Revenue has published a report setting out the key findings from the public consultation on modernising Ireland’s administration of VAT. The initial stage of the consultation, which launched in October 2023, focused on the modernisation of Business to Business (B2B) and Business to Government (B2G) VAT reporting, underpinned by eInvoicing.  The Institute’s response to the consultation, under the auspices of the CCAB-I, was one of 1,118 responses received by Revenue. The majority of responses were received from VAT registered businesses, of which 54 percent operate as a sole trader or partnership. Only 20 percent of business respondents trade in goods only, 55 percent provide only services, with 25 percent providing both goods and services.   The majority of business respondents had annual turnover not exceeding €700,000, with 46 percent reporting annual turnover of less that €100,000. By contrast, just 6 percent of responses were from firms whose turnover is more than €12 million each year.   Businesses and other stakeholders both emphasised the need for modernisation to be implemented cost-effectively and within existing businesses systems as far as possible, with minimum business disruption in terms of cost and resource time. An appropriate lead-in time with phased implementation and a suitable transition period, supported by early publication and certainty on the detailed technical requirements with a strong preference that these specifications should be consistent with VAT in the Digital Age (ViDA) is a priority. They also highlighted the importance of maintaining robust controls and data security measures to safeguard sensitive financial information from cyber threats and data breaches.  Revenue acknowledges and thanks all those who took the time to contribute to the process. It notes that further consultations and other public engagement will follow, as reform proposals take clearer shape, are tested, refined, and put into operation.  The CCAB-I will continue to work with Revenue on this project via the TALC Indirect Forum and TALC VAT Modernisation Subgroup and will keep readers updated.  

The latest Tax Gap publications for 2022/23 were published last month by HMRC and set out how the tax gap has increased by £1.7 billion to £39.8 billion in absolute terms. In percentage terms the tax gap is 4.8 percent (5.2 percent 2021/22) of the £823.8 billion total theoretical tax liabilities for 2022/23. The tax gap is the difference between what HMRC expects the total tax take for 2022/23 to be, and the actual tax received. According to the statistics in the publications which are linked below, small businesses accounted for nearly two thirds of unpaid tax.   The largest components of the tax gap by tax type are the Corporation Tax gap and the Income Tax, National Insurance Contributions and Capital Gains Tax gap, both at a 34 percent share, followed by the VAT gap with a 20 percent share. As in previous years, the tax gap from small businesses is the largest component of the tax gap by taxpayer group which was a 60 percent share in 2022/23.   There was also strong year-on-year growth in HMRC’s tax receipts in these two years, most likely due to fiscal drag. You can read the published receipts figures on GOV.UK.  The 2022/23 Tax Gap publications are as follows:  Measuring tax gaps tables  Quality report: Measuring tax gaps, and  Measuring tax gaps 2024 edition: tax gap estimates for 2022 to 2023.   

Do you complete expenses and benefits returns? Or do you complete online filing for employment related securities? If so, you have a key role to play in ensuring returns are submitted by the 2023/24 filing deadline of 6 July 2024 and payments are made on time. The 2023/24 deadline to apply for a PAYE settlement agreement (PSA) is 5 July 2024, with payments due by 22 October 2024 (19 October 2024 if not paying electronically).  By way of reminder, from 6 April 2023, forms P11D and P11D(b) can only be submitted online by employers (except for the digitally excluded). Also, since 6 April 2023, an online service is available for employers and their agents to apply for a PSA.   It should also be noted that where Enterprise Management Incentive (EMI) options are granted on or after 6 April 2024, although the statutory reporting deadline is 6 July following the end of the tax year, some plan rules require the employer to notify HMRC within 92 days of grant. If this is the case, failure to report within the deadline can lead to the option lapsing or becoming non-tax advantaged. We recommend that employers check any EMI plans urgently to ensure this deadline is not missed.     Here’s a reminder of the key deadlines:  6 July 2024 - deadline for submitting all 2023/24 P11D(b) and P11D forms, and the employee must receive their copy of the P11D  6 July 2024 – deadline for online reporting of the 2023/24 annual return in respect of employment related securities  19 July 2024 - deadline for non-electronic payment of Class 1A National Insurance Contributions (NIC) for 2023/24, and   22 July 2024 - deadline for electronic payment of Class 1A NIC for 2023/24.   Looking ahead to the future, we also remind you that from April 2026, the reporting and payment of income tax and Class 1A National Insurance Contributions on benefits in kind must be done via payroll software.  

