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. Susan O'Sullivan is currently the Cork Society Chair.

 

Upcoming Events

Cork Society Annual Golf Outin...
May 05
Douglas Golf Club

The Cork Society will run their annual golf outing at Douglas Golf Club this year.

Friday 5th May.

Tee times are from 2pm on the day. Once you have booked your places, please email Fiona Collins with your preferred timings.

Location:
Douglas Golf Club
Dates:
Private client's investment st...
May 17
Clayton Hotel

Our speakers will cover the topical tax and planning issues facing private clients.

The subject manner will include life time and will estate planning as well as an update on CAT and CGT reliefs.

A case study approach will be utilised.

This session will end with an update on financial markets as investors absorb the effects of the election of US president Trump and the likelihood of a new Euro crises unfolding in 2017.

Location:
Clayton Hotel
Dates:
Cork Society family day out
Jun 17
Blackrock Caste Observatory

Join us in the amazing Blackrock Castle Observatory on the morning of 17 June 2017 for some education and fun with an organised activity and a tour of the castle.

This is a free event but places are limited so please book as soon as possible.

Please email Fiona Collins for more information.

Location:
Blackrock Caste Observatory
Dates:

Press release

Business activity continuing to grow albeit at a slightly slower pace in Q1 2017 Hiring a little more cautious of late  but this may also reflect some areas of skill shortages Companies slightly less worried about Irish economy but still quite cautious Brexit awareness varies widely across firms - 21% of companies have strong sense of likely Brexit impact on their operations but 27% have little sense as to how it will affect them Sterling weakness now having widely differing impacts across Irish businesses; hurting 31% of firms but helping 13% 40% of companies already taking Brexit related action in many instances because of FX effects Brexit and weak demand key concerns but some firms prioritise  staff and building constraints   Irish business sentiment improved through the spring of 2017as the Irish economy has thus far defied fears of a marked slowdown while companies report ongoing and healthy growth in their own activity levels. The details of the KBC Bank/Chartered Accountants Ireland business sentiment survey do hint at some easing in thepaceof increase in output and hiring of late,as well as ongoing challenges in a number of areas.However,the broad message is that while significant risks to Irish business prospects persist,the reality of early 2017 has not been as difficult as was feared. As a result, companies are now marginally more positive about the coming quarter. The KBC Bank/Chartered Accountants Ireland business sentiment index climbed to 110.6 in spring 2017 from 104.6 in the previous quarter. This marks the third successive increase in the index following a sharp likely Brexit related weakening last summer. As major uncertainty persists in regard to the global and indeed the domestic economic outlook, producer confidence remains some way below the levels seen in late 2015 (131.1), but the spring survey shows Irish business sentiment is now on an improving trajectory. The survey revealed significant differences in companies’ understanding of the implications of Brexit for their businesses.Just 21% of companies believe they have a strong sense of the consequences of Brexit for their activities. While a further 53% of companies report they have some sense of what Brexit might mean for their operations, a substantial 26% say they have little sense of what it will mean for them. Some 31% of firms noted that Sterling weakness was already having an adverse effect on their business while 13% indicated it was having a positive effect. In this way, the surveyhighlights the complex nature of our economic links with the UK andunderscores the major risks in a ‘one approach fits all’ policy in relation to Brexit even at the sectoral level. Commenting on the results,Chartered Accountants Ireland Chief Executive Pat Costello, said: “The survey suggests 2017 has started positively for Irish business with broadly based improvements in activity and employment. While the pace of growth has eased slightly and firms remain cautious about an uncertain environment, early 2017 has been notably less difficult than they had envisaged. The rise they are seeing in their own business volumes, allied to better than expected news on the broader Irish economy, is now translating into improving confidence.” Austin Hughes, Chief Economist, KBC Bank Ireland,who carried out the analysis, said: “Although Brexit concerns are felt widely, both the expected impact and the level of preparedness for Brexit vary widely between companies even in the same sector. Only 21% of firms say they have a strong sense of the likely impact of Brexit on their business, but it is concerning that 27% have little sense of the potential effects. While 40% of companies have already taken action, this includes those reacting to the impact of Sterling weakness on their business.” The KBC Bank Ireland / Chartered Accountants Ireland Business Sentiment Survey reflects the view of Chartered Accountants working in senior positions (CEOs, MDs and FDs) in Ireland’s leading companies. The Spring 2017 survey was conducted from 28thMarch toApril 2017 and the results presented are based on 352 completed responses. Read the full report here. ENDS For further reference contact: Sinéad Healy, Gibney Communications, 01 661 0402 / 086 061 2441 Austin Hughes, Chief Economist KBC Bank, 087 669 6972 Brendan O’Hora, Director, Communications and Marketing, Chartered Accountants Ireland, 01 6377298

