Ulster Society news

On Wednesday 14 May the Ulster Society hosted an update aimed principally at members working in the public sector from Professor Robert Kirk. This 60 minute talk will concentrate largely on the very important changes that will be implemented in the private sector, arising from the publication of IFRS 16 Presentation and Disclosure in Financial Statements – the basics. The standard will have to be implemented into the government’s FReM within the next year or two so this short webinar will provide a brief insight into the possible changes to public sector reporting. A recording of this webinar is available to view, for free and on demand, HERE A copy of Professor Kirk's slides are available to view HERE

Over 150 of Northern Ireland’s leading Chartered Accountants and their partners will travel to Berlin this week for a major international conference focused on the theme ‘Leading Through Change’. Organised by Chartered Accountants Ulster Society in partnership with Danske Bank, the Berlin Conference will run from 1st to 4th May 2025, providing a unique platform to explore the leadership challenges and opportunities presented by changes in culture, a volatile economy, and unpredictable geopolitics. The conference will shine a spotlight on the crucial trading links between Northern Ireland and Germany — Northern Ireland’s second-largest export market— with strong growth in sectors including pharmaceuticals, electronics and manufacturing, fintech, and artificial intelligence. Speakers at the Conference will include: Ambassador Maeve Collins, Ireland’s Ambassador to Germany, former Deputy Permanent Representative to the EU and senior official in the Department of Foreign Affairs. Judy Dempsey, senior fellow at Carnegie Europe and respected journalist on European affairs. Dr. Alexander Boersch, Chief Economist at Deloitte Germany. John-Paul Coleman, Head of Treasury & Markets, Danske Bank. Geoff Sharpe, Head of Corporate Banking, Danske Bank. John Lynam, Deputy Head of Mission at the Irish Embassy in Berlin. Jens Schmidt, CFO of VertiGIS Ltd and finance leader in Germany’s tech sector. Brian O’Farrell, founder of Berlin-based recruitment agency O’Farrell Recruitment. Joanna Chung, Strategic Finance Manager based in Berlin with deep international finance experience. Kate Ferguson, economics and geopolitics reporter at Deutsche Welle. Gillian Sadlier, Chairperson of Chartered Accountants Ulster Society, said: “This year’s theme, ‘Leading Through Change’, reflects the challenges business leaders face today in an increasingly volatile world. From the evolution of workplace culture to the shifting geopolitical landscape, our members are navigating significant change. This conference will provide a timely forum to share insights and explore how strong leadership can help businesses adapt and succeed.” “Berlin is a fitting location. Germany continues to be one of Northern Ireland’s most important trading partners. This conference not only offers insights from global thought leaders, but also strengthens economic ties between our two regions.” Peter Houston, Head of North Business Centre at Danske Bank, said: “Danske Bank is proud to once again support this prestigious conference. The accountancy profession plays a vital role in Northern Ireland’s economic progress, and we value our long-standing partnership with the Ulster Society. As a bank, we are committed to helping our customers grow and compete internationally – especially in key markets like Germany.” The conference marks the continuation of a partnership between Chartered Accountants Ulster Society and Danske Bank that has spanned over two decades, with past conferences held in cities such as New York, Toronto, Munich, Lisbon, Madrid and Chicago.

On 28 April the Ulster Society hosted a webinar focused on the legal and tax considerations around business succession planning featuring Mark Thompson, A&L Goodbody; and Gemma Johnson, Grant Thornton. In this webinar our expert speakers covered the latest trends, best practices and strategies related to this critical area. They also discussed the new challenges that family-owned businesses face when it comes to succession planning following the budget. A recording of this webinar is available to view, for free and on demand, HERE A copy of Mark Thompson's slides are available to view HERE A copy of Gemma Johnson's slides are available to view HERE