In this week’s EU exit corner, we bring you the latest guidance updates and publications relevant to EU exit. The most recent Trader Support Service bulletin is also available and HMRC is warning about issues with license data flows between the Customs Declarations Service (“CDS”) and the Department for Business and Trade's (DBT) electronic licensing systems.   CDS licensing issues  HMRC has become aware of issues with licence data flows between the CDS and the DBT’s electronic licensing systems (also known as SPIRE/LITE). According to HMRC, these are temporary issues which happen if a CDS export declaration contains errors that impact the licence. If this occurs, the declaration cannot progress to cleared. HMRC has published guidance for declarants on how to deal with the issue and is currently working on a resolution with the DBT. An update will be provided in due course.  Miscellaneous updated guidance etc.   Recently updated guidance, and publications relevant to EU exit are set out below:  Authorised Consignee Temporary Storage (ACTS) location codes for Data Element 5/23 of the Customs Declaration Service  Known error workarounds for the Customs Declaration Service (CDS)  Claim repayment or remission of charges on rejected imports  How to claim a repayment of import duty and VAT if you've overpaid  Transit newsletters — HMRC updates  Internal temporary storage facilities (ITSFs) codes for Data Element 5/23 of the Customs Declaration Service  Data Element 2/3: Documents and Other Reference Codes (Union) of the Customs Declaration Service, and  Apply for release of a private vessel on payment of Customs Duty and VAT.   

Revenue has updated the Tax and Duty Manual which provides guidance on the Enhanced Reporting Requirements (ERR) for employers. As previously reported, the period of Revenue’s ‘service to support compliance’ is extended to the year end. The updated guidance therefore confirms that in the period 1 July 2024 to 31 December 2024, Revenue will continue to support employers in relation to their ERR obligations and will not seek to apply penalties for non-compliance.  The updated manual also confirms that from 1 July 2024, there is a firm expectation that all employers providing reportable benefits submit details of same on or before the provision of the benefit. It is also expected that any employer who commences filing after 1 July, will be expected to backdate its filings to 1 July 2024.   Employers experiencing difficulties complying with ERR are advised to report issues to Revenue through MyEnquiries, or through the National Employer Helpline, which can be contacted on (01) 738 3638 between 09.30 and 13.30 Monday to Friday.   Feedback on issues or problems you experience with the new ERR reporting regime can also be emailed to the Institute and we will continue to engage with Revenue through the TALC process.  

In every issue of The Bottom Line, we ask students for their thoughts on a particular topic. This month, we want to know: what's the biggest challenge you've overcome training to be a Chartered Accountant? Lydia Kelly, Deloitte As a fresh and enthusiastic graduate of the BSc in Accounting at UCC, I was confident in my expectations and understanding of the role of a trainee Chartered Accountant. As I commenced my training contract with Deloitte’s audit department in Cork, however, I succumbed to the pitfall of strictly classifying my time into two categories: work or study. It seemed like the natural course of action to gain the skills and knowledge needed in the working world, while also staying on top of my pre-recordings and webinars for the dreaded exams. This, however, led me to burnout. It was a steep learning curve as I discovered that committing 100 percent of yourself 100 percent of the time does not equal success. Although work and study are two of the main components of becoming a Chartered Accountant, there is also a third – self-care. It can be all too easy to neglect your mental and physical health when you feel stressed. I fell victim to this during my CAP2 exams and the busy season. Helpful advice I received during this time was that self-care should be part of your timetable – not just a reward at the end. This is something I will continue to apply in my professional career long after completing my training as a Chartered Accountant. Conor Flynn, EY Training to be a Chartered Accountant can present an array of challenges, particularly at the beginning of the training contract. Although some of these challenges will be specific to the individual, there are common hurdles all trainees must overcome. These include effectively managing your time, achieving work-life balance and passing your exams. My training contract began in September 2021, a period during which COVID-19 dominated all our lives and remote working had become the norm. Joining a new firm in normal circumstances can be challenging; joining a new firm during a pandemic, and working remotely for the first time, presented me with an entirely new set of challenges. Beginning my journey to becoming a Chartered Accountant in a remote environment wasn’t easy. Although my team put systems in place to reduce the impact of remote working on new people joining the firm, the benefits of working in the office for trainees cannot be replicated entirely online. My experience was that effective communication, collaboration and relationship-building were significantly more difficult online. What I learned was that the importance of the office cannot be understated. It enables trainees to develop a professional identity and sense of belonging within their firm. Therefore, I see the move to hybrid working as a positive for trainees. The benefits it brings include greater opportunity to collaborate and build relationships alongside the welcome flexibility of remote working. Tony Sanchex, Deloitte I think for me the biggest challenge I have faced in training to be a Chartered Accountant is learning how to apply my theoretical studies in real-world business situations. Considering the exam style, especially at the FAE level, we have been pushed out of our comfort zones as we apply relevant accounting standards, analytics and general knowledge to cases we may very well face at some stage in our professional careers. Thankfully, the support and client experience I have gained working with Deloitte has allowed me to practice this skill every day. This type of learning doesn’t happen overnight of course, but I have found that the more you think about the business environment, industry trends and economic factors impacting clients on a day-to-day basis, the easier it is to tackle your exam technique, as well as develop a healthy work habit for life.

