The Central Statistics Office (CSO) has published the Quarterly National Accounts for the second quarter of 2024. Modified Domestic Demand fell by 0.5 percent relative to the previous quarter, but was up 1.5 percent on an annual basis. Continued volatility in the multinational sector was reflected by a decline in gross domestic product (GDP), down 1.0 percent in Q2 2024, and declining by 4.0 percent on an annual basis.   Commenting on the figures, Minister for Finance, Jack Chambers TD, said:  “While I recognise the fall in GDP in the second quarter of this year, GDP is not a useful measure in assessing the living standards of domestic residents, given the outsized role the multinational sector plays in our economy. The fall in GDP reflects the volatile nature of activity in the multinational sector.  In terms of the domestic economy, Modified Domestic Demand – my preferred metric of Ireland’s economic performance – declined on a quarterly basis, but recorded positive growth of 1.5 per cent on an annual basis.  I am pleased to see that consumer spending contributed positively to this growth, with consumption increasing by 1.3 per cent on an annual basis. The growth in consumer spending, alongside robust exchequer figures released yesterday and the strength of our labour market highlights the relatively healthy position of our domestic economy at present.  Looking ahead, inflation has now eased back significantly and is expected to remain on a stable trajectory over the short term. This will help boost real incomes which should further support growth in our domestic economy in the second half of the year.  My Department will publish updated macroeconomic and fiscal forecasts as part of the Budget early next month. Budget 2025 will ensure we continue to support families, workers and businesses while also investing in our public services and infrastructure to prepare us for the challenges that we face now and into the future” 

At the hosting of a naming and commissioning ceremonies for two new Naval Service vessels, Tánaiste and Minister for Defence, Micheál Martin TD, announced that the Sea-going Naval Personnel Tax Credit will be extended for a further five years. 

The Parliamentary Budget Office (PBO) has published a new report – An Overview of Taxes on Wealth in Ireland. The report provides an overview of taxes on wealth, including property and assets, in Ireland. It outlines existing taxes, their value to the Exchequer, and identifies relevant recommendations from the Commission on Taxation and Welfare.   As tax revenues in Ireland are highly concentrated on income and corporation tax receipts from a relatively small number of taxpayers, the report notes the need to consider broadening the tax base on a greater variety of sources. However, it cautions that as those who pay taxes on wealth are more likely to be high earners, this could lead to increased concentration of overall tax receipts from a relatively small proportion of taxpayers and must be considered within the context of the overall competitiveness of Ireland’s economy.   The report concludes that additional base-broadening measures should be considered by government to increase the number of taxpayers and further diversify revenue sources. 

The Department of Finance has published the August 2024 Fiscal Monitor which details an Exchequer surplus of €3.8 billion recorded to end-August 2024. While this was an increase of €4.1 billion on the same period last year, the comparison is skewed by the transfer of €4 billion to the National Surplus (Reserve Fund) in the first half of 2023. Tax revenues to end-August 2024 were €59.8 billion, an increase of €6.7 billion (12.6 percent) ahead of the same period last year.  Income tax, VAT, excise duties and, in particular, corporation tax, all recorded strong growth, with income tax receipts increasing on the prior period last year by €1.4 billion (6.9 percent) to €22.2 billion. On a year-to-date basis, VAT receipts are up €1.0 billion (7.5 percent) totalling €14.5 billion. Corporation tax receipts for the period totalled €16.3 billion, €3.6 billion (28.4 percent) on the same period last year.  Commenting on the figures, the Minister for Finance, Jack Chambers TD said:  “The tax figures published today are further evidence of the resilience of our economy.  The most notable feature of the August performance was the substantial increase in corporation tax receipts. While much of the increase in August relates to a technical timing factor, and offsets a decline earlier in the year, in the year-to-date this revenue stream is now well ahead of last year.  However, as I have cautioned previously, these receipts are clearly subject to exceptional volatility. Put simply, there is no guarantee that these revenue streams will remain at this level indefinitely, and it is crucial that we do not build permanent spending commitments on the back of these.  With the two new investment funds – the Future Ireland Fund and the Infrastructure, Climate and Nature Fund – we are setting aside a portion of windfall tax receipts to prepare for future fiscal challenges.  At the same time, Government will continue to calibrate a budgetary policy that balances the need to address the pressures of today and while, at the same time, maintaining our public finances on a sustainable trajectory over the medium-term.  Budget 2025, which Minister Donohoe and I will present to the Oireachtas on October 1st, will be framed on this basis.” 

