Council is now focused on delivering the members’ decision to amalgamate with Chartered Accountants Ireland on the 1^st of September 2024. Significant work is in progress to bring both organisations together at member, student and staff levels so that we can move forward as the sole Irish based professional accountancy body on the island of Ireland. From the 1^st of September 2024 members of the association will be entitled to use the dual designation of CPA/FCPA and/or ACA/FCA.

The accountancy profession is facing a generational challenge in terms of its attractiveness to new entrants, the rapid development of emerging technologies, the ongoing climate crisis and increased engagement with regulators, standard setters and policy makers. It is the stated ambition of both CPA Ireland & Chartered Accountants Ireland that combining the strengths of each organisation will lead to a stronger voice and better representation for members and offer an enhanced member proposition which would attract new candidates for the qualification and provide more contemporary and accessible service.

Accountants are fundamental to business success, to supporting sustainability and to creating value, in Ireland and around the globe. Opportunities and employment options for qualified accountants are equally wide ranging and inspiring. The roles for accountants persist during periods of boom and downturn. The profession has however been somewhat underrated by school leavers in recent years as schools, colleges and universities awaited a review and update to the Leaving Certificate accountancy curriculum.  This is now underway and it will be important to engage and influence the curriculum so that students can see the purpose and opportunity in a career as an accountant.

As a champion of SMEs and the accountants who work in and advise these companies we will continue to ensure the needs of the SME sector are fully supported. SMEs are the bedrock of the Irish economy, and they rely on our expertise and knowledge to support growth and influence national policies.

Finally, I would like to take this opportunity to thank all members and students of CPA Ireland for supporting your Institute and showing pride in your qualification. I have no doubt that you will continue to represent the accountancy profession to the highest of standards.

Looking back now, we had a small family business in Cavan, and from an early age I was involved in the daily cashing up, ordering of supplies and pricing, so obviously something struck a chord.

At the time I was working as a trainee with a Chartered practice in Dublin, but I knew that emigration was likely, and CPA offered a more flexible learning and exam route. I did emigrate to the UK for a period and CPA proved flexible, even to the point of sitting most of my exams in London.

I moved to London in 1989 when unemployment was high in Ireland and secured a position within the finance department of Johnson Matthey (a leading producer and refiner of precious metals such as gold, silver, platinum, and palladium), based on North London, after working there for a period as a temp. I spent 11 years there in various finance roles and eventually relocating to their facility in Hertfordshire.

During the last years at Johnson Matthey and subsequent roles, I have become more involved in finance projects and system implementations as I have a preference for this area of finance and have developed an aptitude for problem solving finance processes. Continuous improvements and development of finance systems to drive automation is a passion.

By the time I had qualified and met my wife to be, we decided to return to Ireland. I immediately was offered a job working in Fermanagh for the Quinn Group as Group Systems Accountant at a time of unprecedented growth within the company. This role led me to Quinn Direct Insurance and Liberty Insurance in what proved to be a real learning experience as a finance system specialist.

When I moved to CPA Ireland in 2015, I was aiming for more of a Finance role with less systems and out of hours work. It’s fair to say I now have the perfect balance of lots of variety and lots of work.

However, during my career, there were many times in Quinn Insurance when my team and I developed and implemented ingenious design solutions. We liked to simplify the process, rather than complicate it, and there were always new challenges. There’s nothing like working in a high performing team that operates as one cohesive unit. As a team we were agile, forward thinking and given the freedom to implement the best solutions. Those times were the highlight, as even a small systems improvement had a big impact due to the quantity of daily transactions.

For recently qualified, there are many different avenues to pursue and many not confined to finance. I’ve had some great experiences and opportunities, so look around at what’s out there, be picky, choose the company that feels right for you, don’t be afraid to travel or work outside your comfort area, as the experience you gain is worth it.

I decided to pursue a career in accountancy because I realised that without an official qualification or professional designation, my career progress in the financial services industry was limited. My initial work experience at Bank of Ireland and in the USA highlighted the importance of having formal qualifications to advance in my career.

Upon returning to Ireland, I worked in the accounts department in the car dealership, Murphy & Gunn, Milltown, and then moved on to a company called Quality Ceramics in Wicklow however after 4 years here I was made redundant and decided then was a good time to commence the Accounts Technician course in the evenings while working during the day with the Asset Based Finance company, Bibby Financial Services. Upon completing the Accounts Technician qualification, I continued with the CPA qualification at Griffith College and worked during the day at Bibby Financial Services.

I worked in Bibby for 10 years in various roles from take on co-ordinator, Relationship Manager, Audit Manager for Europe and Asia, and finally, Business Development Manager. I then moved to another asset-based finance company, FinanceFair, where I worked as the Business Development Director for 2 years prior to coming to work in CPA Ireland.

For organisations in the financial services sector, such as insurance firms, banks and asset managers, these will include financed emissions, namely GHG emissions associated with their lending, insurance and investment activities. By providing financial support to businesses, financial service organisations can enable a wide range of activities that contribute to GHG emissions. These include activities such as fossil fuel extraction, power generation, agriculture and transportation, among others.

The requirement for Scope 3 GHG reporting will impact SMEs in the value chain of larger companies in scope for the CSRD, as well as those which rely on financial service organisations such as banks and insurance firms for financial products and services. SMEs will therefore need to familiarise themselves with Scope 3 GHG emissions reporting requirements and keep abreast of regulatory requirements.

Large companies that will be providing Scope 3 GHG emissions disclosures on their value chain emissions will be relying on this standard, thus making it an important one for SMEs to familiarise themselves with.

Financed emissions are considered a form of Scope 3 GHG emissions under the GHG Protocol’s Corporate Value Chain (Scope 3) Accounting and Reporting Standard. Financial institutions have begun reevaluating their financial activities in sectors that are high GHG emitters.

For example, in May this year, BNP Paribas and Credit Agricole – the second and third largest banks in Europe – decided that they would no longer underwrite bond issues for the oil and gas sector.

In relation to Scope 3 emissions, the ESRS requires companies to disclose the reporting boundaries considered, the calculation methods for estimating the GHG emissions and which calculation tools were applied. The GHG Protocol lists 15 categories in total, which can be distinguished as either upstream or downstream (See Figure 2) Scope 3 emissions. Companies do not have to report on all Scope 3 GHG categories, rather they are required to provide disclosures for each “significant Scope 3 GHG category”. Companies are also required to provide a list of Scope 3 GHG emissions categories included in and excluded from their GHG inventory, along with a justification for excluded Scope 3 categories.

• Relevance – the GHG inventory appropriately reflects the GHG emissions of the company and serves the decision-making needs of report users.
• Completeness – the reporting accounts for all GHG emission sources and activities within the inventory boundary and justifies any exclusions.
• Consistency – consistent methodologies are used to track performance over time.
• Transparency – relevant issues are addressed in a factual and coherent manner, with a clear audit trail.
• Accuracy – the quantification of GHG emissions is accurately conducted, and uncertainties are reduced as far as practicable.

The reporting company will need to define its organisational boundary i.e. which operations are included and how emissions from each operation are consolidated. This will require the use of a consolidation approach, of which there are three under the GHG Protocol as follows:

• Equity share – accounts for GHG emissions from operations according to its share of equity in the operation.
• Financial control – accounts for 100 percent of the GHG emissions over which it has financial control.
• Operational control – accounts for 100 percent of the GHG emissions over which it has operational control.

The GHG Protocol provides guidance on activities associated with each of these categories which are useful to provide more clarity. Further insight can be obtained from the European Financial Reporting Advisory Group (EFRAG) Value Chain Implementation Guidance released in May 2024 which provides an illustrative example in FAQ 6 on how calculations should be made for ESRS reporting purposes.

Notwithstanding the challenges, SMEs can also benefit from the exercise. SMEs that begin recording their GHG emissions will be able to use the information they obtain to find ways to reduce their emissions which in turn could result in reduced energy use and costs. There is also the potential for innovation as SMEs reassess their product and service portfolio to develop more environmentally friendly alternatives. All in all, while there may be some pain points as SMEs begin the process of recording their GHG emissions, in the longer term, they will benefit from the improvements they implement in their bid to reduce their carbon footprint.

1. Greenhouse Gas Protocol: Corporate Value Chain (Scope 3) Accounting and Reporting Standard
2. Greenhouse Gas Protocol: Technical Guidance for Calculating Scope 3 Emissions, Supplement to the Corporate Value Chain (Scope 3) Accounting & Reporting Standard
3. ESRS Delegated Act
4. EUR-Lex – 32021H2279 – EN – EUR-Lex (europa.eu)
5. ey-global-carbon-accounting-standard-consultation.pdf
6. PCAF launches the 2nd version of the Global GHG Accounting and Reporting Standard for the Financial Industry (carbonaccountingfinancials.com)
7. Pair of major European banks backs away from oil and gas bond deals (ft.com)

A key feature of the European Sustainability Reporting Standards (ESRS), provided for within the CSRD, is their focus on value chain reporting. In an economy characterised by SME activity, large Irish firms now face the task of collecting sustainability information from SME suppliers and customers, while SME management face the issue of aggregating and reporting this information.

The European Financial Reporting Advisory Group (EFRAG) has recently released an exposure draft of voluntary sustainability reporting standards for non-listed SMEs as part of the European Commission’s SME Relief Package to support SMEs in accessing sustainable finance. Notwithstanding this, sustainability reporting is apt to present a major challenge for the Irish SME sector. Our research has examined the challenges of sustainability reporting for accounting practitioners of 400 SMEs. We find that accounting practitioners can provide substantive assistance to SMEs in meeting their value chain commitments as the CSRD takes effect.

Currently, the European Commission has not expressed an intention to impose an umbrella mandate on SMEs to publish sustainability reports.

Despite this, it is inevitable that SMEs will need to report to their larger suppliers and customers which must satisfy value chain disclosure requirements. The design of the ESRSs has been largely informed by the well-established Global Reporting Initiative (GRI) sustainability reporting guidelines. Indeed, SMEs can voluntarily use these guidelines to produce sustainability reports. While European SMEs will likely use EFRAG’s voluntary sustainability reporting standards for non-listed SMEs once finalised, the GRI has provided a good testing ground for examining SMEs readiness for sustainability reporting.