Newly qualified accountants frequently navigate two to three job changes within their first five years post-qualification. Driven by a thirst for new challenges, diverse career paths, international adventures and enticing compensation packages, these moves are essential steps toward finding their ideal professional fit. Generally speaking, accountants will make an average of two to three career moves, either internally or externally, within their first five years of Post Qualification Experience (PQE). The first of these moves tends to naturally occur at the 18–24 month PQE mark. Why? It can be challenging to transition from a part-qualified to fully qualified accountant, particularly if you’ve completed a training contract in audit. Stepping into a finance department requires accountants to get to grips with new concepts, tasks and processes. After 18 months, most accountants may find that they have sufficiently adapted to their new roles and are ready for the next step in their career progression. Why move? There are several reasons why you might want to hop to a new job PQE. Exploring different career paths An ‘accountant’ role has several definitions and nuances. From consolidating financial statements in a group function of a PLC to maintaining the general ledger for specific entities within a shared services environment, no two ‘accountant’ roles are the same. Sometimes, it is difficult for a newly qualified (NQ) accountant to know which role suits them best – they need to try them out first. Contract roles, which are common for NQ accountants, offer a valuable opportunity to test-drive different roles, industries and work environments in a short period of time. Changing roles allows them to discover their strengths, preferences and, ultimately, the type of career that's the best fit. International opportunities A disruption to travel caused by COVID has accelerated the trend of accountants emigrating to Australia, the UK, Dubai or Canada post-qualification to spend a few years living and working abroad. Working visas necessitate frequent job changes as accountants experience different cultures, companies, and work styles within a limited timeframe. Reward package The near-full employment environment has created an employee-led market, where accountants have multiple career options from which to choose. With more NQ accountants emigrating, the pool of talent has diminished even more, further tightening competition for talent at this level, giving accountants leverage to negotiate attractive salary packages and benefits. As a result, NQ accountants may be more likely to make a job change if they are offered a more competitive compensation package elsewhere. In essence, a lot of it comes down to the demographic. At these early stages of their careers, accountants want to try new things and figure out where they are best placed. What to keep in mind If you’re a newly qualified accountant thinking about job hopping, there are some considerations to keep in mind: Several career moves may not present well on your CV: While exploring different roles can be valuable, a CV overflowing with short-term positions within a few years can raise red flags for hiring managers. They might question your commitment, stability or even competence without ever meeting you. If your moves have been for genuine reasons, it is a good idea to write a one-line explainer with each career move on your CV. This will provide the hiring manager with context about the reasons you moved roles. Think about your long-term objectives: There can be great value to staying with one organisation for several years, particularly if you are offered the opportunity to move internally within the organisation. You will get to know the business from different perspectives, deeply understanding its key financials, processes and strategy. Furthermore, you can develop strong relationships with your colleagues. This network becomes a support system for your professional development and opens doors to future opportunities. However, internal promotions/development are not always an option. Headcount limitations or a lack of opportunities to progress to more senior positions can result in accountants becoming “stuck” in their current roles. This is another contributing factor to this cohort of accountants looking to move externally. Be clear about your motivation: Before you click that “apply” button or say “yes” to an interview, question why you are considering a new role. Is there more room for growth and learning in your current role/organisation? Does the new role align with your long-term career aspirations? Is this move purely motivated by financial gain? By being clear about your motivations, you can target your job search strategically toward opportunities that facilitate your growth and set you up for long-term success. In some cases, there might be untapped potential for growth within your current organisation. Consider having a conversation with your manager about your career aspirations and exploring internal mobility options. Equipping yourself with the right knowledge and a strategic approach can help you navigate these early career moves with confidence and purpose. While exploring different roles and organisations is a natural part of your career journey, focus on opportunities that offer learning and propel you toward your long-term career goals. By prioritising growth over short-term financial gains, you'll be well on your way to building a successful and fulfilling career. Brian O'Connor ACA is the Team Lead of the Recently Qualified Accountants division of Barden’s talent advisory and recruitment firm in Leinster.

