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

In every issue of The Bottom Line, we ask students for their thoughts on a particular topic. This month, we want to know: what advice do you have for those who will take  Chartered Accountancy exams this year? Armina Golchin PwC Having recently completed my CAP1 exams, I'm excited to share some advice for those preparing for their own. Here are my three golden rules: Do a little bit a lot Balancing work, busy seasons and personal commitments can push studying to the back burner. Starting can be daunting, but small, consistent efforts will help you become familiar with the material and develop a study routine. Get by with a little help from your friends Your network of fellow students is invaluable. Whether they’ve already taken the exams or are preparing alongside you, asking questions can provide clarity and save time. I’d encourage attendance at Chartered Accountant Student Society events to meet other students while enjoying a break from studying! No hassle in the castle A catchy and effective motto I’ve adopted from another student. Overstressing prohibits meaningful progress. Trust in your ability to succeed—these exams are passable with early preparation and a diligent work ethic. Good luck! Eoin Hartnett KPMG Sitting the accountancy exams for the first time while also working can be a daunting experience. Trying to find the balance between work and study can be quite challenging.  When you were in college, you were a full-time student, and you were able to concentrate all your focus on your exams. Now the majority of your week is devoted to your job. The best advice I can give is to be efficient and organised. You will have study leave, but to get the most out of the study leave you want to try to be as prepared as you can going into it.  The best way to do that is to keep on  top of lectures and to keep tipping away.  A few hours of study a week is plenty during the working week. This allows you to still  work during the week and study while also having time to get a break from both. As the exams get closer, I place an emphasis on quality of study over quantity. Answering questions as opposed to just reading the notes can be a far more efficient method of finding out what you do and don’t know.  Every time you study, you want to maximise the learning benefit. Do practice papers under exam conditions, have your notes organised and know where you’re sitting the exam, i.e. control the controllable. You can’t control what questions come up in the exam, but you can control how prepared you are for it.  Sarah McAleese KPMG  At CAP1 level, I would focus on perfecting your technical knowledge and honing in on your time management skills.  As difficult as it can be to move on, on the day, be sure to stick to timings based on marks allotted per question and try not to overlook the "low hanging fruit" narrative questions as they can be an effective way of picking up marks. When it comes to the CAP2 and FAE Exams, avoid the false sense of security of open-book exams. While it is important to prepare high-quality notes that you can effectively leverage on exam day, practising exam questions under time pressure to simulate real exam conditions is equally crucial. Remember to look after your health and well-being during what can be a stressful period.  Take regular breaks, maintain a healthy lifestyle and ensure you get enough rest.  Link in with and leverage your community of peers and CASSI for support where possible, as they can act as an invaluable resource.

Brian O’Connor, Team Lead of Recently Qualified Accounting Careers at Barden, explains some of the key areas to consider as you near the end of your training contract and prepare yourself for the job market in 2025 Get curious! The first thing we recommend is to get curious about what options are available to you upon qualifying. It’s hard to know what the market is like at the moment, the difference between all the roles, the market rate for salaries, etc. It is important to start speaking to peers, ex-colleagues, recruiters and people who have been through it before.  For a lot of people, this will be their first time going through a serious job search, so it is good to equip yourself with as much information as possible before diving headfirst into it.  Have a look at different job boards (primarily LinkedIn), and you will start to get a feel for what is out there.  There’s no need to apply until you’re ready, but by reading different posts, you will familiarise yourself with the different types of roles that are available at this level.  CV As you’re likely already aware, the CV is the document that can take you from aspiring applicants to sitting in front of the hiring manager. But a weak CV can really act as a blocker to opportunities, so it is of the utmost importance to get it right. Your CV should be unique, detailed and specific to you. Avoid anything too generic. If you have trained in practice, we recommend breaking your experience up by engagement.  Pick three to five of your most prominent clients/projects and have four or five bullet points specific to that engagement. This gives your experience a good structure and will also make it unique to you.  If you have trained in industry, consider breaking your experience up by the various rotations or areas to which you have been exposed. LinkedIn There’s no getting away from it. If you haven’t already, it’s time to update, build and promote your presence on 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 recruiters, agency recruiters and hiring managers alike.  Make sure to have all academic and career information up to date to reflect your current qualifications and stage in practice. If you don’t point out that you’ve passed your FAEs, a hiring manager 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 as much as possible. Once you are happy your profile is up to date, don’t be afraid to use it! Connect with colleagues and clients, and join groups such as professional accounting organisations, your university alumni, etc.  Finally, don’t forget to include a (professional) picture!  No selfies or pictures from nights out with your friends. (Yes, we’ve seen it all.) Your network Your network is very important and shouldn’t be underestimated. A lot of people secure roles through ex-colleagues, clients and word of mouth rather than agencies or LinkedIn. So, it is important to utilise and maintain these connections over time.  Even though some 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 that you have built up a 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 in the future.