Workforce is another area where data is likely to be required in the coming years under ESRS S2 ‘Workers in the Value Chain’. The only standard devoted to the value chain, companies which determine workforce as a material topic will require data from value chain entities sufficient to enable an understanding of impacts on value chain workers particularly in respect of working conditions, equal treatment and other human rights.

While there are no other standards specifically referring to ‘the value chain’ in their title, the extent to which disclosures on Consumers and End Users (ESRS- S4), Biodiversity and Ecosystems (ESRS E4) and the Circular Economy (ESRS E5) are just some areas where value chain-related impacts, risks and opportunities will require disclosures. For instance, concerning ESRS E4 on biodiversity, SME suppliers may well be expected to inform their customers of their use of, and dependency on, natural resources and natural resources such as crops and animals. In a country with a buoyant agri-food sector, such requirements should not be underestimated in an Irish SME context.

Guided by prior research and commentary, which strongly indicates that SMEs accounting practitioners are apt to be a reliable source of insight on SMEs’ sustainability reporting needs, we engaged with Irish accounting practitioners to fully understand these issues. When one considers the roles accounting practitioners currently perform for SMEs advising on financial reporting, they are perhaps the natural choice to support SMEs on their sustainability reporting challenges.

With respect to challenges, the research data we collected from accounting practitioners enabled us to identify a number of issues, including:

• Cost. Initial setup costs, ongoing data management expenses and potential operational changes are financially challenging, and respondents identified these as the greatest barrier to implementing sustainability reporting.
• Resources. Limited human and financial resources make it difficult to allocate the necessary staff and budget towards developing and maintaining comprehensive sustainability reporting practices.
• Education/knowledge. There is a significant knowledge gap within SMEs on the importance, processes and required metrics for sustainability reporting.
• Data capture. It can be difficult to track progress and report accurately on sustainability metrics because inadequate technology and systems make the collection, management and analysis of sustainability data challenging.

Concerning supports required, we consider both financial and non-financial supports that could reduce the financial costs and challenges for SMEs in implementing a system of sustainability reporting.

Accounting practitioners identified two financial supports that would help SMEs adopt sustainability reporting and the associated operational changes: government or EU grants/tax incentives or carbon credits; and subsidised education and training programmes, which would build long-term capacity within the SME sector.

Accounting practitioners also cited non-financial supports, most notably simplified disclosure requirements, which could significantly reduce the complexity and resource demands placed on SMEs. Given the intricacy of the data and reporting requirements of the ESRS, this sets something of challenge for standard setters.

Nonetheless, the voluntary sustainability reporting standards for non-listed SMEs suggest that the modular approach taken will accommodate SMEs in adopting sustainability reporting in an incremental manner.

Particularly desirable for our accounting practitioner respondents is the creation of a specialised agency, or equivalent, to provide SMEs with tailored support, including consultancy, resources and tools for sustainability reporting. Such an agency could act as a bridge, simplifying the process and making sustainability reporting more accessible for SMEs. With the recent launch of the National Enterprise Hub, the opportunity exists for the Department of Enterprise Trade and Employment to further support Irish SMEs in fulfilling their sustainability reporting requirements.

Our research suggests that while the journey towards sustainability reporting is fraught with hurdles for SMEs – from financial constraints to technological gaps – the collective will and support from the broader ecosystem can turn these challenges into opportunities.

As greenwashing concerns continue to grow, the need for complete, accurate and reliable data to be supplied by SMEs is central. While larger entitles in value chains have a role to play in facilitating smaller organisations by requesting data in a structured and specific manner, and by using their own internal controls to assure the adequacy of such data, it is important to bear in mind that such systems are in their infancy and lack the sophistication of those used in financial reporting. Financial support and subsidised education for SMEs is fundamental. These measures not only demystify the process of sustainability reporting but also ensure that SMEs are not left behind.

Parent’s Leave Benefit is a payment for people in employment who meet the eligibility criteria to allow them to take time off work to care for their child.

• This leave may be taken any time in the first 24 months after they were born.
• Parent’s Leave Benefit leave must be taken in minimum blocks of at least one week.
• These weeks can be combined up to a maximum of seven weeks depending on their circumstances
• You must apply for Parent’s Benefit within six months of taking your Parent’s leave.

From August 2024:

• Parent’s Leave & Benefit will increase from 7 weeks to 9 weeks for children born or adopted after 1 August 2024.
• The additional two weeks of Parent’s Leave applies to children who are under the age of 2 in August 2024, or adoptive children who have been placed with their parents for less than two years in August 2024.

Actions for Organisations to take:

• Update future employment contracts
• Update Organisation handbook and policy documents
• Notify all Employees on update in legislation

The legislation further enhances the protection of employees in a collective redundancy situation following their employer’s insolvency and also provides for the establishment of a new statutory Employment Law Review Group which will advise the Minister on all aspects of employment and redundancy law.

In Ireland, 2022 marked the inaugural year of Gender Pay Gap Reporting. Organisations that had seen a growth in their workforce since the previous year, and surpass the threshold of 250+ Employees, were required to prepare a Gender Pay Gap Report for the first time in 2023 as mandated by the Gender Pay Gap Act 2021.

Companies with 150+ employees are now required to select their snapshot date for Gender Pay Gap Reporting, and these companies must submit their first report by December 2024.

In order to avoid unnecessary burden and allow for competition, activities thought by legislators to be of ‘limited’ risk will continue unabated. With one caveat – users must be aware they are interacting with AI.

ChatGPT, Copilot, other LLM’s and generative AI fall into this category. As do emotion recognition systems. And content creators will have to disclose when text, audio, images or videos have been generated or manipulated by AI. This is particularly the case when the content relates to matters of public interest.

iv. Minimal risks

Some tools, by contrast, will have no need to declare their use of AI and so, in practical terms, are unaffected by the Act. They tend to be narrower-purpose applications which, for instance, are embedded into video games, spam filters, writing apps to check spelling or websites for shopping recommendations.

1. Risk Assessment and Compliance:

As a certified accountant and business owner, you’ll need to assess whether any AI systems you use, or plan to implement, fall under the high-risk category. This is particularly relevant if you’re using AI for:

• Credit scoring or loan approval processes,
• HR management and recruitment,
• Fraud detection and prevention; and
• Automated financial reporting and analysis.

If your AI systems are classified as high-risk, you’ll need to ensure compliance with the stringent requirements outlined in the Act.

2. Data Quality and Management:

The new law places significant emphasis on the quality of data used to train AI systems. As certified accountants often deal with sensitive financial data, you’ll need to:

• Implement robust data collection and preprocessing methods,
• Ensure all data is accurate, complete and representative,
• Regularly audit and update your datasets; and
• Implement strong data protection and privacy measures in line with GDPR requirements.

3. Transparency and Client Communication:

When using AI systems in your practice, particularly those that interact directly with clients, you’ll need to:

• Clearly disclose the use of AI to your clients,
• Explain how AI-driven decisions are made, especially in high-stakes situations like credit assessments; and
• Provide options for human intervention when requested.

The AI Institute has created an AI Policy template which includes all of the areas that need to be addressed in order to stay on-side with the Law. To skip ahead of the crowd, you can download it here.

4. Professional Development:

In order to stay compliant with the Act, all businesses should invest in AI literacy training for themselves and their staff, which is something the AI Institute can help with. In addition, as it’s a fast-paced environment which is continually evolving, everyone must stay updated on AI regulations and best practices. Get in touch with us to chat in more detail.

5. Ethical Considerations:

The EU AI Act emphasises the importance of ethical AI deployment. As trusted financial advisors, certified accountants have a responsibility to ensure that AI systems are used ethically in their practice. In practical terms this means developing an AI Policy that aligns with your professional values and the requirements of the Act. The policy should address:

• Transparency and explainability
• Fairness and non-discrimination
• Privacy and data protection
• Accountability and liability
• Human oversight and intervention

By proactively addressing the regulations and the wider ethical considerations of AI, you can safely leverage the technology to enhance your practice. All the while maintaining the trust and confidence of your team and clients. This is important because the competitive benefits for those who adopt early are likely to be significant.

But early adoption will not be enough. The AI landscape will continue to evolve. Rapidly. Which means staying informed, remaining flexible and always being committed to best-practice will be essential. Your practice’s methods are likely to iterate faster tomorrow than they do today.

Which is almost certainly far quicker than they did yesterday.

And that rate of change will likely only get faster. And it is this that makes your commitment to the principles of ethical AI, as well as the letter of the EU AI Act, vital to future profitability. You will have to adapt not only quickly but also safely.

If certified accountants can collectively position themselves as leaders in the responsible use of AI, they may well end up setting the standard for ethical innovation across the entire financial sector.

An Interactive 60-second AML compliance checklist is available for download.

No MLRO (or equivalent) appointed

If a Money Laundering Reporting Officer (MLRO), or equivalent person, has not been appointed within your business then you will need to identify the appropriate individual to fulfil this function. They will require appropriate training and you must communicate their appointment to all staff.

Missing or inadequate AML Policies

The AML Policies, Controls and Procedures (PCP) manual needs to be comprehensive and should reflect your approach to AML from a policy and operational basis. The Consultative Committee of Accountancy Bodies – Ireland (CCAB-I) has developed detailed guidance to help Accountants understand their AML obligations within the Irish legal framework. This is a good resource when documenting your AML PCP manual.

There are many AML policy templates available for purchase online. Often AML software providers will provide a free PCP manual.

It is perfectly acceptable to use a template; however, it must be appropriate and tailored for your practice. Policies need to be reviewed, at minimum annually or if there is a material change to your business.

PCP related findings from the CPA Ireland Thematic Review (Q1 2024) are summarised as:

• Policies and procedures were not tailored for the firm
• In some cases, no or minimal policies or procedures in place
• Out of date policies and procedures
• No consideration for identification or verification of Beneficial Owners
• CDD did not consider high risk country factors
• No procedures defined to identify PEPs
• No independent and anonymous reporting channel for employees to report contraventions of AML legislation
• No evidence of PCPs being communicated formally to staff.

Missing Business Risk Assessments

If you have not conducted a business risk assessment there are many templates available online. If you have digital processes or AML software, it is possible to provide smart business risk assessments that update your business risk profile based on the individual Client Risk Assessments in your Client AML files.

