Latest news with #IFAC
Irish Times
30-05-2025
- Business
- Irish Times
Why does Ryan Tubridy's €150,000 payment seem like a bigger deal than looming climate fines?
Another week, another warning that Ireland is not going to achieve the cuts in greenhouse gas emissions agreed with the EU and as a result, will face 'billions' in fines. This time it took the form of an Environmental Protection Agency forecast that we will achieve reductions of 23 per cent by 2030 , compared to our target of 51 per cent. It follows last week's warning from the Irish Fiscal Advisory Council (IFAC) and Climate Change Advisory Council (CCAC) that we face a 'staggering' bill of between €8 billion and €26 billion if we don't cut emissions. The bill takes the forms of an obligation to buy credits from other member states that exceed their targets. Funnily enough, national panic has not ensued and the opposition parties have devoted their energy to beating up the management of the national broadcaster live on Oireachtas TV. Whether or not Ryan Tubridy repays €150,000 to RTÉ would seem rather beside the point if the State is really facing a €26 billion bill in five years' time. Surely at least one member of the Oireachtas is wondering where we'll get the money. READ MORE Only a fool or a US president would deny global warming and its potential consequences at this stage. Persuading people to accept big changes to their lives in order to cut emissions is arguably the most difficult and most important challenge facing this Government and any government that comes after it. We don't even seem to be trying. The EU's efforts to make the impact of the climate crisis more immediate and tangible – in the form of fiscal penalties – should have pushed the Government into action. But they clearly don't take the threat of such enormous fines seriously. And they are probably on safe ground. Despite this week's upbeat assessment that the EU expects to come very close to its target of reducing emissions by 55 per cent compared to 1990 levels, the picture at the level of individual countries is much less even. Ireland may well be bottom of the class. The EU expects us to only achieve 60 per cent of targeted reductions, but we are in good company. The three largest EU members, Germany, France and Italy – which account for about 60 per cent of EU economic output – don't look like they are going to make it either. France will come close as the EU expects it will achieve 98 per cent of targeted emissions. However, its rate of reduction is slowing. Achieving reductions in areas including transport is proving difficult and forestry is absorbing less carbon than predicted. Ireland has experienced difficulties in the same areas. Italy will fall significantly short at 93 per cent of targeted emissions. Its plans around the adoption of electric vehicles and other measures are deemed unrealistic by Brussels. The desire of the country's right-leaning prime minister Giorgia Meloni to make Italy a 'gas hub' in the Mediterranean doesn't chime either. Germany – the largest EU economy – will miss its target by a lot. It is expected to achieve only 82 per cent of its target. Reversing the slowdown in Germany's manufacturing-driven economy is the top priority of the incoming coalition, which is less wedded to climate protection than its predecessor. The most likely scenario seems to be that we will arrive in a situation in five years' time where the three biggest EU economies – and three biggest contributors to the EU budget – undershoot their emission reduction targets. [ Smoking ban has important lessons for Ireland's approach to climate issues Opens in new window ] [ Sorry, kids. We blew your climate budget - but we really love our SUVs Opens in new window ] The idea that they will spend billions buying credits off EU member states that they already provide significant indirect support to seems far-fetched. It would be an act of economic self-harm on the level of Brexit or Donald Trump's tariffs. Ireland will be able to hide under their coat-tails, but if that is the strategy – as it appears to be – it's a pretty pathetic one. It says nothing good about our politics or our society that we duck these issues. It does say a lot about an endemic lack of seriousness that characterises a lot of public life. Leaving aside the moral failure that it represents, there is a danger that our already dwindling stock of goodwill with our European partners will shrink even further. Giving the two fingers to the EU's flagship climate action plan is not going to endear us to Brussels and the other member states.
