Last week, the Department of Finance and the Department of Public Expenditure and Reform published the Fiscal Monitor for April. Tax revenues of €24.8 billion were collected to end-April, an increase of 2.6 percent, or €0.6 billion, on the same period last year. Growth was recorded in income tax, VAT and excise duties, therefore offsetting a decrease in corporation tax. Overall, the Exchequer deficit to the end of April 2024 stands at €1.2 billion. This compares to a deficit of €3.7 billion at the end of April 2023; however the position is distorted due to the transfer of €4 billion to the National Reserve Fund in early 2023. Commenting on the figures, the Minister for Finance, Michael McGrath TD, said: “April is one of the less significant months for tax revenues, but insofar as conclusions can be drawn from today’s figures, the most notable feature of the April performance is the strength in income tax receipts, continuing the trend that has been apparent so far this year. The 6.4% increase in overall tax receipts in April compared to the same month last year is a solid performance, and is in line with budget expectations. The performance of income tax and Vat year to date is encouraging, and points to a domestic economy that is holding up well despite a number of headwinds. The May returns, when further VAT and corporation tax receipts are expected, will provide a clearer indicator of the tax revenue performance. However, overall, tax revenues are ahead of the same period last year even despite the decrease in corporation tax seen last month. This is firm evidence of the fundamental strength of our economy and our labour market, and speaks to the success of Government’s careful and balanced approach to budgetary policy. As outlined in the Stability Programme Update published recently, my expectation is that the economy will experience modest growth in 2024 but importantly living standards will improve for the overwhelming majority of households as incomes rise in real terms. With inflation now moderating quite quickly, interest rates expected to fall over the period ahead, and further reductions in energy prices at the retail level anticipated, the pressures many consumers have faced will likely ease across the year and this will provide a further boost to the domestic economy. I am pleased that we are making progress in relation to the Future Ireland Fund and Infrastructure, Climate and Nature Fund Bill 2024. This is currently at Committee Stage in the Dáil and the legislation is a central part of the Government’s strategy for the long term management of the public finances.”

Revenue has provided an update regarding payment arrangements agreed to address warehoused debt. As of 16:00 on Thursday 2 May, over 10,000 Phased Payment Arrangements (PPAs) have been set up, with Revenue actively progressing a further 1,500 PPA applications. Revenue processed over €65 million in warehoused debt payments last week.  It estimates that, when PPA applications on hand are finalised and incoming payments on the Revenue Online Service (ROS) are processed, 85 percent of the €1.65 billion of debt that was warehoused at the start of April will either have been paid in full or secured under PPAs. Readers are reminded that those businesses who have not yet put arrangements in place to pay their warehoused debt risk losing the 0 percent interest rate and flexible payment options available in respect of their warehoused debt as it will become subject to standard debt collection and the standard interest rate of 8/10 percent will apply. Taxpayers can engage digitally with Revenue via MyEnquiries or ROS or, alternatively, by calling the Collector General (01 738 3663).

Stephen Lowry delves into details of the upcoming referendum on Ireland’s proposed participation in the Unified Patent Court  In the wake of referenda on family and care, voters were due to decide on another important constitutional referendum on 7 June. Although the vote has since been postponed by the Government, voters will be asked whether they approve of Ireland’s proposed participation in the Unified Patent Court (UPC).  First mooted in 2013 with the signing of the Unified Patent Court Agreement (UPCA), the UPC is a new international court with exclusive competence to grant ‘unitary patents’ – a new form of patent that gives uniform protection across all participating European countries on a one-stop-shop basis.  Currently within its jurisdiction are 17 EU Member States, though this number is expected to increase over the coming months as more countries move to ratify the UPCA.  Before Ireland can join the UPC, an amendment to the Constitution is needed as doing so will involve a transfer of jurisdiction in patent litigation from the Irish courts to an international court.  So, what’s to be gained from joining the UPC?  1. Reduced cost and administrative burden  At present, there is no single European patent valid in all Member States. Instead, individual patents must be held in each country where the patent is to be applied.  Applications can be made to either the national patent office in each country or as a single application to the European Patent Office (EPO).   Rather than acting as a one-stop-shop for patent litigation, however, the EPO can essentially only grant a bundle of national patents for the countries designated by the patent application.  