1. Types of customers that you have
2. Products and services that you provide
3. Countries or geographical areas in which you operate
4. Type of transactions you conduct
5. Delivery channels you use

Check out this CPA Ireland article for more information on Navigating AML Risk Assessments.

Incomplete AML Client Files

Customer Due Diligence (CDD) needs to be completed before taking on a new client. Ongoing monitoring needs to be completed throughout the engagement. In many cases, client AML files may have incomplete or out of date information.

Capturing their ID and proof of address is a small part of the puzzle. To properly complete your CDD obligations, you need to adopt a risk-based approach and really know your client.

A client risk assessment needs to be documented and refreshed (at minimum annually) to highlight any changes in the circumstances, behaviour or risk profile of each client. This can be a manual task or there are efficient ways to record your CDD and ongoing monitoring actions.

Key Customer Due Diligence shortcomings identified by the CPA Ireland Thematic Review included:

• ID and Proof of address not certified as a true copy of the original
• ID out of date, therefore no evidence of active monitoring
• Proof of address not appropriate i.e. a document not fixed to an address of the individual (Mobile phone bill etc.)
• No RBO check evidenced on file for corporate entities
• No certificate of incorporation or other verification of a corporate entity

Reviewing or refreshing your AML compliance procedures and client files does not have to be an all-consuming or large-scale project. Establishing a simple plan with an approach that works for your business will help achieve a successful outcome.

A simple plan could include:

1. Conducting a gap analysis to identify compliance shortcomings and prioritise your response. The 60-second checklist is a great starting point.
2. Establishing a resolution plan to address shortcomings. Identify if any external resource or collateral is required. Allocate tasks and set target dates for completion.
3. Considering different strategies for some of the bigger tasks, especially if they require interaction with your clients.
4. Tracking progress and planning for ongoing periodic reviews

Before starting any project, the approach has to be appropriate for your individual business. For example, if you need to refresh your client ID / proof of address documents, it might work better if this task is spread across the year when you are naturally engaging with each client (e.g. VAT return, Payroll, Annual Return).

Alternatively, you could adopt a big bang approach and undertake a full client refresh campaign when support is available from seasonal staff, or during a rare occasion when there is time for administrative actions.

AML obligations are onerous and can often appear disproportionate. Processes contain repetitive and resource-intensive tasks that can result in a box-ticking exercise. AML software solutions deliver automation opportunities; however, the first step in any organisation is to make sure you understand the obligations and assess your current performance.

Make anti-money laundering compliance easy with AML HQ

Our comprehensive platform includes all the tools accountants, bookkeepers, and tax advisory firms require to meet regulations and quickly onboard customers.

1. Declaration of Solvency:
The process begins with the directors of the company making a Declaration of Solvency. This declaration must state that the directors have conducted a thorough review of the company’s financial position and believe that it can pay its debts in full within the specified period. The declaration must include a statement of the company’s assets and liabilities dated within 3 months of the date of declaration and be made no more than 30 days before the resolution to wind up is passed.

2. Resolution to Wind Up:
Following the Declaration of Solvency, the shareholders must pass a special resolution to wind up the company voluntarily. This resolution typically requires a 75% majority of the votes cast by shareholders at a general meeting. The resolution must then be filed with the Companies Registration Office (CRO) within 15 days.

3. Appointment of a Liquidator:
Once the resolution is passed, a liquidator is appointed. The liquidator’s primary role is to wind up the company’s affairs, including collecting and realising assets, settling any outstanding liabilities, and distributing the remaining assets to the shareholders. The liquidator must be a licensed insolvency practitioner.

4. Notification and Publication:
The company must notify the CRO and advertise the resolution passed in Iris Oifigiúil (the official gazette). This step ensures transparency and notifies any potential creditors or interested parties of the liquidation.

5. Realisation of Assets and Settlement of Liabilities:
The liquidator takes control of the company’s assets, sells them if necessary, and uses the proceeds to pay off any debts. All outstanding debts and liabilities must be settled before any distributions are made to shareholders.

6. Distribution of Surplus Assets:
After settling all liabilities, the liquidator distributes any remaining assets to the shareholders according to their entitlements. This distribution marks the final stage of the liquidation process.

7. Final Meeting and Dissolution:
Once the liquidation process is complete, the liquidator must call a final meeting of the company’s shareholders. At this meeting, the liquidator presents an account of the winding-up process, detailing how the assets were realised and distributed. Following the final meeting, the liquidator files their forms E5 – Liquidator’s Final Statement of Accounts and E6 – Return of final winding up meeting with the CRO, and the company is officially dissolved three months later.

2. Cost Efficiency:
Compared to other liquidation methods, MVL is generally more cost-effective. Since the company is solvent, there are typically fewer complexities involved, reducing administrative and legal costs.

3. Tax Efficiency:
MVL can be tax-efficient for shareholders, especially if capital gains tax rates are lower than income tax rates. Distributions made during an MVL are often treated as capital distributions, which may attract a lower tax rate. In certain cases, shareholders may avail of further reliefs such as Retirement Relief or Entrepreneur Relief should the relevant criteria be met.

4. Preservation of Reputation:
Winding up a company voluntarily through MVL helps maintain its reputation. It shows that the company is acting responsibly, fulfilling its obligations to creditors, and not waiting until insolvency forces a compulsory liquidation. Furthermore, a major difference from a Members Voluntary Liquidation to an insolvent liquidation is that in a MVL the Liquidator does not have to submit a report to the Corporate Enforcement Agency.

5. Flexibility:
The liquidator takes control of the company’s assets, sells them if necessary, and uses the proceeds to pay off any debts. All outstanding debts and liabilities must be settled before any distributions are made to shareholders.

6. Key Advantage over Strike Off:
With a MVL a creditor or a member can only apply for restoration of the company within two years of the dissolution whilst with voluntary strike off, the company can be restored up to 20 years.

2. Cost of Liquidation:
Although generally cost-effective, MVL still involves costs related to appointing a liquidator, legal fees, and administrative expenses. Companies must ensure they have sufficient funds to cover these costs.

3. Tax Implications:
While MVL can be tax-efficient, it is crucial to seek professional tax advice to understand the implications fully. Misunderstanding the tax consequences can lead to unexpected liabilities for shareholders.

4. Timelines:
The MVL process can be time-consuming, particularly in realising assets and settling liabilities. Companies should plan accordingly and be prepared for potential delays.

• The position of the employees needs to be carefully considered. If there is a Trade Union involved, then it should be consulted. The employee’s redundancy entitlements may be calculated using the online redundancy calculator at the Department of Employment Affairs and Social Protection.
• Any staff mobile phones should be cancelled on the day they leave to avoid recurring rental and phone charges. Keys to the Company’s premises should also be collected and alarm codes changed. Employees should be allowed to collect personal possessions from their desks and lockers.
• All property leases should be carefully reviewed to check for dilapidation clauses etc.
• The Company Pension Plan should be wound up before the Company is placed into a Members Voluntary Liquidation.
• All assets of the Company should be sold. If selling IT equipment all data should be backed up first before the data on the equipment is erased.
• VAT and PAYE returns should be brought up to date. The last pre-liquidation Corporation Tax return is generally submitted shortly after the Company is placed into a Members Voluntary Liquidation.

TUPE is applicable to Employees, apprentices, agency workers and public servants and is designed so that Employees are not treated unfairly or taken advantage of during the transfer of business.

The legislation prevents the dismissal of an Employee by reason of transfer of undertakings and ensuring an Employee’s rights are passed from one Employer to the other. It also requires that Employees and their representatives are informed of the legal, social and economic implications of the transfer and consult with them as well as protecting continuity of representative rights.

An economic identity is defined in the European Communities (Protection of Employees on Transfer of Undertakings) Regulations 2003 as “an organised grouping of resources which has the objective of pursuing an economic activity”.

Generally speaking, this requires consideration of the type of undertaking or business concerned; whether assets, tangible or intangible, are transferring; whether Employees are taken over; whether customers are transferring; and the degree of similarity between activities carried on before and after the transfer, and the period, if any, for which those activities are suspended.

As part of this assessment, the courts will typically examine whether the entity is a stable economic entity and if so, whether its essential characteristics will be maintained. Essentially, the economic entity must continue the same or similar economic activities post transfer.

Apprentices, agency workers, civil servants and anyone working under a contract of employment are all therefore protected by the TUPE Regulations.

i. the date or proposed date of the transfer;

ii. the reasons for the transfer;

iii. the legal implications of the transfer for the Employees and a summary of any relevant economic and social implications of the transfer for them, and any measures envisaged in relation to the Employees.

The original Employer must give this information to the Employees’ representatives not later than 30 days before the transfer, in good time before the transfer occurs and in good time before the Employees are directly affected by the transfer as regards their conditions of work and employment.

If either Employer envisage measures in relation to their Employees, the Employees’ representatives must be consulted not later than 30 days before the transfer is carried out or, in good time before the transfer is carried out (taking into account any relevant timing of the Employee measures) with a view to reaching an agreement. Where there are no Employee representatives, the Employers must arrange for the Employees to choose (including by means of an election) representatives for this purpose.

However, if there are still no Employees’ representatives in the undertaking through no fault of the Employees, the Employees concerned must be notified in writing, where reasonably practicable, not later than 30 days before the transfer and, in any event, in good time before the transfer, with the particulars described at (i), (ii) and (iii) above.

Certain functions within an Organisation may be deemed to be an economic entity for the purposes of TUPE. If these functions are outsourced, insourced or the existing service provider is changed, the TUPE Regulations may apply. Business functions like IT, distribution, cleaning, and security may fall within the scope of the TUPE Regulations.

Where a business function like cleaning or maintenance for example is outsourced to a third party, the nature of the work is likely to be the same regardless of whether it is completed by Employees or outsourced to a third party. For the TUPE Regulations to apply however, an outsourcing event must also involve the transfer of significant tangible or intangible assets or the transfer of a major part of the workforce carrying out the outsourced function.

The new Employer must not terminate the employment of Employees on the basis of the transfer alone. The new Employer may however make dismissals for economic, technical or organisational reasons, or in other words make redundancies.

If an employment is terminated because a transfer involves a substantial deterioration in the working conditions of the Employee, the Employer concerned is regarded as having been responsible for the termination and is exposed to the risk of an unfair dismissal claim or a claim under the TUPE Regulations.