In this week’s miscellaneous updates, HMRC has been writing to approved producers of alcoholic products in the UK to tell them about the new digital service due to be launched in March 2025 and how to get ready. The minutes from the most recent Joint VAT Consultative Committee and Guidance Strategy Forum meetings are available. We update you below on P87 (tax relief for employment expenses) processing and the National Audit Office (NAO) has published a report on tackling tax evasion in high street and online retail.  The fuel advisory rates applicable to company car users from 1 September 2024 have been published and the latest  schedule of HMRC live and recorded webinars for tax agents is also available for booking. Spaces are limited, so take a look now and save your place. And finally, check HMRC’s online services availability page for details of upcoming planned downtime and the online services affected.  P87 processing  HMRC is expected to provide a more detailed update on this issue later in September. However, we have been advised of the following in the meantime:  “HMRC has withheld the processing of some employment expense claims due to concerns about whether the relief claimed is due.   HMRC wants to make sure that customers get the tax repayments they are entitled to in as straightforward manner as possible. However, we also need to make sure that where we identify customers who are making errors, we take action to put things right for the customer and prevent similar mistakes from occurring in the future. This is why we are asking some customers to provide further evidence.  We will provide more information to customers impacted by this in due course.”   NAO report on tax evasion in high street and online retail  The NAO reported recently on tax evasion in high street and online retail in the context of HMRC estimating that tax evasion costs around £5 billion a year in lost revenue and is most prevalent among small businesses. The report examined whether HMRC, with other parts of government, is well-placed to tackle tax evasion in high street and online retail and also examined specific risk areas in more depth.   The report concluded that HMRC has had success in raising more tax from online retail by making online marketplaces liable for the VAT on sales by overseas retailers, which generated more than HMRC expected. However, significant weaknesses remain in government systems which tax evaders can easily exploit, most notably around company registrations and the ability of overseas businesses to falsely represent themselves as UK-established.  Tax evasion has been growing among small businesses, and HMRC has so far lacked an effective strategic response. Although there are good examples of localised campaigns targeting some retailers, HMRC missed earlier opportunities to tackle others, potentially allowing their market share to grow.  HMRC’s assessment of risks has also given too little emphasis to widely used methods of evasion such as sales suppression and “phoenixism”, despite identifying that they were large and potentially growing. This means HMRC may not prioritise the most effective compliance interventions. It has also not used some new powers to tackle tax evasion. While these remain untested, they will offer less deterrence.  Tackling tax evasion is not a straightforward task, and with finite resources HMRC must work with the rest of government and other stakeholders to find the most cost-effective way to reduce evasion.  HMRC’s overarching strategy to tackle non-compliance by preventing it from occurring is sensible, but it has not followed through on this principle sufficiently for tax evasion. Real opportunities exist for HMRC to work more systematically across government to reduce evasion.  The report also concluded that HMRC does not measure its overall performance in responding to tax evasion, although the examples highlighted in the report suggest high returns. The likelihood is that tighter controls and more compliance work could raise significant sums and would be cost-effective and improve value for money.   

In this week’s EU exit corner, we bring you the latest guidance updates and publications relevant to EU exit. The most recent Trader Support Service bulletin is also available as is the latest Brexit and Beyond newsletter from the Northern Ireland Assembly EU Affairs Team.  Miscellaneous updates to guidance and publications  Check if a business holds Authorised Economic Operator status,  Data Element 2/3 Documents and Other Reference Codes (National) of the Customs Declaration Service (CDS),  Get an individual guarantee to cover customs debts,  Delivery terms for Data Element 4/1 of the Customs Declaration Service,  Data Element 2/3: Documents and Other Reference Codes (Union) of the Customs Declaration Service,  External temporary storage facilities codes for Data Element 5/23 of the Customs Declaration Service,  Due diligence when making customs declarations. 

