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

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

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

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

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

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

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

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

As we embark on a new training year, success in accountancy is more than just reaching milestones — it's about celebrating small wins, embracing continuous learning and building strong networks, writes Jessica Bourke, CASSI Events Officer Success can mean many different things, especially in our industry.  As we move into a new training year, I hope to broaden my network, connect with new people and take time to deeply reflect on my journey. It's easy to get caught up in the big success stories, but what often goes unseen are the daily commitments, the countless trial-and-error moments and the long hours of hard work that we all put in when we are Chartered Accountants Ireland students. Everyone's path is unique, and each of us faces our own set of challenges. This year, I want to fully embrace this perspective and truly believe this dedication and perseverance will pay off. We should aim to take things one day at a time, one step at a time, as we work toward our goals. And when we achieve those goals, we know there will always be new ambitions to pursue, just as big and meaningful. Reflecting on my journey so far, I realise how important it is to celebrate the small wins along the way. It's easy to overlook the progress made when we are constantly looking ahead to the next big milestone. However, I understand that every small step forward, every skill mastered and every challenge overcome, is a part of the bigger picture.  This year, I want to make a conscious effort to recognise these moments and appreciate the growth they represent. It is through these small achievements that I build the resilience and confidence needed to tackle the bigger challenges ahead. Networking will also be a key focus going forward. Building strong professional relationships is essential in our field, as it opens doors to new opportunities and provides valuable support and guidance. We must actively engage with peers, mentors and industry professionals to exchange knowledge, share experiences and learn from one another.  By expanding my network, I hope to gain fresh perspectives and insights that will help me navigate my career path more effectively. Additionally, these connections can offer encouragement during challenging times and celebrate successes together, fostering a sense of community and belonging. Another important aspect of a strategy for success is dedicating time to self-reflection.  Understanding our strengths, weaknesses and areas for improvement is crucial for personal and professional growth. By regularly assessing progress and setting clear, achievable goals, we can ensure that we are continuously moving forward.  This process of reflection also helps us stay aligned with our values and aspirations, ensuring that we are on the right path and making decisions that are true to ourselves. In addition to reflection and networking, another key to success is the commitment to continuous learning. The accountancy profession is constantly evolving, with new regulations, technologies and best practices emerging all the time.  To stay ahead of the curve, we must invest time in professional development, whether through courses, certifications or workshops. Keeping our skills up-to-date will not only enhance our performance but also increase our value to our organisation and clients.  As we move forward into this new training year, I am reminded that success is not a destination but a journey. It is about the continuous pursuit of growth, learning and improvement. I am prepared to face the challenges that come my way with determination and resilience, knowing that each experience contributes to my development.  By taking things one day at a time and one step at a time, I am confident that I will achieve my goals and be ready to set new ones, always striving for excellence. Ultimately, I believe that success is about finding fulfilment in what I do and making a positive impact through my work. As I continue to grow in my career, I want to remain open to new possibilities, stay curious and embrace every opportunity to learn and grow. 

