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Glanbia crowned overall Winner of the 47th Published Accounts Awards

Glanbia were announced as the overall winner of this year’s Chartered Accountants Ireland Leinster Society Published Accounts Awards. Glanbia were announced as the overall winner of this year’s Chartered Accountants Ireland Leinster Society Published Accounts Awards. They had a double whammy and were also awarded the Euronext Dublin (Large Cap >€1b) Award at the event which took place on Thursday 7 November in the Shelbourne Hotel. The awards, sponsored by Euronext and Arachas, and in partnership with the Business Post, highlighted companies across the island of Ireland for excellence in corporate reporting. Special guest MC Risteárd Cooper hosted the celebrations. The awards have evolved over the years to include categories reflecting the changing nature of business and reporting requirements, going beyond just the scope of financial reporting, and we will continue to do so as the reporting landscape changes. Commenting on the awards Joey Wynne, CEO Arachas, said, “In a world that demands greater scrutiny and precision, the task of financial reporting has never been more complex or crucial.  The hard work, attention to detail, and ethical responsibility of our finalists are what help businesses and organisations stay robust and accountable.” Aisling McArdle, Head of Primary Market Admissions at Euronext commented, “The Published Accounts Awards celebrate the critical role of integrity, transparency and accountability in financial reporting, which form the cornerstone of investor confidence and market integrity. Congratulations to all the finalists and winners, who have displayed excellence in these areas and help sustain a strong foundation for trust and credibility in the financial markets.”   Category  Winner  Euronext Growth Award Origin Enterprises  Euronext Dublin (SME <€1bn)  Kenmare Resources   Euronext Dublin (Large Cap >€1bn)   Glanbia  Company Listed on a Foreign Market   DCC   Statutory or Unlisted Entity (IFRS)   ESB  Statutory or Unlisted Entity (Non-IFRS)  daa  Arachas Not for Profit – Large   Jigsaw  Not for Profit - Small / Medium   Barretstown  Arachas Sustainability and ESG Reporting Award Listed entities  Bank of Ireland  Sustainability and ESG Reporting Award Unlisted entities  CIÉ Group  Branding, Communication and Digital Award  Barnardos    Diversity and Inclusion Award - Not for Profit  Jigsaw  Diversity and Inclusion Award - Listed and Unlisted entities  Bank of Ireland     Marian Ryan, Head of Group Financial Reporting, Glanbia, says of their win; We are honoured to win this award. The Annual Report process in Glanbia is a huge production. We put a lot of time, effort and resourcing into it and are very proud of the output, so to get an acknowledgement like this is very rewarding.  Our Annual Report is a key document in providing our stakeholders with an overview of our financial and non-financial performance in a clear and transparent manner. Along with compliance with regulatory frameworks, the structure of the report also facilitates easy navigation for the reader around what can be a complex document. It is also very visually appealing, with the Glanbia branding evident throughout. Dee Ahearn, CEO, Barretstown was delighted with their award; It’s a tremendous honour to have been selected as the recipient of this award, and even more so considering the stellar line up of nominees in this category. Good governance, ensuring full accountability and transparency are cornerstones of operations at Barretstown and are fundamental to every aspect of how we do business. Awards of this nature are a welcome boost and provide even more motivation to an already hard-working team. A commitment to excellence and ensuring a best-in-class approach were among the key factors in our success in this category. John Flannery, Group Financial Accountant, CIÉ Group, on being a second time winner; We are really delighted to win this prestigious award for the second consecutive year.  We have invested significant resources to bring sustainability reporting in line with financial reporting and to ensure full transparency of our performance.  This award is an important endorsement of our commitment to sustainability and excellence in reporting.       At CIÉ Group, sustainability is central to our strategic purpose; a significant investment is being made to deliver the national climate targets and support the achievement of our sustainability commitments.  Measuring performance is critical to achieving on our objectives and over the past number of years we have prioritised data accuracy and reporting transparency to inform strategic decisions and work with our stakeholders.    Tom Hickey, Managing Director, Kenmare Resources comments on what it means to win their award;  Kenmare is delighted to have won the Best Annual Report (SMEs <€1bn) award at the Published Accounts Awards. The Annual Report is a huge team effort and is the result of months of planning and hard work across a number of different departments here in Dublin and in our other offices in the UK and Mozambique. The other finalists were strong, so we were particularly pleased to be recognised in this category for the second time in five years. We’ve just started planning for our 2024 Annual Report so we’re excited to see if we can bring home an award for the third time at the 2025 awards ceremony.   Mike Mansfield, Director of Communications and Fundraising, Jigsaw, on why they believe they took home their award;  Firstly, the competition  from others in our sector was so high, so to come through hugely validates the high effort we place on our reporting each year. Commencing in December of the previous year, the project team who leads on the Annual Report invest time, energy and thought; all hugely important elements. We would like to think some of the elements that stood out was a consistent narrative; the voice and experience of our people – be they donors, staff, volunteers or beneficiaries  - and an openness. Annual Reports are hugely important in Jigsaw. As well as adhering to our corporate governance requirements, each year, Jigsaw’s Annual Report showcases our work, celebrates our achievements and tells the story of our people, our supporters and our impact; and for a charity in the coalface of some hugely significant social issues, this is key. Lorraine Cody, Financial Accountant, ESB, comments on their win; Our Annual Report is central in providing investors, customers and other stakeholders with a good understanding of our financial and non-financial performance and on ESB’s progress towards delivering our Net Zero by 2040 Strategy. This award validates the work we have done in that regard and is well deserved recognition for all those who work so hard to produce an Annual Report which is accurate, comprehensive and useful for our stakeholders.   