If subject to challenge, these patents must then be litigated separately in the national courts of each country in which they are granted – thereby potentially giving rise to legal costs across a number of jurisdictions as well as risking the prospect of different legal outcomes.  By contrast, the UPC will instead allow applicants to apply for a single patent, which will be valid across multiple Member States, upon which it will be the sole arbiter.  2. Boost to FDI and export activity If the referendum is carried, the Government has signalled its intention to establish a local division of the UPC in Ireland. Doing so would mean Ireland would be the only common law, native English-speaking jurisdiction with a UPC.  Coupled with Ireland’s already attractive tax regime for research and development, the establishment of a local UPC would arguably further boost the State’s profile as a location of choice for inward investment.  Moreover, access to a streamlined European patent protection system would likely act as a useful incentive for Irish businesses to expand exports to a greater number of countries previously out of reach because of the costs of securing multi-jurisdictional patent protection.  3. Impact on the domestic economy  Estimates provided to the Joint Oireachtas Committee on Enterprise, Trade and Employment indicate that the establishment of a local division of the UPC in Ireland would contribute at least €415 million, or 0.13 percent in GDP growth, per annum by way of increased patent development activity.  Consequently, the establishment of the UPC can also be expected to generate increased expenditure and employment in legal, professional and other related technical advisory services.  Whether the referendum will be carried  will, however, ultimately depend on the Government’s ability to engage the public on the merits of adopting a streamlined patent court – a difficult task on such a niche subject.  Stephen Lowry is Public Policy Manager with Chartered Accountants Ireland

Welcome to the latest edition of Technical roundup. In developments since the last edition, David Swinburne and Hilary Larkin of Mazars along with Laura-Michelle Moore from Chartered Accountants Ireland will be speaking at a webinar about the practical issues of the Small Companies Administrative Rescue Process (SCARP) on 29 May at 10:00. The European Parliament has recently adopted a package of laws strengthening the EU’s toolkit to fight money-laundering and terrorist financing. The Anti-Money Laundering and Countering the Financing of Terrorism package consists of a directive and two regulations. Read more on these and other developments that may be of interest to members below. Financial Reporting The Financial Reporting Council (FRC) is hosting a webinar on its recent revisions to FRS 102 on Wednesday, 15 May 2024 11:00-12:00. The International Accounting Standards Board (IASB) has announced that it is launching a comprehensive review of accounting for intangibles. This project will assess whether the requirements of IAS 38 Intangible Assets remain relevant and will be explored and discussed by the IASB in the coming months. The IASB has announced that it expects to issue its next Accounting Standard, IFRS 19 Subsidiaries without Public Accountability: Disclosures, on 9 May 2024. The IASB has issued its April 2024 update which highlights decisions taken and projects affected during the month. It has also published its April 2024 podcast. The IFRS Foundation has also issued its April 2024 monthly news summary. The IASB has announced that it expects to publish the Exposure Draft Contracts for Renewable Electricity on 8 May 2024. Following on from the recent release of IFRS 18 Presentation and Disclosure in Financial Statements, the IASB are holding a series of webinars to help stakeholders gain a better understanding of the new requirements. The UK Endorsement Board has released a webcast which discusses IFRS 18. The IFRS Foundation has published a video explaining what the IFRS Digital Taxonomies are and how they enable information to be prepared in a machine readable format. The IFRS Foundation has published its 10th Compendium of Agenda Decisions by the IFRS Interpretations Committee. This covers the 6 month period to April 2024. The IFRS Foundation has published its 2023 Annual Report for the year ended 31 December 2023. EFRAG, the European Financial Reporting Advisory Group has published its draft comment letter on the IASB’s Exposure Draft ED/2024/03 Business Combinations—Disclosures, Goodwill and Impairment (Proposed amendments to IFRS 3, IAS 36). The draft remains open for public comment until 28 June 2024. Auditing and Assurance IAASA has published its annual ‘Profile of the Profession’ for 2023 containing statistical data provided by the six Prescribed Accountancy Bodies (‘PABs’). The report presents an overview of the PABs’ members and students and includes statistics about their regulatory and monitoring activities. A video summary is available here. Anti–money laundering and sanctions The European Parliament has recently adopted a package of laws strengthening the EU’s toolkit to fight money-laundering and terrorist financing. The Anti-Money Laundering and Countering the Financing of Terrorism package consists of a