Apr 24, 2017
Practice and Business Improvement

My first conference...ever Looking ahead to this years Chartered Accountants Ireland annual conference on Disruption on 12 May 2017, I cast my mind back to my first ever conference. Several years ago I attended an education conference with my then employer. The room was small, stuffy and crowded and my brain had switched off before I even left the house that morning. I was going under duress, with my logic being that if I could fuel up on free coffee at the start I might just last the day without wanting to stick sharp objects in my eyes out of sheer boredom. This was all going to be for the experts, the educations geeks. There were about six speakers during the day across various topics and despite my misgivings, I was really captivated by all of them. Looking back now, it makes sense. What a conference should be First of all, the organisers need to cover the full spectrum of their industry and to find the best available people to represent their areas meaning you’re likely to hear from experts, not wafflers. Secondly, the people being approached likely have form with these things, ergo are pretty confident, good speakers and engaging to listen to. And finally, the format won’t let them steal the show and drone on for hours. There is little room for egos here: everyone gets the same allotted time and the person ultimately in charge is the techie at the back of the room who really doesn’t care and will quite happily turn off your microphone after the 40-or-so minutes are up. It is the responsibility of the speaker to fit in their best bits in a manageable concentration time and give us the highlights and headlines. It is perfectly pitched to people like me! My first Chartered Accountants conference Having then learned to not judge a book by its cover, I went along to the Chartered Accountants Ireland annual conference last year thinking it might have a few interesting bits and pieces but that most of it would not be of interest to me. I am not an accountant and in fact never took so much as a Business Studies class at school so what could I possibly be interested in from an accountant, never mind a hotel full of them? I was somewhat comforted by the fact that there were keynote speakers from other industries such as economics, sport, entertainment who I knew would at least spin a few good yarns and maybe even pose for a snap – the selfie being the new autograph. I was not disappointed on either count. As staff, we are assigned to rooms to be time police to the speaker and to deal with any operational issues of the session. It was so well organised that really nothing went wrong in terms of anything I could do: the equipment all worked, there were enough chairs in the room, the speakers had water, the attendees could all see and hear. I hope I didn’t offend any speaker too much with my now near-perfect “wrap-it-up” sign language while pointing frantically at the clock. Engage with the content Some of my colleagues were in the technical rooms and at the start I smiled at them pityingly, but actually most of these sessions were packed to the rafters and really very interesting. The rule held true that it can be fascinating to hear someone at the top of their game speak enthusiastically about their area of interest and expertise. The passion is contagious and it is so much easier to learn when we’re engaged. For myself, I sat in on a talk from a founding member of a distillery (himself not an accountant) and learned so much about marketing, business, exports…and perhaps most importantly if I were in business, what mistakes were made and what challenges were overcome. I am not a fan of “celeb culture”, but the talk Niall Breslin gave on his trials and tribulations with mental health was inspiring in every sense. The whole room was hanging on his every word. So much to learn The key thing I took from everything I saw and from every person I met was that the information is entirely transferable. Ideas about marketing a product or service, about reaching into new markets, dealing with state bodies for support, problem solving…all of these are applicable to every person, product, service and sector. It was all about putting your best foot forward and going for success. There was such a lovely supportive atmosphere that oozed around all the rooms. People were interested in what other people were doing, how they might help each other. There seemed to be a lot of people reconnecting from having known each other in previous workplaces, training, education or socially not to mention making new connections. What's coming up in May 2017 This year as I look over the schedule, I see plenty that looks really interesting. The theme is disruption and who hasn’t faced that?! I see technical sessions here that will be relevant to industry, practice, managers and employees. I see business advice sessions that will guide on harnessing and prevention of disruption within technology, teams and systems. There are leadership sessions about career management, personal development, company development and even our physical health.  All relevant and all so helpful to know. Don't assume anything My one piece of parting advice comes from Oscar Wilde via one of my primary school teachers: “When you assume, you make an ass out of you and me”. Don’t assume anything. Don’t assume you’ll be bored, don’t assume it’s not going to be relevant and don’t assume there’s nothing in this for you. Prove yourself wrong. The Chartered Accountants Ireland annual conference takes place on 12 May 2017 in the Radisson Blu, Galway and is open now for booking.

Apr 12, 2017

Developments of interest this week are outlined.                ROI The CRO has issued its regular weekly gazette. IAASA has published its feedback paper to its consultation on the future auditing framework for Ireland (‘Consultation Paper’).   For more information please see the IAASA website.  New online system for filing suspicious transactions reports for anti-money laundering purposes.  On 29th May the Irish Financial Intelligence Unit (FIU), the Garda Siochana, will launch a new software system called goAML.  The goAML system will allow reporting entities to submit suspicious transactions reports electronically to the FIU. Compliance principals with responsibility for anti-money laundering matters at accountancy firms can register and file reports on the new goAML system from 29th May.  For more information see here.     UK FRC: the Conduct Committee has approved a revised set of its operating procedures for reviewing corporate reporting following a public consultation. The revised procedures will increase the transparency of the Committee’s processes by permitting publication of the names of those companies whose reports and accounts it has reviewed, once the cases are closed. The procedures also allow for more executive-led decision making, with a view to making them more efficient and effective.   The Conduct Committee has also updated its Frequently Asked Questions to reflect the changes to its procedures. The revised operating procedures took effect on 1 April 2017 .  For more information please see here.    The Financial Reporting Council (FRC) administers a number of enforcement procedures in accordance with its various responsibilities, including its responsibilities as the Competent Authority for audit in the UK. In view of stakeholder feedback the FRC has decided to commission an independent review of the sanctions imposed under its enforcement procedures.  Read more on this review here. .        

Apr 06, 2017