Nov 08, 2024
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Sustainability
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Sustainability/ESG bulletin, 8 November 2024

  In this week’s Sustainability/ESG bulletin read about Ireland and the UN Biodiversity COP16, €55 million in new funding for Irish business decarbonisation, and the €1 million from Irish businesses to nature-positive actions. Also covered is DAERA’s consultation on draft environmental principles policy statement, the launch of the UK SME Climate Hub’s new platform of climate action tools, reports from the WBCSD and the London Stock Exchange, as well as the usual resources, podcasts, webinars, articles and events.   Ireland news Accounting for Nature - the Biodiversity COP Ireland attended COP16, the United Nations conference aimed at protecting and restoring biodiversity, which took place in Colombia from 22 Oct to 1 November. At the conference, Minister for Nature and Heritage Malcolm Noonan reportedly committed to continue to scale up nature restoration and protect its vulnerable ecosystems, while improving climate resilience. Chartered Accountants Ireland has written an explainer about COP16 and what it means for businesses.  Ireland’s competitive advantage The Department of the Taoiseach has published the Response to Ireland’s Competitiveness Challenge 2024, outlining how the Government is addressing the priority areas and actions proposed by the National Competitiveness and Productivity Council (NCPC). Among other issues, the report highlights the promotion and delivery of sustainable development, and the measures taken to deal with expenditure pressures, including ageing, climate, digitalisation and other fiscal and economic shocks that may arise in future. (See also our event Maintaining Ireland’s Competitive Advantage: FDI in 2024 and Beyond, taking place on 12 November in Chartered Accountants House). New Heat Bill paves the way for district heating nationwide The Irish Government has approved the General Scheme of the Heat (Networks and Miscellaneous Provisions) Bill 2024, which aims to facilitate the growth of a district heating industry in Ireland. District heating utilises a centralised heat source, such as a waste facility or data centre, to heat multiple buildings across a potentially wide geographical area. The development of such legislation would establish a regulatory model to ensure price protection for large and small heat network consumers. Increase in approvals of Energy Efficiency Grant applications Approval of applications for the Energy Efficiency Grant has nearly doubled since a series of revisions to its terms last July, according to a statement made by the Department of Trade, Enterprise and Employment. The grant, administered by the Local Enterprise Offices (LEOs), is for businesses investing in new energy efficient equipment, smart control systems, heat recovery and more. Welcoming the news, Minister for Enterprise, Trade and Employment, Peter Burke, T.D., encouraged interested businesses to contact their LEO, commenting: “Sustainability is good for business. By cutting energy costs, businesses will save money.” Separately the SEAI has launched a new section on its website sign-posting businesses to technologies to enhance energy efficiency and move towards carbon neutrality. Smart Energy for Business also includes tips for staff interested in smart energy habits at home. Significant projected gaps to energy targets The Sustainable Energy Authority of Ireland (SEAI) has published its National Energy Projections 2024 report, which points to significant projected gaps in Ireland’s ability to meet all legally binding targets, including national carbon budgets and sectoral emissions ceilings, as well as EU obligations on renewable energy, energy efficiency and greenhouse gas emissions. The report goes on to state that “unprecedented technology change must be combined with strong policies and measures to limit growth in energy demand and disincentivise behaviours and practices that incur wasteful energy use in all parts of society”.  Enterprise Ireland Approves Over €55 Million in Funding to Drive Decarbonisation in Irish Businesses Enterprise Ireland (EI) has approved over €55 million in funding to support the decarbonisation of Irish businesses it was announced this week. Approved under the Environmental Aid scheme and EI’s Green Transition Fund, the funding has benefited more than 400 Irish companies since June 2022, reducing CO2 emissions by an estimated 130,000 tonnes. The Department of Enterprise, Trade and Employment also allocated a further €300 million in June this year under the Environmental Aid scheme to support EI’s broader commitment to advancing sustainable growth among Irish companies. Public support for climate action remains high across Ireland The Environmental Protection Agency (EPA) has announced that public support for climate action remains high across Ireland, according to national, regional, and county-level data about people’s climate change beliefs, attitudes, policy preferences and behaviours. There is majority support for all surveyed policies nationally, although an emerging divergence was noted between Dublin and other counties regarding support for taxing fossil fuel-powered cars. The data noted an increased awareness of the potential impacts of risks resulting from climate change among people in counties with a history of environmental risks such as flooding, water shortages or wildfires. Businesses commit over €1 million to finance Irish farm biodiversity A new national initiative has launched that aims to make farming for nature sustainable and scalable, while providing businesses with an opportunity to fund nature-positive actions on Irish farms in a way that can be reported on under new EU sustainability reporting directives. ReFarm, established by Dr Brendan Dunford, a founder of Burrenbeo Trust, and impact investor Anke Heydenreich, leverages private finance to complement public subsidies. A collaboration between Trinity College Dublin, Burrenbeo Trust and local and international organisations, ReFarm has already started to finance projects on Irish farms to address the biodiversity and climate crises.   Northern Ireland/UK news (From the Institute’s Tax News) UK Government publishes response to UK CBAM consultation The UK Government has published its response to the March 2024 consultation on the introduction of a UK Carbon Border Adjustment Mechanism ‘CBAM’. (The Institute responded to the consultation earlier this year.) The response confirms that the UK CBAM will be introduced on 1 January 2027, placing a carbon price on goods at risk of ‘carbon leakage’ that are imported to the UK from the aluminium, cement, fertiliser, hydrogen and iron and steel sectors. Read more here. DAERA opens consultation on draft environmental principles policy statement The Department of Agriculture, Environment and Rural Affairs (DAERA) is consulting on a draft environmental principles policy statement (EPPS). The statement sets out how five internationally recognised environmental principles should be interpreted and proportionately applied to policy making. When fully in force, all Northern Ireland government departments and United Kingdom government ministers making policy for NI will have a statutory duty to have due regard to the statement. The consultation close on Monday, 9 December. UK SME Climate Hub launches new platform of climate action tools The UK SME Climate Hub has launched its Action Space, a new platform of climate action tools, created for SMEs to understand the steps needed to achieve their net zero goals. The SME Climate Hub is a non-profit global initiative that empowers small to medium sized companies to take climate action and build resilient businesses for the future. London Stock Exchange warns of risks to 49 cities The COP29 Net Zero Atlas report by London Stock Exchange Group has called for G20 countries to set ambitious new 2035 targets to accelerate the pace of the transition and limit warming to well below 2°C by the end of the century.  