directive and two regulations. These are the sixth Anti-Money Laundering directive, the EU “single rulebook” regulation and the Anti-Money Laundering Authority (AMLA) regulation. The laws must be formally adopted by the European Council before publication in the EU’s Official Journal. Click here for a press release from the European Parliament on the package and here to access the Institute’s dedicated pages on anti-money laundering which have recently been updated to include a page dedicated to European Union developments. In the UK the Office of Financial Sanctions Implementation (OFSI) has recently launched a UK Financial Sanctions FAQs webpage. Ninety one questions and answers are listed including featured FAQs “Are UK entities’ subsidiaries located outside the UK expected to comply with UK sanctions? “and “How do the fees and expenses caps apply? Is it per DP (i.e., for all a DP’s matters across all law firms) or is it per law firm being instructed by a DP?”. The UK Financial Conduct Authority is consulting on updates to its Financial Crime Guide. The updates relate to sanctions, proliferation financing and transaction monitoring. It is also proposing to add references to cryptoassets and the Consumer Duty, along with consequential changes throughout the Guide. The consultation closes on 27 June 2024. Insolvency David Swinburne and Hilary Larkin of Mazars along with Laura-Michelle Moore from Chartered Accountants Ireland will be speaking at a webinar about the practical issues of the Small Companies Administrative Rescue Process (SCARP) on 29 May at 10am. You can register here for this free webinar. Sustainability Accountancy Europe has welcomed the final approval of the Corporate Sustainability Due Diligence Directive (CSDDD) by the European Parliament (EP) and the Council. Member States can now start transposing the Directive into national laws in 2024. Accountancy Europe has also issued its April 2024 Sustainability Update. The Department of Enterprise, Trade and Employment (DETE) is consulting on one of the member state options of the CSRD to introduce Independent Assurance Services Providers (IASPs) pursuant to Article 34(4) of Directive 2013/34/EU (‘Accounting Directive’) inserted by Directive 2022/2464/EU as regards Corporate Sustainability Reporting (‘CSRD’). The deadline for responding to the consultation is 19 July 2024. Ahead of the anti-greenwashing rule coming into force on 31 May, the Financial Conduct Authority (FCA) is supporting industry with guidance to help them meet the standard.  It is also consulting on extending to portfolio managers the requirements on how sustainable investments are labelled and explained. The International Sustainability Standards Board (ISSB) has announced that it will commence projects to research disclosure about risks and opportunities associated with biodiversity and human capital. The ISSB has issued its April 2024 Update and Podcast. The inaugural IFRS Sustainability Disclosure Taxonomy was published on 30 April. The Taxonomy reflects IFRS S1 General Requirements for Disclosure of Sustainability-related Financial Information, IFRS S2 Climate-related Disclosures and their accompanying guidance. The IFRS Foundation and EFRAG have jointly published guidance material which illustrates the level of alignment achieved between the ISSB’s Standards (IFRS S1 and S2) and the European Sustainability Reporting Standards. The International Federation of Accountants (IFAC) has proposed changes to the International Education Standards to improve the training offering for aspiring professional accountants. Central Bank of Ireland The Central Bank of Ireland has completed and published the outcome of a review of the supports that banks, retail credit firms and credit servicing firms provide for borrowers in or facing early arrears. Click here for the press release and here for the Dear CEO letter from the Head of Consumer protection division. Director of Consumer Protection, Colm Kincaid said: “The Central Bank has carried out this review to ensure the financial system is supporting borrowers in or facing early arrears on their mortgage. It comes as we see an increased number of borrowers falling into early arrears, as increased costs of living impact on borrowers’ finances.” New legislation A regulation which transposes the Representative Actions Directive (RA Directive) has recently been signed into Irish law. The RA Directive ensures that groups of consumers can protect their collective interests for an infringement of their consumer rights both in here in Ireland and in the EU, through a representative action. Click here for a DETE press release which provides more information on the RA Directive and the transposing regulation. On the drafting side, the Government recently published its legislative programme for Summer 2024. Read the press release here and the contents of the programme here. The Access to Cash Bill, Companies (Corporate Governance Enforcement and Regulatory Provisions) Bill and a National Cyber Security Bill are listed for priority drafting. The Miscellaneous Provisions (Transparency and Registration of Limited Partnerships and Business Names) Bill is listed as heads in preparation and the Charities (Amendment) Bill 2023 is on the Dail and Seanad Order Paper. Other The European Securities and Markets Authority (ESMA) has responded to the European Commission request on amendments to the European long-term investment fund (ELTIF) Technical Standards (RTS). In the letter ESMA suggests that there should be a limited number of changes to find the right balance between protecting retail investors and contributing to the capital market union objectives.    