A recent survey conducted by Chartered Accountants Ireland has shed light on the significant challenges facing parents seeking childcare in Northern Ireland. The survey, which gathered responses from Chartered Accountants across Northern Ireland, highlights the crucial issues of cost barriers and their impact on career progression, while calling for increased childcare support and parity with initiatives in England. An overwhelming 75% of those surveyed cited cost as the biggest obstacle when securing appropriate childcare in Northern Ireland. For many, the financial burden of childcare is staggering, with two-thirds of respondents currently paying up to £1,000 each month per child. One-third of those surveyed are grappling with even higher costs, paying between £1,000 and £2,000 per month, per child. The survey also unveils the extent to which childcare responsibilities l impacts on career progression. A striking 93% of respondents acknowledged that their careers or working patterns had been affected. The survey found that 22% of respondents had been forced to reduce their working hours, while 29% had requested flexible hours to manage their childcare needs. An additional one-third are contemplating making adjustments to their working hours, underlining the magnitude of this challenge. In a call for improved childcare support, a significant majority of those surveyed expressed their desire to see parity with the enhanced childcare provisions announced in England, such as the commitment to providing 30 hours of free childcare for all children under five by 2025. Parents in Northern Ireland are looking for similar support to alleviate the financial burden and enhance their career opportunities. Commenting on the survey results, Zara Duffy, Head of Northern Ireland, Chartered Accountants Ireland said, "The findings of this survey make it clear that Northern Ireland must address the critical issue of childcare costs and its impact on parents' careers as a matter of priority. “We would like to see the Government taking urgent action to support parents. This includes exploring the possibility of providing more affordable childcare options and considering initiatives that aligns Northern Ireland with the childcare provisions being offered in England." “These survey results serve as a stark reminder of the challenges faced by parents in Northern Ireland and the urgent need for accessible, affordable, and high-quality childcare services. Chartered Accountants Ireland is committed to advocating for changes that will ease this burden and help parents balance their work and family responsibilities.”

Donal Bourke began his career as an ACA, and now works in FinOps in Leeds, UK. He has also launched a YouTube channel advising others who might be considering a move into FinOps. Did you fall into finops or was it by design the you moved into the area. A keen interest in IT perhaps? My path to FinOps was a combination of luck and design. While working as an accountant, I enjoyed the people engagement side but was frustrated by the fact that we were often reporting figures after the fact – closing the gate after the horse had bolted so to speak. This prompted my first career pivot into analytics. My accounting qualification gave me a great understanding of how businesses work and a comfort with numbers. I took this base and built on it through acquiring skills manipulating large data volumes (ETL – Extract transform and Load) and developing data visualisation skills. These skills lead to my first career pivot into sourcing analytics. In this role I built data workflows to allow sourcing managers make better buying decisions based on what we had purchased in the past and planned to purchase in the future.  One of the categories I supported was IT Infrastructure with our largest spend being on public cloud. Given the size of the spend, this area began to focus more and more of my time. The more I learned about the public cloud the more opportunity I saw for someone who can wrangle large data sets, make sense of numbers, and communicate these to the business. I gained my FinOps certification and was approached about a FinOps consulting role in another company which is where I am now. What skills, intrinsic to an ACA, make you an effective proponent in the FinOps area? Growth mindset and continuing professional development is a key characteristic when working in the FinOps area. The cloud providers offerings are changing constantly as well as customers' IT infrastructure. All these changes need to be considered and appropriate actions taken to deliver the greatest value to our customers. What additional training did you have to do? If I was starting on the learning journey again the key steps I would take are as follows: Understand the basic concepts of cloud computing. I found this podcast (Cloudcast Basics) very useful AWS provide some free training material which would bring you through the various services in more detail Understand the kind of activities FinOps involves and get used to some terminology. Another podcast I found useful was Cloud Cost Optimization Take the FinOps certification course and exam to get accredited (the course is about $600 and the exam is about $300) Once certified