Exam preparation can be an overwhelming time. Edel Walsh answers the five most commonly asked questions about your study habits and success Whether you are sitting professional accountancy exams for the first time or returning for your next set of exams, the months ahead can feel like a daunting prospect.   1. How many hours of study should I be doing in a week? This is, without doubt, the question I get asked most often by students.  The answer is that there is no “right” number of hours you should be studying in a week. We are all different and we all study differently.  The hours you put in depend on how close your exams are, whether you are studying smart or studying hard, and what other personal commitments you have. It is not about the quantity of hours you study, it is about the quality of the studying you do.  Your study plan or study goal for a particular day might be, “Today, I want to study financial reporting for two hours”. This is an outcome goal.  A more effective way of thinking about your study is to set yourself learning goals.  An example of a learning goal is: “Today, I want to learn the double-entry book-keeping treatment of bad debts”.  After your study session, check to see if you have achieved your goal. You will be able to hold yourself to account and ascertain whether you understand the double-entry book-keeping treatment for bad debts.  Learning goals help you stay focused and on track.  2. How can I study “smart”? Smart study is incorporating self-testing or retrieval practice into all your study sessions.  Instead of passively re-reading notes, actively test yourself on what you’ve learned. This will give you feedback on what you know and don’t know. This could involve answering questions from your questions banks, completing a sample paper or questions under exam conditions and summarising key points without looking at your notes. Make retrieval practice a regular part of your study routine.  Start each session by recalling what you learned in the last study session, then review it to fill in gaps. Embrace mistakes as learning opportunities. Every mistake gives you information on what you know and what you don’t know. It’s what you do with the mistakes that counts.  3. How can I get motivated to study? Motivation follows action. No matter how much you want to pass your exams, there will be times when you would rather clean the kitchen than study. And that’s okay – feeling demotivated is perfectly normal.  When you are feeling demotivated: Start with a quick win. This might be doing a question from your question bank on the material you learned in the last study session. Break your task down into small manageable chunks. When we think of all the material we need to cover for our exams, it can feel overwhelming. Breaking it all down into bitesize chunks can make study feel more manageable.  Disrupt your pattern. To break an unmotivated period, you need to change your state of mind. Instead of forcing yourself to start studying immediately, just summon the energy to do something different first. Get fresh air, do a stretch and have a large glass of water. 4. How do I handle unexpected work demands? Some students will be in the busy season at work from January to March.  Balancing study with work and personal commitments can be overwhelming, especially during busy periods. Considering the following will help: Know your busy times at work. Talk to your colleagues to get an understanding of the demands of your various work assignments.  Make sure your study plan is flexible and realistic, knowing there will be busy times at work. Communicate with your manager, especially if you are working long hours and need to attend lectures. They may not realise that you must attend lectures on a particular night.  Understand that disruptions are normal. Don’t be too hard on yourself. Flexibility and resilience are the keys to balancing work and study schedules Remember, progress, not perfection. Accept that some days will be more productive than others and adjust accordingly. 5. What can I do if I feel overwhelmed? Prioritise your well-being. Your mental and physical well-being is the foundation of your exam success. Aim for seven to eight hours of quality sleep per night. Sleep consolidates memory and helps with your focus, concentration and general well-being. Fuel your brain with a balanced diet and stay hydrated throughout the day. Incorporate regular physical activity, even if it’s a short walk or a quick workout. Exercise reduces stress and boosts cognitive function. Schedule downtime to recharge. Activities like meditation, yoga or simply enjoying a hobby can help you decompress and stay focused. 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 well-being. For more information, check out www.edelwalsh.ie