In every issue of The Bottom Line, we ask students for their thoughts on a particular topic. This month, we want to know: What do you hope to see in Budget 2025? Daragh Connolly  Gilroy Gannon I would like to see the VAT rate reduced for the hospitality sector from 13.5 percent to nine percent.  The expiration of the temporary nine percent VAT rate in September last year, which has coincided with high inflation rates, has forced businesses to increase prices considerably which, in turn, has priced many customers out of the market.  According to the Restaurant Association of Ireland (RAI), 577 restaurants across the country closed their doors between September 2023 and July 2024. The reduction in the VAT rate should help alleviate some of the pressure that many restaurants in Ireland are facing, as well as broadening the industry’s customer base.  Furthermore, the current cost of eating out is not attractive to tourists visiting Ireland and may be having a negative impact on Ireland's tourism sector as a whole.  James Smyth  KPMG The cost-of-living crisis continues to be a key issue across the country. With housing prices and rental demand at record highs, it’s crucial the budget addresses these issues sustainably.  One measure I would like to see is the reduction of VAT on construction materials to boost housing supply nationwide.  Additionally, I would like to see an increased drive for investment in cross-border and cross-country infrastructure to support those commuting from rural areas and the North, creating cost-effective and sustainable travel. As inflation begins to slow, it’s essential for the budget to include forward-looking and sustainable measures to safeguard against future challenges, like retaining reduced rates of VAT for retail and other businesses in order to bolster the SME market. This approach will address immediate concerns and ensure long-term stability and growth.  The budget’s focus on these areas could provide much-needed relief and hope for a more secure future. Collette O’Shea  Mazars Last year, the Government announced the establishment of a Tax Administration Liaison Committee subgroup dedicated to identifying opportunities to simplify and modernise the administration of business supports. I want to see the impact of this tax simplification in Budget 2025.  Tax legislation with convoluted rules and requirements hinder businesses ability to stay tax compliant or avail of tax reliefs. All businesses in Ireland, especially our domestic SMEs, should know exactly what reliefs they are entitled to claim and  how they can claim them.  Furthermore, it needs to be unambiguous what taxes businesses have to pay and  when to pay them. Simplification of tax legislation would lead to increased compliance and better tax revenue collection as businesses would be better placed to understand their tax reporting and payment obligations. Removing the needless complexities and ambiguities in Irish tax legislation would reduce the level of incorrect claims and errors that arise from complicated tax legislation.

The end of your training contract is a transitional period. Niall O’Keeffe, Senior Associate at Barden, outlines some key areas to focus on as the countdown towards your new career as a qualified accountant begins  For anyone approaching the end of a training contract and thinking about switching roles, there are a few things you should start to consider in these final weeks and months.  1. The CV The CV is an important document that can take you from aspiring applicant to sitting in front of the hiring manager. However, a weak CV can act as a blocker to this, so it is of the utmost importance to get it right. When creating a CV, people often just add a section to the top of their old CV from college. You’re a qualified professional now and your CV should reflect this. We usually find that it is better to start fresh rather than copy and paste some content on top of your old CV.  Your CV should be unique, detailed and specific to you. Avoid anything too generic.  For example, if you trained in audit and are looking for a financial accounting role in industry, avoid bullet points that are too audit-focused (“I was involved in audit planning, substantive procedures, controls testing, dealing with stakeholders, training my juniors….”). Instead, keep it specific and detailed. (“During this engagement, I was audit senior for a team of five and was responsible for testing the following technical areas: Revenue in line with IFRS 15, PPE, Deferred Liabilities etc.”) If you have trained in practice, we also recommend breaking your experience up by engagement. Pick three to five of your most prominent clients/projects and have four to five bullet points specific to that engagement.  If you have trained in industry, consider breaking your experience up by the various rotations or areas you got exposure to – financial reporting, tax, FP&A etc. This gives your CV a clean structure and makes it easier to digest.  2. Networking  Never underestimate the power of your network. A lot of people secure roles through the people they know, rather than agencies or LinkedIn.  But what exactly is networking and how can newly qualified accountants develop this skillset? Networking is defined, broadly speaking, as “the process of interacting with others to exchange information and develop professional or social contacts”. A well-connected professional network can greatly benefit your career growth and aid in advancement. Networking involves forming relationships with colleagues, managers and industry peers. Your network isn’t just about long-term relationships with friends and colleagues; it also includes more distant connections with business leaders and casual acquaintances, such as those met through clients. Even though these connections might not be as close, they can be extremely valuable, often offering information or links that can broaden your reach and learning opportunities.  Anyone whom you have built up even a slight rapport with, make sure to be proactive and add them on LinkedIn – whether that person is the office intern or the Finance Director of your main audit client.  As you approach the end of your training contract, make a conscious effort to build genuine connections in every interaction you have with colleagues and clients, so that you can lean into this network when looking for your next role. 3. LinkedIn  There’s no getting away from it. If you haven’t already, it’s time to embrace, build and promote your online presence, predominantly through LinkedIn.  