appendix 1: DE 1/10: Requested and Previous Procedure Codes of the Customs Declaration Service (CDS), Additional Information (AI) Statement Codes for Data Element 2/2 of the Customs Declaration Service (CDS), CDS Declaration Completion Instructions for Imports, 4-digit to 3-digit procedure to additional procedure code correlation matrix for imports, Tax types for Data Element 4/3 of the Customs Declaration Service, Data Element 2/3: Documents and Other Reference Codes (Union) of the Customs Declaration Service, CDS Customs Clearance Request Completion Instructions for Inventory Exports, Appendix 2: DE 1/11: Additional Procedure Codes of the Customs Declaration Service (CDS), CDS BIRDS Declarations and Customs Clearance Request completion instructions, National additional codes to declare with Data Element 6/17 of the Customs Declaration Service, Appendix 23 Imports: Declaration Category Data Sets, Upload documents and get messages for the Customs Declaration Service, Moving goods between Great Britain and the UK Continental Shelf, Trade Specialised Committee on Administrative Co-operation in VAT and Recovery of Taxes and Duties, Report a problem using the Customs Declaration Service.

We have compiled the latest updates to various VAT legislation, publications, briefs, and guidance. HMRC has also contacted us to advise that several Revenue and Customs Briefs have been removed from gov.uk and guidance has been updated where applicable. Register for VAT by post, VAT Personal exports - tax-free sales of new motor vehicles for use before export, Charity funded equipment certificates (VAT Notice 701/6 supplement), VAT Assessments and Error Correction, Who should register for VAT (VAT Notice 700/1), VAT domestic reverse charge technical guide, Help with VAT compliance controls — Guidelines for Compliance GfC8, and Value Added Tax (Caravans) Order 2024, SI 2024/910 and policy paper.

The OECD has issued its Interim report for September 2024 which shows that global growth remains resilient, and headline inflation has further declined in most G20 countries.  Projected global GDP growth for 2025 is 3.2 percent, while inflation is expected to be in the region of 3.3 percent. Other key findings globally include the easing of pressures on labour markets, the pace of regulatory reform has declined, and global growth is expected to stabilise amidst robust growth in the USA, UK, Canada, and Spain.

On 19 September 2024, nine jurisdictions signed and a further 10 expressed their intent to sign the Multilateral Convention to Facilitate the Implementation of the Pillar Two Subject to Tax Rule (STTR MLI). Jurisdictions can implement the Subject to Tax Rule (STTR) by either joining the STTR MLI or by bilateral amendments to tax agreements. The STTR ensures a minimum level of tax on certain cross-border payments and is designed to prevent circumstances where income is either taxed at very low rates or not taxed at all due to differences in tax regimes between countries.

