About the Cork Society

Chartered Accountants Cork Society is run by a committee of local members. The society has four main sub-committees and runs local social, networking and CPD events for members every year. Nicola Quinn is currently the Cork Society Chair.

 

News

The government has recently announced details of a new support scheme for businesses, but it has limitations that need to be addressed. Paul Dillon outlines the role Chartered Accountants must play to raise awareness of these limitations. Details of the COVID Restrictions Support Scheme (CRSS), announced as part of Budget 2021, were recently published by Revenue and registration for the scheme has officially opened. By offering a support of up to €5,000 per week, the scheme will be very valuable to businesses impacted by Government health and safety restrictions. However, the biggest hurdle for businesses will be meeting the many terms and conditions necessary to qualify. To begin with, the guidance issued by Revenue is over 45 pages long. While detailed guidance is always helpful, the length of the guidance speaks volumes about the complexity of the scheme. Further, it piles more paperwork on businesses already struggling to stay on top of the demands of operating under lockdown conditions. These same businesses continue to grapple with paperwork for the Temporary Wage Subsidy Scheme (TWSS) by having to respond to compliance check letters and reconciliations for Revenue, which all 66,000 employers who benefited from the scheme must prepare. The CRSS is only available to businesses operating from premises that restricts customers from access due to COVID-19 restrictions. This means that the scheme benefits retailers, restaurants, pubs and entertainment venues, but it cannot be accessed by the many suppliers of these businesses, even though these suppliers are equally impacted by the negative effects of the Government’s COVID-19 restrictions. For example, wholesalers supplying to restaurants, pubs and hotels do not qualify for the CRSS under the current terms of the scheme. Sound engineers who supply their services to the live entertainment sector do not qualify for this subsidy, and all the businesses who provide services to theatres and shows are also excluded from CRSS. Mobile businesses not tied to a fixed premise are also precluded from accessing the scheme. This includes taxis and businesses operated from stalls, such as markets or trade fairs. It is puzzling why the Government has chosen to exclude these businesses from qualifying for the CRSS, especially given the fact that on Budget Day, Minister Donohoe said, “The scheme is designed to assist those businesses whose trade has been significantly impacted or temporarily closed as a result of the restrictions as set out in the Government’s ‘Living with Covid-19’ Plan.” This messaging gave hope to many businesses; however, those hopes were dashed when further details revealed the condition that only businesses operating from a fixed premises with restricted customer access could benefit from the scheme. As Government restrictions to control the spread of COVID-19 are likely to be a feature of life in Ireland in 2021, it is essential that proper supports are in place to help all businesses impacted by the restrictions, like the wholesalers and businesses supplying services to restaurants and hotels. The CRSS will be a lifeline to many businesses and its only fair that the scheme should apply to all businesses impacted. While Government has demonstrated a willingness to revise and refine supports, like the TWSS, it is only when the issues are brought into the public domain by informed commentary. That is why, as Chartered Accountants, we have a role to play in raising awareness of the limitations of the CRSS and lobbying for change. Paul Dillon is Deputy Chair of the Tax Committee South of the CCAB-I and Taxation Partner in Duignan Carthy O'Neill.

Nov 20, 2020
News

How can we make sense of a seemingly random event like the COVID-19 pandemic? Tom Armstrong talks about coping and the critical role of human support and interaction in helping us navigate the road to recovery. We are now close to one year on from the initial outbreak of COVID-19 in Asia, and the negative impact of this random event is more evident than ever. People feel less safe, less in control, more vulnerable, less confident, and more anxious than before. Those suffering most may be asking why now, and why me? A recent read of Ronnie Janoff-Bulman’s book, Shattered Assumptions, compelled me to fully consider the impact of random events like COVID-19, where so much of the immediate impact is negative. It is difficult to say where this pandemic lies on the trauma scale. Many people have had little impact on physical health, work, and mental wellbeing. However, many others have been affected through the loss of loved ones, loss of livelihood, having to put life progression on hold, and general anxiety about the state of the world. How can those who have suffered cope? I think we can divide coping into some broad areas. Self-help Create a routine, eat well, take regular exercise, maintain a journal, spend time in nature, spend less time looking at mobile devices, watch a good movie, meditate, sing, start a new hobby or make a simple daily plan. These things are within our control and are good for our wellbeing, regardless of the degree to which COVID-19 has impacted us. Interpretation of events Our interpretation of life events is shaped by our life experience and tends to be the result of unconscious processes. However, over time and through reflection, we can work on the meaning of events. While not deluding ourselves, we can reframe events. This work enables us to incorporate, and make meaning of, what has happened in our world. For example, maybe this crisis has given us time to spend more time with family, really listen to the opinions of those we differ with, hear the birds sing, or appreciate the flowers in full bloom. Maybe, because of this pandemic, we’re learning to be more considerate, appreciate the simple things in life, and be grateful for what we have. Take action Taking our own actions is important to give ourselves a sense of control and the feeling of agency over our lives. While our ability to take specific actions may be restricted right now, there are still many areas of our lives where we can make our own choices – calling a friend, getting up early, going for a walk/run and so on. In time, our feeling of freedom to take more action will return. Support This is a two-way street where we can both receive and give support. It is a dynamic process. What does this support look like? It can be material support, such as money or services, or it can be information support – tools and advice about resources that are available to help a person in need. Equally, it can simply take the form of listening, empathising, accepting, and valuing another person. Because we are fundamentally social beings, social support is critical for our sense of self-worth. Social support is positively associated with psychological wellbeing and mental health. We all can offer support and a supportive environment to those who need it. The road ahead There will be a return to more ‘normal’ times when social restrictions are lifted. In the meantime, we all have the choice to support and help each other as we navigate the current challenges and seek to reach the other side safely. We may get bruised along the way, but when it’s over, we will have survived and through our actions and experience, we can be wiser, stronger and more human. Tom Armstrong is an Executive Coach, Facilitator, Mentor and Chartered Accountant.