As a newly qualified accountant, your LinkedIn profile is your online personal brand and should be thought of as a tool to catch the eye of in-house talent acquisition teams, agency recruiters and hiring managers alike. Here are a few tips to get started. Quick impression Recruiters scan LinkedIn profiles in 30 seconds. Use your summary title (the title under your name) and profile summary to fully communicate your skillset.  For example, instead of placing "Tax Senior" in your title, write “Tax Senior, Commerce & Industry | Chartered Accountant FAE” – the more keywords, the better. You have 120 characters so use them!  Complete and accurate information  Update all academic and career information to reflect your current qualifications and stage in practice. If you don’t show you’ve passed your FAEs, a recruiter might think you’re not qualified yet.  Ensure employment dates are correct and match your CV, to avoid any discrepancies. Your LinkedIn profile should mirror your CV. Public profile and personal touch Don’t be afraid to promote yourself – but be personal – think of your LinkedIn summary as the landing page of a website: you need to give people a reason to stay and read on.  Be mindful of what you share on LinkedIn. Avoid sensitive details like client names.  Use LinkedIn Now that you are set up, don’t be afraid to use LinkedIn!  Connect with colleagues and clients, and join groups such as professional accounting organisations, your university alumni, etc., and make sure to research interviewers’ backgrounds and career paths, which will look impressive in an interview. You can also switch your profile to “#OpenToWork” which can be set to only be seen by users with specific LinkedIn licences (i.e. recruiters and in-house talent acquisition teams). Finally, don’t forget to include a (professional) picture! But not a selfie. Never a selfie.

Evan O'Donnell, Chartered Star 2024, shares insights on overcoming challenges, the importance of learning from mistakes, and his aspirations for continued growth Five years ago, where did you think you would be now? Have you lived up to your own expectations? Five years ago, I had just commenced my final year at university. I had envisioned myself in a stable and fulfilling career, one where I could use my skills and knowledge to make a meaningful impact. I imagined that, by now, I would have passed all my exams, gained significant experience and provided clients with quality deliverables.  Looking back, I can safely say that I have lived up to those expectations and surpassed them! I have become qualified as a Chartered Accountant having gained an invaluable training contract on the Assurance Team at PwC Ireland. I have secured an exciting role within Finance in Avery Dennison and I am the current Chartered Star, which I am absolutely delighted with!  I am looking forward to representing both my profession and country on at international level in Canada later this month. What has been the biggest challenge of your career? The biggest challenge of my career as a Chartered Accountant has been balancing the rigorous demands of professional exams with the tight deadlines of audit engagements.  Juggling intense study schedules alongside assurance client work required a level of time management and project planning. This challenge forced me to improve these skills significantly.  I became more disciplined with my time, better at prioritising tasks, and more adaptable to changing circumstances. What do you wish you had known earlier in life? One thing I wish I had learned earlier in life is that making mistakes, both in life and at work, is not only okay but essential for growth.  I used to fear failure, believing it was a sign of weakness or incompetence. However, I’ve come to understand that mistakes are invaluable learning opportunities. Each failure is like practice for success, teaching resilience, adaptability and problem-solving.  Embracing mistakes allows you to grow stronger, refine your skills and approach challenges with a more informed perspective.  Success isn’t about avoiding failure; it’s about learning from it and continuing to move forward. Where do you see yourself this time next year? This time next year, I see myself continuing to grow in my current role with Avery Dennison, taking on more leadership responsibilities and perhaps exploring new areas within the finance sector.  I am eager to further develop my expertise in areas like financial strategy and risk management, and I hope to contribute even more to the success of my firm.  Additionally, I am considering opportunities to mentor younger professionals, as I believe that sharing knowledge and experience is vital to the profession's future. Who inspires you, personally and professionally? Personally and professionally, I am inspired by people who demonstrate resilience, integrity and are always willing to share their knowledge.  Personally, I look up to my father. My dad has not only achieved so much in his career but his morals, love for his family and his incredible ability to put everyone else’s needs above his own has made him my role model my entire life!  Professionally, I look up to Barry Doyle, Chartered Accountants Ireland President. Barry is the youngest-ever President of the Institute. Barry’s humbleness in his accomplishments is admirable, his grit and determination are truly inspirational. He is also a marathon runner – his talents know no bounds! How has being a Chartered Accountant changed your life? Becoming a Chartered Accountant has significantly changed my life. The versatility of this career has opened doors to opportunities I wouldn’t have had otherwise, provided me with a sense of huge accomplishment and given me a solid foundation on which to build my career.  Being a Chartered Accountant also brings a level of respect and credibility in our industry, which has been invaluable in establishing trust with clients and colleagues.  If you weren't a Chartered Accountant, what do you think you'd be doing? If I wasn’t a Chartered Accountant, I believe I would be working in a field related to education or mentoring.  Coming from a family of teachers (in both primary and secondary school) and always having a passion for helping others learn and grow, I think I would find great satisfaction in a role that allows me to teach, guide or influence young people in their life and on their professional journeys. What advice do you have for those who will soon qualify as Chartered Accountants? Keep your head down with exams, plough through them and persevere. You will forget the gruelling hours of study put in, but you won’t forget your qualification – it will all be worth it once you become an ACA!  Don’t be afraid to ask questions – it is the only way to learn.  Build your network and don’t underestimate the value of soft skills such as communication and leadership – they are just as important as technical knowledge.

Professional accountancy exams will challenge you in ways you haven’t experienced before. By starting your study regime early, you’ll come out the victor in these challenges. Edel Walsh tells us how It has been a while since I started my journey as a Chartered Accountant, but I vividly remember the feeling of excitement, anticipation and apprehension all wrapped up together. Whether you’re starting a new job, moving to a new town or city, or beginning a professional accountancy qualification, it can feel like a lot of change in a short space of time.  The journey ahead will be exciting and challenging. It will require dedication, discipline and a realistic approach to your studies. One of the most important ingredients for success is starting your study early.  Rethink the way you study Chartered Accountancy exams are unlike any you have done before. In college and university, assessments and exams test your knowledge of a particular topic or subject. Even if you had a surface-level knowledge of the topic or subject, you still may have done well.  Professional accountancy exams are designed not only to test your knowledge but to assess your ability to apply that knowledge in real-world scenarios. Having a surface-level knowledge of a topic will not suffice; these exams require you to have a deep understanding of subjects and scenarios presented to you.  If you think you study best by cramming, it is time to rethink your study strategy. Early preparation is essential for exam success. Engaging in spaced-out learning rather than cramming will build strong foundations of knowledge as well as reduce stress and academic burnout. Building the foundations By starting your study early, you give yourself time to build a strong foundation in each subject, allowing you to approach the more complex topics with confidence. It will also give you time to revisit topics on numerous occasions, which will help reinforce your learning. Our brains love repetition. Looking at a topic once or twice will not result in deep learning. This requires you to continuously repeat and reinforce what you have learned.  When you have that deep understanding, you can apply your knowledge to any scenario. That is what is required for these exams.  Reducing stress and overwhelm Trying to cover vast amounts of material in a short time can be overwhelming. By starting your study early, you can reduce stress significantly.  Advance preparation gives you time to address any difficulties early on as opposed to waiting for a few weeks before the exams when your stress levels will be elevated.   Optimising exam results Beginning early gives you time to practise exam-style questions, make lots of mistakes and use the lessons from your mistakes to refine your study approach. Tips for starting early Establish a realistic routine There will be a lot to navigate as you embark on your new career path. You will be working busy jobs, attending lectures and studying as well as maintaining personal commitments. When you are setting out your study plan, the key is to be realistic.  Every week commit to drawing up a loose plan for the week ahead. Consider your work and personal commitments as well as the lectures you need to cover. Within that plan, see where you can fit in a few hours of study. Even if you only get an hour of study done a week, all these hours will add up in the long term.   Set learning goals For each study session, set learning goals as opposed to outcome goals.  An example of an outcome goal is: “I will review two webinars and read two chapters of the manual”.  Instead of doing this, focus on what you want to retain during your study.  An example of a learning goal is: “Today, I want to understand the double entry book-keeping entries for depreciation”.  By focusing on learning goals, you will get a good appreciation of what you know and what you need to focus on going forward. Stay organised  Keep your study materials, notes and resources well-organised. This will save you time and make it easier to find the information you need when you need it. Prioritise your wellbeing  Your physical and mental wellbeing is the cornerstone to success. Get plenty of rest, eat well and make time for exercise and relaxation. Rest and recovery fuel productivity. Strategy for success Starting your study early is one of the most effective strategies for ensuring success in your professional accountancy exams. It allows you to build strong foundations, reduce stress and ultimately optimise your exam results. Edel Walsh is a student coach and mentor. She supports her clients with their studies and exams using a holistic approach of focusing on academic success, personal development and looking after their wellbeing. For more information, check out www.edelwalsh.ie

Chartered Accountants Ireland is set to transform professional education with the launch of Project Athena, an ambitious initiative introducing advanced technology and adaptive learning. Ian Browne highlights what to expect The start of each academic year brings a sense of anticipation for students and the education team, but this year promises to be a very exciting prospect.  The launch of our programmes this year coincides with the introduction of important new initiatives that are set to enhance the learning journey of students for many years to come.  Project Athena Since 2021, the Education Department at Chartered Accountants Ireland has been working to re-imagine the future of education in our profession. Our goal has been to ensure that our students are equipped with the most up-to-date skills and professional training to meet the future needs of business and society.  We will do this by designing and delivering high-quality, student- and member-centred future-focused education.  Our roadmap to achieve this – known as Project Athena – is an ambitious, wide-ranging and multi-year plan. It leverages the most advanced education technology and incorporates the latest in online education theory.  Its remit covers examination, assessment and our learning delivery model while also addressing broader challenges like ensuring our learners maintain their technical knowledge and can evolve their skills throughout their careers.  We have now reached the first implementation phase and are ready to introduce several key initiatives, some of which will be initially released to our first year (CAP1) students.  So, what does this mean for you?  New learning platform We’re excited to release a new Learning Hub, with an advanced and intuitive learning platform for students on all three programmes this September.  We’ve partnered with leading international online learning developers Area9 to create a bespoke platform with Chartered Accountants Ireland learners in mind.  The platform provides a fully integrated experience, connecting all your learning content, textbooks in e-book format, exam-standard question packs and other learning resources – in one aligned pathway, be that for CAP1, CAP2 or FAE.  The platform is easy to find, bookmark and navigate. It also includes a new Communicator function, making it faster to communicate and connect with lecturers and fellow students. In the case of e-books, investment in this technology evidences the Institute’s long-term commitment to reducing our carbon footprint and is a mainstay of our sustainability agenda.  Over time you’ll also see a new technology solution for students to record relevant professional experience (to replace the current CA Diary). Data-driven One of the major advantages of our new platform is the insight we will have into the behaviours and experiences of our students.  We will not only be able to measure engagement metrics but will also have insight into how well our students understand the topics, their level of mastery and where additional supports could be applied over time.  Adaptive learning The most exciting development is the introduction of a new model of online learning, adaptive learning, now ready for release.  Adaptive learning is rapidly becoming recognised as the future of education delivery. It is a data-driven, personalised and participative learning journey with you in the driving seat. High impact and engaging content will be provided at a pace that suits you.  You choose your level of proficiency at the start and view learning content. This is followed by rounds of questions that assess your recall and understanding at each stage. This combination of content and questions makes our new format a genuinely interactive experience.  Initially, two subjects will be delivered using adaptive learning technology to first-year students (CAP1) only: Law RoI/NI and Finance. More information on how to engage with adaptive learning and how to use the functionality will be provided over the coming weeks and in live webinars.  CAP1 autoscored exams Another significant change in exams is the introduction of an autoscored-style assessment format.  Autoscored assessments will use a variety of question types that assess a student’s understanding of the curriculum and will further streamline the online examination process, delivering results much faster.  Autoscored questions will be worked through in each CAP1 live webinar (please refer to 2024/25 timetables).  Sample autoscored papers will be available to reference on the Learning Hub early in the academic year.  This will be initially for all CAP1 students only and the CAP1 exams in May 2025.  Global leader in professional education The above initiatives are the first stage of enhancements, with much more to come.  We are confident that Athena will position Chartered Accountants Ireland as a global leader in professional education. We hope that all our students find the coming academic year an enjoyable, rewarding time.  If you have any questions about Project Athena or regarding a specific area mentioned above, please do not hesitate to contact your programme team at cap1/cap2/fae@charteredaccountants.ie Ian Browne is Director of Education at Chartered Accountants Ireland

The recent amalgamation of CPA Ireland and Chartered Accountants Ireland creates the largest accountancy body on the island. Bryan Rankin, Head of Student Operations at Chartered Accountants Ireland, outlines what students who joined 1 September need to know about this transition and their next steps Earlier this year, members of CPA Ireland and Chartered Accountants Ireland voted to amalgamate – bringing the two organisations together into one. Both Institutes are now working towards finalising the amalgamation. The amalgamation has created the biggest accountancy body on the island of Ireland by some distance. All students are now part of a larger, single membership body that will have greater presence and influence in the Irish economic landscape.  In terms of education, the support provided by Chartered Accountants Ireland results in the highest pass rate of any accountancy body in Ireland with students progressing faster to membership.  Upon qualification, all students, including those previously with CPA, can use either the Chartered Accountant or CPA designation, the latter of which continues to enjoy significant international recognition.  So, what does this mean for CPA students joining the newly merged body? Here’s what you should know. Enrolment First thing to know is that you, the student, will need to enrol yourself on your subjects and register for exams via the Chartered Accountants Ireland website and the student enrolment page.  Neither CPA nor Chartered can enrol the student for an exam. Information on the process to activate your Chartered Accountants Ireland student profile is in an email sent to CPA students recently.  At the time of publication, we are aware that some CPA students are still awaiting results of the Autumn exams, due 11 October. For these students, your data will only be transferred after results have been published to ensure the most up-to-date position is reflected on your profile within Chartered Accountants Ireland. You will receive the profile activation email after the August exam results are published.  First- and second-year education  If you are embarking on your first year of accountancy studies, you will start with Chartered Accountants Ireland, Chartered Accountants Proficiency 1 (CAP1).  If you have successfully passed or gained exemption from some CPA Ireland subjects, you will proceed with the Chartered Accountants Ireland equivalent subjects at CAP1 and/or CAP2, as appropriate. One-stop shop CPA students advancing to Strategic Level studies have the option to continue to see out their studies with CPA. However, it is possible to opt for Chartered’s FAE programme. For more info about this option, please visit the Chartered Accountants Ireland website. Chartered Accountants Ireland provides education directly; it is not outsourced to a third-party education provider. Therefore, you will engage with the Institute as your education provider as well as your examiner. You will pay one fee, covering education and the exam. Detailed fee information was provided to you directly by CPA Ireland via email. You’ll access all education content on our online platform, the Learning Hub, and students will soon receive information on how to log in for the first time. Textbooks will be sent to enrolled students at their home address.  When it comes to payment, if an existing CPA Ireland student has undertaken and paid for a CPA-affiliated education programme previously and needs to resit an exam, then the student will only pay the resit exam fees. While you will be required to take the relevant study programme, you will not be ‘double charged’ for this course.  The Institute’s academic year starts on 20 September 2024 for CAP1, with exams at the end of May 2025.  CAP2 learning materials will be available from 7 October 2024. If you’re a CPA student awaiting results from the Autumn CPA exams, don’t worry. Late registrants will get access to all materials and recordings. Two of the CAP1 assessments in Double Entry Bookkeeping and Law are on-demand and may be attempted up to January 2025, with unlimited attempts.  Exams with Chartered Accountants Ireland As with CPA Ireland, your exams will be online.  Chartered Accountants Ireland uses the same exam platform (Cirrus) as CPA Ireland.  From this year, Chartered exams at CAP1 will be autoscored, thus providing a faster turnaround time for your results.  CAP2 exams, however, will not be autoscored for the coming academic year. There will be a lot of information on this and sample papers coming on stream shortly.  For all information on Chartered Accountants Ireland exams, visit the Institute’s website.  Recording relevant experience As with CPA Ireland, as a student of Chartered Accountants Ireland, you will need to demonstrate that you have met the professional development (training) requirements over the course of your training period. CPA Ireland students who transition to Chartered Accountants Ireland must complete a minimum of three years of training.  If you have already started logging your training with CPA Ireland via the MYCPA portal, please continue to use this into the future. If you haven’t recorded any experience before, your first step will be to start to record your experience on the Chartered Accountants Ireland website (via Student Centre) in an online portal called the CA Diary. Your mentor will also need to be set up on the system. Both systems will run in parallel for the moment.  Further information Students transferring from CPA Ireland to Chartered Accountants Ireland may understandably have a range of queries. The dedicated CPA students page on the Chartered website has a list of FAQs and helpful information to get you started.  Chartered Accountants Ireland’s Education and Training Department is here to support you through this transition, so please contact us at StudentQueries@charteredaccountants.ie.  Whether you’re just starting your accountancy studies or you’re well on the way to qualification, we hope you enjoy your studies with us for 2024/25.