Confidence in Northern Ireland’s economic outlook has deteriorated sharply, with only 8% of Chartered Accountants viewing prospects as ‘good’ or ‘very good’, according to the latest survey from Chartered Accountants Ulster Society. This marks a significant drop from last year’s already low figure of 17%, highlighting persistent concerns over economic stagnation, rising costs, and government policy. The survey, conducted among Northern Ireland’s Chartered Accountants, was carried out before President Trump’s tariff plan announcement, and presents a mixed picture of resilience and challenge. While businesses are adapting through AI adoption, sustainability initiatives, and flexible working arrangements, major economic pressures, including inflation, tax burdens, and workforce shortages, continue to weigh on growth prospects. Key Findings The survey shows that economic confidence has fallen in the last year. Only 8% of members believe the NI economy has strong growth prospects, down from 17% last year. 58% see the economy as either stagnant (42%) or contracting (16%). Inflation, high energy costs, and rising taxes are the most cited concerns. New US Tariffs, announced after the survey are expected to also play into concerns of local businesses. 60% of respondents believe financial distress is rising among businesses, though there are signs of improvement compared to previous years. While financial distress is still high, some members report improving conditions. There is strong support for tax reform to boost competitiveness. 59% support devolved corporation tax powers, with 64% advocating tax alignment with the Republic of Ireland to boost competitiveness. The UK’s exit from the EU continues to divide opinion for local businesses. 41% say Brexit has harmed Northern Ireland’s economy, while only 12% see a positive impact. 61% understand Northern Ireland’s unique dual market access as offering trade opportunities, but most of those surveyed feel that this potential positive is yet to be realised. The Windsor Framework receives a mixed response, with 1 in 5 businesses viewing it positively. The survey also shows that workforce and skills shortages persist. 56% of businesses struggle to recruit suitable talent. Many chartered accountants feel the education system is not adequately preparing young people for employment. Employers are investing in training, but 26% believe it is insufficient. The survey also shows that Artificial Intelligence (AI) and sustainability are gaining traction but present challenges for business. 79% believe AI will improve efficiency, but uncertainty remains around investment in AI solutions. Many local businesses are adopting green initiatives, with 55% investing in energy efficiency and 53% going paperless. However, 41% see sustainability efforts as an added cost, and 43% feel unprepared for sustainability reporting. Hybrid working remains common, but family pressures are growing. 43% of professionals work in a hybrid model, though some employers are pushing for more office time. Childcare costs remain a major barrier, with only 14% believing childcare is affordable and 27% of working parents adjusting their hours to manage family responsibilities. The survey also shows that confidence in Government is low, with scepticism about public finance management and economic strategy. 57% do not believe the government can manage public finances effectively. The UK’s new Industrial Strategy has also been met with scepticism. 52% do not believe the UK’s new strategy will be transformational. Call for Action The Ulster Society is urging policymakers to take immediate action to restore confidence in the economy. Key priorities include a detailed long-term economic strategy to support sustainable growth. The Ulster Society is also calling for greater investment in skills and education to address workforce shortages, as well as meaningful tax reform, including consideration of a more competitive corporate tax rate to stimulate investment. The accountancy body also calls for support for businesses navigating sustainability requirements, and AI integration. Gillian Sadlier, Chairperson of the Ulster Society, said: “Northern Ireland’s business community remains resilient, but business confidence is low. We are in straitened times due to global economic conditions, and this has been thrown into sharper focus by President Trump’s tariff policies. Businesses are facing increasing costs, skills shortages, and a lack of clarity from policymakers. “If we are to build a stronger, more competitive economy, we need decisive action from government, investment in skills and infrastructure, and policies that enable long-term growth.” 270 Chartered Accountants in Northern Ireland took part in the survey. Recommendations Establish a Bespoke Tax (Corporation Tax) Regime Revisit the potential to reduce the Corporation Tax rate in NI and consider other taxes that could be devolved: Members have noted the importance of significantly enhancing Northern Ireland’s investment appeal, especially for FDI and high-growth sectors (e.g. AI, clean tech, advanced manufacturing) by more closely aligning tax and wider policy with Ireland. Reduce Business Distress and Restore Confidence Stabilize Policy Signals: Commit to multiyear business tax policies and investment allowances to reduce uncertainty and support long-term planning. Expand Low-Interest Loan Schemes: Scale up access to low-cost finance for liquidity-constrained businesses, especially in sectors with export potential. Use Dual Market Messaging Strategically: Launch a global campaign positioning Northern Ireland as the only UK region with dual access to EU and GB markets, framing it as a unique investment gateway. Provide Certainty Post-Brexit and Maximize the Windsor Framework Guarantee Regulatory Continuity: Work with UK and EU institutions to secure long-term clarity on customs, standards, and trading rules specific to Northern Ireland. Strengthen Fiscal Transparency and Regional Strategy Create a NI-Specific Industrial Growth Plan: Align with UK-wide priorities but tailor the strategy to leverage NI’s strengths in Agri-tech, cybersecurity, advanced manufacturing, and green energy. Invest in Skills for a Future-Ready Workforce Fund AI, Digital, and Green Skills Hubs: Develop regional centres of excellence in partnership with FE colleges and universities to rapidly expand access to future-proof training. Align Curriculum with Industry: Ensure school and university curricula reflect current and emerging business needs, with structured industry placement programs. Support Responsible AI Adoption Develop Regional AI Adoption Standards: Create ethical and practical guidelines for AI use in NI businesses, ensuring innovation aligns with job security and data rights. Fund AI Workforce Transition Programs: Help workers shift into new roles as automation expands, supported by retraining subsidies and career counselling. Support Businesses in Sustainability Transitions Offer guidance on sustainability compliance and reporting to help businesses navigate regulatory requirements. Address Workforce Participation through Childcare Reform Expand Subsidised Childcare: Support working parents, especially women, by increasing childcare subsidies and extending eligibility. Promote Employer-Supported Childcare: Offer tax incentives to employers that provide on-site childcare or contribute to employee childcare costs.