Readers are reminded that the Corporate Enforcement Authority’s April newsletter is now available. Highlights include a focus on directors’ disqualification and company law developments. You can read more details here and click to be brought to CEA website where you can sign up for the newsletter. Click here for the European Commission’s news finance hub where readers can subscribe for the newsletter and keep up to date with all the latest EU finance news including digital & sustainable finance, banking, anti-money laundering and sanctions. You can for example read an article on the new AML rules (reported on above) which notes that they will change the EU’s financial crime prevention landscape for good but asks and provides some answers to what will change in practice. On 24 April EU and Member States representatives celebrated 20 years of EU enlargement. President von der Leyen highlighted the many benefits that EU membership brought to the then-new Member States while also underlining the many advantages that the Union itself drew from this enlargement. The Financial Conduct Authority in the UK has issued an Artificial Intelligence (AI) update to outline its approach to AI following the Government’s publication of its pro-innovation strategy on AI. AI The update outlines the FCA’s role and objectives, it’s work so far, its existing approach and its plans for the next 12 months. You can read more about it here. For further technical information and updates please visit the Technical Hub on the Institute website.      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.  

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 think of pension auto-enrolment? Becky Maye PwC Many young professionals may not view pension planning as a priority while they navigate other challenges. Many graduates will prioritise their professional exams, housing, and social or sporting commitments. As such, they may not even know of the existence of this scheme.  The new pension scheme operates as an opt-out, lessening the burden of those aged between 23 and 60 who earn over €20,000 but haven’t already enrolled in a pension scheme. It allows a foundation to be laid where an individual may later decide to enrol in a pension scheme while simultaneously allowing those who decide not to opt into a pension scheme access to a sum upon retirement that has accumulated over the years.  Investing in a pension scheme is essentially a tax-efficient investment into your future but it may be seen as an onerous task for many young professionals. The auto-enrolment scheme allows this view to be altered and provides a system where the burden is lifted.  Eoin Hartnett KPMG The auto-enrolment pension scheme is a semi-mandatory retirement savings system expected to be introduced in Ireland in January 2025. It’s a system whereby every €3 an employee contributes to their pension will be matched by their employers. In addition to this, the state will top it up with a further €1. What’s unique about this system is that it is an opt-out system rather than an opt-in one.  So, any employee between the ages of 23 and 60, not already on a pension scheme and earning over €20,000 per annum, is automatically enrolled.  Personally, as a 24-year-old six months into my graduate contract, I see this as a huge positive.  After 19 years in education, and only fresh out of college, there is a lot of change when you enter the working world that you have to deal with, and realistically, when you’re getting started, all your focus is on getting up to speed with the work and getting used to the working environment. Your pension is the last thing on your mind.  It would probably be another five or ten years before I would even think about it. Instead, now, in five or ten years, when I try to put a more comprehensive pension plan in place, I will already have accumulated a tidy lump sum upon which to build. I think that is the true benefit of this scheme, how, with minimum fuss, it helps set a foundation. A foundation that otherwise might not have been laid until years later. Conor Flynn EY Retirement planning is generally not a priority for young workers in their 20s and 30s. This is unsurprising given the other immediate challenges facing young people, such as access to housing, high rents, and the rising cost of living.   A CSO 2023 survey stated that only 32 percent of workers aged between 20 and 69 were signed up to a private pension. As a result, many workers would be solely dependent on their State pension (approximately €13,500 pa) upon retirement. This presents a major challenge for Ireland. An ageing population and rising life expectancy mean that a lack of corrective action, such as auto-enrolment, would result in a significant future burden on the Exchequer.   It is critical that we reshape our thinking around pension and retirement planning. Pension contributions can no longer be regarded as an unnecessary cost but rather a tax-efficient investment in our future!  