The report, which aims to provide investors with analysis of physical and transition climate risks across the G20, points to the need for clear policy signals among companies and investors taking steps to mobilise long-term investment in greening the global economy. Highlighting the cost of inaction and the need for large scale adaptation measures and financing, the report points to physical effects of climate change intensifying across the globe, showing that 49 cities accounting for nearly 20% of global GDP, will be particularly affected. Separately, the Business Breakthrough Barometer report from the World Business Council for Sustainable Development (WBCSD) has emphasised the need for government action to unlock private sector investment at scale, upon which hinges the ability of countries to achieve plans to halve emissions by 2030 and meet the 1.5°C climate target. Notably, 91% of business leaders surveyed view the transition to net zero as an investment opportunity, but that without long-term, investment-positive policies, the next wave of large-scale investments are at risk. Europe news Copernicus confirms a new milestone in global temperature records 2024 is virtually certain to be the warmest year on record, and the first year above 1.5°C,  according to Copernicus Climate Change Service (C3S), the European Centre for Medium-Range Weather Forecasts on behalf of the European Commission. Commenting, Samantha Burgess, C3S Deputy Director, said: “This marks a new milestone in global temperature records and should serve as a catalyst to raise ambition for the upcoming Climate Change Conference, COP29.” Sustained progress needed to meet ambitious Climate Law targets Total net greenhouse gas emissions in the European Union dropped by 8% last year, according to the European Environment Agency’s recently published Energy Trends and Projections report. The drop was led by a significant decline in coal use and growth of renewable energy sources and supported by reduced energy consumption across Europe. The report cautions that sustained progress will be needed towards 2030 and beyond to meet ambitious targets set by the EU Climate Law. World news The Institute of Singapore Chartered Accountants (ISCA) has issued an illustrative sustainability report based on ISSB’s and GRI’s standards. The main objective of this report is to provide a glimpse of how a sustainability report could look like when a company adopts both the IFRS Sustainability Disclosure Standards and GRI at the same time. The Global Capacity Building Coalition (GCBC), which launched during September’s New York Climate Week, has released the beta version of their global capacity building platform. The platform will act as a ‘one-stop shop’ with a suite of resources, tools, and training on climate finance and related topics, for financial institutions and finance professionals seeking to develop their organisational capacity and individual knowledge and skills to accelerate and scale climate finance. The World Business Council for Sustainable Development (WBCSD) has published the twelfth edition of its ‘Reporting Matters’ series, aimed at enhancing the effectiveness of corporate sustainability reporting. Changing Gears: How are companies navigating higher expectations and demands in sustainability reporting offers insights into how effective reporting adds value and provides strategic direction. It includes latest reporting trends and data gathered from an in-depth review of 181 reports. The International Public Sector Accounting Standards Board (IPSASB) has announced the release of SRS ED 1, a new draft climate-related disclosure standard for governments and other private sector entities. This would be the first sustainability reporting standard for the public sector. SRS ED 1 is open for public comment until February 28, 2025.  Over 20 organisations have founded Nature Positive Matters, recognising the importance of nature positive action to economies and communities. A government-backed initiative, Nature Positive Matters is a network of leaders who recognise the growing international importance and economic value of looking after nature. Members of the network announced they will work together to support business uptake of nature-related reporting and data collection, pilot programs to inform policies and investment decisions that are good for nature, and develop tools to help investors understand whether an economic activity is environmentally sustainable. The United Nations Environment Programme (UNEP) has published a report that finds that nations must deliver dramatically stronger ambition and action in the next round of Nationally Determined Contributions (NDCs). The report, Emissions Gap Report 2024: No more hot air … please!, now in it’s 15th edition, brings together many of the world’s leading climate scientists to examine future trends in and provide potential solutions to the challenge of global warming. Updated NDCs are to be submitted early next year ahead of the COP30 climate talks in Brazil.  Did you know The Deposit Return Scheme, which launched on 1 February 2024, has collected over 635 million containers, refunding €110 million in deposits to consumers. Every month, over 100 million containers are collected and last month 73% of plastic bottles were returned. €70,000 has been collected for the Return for Children charity. Podcast Chair Emmanuel Faber and Vice-Chair Sue Lloyd discuss the latest ISSB developments  (Podcast -22 mins) Articles How we can leverage CSRD to drive sustainability and innovation (Accountancy Ireland – Briefly) Lack of female leaders in public companies a disgraceful indictment of Irish business (The Business Post) Greenwashing risks: a growing challenge for legal professionals (GRI) How to cut our dependence on fossil fuels rapidly (SEAI Blog – Hannah Daly, Jim Sheer) Why Tax is Essential for Comprehensive and Transparent CSRD Reporting (Grant Thornton) Upcoming Events COP29 Climate Summit Date: Nov 11-22 Location: Azerbaijan Host: CBD, UN Accountancy Europe, Shaping the future of sustainability assurance engagements Join Accountancy Europe and the International Federation of Accountants (IFAC) to discuss the latest developments in the world of sustainability assurance. In this webinar, you will hear insights from the International Auditing and Assurance Standards Board (IAASB), the Committee of European Auditing Oversight Bodies (CEAOB) and the Nordic Federation of Accountants. Virtual, 12 November, 15.00-16.45 (Brussels Time) Business for Biodiversity, Business & Biodiversity 101 Broaden your understanding of your business relationship with nature and get to grips with where to start on credible nature action and legislative compliance for your organisation. Topics include risks businesses are facing in this nature crisis, how they can address these risks and how can the Nature Positive approach bring opportunities to businesses. Virtual, 14 November, 13:00-14:00 Dublin Chamber, Sustainable Business Practices - Strengthening Customer Connections Designed for professionals in customer-facing roles, this workshop will provide the tools to incorporate sustainability into customer engagement strategies, leading to improved satisfaction and loyalty. Virtual, 15 November, 9.30-12.30 iQuest & Business Post, ESG Autumn Summit Date: Nov 20th Location: Croke Park Chartered Accountants Ireland (part of Sustainable Finance Ireland Week 2024), Access to sustainable finance by SMEs Part of Sustainable Finance Week Ireland, this seminar will describe the landscape of finance and other support options available for SMEs and entrepreneurs which can facilitate businesses taking action. It aims to debunk the concept of ‘green finance’ for SMEs and paint a clear picture of the steps and the commercially viable – scalable – actions SMEs could take to improve their impact and their ability to source finance for projects. Commercial financial products will be discussed, alongside the grants available from local enterprise offices (LEOs), Enterprise Ireland, the Sustainable Energy Authority of Ireland (SEAI). In person, Chartered Accountant House, Wednesday, 27 November, 17.00-18.00 Dublin Chamber, Internal Sustainability Integration - Building a Sustainable Workplace Culture Are you a professional in an internal facing role such as finance, operations, or HR? Our upcoming workshop at The Sustainability Academy is designed specifically for you. This session will guide you in integrating sustainability practices within your organisation’s internal mechanisms, demonstrating how these practices can improve employee engagement, operational efficiency, and the overall workplace environment. Virtual, 29 November, 09:30-13.00 Belfast Harbour Commissioners, Responsible Innovation Conference This conference will bring together business leaders, technology experts, and academics to discuss the ethical implications of technology. Participants will learn about managing the social and environmental impacts of technology while driving growth and innovation. The event will also include networking opportunities, allowing attendees to exchange ideas and collaborate on responsible business practices. In person, Belfast Harbour Commissioner, 29 November 2024, from 8:15 am Network for Chartered Accountants working on ESG projects Are you a Chartered Accountant working in ESG or working on ESG-related projects? Would you like an opportunity to engage with other Chartered Accountants working in this space to share insights, challenges and opportunities? Chartered Accountants Ireland now has a network to allow members working in sustainability/ESG to meet and discuss all matters of interest re ESG and accounting. Next meeting: November 27, 18:00-19:00 In person, Chartered Accountant House – Drinks & Networking If you would like to attend, please email sustainability@charteredaccountants.ie     You can find information, guidance and supports to understand sustainability and meet the challenges it presents in our online Sustainability Centre.