Welcome to the latest edition of Technical Roundup which is published on the first and third Friday of every month. This is the first edition of Technical Roundup since its Summer Break and we have included some updates below which occurred over the Summer. In developments since the last edition Chartered Accountants Ireland were delighted to welcome members who joined on 1 September to the Institute thereby creating the largest professional body on the island of Ireland.  IAASA recently published a consultation paper to obtain stakeholders’ views on its proposal to revise the Ethical Standard for Auditors (Ireland) and the Financial Reporting Council has issued a consultation on revisions to its Guidance on the Going Concern Basis of Accounting and Related Reporting including Solvency and Liquidity Risks. Read more on these and other developments that may be of interest to members below. Financial Reporting The International Accounting Standards Board (IASB) has published several updates over the summer months covering their recent activities, including June 2024 update and podcast July 2024 update and podcast August 2024 update The IASB has published its review of the impairment requirements relating to financial instruments, which indicate that the requirements in IFRS 9 are working as intended and provide useful information to users of financial instruments. The IASB is proposing amendments to its newest standard, IFRS 19 Subsidiaries without Public Accountability Disclosures, which proposes to reduce disclosure requirements for entities applying the standard. The comment period remains open until 27 November 2024. The IASB is proposing narrow-scope amendments to IAS 21 The Effect of Changes in Foreign Exchange Rates. The comment period remains open until 22 November 2024. The IASB is also proposing to add eight illustrative examples to illustrate how companies can apply IFRS Accounting Standards when reporting the effects of climate-related and other uncertainties in their financial statements. The comment period for these proposals remains open until 28 November 2024. The Financial Reporting Council (FRC) has issued a consultation on revisions to its Guidance on the Going Concern Basis of Accounting and Related Reporting, including Solvency and Liquidity Risks The European Financial Reporting Advisory Group (EFRAG) has issued its Annual Review 2023 which includes key developments for 2023 and Q1 of 2024. The FRC has published amendments to the FRS 101 Reduced Disclosure Framework standard. There are minor amendments to the standard including a disclosure exemption from presenting certain comparative information, and a conditional exemption for qualifying entities in respect of certain disclosures about supplier finance arrangements required by IAS 7 Statement of Cash Flows. The FRC has published thematic reviews covering offsetting in financial statements and IFRS 17 first year disclosures. IASB Exposure Drafts On 15th July, the IASB closed the comment period for their exposure draft ED/2024/1 Business Combinations—Disclosures, Goodwill and Impairment (Proposed amendments to IFRS 3, IAS 36). While broadly agreeing with the proposals, the Institute made some recommendations for the IASB to consider when finalising their response. EFRAG and the UK Endorsement Board (UKEB) also responded to the consultation with some recommendations. On 7th August, the IASB closed their comment period for their exposure draft ED/2024/3 Contracts for Renewable Electricity- Proposed amendments to IFRS 9 and IFRS 7. The Institute’s Financial Reporting Technical Committee issued a response to this and noted its overall support for the project, with some areas for improvement and clarification noted. EFRAG and the UKEB also responded to the consultation with some recommendations. IFRS 18 educational material IFRS 18 Presentation and Disclosure in Financial Statements will become effective on 1 January 2027. Some recently published educational material in relation to this new standard includes; IAASA’s policy paper, which sets out some matters for preparers to consider when applying the standard EFRAG’s summary reports on their educational sessions held over the Summer The UKEB have held some outreach activities and have also conducted some surveys on the standard Join us for some Free CPD & learn about the upcoming changes to FRS 102 on 11 September In March, the FRC issued amendments to FRS 102 and FRS 105 as part of its second periodic review of the standards. These changes will become effective in 2025 and 2026. In order to raise awareness of the requirements set out in the amended accounting standards, the FRC will be in Dublin on the 11th September for a free, in-person event. Please join us at the event to learn more about the upcoming changes, including significant changes to lease accounting and revenue recognition. Auditing and Assurance IAASA has published a consultation paper on its proposal to revise the Ethical Standard for Auditors (Ireland) and the comment period remains open until 25 October. The proposed effective date for the new standard is for audits of financial statements for periods beginning on or after 15 December 2025. IAASA has issued the July edition of its Standards Newsletter which includes updates on assurance of corporate sustainability reporting in Ireland and international developments. The FRC has published its sixth Annual Enforcement Review (Review) which provides a summary of FRC enforcement activity for the year ending 31 March 2024. The FRC has published its Annual Review of Audit Quality which covers the inspection and supervision results of the Tier 1 audit firms (BDO, Deloitte, EY, Forvis Mazars, KPMG, and PwC), which the FRC defines as the firms with the largest share of the UK PIE market. International Standard on Auditing for Audits of Financial Statements of Less Complex Entities (ISA for LCE). IAASB has published new supplemental guidance on auditor reporting and new supplemental guidance which has been added to the existing resources issued.  