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Finance Leaders Articles
Finance Leaders Journal is a dedicated journal for senior finance professionals which includes contributor pieces, relevant news and developments and Chartered Accountants Ireland services appropriate to the breadth of the role of senior finance professional. Here we include articles which have been published in the Finance Leaders Journal.
Your feedback is always welcome as are your views on what you would like to see included in future editions of this publication. If you are interested in contributing to the Finance Leaders Journal contact Editor.
Tuesday, June 04, 2013
By now many of you have heard of FRS 100 – 102 (see figure 1 for a reminder) but perhaps the unanswered question may be what is the impact on my business? Whilst there is not a one size fits all answer to that question, the size and complexity of the business will act as a rule of thumb. Ther.....
Wednesday, May 29, 2013
In an increasingly competitive market, where the employer is calling the shots candidates need to be in tune with precisely what employers are demanding when they recruit top talent. Invariably they want to hire the very best. Despite it being an employer’s market there is often strong compet.....
Monday, April 01, 2013
The waiting is over! For the majority of Irish entities, the full pack of standards is now out with the recent publication by the Financial Reporting Council (FRC) of FRS 102, The Financial Reporting Standard applicable to the UK and Republic of Ireland. This follows on from the publication o.....
Monday, April 01, 2013
In the current environment, the area of tax offers businesses both opportunities and challenges. This article highlights some topical tax issues facing Irish companies in 2013. In particular, it addresses some recent tax developments, outlines the tax savings available through the use of a number o.....
Saturday, February 02, 2013
High-quality internal and external reporting is critical for all organizations. High-quality reports promote better internal decision making and high-quality information is also integral to the successful management of any organization. Therefore, it is clearly in organizations’ best interest, for .....
Wednesday, January 30, 2013
Ten years – a long time, but at last we are seeing results! Three new standards, two published in November and one due to be published by the Financial Reporting Council (FRC) in early 2013, represent a whole new framework for Irish and UK entities. While those continuing to adopt full IFRS, .....
Monday, January 28, 2013
The Companies Bill 2012 was published on 21 December 2012 by Minister Richard Bruton, and proposes to repeal and consolidate some 30 existing enactments and significantly to reform Irish company law. In this article Dáibhí O’Leary of Arthur Cox sets out matters proposed by the Bill in respect of ce.....
Friday, November 30, 2012
While the third quarter of any year can typically be a quiet period before the next budget cycle kicks in, the London 2012 Olympics ensured that this quarter started with a bang. Widely regarded as one of the most successful of the modern Olympics, the UK proved what impact focused investment can h.....
Wednesday, November 28, 2012
With 31 December 2012 fast approaching, we hope that the following article sets out some of the key financial reporting issues facing CFOs and provides clarity and focus on areas that are likely to need special attention when preparing year-end financial statements under International Financi.....
Monday, October 01, 2012
The Professional Accountants in Business (PAIB) Committee of the International Federation of Accountants (IFAC) has issued new International Good Practice Guidance (IGPG), Evaluating and Improving Internal Control in Organizations, highlighting areas where the practical application of existing inte.....
Monday, October 01, 2012
In 2004 the UK Accounting Standards Board (ASB) issued a discussion paper setting out a roadmap to converge Irish and UK GAAP with IFRS. The ASB and its successor standard-setter, the UK Financial Reporting Council (FRC), have spent the eight years since 2004 on the journey towards an IFRS-ba.....
Monday, August 06, 2012
Quarter 2 2012 continued to provide tension, drama and twists in the tale of the EU crisis which is slowly evolving amid late night diplomacy and brinkmanship at the highest levels of government. The end of June saw EU leaders finally accept proposals to uncouple and differentiate debt of failed ba.....
Monday, August 06, 2012
Despite official statements to the contrary, the outlook for the Irish economy keeps deteriorating. Consider official growth estimates for last year, 2011. In December 2008 then Finance Minister, the late Brian Lenihan, forecast GNP growth of 3.5% for 2011. A Year later he pulled that forecast back.....
Monday, July 30, 2012
Wendy McCulla has over twenty years’ experience of managing people in the private and voluntary sectors. She runs her own coaching and consultancy practice, “Aspire Learning & Development” and works closely with clients to help them maximise the potential of themselves and their teams.&nb.....