Christine Nangle and Bríd Murphy explore how pre-audit training factors influence professional scepticism, uncovering insights into recruitment, education and decision-making that could enhance audit quality and address persistent challenges in the auditing profession The importance of professional scepticism (PS) gained prominence at the close of the last century. The failure of major companies and financial scandals highlighted the need for auditors to adopt a more questioning and sceptical approach to their work.  Despite numerous academic studies and a heightened focus on this issue in the profession, failure to exhibit PS is still the most cited reason for sanctions imposed on audit firms.  This constant challenge underscores the critical need to foster a culture of scepticism among auditors to enhance audit quality and mitigate the risk of failures. The Brydon Report (2019) assigns blame to the practice of ‘rules-following’ which has blunted scepticism as well as the application of judgement, and calls for improved auditor education to foster the development of PS.   PS includes both an innate ability (trait scepticism) and a temporary mindset influenced by situational factors (state scepticism). Many studies have looked into how PS develops, but there are conflicting findings about what increases PS levels.  With the International Auditing and Assurance Standards Board driving strategic focus on PS through its Professional Scepticism Consultation Group and standards development, the profession must better understand the factors contributing to PS development to ensure accountants and auditors are appropriately skilled to meet evolving requirements and expectations. This study looks at how factors in pre-audit training contracts influence PS. By investigating these pre-audit factors, the study aims to provide information that can improve recruitment practices and audit quality. Understanding what fosters PS in graduates could lead to enhanced training and development initiatives, ensuring new auditors develop the critical thinking and questioning mindset essential for effective auditing in today's complex financial landscape. This study was made possible by the cooperation of accounting firms and their newly hired trainees. It forms part of a broader PhD study in Dublin City University (DCU) which aims to re-measure the levels of PS in the same participants as they approach the completion of their training contracts. A range of firms, from large to medium-sized professional practices, helped collect 332 surveys from participants. Most participants began their training contracts one to three months before completing the survey, allowing the research findings to be connected to factors before their professional training. Influences The survey revealed no significant difference in PS levels between male and female participants. However, it found that participants aged 26+ demonstrated greater PS levels.  Of the 332 participants, 26 percent had undertaken postgraduate studies, and results indicate postgraduate education is positively linked to increased PS levels. And while 73 percent of participants in this study had engaged in ethics education prior to their training contract, this study found no relationship between ethics education and PS levels.  Professional scepticism vs judgement  PS influences decision-making processes and judgements. Higher levels of PS should improve critical evaluation, enhance objectivity and mitigate cognitive biases that may cloud judgment, improving risk assessment and overall audit quality.  This study used scenarios to assess how PS levels affect initial judgements about fraud and errors based on different client experiences –  neutral, positive and negative. Participants were presented with three scenarios, containing details of the same material misstatement. The first scenario involved a neutral client experience, the second indicated a positive experience, and the third showed a negative experience. Participants answered questions after each scenario, about their perceptions of fraud, risk and client trustworthiness. Participants with higher levels of PS made more prudent judgments in all three scenarios. However, this effect was stronger in the positive and neutral scenarios, suggesting individuals with higher levels of scepticism are less likely to change their judgments based on different client experiences.  The study also highlighted concepts from ancient philosophy, specifically Pyrrhonian scepticism, which encourages refraining from making judgments and suspending belief, which can result in indecision or inaction.  Philosopher Sextus Empiricus warned that being too sceptical could trap people in doubt and hinder decision-making. To allow for analysis of this phenomenon, the survey allowed participants to skip questions instead of forcing them to answer.  Interestingly, the findings show those who skipped four or more judgments had significantly higher PS scores than those who skipped fewer. This suggests an optimal level of scepticism where too little leads to poor judgment, while too much can impede one's decision-making capacity. These initial findings provide some insights regarding potential recruitment screening criteria. It is hoped that the broader study will offer further insights regarding the development of PS during trainee contracts. A greater understanding of PS development at this important stage in the career of an auditor will help to ensure audit trainees’ development aligns with regulatory priorities to improve public trust and mitigate sanctions in the audit profession. Christine Nangle is Head of Discipline of Accounting at TU Dublin Bríd Murphy is Associate Professor at DCU