Nov 07, 2024
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Response to NI Executive's draft Programme for Government consultation

On 4th November Chartered Accountants Ireland issued a response to the Northern Ireland Executive’s public consultation on its draft Programme for Government 2024-2027. The response was informed by members' views taken in a survey issued to members by email. A copy of the response is available to view HERE

Nov 07, 2024
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Sustainability
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Accounting for nature – the ‘Biodiversity COP’ and what it means for business

  COP16, the major United Nations summit on biodiversity, concluded on 1 November in Cali, Colombia, after a record number of attendees attended two weeks of negotiations on progress towards the goals of the United Nations Convention on Biological Diversity. Governments failed to agree on how the goals of the 2022 Global Biodiversity Framework will be financed, but some key agenda items were adopted and are now operative (see below). This article provides background to the summit and what it means for accountants.   What is the Biodiversity COP? ‘COP’ stand for ‘Conference of the Parties’. COPs are the main decision-making bodies of the United Nations treaty bodies. At COPs representatives of all the ‘Parties’, i.e. countries that have agreed to participate in and be bound by the treaties, converge to discuss their progress on achieving the goals of the treaties. The Biodiversity COP – also known as the Convention on Biological Diversity (CBD) or the ‘Nature COP’ – was established to promote the conservation and sustainable use of biodiversity, as well as the fair and equitable sharing of benefits arising from genetic resources. While the more famous ‘Climate COPs’ take place every November, the Biodiversity COPs happen every second October. Biodiversity COPs are becoming increasingly relevant to business as the scale of biodiversity destruction, and its impact on people, planet and economies, becomes clear.   What was the theme of COP16? The headline of the COP16 summit was “peace with nature”. It focused on how the nature crisis is entrenching poverty and jeopardizing economies and undermining the Sustainable Development Goals.  The theme of COP16 was ‘COP of the People’, as explained by Susan Gardner, director of the Ecosystems Division at the United Nations Environment Programme (UNEP): “For too long, humanity has viewed itself as separate from nature…That perspective is starting to shift and COP16 will be an important opportunity to re-enforce the message that humanity and nature are intrinsically linked.”  This summit saw the launch of The World Coalition of Peace With Nature: A Call for Life,  a coalition of 21 countries that agreed to a set of principles aimed at changing humanity's relationship with nature. It called for “the development of public policies to strengthen institutional and human capital, governance, intercultural dialogue, technical capabilities, and adequate finance to achieve a balanced and harmonious relationship with nature”.   Why was this COP so important? The primary agenda of COP16 was the implementation of the ‘Kunming-Montreal Global Biodiversity Framework’ (GBF) Often described as the “Paris Agreement for nature”, the ‘GBF’ had been adopted at COP 15 in December 2022 in Montreal, Canada. It set out four long-term goals and 23 specific targets to be achieved by 2030 to halt and reverse biodiversity loss. Under the GBF, countries are expected to submit updated national plans detailing how they will meet their targets under GBF. These National Biodiversity Strategy and Action Plans (NBSAPs) were to be submitted by the start of conference on October 21. Only 17% of the 196 countries had submitted their updated NBSAPs by the start of the conference, among them Colombia, Mexico, Suriname, and Cuba. By the close of the summit, only 44 out of 196 parties – 22% – had come up with new biodiversity plans.   Why does biodiversity matter to business? UN Secretary-General António Guterres has emphasised how prompt and effective action on the nature and biodiversity crisis makes economic sense: “Every dollar invested in ecosystem restoration creates up to thirty dollars in economic benefits.” At COP16, Guterres warned delegates that humanity faces a “dangerous and uncertain tomorrow” caused by its destruction of life-sustaining nature. Many businesses and financial institutions have already acknowledged the real risks this presents to business and livelihoods and signed a call to heads of states and governments for renewed policy ambition in advance of COP16 to implement the Global Biodiversity Framework and halt and reverse nature loss this decade. In recognition that businesses and the accountancy profession need to be part of the solution, the Global Accounting Alliance (GAA) in March 2022 launched a call to action to the accounting profession in response to the nature crisis. In October 2024, it published a report taking stock of the GAA’s collective accomplishments against its four nature commitments. The report, The GAA’s Progress and Pathway to 2030, considers relevant trends affecting the profession, such as the growing market trend towards transparency, reporting and regulation on nature-related issues. It also sets out actions that the GAA and its members will take to help further accelerate collective progress towards our nature commitments.   Accounting and finance at COP Finance was a critical issue at COP16, as $700 billion annually is reportedly needed to achieve the GBF targets on biodiversity protection and restoration. For the second time in its history, a Finance & Biodiversity Day took place at a Biodiversity COP, but funding commitments have fallen short of the target, with only seven countries pledging a total of $243 million to the newly established UN fund for the GBF. The lack of sufficient funding threatens the implementation of biodiversity projects on the ground. A new ‘Cali Fund’ was agreed to collect voluntary contributions from pharmaceutical and other companies to cover their use of genetic data from nature, but overall COP16 failed to reach consensus on global finance for nature.   Nature-related reporting was a major theme at COP16, with discussions on how companies can better assess and communicate their impacts and dependencies on nature. This includes aligning business practices with the UN Sustainable Development Goals (SDGs), particularly those related to responsible consumption and production, climate action, and sustainable cities and communities. Among the highlights:   The International Sustainability Standards Board (ISSB) attended the summit, organising events particularly focused on biodiversity, ecosystems and ecosystem services disclosures.   The Association of Chartered Certified Accountants (ACCA) released a paper designed to help accountants support organisations to undertake nature-related reporting and tackle sustainability-related challenges: Empowering Business: Navigating Nature-Related Reporting”.   The Taskforce on Nature-related Financial Disclosures (TNFD) published a draft paper as part of its work to help markets access decision-useful nature-related data.A roadmap for upgrading market access to decision-useful nature-related data is now available for consultation and feedback.   Biodiversity credits were also to the forefront in COP16, with three international organisations releasing a set of 21 high-level principles for biodiversity credits which aims to steer the emerging market. The organisations were The World Economic Forum (WEF) the Biodiversity Credit Alliance (BCA) and the International Advisory Panel on Biodiversity Credits (IAPB). These principles were first launched in 2022 in an attempt “to explore the potential of biodiversity credits to unlock new financing for measurable positive outcomes for nature and its stewards.” The WEF also published a new report, Nature Finance and Biodiversity Credits: A Private Sector Roadmap to Finance and Act on Nature, that aims at empowering business leaders to take decisive actions towards a nature-positive future.   What’s next? This is the first of three UN environment COPs taking place in 2024. The Climate COP - COP29 – will take place in Azerbaijan from 11-22 November. In December, Saudi Arabia will host another COP, this one focused on desertification. Chartered Accountants Ireland will bring you highlights as they happen.   Articles COP16: Key outcomes agreed at the UN biodiversity conference in Cali, Colombia (Carbon Brief) UN summit agrees deal on genetic data but fails on wider finance to protect nature (Financial Times) Countdown to COP16: are businesses and government turning the tide on nature loss? (Business for Nature) Malcolm Noonan tells Cop16 Ireland making progress in ending biodiversity loss (Irish Times)     For more resources on nature and accounting, visit Biodiversity - Accounting for Nature in the Chartered Accountants Ireland Sustainability centre.