The IAASB guidance includes videos, webinars, and other guidance. Sustainability On 5 July 2024 Minister for Enterprise, Trade and Employment, Peter Burke TD signed into law the Statutory Instrument giving effect to the provisions of the Corporate Sustainability Reporting Directive (CSRD). This legislation was signed just before the passing of the 18-month period whereby EU Member States had to have the CSRD enacted locally. While Ireland made this deadline, not all European countries did. You can keep track of the status of the CSRD transposition across Europe using Ropes & Gray’s CSRD Transposition Tracker. On 7 August IAASA issued a letter to Audit Committee Chairs highlighting their responsibility for the process of preparing sustainability reports as well as for monitoring the assurance process. It also highlights IAASA’s expectation that compliance with these requirements may significantly impact the annual reporting timelines. On 30 August, EFRAG published its XBRL Taxonomy for ESRS Set 1, which enables the digital tagging of ESRS statements. In addition, EFRAG has published the XBRL Taxonomy for Article 8 disclosures. The digital taxonomies enable the marking up ('tagging') of sustainability reporting in machine-readable XBRL format. Over the Summer, the Global Reporting Initiative (GRI) issued some interesting publications, including; GRI best prepares companies for CSRD reporting rules which answers some questions on what the new European Sustainability Reporting Standards mean for the use of GRI standards. GRI and TNFD make reporting on biodiversity easier which introduces a joint interoperability mapping resource and gives a detailed overview of the alignment between the TNFD disclosure requirements and the GRI standards EFRAG’s ESRS Q&A platform continues to provide a useful source of information regarding the ESRS standards. The platform is regularly updated with new questions and explanations. On 5 July 2024 the European Securities and Markets Authority (ESMA) published: a Final Report on the “Guidelines on Enforcement of Sustainability Information” (GLESI), and a Public Statement on the first application of the European Sustainability Reporting Standards (ESRS). Over the Summer, the EFRAG have released a connectivity project initial paper entitled “Connectivity considerations and boundaries of different Annual Report sections” The Ecodesign for Sustainable Products Regulation establishing a framework for the setting of ecodesign requirements for sustainable products was published on 28 June 2024 and entered into force on 18 July 2024.  It expands the scope of and replaces the current Ecodesign Directive (which applies to the energy efficiency of energy using products). Please click the Dept. of Enterprise Trade and Employment link to find out more about the main features of the legislation which include putting a stop to the destruction of unsold consumer goods and promoting and procuring more sustainable products. Sanctions and anti-money laundering The Internet Organised Crime Threat Assessment (IOCTA) issued its annual assessment in July 2024.  The report highlights relevant trends in crime areas such as cyber-attacks, child sexual exploitation and online and payment fraud schemes. Charities news The Charities (Amendment) Act 2024 was enacted in July 2024 and commencement of the legislation is awaited. Anyone who deals with a charity will benefit from reading Mason Hayes & Curran LLP article which deals with a selection of the new features of the 2024 Act. See in particular a useful paragraph on financial reporting requirements. The link to the Mason Hayes & Curran LLP article is here. Also on the charities front, the Irish Charities Regulator has published a newsletter in recent weeks. Charities Regulator News Issue 29 (newsweaver.com). It contains a link to their Annual Report 2023, a very useful article and checklist for a charity which may be selling a property some information on the new Charities (Amendment) Act 2024 and an article on Charity reserves and why they matter. Dept. of Enterprise Trade and Employment news Increase in Company law thresholds come into force The European Union (Adjustments of Size Criteria for Certain Companies and Groups) Regulations 2024 (S.I. No. 301 of 2024) were signed into law on the 19 June and came into operation on the 1 July 2024. The Regulations transpose delegated Directive 2023/2775/EU . The purpose of the Regulations and the Directive is to adjust company size thresholds in line with 25 per cent inflation, thereby reducing the regulatory and administrative burden on some companies, which would otherwise become subject to audit and additional financial reporting requirements. In October 2023 the Institute, as part of the Consultative Committee of Accountancy Bodies -Ireland responded to the European Commission request for feedback on adjusting SME size criteria for inflation . Please see an Institute news item of June 24, 2024 on Increased size limits for Irish companies signed into law and click for the Dept. of Enterprise Trade and Employment (DETE) announcement referred to in the news item. Please click for a link to the page in the Institute’s technical hub dedicated to details of company law thresholds. Employment (Collective Redundancies and Miscellaneous Provisions) and Companies (Amendment) Act 2024 Readers may recall a news item in our last edition of round up that this legislation had been passed and readers were given a link to an Institute guide on the company law changes. The Act was commenced in its entirety on 1 July 2024. Draft company/business law legislation has been brought forward by DETE recently Companies (Corporate Governance, Enforcement and Regulatory Provisions) Bill 2024 The General Scheme of the Companies (Corporate Governance, Enforcement and Regulatory Provisions) Bill 2024 was published by DETE in March 2024. Readers can click here for our news item on provisions which might be of interest to members. By way of update readers should note that in July 2024 DETE published the Companies (Corporate Governance, Enforcement and Regulatory Provisions) Bill 2024 (“the Bill”). The Bill includes substantially all the provisions of the General Scheme though it is worth noting that some of the provisions contained in the General Scheme in relation to the Corporate Enforcement Authority (CEA) are not included in the Bill. Click here to see the update on the proposed changes to Irish company law which we published in August 2024. Registration of Limited Partnerships and Business Names Bill (General Scheme) The heads of the General Scheme of the Registration of Limited Partnerships and Business Names Bill 2024 was published in July 2024. The General Scheme is accompanied by a Regulatory Impact Analysis.  