When navigating the transition from trainee to qualified accountant, there are a few things you can do to make it easier for yourself. Tanya Thomas explains how In the last few years, you were accepted into a training contract and have lived an extended life as a student while also working full-time. It has been busy as you balanced study with work AND a social life.  You are almost at the finishing line—the end is in sight. The big questions are: what is next and how will you achieve it? We talk to newly qualified accountants daily, and our conversations vary dramatically. Some are 100 percent certain about what their first role will be out of contract, others are still working it out, and there is a continuum of people in the middle. One thing is for sure: while you are completing your training contract, there are things that you can do to make your transition into life as a qualified accountant easier.  Step 1: Remain aware During your time in practice, it’s crucial to stay proactive and adaptable. Keep your senses sharp – ask questions and be curious.  Initially, you might be assigned to a specific industry group, but remember, this doesn’t have to be your niche for the entire contract. If you feel another client or industry group might suit you better, don’t hesitate to discuss it with your manager. They might be open to accommodating a change.  Remember: if you don’t ask, you won’t get. Step 2: Get to know your colleagues Try to maintain a balance between work, study and getting to know colleagues and your broader circle.  Many practices treat trainees to generous nights out. Make the most of these—go out, let your hair down, and find friends. Often, these will become lifelong friendships.  Step 3: Move your body Stay active during your training contract. Make time for exercise. This could be at the gym, a team sport, or yoga. Whatever you choose, own it and enjoy it. You need to be active to remain healthy and relieve stress. Step 4: Present your best self When you begin your job search after qualification, you will be asked to demonstrate:  what types of accounting roles you want. You may not know 100 percent which direction to take, but some initial ideas will make the world of difference as you commence your search. you know what types of industries interest you. It is important to be able to talk about your preferred industries, as each industry has its own nuances.  you can build rapport with managers and partners in an authentic and honest manner. They all started in the same position you are in now and should be able to understand/empathise with your journey. Ask questions, ask for advice, ask about their weekend, and listen to their answers. you have interests and passions outside of accountancy. Chatting about these passions in your interview will bring you and your CV to life.  your awareness of what is happening in the world. Subscribe to a variety of newspapers and read them daily. your evolution and growth. Your LinkedIn profile should not be static – it should reflect you. Make it professional and warm. Make sure the photo does you justice. A smile is always important. you’re always working on your CV. Keep a file of the work that you have been doing – both everyday tasks and special projects. When it comes time to complete your CV, you may find that it is hard to remember all the elements. By keeping a continuous record, you should not have problems completing your CV with relevant and interesting content. that you can upskill. The world is changing, and with the arrival of artificial intelligence and data analysis, required skills are changing. Make sure that you are not only aware of this, but that you are also enrolling in as many relevant courses as you can. There are lots of ways to prepare for that time when you finally qualify as a Chartered Accountant, but start your preparation while you are training and not the day of your final exam. I promise this preparation will be reflected in your first salary out of contract. Tanya Thomas is a Director at A+F Recruitment

Edel Walsh outlines the signs and symptoms of academic burnout and explains how students can overcome it Since the pandemic, we have been hearing and talking more about people suffering with workplace burnout. However, in my own coaching practice, I am seeing the rise of academic burnout, a subject not often discussed. According to the World Health Organization, “Burnout is a syndrome conceptualised as resulting from chronic workplace stress that has not been successfully managed”. Academic burnout is not simply a result of a challenging course load. It can be several factors that overwhelm students, leaving them feeling drained and disengaged.  Common contributors include: Excessive workload – This leads to overwhelm, stress and exhaustion;  Perfectionism – students may have unrealistic expectations causing frustration and disappointment; and Lack of support – students can feel socially isolated where there is a lack of support from their peers, family, friends, and the workplace.  Symptoms of academic burnout The symptoms of academic burnout can present themselves physically, emotionally, and behaviourally.  The physical signs of burnout can include: Feeling tired and drained most of the time; Lowered immunity, frequent illnesses and being unable to shift coughs and colds; Frequent headaches or muscle pain; and Change in appetite or sleep habits. The emotional signs of burnout can include: Sense of failure and self-doubt; Feeling helpless, trapped and defeated;  Detachment; Loss of motivation; and  Increasingly cynical and negative outlook.  Finally, the behavioural signs of burnout can include: Withdrawing from responsibilities; Isolating from others; Procrastinating; Using food, drugs, or alcohol to cope;  Taking out frustrations on others; and  Skipping out on study or even skipping exams. When it comes to burnout, it is useful to think about the “three R” approach. Recognise: Know the signs of burnout. Reverse: Seek support to manage stress and overwhelm. Resilience: Take care of both physical and emotional health Preventing academic burnout As discussed in Dee Frances’s article on page 8, it is important for students to find balance between work, study, and other commitments. At the start of every week, get a bird’s eye view of what the week ahead looks like and plan your week from there. Creating a realistic schedule for your work, study, and other commitments, as outlined by Moira Dunne at page 14, will give you the feeling that you are in control. Ensure you are incorporating plenty of breaks into your routine and be sure to have something in your week that you can look forward to.  