Nov 07, 2024
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Tax UK
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Five things you need to know about tax, 8 November 2024

In Irish news, the Parliamentary Budget Office has published its analysis of Finance Bill 2024  and Revenue is advising tax agents to review their IT security processes. In UK news, read our more detailed coverage of the capital and business taxes measures in the 2024 Autumn Budget. In International news, the Commission and the UK conclude technical discussions on a competition cooperation agreement. Ireland The Parliamentary Budget Office has published its analysis of Finance Bill 2024. Revenue is advising tax agents to review their IT security processes. UK 3. Changes to capital gains tax and inheritance tax were the main feature of the Autumn Budget 2024 capital taxes measures. 4. On the business taxes front, the rate of employer’s National Insurance Contributions will increased from April 2025. International 5.        The European Commission and the UK concluded technical discussions on a competition cooperation agreement. Keep up to date with all the latest Irish, UK, and international tax developments through Chartered Accountants Ireland’s Tax Newsletter. Subscribe to the Tax News by updating your preferences in MyAccount.

Nov 07, 2024
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Anti-money Laundering
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Guidance on Failure to prevent Fraud Offence

The Failure to Prevent Fraud offence was introduced in section 199 of the Economic Crime and Corporate Transparency Act 2023 (ECCTA). The Act provides that the Secretary of State must issue guidance about procedures before the provisions come into force. This guidance to organisations on the offence of failure to prevent fraud has now been issued (as  of 6 ,November 2024). The guidance states that the offence will come into effect nine months after the publication of this guidance, to allow organisations to develop and implement their fraud prevention procedures. A reminder of what the Failure to Prevent Fraud offence is. The legislation will apply to large organisations where an associate of the organisation commits any of the offences listed in schedule 13 of the ECCTA (for example, cheating the public revenue or false accounting) with the intention of benefitting the organisation and the organisation did not have in place reasonable fraud prevention procedures. The large organisations to which the legislation will apply align with the thresholds in the Companies Act 2006. In short, a large organisation is one satisfying two or more of the following conditions: turnover of more than £36 million; balance sheet total of more than £18 million; or more than 250 employees. Readers should be mindful that there are proposals to uplift the monetary thresholds under company law. This information is provided as resources and information only and nothing in these pages purports to provide professional advice or definitive legal interpretation(s) or opinion(s) on the applicable legislation or legal or other matters referred to in the pages. If the reader is in doubt on any matter in this complex area further legal or other advice must be obtained. While every reasonable care has been taken by the Institute in the preparation of these pages, we do not guarantee the accuracy or veracity of any resource, guidance, information or opinion, or the appropriateness, suitability or applicability of any practice or procedure contained therein. The Institute is not responsible for any errors or omissions or for the results obtained from the use of the resources or information contained in these pages.  