In the pursuit of academic excellence, students often overlook the power of breaks. Discover why strategic pauses are crucial for learning retention, focus, and overall well-being during intense study sessions. Students often believe that the key to academic or exam success lies in pushing themselves to the limits to study for hours on end without taking a moment to rest. However, when students deprive themselves of breaks, they are less productive, retain less information and in turn risk burning out. Taking breaks while studying is not only beneficial but essential for deep learning and performance. Breaks are important for maintaining our cognitive capability and our overall mental health and well-being. In addition, breaks fuel our productivity. Cal Newport in his book Deep Work describes deep work as “activities performed in a state of distraction free concentration that push your cognitive capabilities to their limits”. When a student engages in deep work, or productive deep study, they need to also take productive deep breaks. The benefits of breaks Taking breaks while studying are important for the following reasons: Enhances focus and concentration Our brains cannot maintain focus and concentration for extended periods. Taking short breaks during study sessions allows our brains to recharge, making it easier to maintain focus, concentrate and absorb information effectively. Much like our phones, our brains also need to be re-charged. Improves learning retention Taking breaks between study sessions can improve our ability to retain information. Breaks give your brain the opportunity to process and consolidate new information, making it easier to recall later. For this reason, I always recommend taking a walk where possible after a study session. This will help you retain the information you just studied and learned. Maintains overall health and well-being Extended periods of intense studying can lead to burnout, fatigue and increased stress levels, ultimately undermining your academic or exam performance and health. By incorporating regular breaks into your study routine, you can keep burnout at bay and reduce your stress levels. Promotes sustainable study habits Taking breaks while studying encourages sustainable study habits that can be maintained over an extended period. By taking regular deep productive breaks, you can pace yourself more effectively and avoid the cycle of procrastination followed by cramming which inevitably leads to stress and overwhelm. What does a productive deep break look like? There is no specific rule of thumb when the optimal time is for a student to take a break while studying. We are all individual and we all have our own specific needs. If you are engaging in productive study, then you could take a 10-minute break after 50 minutes study or a five-minute break after 25 minutes study. When taking a break, you should not turn your attention to email, social media or distracting websites. The purpose of the productive deep break is to recharge your brain. By scrolling on your phone, you are not giving your brain the rest and recovery it needs and deserves. In fact, you are stimulating it, which is not what we want from a productive deep break. Try not to turn your attention to a complicated or stressful task. A short walk is a fantastic way to clear your head. It will help consolidate what you have just learned. If going for a walk is not available to you, getting out in the fresh air for 10 minutes is another great way for your brain to rest and recover. Sometimes a productive deep break can be as simple as sitting in silence with a cup of tea or coffee. Alternatively, you can listen to music or a podcast. Another example of a productive deep break is to do a five-minute meditation or five minutes of breathwork. As you are likely to have been sitting at a desk for a period of time, five minutes of stretching, yoga or physical exercise is great to boost your energy levels. Taking breaks should form part of your study routine. By prioritising rest and relaxation, you can cultivate healthier study habits, enhance your learning and ultimately achieve greater academic and exam success. Productive deep breaks ensure that you return to your study motivated with renewed concentration and a refreshed mind, ready to tackle complex problems and absorb information more efficiently. So, when you find yourself buried in books or glued to your computer screen, remember to allow yourself the time to rest, recharge and rejuvenate. Breaks fuel productivity. 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.