As assessments fade into the rearview mirror, it’s tempting to relax, but sustained, structured study now can set Chartered Accountancy students up for long-term success. Bryan Rankin explains how to stay motivated The life of a Chartered Accountants Ireland student can be difficult, particularly in the run-up to exams.   At a time when friends and family have been making merry over the festive season, many of you were studying hard in preparation for interim and on-demand assessments in early January in all three academic programmes.  With these assessments now completed, the idea of continued study may feel unappealing.  We hear all the arguments, but in our experience, this is definitely a time for all students to keep up their studies, albeit at a more sustainable pace.  While there may not be exams in the next few weeks, there is a busy schedule of webinars to attend leading up to the mock examinations. For dates of all webinars and exams, please refer to course timetables on the Institute website.  While there’s certainly a place for some pre-exam ‘cramming’, this works only as a revision tool where you’re returning to lessons already practised and understood. There simply won’t be time to undertake the coursework involved in multiple subjects and work through increasingly complex problems. Rather, what we want to aim for is a study plan that we can maintain and commit to.  So, how should we structure a longer-term study plan that still keeps us productive? A study plan We’ve said it before in this series of articles, but starting out with a study plan is definitely the number one piece of advice for a productive study programme.  If you haven’t made a study plan yet this year, make it your New Year’s resolution.  A schedule provides motivation and structure, as you’re not wasting time at each study session deciding what’s on the agenda this time.   It’s a good idea to base your study sessions on the live webinars coming up in the following weeks. By watching the teaching videos and then attempting several questions at each session in the Learning Hub, you’ll find each webinar more rewarding and engaging while understanding new learning principles at a gradual pace.  Win back time We all have busy lives with many commitments, so start your plan by assessing where you can win back more time during the week for study slots aside from nine-to-five working hours.  There may be times during the week when you can be more productive. For example, getting up an hour early on Saturday morning is not incredibly difficult and can be very productive.  Equally, the next few months might be a time to set aside some (but not all!) social commitments – just until you pass your exams!  Your plan should show a series of short, intensive 45-minute study sessions with plenty of breaks for exercise and fresh air. Typically, we would envisage students studying two or more evenings during the working week (in addition to attending webinars), as well as two half-days of study at the weekend.   Become goal-oriented For a successful longer-term study programme, keeping highly motivated will be an important consideration.  Whether it’s CAP1 exams in May or FAE in August, these deadlines can feel distant, and you may lose that sense of urgency. Take time to consider what is the driving force pushing you ahead through these tough times, be it the pride your family will take in your achievement, the expectations of your training firm or attaining your qualification and taking your career to another level.  Studies show that by building in plenty of short-term goals and rewards, we keep ourselves motivated from week to week. Whether that’s a coffee date with friends or a trip to the cinema, it’s a well-deserved, guilt-free couple of hours that will keep spirits high, so make time for social contact. Group work Consider combining your own solo studies with some group work. This could be online or in person but learning within a social context will overcome any sense that you’re in this alone.  In fact, there are over a thousand students in each academic programme, all in the same situation as you and working toward the same goal. We suggest splitting out a session in the Learning Hub on a given subject, where one person/group studies one part and presents it back to the others with advice and observations.  Put your phone down Finally, it may seem obvious, but the top inhibitors to successful study are your phone and social media.  It’s all too easy to accidentally scroll for hours without realising how much time has passed.  It’s a good idea to place your phone out of reach while studying or in another room. Make your phone part of your short break away from the desk, then put it down again.  Maintain your focus It would be understandable to feel that, as we finally emerge from a busy winter, it’s time for our studies to be on the back burner for a time. On the contrary, we’re here to encourage you to maintain that focus and momentum through the spring months. We guarantee that you’ll reap the rewards come exam time.  Bryan Rankin is Head of Student Operations at Chartered Accountants Ireland