I always encourage students to incorporate self-care into their weekly plan and study routines. Prioritising self-care and breaks fuels productivity when it comes to study.  There is no magic formula when it comes to self-care while you study. It will depend on you as an individual. It can be as simple as going for a nice walk, meeting a friend for a coffee or listening to a podcast that is not related to your study.  Seek support if you need it. You can do anything, but you can’t do everything. Develop a strong support system through peer groups, friends and family that will champion and support you.  Overcoming academic burnout For those of you who are grappling with academic burnout there are number of things you can do. Take some time to understand the root cause of the burnout. This will help you identify areas for improvement.  Seek support from a healthcare professional.  Reflect on your goals. Most students will have set a performance goal such as “I want to pass my exam first time around”. When we focus on a performance goal such as this, it can feel overwhelming. Instead, break this goal down into a learning goal. Instead of focusing on the outcome, focus on the lesson. For example, “Today I want to learn the conditions of retirement relief. I will check my understanding of this by doing a past exam question”. This will help reduce that feeling of overwhelm.  Prioritising your sleep, nutrition, exercise, and hobbies will go a long way in helping you overcome burnout.  Incorporate breathing or mindfulness into your study routine. This will help you move from a stressed state to a calmer state. A simple technique is to take a deep abdominal breath in for seven seconds and breathe out for eleven seconds. When the “out” breath is longer than the “in” breath, it is activating the parasympathetic nervous system (rest and digest) and easing the sympathetic nervous system (fight, flight, or freeze). By recognising the signs of academic burnout, implementing preventive strategies, and seeking help when needed, students can navigate the pressures of their exams, while preserving their mental health and well-being.  Edel Walsh is a student and exam coach. 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  

Moira Dunne outlines eight top tips to make the most of your study sessions this exam season During exams, it can be hard to manage your time when you are studying alone, concentrate for long periods of time and stay motivated day to day.  Here are some study tips to help you stay calm and ace your exams. The list includes things to do in advance to set yourself up for a day of studying, as well as ideas to stay on track. Tip 1: Have a dedicated study space Set up a good study space; a place that helps you ‘get in the zone’ when you sit down to hit the books.  Not everyone has the luxury of a separate room, but even if you are studying in a shared room in your house, think about the best way to set the space up. Here are some things to consider:  Get a comfortable chair; Have your desk and screen at the correct height to minimise neck or arm strain; Clear any clutter to create a calm, clean area. This helps your mind stay clear; and Add a picture or plant to inspire you to spend time in the space. Tip 2: Get organised New items in our arsenal can motivate us to get started. Plan ahead and get all the stationery and tools you need before you have to put pen to paper. This saves time when you are studying.  This method can also stop you from procrastinating, as we often use basic prep as a reason to procrastinate. Bright stationery stimulates the brain, too. By using these tools to summarise and organise your thoughts, you are making it easier for your brain to retain and recall information.  Tip 3: Make a study plan If you know your exam start date, work backwards and count how many days you have to prepare. Identify some key points to reach (milestones) along the way. Then divide up your work, considering:  What is the best order to study your subjects? How much can you do each day? What are the milestones and when?  By planning your topics for each day, or even each half day, you are breaking up the big pile of work into manageable chunks, making it easier for the brain to get started and stay focused. Whatever study plan you create, make it visible on the wall or your desktop. And make sure you review it and amend it as things change. Staying on top of and updating your plan as you go is key to making your plan work for you. Tip 4: Have a regular routine It helps our mind and our body to have a regular routine.  Study at the same time each day. If you have a full day, start early as that’s when our energy and focus is generally higher. This makes it easier to concentrate and learn, and you will get through elements quicker. If possible, finish early and take a break. This helps your brain to rest and switch off before you try to sleep. Tip 5: Remove distractions We all know how distracting our phones are. Every time there is a notification, we want to check it. We also pick up our devices and check them subconsciously, distracting us unintentionally. Everyone will have a range of distractions in their study space. We can’t easily eliminate humans or pets, so our phone is one thing we can control. To enable a short burst of concentration, leave your phone in another room. Even if only it’s only for 30 minutes, you can focus, concentrate and learn during that time.  Once that 30 minutes is over, take a short break, check your phone if you need to, and return to focus again after five minutes. Out of sight is out of mind, so you are less likely to miss the phone or pick it up without realising it.  Tip 6: Be active – test yourself It is very hard to focus and concentrate if you are just reading for long periods of time. So, make your studying an active exercise. Here are some ways you can do it: Make summary notes at the end of each topic; Highlight key points; Create reference cards for revisions; Take a test or a quiz; or Test yourself with past exam questions. Tip 7: Eat well and hydrate Sometimes, you will need treats and snacks for motivation or even a quick energy boost. Lots of foods are known to help concentration and focus; find out what works for you and include them in your diet when studying.  