The OECD has released the latest BEPS Action 14 Mutual Agreement Procedure (MAP) peer review results which indicate ongoing progress in making dispute resolution more effective. Jurisdictions have committed to implementing the minimum standard for treaty-related disputes under the BEPS package.

The OECD will host its virtual Tax and Development Days 2025 event later this week. This event provides an update on OECD initiatives to strengthen tax capacity, enhance tax policy, and improve compliance in developing countries, while also exploring future challenges.

On 18 March 2025, the European Parliament and the European Commission will co-host the third edition of the EU Tax Symposium. This year, the event will take place under the theme: Strengthening competitiveness and fairness to build prosperity.

IAASA has published its 2024 quality assurance review reports in respect of seven firms that perform statutory audits of public-interest entities (PIEs) in Ireland. The reports summarise IAASA’s inspection of each firm’s internal system of quality management. The reports include any findings and recommendations made by IAASA to the firms regarding these systems. The reports also summarise the results arising from IAASA’s inspection of a sample of audits of public-interest entities performed by each firm, including the grades assigned to the audits inspected and any key recommendations made to the firm.

Technical Alert 02/2025 – Illustrative Management Representation Letter in respect to the provision of Limited Assurance under the Corporate Sustainability Reporting Directive This Technical Alert provides an illustrative example of a management representation letter that may be used by the assurance provider when conducting a limited assurance engagement required under the Corporate Sustainability Reporting Directive (“CSRD”) as transposed in Ireland into Part 28 of the Companies Act 2014. The International Standard on Assurance Engagements (Ireland) 3000 Assurance Engagements Other Than Audits or Reviews of Historical Financial Information – Assurance of Sustainability Reporting in Ireland (ISAE (Ireland) 3000) as issued by the Irish Auditing and Accounting Supervisory Authority is the applicable assurance standard to be used for CSRD sustainability reporting in Ireland. ISAE (Ireland) 3000 paragraph 56-57 provides that: “56. The practitioner shall request from the appropriate party(ies) a written representation: That it has provided the practitioner with all information of which the appropriate party(ies) is aware that is relevant to the engagement. Confirming the measurement or evaluation of the underlying subject matter against the applicable criteria, including that all relevant matters are reflected in the subject matter information. 57. If, in addition to required representations, the practitioner determines that it is necessary to obtain one or more written representations to support other evidence relevant to the subject matter information, the practitioner shall request such other written representations.”   Click here  to access the TA.  Click ISAE (Ireland) 3000 to access the standard.

In every issue of The Bottom Line, we ask students for their thoughts on a particular topic. This month, we want to know: How do you feel about the state of the world in 2025? Alisha Mullins Deloitte In 2025, I find myself reflecting on the state of the world with a sense of both optimism and concern.  On the one hand, technology has brought incredible advancements, from artificial intelligence to sustainability efforts, offering potential solutions to many global challenges. The world is more connected than ever, allowing for cross-border collaboration and the sharing of ideas.  On the other hand, issues such as economic inequality, climate change and political instability remain daunting.  As we move forward, we need to keep a strong focus on making decisions that are not only smart but also ethical and responsible.  For those of us starting our careers, especially in fields like accounting, we have a chance to help shape a world that balances progress with fairness.  It’s an exciting time, but we’ve got a lot of work ahead to make sure the future is a good one for everyone. Shaun Towlson EY Looking at the state of the world in 2025, the mortgage crisis in Ireland stands out as a real concern.  Even though the country has bounced back since the 2008 crash, high property prices and rising interest rates are still making it hard for first-time buyers to get onto the property ladder. Many people are stuck paying high rents with little chance of owning a home.  For those who do own, rising mortgage payments are adding more stress, especially with the cost of living going up.  As an accounting student, I can’t help but see how this affects not just individuals but the economy as a whole. It’s clear that we need better policies and responsible lending to create a housing market that works for everyone—not just the lucky few.  It’s a tough situation, but it’s also an opportunity to learn from the past and make meaningful changes. Niamh McLoughlin  Deloitte As we’re in 2025, climate action feels more urgent than ever.  The reality of climate change is hitting harder now, with extreme weather, rising sea levels and the growing toll on ecosystems.  While there’s been some progress with renewable energy and sustainability efforts, it often feels like it’s not enough.  As an accounting student, I see how important it is for us in the financial world to push for real change—whether it’s supporting green initiatives or advocating for better reporting on environmental impacts.  The business world has a big role to play, and it’s on all of us to ensure that sustainability isn’t just a buzzword but something we actively work toward.  We need to move faster, make smarter decisions and think about how our actions today will impact the planet tomorrow. The time to act is now.    