Monday, July 30, 2012
Having the right people in the right places doing the right jobs continues to be an ongoing challenge for businesses and this trend has been borne out in the PwC 2012 CEO Pulse survey, which showed that over a quarter (28%) of Irish business leaders said that their business performance has been sig.....
Monday, May 28, 2012
In a market where there are now more candidates than jobs many employers believe that it is going to be much easier to source quality talent than during the boom years. In fact, the opposite is often true. It can now be even more difficult to secure the right candidate for your organisation. The ma.....
Thursday, May 24, 2012
The first quarter of the year saw a number of key events at home and abroad that will shape the year to come and was marked by arguments over household charges, water meters and septic tanks, in addition to the extensive speculation and debate that abounded with regards to the EU fiscal compact tre.....
Friday, March 30, 2012
Background The future of UK & Irish GAAP has been subject to much debate and deliberation over the past ten years, particularly in light of the expansion of the IFRS framework and the recent development of IFRS for SMEs. In this context, the Accounting Standards Board (ASB) commenced a project .....
Wednesday, March 21, 2012
The finance leaders of the 21st century are vastly different animals to the bean counters of old. In the not too distant past, the Finance Director’s primary focus would be presenting the financial results, overseeing the financial controls of the company and managing costs. In order to.....
Wednesday, March 21, 2012
To boost your career and chances of progression in a more competitive jobs market YOU must take control and strategically manage your career path. It is your responsibility to plan for your future. Traditionally organizations were more likely to take the lead in this process but there has been a cu.....
Sunday, February 05, 2012
Whether completing the 2011 financial reporting or planning for 2012 accounting, some key elements of pension accounting are likely to give the finance team pause for thought particularly for defined benefit schemes. The Pensions Levy For defined contribution schemes, the levy is deducted from each.....
Thursday, February 02, 2012
This paper sets out a variety of topical tax issues for businesses and individuals for the coming year. In particular, it addresses the practical implications of a number of corporation tax and capital tax incentives and reliefs, outlines some current tax developments and highlights some pitf.....
Friday, January 20, 2012
I have recently been helping a number of organisations find ways to improve the performance of their employees. Although most people are arguably working longer and harder than ever before but there is still a concern over performance levels. A report published by Mercer highlighted tha.....
Tuesday, December 06, 2011
The Finance Director’s job is never done and investors are increasingly demanding that the annual report be more relevant to their needs. It is useful to consider what investors identify as their needs from the annual report. Investor requirements Five areas of financial statements have been .....
Tuesday, November 29, 2011
The events of Quarter 3 2011 have continued this year’s trend of volatility and unpredictability both at home and abroad. Continued fiscal uncertainty in the Eurozone has been met with inaction by the major European economies resulting in volatile markets, regular downgrading of sovereign nation’s .....
Tuesday, September 27, 2011
In an environment where accounting standards are continually changing it is vitally important for IFRS reporters to be aware of, and understand, those accounting standards and the dates from which they become applicable. The following standards (and amendments) are those that are applicable to IFRS.....
Wednesday, September 21, 2011
As we start into the fourth year of the global financial crisis, businesses continue to battle through the recession, struggling to source the necessary finance to ensure their survival. With increasing numbers of receiverships and liquidations in Ireland and the worsening credit position acr.....
Saturday, July 30, 2011
Shane Mohan summarises the findings of Deloitte's Quarter 2 2011 CFO survey: The second quarter of 2011 is one that will be remembered for a long time both at home and abroad. On the international stage the manhunt for Osama Bin Laden ended with a US Special Forces mission in Pakistan. .....
Thursday, July 28, 2011
Restructuring is the corporate management term for the act of reorganizing the legal, ownership, operational, or other structures of a company for the purpose of making it more profitable, or better organized for its present and future needs. Alternate reasons for restructuring includ.....
Tuesday, July 19, 2011
Relevant Contracts Tax (RCT) was introduced by Revenue in the early 1970s to address tax slippage in the construction industry. RCT imposes obligations on defined entities (Principals) to withhold 35% of certain construction related payments, in the absence of specific paperwork. The legislation wa.....
Wednesday, May 25, 2011
This article highlights some of the key corporate tax changes affecting Northern Ireland businesses, particularly those announcements contained in George Osborne’s first full Budget in March 2011. 1. Reduction in main rate of corporation tax The.....