The General Scheme proposes to repeal and replace the Limited Partnerships Act 1907 and the Registration of Business Names Act 1963. Subsequently, in August 2024 government approval was secured to commence drafting of the Miscellaneous Provisions (Registration of Limited Partnerships and Business Names) Bill. The proposed Bill would repeal and replace the Limited Partnerships Act 1907 and the Registration of Business Names Act 1963. Both Acts require updating to provide for modern business practices for those engaged in business using a business name or the limited partnership model.  Please click here for an article by law firm Pinsent Masons LLP, an article by law firm Addleshaw Goddard LLP and an article by KPMG Law LLP on the proposals. National Enterprise Hub On 10 July the Minister for Enterprise, Trade and Employment, Peter Burke TD, launched the National Enterprise Hub which brings together information and resources on over 180 government supports.  It is a free service which will make it easier for entrepreneurs to access and avail of grants funding and expert advice across a range of sectors. The hub brings together information and resources on over 180 government supports from 19 different departments and state agencies which can be accessed through the new online hub (www.neh.gov.ie). Please click here for an article by Ogier LLP on the launch of the hub. Pensions Authority The Pensions Authority published 3 publications during the summer which might be of interest. The first is Investment strategy (liquidity risk) guidance for trustees. The next is a link to the launch of the IAPF’s (which represents pension savers)  Cost Transparency Standard (CTS).The third is an information note on the Digital Operational Resilience Act (DORA). Digital resilience - DORA and NIS-2 In August 2024 the Department of the Environment, Climate and Communications published the General Scheme of the National Cyber Security Bill 2024. The Bill, when passed, will implement EU Directive 2022/2555, Network and Information Security Directive known as NIS 2. The directive must be brought into effect by member states by 18 October 2024. When implemented, in-scope entities will have imposed on them a significantly increased cybersecurity preparedness and incident reporting regime. Click to read some further information from the Dept. on the general scheme including the categories of “essential “and “important “entities (which includes for example sectors such as transport, pharmaceutical and healthcare ) and cybersecurity risk management. The three European Supervisory Authorities (EBA, EIOPA and ESMA – the ESAs) will establish the EU systemic cyber incident coordination framework in the context of the Digital Operational Resilience Act (DORA), that will facilitate an effective financial sector response to a cyber incident that poses a risk to financial stability by strengthening the coordination among financial authorities and other relevant bodies in the European Union. Other On 1 September Chartered Accountants Ireland and CPA Ireland commenced operations as one Institute under Chartered Accountants Ireland. CPA Ireland members, students, staff and services have been incorporated into those of Chartered Accountants Ireland creating the largest professional body on the island of Ireland. On 11 July The Central Bank of Ireland published the independent review of its Fitness and Probity (F&P) regime.  The review was undertaken by Mr Andrea Enria the former Chair of ECB Supervisory Board. The Corporate Enforcement Authority has this week published its September newsletter which provides an overview of the CEA’s activities in recent months. This includes information about the CEA annual report, enforcement activities, company law developments and a reminder about its upcoming annual conference on 17 October 2024. You can sign up here  to receive the CEA newsletter directly to your mailbox.          Readers, in particular employers, may find useful A &L Goodbody thoughts and insights after 18 months of the new whistleblowing regime | A&L Goodbody LLP (algoodbody.com) which was published during the summer. It is written 18 months after Ireland transposed the EU Whistleblowing Directive through the Protected Disclosures (Amendment) Act 2022 (“2022 Act”). It notes, for example, a substantial increase in the number of whistleblowing claims and discusses the question most frequently asked by its international employer clients. This is whether the employer can retain its centralised reporting channel at parent company level with the introduction of the 2022 Act or whether each legal entity in a group must have its own internal reporting channels and procedures. Readers are also reminded of the Institute resources in this area. The Institute pages on protected disclosures on the technical hub have a large volume of information and resources available on this topic. In July 2024, the Irish Dept. of Finance published the Finance (Provision of Access to Cash Infrastructure) Bill 2024. The Bill aims to ensure that sufficient and effective access to cash is available in Ireland, and that any further evolution of the cash infrastructure will be managed in a fair, orderly, transparent and equitable manner for all stakeholders. Click here for the Dept. press release and text of the draft legislation. The text of the EU Artificial Intelligence (AI) Act was published during the summer. You can click for the text of Regulation 2024/1689. The AI Act became law on 1 August 2024 and the various parts of the legislation come into effect in the coming years. Please click the link to access a European Commission page on the AI Act. IFAC, the International Federation of Accountants has published a Professional Accountancy Organisation (PAO) Strategy Planning Toolkit which is designed to equip PAOs to develop their strategic plans and develop their operating models.    This information is provided as resources and information only and nothing in the information 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 information. 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 the information 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 herein.