It is important to keep your brain hydrated, as well. Drink water instead of energy drinks or several cups of coffee as both can be dehydrating. Hydration and eating well will help your brain learn but also retain knowledge. They will also help you sleep better, which sets you up or a productive day of study. Tip 8: Take breaks Our bodies and our minds go through peaks and troughs throughout the day. So, breaks are essential to help recharge and reset. Plan regular, short breaks into your study schedule, along with a longer lunchbreak. Use the longer break to get some fresh air to help clear the cobwebs.  Being outside also free up your mind; the wide-open spaces help to calm the brain too. Don’t overdo your study time. Shorter productive sessions are better than long days. Have an evening routine to wind down. Or change your focus with a movie or some other calming activity. Best of Luck We hope these eight study tips help you. The very best of luck with your exam preparation and your exams this year.  Be kind to yourself and be proud of your hard work. Moira Dunne is Founder of beproductive.ie  

Bryan Rankin, Head of Student Operations, gives guidance on how to put together a great set of notes for open-book exams CAP2 exams are open-book, meaning that you can have as many hard copy (paper) notes and textbooks as you wish. Great! That means these exams will be a piece of cake, right? Wrong.   Open-book exams assess students' understanding of the subject matter and its application to real-world problems. They require students to make connections between various areas of a subject, compare, contrast, or evaluate information with pros and cons rather than simply remember and regurgitate learning principles.   Why is this relevant? The sole objective in an exam is to gain marks from the examiner. Therefore, it’s essential to become very familiar with what skills the examiner is looking for you to exhibit. Your notes play a vital role in this.    In open-book exams, you won’t have time to look everything up. You should be able to verbally summarise the key concepts in sessions without relying on your notes. You should know your basic facts, concepts and definitions by heart. That way, when writing an exam answer, you don’t have to waste time reminding yourself what the question is about. You’re there, you’re ready to go; you just need to reference some formula or past question in your notes to start typing up the answer. Less is more When it comes to the resources for an open-book exam, let’s start with what to avoid.  Tempting as it is, bringing a pile of textbooks into your exam room in June is the wrong approach.  Time is your greatest resource, and every minute is an opportunity to score marks. A pile of folders or textbooks may make us feel more secure but will certainly not deliver what you need in the exam, which is speedy reference points and familiarity with the material.  Effective notes  Going into your open-book exam, it is ideal that you only have one folder of notes for each exam subject. Start your notes folder with a table of contents so that the specific reference item can be found and used quickly. Then, number each page in your notes to get there faster. Using coloured tabs or post-its can also help you find your content. Consider including the Competency Statement for each subject. This document, produced by the exams team, is a list of everything examinable. Work your way down the Competency Statement, highlighting areas you find challenging, and check your notes support you on each topic listed.  In the lead-up to exams, the education team releases two new sessions for students in the Learning Hub. These sessions will include a concise study guide per subject, which gives a high-level summary of the most important concepts covered.   This study guide is another good starting point from which to build out your notes for each subject.  Use sample papers You’ll know at this stage that study revision in preparation for exams should be all about practising exam standard questions from our sample papers or from sessions in the Learning Hub. By practising questions, over time, you will identify the key concepts and themes that may appear in the assessment.  This approach should be carried throughout your notes. Include past questions where it was attempted and you struggled, highlighting the errors made.  The mock exam paper and solutions are another core set of resources to utilise.  Refining your notes The effectiveness of your notes will make a difference to your assessment. If you sit down with a disorderly mass of papers, you’ll waste time sorting them and may feel overwhelmed and stressed.  Is your folder well-organised and laid out in a manner that allows you to find important content quickly?   It’s sensible to compare your notes with friends, but don’t copy someone else’s notes entirely. Their strengths and weaknesses will be represented in their notes, and probably won’t tally with yours.   Refine your notes for each subject as you get closer to exam week, with the objective of making each folder more concise.  Review a small portion of your notes every day. Doing this over a long period of time ensures that what you’ve learned will save you time and improve your recall. Handwritten notes There is a lot of value in handwriting your notes.  Studies have shown that you’ll have far better recall when notes are written in your own hand. You can also use colour for additional recall and mind maps to illustrate how one concept links with related learning principles.  Carefully select key slides from the Learning Hub for your notes folder. Resist the temptation to print out every slide from every session in the subject – most of this won’t help you on exam day.  By investing time now in your notes, you will be well-positioned to find key information quickly on exam day and will feel a sense of achievement by drawing all the knowledge and skills you have learned together.  For more on open-book exams, see the CAP2 videos from Prof. Mike Farrell in the Learning Hub.