Chartered Accountants Ireland Leinster Society has announced its shortlist for the 47th Annual Published Accounts Awards. The awards celebrate companies, on the Island of Ireland, for their excellence in corporate reporting. The Awards are sponsored by Euronext Dublin and Arachas.  This year’s shortlist includes a total of 26 public and private companies, and 10 not-for-profit organisations. The winners will be announced at a special gala event, taking place in The Shelbourne Hotel on Thursday 07 November 2024 commencing at 7pm, with special guest Risteárd Cooper overseeing the proceedings. FINALISTS FOR THE 47th PUBLISHED ACCOUNTS AWARDS 2024 Euronext Growth Award Origin Enterprises  Uniphar  Euronext Dublin (SME <€1bn) Dalata Hotel Group  FBD Holdings Glenveagh Properties  Irish Residential Properties REIT Irish Continental Group  Kenmare Resources  Euronext Dublin (Large Cap >€1bn) AIB Bank of Ireland Glanbia Company Listed on a Foreign Market DCC  Flutter Entertainment  Grafton Group Oneview Healthcare Statutory or Unquoted Entity (IFRS) An Post Eirgrid ESB Ervia NI Water Statutory or Unquoted Entity (Non-IFRS) Central Bank of Ireland CIÉ - Córas Iompair Éireann Coillte CGA daa Irish Football Association Tusla Arachas Not for Profit - Large Barnardos Concern Focus Ireland CLG Jigsaw Kare Not for Profit - Small / Medium Barretstown Dogs Trust Irish FA Foundation The Care Trust The Wheel In addition to the category awards, there are also a number of other awards consisting of the: • Overall Winner’s Award,  • Arachas Sustainability and ESG Reporting Award Listed entities, • Sustainability and ESG Reporting Award Unlisted entities, • Branding, Communication and Digital Award, and the • Diversity and Inclusion Award - Not for Profit  • Diversity and Inclusion Award - Listed and Unlisted entities Dedicated PAA webpage: https://www.charteredaccountants.ie/Leinster/PAA Event details Thursday 07 November 2024 in The Shelbourne Hotel, 7:30pm.  M.C. is acclaimed actor, impressionist, comedian and singer, Risteárd Cooper. Tickets are €140 per person / €1400 for a table of ten. Individual tickets are available.  To book or for more information please contact paa@charteredaccountants.ie. Dress: Business / Cocktail  

GenAI is evolving rapidly and has the potential to enable CFOs to deliver valuable new strategic insights and predictive analysis to their organisations, writes Vickie Wall Almost every aspect of the finance function has benefited from technological advances in recent years. Those advances include artificial intelligence (AI), natural language generation (NLG), and optical character recognition (OCR). Automation has freed up time to move beyond financial reporting and engage in the provision of strategic business insights and forecasting for the entire business. Many large organisations have been using machine learning and related technologies to assist in areas like fraud and anomaly detection, transaction processing, business forecasting and customer management. However, we are now on the cusp of a potentially transformative leap forward due to the advent of generative AI (GenAI). This technology can democratise data science and analytics and put coding skills in the hands of just about everyone with the ability to interact with it. It will no longer be necessary for a CFO or finance team member to be skilled in specific programming languages or database query skills. Once they can explain in plain language what they want GenAI to do, the technology should do the rest. AI will be able to take structured and unstructured data from within the organisation and external sources to provide various outputs like trend analyses and forecasts, with numerous variations based on factors like seasonality or user-defined future events. Having done so, it can offer best, mid and worst-case scenarios to aid C-suite decision-making. This capability, which was formerly the sole preserve of skilled data analysts and programmers, is now in the hands of everyone with access to GenAI and who has received basic training on how to interact with it and is willing to experiment. Understanding data science Certain skills are required no doubt, not least of them the ability to understand accounts and financial reporting standards. Beyond that, CFOs and finance teams will need to become familiar with data science, at least to a small extent. This will not necessarily present a major challenge as finance professionals have been using business intelligence systems for many years. However, they will have to develop a much deeper understanding of the topic if they are going to uncover the next layer of value which lies within the data at their disposal. Having the tools to carry out the analysis on your behalf is just one-half of the equation. Knowing what you want to achieve through the analysis is the other. The importance of “prompting” and the ability to do this well will become a key skill in extracting the most from these tools. Currently, GenAI is viewed as a separate tool that operates independently of other software systems. That will remain so for certain general applications, but increasingly it will become an integral part of the software systems used every day in organisations. In future, CFOs and finance professionals will use AI to interact with those systems in different ways. They will use natural conversational language to create reports, run analyses, and produce forecasts. The skill will lie in knowing what questions to ask and recognising where the data’s potential value might lie. The need for knowledge beyond AI A new approach to data gathering will be required when it comes to GenAI. CFOs will need to look beyond finance to other functions and departments to source data for use in forecasts and strategic guidance, as well as to understand those departments’ key needs. That will require knowing where data gets sourced from, how it flows from one system to another, where the bottlenecks lie, where data is leaking or getting lost, and what issues need to be addressed to improve data availability. Having access to that data from across and outside the business in the form of external market reports will be paramount to realising the benefits of GenAI in the finance function. GenAI is far from faultless, however, and trust is a major issue. For example, no CFO will be willing to sign off on financial statements if the finance team does not know how to check the GenAI outputs they are based on. Explainability is another challenge. If a certain system is being used to produce statements or reports, the CFO must be able to explain how it works and how it comes to its conclusions. And therein lies another issue: inconsistency. At present, you can ask GenAI the same question 50 times and get a different answer on each occasion. That may be acceptable for marketing content, but it certainly will not work for financial statements and forecasts, where trust and data integrity are of utmost importance. Fortunately, GenAI developers and organisations integrating the technology into other software systems are addressing these issues and the technology is improving at a rapid pace, but it is still not at a stage where it can be fully relied on. Humans will need to be always kept in the loop to verify the outputs and ensure that the systems are not hallucinating or being creative when they should not be. The use of GenAI by CFOs and finance functions to support strategic decision-making in their organisations will soon be a competitive differentiator. This means that even if they are not currently using GenAI in their organisations, CFOs need to experiment with it and understand how it works, what it can do, and the value it can bring to the business. More importantly, they need to help instil an experimental culture within the organisation where employees at all levels are encouraged to bring forward ideas for use cases without fearing repercussions for aborted pilots or lack of investment. CFOs who fully embrace this early-stage trial and error will ensure that they are not left behind when the technology evolves to a point where it can be trusted, is consistent in its outputs and is fully explainable. Transforming finance functions GenAI has the potential to transform the way finance functions operate and the strategic insights and guidance that CFOs can bring to their organisations. To realise that potential CFOs will need to understand the business needs across different departments, gain access to data from across the organisation, develop basic data science skills, and perhaps experiment with the technology to understand how it works, how to interact with it and how it can deliver value to the business. Vickie Wall is Financial Accounting Advisory Services Leader at EY