you will have access to the FinOps community to show how to apply what you have learned. What is your take on the growing convergence between IT and finance/accounting? The rise of cloud raises a new challenge for finance. Previously, companies had on-premises data centres (private clouds) for which they would raise a Capex request which would go through the various levels of approval before the purchase is made. In the world of cloud, engineers are creating cloud resources with every line of code they write. The developer's priority is to make the system run while cost may be lower down their list. All these charges build on each other in opex leading to a growing cloud bill which may contain a rising level of technical debt. This is where FinOps comes in: to bridge the gap between the technical architecture and financial accountability. What advantage or differing insights do you have versus your IT professional counterparts in your current team? Being able to layer business context to the numbers and architecture is a major advantage. For example if a customer's cloud bill jumps all of a sudden, this may be due to a sale or promotion being run by the business. By understanding this context we can make better decisions. How do you see the area of FinOps evolving in the years ahead ? Is AI a threat to it or a boost? FinOps as a discipline has only been around since 2019 with earlier incarnations of cloud cost management only being a few years earlier. Given the early stages, the growth and foundational frameworks are still being put in place so it’s very hard to see where it will end. Given the volume of data being generated from cloud providers, data literacy will become more and more important. I can see AI having two major impacts in the FinOps space: AI being used a s a co-pilot to sift through vast data sets to find the anomalies that require action and optimisation All these AI models run on the cloud, guess who needs to monitor the efficiency of these cloud environments?… FinOps practitioners! I would liken it to being a shovel salesperson in California during the gold rush. A FinOps practitioner may not necessarily build the models, but they will be needed now more than ever. What does a typical month or quarter look like in the FinOps space? Daily monitoring of the customer's environment to optimise their cloud commitment mix to maximise savings Building data models to improve data points to allow better decisions be made for the above commitments Monthly/quarterly customer meetings where architecture changes are discussed to understand future optimisation opportunities No month end!! What career "stepping stones" would you recommend to a newly qualified ACA keen to get into this area? Much like my own additional learning I mentioned earlier, I'd try to grasp and learn the basic concepts involved in cloud computing; things like the Cloudcast Basics podcasts were helpful to me; The AWS training material can help boost knowledge of the services in a more detailed way; get your head around the terminology and get certified. That's really the key, as it can give you greater access to the community and opportunities within the industry. Donal Bourke is a Cloud Optimisation Consultant with NetApp Donal's YouTube channel, FinOps for Finance, gives an overview of FinOps, how it relates to finance, and how to pivot into a career in the growing space of cloud optimization.                                                 

The finance function has a key role to play in embedding AI into a company’s operations now and in the future, writes Katie Burns With financial data underpinning most business operations, how an organisation’s finance team embraces artificial intelligence (AI) will be central to how that business develops and grows. With their domain knowledge and controls-based mindset, the finance function is well placed to be an agent of change, embedding artificial intelligence into the operations of the wider company. The CFO The realisation that data is an asset means organisations will look to finance to prioritise business partnering as a way of sifting through this information and driving better strategic decisions. At the heart of this will be the Chief Financial Officer (CFO), whose role has undergone rapid change in recent years.  In the EY survey ‘DNA of the CFO: Is the future of finance new technology or new people?’, 69 percent of global finance leaders acknowledged this change and pointed to the automation of key finance tasks as the main factor driving the trend. The same report also indicated that 90 percent of companies worldwide are prioritising capital investment in digital transformation. While traditional financial responsibilities such as bookkeeping, financial planning, risk management and reporting are still central to the role, CFOs are now also accountable for the strategic direction of the company. Advances in technology mean they need to be on top of all developments in data analytics and related AI technology to manage forecasting and predictive insights. The use of integrated (internal and external) data models can provide real-time insights and predictive scenario-based analytics, which will enable more agile planning. As external operating conditions evolve, CFOs will also be better placed to deliver on the business need for more financial and non-financial information.   For the CFO to successfully implement new technology, they will need to drive a robust and sustained change management programme – in particular, successfully managing a workforce that may be apprehensive. To build confidence within finance teams, CFOs should consider strategies for upskilling and training, focusing on tasks that add value, and, most importantly, addressing concerns through open and transparent communication. On the other hand, when it comes to attracting talent, AI will be a selling point. Many early-stage accounting professionals now expect data-led technology to be the norm, so companies that are not investing in connected, data-driven and efficient systems will struggle. Leveraging technology to reduce manual tasks also means building a more insight-driven, client-focused finance team. The finance function  Perhaps no part of any enterprise has as many repetitive and routine tasks as a finance department. Inputting invoices, tracking receivables and logging payment transactions are high-cost, low-return activities. Using AI to transform these processes can significantly reduce manual effort while increasing data quality and accuracy, freeing up employees to work on value-add strategic work. Releasing the finance team from such tasks not only helps them to save time, it also means they are able to drive greater impact by employing their knowledge in other areas. Accountants’ expertise, for example in controls awareness and understanding data biases, can be used to design fraud and risk detection. By using machine learning to suggest risk rules based on a company’s own specific transaction and fraud data, suggestions can be made for fine-tuning the system and the rules used to flag potentially fraudulent activity. This innate capability can also be used to serve other departments across the organisation as they seek to embrace AI. Ultimately, for finance teams, understanding the collaborative power of AI is key, enabling them to leverage its usefulness so they can carry out more strategic work. While AI can process vast amounts of data at a rapid pace, it does not have the same critical thinking and decision-making capabilities as people. People have the ability to identify and address bias in data and core skills. They know the right questions to ask to help understand a client’s requirements, and which data will serve that client best. This means financial professionals have an important role to play in technological transformation. The future It’s not just through these current opportunities that AI has the potential to shape the finance function in the future, however. From automated report generation and improved forecasting to handling compliance matters through validation of disclosures for statutory reporting, the ability to interact with tools powered by AI will change how finance teams access and analyse data, driving better insights and potentially enabling them to identify more business growth opportunities. In the future, next-generation finance centres of excellence will leverage AI and emerging technologies to deliver faster and better integrated finance analytics and insights. Potential advancements here include:  More accurate forecasting drawing on both enterprise data and sources, such as customer behaviour and competitor activities; a greater understanding of strategic risk and resilience, including data-driven early warning systems; and more connected financial reporting, driving KPIs, stakeholder management and communication across multiple channels. When it comes to the more challenging aspects of developing a clear AI strategy and ensuring that organisations have the necessary capability, technology and stakeholder buy-in, the CFO will play a central role by empowering the finance team to make even better data-driven decisions and, in turn, positioning them as key drivers of the overall business strategy. Katie Burns is a Consulting Partner at EY Ireland

The pervasive use of business jargon can hinder effective communication and alienate colleagues and clients. Jean Evans explores the impact and pitfalls of using it in business According to Duolingo, many words and phrases used in ‘business English’ have been subsumed into other languages, and 60 percent of people say they had to figure out the jargon used on their own when entering an organisation or business sector. The prolific use of business jargon can not only lead to potential miscommunication, it can also exclude others in the organisation from networking within their business sphere. Why do we use jargon? The use of jargon can achieve several things. It can: project authority; convey sophistication; showcase trendiness; and show business savvy. However, jargon can make others in your organisation or at a networking event feel uninformed and stressed, leading to less productivity, miscommunication and heightening another person’s sense of imposter syndrome. Acronyms Acronyms can be equally confusing and isolating for people who don’t understand them. In business, we hear a tremendous number of acronyms. Never assume your audience understands them. If acronyms crop up, make sure they are explained in full at the outset. For example, “key performance indicator (KPI)” can be formatted to inform an uninitiated reader of the acronym’s meaning before they continue reading the document. Jargon in marketing and promotion The amount of jargon used in brochures, websites, social media pitches and proposals can be staggering, particularly in hard-to-understand areas such as finance. If you want to sell your services to those outside the accountancy profession, eliminate all the technical terms you would typically use daily from client-facing content and have someone outside your industry review copy to see if it stands up on its own. If they understand what you are trying to sell, so will potential clients. Raise your awareness Become aware of the language you use. It can create a barrier, but when used correctly, it has the power to include everyone in the conversation. Jean Evans is a Networking Architect at NetworkMe

Budget 2024 was substantial. Brian Brennan and Norah Collender outline the measures that will be implemented in the new Finance Bill Finance (No.2) Bill 2023 was introduced by Minister McGrath following a budget package worth €14 billion announced on Budget Day. The Bill is large by normal standards, running to over 270 pages, due to substantial legislation required to introduce the new minimum effective rate of tax for companies/groups with revenues exceeding €750 million. The Bill sets out the legislation for measures announced on Budget Day along with the customary raft of changes of keen interest to us, the accountancy profession, as advisors and business leaders.   Corporation tax  The Bill proposes numerous measures impacting businesses, including changes to corporation tax loss relief rules and amendments to the taxation of leases.   The Bill also includes a revised form of the bank levy for 2024 based on a measure of deposits held by each liable institution. In addition, the Bill sets in motion the Budget’s enhancement of the R&D Tax Credit (RDTC) rate to 30 percent and doubles a company’s first-year refundable RDTC instalment. These enhancements apply to accounting periods commencing on or after 1 January 2024. The Bill also introduces a ‘pre-notification’ requirement for new RDTC claimants or companies that have not made an RDTC claim in the three previous accounting periods.   New measures are also provided for in the Bill on outbound payments of interest, royalties and distributions (including dividends) to jurisdictions on the EU list of non-cooperative jurisdictions, no-tax and zero-tax jurisdictions. These measures are designed to meet commitments contained in Ireland’s National Recovery and Resilience Plan. Income tax The Bill sets out the required provisions to enable Budget increases to income tax rate bands, tax credits and reductions to USC. It also provides that gains on the exercise, assignment or release of a right to acquire shares or other assets will be assessed under the PAYE regime for gains realised on or after 1 January 2024. As with other emoluments and benefits chargeable under PAYE, employers will be responsible for processing the calculation and collection of tax as part of their employer PAYE returns.  Capital gains tax (CGT) and Capital acquisitions tax (CAT) The Bill proposes changes to CGT Retirement Relief for business owners and farmers, which extends the age limit for the relief from 66 to 70 but limits disposals to a child made by a disponer aged 55 to 69 to €10 million. This measure will be an impediment to a well-organised lifetime intergenerational transfer of larger businesses.    The Bill introduces a new CAT reporting requirement on interest-free loans involving private companies, even where no gift tax is payable. Clawback provisions impacting CAT Business Relief and Agricultural relief are also amended in the Bill.   Pension measures Several measures relating to pensions are proposed in the Bill, including the removal of the upper age limit on taking benefits from Personal Retirement Savings Accounts (PRSAs), allowing for drawdowns by PRSA holders after they reach the age of 75 years. The Bill proposes that Revenue will not approve any applications for new retirement annuity contracts received after 1 January 2024. Anti-avoidance measures in the Bill aim to prevent assets from being used to provide loans and/or as security to private companies. Pension funds will also have to ensure that tenancies are registered with the Residential Tenancies Board (RTB) to avail of gross roll-up on rental income.   Property The Bill legislates for the Budget’s relief at the standard rate of income tax for residential rental income earned by landlords with properties in the rental market from 2023 to 2027. In addition, the Bill clarifies the taxation of rents paid to non-Irish resident landlords by amending legislation introduced in the Finance Act 2022. In summary, where a tenant of a non-resident landlord pays rent to a collection agent, the tenant will not be required to deduct and remit withholding tax to Revenue. Instead, the collection agent may either deduct and remit tax to Revenue or otherwise remain assessable and chargeable for tax in respect of the rental income of the non-resident landlord.  The Bill also extends the Help to Buy scheme until the end of 2025.   VAT The Bill confirms a number of measures announced in the Budget, such as the extension of the nine percent rate of VAT for the supply of gas and electricity, the application of the zero-rate of VAT to certain audiobooks or eBooks, and the increase in the VAT registration thresholds. The Bill is currently making its way through the Dáil and is expected to be signed into law just before Christmas.  Brian Brennan is Tax Parter at KPMG Norah Collender is Tax Director at KPMG

Welcome to this edition of Technical Roundup. In recent developments, a new traffic light display, which will indicate if a charity has submitted their accounts and reports to the Charity Commission for Northern Ireland on time, is being rolled out on the Register of Charities; the European Securities & Markets Authority has published an article on the evolution of the European share market structure from 2019 to 2022, following the implementation of the markets in financial instruments directive (MiFID II). Read more on these and other developments that may be of interest to members below. Financial Reporting The Institute has issued its response to the International Accounting Standards Board’s (IASB) request for information on the Post-Implementation Review of IFRS 15 Revenue from Contracts with Customers. Whilst supporting the strong framework provided by the five-step framework in IFRS 15, the Institute made some recommendations and comments in its submission, including a request for further guidance in certain areas where the application of the standard is more challenging. The Institute has also issued its response to the draft amendments to the LLP SORP. Some of the updates being proposed to the SORP include. Updates for Climate-related financial disclosures Guidance relating to amounts payable to former members Guidance on sharing of group profits Guidance on automatic division of profits to members who do not provide any substantive services to the LLP An effective date of periods commencing on or after 1 January 2024 is proposed for the changes EFRAG and the UK Endorsement Board have also issued their responses to the IASB’s request for views on the Post-Implementation Review of IFRS 15. The Financial Reporting Council (FRC) has published a report looking at how companies can improve their corporate reporting by taking a more focused, strategic approach to assessing materiality. The European Financial Reporting Advisory Group (EFRAG) are holding a online roundtables for different interest groups at various dates in November and December entitled “Statement of Cash Flows – Is there a need for change?” In a thought provoking article, Oliver Boutellis-Taft, CEO of Accountancy Europe, discusses the methods used to categorise entities for regulatory purposes across Europe. This is largely performed using quantitative metrics such as turnover. In the article, the potential benefits of the use of more metrics which are based on impacts and risks are discussed. Accountancy Europe has issued its October 2023 Newsletter. The IFRS Foundation has issued its National Standard-setters newsletter. This discusses the recent World Standard Setters Conference which was held in London on 25th and 26th September. The IASB has issued its October 2023 update. this summarises the recent activities and decisions made during their recent meetings. The IASB has also released its October 2023 podcast. The IFRS Foundation has also released its October 2023 monthly news summary. IFRIC, the IFRS Interpretations Committee has issued its September 2023 update. This summarises the decisions reached by the Committee in its recent meetings. Assurance and Auditing The Financial Reporting Council (FRC) has launched a consultation to strengthen auditor requirements to detect and report material misstatements from non-compliance with laws, ISA(UK)250A and ISA (UK)250 B, and regulations and to clarify when auditors should report such breaches, and other significant matters, to the relevant regulators. The aim is to enhance the useability and informativeness of the audit. They are consulting on strengthening both ISAs and the consultation closes on 12 January 2024. The FRC are planning a webinar and roundtables in  November for interested parties. Chartered Accountants Ireland has responded to the FRC’s consultation on proposed amendments to the Ethical Standard for Auditors. We welcome the moves to align with the IESBA standard and we are supportive of changes which add clarity and therefore make compliance easier, but we have concerns that the proposed effective date of 15 December 2024 might not allow firms sufficient time to make the necessary changes to their global systems. Sustainability Proposed ISSA 5000: the application of materiality by the entity and the assurance practitioner. As part of the IAASB's intensive outreach campaign across the globe, there were requests from a range of stakeholders to provide additional information on materiality matters to better help them navigate the recently proposed International Standard on Sustainability Assurance (ISSA) 5000, General Requirements for Sustainability Assurance Engagements. This comprehensive set of Frequently Asked Questions was developed to respond to these requests. The compilation addresses a variety of questions, including how the concept of materiality applies to sustainability reporting and assurance; the definition of double materiality; and how an assurance practitioner considers an organization’s “materiality process” during a sustainability assurance engagement, among other questions and answers. Following the passing of the scrutiny period for the European Sustainability Reporting Standards (ESRS), the 12 standards have now been adopted and integrated in the European legal framework. The European Financial Reporting Advisory Group (EFRAG) have welcomed this significant milestone and noted its dedication to providing support for the successful implementation of the suite of standards. This includes: Their launch of a Q&A platform to encourage stakeholder dialogue The development of further standards for SMEs The ESRS did not go unchallenged through the period of scrutiny and on 18th October, a resolution calling for a new delegated act to be submitted (containing significant reductions on the level of requirements placed on companies by the CSRD and ESRS) was defeated in the European Parliament by a margin of 359 against to 261 in favour. Whilst the challenge was defeated, it is notable that the margin in favour of a revision to the CSRD was significant. Accountancy Europe together with ECIAA and ecoDa has released a publication entitled “ESG Governance: questions boards should ask to lead the sustainability transition”. This publication aims to help boards in embedding sustainability factors into company strategy and business models and to ensure proper governance of this. The Brazilian Ministry of Finance and the Comissão de Valores Mobiliários (CVM) have announced that the International Sustainability Standards Board’s (ISSB) IFRS Sustainability Disclosure Standards will be incorporated into the Brazilian regulatory framework, setting out a roadmap to move from voluntary use starting in 2024 to mandatory use on 1 January 2026. The FRC and the British Accounting and Finance Association's (BAFA) hosted a joint event: Embedding Sustainability in Audit and Accounting Education—A forum for Professional Accountancy Bodies, Academics, and Training Providers on 1 November at Manchester University. The International Sustainability Standards Board has issued its ISSB Update, and the latest episode of the ISSB podcast. Insolvency For readers who did not secure a place on the Corporate Enforcement Authority’s (CEA) inaugural conference of 19 October 2023 ,the CEA has now made available the content of most of the papers delivered at the conference and readers can access the papers on the CEA’s website under the “Events “ button. A notable judgement has been handed down in a recent examinership case. In the case involving Mac Interiors Limited, Mr Justice Michael Quinn ruled that the court had no jurisdiction to confirm the scheme of arrangement proposed by the Examiner. Read the article on our website here. Economic crime/Anti-money laundering Readers should note that the Economic Crime and Corporate Transparency Act received royal assent on 26 October 2023. Please click here to access the legislation and here for a press release from UK government on the legislation. It includes new enhanced powers for UK Companies House and a new much debated failure to prevent crime offence for large organisations. More detailed analysis of the legislation and its applicability to our readers will follow in future news items. The Institute’s Professional Standards Dept. (PSD) has recently issued its AML supervision report 22/23. The report outlines PSD’s risk methodology identifying various risk factors to which accountancy firms may be exposed, including but not limited to higher risk services; higher risk clients; exposure to high-risk jurisdictions; complex firm structures and poor regulatory history. It also deals with risk profile of TCSPs (ROI - med/high risk of money laundering, med/low risk of terrorist financing and UK high risk of money laundering). Emerging risks include increase in insolvencies, risks associated with bounce back loans, the ongoing crisis in Ukraine and cryptoassets. Finally, the most common findings related to breach were no or inadequate documented policies & procedures, inadequate documentation of CDD, no or inadequate CDD procedures, no ongoing CDD monitoring, no or inadequate client risk assessment/record missing, no/inadequate periodic review of compliance with AML regs, no or inadequate training, no or inadequate firm-wide risk assessment. In the latest SARs in Action magazine, a wide range of money muling issues are discussed. The National Crime Agency 's National Economic Crime Centre looks at how money muling networks may form, there is a look at how money muling is addressed within the banking sector by NatWest Group, and a discussion on educating young people on the threat of money muling by UK Finance.  The latest Financial Action Task Force (FATF) 'High-Risk Jurisdictions subject to a Call for Action' (black list ) and 'Jurisdictions under Increased Monitoring' (grey list ) documents issued by the FATF on the 27 of October 2023 are now available on FATF’s website and you can access the information here. Other News The European Banking Authority (EBA) and the European Securities and Markets Authority (ESMA) have published a Consultation Paper on two draft Joint Guidelines covering suitability assessment of members of the management body, and suitability of shareholders and members with qualifying holdings of issuers of asset referenced tokens (ARTs) and of crypto-asset service provider (CASPs).  A new traffic light display, which will indicate if a charity has submitted their accounts and reports to the Charity Commission for Northern Ireland on time, is being rolled out on the register of charities. The Central Bank of Ireland are hosting a Financial System Conference 2023 – Achieving good outcomes in an uncertain world – which will take place on 8 November 2023 at the Aviva Stadium in Dublin.  This event will bring together diverse perspectives from industry leaders, consumer representatives and policymakers, from Ireland and across the EU, to discuss and debate key issues for the financial system.  UKFIU's magazine SARs in Action: Special edition on Money Mules The Financial Reporting Council (FRC) welcomes the appointment of Alan Vallance as the Institute of Chartered Accountants in England and Wales’ (ICAEW) Chief Executive Officer, replacing Michael Izza who is due to retire in spring 2024. ESMA has published an article on the evolution of the European share market structure from 2019 to 2022, following the implementation of the markets in financial instruments directive (MiFID II). Specific focus is given to the impact of the UK’s withdrawal from the EU, given its pivotal role in equity markets. In an interesting article issued by IFAC, Pascal Bornet discusses the opportunities that artificial intelligence and intelligent automation provide to accountants. The Screening of Third Country Transactions Bill 2022 was signed into law by the President on 31st October 2023. The finalised text of the legislation is not yet on the Irish statute book website and it is anticipated that it will not become operational until Q2 2024. The legislation when operational will require that certain investments in critical Irish industries that may present risks to Ireland’s security or public order must be reviewed by the Minister for Enterprise Trade and Employment. The legislation will apply to transactions (or an accumulation of transactions in a twelve month period) equal to or greater than €2,000,000. Third country is  any non-EU/EEA country other than Switzerland. Therefore the UK and the US fall within the definition of third country. The types of transaction to which the legislation will apply are set out in Article 4(1) (a)-(e) of the 2019 EU regulation establishing a framework for the screening of foreign direct investments into the Union such as critical infrastructure including energy transport, water and critical technologies including aerospace, defence, energy storage. The trigger for a transaction to fall within the scope of the legislation is a change in shares or voting rights from 25% or less to more than 25% or from 50% or less to more than 50%. The Minister can review transactions post completion in certain circumstances and can call in certain transactions even if non notifiable where there are reasonable grounds for believing that the transaction would be manifestly contrary to Irish security or public order. Following recent changes in UK legislation, cryptoassets promotions targeting UK customers now fall under the remit of the Financial Conduct Authority (FCA). In light of this, the FCA has introduced rules designed to give people a better understanding of what they are investing in. They have also issued guidance to support crypto firms in complying with the new marketing rules. The European Commission has adopted the proposal to increase the company size thresholds set out in the Accounting Directive. This follows a consultation period in recent months which proposed a 25% increase in the size limits for turnover and balance sheet total to reflect the levels of inflation since the limits were introduced. The Institute, under the auspices of CCAB-I issued a response to this in October and agreed with the proposed increase. The amendments will not come into force until they are published in the Official Journal. Once in force, the changes would allow member states, including Ireland, to increase their company size thresholds for turnover and balance sheet total locally. The FRC has released two reports on the actuarial profession in the UK. One report highlights gender imbalance in the profession, its second report looks at the use of AI and machine learning in UK actuarial work. The CRO has published its Christmas filing deadlines and clarifies that processing before the Christmas break of submissions received after the dates below cannot be guaranteed:            FE PHRAINN ONLINE SCHEME 12 DECEMBER 2023 A1 ORDINARY ONLINE SCHEME 7 DECEMBER 2023 CHANGE OF NAME 8 DECEMBER2023 REREGISTRATIONS 8 DECEMBER 2023 COMPANY NAME RESERVATIONS 15 DECEMBER 2023 For further technical information and updates please visit the Technical Hub on the Institute website.  

Ronan Guilfoyle was inspired by a friend who made the move to the Cayman Islands, so when the opportunity arose to do the same, he took the leap. We caught up with Ronan to learn a little more about his life and work in the Caribbean. 1. Where did you grow up and where do you live now?   I was born and raised in Douglas in Cork. In 2002, I moved to the Cayman Islands where I still live. 2. Can you tell us a little about how you got to where you are today – both the geographical relocation and career path. And, looking back, what advice would you give your 20-year-old self? It's a long story! I got my degree in accounting from Universtity College Cork and then became an Auditor with EY in Cork, and passed my FAEs in 2000. Just the next year, a friend of mine who was also an accountant moved to the Cayman Islands and as we kept in touch I became more and more interested in that kind of work and lifestyle. And a year after that, an opportunity came up to work in Cayman in fund administration. At that time, the Cayman Islands was the leading offshore fund domicile, primarily serving a US client base. It's a highly successful international financial centre, due to its flexible regulatory framework- based on UK common law, a stable political climate and its tax neutral status. When I arrived, I first worked with a boutique fund administration firm, which was later taken over by a larger more established player. Over the next four years, I rose to Senior Manager level and was offered the opportunity to return to Ireland to open an office for the firm. At the same time, I was also approached by a former employer to join him at DMS (now Waystone), which was one of the larger governance firms in Cayman. I was really enjoying my time in Cayman and I wasn’t ready to come home yet, so I stayed. Cayman is an incredible place to live, with good weather all the time, beautiful beaches and a great community of professionals working in the financial services sector.  The infrastructure and amenities here are first class and we are just an hour away from Miami. I had also established a life here, with friends and hobbies, plus a good standard of living. Part of my mandate at DMS was to expand the firm outside of Cayman as then it was only operating from one jurisdiction. I opened the first international office in my home town in Cork, shortly afterwards another one in Dublin, and by 2012 there were a further six offices across the network and a significantly larger team. In 2010, I was made a partner. After 10 years with the company, I felt the time was right to start my own firm. I invited a colleague, Wade Kenny, to join me and we started Calderwood in 2016 as a specialist fund governance firm. Fast forward to now, and by the end of this year, we will have 14 people in the team, and we're winning awards for our work. We have expanded our presence to the US, Asia and the UK. Thinking about what advice I would give my younger self is an interesting exercise because I’ve been quite successful and have enjoyed the things I have done. I’ve learned that nothing comes for free and in order to progress at any level at any firm, I think you have to be willing to work incredibly hard, but also efficiently – to maximise the effort. Sometimes that entails some sacrifice, but in my case I feel it has been worth it.  I think one of my key strengths is to trust my gut and make decisions quickly. That’s not to say haven’t made any mistakes, but it’s about what you do with each lesson. That’s the most important thing to take forward.  3. What made you choose to become a Chartered Accountant? It was always a favourite subject at school and something that I to excelled at. A friend’s father had a small accountancy office and I did some work experience with them. It was administrative work, but I really enjoyed working with the accountants there. This all drove me to the career decision, and I was able to formulate a plan for how to get there. I chose accountancy as a Leaving Certificate subject, then I did a specialised degree focused on accounting so I could complete the first two years of my accountancy exams sooner. I think the combination of my natural aptitude, plus my enjoyment of the subject matter really helped me to accelerate my learning and kick start my career. 4. What do you value most about your membership of the profession and how do you think those benefits can be used to support the economy and society? Being part of this industry group and the association is very important to me. I remember reading many years ago that 60% of Fortune 500 CEOs were accountants, and I was very impressed by that. The designation certainly helps open doors for you, particularly through fellow members of the Institute. And as we all know, the designation is recognised all around the world, which is useful. 5. As a member living away from Ireland, can you talk to us about how your membership has been of value to you living overseas?  The membership really helps me feel connected with what’s happening in Ireland. The emails and other publications are very useful to keep up with things from a tax perspective. I may well return to Ireland one day, so keeping the connection active is important to me. I have always maintained my designation with the Institute and appreciate being part of this elite group of Irish accountants.  When I heard that a member chapter had established in Bermuda, I thought to myself that as we have lots of accountants here, it would make sense to start our own group in Cayman: to have a Cayman voice for our Irish Institute members. We hope to hold our first meet-up event soon. The Irish community here is already very close and I think this is a great way to strengthen those ties and mentor some of the newer Irish accountants who have just come to Cayman. We can advise them and be a resource as they navigate the industry here for the first time. The Irish community here gave me an excellent welcome and that was also one of the things that inspired me to set up this new chapter.  6. What were the most significant/noticeable differences you encountered doing business and networking away from home and back in Ireland? I have spent the majority of my career in the Cayman Islands and people do make the predictable jokes, but it’s not about all sitting on the beach and drinking cocktails. While I can’t deny it’s a fabulous place to live, the truth is it has taken many long days and long nights for me to achieve success, which of course is the case anywhere. Having support from other Irish people in all sides of life was great. I think pretty much anywhere you go in the world you can find a great community of Irish people and that is certainly the case over here. A lot of the networking in Cayman revolves around the Irish pub and the Gaelic Athletic Association, which is one of the biggest clubs on the Island.  Ronan Guilfoyle is Co-Founder and Director of Calderwood.      

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

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

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

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

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