Irish Examiner
08-05-2025
- Business
- Irish Examiner
TB cost farmers more than €150m in 2024, reports IFAC
It has cost Irish farmers €151.5m in the fight to eradicate TB in herds last year. A report compiled by the Irish Farm Accounts Co-operative (IFAC) has concluded that the total financial contribution of farmers to the TB eradication in 2024 has amounted to €151,559,035. The Irish Farmers' Association (IFA) commissioned the report ahead of the 'TB summit' called by Minister of Agriculture, Martin Heydon. The IFAC report attempts to quantify the direct and indirect contribution of farmers to TB eradication in the country. The calculations were quantified with 2024 figures and pricing. If done using current market prices for beef and milk the prices would be higher. IFAC's report concluded that the largest cost incurred by farmers in the constant fight against TB is labour costs to facilitate herd testing. The labour costs required for herd tests and the subsequent reading amounted to €55.54m for 2024. The second largest expense was the direct cost to farmers for one TB test per year, which was calculated at just over €36m. The number was calculated taking the Central Statistics Office (CSO) 2023 herd number figures and the CSO June 2024 number of bovines tested figures, with vet fees confirmed by veterinary invoices from IFA members. 'Private' tests on animals such as calves over 42 days old, which farmers may have wished to sell but were not present for the last herd test, were not factored into the calculation. IFAC also calculated the 'future loss for production due to a [TB] breakdown' to be over €23m. This cost is the third largest and is often overlooked. The subsequent loss of years of genetic gain because of a TB breakdown can seriously impact the production of herds. Lost production due to breakdown was calculated to be €14.7m. IFAC conceded that the income support scheme was in place for farmers who suffer from a TB breakdown however, the support does not fully compensate the farmer for their lost production during an outbreak. Other costs calculated by IFAC included 'Power washing and disinfection following an infection' at €9.1m, 'levy contribution by farmer' at €7.9m, 'cost of buying (time, mart charges, haulage)' at €3.49m and 'administrative time involved with dealing with a breakdown' €1.2m. A further €6.42m was calculated by IFAC contributing to 'lost production due to testing' but was not included in the final €151.5m total. This is the hidden cost attributed to loss of production by affecting the animal's usual routines and reduced feeding and grazing times, with some more severe incidences losing production due to the stress the animal experiences during testing. This figure was not included in the total figure as a lack of sufficient available data prevented IFAC from having total confidence in these particular figures. In a statement, the IFA said: 'The Minister and his Department never miss an opportunity to point out that the State is now spending €100m annually on the TB programme. However, the IFAC report shows that the cost to farmers is much greater at over €150m, when all aspects of the implementation of the programme at farm level are quantified.' The IFA says they received the Minister's proposal for the TB summit with less than 24 hours before the meeting was set to take place. 'A lot of the Minister's proposals would put extra costs on farmers. This includes the extension of restrictions and blacklisting of herds. This places the burden on farmers who, through no fault of their own, are enduring TB outbreaks on their farms,' said TJ Maher, the IFA Animal Health Chair. Following this report and the call for the TB summit, Mr Maher appealed directly to Minister Heydon. 'Our message is clear: the Minister has to address the unsustainable burden of the TB programme on farmers. We need to see a plan from the Minister that will address the shortcomings in the existing programme and reduce the current costs on farmers,' he said.
Business Recorder
08-05-2025
- Business
- Business Recorder
CFO Conference 2025: Jean Bouquot President, International Federation of Accountants (IFAC)
TEXT: On behalf of the International Federation of Accountants (IFAC), it is my privilege to extend a warm welcome to all participants of the CFO Conference 2025, hosted by the Institute of Chartered Accountants of Pakistan (ICAP). In today's rapidly evolving global landscape, finance leaders are at the forefront of transformative change—driven by technological disruption, heightened sustainability imperatives, and shifting stakeholder expectations. The theme of this year's conference, 'Quantum Leap: Agility & Competitive Edge,' aptly reflects the urgency for strategic adaptability and visionary leadership in navigating complexity. Across sectors and geographies, the role of the CFO has expanded significantly. No longer confined to financial stewardship, today's CFOs are catalysts for innovation, champions of purpose-driven growth, and custodians of long-term value. The conversations taking place at this forum are vital to shaping a resilient and forward-looking profession—one that IFAC is proud to support and advance. I commend ICAP for its unwavering dedication to professional excellence, thought leadership, and capacity building. I am delighted to learn about ICAP's initiative of the Professional Excellence Awards (PEA) and that its third edition is being conducted along with the CFO Conference. This commendable endeavor underscores the importance of recognizing and celebrating the achievements of ICAP members who have demonstrated outstanding leadership skills and made significant impacts on their respective industries. I extend my best wishes to ICAP for the success of this initiative and eagerly await news of the winners' accomplishments. Initiatives such as the PEA not only celebrate outstanding contributions but also reinforce the benchmarks of integrity, innovation, and impact that define the future of finance. At IFAC, we remain committed to supporting the development, adoption, and implementation of high-quality international standards, preparing a future-ready accounting profession, and speaking out as the voice of the global accounting profession. Our work depends on collaboration across the IFAC family—of which ICAP is an important member. I applaud ICAP for convening this impactful platform for dialogue, insight, and inspiration. May this conference serve as a catalyst for transformative ideas and lasting partnerships that strengthen the role of CFOs in driving sustainable economic progress. Wishing you all a productive and inspiring experience at the CFO Conference 2025. Copyright Business Recorder, 2025