Feeling uninspired after the summer? Ed Heffernan explores internal moves, smarter job transitions, and fresh opportunities without sacrificing long-term growth Turning off your out-of-office message after the holidays is simply depressing! The first day back is always difficult, but if the first week and the first month aren’t much better, then maybe a salary increase, a new job, or a new career might help. Most industries have their intensely busy times, and it’s unsurprising to learn that post-holidays – namely the New Year and Back-to-School September – are the hot spots for recruitment firms. It could be the downtime we have to think about our career choices, or the difficulty getting back into a work routine. Either way, the desire to do something different, more rewarding or better paid, is certainly an itch worth scratching. So, where to start? A complete career change is absolutely a possibility. There are some things you need to think about first, however. Career status The earlier you are in your career, the easier it is to change. An undergrad in science working in a lab, who wants to get into marketing, or a sales manager who likes the look of logistics – those career moves are relatively easy to make. Further up the chain, however, a complete change of direction will likely mean sacrificing some salary. If you are changing careers, there's an element of starting again, so you are probably going to get paid less. If you are 20 years into a role as a Chief Financial Officer, for example, and want to move into a creative area, you will need to make a financial sacrifice, certainly in the short term. You must be realistic, but it is also important to remember that the more value you create, the more you get compensated for the value of your time. No big bang Good advice is that a career change doesn't have to be a ‘big bang.’ Internal moves within organisations, or different functions, are more doable than external moves. And, if a business has multiple sites, a transfer to a new location will test whether the grass is actually greener on the other side! Take someone working as head of a supply chain in a big business or multinational who wants to transfer to the sales and marketing side of the business. This represents a more feasible move for both employer and employee. To start, take on some responsibilities linked to the side of the business you are interested in, or work on cross-functional projects that put you in closer proximity to those teams. Look for an internal secondment to a new team so your career change can be subtle. This will also help preserve income. Plus, if opportunities or experience within the new function are not all that great, there is scope for a return to your original department, bringing an even broader understanding back with you. Most employers these days don’t want to lose talent, so will generally work with employees on training or evolving their role. Job hunt homework Something as important as a career change demands homework. Don’t just take job descriptions as read. Job titles mean nothing without context and, at times, company recruitment ads are a list of duties and some company details. The context of the markets the business is in, the degree of activity around each duty demanded by the role, and the supports in place, are crucial to an accurate job representation. Do your own job interview. Ask yourself exactly what it is you think will be better and more rewarding about a new or different role, or even a new sector. If it does come to interviewing for a new job, this type of preparation will stand to you. For a hiring organisation, someone advanced in a long-term career who suddenly wants to shift gears must have some good reasons, and they must be able to demonstrate a real commitment and reasonable preparation. Ed Heffernan is Managing Partner at Barden