Wednesday, May 25, 2011
Notwithstanding that the Irish Auditing and Accounting Supervisory Authority’s (IAASA) remit is limited to certain listed companies, the Authority’s observations on selected financial reporting issues are necessary reading for anyone preparing or approving financial statements. IAASA publications i.....
Wednesday, May 25, 2011
More and more companies are choosing to outsource some or all of their key compliance and administrative activities. These include those traditionally outsourced like accounting; payroll; tax; and IT but also other functions such as human resources; research and development; and marketing. Of cours.....
Wednesday, May 25, 2011
The recent global economic difficulties have demonstrated what can occur when corporate governance fails. There is now an increased awareness generally of the requirement to improve corporate governance, risk management and compliance arrangements within all organisations. The inadequacies in these.....
Wednesday, May 18, 2011
Shane Mohan summarises the findings of Deloitte's Quarter 1 2011 CFO survey: Quarter 1 2011 has been a tumultuous time with history being made both at home and around the globe. While absorbed in our own political and financial upheaval the world was continuing to turn around us. .....
Friday, March 25, 2011
Many will be aware that in October 2010, the European Commission launched a consultation seeking views on a range of issues relating to statutory audit. The consultation period ran until early December. In advance of a two day conference on financial reporting and auditing policy held in Brus.....
Friday, March 25, 2011
A number of pieces of legislation have been passed in the last two years, with different provisions having differing scope. The amendments [1] set out below, grouped according to scope, primarily derive from the following legislation: the Companies (Miscellaneous Provisions) Act 2009 (the “Mis.....
Thursday, March 24, 2011
The last three years have been among the most challenging for Irish business since the foundation of the state. A property bubble which was financed by a credit bubble has now burst. Companies which were wallowing in the comfortable warm water of easy credit conditions have now been abruptly put un.....
Thursday, March 24, 2011
Over the last two years the impact of the global economic slowdown on companies and individuals has dominated the headlines. Many companies realised they may be spending too much money and time on things that don’t bring them value, such as managing Information Technology (IT) environments. IT Oper.....
Saturday, January 29, 2011
Quarter 4 2010 is one that will be remembered for many generations, Ireland succumbed to mounting international economic pressure when, on November 19th, the Government announced that they were seeking an economic rescue package from the EU and IMF. Ireland’s mounting budget deficit crisis had beco.....
Thursday, January 27, 2011
When it comes to producing the numerical side to a set of financial statements, financial accountants follow the financial reporting framework of rules called UK/Irish Generally Accepted Accounting Principles (“UK/Irish GAAP”). This framework is based on accounting standards (SSAPs and FRSs) as wel.....
Tuesday, January 11, 2011
This article highlights some tax issues facing Irish companies in 2011. In particular, it addresses a number of tax incentives and reliefs, outlines some recent tax developments and proposes some steps which could be taken as part of an overall tax “health check”. Corporation tax incen.....
Tuesday, January 11, 2011
Mairéad Kelly (Senior HR Manager at ICON) finishes her presentations with a great slide which says “People aren’t always as obedient as numbers!” How true this statement is; if only people did as we expected. Then we could use one tried and tested formula to manage people. Unfortunately the life of.....
Friday, December 03, 2010
The imperative to change the way organisations do business has never been greater. House-hold names across the public and private sectors in Ireland are feeling the heat of public criticism and have become targets for scrutiny and change, and regulators are more stringent than heretofore. Alongside.....
Tuesday, November 30, 2010
Introduction On 29 October 2010, the Accounting Standards Board (“ASB”) published its proposals for the future of financial reporting in the UK and Ireland. The Financial Reporting Exposure Draft (“FRED”) sets out proposals for a three-tier reporting framework, the intention of which is to ba.....
Tuesday, November 30, 2010
The past year has brought unprecedented changes some of which could affect companies for many years. Issues that may require attention this year include: Economic outlook - particularly for those reliant on Irish government expenditure or exposed to the general Irish economic environment: issu.....
Monday, September 27, 2010
In the wake of the economic crisis, reward and in particular the annual bonus have been blamed for fuelling excessive risk taking – by encouraging a focus on short term gain with little regard for longer term performance or risk. Despite the bad press, bonuses and incentive plans are important tool.....