Jumping straight into a commercial role after qualifying is tough, but there’s a smarter way to get there. Understanding financial accounting first can set you up for success. Heather Gordon explains why it’s worth considering A lot of newly qualified accountants want a “commercial” or “business partnering role” as their first step from practice into industry. The catch? Only about five percent of roles for newly qualified accountants are purely commercial. And, wow, are those hard to get straight out of contract!   But we get it; you’ve just qualified and want to do something different, something commercial, where you can make impactful decisions. That makes sense. Continuum of activity Let’s take a step back and understand the options available to you at the end of your training contract and why it might be a good idea to pursue a financial accounting role first.   Figure 1 below is what we call the continuum of activity. It is a simple visual to help you map out the activity in a basic finance team and understand the context of the roles you will look at after you qualify.  Purely commercial roles sit on the very far end of this spectrum, influencing how a company makes and spends money. To get access to these roles and excel in them, it’s a good idea to spend some time understanding how the business works, how it makes money and the nature of the various stakeholders.  Without knowledge and experience in these areas, your opinion will carry little weight, ability to influence will be negligible and you’ll lose credibility fast.  The good news is that you can partner with the business and get involved in decision-making without having to jump straight into a “commercial” role. How? Here are a couple of things you should consider about a financial accounting role: “Financial accounting” can mean different things in different organisations. However, it is not audit or pure technical accounting – make sure you put those roles in different buckets.  Spending time putting together a profit and loss statement (P&L) and analysing it is priceless if you want to learn how a business makes and spends money. The work is dramatically different from auditing and can be a breath of fresh air for many. In financial accounting, you partner with the business. Business leaders live and die by their P&L; ultimately, you will partner with them to deliver their business results. In financial accounting, you might not get to make decisions about the business directly, but you’ll have plenty of chances to make decisions about the “business of finance”. New reporting formats/visuals, processes and systems are all ways in which you can get directly involved in making decisions for finance in the business. Beyond the job title When you want to move into a commercial role, consider more than just the job itself. Here are some important points to think about before making the switch. Organisation size  Think of the continuum like a coiled spring—collapse it down for a smaller business/entity, and one person does everything.  Expand it for a larger business, and specialisation emerges in various areas such as tax, statistical reporting and technical accounting.  Why does this change? With size comes complexity. Organisational structure The nature of financial accounting activity and how much of the continuum it covers will often be a manifestation of the organisational structure (group function vs shared services sector vs small and medium enterprise, for example).  Job titles mean nothing without context, and every financial accountant role will be subtly different depending on the structure in which it sits and the division of labour on the team. Activity balance  The balance of activity in a job specification can be very telling. Job postings list tasks, but they rarely give those tasks a weighting of time. This continuum can be very useful when reviewing job specs and understanding what the role you are going for actually involves.  Smart accountants don’t get caught up in buzzwords but look beyond the job title to the context of the role. They look at their careers in a structured way and earn the right to an opinion in a business before giving one.