Nov 07, 2024
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Office of Trade Sanctions Implementation

In Sept 2024 the UK government announced the launch the Office of Trade Sanctions Implementation (OTSI), within the Department for Business and Trade. Click here also for further information. To equip the office with new civil enforcement powers, on 12 September 2024, the UK government passed the Trade, Aircraft and Shipping Sanctions (Civil Enforcement) Regulations 2024. Click for the explanatory memorandum. OTSI’s enforcement powers came into effect from 10 October 2024. They apply to all UK persons including businesses wherever they are in the world and any person including businesses in the UK or the UK territorial sea. The regulations introduce new civil enforcement powers, including the power to impose monetary penalties, for breaches of aircraft, shipping and certain trade sanctions. The regulations also give the Secretary of State the option to publish reports where a breach of sanctions regulations has occurred. Click for statutory guidance on the Trade, aircraft and shipping sanctions, civil enforcement. This information is provided as resources and information only and nothing in these pages purports to provide professional advice or definitive legal interpretation(s) or opinion(s) on the applicable legislation or legal or other matters referred to in the pages. If the reader is in doubt on any matter in this complex area further legal or other advice must be obtained. While every reasonable care has been taken by the Institute in the preparation of these pages, we do not guarantee the accuracy or veracity of any resource, guidance, information or opinion, or the appropriateness, suitability or applicability of any practice or procedure contained therein. The Institute is not responsible for any errors or omissions or for the results obtained from the use of the resources or information contained in these pages.    

Nov 06, 2024
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Student Interviews
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What’s your view? Ireland in 2025

In every issue of The Bottom Line, we ask students for their thoughts on a particular topic. This month, we want to know: What change do you hope to see in Ireland in 2025? Colm O’Keeffe PwC  One change I would like to see in the next year is to the capital gains tax (CGT) regulation, which requires payment on unrealised gains for shares held for more than seven years, which is extremely onerous for Irish investors.  This rule forces early sales to avoid taxes, which deters long-term investment. Flexibility and sustained investment would result from matching CGT liability to actual realised gains. A change to this regulation would encourage market activity and promote economic expansion.  I hope legislators take these things into account and enact changes that strike a balance between the advantages of long-term investment and the need for tax money. Ireland's investment climate would be more vibrant and resilient if CGT regulations were more investor-friendly. Mark Healy EY  Ireland has the potential to be a beacon of inclusivity, especially in today’s challenging global landscape.  As we navigate issues like climate change, economic uncertainty and social inequality, we must foster a society that embraces diversity.  In 2025, I hope that we as a country place a large emphasis on promoting the voices of marginalised communities. We must encourage policies that support equal access to education, healthcare and employment ensuring that everyone has a fair chance to thrive. We need community initiatives that celebrate cultural differences and can foster understanding and solidarity among citizens. Moreover, we should engage in open dialogues about our shared values and collective future, recognising that our strength lies in our unity.  By embracing inclusivity over the coming years, Ireland can not only strive domestically but also serve as a model for other nations, demonstrating that a diverse society can lead to resilience in the face of adversity. Conor Flynn EY  In 2025, I hope to see Ireland harnessing the €14 billion received as part of the recent Apple tax ruling to significantly boost infrastructure investment.  This landmark ruling could provide a vital opportunity to enhance transportation, housing and water infrastructure across the country. With the strategic allocation of these funds, Ireland can improve roadways, public transit systems and aged water systems thereby fostering economic growth and regional development.  Additionally, investing in sustainable infrastructure would not only address current challenges but also prepare for future needs. By prioritising these enhancements, Ireland can create a more resilient and interconnected society, ensuring prosperity for all its citizens.

Nov 05, 2024
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AI Extra
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What does 2025 look like for newly qualified accountants?

For newly qualified accountants, the job market is brimming with both local and international opportunities, presenting plenty of options depending on individual goals. Simon Cogan, Consultant at Barden, and Siobhán Sexton, Business Lead with Barden, look at what to expect in 2025 Since the pandemic, career opportunities for newly qualified Irish accountants have evolved dramatically. Whether looking at international roles, local positions or adapting to new work models, 2025 promises a landscape full of potential. International opportunities In the last few years, international moves for newly qualified accountants have gained significant traction.  In 2023 and 2024, an estimated 60 percent of Irish accountants ventured abroad, gravitating towards traditional destinations like Australia, London and Canada, as well as emerging markets in the Middle East.  However, as markets saturate with similar profiles, some countries have grown increasingly competitive, requiring professionals to stand out through niche skills or additional experience, making relocation a bit less straightforward.  For those open to starting with short-term or contract roles, overseas experience remains highly valuable and, when done right, can be a great step for career growth. The local market: increasing demand for talent Ireland’s accountancy market is strong, with plenty of opportunities across various industries. Salaries have risen, particularly in Dublin, Cork and Galway, where companies are competing for talent. There are also long-term prospects locally in growing fields like renewable energy, technology and FMCG. Networking remains invaluable for jobseekers. Partnering with a specialised talent advisor can open doors to roles that aren’t publicly advertised. Taking a proactive approach – whether through LinkedIn or local networking events – can make a real difference in landing the right role. Future skills in demand With the growing focus on digitalisation and sustainability, skills in data analytics, ESG, sustainability reporting and regulatory compliance can set accountants apart and this shift is broadening career paths for early-career accountants.  As companies prioritise sustainable business models, these roles are gaining traction, creating opportunities for those interested in environmental finance. Familiarity with financial software like advanced Excel, SAP or Power BI is also a big plus. Interpersonal skills, such as communication and adaptability, are more valued than ever. The ability to navigate various interpersonal relationships, collaborate effectively, and adjust to changing priorities or business environments makes a lasting impression and provides a solid base for long-term success in the field. Remote and hybrid work: adapting to a new work culture While remote work became the norm in 2020 and 2021, companies are gradually adjusting their policies as they navigate post-pandemic dynamics.  Hybrid work models are here to stay, with most organisations offering two days of remote work per week. However, there is a noticeable shift towards in-office work as businesses emphasise collaboration and mentorship, especially for those early in their careers. For newly qualified accountants, working onsite offers distinct advantages, particularly in terms of direct mentorship and hands-on experience.  Many professionals who trained during 2020/2021/2022 missed out on face-to-face learning from senior colleagues, which remains a crucial element for skill development.  In 2025, expect a blend of flexible work arrangements, albeit with a stronger in-office presence required, especially in client-facing roles or those that profit from regular team interaction. This can only benefit early-career accountants for the long term.  The return of overseas talent  An interesting trend shaping 2025’s job market will be the return of Irish accountants who have gained international experience. Many who initially moved abroad are now returning home.  This influx of internationally experienced professionals could introduce a new level of competition in senior roles. It also enhances the talent pool, fostering a vibrant, knowledge-rich environment that ultimately benefits Irish companies. Moving from practice to industry: key considerations For newly qualified accountants deciding between staying in practice or transitioning to industry, 2025 looks set to offer a variety of paths.  Staying in a Big Four firm, for example, is ideal for those aiming to become a partner or gain exposure to different client types. Moving into industry, however, typically provides broader financial experience sooner, which may be of help long term, if industry is where someone wants to progress. The demand for specialised experience is also growing; companies seek accountants with technical knowledge in areas like IFRS and financial modelling, often preferring candidates with post-qualified industry experience for more complex roles. A time of opportunity For newly qualified accountants in 2025, the career landscape is rich with opportunity. Whether pursuing roles in Ireland or exploring global markets, accountants have plenty of choice, with new sectors emerging and traditional industries expanding.  By staying adaptable, honing both technical and soft skills, and strategically planning career moves, newly qualified accountants can position themselves for rewarding paths in the evolving financial world. With the right preparation, partnering with a specialised talent advisor and taking a proactive approach, 2025 could be an excellent time to build a fulfilling career, whether at home or abroad.

