Sustainability Micro-credentials

As the new European Corporate Sustainability Reporting Directive is coming into effect from 2024, it is crucial to stay ahead of the curve and for you to show your commitment to sustainability. Your clients will expect you to help them navigate these new ESG reporting requirements.

To help you in this regard, in September 2023, CPA Ireland launched a series of stackable micro-credentials in Sustainability. These credentials cover Sustainability Reporting Standards, ESG Challenges, ESG Strategies and Sustainability Assurance. You have the option to take individual micro-credentials and complete an online assessment, or you can opt to take all micro-credentials to gain an overall certificate in Sustainability.

Tools such as the Balanced Scorecard and Performance Prism stress the importance of interlinkages between whatever measures of success are considered critical and advocate the use of an integrated set of key performance indicators (KPIs). Performance measures that are more integrated enable an understanding of how activities link to each other and impact on strategy. In the above example, increasing on-time delivery may be important for ensuring a good firm reputation which in turn will impact on the volume of business and profits. If, however, on-time delivery is not valued by customers and has no impact on firm reputation, then this may not be an area to invest additional resources. For other firms, employee absenteeism may be a critical success factor as reducing absenteeism may impact positively on efficiency, product quality, and employee health and wellbeing, which in turn will improve profitability and ESG performance.

More importantly, there were 3 people at partner, director and manager level in the practice that positively influenced me in my development as a Trainee Accountant. They also qualified as CPAs at an early age and that encouraged me to complete my CPA exams as quickly as I could. I gained my CPA qualification in 2000 at the age of 23.

Climate-related scenario analysis is a tool that enhances critical strategic thinking and allows companies to explore alternatives that may significantly alter the basis for ‘business-as-usual’ assumptions.

Conducting a climate scenario analysis may seem a daunting task for companies that are doing it for the first time. The good news is that IFRS S2 has provisions for proportionate reporting in relation to climate scenario analysis.

Policymakers currently rely on simple metrics (quantitative criteria) such as turnover, balance sheets, number of employees to categorise and define enterprises. This determines how EU law applies to them. But in today’s world of climate urgency, multiple tensions and disruptive innovations, these metrics fall short.

The breach allowed hackers to access the personal data of millions of people and exposed UK consumers to the risk of financial crime.

In 2017, Equifax’s parent company, Equifax Inc, was subject to one of the largest cybersecurity breaches in history. Cyber-hackers were able to access the personal data of approximately 13.8 million UK consumers because Equifax outsourced data to Equifax Inc’s servers in the US for processing.

The UK consumer data accessed by the hackers ranged from names, dates of birth, phone numbers, Equifax membership login details, partially exposed credit card details, and residential addresses.

The reasons behind the gender pay gap are multifaceted, including factors like occupational segregation, lower representation of women in leadership roles, and maternity-related issues. The international equal pay movement seeks to address these disparities.

The international equal pay movement is not confined to a single country or region but encompasses global efforts to promote wage equality. Organisations such as the International Labour Organisation (ILO) and UN Women play significant roles in advancing this movement. Their initiatives focus on policy changes, data collection and analysis, and awareness campaigns to highlight the importance of equal pay.

A working group was established to identify amendments to the regulations which would copper-fasten the Law Society’s key responsibilities of protecting client moneys and the Law Society’s Compensation Fund. Such protections remain the primary purpose of all the accounting regulations mandated by the Solicitors Acts 1954 to 2015.

• This is a scheme for SMEs, primary producers, and small mid-caps (defined as businesses with up to 499 employees). SMEs are expected to be the main beneficiaries.
• To qualify for the scheme, the borrower will have to declare that costs have increased by a minimum of 10% on their 2020 figures and that the loan is being sought specifically as a result of difficulties being experienced due to the Ukraine crisis.

The Financial Reporting Council (FRC) recently published its reporting expectations and monitoring findings for companies amidst a high period of interest rates, persistent inflation and ongoing economic uncertainty. Most frequently raised issues and areas of focus included:

• Impairments, judgments and estimates as this reflects the ongoing economic uncertainties companies need to factor into their financial reporting and the need for detailed explanations to help users understand the positions taken.
• Companies restating cash flow results.
• Review of Directors’ remuneration particularly regarding targets and performance against them

The main announcements in Budget 2024 are:

There were no changes made to tax rates for 2024. The standard income tax rate will remain at 20% and the higher rate at 40%.

The Standard Rate Cut Off Points (SRCOP) for 2024 have been increased as follows:

As the audit neared completion, I met with the client to deliver my feedback prior to the report being issued. There were no significant control weaknesses. In fact, it was one of the strongest control environments that I had audited during my brief career, and I was pleased that I could give this feedback to the client. As per our standard reporting timescales, they would receive a draft report within ten working days. I remember leaving the client’s premises with a feeling of positivity having genuinely believed I had undertaken a good job.

During my time as Head of Talent Development in Deloitte, I started to notice general differences in the drives and motivations of the graduates at the time (Gen Y) and realised we needed to flex and adapt our approach if we wanted to get the best from this powerful young generation. I went on to complete my doctoral studies in this topic and developed a framework to engage the youngest workplace generations. Over the last 10 years, I have been researching and writing about this topic and the challenges seem to amplify year on year as organisations face managing multiple generations under one roof with the added challenge of the hybrid workplace for most organisations.

The workplace has evolved into a melting pot of generations, each with its unique set of drives, motivations, and values. To harness the strengths of this intergenerational workplace, it is essential to first comprehend the distinct characteristics and expectations of each generation. In this article, we will delve into the four primary workplace generations: Baby Boomers, Generation X, Generation Y (commonly known as Millennials), and Generation Z (known as Centennials). We will explore their respective values, motivations, and how organisations can leverage their strengths to create a harmonious and productive work environment.

Alarmingly, Ireland has the lowest rate of employment for people with disabilities in Europe at just 32.6%.

Getting back to the traditional interview and traditional hiring practices. Why don’t they work for neurodivergent people?

The emphasis on social interaction and communication skills presents a challenge. Many neurodivergent individuals struggle in this area, often underselling their achievements, having difficulty with eye contact or succumbing to interview anxiety. These same people might have a love of data, they might enjoy routine tasks that others find boring, they might love the nitty gritty detail that others shy away from. Sound like a great employee? Unfortunately, they can’t get past an interview.

Mindsets are powerful beliefs. There are two types of mindsets, the Fixed Mindset and the Growth Mindset. Carol Dweck, in her book “Mindset” says a fixed mindset is essentially a belief that your intelligence, talents and other abilities are set in stone. A person with a fixed mindset believes that they are born with a particular set of skills and that they can’t change them.

A growth mindset on the other hand is the belief that a person can develop their talents and achieve their goals through hard work, effective strategies, and support from others.

The samples are also a useful tool to support the ongoing training of staff and the production of high-quality financial statements.