On 10 April, the Ulster Society hosted a presentation by Rossa Keown, Head of Compliance and Enquiries at the Charity Commission for Northern Ireland, and Jeremy Twomey, Practice Consulting Manager, Chartered Accountants Ireland. In this webinar the presenters share essential updates and expert insights in the field of accounting and compliance for charity/ not for profit organisations. A recording of this webinar is available to view HERE A copy of Rossa's slides is available to view HERE A copy of Jeremy's slides is available to view HERE

On 10 April the Ulster Society's Inspiring Excellence series continued with Nicklas Pyrdol, CEO and Founder. This session focused on business culture and creating a business environment which helps individuals and organisations become more engaged. A recording of this webinar is available to view, for free and on demand, HERE   

On1 April the Ulster Society hosted legal webinar with A&L Goodbody's Stephen Geoghan focusing on The Procurement Act 2023. Now that the biggest shakeup in the UK public sector procurement in decades is live, this webinar is an opportunity to familiarise yourself with the new regulations and prepare to leverage new opportunities. Join Stephen as he presents a detailed analysis on the new regulations covering:  • The procurement process: How to engage early and protect your business • Post contract award: Is your contract at risk of termination? • Key takeaways  A recording of this webinar is available to view, for free and on demand HERE A pdf copy of Stephen's slides are available to view HERE  

On 27 March the Ulster Society hosted a webinar with three of Northern Ireland's leading economists who give some insight into the key issues affecting the local economy; and to examine what businesses and policy-makers can do to address the challenges ahead. SPEAKERS: Gareth Hetherington - Director of the Ulster University Economic Policy Centre; Maureen O'Reilly - Independent Economist; Conor Lambe - Chief Economist, Danse Bank. This webinar is available to view, for free and on demand HERE

On 12 March, the Institute responded to the NI Executive's consultation on the NI Draft Budget. In the response, the Institute urged the Executive to provide clearer targets, funding strategies, and policy commitments in the Programme for Government. It also advocates for tax and revenue reforms, investment in public services, and long-term economic planning to create a more stable and competitive business environment. A full copy of the response is available to view HERE.