Sunday, September 26, 2010
So far, 2010 has seen a continuation of the trends – tougher regulation, greater scrutiny – keeping transfer pricing at the top of the tax agenda for multinationals. Multinationals in Ireland have always been affected by transfer pricing developments in the other territories where they are lo.....
Tuesday, September 21, 2010
For the third part in its series on business reporting (see "IFAC Project on Business Reporting" text box below), IFAC interviewed six specialists with close ties to the investment community to get their recommendations on how to improve business reporting. From their different perspectives, t.....
Tuesday, September 21, 2010
The proposed removal of UK/Irish GAAP and the introduction of International Financial Reporting Standards for Small and Medium sized Entities (“IFRS for SMEs”) by the Accounting Standards Board (“ASB”) has been widely reported in both this publication and others. The proposals have been descr.....
Tuesday, July 27, 2010
Irish entities that prepare their accounts using Irish GAAP (generally accepted accounting practice) are currently facing the prospect of adopting a new accounting framework in the short to medium term. Irene O'Keeffe, Assurance Partner, and Fiona Hackett, Assurance Senior Manager at Pricewaterhous.....
Monday, July 26, 2010
Many problems can beset a struggling business during a recession. However, whatever particular problems might be affecting your business, the most serious crisis any company can face is when the cash runs out. Perhaps the final coup de grace will be a walkout of staff because they have not been pai.....
Thursday, May 27, 2010
I get lots of questions about XBRL some easy to answer and some a little more difficult. One interesting question is generally a variant of - “What is the point of XBRL?” - the answer depends on who is asking the question. XBRL allows financial statements to be written in an.....
Thursday, May 27, 2010
In an environment of reducing sales and evaporated credit, it is those businesses that can effectively reduce their costs which will ultimately survive and go on to beat the recession.Cutting your cloth ...In Ireland, 2009 became a year of 'cutting your cloth to suit the measure' and 2010 has conti.....
Thursday, May 20, 2010
Since 2005, listed groups in the UK and Ireland have been required to prepare their consolidated financial statements in accordance with International Financial Reporting Standards ("IFRS"). Almost all other entities have had a choice in that they can follow IFRS or UK/Irish GAAP. If they are small.....
Saturday, March 27, 2010
Cloud Computing is the latest buzz phrase from the IT world. It conjures up images of an intangible, fluffy, unknown world far removed from the existing IT world of hardware, servers, cables and physical infrastructure. It covers anything that involves delivering computer services over the Internet.....
Wednesday, March 24, 2010
The ProposalsProfit-seeking entitiesThe ASB proposes to converge UK and Irish GAAP in the future to the fullest extent possible to IFRS, issued by the International Accounting Standards Board ('IASB'). If the proposal is implemented, a three tier system of financial reporting would exist such that,.....
Wednesday, March 24, 2010
A new study by PricewaterhouseCoopers (PwC) into the effectiveness of the finance functions at over 100 top 200 FTSE and international companies highlighted a gap between the expectations of business leaders for their finance functions and the role the functions actually perform. Finance profession.....
Tuesday, January 26, 2010
Many previously robust business models and financial strategies are showing strain, especially domestically, as Ireland lags behind other developed economies emerging from recession. Inevitably the ongoing challenging economic environment impacts on financial reporting. It is realistic to anticipat.....
Sunday, January 24, 2010
2009 will remain in many senior executives minds as an 'annus horribilus'. Managing their organizations through the pain of a rapid on-set recession required decisive and strong leadership. It also demanded quick fire yet strategic decisions. These had associated implementation plans that impacted .....
Monday, December 14, 2009
Public discussion of the ASB policy proposals in relation to the future of UK and Irish GAAPThe Accounting Standards Board (ASB) is currently consulting on its policy proposal on the future of Irish/UK Generally Accepted Accounting Practice (Irish/UK GAAP). In recent weeks the Consultative Committe.....
Thursday, December 10, 2009
Cathal O'Caoimh FCA is Group Finance Director at FBD Holdings plc since October 2008. Before joining FBD, Cathal was Chief Financial Officer and board member at Horizon Technology Group plc for seven years. Karen Flannery recently spoke to Cathal about the challenges currently facing Finance Direct.....
Thursday, December 10, 2009
The ever increasing march towards the adoption of mobile working and its associated technologies continues apace. With significant potential for productivity gains and improved effectiveness, the case appears compelling for companies of all sizes to give serious consideration to the role mobile wor.....