Nov 13, 2020
Press release

80 per cent of accountants do not feel fully equipped yet to deal with sustainability as a business case  74 per cent of accountants feel a responsibility in relation to sustainability Sustainability “Hub” launched alongside practical guide at Climate Finance Week event Friday 6 November 2020 – Chartered Accountants Ireland has today launched a guide to help accountants upskill to deal with sustainability as a business case. 80 per cent of accountants surveyed by the Institute report that they are not yet fully equipped with the skills to drive sustainability in their own organisation or to advise clients as to their requirements. Encouragingly, however, 60 per cent say that sustainability forms a key part of their organisation's business strategy. The Institute’s new guide, “Sustainability for Accountants” is accompanied by a dedicated sustainability “Hub” on its website, with resources to equip accountants. These resources were launched at an event today as part of Climate Finance Week. Commenting, Susan Rossney, sustainability expert at Chartered Accountants Ireland said “Sustainability has transformed from “nice to have” to become a key pillar of the business case for companies. Businesses can no longer avoid adopting a long-term sustainable strategy, particularly as government and policymakers have started a pioneering legislative push towards a more sustainable economy. Colleagues working in other areas of business, such as HR have long embraced sustainability in all its forms, and this laser focus is now also required in finance and accounting functions. “Accountants are uniquely placed to drive sustainability from within organisations as advisers. They make critical financial decisions daily about purchasing, procurement and many other things and the information they provide is vital to wider decision-making. From this position of influence comes opportunity and responsibility. The guide, “Sustainability for Accountants” details the risks and opportunities presented by sustainability, and details steps that need to be taken to address the challenges. It also shares best practice examples of success and describes how organisations can transition to operating sustainably, successfully and cost-effectively. The Sustainability Hub provides practical information, guidance and supports to help members. The Institute has previously used this ‘hub’ approach to gathering resources to support members to significant effect in relation to both Brexit and the COVID-19 pandemic. Rossney continued “Our objective today in the publication of this guide and the launch of our Sustainability Hub is to empower accountants in all sectors of industry to lead change, by giving them practical, easily accessible resources. It is evident from engaging with accountants that there is concern about the risks presented by ESG issues for their business and the businesses they advise, and our objective is to help them to meet this challenge. “Sustainability is already in the DNA of our student body, as it is part of our education syllabus, but for those who have already moved further along their career path, these resources and those that will follow in due course represent an opportunity to upskill.” To download the guide, click here Sustainability for Accountants ENDS For more information Jill Farrelly PR & Communications Manager Chartered Accountants Ireland jill.farrelly@charteredaccountants.ie Tel: 087 738 6608 About Chartered Accountants Ireland Chartered Accountants Ireland is Ireland’s leading professional accountancy body, representing 28,500 influential members around the world and educating 7,000 students. The Institute aims to create opportunities for members and students, and ethical, sustainable prosperity for society. An all-island body, Chartered Accountants Ireland was established by Royal Charter in 1888 and now has members in more than 90 countries. It is a founding member of Chartered Accountants Worldwide, the international network of over one million chartered accountants. It also plays key roles in the Global Accounting Alliance, Accountancy Europe and the International Federation of Accountants.

Nov 06, 2020