However, where there is a pension scheme in operation in the original Employer’s business at the time of the transfer, the TUPE Regulations provide that:

• if the scheme is an occupational pension scheme within the meaning of the Pensions Act, 1990, then the protections afforded by the Pensions Act apply to any such scheme, and
• in respect of the pension schemes which do not come within the remit of the Pensions Act, the new Employer must ensure that rights conferring immediate or prospective entitlement to old age benefits, including survivor’s benefits, are protected.

Organisations that are considering either the sale or purchase of a business that involves a change in Employer must therefore carefully consider their legal obligations under the TUPE Regulations.

“Since my appointment I have made it my top priority to support the small and medium sized businesses that are the backbone of Ireland’s economy. I was therefore please to meet with CEOs from the three main banks in order to get their assessment of the challenges that are facing small business owners given their everyday engagement with those owners and their knowledge of trends across various sectors and regions. I also urged them to continue to support our SME sector”

The Agency reported that by the end of 2023, it had surpassed its 2024 target of achieving a 10% increase in the number of companies achieving sales greater than €10m, €20m and €50m. AT the end of 2023, a year ahead of target, over 20% growth in each category had been achieved.

Cashflow management is important all year round, but at this time of the year with annual tax filing deadlines in mind, cash flow management is critical to all businesses. This can be a busy and potentially stressful time for many business owners, however effective financial forecasting, cash flow management, and early tax planning can help reduce and relieve the stress.

By managing cashflow effectively, you will be able to keep your business secure and profitable, while providing the opportunity to forecast investment opportunities, establish company spending and build up an emergency cash fund. Being prepared for all scenarios that may occur throughout the year for your business is vital.

To gain a better understanding of PromptPay, we posed a few questions to Alan O’ Regan, Head of Finance & Leasing in Area South at AIB, on why he recommends PromptPay to his Business customers.

Can you tell us a little bit about PromptPay?

PromptPay is a short-term working capital finance product which enables businesses to finance significant annual payments over an 11-month term, easing cash flow pressures and are a key part of our product offering to many business customers.

Why do you recommend PromptPay to your customers?

PromptPay is a great product for businesses to manage their cashflow as it facilitates spreading annual payments such as corporation tax or business insurance over a max 11-month term in manageable monthly repayments.

All business customers have an insurance requirement and through knowing our customers and their businesses we ask them how they fund same and advise them of the PromptPay solution which may suit spreading their annual costs over an 11-month period.

What are the benefits of using PromptPay?

It is a short-term working capital finance product which enables businesses to manage their annual cashflow as it facilitates spreading annual bills over an 11-month period which in turn can ease cashflow pressures.

AIB Business Banking Customer NMP Architecture & Landscape speaks on their experience managing Cash Flow with PromptPay

The firm specialises in landscape architectural services, which are managed by John Montgomery, and the more traditional architectural services are overseen by James Montgomery.

Niall and his son James founded the family practice in 1974, and it has since grown tremendously. The business started off in architecture before branching out into landscaping. Running a family business involves many duties and responsibilities especially in the constantly changing environment we live in today, from managing daily tasks to managing finances.

Effective cash flow management can aid family businesses in surviving, expanding, and passing on their legacy to the following generation.

We spoke to NMP about cashflow management and how they grew their family business throughout the years. One factor that has played a role in their business success is the fact that they were able to effectively manage their cash flow with the assistance of PromptPay. Maeve Walsh, Finance & Leasing Representative at AIB first introduced them to the product.

NMP told us how PromptPay allows their business to meet their tax obligations in a timely manner by spreading their payments over a course of 11 months.

They have used PromptPay for many years now and plan to continue using it for their business as they see the positive impacts that come with it. NMP added they would recommend it for other businesses for the following reasons

“PromptPay allows a business to meet a relatively large outlay either in professional fees or tax obligations in a timely manner whilst aiding cash flow to ensure the smooth running of a business. The process for applying and obtaining the funds is very easy and hassle free with the help of AIB.”

We spoke to Head of AIB Finance & Leasing, Brendan Crowley about cashflow management.

The secret to reducing abandoned carts may well be in offering the right payment choices. Many brand websites fall short on this, leading to 20 percent more abandoned carts than online marketplaces.

The payment journey isn’t just a transaction, it’s an extension of your brand and often the final touchpoint that creates a lasting impression. Today’s customers want hassle-free checkout, consistent brand interactions online and offline, payment flexibility, and fast, secure transactions with strong fraud protection.

To deliver on these expectations, keep the checkout really simple and streamlined, the fewer steps from product discovery to purchase, the better. Complicated and lengthy checkout processes can deter buyers. Instead, focus on a design that mirrors your brand, ensures a logical payment flow, and minimises unnecessary clicks for a smoother payment experience.

Explore payment solutions that help you seamlessly orchestrate between card and open banking, with automation and smart features like personalised payment plans, reminders, group send, convenient card-on-file for personal shopping, and real-time tracking and reporting.

Let’s delve deeper into how payments technology can transform abandoned carts into successful purchases:

These statistics underscore the urgency for fast-growing businesses to invest in advanced payment technologies. This involves implementing robust measures like data encryption, tokenization, stringent data governance, access controls, robust authentication, and compliance with global standards. Open banking as an alternative to card payments significantly reduces exposure to chargebacks. Recent studies indicate a 61 percent decrease in fraud this year, credited to advanced encryption and real-time authentication through open banking APIs.

Security concerns often drive cart abandonment, influenced by factors like outdated websites or unfamiliar payment gateways. To enhance trust and reassure customers about the security and reliability of your payment process, prominently display 3D security and PCI compliance badges during checkout. Additionally, include customer testimonials, transparent return policies, and multiple contact options. Leveraging chatbots and virtual assistants also ensures a seamless payment journey.

PSD3, the EU’s updated Payment Services Directive, represents a significant leap forward in open banking, building on lessons learned from PSD2. Effective from 2026, it aims to bolster open banking APIs and promote broader adoption of related services, with key priorities including enhancing fraud prevention, safeguarding consumer rights, and ensuring equitable access to payment systems.

Moreover, PSD3 improves fraud prevention by expanding IBAN and name checks. Payment providers now must verify payment details’ accuracy, driving increased adoption of Confirmation of Payee services among PSPs to curb misdirected payments and fraud. PSD3 also mandates Strong Customer Authentication across multiple devices, empowering customers with greater control and enhancing data security through diverse authentication methods.

For example, they might accept card payments for initial deposits and use open banking for final balances, ensuring customers benefit from card protection while minimising fees on larger transactions. They can create personalised payment plans and automate workflows to handle failed payments, offering alternative methods via bank or card to complete transactions.

Advanced payment technology platforms simplify team management and access control, enhancing operational efficiency across various locations and departments. Both online and in-store transactions generate valuable data captured through the payment infrastructure. Features like live tracking, reporting, and comprehensive analytics offer precise insights into purchasing behaviours and preferences, enabling businesses to better address customer needs, decrease cart abandonment rates, and foster customer loyalty.

Businesses can pivot from abandoned carts to payment success by adopting secure and versatile paytech solutions. By offering multiple payment options and simplifying checkout processes, they can drive sales and build brand loyalty.

Curious to learn more about how Prommt can help you? Get in touch – www.prommt.com

• Power for IAASA to regulate the sustainability reporting of entities under IAASA’s remit as accounting enforcer.
• Power for IAASA to adopt a sustainability assurance standard pending the adoption of an EU wide standard by the European Commission.
• Power for recognized accountancy bodies (‘RAB’s’) to approve and register sustainability assurance service providers.
• Power to regulate the provision of sustainability assurance to companies in scope, which will be split between IAASA for PIE’s and RABs for other companies.

The EU has already approved the European Sustainability Reporting Standards which will apply to companies in scope for reporting at the end of this year (2024).

While in Ireland this is a relatively small population, for the 2025 reporting year all large companies will come in scope for these extensive reporting requirements.

If they have not done so already, directors and audit committees of companies in scope need to start preparing immediately.

IAASA intends to adopt the International Standard on Assurance Engagements 3000 Revised (ISAE 3000), Assurance Engagements Other Than Audits or Reviews of Historical Financial Information. Adoption will take place when the European Corporate Sustainability Reporting Directive (CSRD) is transposed into Irish law giving IAASA the statutory power to adopt sustainability assurance standards in Ireland.

In exercising professional judgment, the practitioner must consider whether accepting such an engagement would be appropriate. The practitioner must also determine the nature of the engagement so that the appropriate service is provided. Once engagement has been accepted the practitioner issues Letter of Engagement.

7. Understand the Entity & Governance Structure

The practitioner shall obtain an understanding on the entity’s business and operations, including the entity’s accounting system and accounting records, this provides a frame of reference for planning and performing the compilation engagement.

8. Applicable Financial Reporting Framework

Management shall determine the relevant financial reporting framework to apply to the compilation engagement namely FRS 102, S1.A FRS 102, FRS 105. The companies Act 2014 prescribes the criteria for application of relevant financial reporting including appropriate company size thresholds.

To avoid misunderstandings when carrying out a compilation engagement it is in the interests of all parties (TCWG, management and the practitioner) that the terms of the engagement are clearly documented in an engagement letter signed by management or TCWG, as appropriate prior to performing the engagement.

10. Obtain appropriate work programme

For completeness when carrying out the compilation engagements it is recommended to have an appropriate work programme in use for audit exempt and unincorporated entities. This will aid in ensuring all areas of compliance are actioned and appropriate work is documented. These can be obtained from via CPA Ireland, Chartered Accountants Ireland or a Third-Party Training Provider.

11. Develop an action plan for carrying out the compilation engagement

The development and documentation of an action plan when carrying out the compilation engagement will ensure overall completeness of the compilation engagement. Members should plan the work so that the engagement is conducted in an effective, efficient and timely manner. Plans should be based on knowledge of the client’s entity and the complexity of the company’s books of account and the accountants’ experience of the business. A record of this planning should be retained on the engagement file.

12. Communications with Those Charged with Governance (TCWG)

Constructive working relationships with TCWG and the practitioner is vital for every compilation engagement. Modes of communication include oral, written, zoom, Microsoft teams etc. The practitioner communicates with TCWG on findings and other matters in relation to the compilation engagement.