Nov 05, 2024
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AI Extra
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Eight questions with... Nuala McAdams

From overcoming exam setbacks to discovering unexpected career paths, the journey of Nuala McAdams, Manager of Government & Infrastructure at EY, highlights resilience, growth and the rewards of saying yes to new opportunities in the world of finance Five years ago, where did you think you would be now? Have you lived up to your own expectations? Five years ago, I had just attended my conferring ceremony and was about to move to a new department in my organisation. I have since made another move internally (three different departments in nine years).  I don’t think I had a five-year plan at that point if I’m honest. I had just qualified and didn’t know what I wanted to do next.  I think I have lived up to my own expectations in that I have tried new things and avenues in accountancy that I hadn’t heard of. I am so glad I did, as it has taught me new skills and given me new opportunities to develop. What has been the biggest challenge of your career? The biggest professional challenge was definitely failing three out of four of my CAP 2 exams – it was a terrible day!  It was so frustrating and devastating, especially as I knew it was totally on me. I hadn’t attended class as much as I should have, and it showed. For me, it was 100% my approach to the exam. The videos on charteredaccountants.ie on exam prep became really important to me when I moved to FAE. Fortunately, that went a lot smoother. Thankfully, I was able to wallow for a few days then pick myself up, work out where I went wrong, put the work in and pass second time around.  What do you wish you had known earlier in life? I wish I had known that it doesn’t matter where you are or what you are doing, you can always change your path. I started accountancy with no background in it, couldn’t tell you what a debit/credit was but I’ve never looked back. Where do you see yourself this time next year? I see myself being a lot more organised and making time for things that I love, like my voluntary roles, and hopefully doing some teaching in accounting!  Who inspires you, personally and professionally? My mammy’s motto in life is: “Sure what odds?” (In other words, ‘no big deal’.)  I would love to be so relaxed about things and I do think it’s really important to have that kind of perspective. It’s important to remember that no mistake is that bad –  and we all make them!  How has being a Chartered Accountant changed your life? I honestly don’t think I would have had as many amazing opportunities if I hadn’t followed this career path.  I have met so many new people, built my confidence, travelled a lot, and gained a host of new skills which translate to a lot of different organisations and roles.  Also, during your grad induction, you are always told that you’ll make friends for life. I didn’t believe it but it is true. If you weren't a Chartered Accountant, what do you think you'd be doing? I’d love to host a radio show…or be President of Ireland – both are essentially just talking to people all day, right? What advice do you have for those who will soon qualify as Chartered Accountants? Say yes to things, especially events – you never know who you’ll meet – and make time for the things you love or are interested in!

Nov 05, 2024
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AI Extra
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Test yourself: your study secret weapon

One of the most effective study strategies you can adopt is frequent self-testing. Edel Walsh discusses the importance of self-testing or retrieval practice When studying, most students will read their course materials and highlight the important points or areas they don’t understand. They may also write out their own notes or design mind maps.  While all these methods are a good starting point, they should not be relied upon for exam preparation. Testing yourself is one of the most effective methods of studying and learning. Incorporating testing into your study routine will not only help you assess your learning progress but also help you to retain critical information for the long term.  Why is testing yourself so important? When you’re studying for professional exams like those in accountancy, understanding concepts is only half the battle. Testing yourself provides immediate feedback on your knowledge.  It reveals what you have understood, and what areas need more work. This allows you to focus your study efforts effectively.  Feedback is essential in identifying knowledge gaps that might otherwise go unnoticed until the exam day. Many students leave testing until close to the exam and some students avoid testing altogether. Testing yourself shines a light on what you know and don’t know. This can feel uncomfortable; however, you are better knowing what you don’t know before your exam rather than on the day of the exam.  How often should you test yourself? There is no magic formula for how often you should test yourself. However, frequent testing of the same material leads to better retention. Here are some guidelines to consider: Test yourself every time you study. This can be done by incorporating short quizzes on the material you’ve covered during your study session. This could be as simple as recalling key definitions, concepts or formulas from memory.  At the end of each module or lesson, set aside time for more in-depth self-testing. This might involve answering past exam questions or solving case studies based on what you’ve studied. This gives you a comprehensive view of your progress and highlights areas that need further revision. Consistency is the key. Testing yourself regularly, rather than cramming right before the exam, reinforces learning over time and improves retention, leaving you better prepared on exam day. Methods of testing or retrieval practice Retrieval practice is another name for self-testing. Retrieval practice is a form of self-testing that requires you to pull information from memory without looking at your notes or textbooks. Retrieval practice engages your brain in recalling what you’ve learned.  Here’s how you can incorporate retrieval practice into your study routine: Flashcards: As you are studying tricky topics, rather than writing out pages of notes on a topic, get some flashcards. Write a short question on the front of the flashcard and the answer on the back. After each lesson or module, you will be left with a bundle of flashcards. Shuffle the cards and test yourself on the questions regularly. This approach works well for keeping information fresh in your mind. Apps like Anki or Quizlet can help you organise digital flashcards. Brain dump: After studying a topic, put away your notes and write a summary from memory. This helps solidify the concepts in your mind and forces you to process the information in your own words.  Practice problems: Doing practice problems or past exam questions without referring to your materials is an excellent way to engage in retrieval practice. This mirrors the exam environment and trains your brain to access information under pressure. Explain the material you have learned to somebody else: Summarise and explain the material to a housemate or family member. If you can explain it clearly to them, and they understand what you are talking about, this signals that you truly understand the material. Benefits of self-testing and retrieval practice  Self-testing can increase your confidence and help reduce anxiety by making the material more familiar and by showing you which areas you need to focus on.  The more you test yourself, the more confident you will feel about the material going into the exam. Testing yourself under exam conditions helps you practise managing your time and thinking under pressure. Effective study strategy Testing yourself is a crucial part of an effective study strategy for professional accountancy students. By incorporating regular testing into your study routine, you ensure consistent progress and retention of key material.  Retrieval practice plays a powerful role in deepening your understanding of your exam material.  Take the time to test yourself regularly, learn from the feedback you receive, and keep refining your approach.