The Institute’s affiliate regime has been simplified to reduce the compliance burden for firms.   From 1 September a single status of ‘affiliate’ replaces the previous multiple categories of ‘audit affiliate’, ‘investment business affiliate’, ‘general affiliate’, ‘AML affiliate’ and ‘insolvency affiliate’.    Previously an individual might hold affiliate status in more than one category but effectively have the same obligations under each category.   Furthermore, the rules regarding which principals at a firm should become affiliates have been streamlined and the overall requirement is that a principal at an Institute firm who is not a member of the Institute should be an affiliate of the Institute.  Therefore, there is no exemption from affiliate status for members of particular bodies.  This is consistent with the approach taken from January 2024 with the introduction of the affiliate requirement for all principals at Institute AML supervised firms who are not Institute members.   As a consequence of the latter, principals at a number of Institute firms have been granted affiliate status (AML affiliate status) since 1 July 2024 and therefore will not be affected by this change in the approach.  The Institute does not anticipate any notable increase in affiliate numbers overall as a result of the current streamlining.  The recent revisions to Institute regulations (1 September 2024) give effect to this simplification of affiliate provisions.    The requirements for affiliates are now set out in a single chapter in the revised Public Practice Regulations rather than across a range of Institute regulations.   Other Institute regulations now refer affiliates to the Public Practice Regulations as appropriate.  For example, a person required to become an affiliate in accordance with the revised Audit Regulations is directed to the provisions of chapter 7 of the Public Practice Regulations as regards application for affiliate status, the ongoing regulatory obligations of affiliates and liability to regulatory and disciplinary action where appropriate.   Institute affiliates: Are not entitled to describe themselves as Chartered Accountant Agree to be bound by the Charter, the Principal Bye-Laws, the Disciplinary Bye-Laws and other any other rules, regulations, codes and standards of the Institute; Are required to observe and uphold the Institute’s Code of Ethics Are subject to the Institute disciplinary arrangements where appropriate. The rules regarding affiliates at firms approved to carry out investment business activities in the UK under the Designated Professional Body Handbook are unchanged. Institute firms and compliance principals can direct any queries in relation to the revised affiliate regime to professionalstandards@charteredaccountants.ie.