13. Consider Materiality in the context of the Applicable Financial Reporting Framework

In general, misstatements, including omissions are considered material if they individually or in aggregate, could reasonably be expected to influence the economic decision of users on the basis of the information. Judgments about materiality are made in light of surrounding circumstances and are affected by the size or nature of the misstatement, or a combination of both. The practitioner’s perception of the needs of users of the financial information affects the practitioner’s view of materiality. Amendments to the compiled financial statements may be required for the financial statements not to be materially misstated.

14. Type and nature of procedures in carrying out the compilation engagement in tailored circumstances

The practitioner has discussions with TCWG to obtain an understanding of the business and operations as well as to gain familiarity with the accounting principles and practices of the sector in which the entity operates. The practitioner will make requests from management for further information in response to incomplete, inaccurate or otherwise unsatisfactory information. If the practitioner becomes aware during the course of the engagement that:

• The compiled financial statements do not adequately refer to or describe the applicable financial reporting framework
• Amendments to the compiled financial statements are required for the financial statements not to be materially misstated; or
• The compiled financial statements are otherwise misleading, amendments will be proposed to management.

15. Misleading Financial Statements

If, in the course of the compilation engagement, the practitioner becomes aware that the records, documents, explanations or other information, including significant judgments, provided by management for the compilation engagement are incomplete, inaccurate or otherwise unsatisfactory, the practitioner shall bring that to the attention of management and request the additional or corrected information.

16. Supervision and Review

The firm through their quality control procedures for compilation engagements should develop policies and procedures to ensure that the work of less experienced engagement team members be supervised and reviewed by a more experienced engagement team member.

17. Documentation & File Assembly

The basic principles to consider when preparing file documentation is to ensure it is:

• Well organized illustrating the work performed and who performed the work
• Adequate file structure, including referencing and cross-referencing
• The results of the work, as well as any significant matters that arose and how they were addressed during the compilation engagement.
• Copies of supporting and/or other third-party documentation on file for significant items. For example, asset additions could be supported by copies of invoices and/or finance documentation.

A work program for each compilation engagement is recommended.

The practitioner is required to document all completed work. This is to ensure, where the quality of the accountant’s work is challenged or subject to a review by CPA Ireland or Chartered Accountants Ireland, documentation is available to provide evidence that the engagement was carried out in accordance with the basic principles for such an engagement.

The file assembly should be in line with the firm’s quality control policies and procedures. For example, the timeline for final assembly could be 60 days after the date of the engagement report.

18. Forming and wording of the Compilation Report

Guidelines for the form and wording of the Compilation Report can be found on both the CPA Ireland and Chartered Accountants Ireland websites.

19. File Completion Checklist

For completeness a file completion checklist should be filled out and evident on file. This can be found primarily within the Work Programs purchased via CPA Ireland, Chartered Accountants Ireland or alternatively a Third-Party Training Provider.

20. Issuing of Final Agreed and Signed Financial Statements

The directors of companies have a statutory responsibility for the financial statements which give a true and fair view of the assets, liabilities and financial position of the company at the end of its financial year and of its profit or loss for such a year as well as entitlement of the company to audit exemption and these should be approved and signed by the directors before the Accountant’s Report is signed.

The practitioner should obtain a declaration of the client’s responsibility for the appropriate presentation and adequacy of information disclosed within the financial statements. Care should be taken to ensure that the date of the Accountant’s Report is the same as the date of the client’s declaration.

The compiled financial statements should contain a reference such as “Unaudited”, or “Refer to Compilation Report”, on each page of the financial statements or at the front of the complete set of financial statements.

Unincorporated entities

Unlike the statutory financial statements of companies, there is no statutory requirement for the financial information of unincorporated entities to give a true and fair view.

The basis of preparation for the information should be clearly defined in order that the accountant can compile the information for presentation. The basis should be clearly disclosed in the financial statements in a basis of preparation note. For example, the basis used to compile the financial statements may be agreed as being one which provides sufficient and relevant information to enable the completion of a tax return.

Appropriate Work programs tailored to each client supported by clear quality management policies and procedures for completing compilation will also assist in top quality compilation engagements.

The flat rate addition appears within the Value-Added Tax Consolidation Act 2010 (VATCA 2010), specifically under Section 86. The current rate set by the Minister for Finance for the flat rate addition is 4.8% (effective from 2024, down from 5.6% in January 2021). This rate is reviewed periodically to ensure it compensates for the VAT incurred on inputs. It should not be confused with the livestock VAT rate which currently also happens to be 4.8%.

A flat-rate farmer does not issue an invoice with a VAT rate on it. Instead, for instance, when a cow has been sold for €1,500, the buyer/mart will add 4.8% to the price paid to the farmer and pay the farmer €1,572. The buyer will issue the farmer with a self-issued invoice, and the buyer will then claim the €72 back from Revenue as an input cost in the buyer’s VAT return. The purpose of the flat rate addition is to compensate the farmer for inputs that the farmer would have been entitled to if they registered for VAT but instead chose to be a flat rate farmer.

In 2014, the number of claims amounted to 21,227 for €50.9 million. In 2023, a total of 35,896 claims were made for €88 million. The peak of claims was in 2020, with a total of 37,176, and the peak cost was in 2022, with €89.3 million. Obviously, 2022 coincided with a significant increase in the cost of building.

In response to the number of queries and various requests by TDs and lobbying organisations, Revenue has published their guidance based on the explanatory notes from Council Implementing Regulation (EU) No 1042/2013, also known as VAT13B.

The EU guidance is clear in its reference to fixed or in the ground. “The VAT Implementing Regulation refers to buildings and constructions while the VAT Directive only refers to structures fixed to or in the ground. Therefore, irrespective of whether the structure qualifies as a building or construction, what will be decisive to qualify as immovable property is whether the concerned structure is fixed to or in the ground.”

1. Building Materials:

• Concrete, bricks, steel, and other materials directly used in constructing barns, silos, or other agricultural buildings.
• Insulation materials to ensure the building meets required standards.
• Roofing materials such as metal sheets, tiles, or thatch.

2. Construction Services:

• Labour costs for construction workers and contractors directly involved in building the structure.
• Architect and engineering fees for designing the building.

3. Essential Fixtures:

• Electrical systems for lighting and powering farm equipment within the building.
• Plumbing systems necessary for the operation of the farm building.
• Ventilation systems to maintain air quality within livestock buildings.

4. Site Preparation:

• Costs associated with clearing and levelling the land where the farm building will be constructed.
• Costs for laying the foundation.

Non-Refundable Items:

1. General Farm Equipment:

• Tractors, ploughs, harvesters, and other machinery not directly incorporated into the building.
• Tools and small equipment used by construction workers that are not permanently fixed to the building.

2. Maintenance and Repair Costs:

• Routine maintenance and minor repairs for existing buildings, such as repainting or fixing leaks.
• Costs for servicing and maintaining construction machinery.

3. Non-Essential Fixtures:

• Furniture and office equipment placed within the farm building such as desks, chairs, and computers.
• Decorative elements that do not serve a functional purpose in the operation of the farm.

4. Personal Expenses:

• Any costs related to personal use, such as residential space within the farm building.
• Personal vehicles or items not used exclusively for farm operations.

1. Fencing Materials and Installation:

• Materials: Wooden posts, wire mesh, electric fencing components, gates.
• Installation: Labour costs for setting up the fencing, including digging post holes, setting posts, and attaching fencing material.
• Accessories: Fence energizers, insulators, and other essential accessories for electric fencing.

2. Draining Materials and Services:

• Drainage Pipes: Perforated pipes, tiles, and other materials used for field drainage systems.
• Installation: Labour costs for installing drainage systems, including digging trenches and laying pipes.
• Pumps and Accessories: Submersible pumps and necessary accessories for efficient drainage.

3. Reclamation Activities:

• Land Clearing: Costs for removing trees, rocks, and other obstructions from the land.
• Soil Improvement: Materials like topsoil, compost, and lime to improve soil quality.
• Levelling and Grading: Machinery hire and labour costs for levelling and grading the land.
• Seeding: Initial seeding of reclaimed land.

Non-Refundable Items:

1. General Maintenance:

• Repairs: Routine repairs to existing fencing or drainage systems, such as fixing broken fence wires or clearing blocked drains.
• Upkeep: Regular upkeep costs such as painting fence posts or replacing worn-out parts.

2. Non-Essential Additions:

• Aesthetic Enhancements: Decorative elements like ornamental gates or landscaping around the fencing.
• Non-Essential Machinery: Equipment not directly related to fencing, draining, or reclamation, like lawnmowers for maintaining grass around the fence.

3. Personal Expenses:

• Residential Landscaping: Costs related to landscaping around personal residences on the farm.
• Personal Use Items: Any items or services not directly tied to farm operations, like decorative plants or garden ornaments.

1. Solar Power Systems:

• Materials: Solar panels, inverters, mounting systems, wiring, and batteries for energy storage.
• Installation: Labour costs for installing solar panels on farm buildings, setting up inverters, and connecting the system to the farm’s electrical grid.
• Accessories: Charge controllers, monitoring systems, and essential safety equipment like fuses and disconnects.

2. Wind Turbines:

• Materials: Wind turbine units, poles, mounting hardware, and electrical components.
• Installation: Labour costs for erecting wind turbines, including foundation work, pole installation, and electrical hookups.
• Accessories: Control systems, batteries for energy storage, and monitoring equipment.

3. Biogas Plants:

• Materials: Biogas digesters, gas storage tanks, piping, and combustion equipment.
• Installation: Labour costs for constructing biogas plants, including digging pits, setting up digesters, and installing gas handling systems.
• Accessories: Gas scrubbers, pressure regulators, and safety devices.

4. Hydroelectric Systems:

• Materials: Small-scale hydro turbines, water intake structures, pipes, and electrical components.
• Installation: Labour costs for setting up hydroelectric systems, including constructing water channels, installing turbines, and connecting to the farm’s grid.
• Accessories: Control systems, batteries, and monitoring equipment.

Non-Refundable Items:

1. General Equipment:

• Non-Essential Machinery: Equipment not directly related to the generation of electricity, such as general farm tools or personal use items.
• Maintenance Tools: Tools used for routine maintenance of the micro-generation equipment.

2. Maintenance and Repair Costs:

• Routine Maintenance: Costs for regular servicing and minor repairs to existing micro-generation systems, such as cleaning solar panels or oiling wind turbines.
• Spare Parts: Replacement parts for routine upkeep.