As a trainee Chartered Accountant, success isn’t just about passing exams and gaining work experience—it’s about building connections, honing soft skills and finding balance. Becky Maye, CASSI PRO, explains how your regional student society can help you grow personally and professionally through events, networking and community support As trainee accountants, our main focus is on studying hard, passing our exams and gaining practical experience.  While these are undoubtedly important aspects of your professional development, you must also develop your soft skills, such as communication, teamwork, leadership and networking, which are essential for your career progression and personal growth.  One of the best ways to do this is to join your local student society and attend its events. Your regional student society is a platform to connect with your peers, share your challenges and successes, learn from each other and have fun. It is also a way to access valuable resources like mentoring, guidance, support and opportunities.  By joining your local student society, you become part of a community that can help you achieve your goals and enhance your well-being. Each regional society, as well as CASSI, organises events throughout the year designed to cater to your interests, needs and preferences. These events range from social to educational, casual to formal, and local to national. They offer you the chance to meet new people, make friends, network with professionals, learn new skills, explore new places and enjoy yourself. Some of the past events your student society has organised include: Webinars: Throughout the year, CASSI, along with Barden, have presented a variety of webinars to help students with all aspects of their careers. These webinars allow great insights on how to navigate coming out of contract, working abroad or career advice from the Barden experts.  Pub quizzes: These are a great way to test your general knowledge, laugh and bond with other students. They are also a good opportunity to relax after a long day of work or study and unwind with a drink and a snack. Brunches: These are a delicious way to start your day, especially on weekends. They are also a good opportunity to catch up with fellow students, share your plans and goals, and get tips and advice. Day trips and hikes: These are a fun way to discover new attractions, cultures and experiences. They are also a good opportunity to broaden your horizons, get active, clear your mind and create memories. Coffee mornings and catch-ups during study leave: These are a convenient way to take a break from your revision, recharge your energy and chat with your friends. They are also a good opportunity to motivate each other, exchange tips and tricks and solve any doubts or queries. The CASSI weekend away: This is the highlight of the year where you get to spend a whole weekend with all the regional student societies who come together in a different location. Over the weekend, students enjoy various daytime activities and, of course, the black-tie ball. This is a great opportunity to celebrate your achievements, reward yourself for your hard work and have a blast. It is also worth noting that during these events, we raised huge amounts of money for Jigsaw, our charity partner for the year! It was amazing to give back while also enjoying our time together. Joining your regional student society and attending its events can bring you many personal and professional benefits.  You can gain knowledge, skills, confidence, connections, support and happiness while having a lot of fun, which is important for your mental health and well-being.  So, what are you waiting for? Join your student society today, and don't miss out on the next event.  Keep an eye out for details of these events on our various social media accounts! 

From the Institute's Professional Accounting team .... In December 2024 the UK Government laid legislation, the Companies (Accounts and Reports) (Amendment and Transitional Provision) Regulations 2024 before Parliament to increase the monetary size thresholds for micro, small and medium-sized entities. It also removes certain requirements from the Directors’ Report.  The new monetary size threshold changes are effective from 6 April 2025. Please also click to read the explanatory memorandum to the legislation for further insight into the changes.                                This information is provided as resources and information only and nothing in these pages purports to provide professional advice or definitive legal interpretation(s) or opinion(s) on the applicable legislation or legal or other matters referred to in the pages. If the reader is in doubt on any matter in this complex area further legal or other advice must be obtained. While every reasonable care has been taken by the Institute in the preparation of these pages, we do not guarantee the accuracy or veracity of any resource, guidance, information or opinion, or the appropriateness, suitability or applicability of any practice or procedure contained therein. The Institute is not responsible for any errors or omissions or for the results obtained from the use of the resources or information contained in these pages.