Sarah McAleese, CASSI Education Officer, explains her top tips for exam success this summer Preparing for Chartered Accounting exams, be it CAP1, CAP2 or FAE, can feel daunting. While successful preparation demands a high level of discipline and strategy, whether it's an open-book or closed-book exam, understanding the exam structure, including the format, types of questions, and the weighting of each topic, is crucial to effectively prioritise your study efforts and appropriately allocate your time throughout study leave and during the exams themselves. Know your stuff Having a good idea of the scope of what needs to be covered will aid you in developing an effective study plan. Be sure to refer to the Competency Statements and recent examiner reports as they can provide a good indication of key topics which may appear on the exams. Time management Efficient time management is crucial, and practice is vital for building confidence and improving your performance.  Work through a variety of practice questions and sample papers to familiarise yourself with the exam format.  It is vital that you practice answering questions under timed conditions and that you become well versed with the Cirrus platform to improve your speed and efficiency on the day. The misleading ‘open-book’ exam For CAP2s and FAEs, open-book exams can be slightly misleading. Despite having access to study materials, it is still essential that you have a deep and thorough understanding of the core concepts and principles.  Start by organising your study materials in a clear and accessible manner so you can effectively locate and reference the information on exam day. It can be easy to overlook the narrative questions, so be sure to identify any low hanging fruit and not allocate all of your time to the more computational questions. Stay healthy Lastly, ensure that you take care of your physical and mental well-being during exam season. Get regular exercise, eat a balanced diet, and get sufficient sleep to keep your mind and body in optimal condition.  Managing stress and anxiety is also important. Ensure that you are still being social and making time to see friends. Consider forming a study group and utilising the discussion forums to share ideas gain insights and support from peers preparing for the same exams. Effective preparation for both open and closed-book professional exams requires a well-structured study plan, effective time management, and ample practice under exam conditions.  By adopting a strategic and disciplined approach to your preparation and taking care of your physical and mental well-being, you can maximise your chances of success and achieving your goal of passing your exams.

In the UK the Office of Financial Sanctions Implementation (OFSI) has recently launched a UK Financial Sanctions FAQs webpage. Ninety-one questions and answers are listed including featured FAQs “Are UK entities’ subsidiaries located outside the UK expected to comply with UK sanctions? “and “How do the fees and expenses caps apply? Is it per DP (i.e., for all a DP’s matters across all law firms) or is it per law firm being instructed by a DP?”   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.

The European Parliament has recently adopted a package of laws strengthening the EU’s toolkit to fight money-laundering and terrorist financing. The Anti-Money Laundering and Countering the Financing of Terrorism package consists of a directive and two regulations. These are the sixth Anti-Money Laundering directive, the EU “single rulebook” regulation and the Anti-Money Laundering Authority (AMLA) regulation. Click here for a press release from the European Parliament on the package and here to access the Institute’s dedicated pages on anti-money laundering which have recently been updated to include a page dedicated to European Union developments. We understand from the press release that the laws still need to be formally adopted by the European Council before publication in the EU’s Official Journal. There will also be a process of translation of text and the expectation is that publication of the text will occur in the Official Journal between July and September of 2024. 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.