3. Non-Essential Additions:

• Aesthetic Enhancements: Decorative elements added to the micro-generation setup, like painting turbines or adding non-functional structures.
• Non-Essential Accessories: Items not critical to the operation of the system, such as non-essential monitoring devices or luxury upgrades.

4. Personal Expenses:

• Residential Use: Costs related to generating electricity for personal residences on the farm.
• Personal Items: Any items or services not directly tied to farm operations, such as personal electronic devices powered by the system.

Revenue is also concerned that several milk bulk tanks, for instance, are for sale on online auctions that had likely qualified for VAT58 refunds. If the bulk tanks could be sold, they could not be considered fixed and therefore not qualifying. The reality is that anything can be removed with the right tool. There is a mix between bulk tanks going for scrap and having been ripped apart to get them out of where they had been installed.

Additionally, a concern of Revenue is why the dairy industry was the source of so many query submissions, but even in the original concept for the scheme, dairy was mentioned.

Their vision is to be recognised as the accountants and financial advisors of choice for forward-looking farmers, food, and agribusiness in Ireland. With over 30 locations nationwide, ifac’s clients can access top-quality service from a location that is convenient for them. 

It’s probably safe to say that M&A activity will continue for some time yet, and this is unsurprising given the benefits that can be realised from a carefully selected merger or acquisition.

This article explores the importance of strong leadership when individuals and teams are attempting to navigate the challenges of a business merger or acquisition.

As highlighted in one of my previous articles, we all process change and uncertainty in different ways and with a varying level of pace. Some of us reach a point of acceptance quickly, whereas others will need more time to move beyond a less productive state, such as Denial, Anger, or Depression.

Despite the negative connotations attached to dealing with change, many individuals benefit from experiencing these difficulties, rather than simply attempting to avoid them. This is similar to grieving where reaching acceptance is tough, and other thoughts and feelings must be processed in the first instance.

With large scale M&A activity, it is important to remember that your teams will all (initially) be at different phases of change acceptance. As we will explore in the next part of this article, the importance of strong leadership during change increases exponentially.

This means that during a business merger or acquisition, strong leadership at all levels of an organisation will help to implement sustained change in an effective manner. This will however suit some individuals better than others, and it is important to recognise who can (and will) offer critical leadership skills throughout the change process.

To determine who could be selected to help lead the team through change, multiple factors should be considered, as follows:

Although this may sound obvious, communication is a complex skill that incorporates a variety of facets: Verbal, written, body language, and emotional expression to name but a few areas.

When teams are involved in a M&A activity, leaders must communicate using a variety of methods, and provide clarity on exactly what is happening and when. As a leader, you will be judged on your ability to communicate with multiple audiences with varying needs and concerns.

How often do you check the effectiveness of your communication skills? Or, do you simply assume that others are ‘on board’ with the messages provided?

Creating the right conditions for change and maintaining urgency is a key aspect of good leadership. When urgency is present, it helps to send the right message to individuals that the change journey WILL be completed in full. It aims to overcome doubt, scepticism, and negativity by ensuring that teams experience pace and positive forward movement.

Selecting leaders with a sense of urgency for change can often be determined by understanding their behaviours in a working environment – do they regularly demonstrate proactive, positive, and energetic traits? If so, look for ways that you can use these team members to create urgency.

The experience of change can be incredibly exciting for many individuals – an opportunity to experience new ways of working and meet new people. Conversely, change can also be terrifying for some and best ‘avoided’ if possible. In my experience of working with teams, individuals encounter a variety of emotions as they deal with change.

Leading a team through a M&A also involves an awareness of your own emotions, how they affect your behaviour, and the importance of emotional contagiousness. Think of ways that you can reflect on how you are feeling, and whether your emotions and behaviours are helping or hindering your team.

It is natural for some individuals and teams experiencing change to feel sceptical, or even negative about the benefits of a merger or acquisition. When this happens, it is common for groups to form that share similar views. Individuals that have different perspectives to the group are usually ignored.

For these reasons alone, leaders need to be aware of what happens across their teams, and how the dynamics of different conversations can either motivate and inspire or drag others down. A critical responsibility for leaders includes consistently setting a positive example to others and ensuring that doubts are listened to. This enables the sceptics to have their say, be heard and responded to in a way that shows empathy and understanding.

The role of the leader is to ensure that doubts are converted into opportunities.

The table below highlights some of the main team-related opportunities that exist when organisations come together

1. Team-based efficiency: Mergers and acquisitions usually provide leaders with an opportunity to reassess how their teams operate. This frequently includes the ability to utilise people in a different, often more efficient and effective manner. A good example includes how individual weaknesses can be counteracted by new strengths that are now available to the team. Any unhelpful conflict within or across teams can also be reassessed and dealt with now that a different group of individuals is being introduced.
2. New perspectives: Teams frequently benefit from a plethora of new ideas and alternative ways of working. This is particularly relevant for those teams that become quite insular and choose to ignore external ‘noise’ that can actually be incredibly valuable. A merger or acquisition offers the chance to introduce new people and ideas into the team environment and learn from the experience of others.

3. Relationship building: New people = new relationships – if you want it to. Arguably one of the most engaging and motivating factors about the work environment is the people we work with.

   This creates enjoyment in our lives, reduces stress, and tends to be the things we remember most about our job history. Although some of us may initially feel quite anxious about meeting new people, we generally move beyond these concerns and determine with whom we can build relationships, and ultimately, trust.

4. A clean slate: Difficulties that sometimes arise both within, and between, teams can be demoralising and inevitably form part of the business culture that exists. A merger or acquisition will inevitably ‘shake things up’ in this regard. It offers a great opportunity for leaders to assess their business challenges and how their teams can be reshaped to improve the culture, and ultimately organisational performance.
5. Development opportunities: A new team environment can also shed light on learning opportunities, and how individuals and teams can be developed further. Some individuals could find themselves in different roles or teams, which may offer the chance to develop new skills. It is highly likely that development strategies will be revisited because of a merger or acquisition.

Trust is paramount in the professional services sector. Clients are more likely to engage with firms that provide valuable, insightful content. Thought leadership fosters long-term relationships by deeply understanding industry challenges and solutions. When firms consistently address client pain points and offer actionable advice, they demonstrate their commitment to client success. This trust-building process, though gradual, is invaluable, leading to stronger client loyalty and more referrals.

This unique positioning can be a significant competitive advantage, helping the firm attract high-value clients seeking cutting-edge solutions.

1. Content Creation:
Regularly publish content such as whitepapers, blogs, and research reports. Industry-specific content that addresses current trends and challenges will have the most impact. For example, an analysis of an industry segment can attract significant attention from clients in that sector.

2. Speaking Engagements:
Participate in industry conferences and webinars. These platforms provide an opportunity to share insights with a larger audience and establish the firm as a thought leader. Speaking engagements also offer networking opportunities that can lead to new business relationships and partnerships.

3. Social Media:
Leverage platforms like LinkedIn to share insights and engage with the audience. Social media allows firms to reach a broad audience and engage with industry peers, clients, and prospects in real time. Regular posts, updates, and discussions can keep the firm top-of-mind and drive engagement.

4. Client Education:
Host or engage with CPD events to educate clients on industry trends. These events can be webinars, workshops, or seminars that provide valuable learning opportunities for clients. By educating clients, firms demonstrate their expertise and commitment to client success, fostering stronger relationships.

1. Content Creation and Curation:
Tools like Jasper (formerly Jarvis) and Copy.ai assist in generating high-quality content quickly. These tools use advanced algorithms to produce well-structured articles, social media posts, and more. Platforms like Curata help curate relevant content from various sources, ensuring you stay updated with industry trends.

2. Data Analytics and Insights:
AI-powered analytics tools like HubSpot and Google Analytics provide deep insights into audience behaviour and content performance. By analysing metrics such as page views, engagement rates, and conversion metrics, you can refine your content strategy to better meet your audience’s needs.

3. SEO Optimisation:
Tools like SEMrush and Moz use AI to enhance your SEO efforts. They provide keyword suggestions, track rankings, and analyse backlinks, helping you optimise your content for search engines and increase visibility.

4. Personalisation and Automation:
AI-driven personalisation tools like HubSpot and Marketo enable you to deliver personalised content to different audience segments. Automation tools can schedule and distribute content across multiple channels, ensuring consistent engagement without manual effort.

5. Social Media Management:
Platforms like Hootsuite and Buffer use AI to manage social media posts, track performance, and engage with your audience. These tools can analyse the best times to post, suggest content, and monitor social media trends relevant to your industry.

1. Case Studies and Testimonials:
Publishing detailed case studies highlighting successful client engagements is powerful validation. These stories provide tangible evidence of the firm’s expertise and the results they can deliver. Testimonials from satisfied clients further reinforce this validation, offering third-party endorsements that can be particularly persuasive.

2. Awards and Recognitions:
Receiving industry awards and recognitions for thought leadership initiatives, such as best-in-class reports or innovative solutions, provides formal validation of a firm’s capabilities. These accolades can be prominently featured in marketing materials and discussions with potential clients, demonstrating the firm’s industry leadership.

3. Peer Reviews and Citations:
When thought leadership content is cited by other industry experts or used as a reference in peer publications, it enhances the firm’s credibility. This external validation shows that other knowledgeable professionals in the field respect and value the firm’s insights.

4. Media Coverage:
Thought leadership pieces that attract media attention and coverage can significantly boost a firm’s credibility. Being featured in reputable industry publications or interviewed as an expert on relevant topics can validate the firm’s expertise to a wider audience.

5. Client Engagement Metrics:
Tracking and sharing engagement metrics from thought leadership content such as the number of downloads, shares, or direct inquiries, can also be validated. High engagement rates indicate the content is valuable and resonates with the target audience, reinforcing the firm’s authority and relevance.

By consistently demonstrating expertise and providing value, firms can create lasting relationships and achieve sustainable success. Leveraging published content as validation on social media and for client communications amplifies its effectiveness, building credibility with prospective clients.

In the competitive professional services landscape, firms that embrace thought leadership will be well-positioned to stand out, attract high-value clients, and drive long-term business growth.