'Bold strategy needed for health, infrastructure and economy' The Chairperson of Chartered Accountants Ulster Society has called for urgent action on three critical priorities to secure Northern Ireland’s economic future: health service reform, infrastructure investment, and building a globally competitive, sustainable economy. Speaking to over 400 guests at the Ulster Society’s Annual Dinner, sponsored by Danske Bank and MCS Group tonight (20 March), Gillian Sadlier emphasised that bold, strategic action is now essential to unlock Northern Ireland’s economic potential.  “Our latest survey of almost 300 Chartered Accountants in Northern Ireland shows that the outlook for the local economy is challenging,” said Gillian Sadlier. “Confidence in Northern Ireland’s prospects has halved in the past year, with only 8% of our members viewing the outlook as ‘good’ or ‘very good’.  “There are undoubtedly opportunities in Northern Ireland’s dual market access, but most of our members believe that these have yet to be fully realised. At the moment, the view is that EU Exit costs outweigh the benefits. “There are three major jobs that need urgent attention if we want to build a more resilient, prosperous Northern Ireland. Firstly, health service reform, because we need a system that meets both current and future demands.  “Secondly, infrastructure investment, the roads, transport, water systems that quite literally keep an economy moving.  “Then thirdly building a globally competitive, sustainable economy which encourages private sector investment, innovation, and job creation.” Chartered Accountants Ulster Society is calling for a long-term, results-driven approach that prioritises these three pillars of reform, underpinned by clear, costed transformation plans with measurable outcomes; collaboration between government and business to ensure practical, actionable solutions; and policy commitments that enable long-term growth, innovation, and job creation. Speaking about the Northern Ireland Executive’s Programme for Government 2024-2027 and the current draft Budget, Gillian Sadlier said: “We hope that it will be the first of many Programmes for Government that over time, will steer our economy to a better place. “We would like to see a multi-year budget to support stability and sustainable development, with broader financial reforms to address emerging economic needs. The Budget also relies on rate increases as the only real revenue-raising measure. We would like to see our leaders explore new revenue raising measures.  “We would like to see serious consideration given to a competitive corporation tax rate, aligned with the Republic of Ireland’s 12.5%, to attract investment and to stimulate economic growth. We would also like to see clearer targets, funding strategies, and policy commitments in the Programme for Government. “Northern Ireland’s business community has shown remarkable resilience,” said Gillian Sadlier. “Now, with the right reforms, leadership, and vision, we can turn that resilience into long-term strength, creating a better, more prosperous future for everyone.” Providing entertainment for guests at the Ulster Society Annual Dinner were comedian and television presenter Patrick Kielty, along with musicians Lucky SAX and String Ninjas; and dancers High Points. The Chartered Accountants Ulster Society’s Annual Dinner took place at Titanic Belfast and was attended by 400 members and their business guests.  

The two youngest ever Presidents of the Institute met for coffee this week.  Sir Desmond Lorimer was just 42 when he became President in 1968 and has been the Institute’s youngest ever President for the last 56 years, until Barry Doyle was elected in 2024. Sir Desmond reaches the significant milestone of 100 years of age later this year, so Barry met him for coffee at the Culloden Hotel near Belfast to congratulate Sir Desmond on his long and distinguished career and his significant role in boosting the reputation of the profession and the Institute. Barry Doyle said “I am delighted to be following in Sir Desmond’s footsteps, he has had a remarkable career across business, practice and the public sector and he is as proud today to be a chartered accountant as he was when he qualified all those years ago (or last century as he put it!)  “He worked to modernize the profession and make it more attractive to a new generation, to advocate for the role of the accountant working in business and was at the forefront of technology and saw the huge opportunity in its adoption.  “What’s more, later this year he turns 100 and I can only hope that I’m as active and as sharp as he is when (if!) I get to his age! An absolute legend, a genuine highlight to spend some time with him.”  