Arab Times
29-04-2025
- Business
- Arab Times
ICAIKC Hosts CPE Event on 'Global Economic Challenges and Governance: A Finance Focus'
KUWAIT CITY, April 29: The Institute of Chartered Accountants of India, Kuwait Chapter (ICAIKC) hosted the Continuing Professional Education (CPE) event on "Global Economic Challenges and Governance: A Finance Focus." The event attracted a strong turnout from the professional community, driven by the relevance of its theme and the insights offered by a distinguished panel of international experts. CA Aditya Dhanuka, Chairperson of ICAIKC, formally inaugurated the event by welcoming the distinguished speakers and participants. He also provided an update on ongoing chapter initiatives and highlighted the vital role that accounting professionals play in shaping ethical, transparent, and resilient economic systems. His remarks set the tone for an evening of meaningful dialogue and knowledge exchange. Esteemed Speakers Share Global Perspectives The event featured a stellar lineup of speakers, each of them bringing distinct global insights into the discussion: Jean Bouquot, President of the International Federation of Accountants (IFAC), delivered a compelling keynote on the evolving dynamics of the global economy. Drawing on IFAC's policy work, he emphasized the importance of resilience, adaptability, and governance reforms in both public and private institutions. He highlighted sustainability related developments globally and the need to counter greenwashing. He also underscored the need for global collaboration among accounting bodies to foster sustainability, ethical conduct, and trust in financial systems. Mona El Chami, Senior Governance Specialist at the World Bank, provided a policy-oriented lens on governance frameworks across developing economies. She elaborated on the World Bank's role in advising governments on fiscal accountability, anti-corruption measures, and institutional strengthening. Her talk highlighted the interconnectedness of sound governance and economic stability, advocating for inclusive institutions and transparent policymaking. CA Atul Gupta, Past President of ICAI and current IFAC Board Member, offered a strategic analysis of how global economic trends are impacting India and other emerging markets. He spoke about the transformational role of technology in governance, the rise of digital public infrastructure, the essentiality of independent director, and the need for ethics-driven assurance practices. His address called on Chartered Accountants to balance profit with sustainability and to take the lead in promoting good governance. The session was further enriched by the presence of special guests: Prof. Shahzad Uddin (University of Essex), Prof. Musa Mangena (University of Nottingham), Mr. Sabah Mubarak Al Jalawi (Chairman, KAAA), Mr. Mohammad Shuaib (Member, KAAA), Dr. Souod Alazemi (Faculty Member, PAAET), and Mr. Ahmed Bastaki, whose participation added academic and regulatory depth to the discussions. The event was seamlessly moderated by CA Ketan Puri, whose professionalism and engaging style ensured a smooth and insightful program. The event concluded with a warm vote of thanks by CA Andaleeb Girkar, who expressed heartfelt appreciation to the speakers, special guests, attendees, and organizing committee. She also extended gratitude to the chapter's annual sponsors— NBK, Al Mulla Exchange, and Cube Innovators —as well as media partners (IIK), Times Kuwait, and Arab Times for their continued support. The event reinforced ICAIKC's dedication to fostering ongoing professional excellence and promoting dialogue on globally relevant economic and governance challenges. It served as a valuable platform for knowledge sharing and reinforced the chapter's mission to equip finance professionals in Kuwait with world-class insights and expertise.
Yahoo
15-04-2025
- Business
- Yahoo
IFAC seeks input on revised membership obligations
The International Federation of Accountants (IFAC) has initiated a public consultation on proposed revisions to its Statements of Membership Obligations (SMOs), a core component of its framework to support a sustainable global accountancy profession. The proposed revisions address developments in international standards and aim to strengthen the profession's contribution to the public interest. Key updates include revised quality assurance procedures to align with quality management standards of the International Auditing and Assurance Standards Board's (IAASB), and a renewed focus on flexible entry pathways into professional accounting education, in accordance with the International Education Standards (IES). In addition, the revisions will clarify expectations for the implementation of the IAASB's International Standard on Auditing for Less Complex Entities. They will also formalise the expectation for the adoption of all International Financial Reporting Standards, including the S1 and S2 sustainability disclosure standards issued by the International Sustainability Standards Board (ISSB). IFAC is seeking input from a broad range of stakeholders, including its members, the Forum of Firms, Network Partners, regional accountancy organisations, regulators, and standard setters. This feedback is essential to ensure that the SMOs remain relevant and aligned with the evolving international standards, IFAC said. The consultation period is open until 8 August 2025, with the revised SMOs expected to come into effect on 1 January 2026, subject to IFAC Board approval. In March 2025, IFAC announced revisions to the IES, which now incorporate sustainability competence into the training of professional accountants. These updates to IES 2, 3, and 4 establish a global baseline for sustainability competence, ensuring accountants are equipped to handle sustainability-related disclosure and assurance standards. "IFAC seeks input on revised membership obligations" was originally created and published by The Accountant, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Sign in to access your portfolio