As clients increasingly seek partners who can provide services, insights, and guidance, thought leadership will continue to be a key differentiator and growth driver. By committing to a robust thought leadership strategy, accountancy and advisory firms can ensure they remain at the forefront of their industry, delivering exceptional value to their clients and achieving sustained success.

When we have feedback conversations, this unease may manifest in different ways:

Trying to ‘rescue’ the person. For example, “you were late delivering that report, but I know you’ve been very busy.”

Talking around the issue, never actually calling it out. For example, “we have a challenging quarter ahead, it will be important that we meet our key milestones”.

Using the term ‘we’ when the feedback relates to an individual. For example, “we didn’t get the report submitted on time.”

Being vague or cryptic. This often occurs with positive feedback. For, example “great work” without specifying what the person did well. Or, when offering developmental feedback, it may be a long, rambling introduction to the conversation.

Clear, honest communication is essential. There is a very real cost associated with failing to give appropriate feedback, including confused priorities, missed opportunities and disengaged team members.

Feedback from Gallup suggests that when team members receive regular meaningful feedback, they are four times more likely to be engaged as those who do not.

Feedback is also a component of another key management responsibility, developing talent in the business. How would you feel if your manager was unhappy with an aspect of your performance, but didn’t tell you? Possibly causing you to miss out on a promotion or secondment. Would that be fair? Yet as managers we can put our own team members in this position. Are you really prepared to set someone up for a lifetime of failure, rather than experience a few minutes discomfort?

Difficult issues don’t go away just because you ignore them, they will only escalate. At some point, as the persons manager, you will be called to account. Whether that’s by your manager, Human Resources or in a legal forum. Somebody will ask you to demonstrate how you made the person aware that their performance wasn’t at the required standard. How and if you managed the performance issues will impact your professional brand and reputation.

Yet with the right approach, even difficult messages can be delivered with clarity and in a way that leaves the other person feeling respected and fairly treated while understanding the improvement required.

The best managers position feedback as a team norm, which supports and develops the team members growth while creating a culture of continuous improvement. It is part of regular dialogue with their team, not a once-a-year event.

The FAST feedback method, introduced by Bruce Tulgan, suggests that feedback should be:

• Frequent
• Accurate
• Specific
• Timely

The frequency will depend on the individual team member, their level of mastery and key competencies. But as a rule of thumb, it is as important to provide ‘in the moment’ feedback as it is to have an annual sit down. Feedback is at its most effective when given in real time or if that’s not possible, at the earliest opportunity.

When preparing for a feedback conversation, challenge your motivation in offering the feedback, whether it is positive or developmental. Make sure that you are not motivated by a need for control, your own value judgements or bias.

When delivering feedback on failure to meet performance expectations, give the other person the benefit of the doubt by believing that they made a good effort and didn’t fail to deliver intentionally.

Consider also whether you adequately communicated your expectations. That doesn’t mean that you can’t give the feedback, but it will make it more balanced.

Good communication is achieved through the careful use of language, avoiding judgemental words such a ‘never’ ‘always’ and ‘should’, while also avoiding negative tone and body language. It is important to keep the discussion professional, not personal and avoid any subjective judgements. Stick to the facts.

Since we all process information through our own filters, a key component of giving feedback is to establish a shared understanding of the issue. Having shown or told the person what they could have done differently, ask them to reflect back their understanding of what you have said and what needs to change.

Feedback is, of course, a two-way dynamic. It’s important that we don’t only offer feedback, we should also invite feedback.

Early in my career I would ask my team members ‘how am I as a manager?’ The result was fairly predictable – nobody wants to tell their manager what their shortcomings are! Usually, we find out too late when that talented team member is on their way out the door.

How team members are managed impacts significantly on how they perform. And for us as managers, the feedback we obtain from those who work mostly closely with us is an important part of our developmental journey.

As the saying goes if you don’t know how to ask the right question, you discover nothing.

We are taught to ask open questions but, on this occasion, closed questions are more beneficial. Rather than asking ‘how am I as a manager?’ consider instead ‘what one thing could I do that would make your role easier?’ or ‘if I were to change one behaviour, what would you find most helpful?’

This also works well when managing upwards. If you aren’t getting useful and specific feedback, consider asking questions such as ‘which of my competencies are of most value to the business?’ or ‘if you could give me one piece of developmental advice, what would that be?’

360-degree feedback is another useful way to both give and receive feedback. But a cautionary note here, if you are inviting feedback, select contributors who will give you an honest, unbiased appraisal. Often the feedback that we hope to receive, is not the feedback that we need to hear. Likewise, if you are invited to contribute to someone else’s rating, observe the guidelines above. Just because your contribution may be anonymous, it doesn’t mean that you should be unprofessional.

Remember that these days, career development is about much more than the ‘day job’. There are other behaviours and competencies that must be cultivated to ensure career success. Addressing issues, communicating with clarity, identifying and developing talent and building high performing teams are just some of them.

Dr Stephen R. Covey.

Personalised Advisory

Understanding the unique needs of each client, whether they are businesses or individuals, allows for customised solutions. At RDA, we consider the client’s entire financial landscape, including family and business dynamics, to craft strategies that align with their goals.

This personal touch can differentiate a practice in a crowded marketplace, fostering long-term client loyalty.

Enhanced Communication

Transparent and proactive communication is vital. Utilising digital platforms for regular updates and consultations can enhance client relationships. Leaders should foster a culture where clients feel valued and heard, ensuring their concerns are addressed promptly.

This might include regular newsletters, virtual meetings, and an accessible online portal for clients to track their financial progress and access relevant documents.

Beyond traditional accounting services, practices should consider offering value-added services such as financial planning, wealth management, and business consultancy. These services can provide clients with comprehensive financial support, positioning the practice as a one-stop solution for all their financial needs.

Continuous Education

Leaders must prioritise continuous education for themselves and their teams. This includes keeping abreast of new regulations, attending relevant training sessions, and engaging with professional bodies. A culture of lifelong learning ensures that the practice remains compliant and capable of providing the highest level of service to clients.

Compliance Technology

Investing in compliance technology can help streamline the process, reduce errors, and ensure that the practice remains up-to-date with the latest requirements. This not only mitigates risk but also builds trust with clients. Compliance software can automate many aspects of regulatory reporting, making it easier for practices to stay compliant and avoid costly penalties.

Global Standards

As businesses become more global, understanding and adhering to international accounting standards becomes increasingly important.

Leaders should ensure their teams are well-versed in global standards such as IFRS (International Financial Reporting Standards) to serve multinational clients effectively.

Empowering Employees

Empowering employees through professional development opportunities and involving them in strategic decisions can drive engagement and innovation. At RDA, we believe in nurturing talent and providing our team with the resources they need to excel. This might include mentorship programmes, opportunities for further education, and creating an open environment where ideas are shared and valued.

Diversity and Inclusion

A diverse and inclusive workplace fosters a broader range of perspectives and ideas. Leaders should strive to build teams that reflect a variety of backgrounds and experiences, enhancing creativity and problem-solving capabilities. This diversity can also help the practice better understand and serve its diverse client base.

Promoting a healthy work-life balance is essential in retaining top talent. Flexible working arrangements, mental health support, and a focus on employee well-being can create a more motivated and productive workforce. In turn, this leads to better client service and a more positive workplace culture.

Sustainable Practices

Implementing sustainable practices, such as reducing paper usage and promoting remote work, can enhance the practice’s reputation and appeal to clients who prioritise environmental responsibility. Sustainability initiatives can also include energy-efficient office spaces and encouraging clients to adopt green accounting practices.

Ethical Standards

Maintaining high ethical standards is non-negotiable. Leaders must ensure that their practices operate with integrity, transparency, and accountability, fostering trust and long-term relationships with clients. This includes adhering to ethical guidelines set by professional bodies and ensuring that all team members understand and uphold these standards.

Corporate Social Responsibility

Engaging in corporate social responsibility (CSR) initiatives can further enhance a practice’s reputation and connect it with the community. This might involve supporting local charities, offering pro bono services to non-profits, or participating in community events. CSR efforts demonstrate a commitment to giving back and can create a positive image for the practice.

This technological empowerment has led to a greater appreciation of the value of tech for clients and an understanding of the cyber risks they face. “The threat to advisory firms is real given the information we hold. So we as a firm strategically take cybersecurity very seriously,” Mark emphasised, acknowledging the potential for a firm experiencing a cyberattack to act as a bridge to compromising client data.

In June, HLB Ireland was shortlisted for and received high commendation for the “AI Innovation Initiative of the Year” at the International Accounting Awards for using artificial intelligence to improve its analysis and advisory services. “By automating routine processes, we can engage actively and closely with our ambitious clients, maximising the value of our advisory services through one-on-one interactions,” said Mark.

1. Revenue Growth:
   By incorporating FutureRange’s cybersecurity solutions into its offerings, HLB Ireland opens new revenue streams. This integration allows the firm to tap into the growing demand for cybersecurity across various sectors, enhancing its overall market presence.
2. Client Retention and Protection:
   Robust cybersecurity services ensure secure data and operations, protecting clients’ operational integrity and enhancing client loyalty. This protection is crucial, as it helps maintain HLB Ireland’s reputation as a guardian of client interests.
3. Brand Building:
   Offering advanced cybersecurity solutions under the HLB brand enhances its standing in the market. It positions HLB Ireland as a forward-thinking firm, capable of addressing contemporary business challenges, thus attracting new clients and entering new market segments.

“This white-label solution means we can offer you expert cybersecurity services without the overheads of creating a separate department. It allows us to focus on what we do best—advisory—while ensuring top-level security for our clients’ operations,” Mark added, highlighting the efficiency and strategic focus of the firm.

This responsibility extends beyond simple oversight; it is a core component of broader corporate governance duties encompassing risk management and compliance with legal and regulatory standards. Consequently, directors must be well-informed about their companies’ potential cyber risks and ensure that appropriate policies and procedures are established to mitigate these risks effectively.

Cybersecurity challenges today are marked by a level of sophistication that often surpasses the traditional capabilities found within many organisations.

The advent of AI and machine learning has equipped cybercriminals with tools that enable relentless attacks, necessitating equally relentless defences. As such, cybersecurity can no longer be seen as solely an IT director’s responsibility. Instead, it requires a distinct skill set that blends technology, strategic risk management, and regulatory compliance.