On 29 January the Ulster Society hosted a webinar to brief newly qualified Members. This webinar was designed to help recently qualified members (within the last three years) to get the most out of their qualification and their career - but all members are very welcome to watch. Event Focus: •    CPD Requirements: Understand your Continuing Professional Development obligations and how to meet them. •    Career Advice: Explore resources and guidance for planning your next steps. •    Networking & Mentoring: Connect with peers and experienced professionals for support and opportunities.  confidence and open doors to new opportunities A recording of this webinar is available to view, for free and on demand, HERE A pdf copy of Joe Carroll's slides, as shown in the webinar are available HERE A pdf copy of Karin Lanigan's slides, as shown in the webinar are available HERE

On 28 January the Ulster Society held a thought-provoking webinar addressing the pressing challenges organisations face around skills and talent. This lunch-time session explored: The anticipated impact of the Programme for Government for Northern Ireland on skills policy. Current trends in Higher Education and Further Education and their role in shaping the workforce. The latest research on changing skills demands, including the influence of AI and sustainability commitments. Real-world examples of how leading local organisations in all sectors are tackling skills gaps, encouraging returners to work, fostering upskilling and training, and dealing with talent attraction and retention. Our panel of experts shared their insights and experiences, offering practical takeaways that apply across all sectors. A recording of this webinar is available to view, for free and on demand HERE

On 14 January the Ulster Society hosted a webinar featuring Prof. Robert Kirk aimed at members working in the Public Sector.  The webinar concentrated largely on the very important and controversial changes that have been implemented in the financial year 2023-24, arising from IFRS 16 Leases, on accounting for leases in the public sector. A recording of this webinar is available to view, for free and on demand, HERE A pdf copy of Prof. Kirk's slides from this presentation is available HERE

On 10 December the Ulster Society hosted an online fraud awareness webinar to help members stay informed about the latest fraud risks impacting business customers. Chris Wynne, Fraud and Scam Prevention Manager at Danske Bank discussed current threats and provided guidance to protect your business from potential financial losses. A recording of this webinar is available to view, for free and on demand, HERE

Chartered Accountants Ulster Society has adopted Action Cancer as its charity partner for the Society's largest event of the year, the Christmas Charity Lunch.  The event will take place on 6th December at the Europa Hotel, Belfast with over 500 Chartered Accountants and guests attending and is expected to raise thousands of pounds for Action Cancer, as well as collecting hundreds of toys and vouchers for the Salvation Army and St. Vincent de Paul Christmas Appeal. Chairperson of Chartered Accountants Ulster Society, Gillian Sadlier said: “We are delighted to support Action Cancer which does so much great work throughout Northern Ireland, engaging with 20,000 people through its services each year. We hope that the money raised by our members at our Charity Lunch can make a real difference to families right across Northern Ireland.” Gareth Kirk, Chief Executive of Action Cancer said: “We are thrilled to have been selected by Chartered Accountants Ulster Society as the beneficiary charity for their 2024 Christmas Charity Lunch.  As a local cancer charity, Action Cancer is totally reliant on the financial generosity and support from local people and businesses, without such support we simply could not deliver our life saving breast and skin cancer detection services or provide a range of critical therapeutic interventions for people impacted by cancer.”  

On 4th November Chartered Accountants Ireland issued a response to the Northern Ireland Executive’s public consultation on its draft Programme for Government 2024-2027. The response was informed by members' views taken in a survey issued to members by email. A copy of the response is available to view HERE

On 24 October the Ulster Society hosted a legal series webinar in partnership with A&L Goodbody on the topic of AI in the Workplace. In this webinar, Aisling Byrne, Partner and A&L Goodbody, gave her professional insights into: Regulation of AI Overview of AI use in the workplace Key Risks Effective compliance A recording of this webinar is available to view, for free and on-demand, HERE A pdf copy of Aisling's slides is available to view HERE