Struggling to balance work, life and study? Edel Walsh shares the power of the “one percent rule” – a simple yet effective approach to tackling exams through small, daily wins that add up to big success You are juggling your personal life, a demanding job and the pressure of professional exams. Time is limited, and there never seems to be enough hours in the day. While you may be trying to study after a long day’s work, you might feel tired and stressed, unsure of where to begin. The sheer volume of information can be overwhelming, leading to procrastination. However, the good news is that small efforts in your study can yield significant results.  Embrace the power of “one percent improvement” or the “one percent rule”, as I call it. This focuses on making small, daily progress towards your study and exam goals. How it works Instead of trying to tackle the entire syllabus in one go, ask yourself, “What can I do today to get just one percent in my exam?” One percent could be: Reading a single page of a textbook and doing a brain dump afterwards. Solving one practice question from your question bank. Reviewing a single accounting standard and doing a practice quiz on this. Testing yourself on your bank of flashcards. Watching a five-minute video lecture and reflecting on what you learned in that video. While initially this may feel slow and like you are making little progress on your syllabus, before you know it, all of the one percent will have turned into a significant amount of study and learning.  When you are studying, I recommend you start your study session by setting yourself a learning goal.  For example, “Today I want to earn one percent in my financial reporting exam by learning and understanding the double entry booking for the acquisition of fixed assets”.  Then, do your focused learning and study for 25 minutes. This might include reading your notes on the topic, doing a brain dump of what you have just read and doing a practice question without the solutions in front of you.  Once your 25 minutes is up, you must hold yourself to account. Did you achieve your learning goal? If yes, celebrate this small win. If not, that’s okay. What can you do the next time you study this topic to enhance your understanding?  Why one percent matters Starting your study is often the hardest part. Sometimes, you don’t know where to start! By focusing on such a small, achievable goal, like “what can I do today to earn one percent in my exam?”, you eliminate the fear of everything that needs to be covered, and you start building momentum.  To run a marathon, you must start by taking the first step. The one percent rule builds consistency in your study routine. Even 25 minutes of focused study to get your one percent each day is far more effective than cramming right before your exam.  Consistency is key to long-term learning and retention. Learning must be slow and effortful for it to be effective. The one percent rule encourages continuous improvement. By consistently making small gains and progress in your study, you will gradually build a strong foundation of knowledge. It focuses on progress, not perfection. This approach shifts your mindset from achieving perfection to celebrating the small wins.  Tips for implementation Schedule dedicated study time  Fifteen to thirty minutes of uninterrupted focus study time each day can make a significant difference.  As you all have busy jobs to contend with as well as your study and personal life, it is important to be realistic about when you can schedule this dedicated study time.  For example, if you commute to work, you could bring your flash cards with you and test yourself on your commute.  If you find you are too exhausted to study when you come home from work, can you get up 30 minutes earlier in the morning and get your studying done before the day starts? Look at the options that are available to you. Use the Pomodoro technique The Pomodoro technique is focusing on a task for 25-minute intervals with short, five-minute breaks.  This helps maintain focus and concentration, boosts motivation and can act as a deterrent to procrastination. It will result in higher productivity.  Reward yourself  Celebrate your small victories. Celebrate your “one percent”.  This will keep you motivated. Embracing growth Accountancy exams are undoubtedly challenging. However, by embracing the one percent rule, you can transform your study from an overwhelming hurdle to a series of manageable steps.  While one percent may seem insignificant, the impact of consistent, incremental progress can be incredible. This compounding effect can lead to exponential growth in your knowledge and understanding. It’s not about achieving perfection. It is about consistent, incremental progress. Focus on making small, daily improvements, and see your knowledge and confidence grow.

Becoming a Chartered Accountant is a commitment that requires intense dedication, determination and resilience. This pursuit, especially during exam season, can become overwhelming and mentally taxing. Niamh Manning shares some strategies to help students manage their mental health during their studies Exam season is a particularly stressful time in a student's life. With a heavy workload, tight deadlines and high expectations, stress is an inevitable part of the journey. But by building resilience, confidence and strength, you can make it as stress-free as possible. It’s all about timing  Proper time management helps reduce stress by allowing us to tackle tasks in a more organised manner. Before you set off on a day of study, be strategic about your day and set goals and actions. Think realistically about how much you can achieve in a day and create a timetable with breaks throughout.  A tried-and-tested study method is the Pomodoro technique, in which you study for 25 minutes and then take a five-minute break. This encourages focused study periods and helps you avoid burnout. It also helps improve your focus and keeps the material fresh in your mind. Treat yourself  Maintaining focus and momentum during study periods can feel like a marathon. The enormity of the task at hand can feel daunting and overwhelming.  Instead of focusing on the long-distance finish line like passing your exams, break down your days and weeks into small manageable goals and celebrate and reward yourself when you reach these milestones.  Short-term rewards can provide a sense of progress and can help you keep going when you hit that proverbial wall.  Health is wealth  While it may seem obvious, we can’t emphasise enough just how important it is to look after your mental and physical health during this time.   Exerting so much energy, physically and mentally on to your study and exams can leave you feeling fatigued, drained and emotional, leaving you vulnerable to exhaustion. Sleeping eight hours a night, exercising daily and eating well are extremely important for protecting yourself from burnout, reducing your stress levels and increasing your energy.  Hydration is paramount as dehydration can lead to headaches, poor concentration and fatigue. Drinking enough water throughout the day ensures that the body remains energised and can process information effectively. Micro-moments of relaxation  We all know that maintaining a healthy lifestyle is essential, but we can often neglect the power of active resting. Taking small moments of relaxation throughout the day can help reset focus and restore energy.  Take a few minutes every day to engage in relaxation techniques.  For example, when you feel tension building, take two to three minutes out to close your eyes, stretch or take a breath. These brief moments can prevent stress from accumulating, lower your heart rate and provide a quick mental rest.   It is also important to include longer periods of relaxation during the week where you completely disconnect from your studies and enjoy the things you love guilt-free. This allows you to recharge your batteries, helps improve concentration and promotes emotional balance. Support network  Due to the intense nature of exams and study, students may shut themselves off and isolate at a time when peer support is important and can significantly benefit them.  A strong support system offers emotional support, advice and a sense of camaraderie. Students can cultivate this sense of support by connecting with fellow students, colleagues, friends and family.  Study groups can also be extremely helpful, allowing participants to share knowledge and collaborate. They also provide a certain study schedule and can help keep you honest about your study efforts.  Many of you will be surrounded by members and alumni who have already gone through the journey and have first-hand experience of being a Chartered Accountancy student. Reaching out to such peers can provide invaluable guidance and encouragement.  Remaining resilient Becoming a Chartered Accountant is a challenging but rewarding journey, and students can excel and persevere by remaining resilient and focused.  It is important to remember that mental health is as important and crucial as academic success, and looking after yourself is imperative for long-term success, both professionally and personally.   Also, keep in mind the many student supports available to you through Thrive. The Thrive Wellbeing Hub provides a comprehensive mental health and wellness programme with a wide range of services tailored to our students’ needs. For more advice and information, check out Thrive’s Wellbeing Hub. Alternatively, you can contact the team by email at thrive@charteredaccountants.ie or phone at (+353) 86 0243294 Niamh Manning is a Marketing and Fundraising Officer with the Thrive Wellbeing Team at Chartered Accountants Ireland

Bryan Rankin, Head of Student Operations at Chartered Accountants Ireland, shares the education team’s top exam tips to help students navigate their studies, maximise resources and prepare effectively for success It seems only a short time since you started this current academic year, but our programmes have already passed the midway point. The finish line is in sight and mock exams are coming up next for CAP1 students.  At this time, students often ask the education team for guidance for the upcoming exams. Not only are the following suggestions relevant to all three programmes, they are also based on the experience of past students and on data collected about their results.  Since the move to exclusively online education delivery through our education platform, the Learning Hub, we have been able to track a whole range of engagement data, including the exam resources with which successful students engaged. We have also looked at data in an effort to understand what resources unsuccessful students did not take up.  We have listed what we think are your priority items to get you best prepared for Chartered exams.  Sample papers Let’s talk about sample papers.  The PDFs are full, exam-standard papers accompanied by the solution. At time of writing, several CAP1 sample papers are already on the Institute website (you’ll need to log in to the Student Centre).  Sample papers are Chartered Accountants Ireland’s version of ‘past papers’. They’re much more valuable than traditional past papers, which can quickly go out of date as exam formats evolve.  Our sample papers and the solutions are updated annually. They cover a broad range of topics and are kept in line with the competency statements weightings. For CAP1 students, your sample papers will be of particular importance as the new, autoscored format comes into effect for all CAP1 exams.  You should be familiar with the question formats at this stage, as every CAP1 session in the Learning Hub contains an ‘exam practice question’ pack, and your live webinars have also brought you through examples of the new question types. However, the sample paper brings it all together with an exam-standard script as compiled by the Institute’s Exam team.  We encourage you to attempt each sample paper in exam conditions. For example, attempt the paper in the location you plan to sit the assessment and limit yourself to doing it in the time allowed.  There is little value in glancing down the sample paper, looking at the topics covered followed by a quick perusal of the corresponding solution. The sample papers are key resources, so you should dedicate some time to them now.  We advise that you attempt one sample paper in preparation for the mock exams, and the others as part of your exam study regime.  Practice papers Each subject has a dedicated practice paper, which is an exam standard paper that is uploaded on the exam platform (Cirrus). The CAP1 students practice paper will be available on Cirrus from 6 March 2025. Practice papers for CAP2 and FAE students will be available soon. Students should check their email regularly for information. You should make each practice paper count. For the main exams, you will have access to one practice paper for all subjects and a maximum of four attempts at each practice paper. It’s a good idea to watch our e-assessment videos explaining how to navigate Cirrus, so you understand the platform long before you undergo any assessment.  Again, we recommend that you keep a number of practice attempts to use in advance of your main exams so you can test your knowledge and timings in an exam setting. No additional attempts will be given. Mocks Do not underestimate the importance of undertaking your mock examination (starting with CAP1 in April, and CAP2 in May 2025).  The mocks should be seen as an essential dry-run exercise for the main exams. As well as a great opportunity to test your knowledge on an exam-standard paper on Cirrus, it’s also another fresh sample paper.  Through the mocks, students are able to test their current knowledge, replicate their exam setting, gain vital first-hand experience and ensure their technology is working before the summer exams arrive. You can sit the CAP1 mocks during the CAP1 mock exams window from 5–13 April, and CAP2 mocks from 3 –11 May 2025. The mock exams may be sat via Cirrus at a time that suits you during that window.  Please note that the mock exams will not be invigilated.  In-person events The last exam prep resource to mention are our in-person student events. The Institute organises two series of in-person events: one at the start of the academic year, which includes an induction event, and the second event having an exams focus. These face-to-face events are about connecting you with other students and offering you proven exam advice. Topics will include study planning, exam preparation and resources, exam day technique, time management and much more. You should treat these events as an essential part of your studies. Your training firms and employers have also been advised about the events (see dates and locations below). Students who joined us last year found them to be extremely beneficial in preparation for the main exams. Places are limited so register via the home page of the Chartered Accountants Ireland website to confirm your attendance. We wish all our students the best of luck in their ongoing studies.   

Navigating student life in a professional body can be challenging, but Chartered Accountants Ireland Student Societies offer invaluable connections, personal growth and career-boosting opportunities to enhance your training experience, writes Meabh Cahill Navigating life as a student of a professional body offers great development opportunities, but it can also present challenges others may not fully understand.  The Chartered Accountants Ireland Student Societies (CASSI) provide a platform for students to connect with like-minded individuals who share similar experiences.  Getting involved in these societies, whether on a regional or national level, can significantly enhance your experience during your training contract, offering numerous personal and professional benefits. Making lasting connections Joining a regional student society offers the chance to meet new people and build meaningful relationships that will benefit your professional career.  CASSI brings together students from across Ireland, allowing you to bond over shared interests and experiences. The social events, wellness activities and regular gatherings foster a supportive network and instil a strong sense of belonging, which is crucial during study leave.  Participating in these activities offers a welcome escape from the pressures of exams and deadlines, serving as a healthy distraction to help relieve stress and improve mental well-being. Personal growth Being part of a student society pushes you out of your comfort zone and helps you develop essential skills like public speaking, time management and decision-making.  Taking on responsibilities such as organising an event, cultivating a social media presence, running for leadership positions or managing budgets can boost your self-confidence and prepare you for future academic and professional challenges. Career booster Involvement in a student society enhances your CV.  Employers highly value the teamwork, leadership and event planning skills developed through student society participation. These experiences demonstrate your ability to manage responsibilities, collaborate and take initiative, qualities that are highly sought after in the job market.  By collaborating with committees such as ACA Professionals and the Chartered Accountants Ireland Members’ Board, students develop extremely valuable connections and gain interpersonal skills in an era where engagement is increasingly limited due to online learning and hybrid working.  Joining a student society will serve you greatly in your career as those involved in student societies often go on to become leaders in the accountancy profession, in both practice and industry, as well as in district societies and the Members’ Board. Student community I would encourage all students to get involved in their regional societies as well as CASSI. Joining a student society offers a broad range of benefits, from improving your social life and confidence to boosting your CV and leadership skills. It’s a great way to manage stress and make a meaningful impact on the student community in Chartered Accountants Ireland. Meabh Cahill is Chair of CASSI and Tax Associate with Grant Thornton  

As US-EU trade tensions continue to escalate, now is the time for Irish businesses to prepare for any potential disruption by assessing their potential exposure and supply chain risks, writes John O’Loughlin On Wednesday, 26 February, during his first cabinet meeting, US President Donald Trump announced tariffs would be imposed on the European Union (EU), stating, “We have made a decision, and we’ll be announcing it very soon. It’ll be 25 percent.” Although no concrete implementation timeline has been disclosed, nor whether these rates will apply universally to all goods or only to certain industries, Trump indicated that levies would be applied “generally”, implying they would “be on cars and all other things”.  Digital services tax memo On 21 February, Trump signed a memorandum directing the US Trade Representative to renew investigations initiated during his first term and assess whether US companies are being adversely affected by countries levying Digital Service Taxes (DSTs). The findings of these reports may result in tariffs being imposed on these countries. Britain, France, Italy, Spain, Turkey, Austria and Canada have been specifically noted within the memo as having DSTs and being subject to this investigation. The administration will also review EU and British policies that may undermine free speech or foster censorship. The Trump administration will also examine EU and British policies that could undermine free speech or encourage censorship. Previous tariffs were suspended to facilitate negotiations for a global tax deal, which have since stalled. Irish and EU reactions Given the heightened risk of a trade war between the US and the EU that has now emerged, companies in Ireland have been increasingly vocal about the potential impact. Glanbia noted that the risk of tariff wars “could potentially impact the importation of key raw materials and/or negatively impact on the group’s international sales channels”. Paul Merriman, founder of AskPaul and CEO of Fairstone Ireland, highlighted that “those who trade in pharmaceuticals and chemicals will see the most notable change as Trump has stated he wants to push manufacturing back onto US soil”. Key actions for businesses US import tariffs on EU goods now seem to be an imminent reality. Key actions businesses in Ireland can and should take include: Assessing your customs data to understand your exposure; Determining the customs origin of goods shipped to the US to see if they are considered to be EU-originating; and Gaining oversight of your end-to-end supply chain, including having the right data, to assess the impact on material sourcing and exposure for tariffs on component parts. Preparing for the future Keeping up to date with the policies and tariff measures implemented by Trump is crucial to evaluating the potential impact of these tariffs and risks to your supply chain. While the exact details of the US President’s EU tariffs are yet to be clarified, understanding your product portfolio and the implications these measures may have on your imports is a vital first step.  John O'Loughlin is Partner for Global Trade & Customs at PwC Ireland You can read John’s earlier article on the global threat of US tariffs at www.accountancyireland.ie