Nov 05, 2024
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Personal Development
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Adding it up: the formula for flawless communication

Beyond technical expertise, impactful communication ensures messages are understood and valued. Carmel Moore offers practical tips for refining non-verbal, written and virtual communication skills The art of communication is a vital skill for accountancy students, where clarity and precision are as important as the numbers.   Technical expertise is worthless if the receiver doesn’t understand the message, and sloppy communication can waste time and create risk.  Here are some simple principles to help improve your communication skills. “You cannot not communicate”   The principle “You cannot not communicate” tells us that silence, body language and tone in written communication all send out messages.  For accountancy students, this is a reminder to remain mindful of non-verbal cues, tone and timing in meetings, emails and virtual settings. You are never invisible. Meetings  In face-to-face meetings, you're still communicating even when you’re not speaking. Your posture, eye contact and facial expressions can be interpreted by others and people will make assumptions about whether you’re engaged, bored, confident or open to feedback.  Be aware of listening cues. When a client or colleague is speaking, show you’re actively listening by nodding or occasionally saying, “I see” or “That makes sense.” This communicates respect and interest, reassuring the other person that you value their input, even when you’re not actively speaking. Emails The tone in an email is important to get right as messages can easily be misinterpreted. Every choice in word, structure and even punctuation conveys tone.  In our work, we often seek information from busy people. For example, “Respond by Friday” and “Could you please have the response ready by Friday?” both communicate a deadline, but the latter comes across as more collaborative. Overly formal language can seem cold or detached. Aim for a warm yet professional tone to make recipients feel more comfortable and willing to engage.  Even response time is a form of communication—quick responses can convey efficiency, while delays may unintentionally signal a lack of priority.  Virtual meetings Virtual interactions bring unique communication challenges. Silence feels more pronounced on video calls, where pauses may be misinterpreted.  If a participant turns off their camera, it might signal disengagement, or it could simply mean a technical issue or a need for privacy. A note in the chat can easily explain a missing face on the screen without the unintentional insult. When you’re speaking, remember to smile, use hand gestures and keep your tone upbeat to convey openness. If you need a moment to gather your thoughts, simply say, “Give me a second to pull up that data.” Small acknowledgements can prevent misunderstandings that silence may bring in a virtual space. “The meaning of communication is the response you get”   Remember: good communication is not just about your intent, but also about the outcome. This is particularly important in finance, where technical topics can easily become complex or misunderstood.  If the message doesn’t come across as expected, it’s up to you to adjust how you’re communicating. I’ve often reviewed work where my colleague has said, “But that’s what I meant!” But it wasn’t what they said.  Meetings  This principle reminds us to focus on clarity and engagement. When presenting, watch for audience reactions—are they nodding, looking puzzled or asking for clarifications? These responses tell you how well your message is landing.  If someone looks confused, ask if they’d like you to explain it differently, perhaps by breaking down the information further or offering a different example. To check understanding, say “Is everyone okay before I move on?” Emails   In email communication, look for responses that confirm comprehension.  When explaining something technical, provide context that guides your reader toward a clear understanding. Use concise subject lines and straightforward language.  Conclude with an open-ended question, such as, “Does this explanation make sense?” or “Is there any area you’d like more detail on?” This invites clarification, helping to ensure your message is fully understood. If the response to your email suggests confusion, reply with patience. Simplify your language and provide a summarised recap if necessary.  If appropriate, ask the recipient to walk you through what didn’t land for them. Take notes for future adjustments. Before you click send on an email, it’s important to do a self-review of what you have written. Answer the question: Summarise the question being posed to others at the start to ensure focus. Highlight actions: Make actions clear. Don’t make readers search for them. Ensure clarity: Use simple, readable language. Virtual meetings Virtual meetings add complexity to communication. Non-verbal cues are harder to pick up, so the meaning of your communication becomes even more dependent on intentional check-ins.  Look for engagement indicators, like people turning on their cameras, nodding, or adding comments in the chat. Mix it up by using screen-sharing tools. You may have the technological advantage here! Regularly pause to invite questions or reactions, asking, “How is this coming across for everyone?” or “Any questions so far?” This lets you gauge understanding and adjust as needed. Putting it all together Applying these principles means taking responsibility for how your message is received.  Effective communication isn’t just about what you say, it’s about observing how your message is received.  By watching responses and understanding that silence or body language can carry powerful messages, you can become a more effective communicator, building trust and clarity with other students, colleagues and clients alike. Carmel Moore is Director at the One Moment Company  

Nov 05, 2024
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