For 2024, the Irish Exchequer recorded a surplus of €12.8 billion, up €11.6 billion from 2023, largely reflecting the transfer of once-off receipts from the Apple case. Total tax receipts of €108 billion were collected in 2024, with the main sources of income broken down as follows: Income tax receipts of €35.1 billion were collected. This figure is €2.2 billion, or 6.6 percent ahead of 2023, reflecting earnings growth and strong employment. Corporation tax receipts of €39.1 billion were collected. This figure is €15.2 billion, or 63.9 percent ahead of the previous year, with the bulk of the increase arising from the Apple case. VAT receipts of €21.8 billion were collected. This figure is €1.5 billion, or 7.3 percent ahead of 2023, reflecting solid consumer spending. Commenting on the figures, Minister for Finance Jack Chambers TD said: “The end-year figures are affected by one-off receipts arising from the Court of Justice of the European Union and so it is important to dig below the surface. When we do this, we see solid growth in income tax and VAT receipts last year; these trends demonstrate the underlying strength of our economy. Looking ahead, there are clearly identifiable risks on the horizon. Navigating through these will require a greater focus on competitiveness and on getting the basics right – especially in areas like energy, water, transport and housing. This is why Government is committed to using the proceeds of the CJEU ruling to expand infrastructure in these critical areas.”

Last week, Revenue published preliminary headline results for 2024, showing record-breaking collections for tax and duties of over €107 billion, with a further €30 billion collected on behalf of other government departments and EU Member States. Income tax, corporation tax and VAT were the largest contributors to the tax take in 2024 at €35.1 billion, €39.1 billion and €21.8 billion respectively, all higher than in 2023. Combatting non-compliance remains a key priority for Revenue, in addition to confronting various tax-avoidance schemes. Some of the highlights of this work during 2024 were as follows: Revenue completed almost 311,000 audit and compliance interventions yielding €591 million. Revenue settled 256 tax avoidance cases yielding €46 million. Revenue secured 20 criminal convictions for serious tax evasion and fraud and published 74 tax settlements in the list of tax defaulters. Revenue also reports that the introduction of real-time payroll reporting has led to a year-on-year increase in the number of PAYE taxpayers managing their own tax affairs. During 2024 Revenue processed nearly 1.4 million income tax returns for PAYE for the 2023 year of assessment. Revenue reports that during the first week of 2025, over 175,000 PAYE taxpayers have already filed a return in respect of the 2024 year of assessment.   Looking ahead to property tax pay and file obligations, Revenue reports that the Residential Zoned Land Tax (RZLT) will come into force in 2025 and will apply to land which is zoned and serviced for residential use. By 31 January 2025, local authorities will publish the revised map for 2025, showing land that is within the scope of RZLT and Revenue’s RZLT registration portal will open at that time. RZLT returns and liabilities will be due in May 2025. Separately, Revenue also published a statistical infographic on the Debt Warehouse Scheme, which is available here and which shows that 94 percent of tax debt is either settled or secured by Phased Payment Arrangements.

Minister for Finance Jack Chambers TD issued a press release on 1 January 2025 reminding taxpayers of several budgetary measures which took effect from that date. These changes relate to the income tax package, the rent tax credit, the benefit-in-kind exemption for installation of BEV (Battery Electric Vehicle) home chargers and the VRT rate change for commercial BEVs. More details of these changes are included in the Press Release.

Revenue has created a new Tax and Duty Manual regarding opinions provided by the High Wealth and Finance Services Division. A new procedure applies whereby all such applications must be submitted on a fully completed Form RTS 1A. The treatment for Financial Services branches remains the same as before. Further information is available in eBrief No.330/24.