As a new Labour government takes shape in Britain, Irish businesses are bracing for the potential ripple effects across key sectors, writes Vivian Nathan As Britain transitions to a new Labour government, Irish businesses will closely monitor the potential impacts, as we are its closest neighbour. Sectors such as construction, hospitality and retail may feel the ripple effects of Labour’s policies, especially regarding employment rights and consumer spending power, which are closely linked to broader economic conditions. Construction sector The construction sector in Ireland is paying close attention to developments in Britain, given the number of Irish construction companies operating in both jurisdictions. Baker Tilly is currently working with several UK companies interested in Irish infrastructure spend, particularly in the rail sector. Additionally, we have seen increased inquiries from UK labour companies looking to serve the Irish market, demonstrating a growing interest in cross-border opportunities. The UK has been hampered by delays in decision-making before the General Election and the collapse of several construction contractors. The cancellation of large parts of the High Speed 2 railway project has further motivated UK contractors to seek opportunities in Ireland, especially with the Irish Government’s commitment to significant infrastructure spending. Meanwhile, the Irish housing market remains strong, with demand continuing to outstrip supply. Nevertheless, local issues around capacity and planning present ongoing challenges for the construction sector in Ireland. Irish-origin construction businesses are actively tendering for work across the island, further highlighting the cross-border interest. Hospitality and retail sectors Ireland’s hospitality and retail sectors have faced significant challenges since the COVID-19 pandemic. Despite seeing increased demand, the hospitality industry has recently been rocked by rising costs, such as those experienced by Dylan McGrath and the Press Up Group. These sectors are particularly sensitive to broader economic factors like inflation and interest rates, both of which are influenced by the economic situation in Britain. Labour’s focus on enhancing employment rights in Britain, including potential increases in the National Minimum Wage and National Living Wage, could indirectly affect Irish businesses, especially those operating in both jurisdictions. The proposed Employment Rights Bill, which aims to ‘make work pay’, may introduce measures such as banning zero-hour contracts and extending parental and sick leave. These changes could increase operational costs for businesses, potentially leading to higher consumer prices, particularly in the North of Ireland, where the border economy is acutely sensitive to changes in British policy. Adapting for the future The change in government in Britain brings with it a level of economic uncertainty that is of particular concern to Ireland, given our close ties, shared border, and the fact that some Irish and UK businesses operate in both jurisdictions. While it remains to be seen if the UK Labour government will adopt a ‘tax and spend’ approach, particularly in changes to the non-domiciled regime that could make Ireland a more attractive base, the full implications of Labour’s policies remain unclear. What is clear is that key sectors in Ireland – particularly construction, hospitality, and retail – will need to stay informed and be prepared. The changes in Britain could have significant consequences for Ireland, making it essential for Irish businesses to monitor developments and adapt accordingly. Vivian Nathan is Chief Operating Officer at Baker Tilly