External expertise is often necessary to keep pace with these demands. Cybersecurity experts like those at FutureRange provide the specialised knowledge and skills required to develop effective cyber defences. Their involvement ensures that cybersecurity strategies are comprehensive and adhere to the latest standards and practices, thus safeguarding sensitive information and corporate assets more effectively.

This level of expertise and vigilance must be mirrored at the board level, where strategic decisions about cybersecurity investments and policies can significantly impact the organisation’s resilience against cyber threats. Boards that understand and prioritise cybersecurity protect their organisations from potential financial and reputational damage and position them as leaders in corporate responsibility and governance.

Recovering from a cyber-attack involves addressing the immediate damages and fortifying systems against future vulnerabilities. This ongoing vigilance is crucial for safeguarding against the increasingly sophisticated nature of cyber threats.

Here are two examples of attacks that clients have experienced: a ransomware attack, which locks an organisation out of its systems, demanding a ransom to restore access and potentially leading to significant operational disruptions and financial losses, and a phishing attack, where sensitive information is stolen, leading to data breaches and compromising both customer trust and corporate integrity.

1. Law Firm Cyber Attack:
   A law firm experienced a severe cyber-attack where hackers locked them out of their case management and document storage systems, demanding a ransom to restore access. In addition, sensitive client data was stolen. This attack led to substantial operational disruptions, including significant delays in legal proceedings, loss of billable hours, and a severely tarnished reputation. The theft of client data added layers of risk, leading to potential breaches of confidentiality and legal consequences.
2. Logistics Business Phishing Attack:
   In another instance, a mid-sized Dublin-based logistics company fell victim to a sophisticated phishing attack. The finance team was deceived into transferring funds to purchase five new vans to a fraudulent account, believing they were dealing with their regular vehicle supplier. This incident caused significant financial losses, impacting the company’s operational budget and necessitating an urgent review and enhancement of its cybersecurity measures.

These examples illustrate the complex nature of cyber threats and the extensive consequences they can have on businesses.

This proactive approach is crucial for maintaining relevance and competitiveness, ensuring that firms stay at the forefront of client service and business resilience in an increasingly digital world.

Through technological advancements, strategic partnerships, and a commitment to cybersecurity at the highest levels of governance, the profession is demonstrating a modern approach to advisory services.

This comprehensive strategy safeguards clients’ interests and underscores the importance of evolving with clients’ needs. As the industry moves forward, firms must continue considering their clients’ changing demands, positioning themselves as forward-thinking leaders in the professional services industry.

www.hlb.ie

Research shows that VR training can result in three times more knowledge retention compared to other methods. One of the significant benefits of immersive training is providing a ‘safe space to fail’, which is crucial for high-risk, dangerous, or costly training scenarios. For instance, in VR, a trainee’s mistakes during fire safety or wind turbine training don’t result in real-world consequences like equipment damage or personal injury.

Organisations are leveraging VR to train employees in various areas: operating new machinery, improving customer service, preparing for difficult conversations, building empathy, executing processes efficiently, communicating effectively, accelerating sales, negotiating confidently, handling emergencies, and developing leadership skills, among others.

Modern VR solutions are highly advanced, offering personalised training environments and detailed metrics tracking, such as gaze direction, duration, and stress levels during training. Some headsets even incorporate EEG technology to monitor brainwaves, which is particularly valuable in healthcare and mental health training applications.

Immersive video, delivered through VR, is another powerful training tool. These first-person, live-action, 360-degree experiences enable learners to embody a character in a scenario, providing a tangible ‘feel’ for a particular role or task. Multi-user platforms like Engage and Spatial enable global collaboration in virtual environments. For example, automotive engineers can co-design engines in a virtual space, benefiting from spatially positioned audio that enhances the sense of ‘being with’ colleagues.

AR is also effective in making the invisible visible, such as visualising pipe networks in buildings or cities. In healthcare, AR can reveal the location of veins, significantly improving the success rate of first-time needle insertions.

• VRAI create data driven VR simulation training for high hazard environments. Clients include the Irish Defence Forces, the United Nations in Somalia and IAG at Heathrow Airport.
• Innovision create high quality photomontages that can be used for a variety of use cases including visualising a wind farm to scale from various viewpoints.
• Mersus Technology specialise in VR training solutions that help businesses improve their employee training programs by creating immersive, interactive, and engaging training experiences. Clients include Boston Scientific, Siemens and Waterways Ireland.
• UtilityAR creates Augmented Reality solutions for industrial sectors like manufacturing, pharmaceutical, utilities, and data centres. Their clients include BT, Takeda and Dairygold.

A great example of the successful adoption of VR for training is PulseXR, which was designed and co-created with WWETB. Pulse XR is a cutting-edge teaching, learning and assessment virtual reality app for healthcare professionals in collaboration with Emagine, a leader in immersive virtual reality (VR) experiences. The application is set to transform how healthcare students in Ireland learn, practice and perfect their clinical skills in a risk-free, immersive environment.

Following the success of the PulseXR rollout, several other ETBs across Ireland are investigating how bespoke content, as opposed to off-the-shelf apps can add value to their training programmes.

Irish companies developing VR and AR tourism experiences include:

• Emagine are an award-winning Irish creative studio, Emagine are at the fore of the extended reality (XR) content industry. They have built VR and AR applications across industry verticals such as tourism and healthcare.
• Imvizar utilise augmented reality through next-generation immersive experiences, to craft narratives in a truly immersive and engaging way.
• Algorithm blends creativity and cutting-edge technology to create stunning visual experiences. Clients include Irish National Opera, Dingle Oceanworld and RTE.
• Volograms mission is to bring reality capture making content creation for AR and VR as simple as recording a video. Their algorithms can transform a 2d video of a person presenting to a 3d hologram (or vologram – volumetric hologram) mesh, just like Princess Leia in Star Wars!

In 2024, Meta will launch a platform specifically for use by educators which will ease deployment of VR for education as well as increase adoption by schools and universities by easing friction.

1. ‘VR makes people sick’: Early VR technology had issues with refresh rates, lag, and latency, but these have been significantly improved. Developers now follow user experience design principles to mitigate motion sickness.
2. ‘It’s just for kids/games’: This misconception leads to missed opportunities for organisations. While entertainment uses are well-known, VR and AR offer substantial business value.
3. ‘VR is dead’: VR has experienced adoption cycles, but its value is now well-documented. As development costs decrease and AI adds efficiencies, more organizations will utilize AR and VR for training.
4. ‘I tried it once and didn’t like it’: One poor experience should not deter further exploration, similar to how a single bad TV show wouldn’t stop someone from watching television entirely.
5. ‘VR is isolating’: While VR headsets immerse users in different environments, they enhance training and entertainment. VR experiences often increase interest in real-world activities, such as visiting a vacation location.

In conclusion, immersive technologies like VR and AR are revolutionizing training across industries. They offer scalable, effective, and engaging solutions that overcome many traditional training limitations. By providing safe, interactive environments for learning, these technologies can enhance knowledge retention, improve performance, and reduce risks. As development costs continue to decrease and AI-driven efficiencies emerge, the adoption of VR and AR for training is likely to grow, driving significant benefits for organisations and individuals alike. At Eirmersive we are here to support and promote the growth of the sector in Ireland.

Eirmersive is the Voice of the Irish Immersive Technology Sector. Our vision is for Ireland to be a go-to destination for Immersive Technology solutions by 2030. Our mission is to Steer the evolution of Irish Immersive Technology sector to elevate it globally. We do this by Building Awareness of the transformative potential of immersive technology solutions, promoting adoption and spotlighting the talented players in the Irish Ecosystem as well as through developing the skills and talent pipeline along with our partners at Creative and Cultural Industries Skillnet. See eirmersive.com.

See Eirmersive’s recent Irish Immersive Technology Strategy for Growth report, funded by Skillnet:

• Makes training more innovative and engaging.
• Enables experiences that are impossible through any other digital medium.
• Teaches through doing, rather than theoretical concepts.
• Offers a safe practice space that encourages users to learn from their mistakes.
• Can transport you anywhere and even into the perspective of another human being.
• Encourages employees to explore at their own pace and in their own style.
• As colleagues can be together in virtual environments while physically remote, there is a reduction of travel and training costs as well as a decreased carbon footprint for the training.

Specialisterne Ireland was established over ten years ago and is a specialist consultancy for neurodivergent people (those on the autism spectrum, with ADHD, dyspraxia/DCD, dyslexia and similar neurodiversities), supporting them into employment.

They recruit across disciplines, typically for roles where attention to detail, pattern thinking or an ability to think outside of the box are important. Many autistic people are world-class analytical thinkers, and people with ADHD can work at a remarkable pace on a number of projects simultaneously when they are engaged by tasks.

People with dyspraxia can be creative and problem-solvers, and people with dyslexia have fantastic visual memory and spatial reasoning, as well as often being gifted with exceptional interpersonal skills.

They match the skills and characteristics of these individuals with roles that will suit their unique ways of working, while also harnessing their particular strengths.

Specialisterne Ireland also help and enable employers to build teams with diverse abilities and workplaces that are inclusive.

They provide a solutions-based focus, identifying where supports would be of benefit. They have found that most supports and accommodations are low or no cost, however a line manager/ hiring manager might lack the knowledge of what they should be.

With having over 10 years’ experience of creating inclusive workplaces that lead to both higher engagement and increased moral for employees, the Specialisterne Foundation, have a global aim of one million jobs for autistic people.

So far in the partnership CPA Ireland have hosted a webinar for members on diversity and Inclusion in the workplace which had over 250 attendees, with very positive feedback from all.

CPA Ireland are now offering the chance for CPA Ireland members to avail of a free 1-hour consultation with Specialisterne’s qualified staff to discuss your recruitment or retention needs for neurodivergent staff.

For example, if an employee discloses that they are dyslexic or ADHD and you aren’t sure of the next steps, or if you would like to hire a neurodivergent finance graduate, then Specialisterne Ireland can help you. There are limited spaces, and the spaces are being offered on a first come, first served basis. To enquire about registering for the consultation sessions, please contact hello@cpaireland.ie

Education and assistance on neurodiversity in the workplace to CPA members and employers will also continue through our membership network.

For more information on the partnership between CPA Ireland and Specialisterne Ireland, and how Specialisterne Ireland can help you as an employer, head to the link: