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 for in your career in 2024? Brendan Connor PwC In my current role, I am very fortunate to be able to work with clients that operate in a variety of industries. In 2024, I hope to continue to get this exposure to diverse industries and benefit from the learning opportunities this presents. I also look forward to developing my coaching and mentoring skills. I’ve found that, as an associate in a large practice, coaching junior associates is something that is often expected within your first two to three years of work. It’s one of the real benefits of working in a large practice, in my opinion. Lastly, a key priority of mine is being successful in my FAEs this coming year. Hopefully, I can get off to a good start with the AFR interim exam next month. Jessica Bourke EY In 2024, I hope to see my career grow by building my personal connections within  the business sector.  Over the past year, I have learned a lot about myself and where I want to go in life. Joining CASSL really helped me to build my confidence and showed me that I want to be more involved in the social aspects of the profession, as networking is vital.  Throughout the year, I have attended several events, and it has opened so many doors for me. I have landed opportunities by being myself and talking to everyone. I have connections now in sectors I didn’t think I would.  For 2024, I want to build on that. I want to attend more social networking events, and I want to develop who I am so I can advertise the best version of myself, whoever that may be.  So, for the next 12 months, I want to work on myself, my talents and my networking, and hopefully, by the end of 2024, I will be looking back and reflecting on how I have grown as a person. Peter McPhillips KPMG I hope to see the efforts I have put in recently prove fruitful in 2024.  I have aimed to gain exposure to all sorts of development and networking opportunities in recent years through my involvement with the Chartered Accountants Student Society and the Social Committee in my workplace. I believe this will pay dividends in 2024 as I look to broaden my horizons in the future. I am due to take the final set of my professional accountancy exams next summer, and this will hopefully be a huge, positive step forward in my career as it opens up many future avenues for an exciting career.  I look forward to the many opportunities ahead of me in 2024.

Not achieving your desired exam results isn’t the end. Bernie Duffy, Senior Associate at Barden, explores your employment options, opportunities and interview prospects after you have had to repeat an FAE exam There are two things to remember if you did not get the FAE exam results you were hoping for:  Even though it may seem like it, this is not the end of the world, and there are plenty of options; and  Many highly intelligent and successful people have found themselves in the same situation.  Working with Barden and having the chance to collaborate with some of the most successful accounting professionals in Ireland, I know of at least five CFOs of incredible companies who did not pass their FAEs on their initial attempt, and some of them attribute not passing as pivotal moments in their career.   Not passing your exams is a cloud, for sure, but with many silver linings. Figuring out your employment options After the results have sunk in and you have had time to chat with family and friends, the first step to take is to speak with your employer.  Arrange to have an initial chat with your manager or partner. Make sure it is someone who has worked with you and with whom you have a good rapport – they are likely the person who will support you when putting a case forward to HR to repeat the exam.  Ask if your employer is willing to support you in resitting the exam, both financially and with study leave or time off in lieu. In the best-case scenario, they would be supportive of this. If, however, staying with your current employer isn’t an option, you could use this time off to focus on preparing for the repeat exam.  Understandably, this might not be a financially viable option for everyone, but if you are in a position to put your head down, focus on passing the repeat and look for a role once you have completed the exam, this can take some pressure off. If this is feasible, the January exam sitting could be the most achievable.  If taking time out is not an option, there will be plenty of companies that hire at this level and are happy to support you on this journey.  We would suggest looking at “finalist” level accounting roles, which are generally tailored towards people close to qualification but not yet fully qualified. In most cases, companies will offer exam support and salary increases or even promotions once you have passed the exam. Taking a break You can also use this as a defining time in your career to consider your long-term options and career goals. This will be different for every individual; some people will be more comfortable going into another practice firm, and others will use this opportunity to pivot their career towards industry.  Whether it’s a move to a smaller practice where you can gain accounts preparation experience or a move into a finalist accountant role in industry, you can use the situation to develop your skillset and experience further, providing you with more employment opportunities in the future. Prepping for the repeat Take some time to reassess your plan for success in the repeat exam. There may have been other personal factors contributing to the exam result, but be honest with yourself: do you feel you could have done more?  As noted by Edel Walsh, focus on creating a realistic study plan and exam techniques, timings on questions, organising your notes and folders, speaking to friends or colleagues for advice or considering signing up for some additional revision courses as a refresher.  It may also be worth considering if you have selected the right elective or if you could potentially be more interested in another one. Approaching a repeat during an interview A question we are frequently asked is how to approach the question about not passing an exam in an interview and what employers’ opinions on it are.  We would always advise focusing on the positives from the situation and showcasing what you have learned from the experience and your plan to ensure success going forward.  Answers such as, “It was the first exam I had ever failed and was actually a very important learning opportunity for me. I think I am more resolved and resilient as a result” might be useful. Most employers realise that failure is inevitably a part of life, and it is how you deal with and overcome it that counts. No matter your circumstances, there are plenty of options available to you. Do not let one exam define you. Instead, use it as a motivation to become even more driven and successful.  Remember, you learn more from failure than success.

Having to repeat exams can be a tough setback, but it’s not the end of the road. Edel Walsh shares insights to help you learn how to reflect on your past attempts, reignite your motivation, plan your study effectively, and prioritise your well-being as you embark on your journey to exam success Failing an exam is challenging. If you didn’t succeed in your last exam round, give yourself time to process it and recover before thinking about the repeat exam.  When you feel ready to tackle your studies again, know you are brave. It is hard to tackle an exam for the second or third time around.  However, there is some good news. You are not starting from the beginning. Much of the subject matter will be fresh in your memory. You may need to change your study approach. Reflection  Before you get stuck into studying for the repeat exam, take time to pause and reflect. While it might be difficult, there will be some valuable lessons and insights you can gather from the previous time you sat this exam.  In the words of John Maxwell, author of The 15 Invaluable Laws of Growth, evaluated experience is the teacher of all things.  As you reflect on your previous exams, ask yourself some questions that will help you gain insight into the experience.  Reflections on your study What went well for you as you studied for your last exam? What could have gone better while studying for your exam?  What study strategies might you use this time to get better results? Reflections on the exam Did you have enough time to answer all the questions in the exam? Which topics or subjects were you least/most confident answering? How did you feel during the exam? What did you learn from this exam experience? Motivation For some, motivation and enthusiasm for studying might be low after not passing an exam.  Motivation is not an organic process. Students often wait to become motivated, but you will not wake up some morning and be suddenly motivated.  If you can urge yourself to take the smallest of actions to restart a study schedule again, even though you don’t feel like it, motivation will follow.  I often compare motivation to going for a run. I am never truly motivated to go for a run, but the most challenging part can often be putting on my running gear. Once that is done, motivation tends to follow.  Planning It is important to plan your study in line with your available time.  First, factor in your syllabus or competency statement for the subject by using a simple traffic light system:  Green represents the topics where you are confident; Orange represents areas that need some work; and  Red represents areas that need to be prioritised.  Marking these areas by the traffic light system gives you an idea of the road ahead. Next, consider your weekly plans. This plan should be fluid and flexible. Consider which days you have available for study.  Finally, when it comes to daily planning, always start by setting a learning goal for your study session to keep you on track.  Be sure you are consistently testing yourself on the materials under exam conditions. This is the key to success. Many students avoid testing themselves.  Testing yourself and making mistakes is the key to succeeding in the exams. You might feel uncomfortable seeing the mistakes you have made, but it is better to see them as you study rather than make them in the exam itself.  Lean on your support system If there is support available to you, take advantage of it.  Speak to your lecturers. They may be able to provide invaluable information about what went wrong for most people in the exams.  Speak to your colleagues and classmates. They have been there and will be able to offer you a helping hand.  Your well-being and exams Looking after your well-being in the lead-up to the exams is of utmost importance. You can manage your wellbeing by: planning – we have looked at how to create a simple plan. Planning can help reduce stress levels. scheduling productive deep breaks – This does not mean turning your attention to a phone or social media. A productive deep break is taking ten minutes or so between study sessions to go for a walk around the block, listen to music, do a meditation available on YouTube or listen to a relaxing podcast.  breaking it down – If you are overwhelmed by what you need to cover, break everything down into small, manageable chunks. When we look at the end goal (also known as the performance goal), passing the exams, it can feel overwhelming. If we break this goal down into small learning goals, it feels a little more manageable.  Finally, remind yourself of the bigger picture. Failing an exam is part of your journey. It won’t feel pleasant, but you will learn so much from this experience that you can bring to future exams.  Edel Walsh is a student and exam coach. She supports her clients with their studies and exams by focusing on academic success, personal development and looking after their well-being. For more information, check out www.edelwalsh.ie

Reabetswe Moutlana, Manager in FSO Assurance – Aircraft Leasing at EY Ireland, talks to The Bottom Line about her time studying to become a Chartered Accountant in South Africa, the importance of always being open to learning and how much she admires her big sister Five years ago, where did you think you would be now? Have you lived up to your own expectations? I thought I would be a fully qualified Chartered Accountant living and working abroad as an audit manager. It feels great to know that that’s where I am right now. The only difference is that I am in Ireland instead of London, as life worked out.  However, this has come to be the best decision I have ever made.  Of course, like many, I imagined working in some high skyscraper building, doing some really important work. (I’m not currently working in a skyscraper, but definitely doing important work).  What has been the biggest challenge of your career?  Life after articles. The Chartered Accountant stream (from a South African perspective) means seven years of your life after high school are pretty much predetermined in that you do your undergrad, postgrad, articles and then qualify.  When you qualify, you have “limitless opportunities”. It can be pretty overwhelming planning out your first big move and which direction to take your career in. What do you wish you had known earlier in life? Someone told me that your career is long and that you, therefore, don’t have to have it all figured out at 25. Some people know from a young age exactly what they want, and some are still figuring it out. Both are perfectly fine. Where do you see yourself this time next year? Hopefully, I will be closer to my dream of pursuing an MBA in Europe. Who inspires you, personally and professionally? My big sister, Kamogelo Kroll, inspires me both personally and professionally.  I call her my deputy mom as she is 13 years my senior, and I have gained so much wisdom from her.  She is a qualified Chartered Accountant herself, and many will say I followed in big sister’s footsteps, which is actually untrue, as I planned my own journey. It just happened to be quite similar to hers.  I can, however, acknowledge that I have been incredibly blessed to have had someone who has walked this path before me and has guided me through, not just professionally but in my personal life, too.  My sister is my confidante, voice of reason and one of the coolest and most fun people I know.  How has being a Chartered Accountant changed your life? Being a Chartered Accountant has given me access to so many different opportunities and learning how businesses work.  I enjoy having access to different people within various organisations at varying levels of seniority and learning from them and about the work that they do. It broadens your view of many things.  If you weren't a Chartered Accountant, what do you think you'd be doing? I would still be in finance.  I really do enjoy finance and find it very interesting.  However, when I was younger, I wanted to be a paediatrician because I found the work that doctors do to be very fascinating and life-changing.  What advice do you have for those soon qualifying as Chartered Accountants?  Master the skill of being teachable and embrace learning. Also, try to surround yourself with people who are different from you. It‘s incredible how much you learn from people who think differently from you.

Prospective Chartered Accountants Ireland students ponder the timeless question: how much study time is enough? Bryan Rankin, Head of Student Operations at Chartered Accountants Ireland, reveals his recommended hours and expert tips to ace your journey to qualification The burning question for prospective Chartered Accountants Ireland students is often, “How much time should I dedicate to my studies?”  While the answer comes with a few caveats, we recommend approximately 150 hours of focused study per subject throughout the academic year. This commitment goes hand in hand with viewing live webinars and preparation, setting the stage for your success in the field. The breakdown   During CAP1, the first year of professional studies, there are five subjects, including law, which may be considered a half-subject in terms of the volume of learning content.  The Institute’s learning platform, the Learning Hub, provides on-demand learning content. Each subject is broken down into 11 to 14 different sessions.  For each subject across the academic year, approximately 30 hours of learning video content and about 20 hours of live webinars need to be viewed.   In addition, there are several other types of learning material with which students will be expected to engage, including slide decks, discussion forums where you can connect with academic team members, and ‘knowledge check’ quizzes.   We place great importance on studying by answering questions from the question packs. It would be best to focus on ‘active learning’ early to aid recall.  You will be expected to attend induction webinars to kick off the academic year and undertake sample papers (similar to past papers) and mock examinations later in the year.   You will also want to try out your skills on the online exam platform Cirrus using a ‘practice paper’ where you’ll have four attempts at each subject.  So, students can see how vital it is to start the academic year ready to maintain a steady, committed approach to their studies. For the above approximation, I have used the typical study routine for CAP1. Expect the second year, CAP2, to require around 15 to 20 percent additional study time, and again similar in the final year, FAE.   Start as you mean to go on It is essential to work hard during the initial months before Christmas. Our qualification is hard-won with challenging, internationally regulated exams, which represent a significant step up from third-level qualifications based on the sheer amount of material it covers.    Cramming won‘t cut it; instead, adopt effective study techniques, establish a study calendar, and consider forming a study group or finding a study buddy early on.  Organise your time and notes meticulously, and be ready to devote a weekend morning and a couple of weeknight hours to studying alongside your daily commitments.  The caveats    Now for the caveats!  For obvious reasons, it’s tough to put one figure on the required hours of study. Every student who enrols with Chartered Accountants Ireland is different: some with primary degrees in accountancy, some with prior experience working in the sector, some more mature and with more life commitments to balance.  This is only a guideline aimed to help prospective students on what to expect, and neither a minimum nor a maximum requirement. Who you are, your past experience, commitment level and study techniques all contribute to your success. On top of that, there is no guarantee that, because a student is committed, they will automatically pass exams.  While the hours recommended above may seem daunting, it’s worth noting that all professional-level qualifications in accountancy require serious commitment. Other accountancy bodies recommend their students devote very comparable levels of home study during their first-year programmes.  Embrace the challenge, and remember that a well-deserved summer break awaits once you conquer those exams.  Best of luck on your Chartered Accountants Ireland qualification journey – we hope you enjoy it!  

From FAE Exams to Senior Associate – Suvi Inkinen explains how she is navigating the post-exam transition from student to full member of Chartered Accountants Ireland I started my three-and-half-year training contract with PwC in September 2020. I had exemptions from the CAP1 exams due to my qualifications from my college degree, leading me to complete my CAP2 exams in my first year and my FAEs in my second.  I was over the moon when I passed my FAE exams in 2022. It’s an outstanding achievement to pass this set of exams, but it also meant I wouldn’t have to study again if I didn’t want to. It was such a fun and bizarre feeling – I hadn’t had a break from exams since pre-college.  It’s a strange feeling to return to work after passing your FAEs. If you’re like me, you didn't think much about life post-exams once you joined your training organisation. Knowing you no longer have exams to complete, no more study leave to take, and no exam workshops and lectures to attend feels foreign. However, the lingering stress of an upcoming exam is also gone, and that feels amazing. When I returned to work after passing my FAEs, I had been out of the office for around four months (three months of study leave and one month of annual leave), and, as an Associate 3, I received a lot more responsibility.  For my first engagement post-exams, I was seconded to the finance department of a large technology company. The content I had studied for my FAEs – which I had spent hours learning, looking over and studying – was precisely what I needed to know for this posting. All the effort was immediately worth it. Over a year after passing my FAEs, I am now a Senior Associate at PwC, which has been a considerable step up from being an Associate 3. I find it challenging but also more fulfilling. This is my first time being a senior on an engagement and delegating work to other associates. It can be pretty daunting, but I’m enjoying it, and I wouldn’t have been able to do it without my two years of lectures and training contract.  Beyond the liberating gift of a little free time and peace of mind, conquering your exams and going through your training contract opens up opportunities to get involved with the Chartered Accountant Student Societies.  In my case, my involvement in the Dublin and Ireland committees expanded after I passed my exams. I urge anyone, particularly those caught in the whirlwind of membership transition with some extra moments to spare, to dive into this community. It’s an experience that can enrich your professional journey. I’m currently on the exciting path of becoming a member of Chartered Accountants Ireland. There are two crucial steps ahead: submitting my CA diary and completing my graduation. This journey has been very fulfilling, and I take immense pride in how far I’ve come, all while contributing my expertise to PwC.

In its response to the International Accounting Standards Board’s (IASB) Request for information on the Post-implementation review of IFRS 15 Revenue from Contracts with Customers, the Institute’s Financial Reporting Technical Committee agreed that IFRS 15 has achieved its objectives and is working well, with some aspects challenging to apply. IFRS 15 became effective for periods commencing on or after 1 January 2018, and in June 2023 the IASB issued their request for information to form part of the post-implementation review process. The objective of a post-implementation review is to assess whether the effects of applying the new requirements on users of financial statements, preparers, auditors and regulators are those the IASB intended when it developed the requirements. Whilst supporting the strong framework provided by the five-step framework in IFRS 15, the Institute made some recommendations and comments in its submission, including; Further guidance is required to support the standard in some instances. This is particularly required in response to the fact that some entities have changed the way in which they operate since IFRS 15 was initially issued. The benefits of the standards outweigh the costs of implementing it. Further guidance is needed in relation to the identification of performance obligations of a contract in certain scenarios (eg. Software as a service contracts, distinct vs indistinct services and software updates). Further guidance is needed in relation to accounting for sales based taxes due to diversity in accounting practices being applied. Principal vs Agent considerations are one of the more challenging aspects of IFRS 15 to apply and further clarifications and guidance are needed, particularly in the area of the clarification of the concept of control. Further guidance is needed in relation to the interaction of IFRS 15 with other standards, including IFRS 3 Business Combinations IFRS 9 Financial Instruments IFRS 16 Leases IFRS 10 Consolidated Financial Statements The Institute believes that the level of convergence achieved to date on IFRS 15 and US GAAP is important and any changes to US GAAP or IFRS 15 should be monitored in this regard.

97% of parents surveyed by Chartered Accountants Ireland report that their career or working pattern has been impacted by childcare responsibilities. The findings show that 16% reduced their working hours, one quarter (27%) requested to work flexible hours, and one in five (19%) are currently considering adjusting their working hours. The survey, which gathered responses from chartered accountants in the Republic of Ireland has shed light on the significant challenges facing parents seeking childcare in Ireland. It highlights the crucial issues of cost barriers and their impact on career progression, while calling for increased childcare support. Chartered Accountants Ireland represents over 32,000 professional accountants, two thirds of whom work in business. When asked what they saw as the main barriers to securing appropriate childcare in Ireland, members highlighted both cost and capacity as being the biggest issues facing working parents. The financial burden is clear, with one third of members paying up to €1,000 a month per child on childcare, and one third paying between €1,000 and €2,000 per month. Commenting Cróna Clohisey, Tax & Public Policy Lead, Chartered Accountants Ireland said “The significant cost burden is one element of the problem, but even accessing places in childcare facilities in the first instance is a big barrier. As most of us know, this process begins long before a child is even born. Members are clear that both cost and the lack of available spaces need to be addressed by Government in order to better support working parents.”  This month’s Budget announcement provided for an increase in the national childcare subsidy (NCS) from €1.40 to €2.14 as well as extending the NCS to certain childminders, but the Institute argues that while this will help with the cost of childcare, it will not address capacity constraints within the market. Clohisey continued “A longer-term strategy for tackling ongoing capacity issues in the sector is critical – quite simply more places need to be made available but that can only happen with appropriate funding so that staff are adequately paid and therefore attracted and retained. We have an economy at full employment, and our members are overwhelmingly reporting childcare as a barrier to their full participation in the market. “While a government commitment was made to address supply issues through core funding, this funding must go beyond just keeping the sector from collapse. We are asking government to recognise that childcare provision is part of the critical infrastructure necessary for a functioning economy. The crisis needs to be addressed with a long-term strategy with children at the forefront, that adequately funds the sector, increases capacity, and supports working parents.”  

In Irish news, Revenue issues a press release following the Supreme Court judgment on key factors when classifying employment status for income tax, offers advice for taxpayers adversely impacted by Storm Babet and outlines the ROS permissions required by employers and agents for the Enhanced Reporting Requirements of employers. In UK news, read this week’s miscellaneous updates which features the latest bulletins published by HMRC. In International news, the EU Commission publishes a study on the VAT gap for 2021. Ireland Revenue has issued a press release following the Supreme Court judgment on key factors when classifying employment status for income tax. Revenue offers advice for taxpayers adversely impacted by Storm Babet. Revenue has outlined the ROS permissions required by employers and agents for the Enhanced Reporting Requirements of employers. UK Read this week’s miscellaneous updates which features the latest bulletins published by HMRC. International The ‘VAT Gap’ in the EU is narrowing according to the EU Commission. Keep up to date with all the latest Irish, UK, and international tax developments through Chartered Accountants Ireland’s Tax Newsletter. Subscribe to the Tax News by updating your preferences in MyAccount. You can also read this week’s EU exit corner here.        

In a recent study analysing the VAT gap published by the European Commission, the VAT lost by Member States in 2021 was €61 billion, over €30 billion less than the comparable figure in 2020. The VAT gap is a measure of the difference between what should be collected and what is actually collected. The unprecedented year-on-year improvement is likely due to a variety of factors, although the uplift in electronic payments and online shopping in 2021 is likely a significant driver. The rate of VAT compliance tends to be greater online and with e-payments.

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Do you use HMRC online services? Don’t be caught out by the planned downtime to some services. HMRC are warning about the non-availability of specific services on the HMRC website, a range of services are impacted. Check the relevant page for information on planned downtime.