We don’t need more purpose statements, we need more purposeful leadership, writes Fiona English In a world awash with purpose statements, how can you ensure you or your organisation have the impact you desire? Many leaders and organisations begin with the wrong question when it comes to purpose. They focus on "what" they will do rather than "who" they will become. Purpose is an expression of identity, derived from who we are rather than simply what we do. It is not a thing you find. It is about the person you choose to become. A purposeful leader asks themselves how they will use their position, power and the resources available to have a greater impact on others and society. Purpose is uniquely human When it comes to purpose, we are often cynical. We believe ‘purpose’ is esoteric or a nice statement to have. But what makes purpose real is you. It cannot be outsourced to the organisation you lead or work for by simply crafting a ‘purpose statement.’ While any business can have a purpose statement, it is only leaders and employees who can breathe life into that statement through their choices. Purpose is real clarity on what the team members, team and organisation has committed to and the choices made as a result. Purpose is a choice Purpose, at its core, is about choice. It asks us what matters to us – as people, as citizens of our world, as leaders and employees of organisations. Being a purposeful leader asks you to clarify what drives your choices and how they reflect who you are, your belief system, what matters to you. It is those choices that have the power to amplify the impact you or your organisation can have in the world. Purpose is disruptive One of the least glorified aspects of purpose is that it is challenging. To have greater purpose in your life and work or to lead in a purposeful way in your business, you must first be willing to disrupt yourself and change how you are currently showing up in the world. To have purpose, leadership and organisations must stop talking about it and start embodying it. Take the statement you have crafted around the purpose of your organisation and ground it into reality through your choices. Purpose requires courage Purpose cannot exist without courage. Often, when we struggle with our purpose in life or work, it is not because we don’t know how to be more purposeful. We just don’t always like the consequences that come with being so. We say we want more authenticity, greater equality in the world or solutions to the climate crisis. However, what we really want is all these things without sacrifice. When it comes to many of the changes we need to see in the world today, our problem is not an absence of ideas or intellect but an absence of courage. We make purpose real It takes real leadership to define and execute purpose in life, work or business with integrity. We have to invest the time to get clear on who we are, who we wish to become, the impact we wish to have and the choices we are willing to make as a result. Only then can any purpose statement become reality. Purpose is not real until we choose it to be. Fiona English is a keynote speaker, thought leader and coach. www.fiona-english.com

Chartered Accountants Ireland welcomed the publication this week by Euronext Dublin of the Irish Corporate Governance Code. An important step in the development of corporate governance in Ireland, the new Code applies to financial years commencing on or after 1 January 2025 for Irish incorporated companies with an equity listing on Euronext Dublin (Irish Stock Exchange). Companies dual-listed in Ireland and the UK have the option to follow the Irish Code or the UK Corporate Governance Code. Commenting on the launch, Head of Ethics & Governance, Níall Fitzgerald, thanked the expert members and committees who contributed to the Institute’s consultation on the development of the Code. “Closely aligned with the principles and provisions of the ‘best-in-class’ UK Code, the Irish Corporate Governance Code is tailored for the Irish market, for example with its greater EU focus.”