Swapping self-criticism for self-compassion can help us to become more resilient, overcome difficult situations and boost our mental health. Dee France, Thrive’s Wellbeing Lead, explains why. “You are your own worst critic” is a popular phrase for a reason and will resonate with many of us. Our inner critic can be very harsh, and while we shouldn’t outright ignore it, we also shouldn’t give it more attention than it deserves. In fact, it could be argued that a healthy dose of self-doubt and criticism is necessary as it allows us to monitor our behaviour and check ourselves. However, overwhelming negative self-talk and being too critical of oneself can be damaging and detrimental to how we live our daily lives, not to mention the devastating impact it can have on our mental health. This is where a level of self-compassion is needed. Humans are collectively compassionate beings, showing a great deal of understanding and kindness to others, but we aren’t always great at being kind to ourselves. Where self-criticism asks, “am I good enough?” self-compassion asks, “what’s good for me?” Instead of dwelling on mistakes, past failures and judging and criticising yourself for various imperfections or shortcomings, self-compassion means you are understanding and supportive of yourself. How do we develop self-compassion? Like any skill, developing a sense of self-compassion requires time, practice and patience. As a leading researcher in self-compassion, Doctor Kristin Neff theorises that there are three core fundamentals to self-compassion. Mindful awareness This involves being aware of your thoughts and emotions and taking a balanced and mindful approach to both, neither suppressing nor exaggerating, but simply acknowledging your feelings without judgment. Self-kindness This involves caring for yourself the way you would a friend or family member going through a difficult time. When we are faced with challenging situations or have feelings of inadequacy, rather than beating ourselves up, we are instead supportive and encouraging of ourselves. Self-kindness gives us the security and perspective to put ourselves in a better frame of mind to cope with any challenges we may experience. Common humanity Self-compassion is rooted in common humanity. When we make a mistake, it is common to think we are the only person in the world who is flawed. Common humanity is recognising that everyone is flawed, vulnerable and imperfect. It is important to acknowledge that we all make mistakes and have our own insecurities. Nobody is perfect and this is something that connects, rather than separates, us. Self-compassion and wellbeing Self-compassion can be thought of as being self-indulgent or feeling sorry for ourselves, but developing the ability to cope and manage our difficulties is good for our emotional wellbeing. Research studies show that those who are more self-compassionate benefit from better mental and physical health. Further, people with higher levels of self-compassion tend to be more resilient, have a less physical response to stressors and spend less time dwelling on situations after they have happened. Self-compassion involves recognising strengths and achievements, which, in turn, boosts our self-confidence and self-belief. A study by the Universities of Exeter and Oxford found that self-compassion can immediately calm your heart rate and lessen stress responses. Study participants also demonstrated a general state of relaxation and security and reported a stronger sense of connection to other people. Exercising self-compassion makes you more likely to: engage in healthy behaviours such as exercise, eating better and better sleeping patterns; be less fearful of making mistakes, rejection or change; display higher levels of emotional intelligence, happiness and optimism; handle and cope with adversity and difficulties better; and demonstrate healthier boundaries in both your professional and personal life. Practising self-compassion There is a vast array of ways we can cultivate self-compassion. To get started, there are plenty of helpful resources, tools, exercises and templates available online. Below are a few ways you can start showing yourself a little more kindness and understanding: Practice mindfulness and self-reflection: learn to observe and evaluate your thoughts; activities such as journalling and meditation can aid this. This encourages you to be curious and self-aware, understanding that your thoughts and assumptions are just that – they are not facts. Reward and celebrate: celebrate your successes and achievements. Practice gratitude and celebrate moments of positivity and kindness. Keep a list of personal strengths to review in moments of self-doubt. Take a break: time away from your day-to-day routine and a change of scenery can help you keep things in perspective. Strengthen your connections: kindness is contagious! Showing love and understanding to the people around you means you are more likely to show yourself the same compassion. Do things you enjoy: spending time on our passions, hobbies and interests is good for the soul and brings a sense of satisfaction and achievement. Thrive is the Institute’s dedicated wellbeing hub that offers confidential wellbeing support to students and members. For more advice or information, check out Thrive’s Wellbeing Hub. Alternatively, you can contact the team by email at thrive@charteredaccountants.ie or phone at (+353) 86 024 3294.

Antje Derks, Marketing Executive, Chartered Accountants Worldwide, explores strategies for success and self-advocacy. As Chartered Accountancy students, the journey to success is often marked by rigorous exams and academic challenges. For students with a neurodiversity such as dyslexia, ADHD, or autism, navigating these exams can present unique obstacles. However, with the right strategies and self-advocacy skills, students can overcome these challenges and excel in their studies. Neurodiversity encompasses a range of neurological differences that contribute to unique ways of thinking, learning and processing information. It is important for students to recognise and embrace their neurodiversity – or seek medical advice if they are undiagnosed but suspect they are neurodivergent – as a valuable aspect of their identity, rather than a limitation. By understanding their individual strengths and challenges, students can develop tailored strategies for exam preparation. Here are some practical tips to prepare you for your exams and advocating for yourself with lecturers and beyond. Exam preparation No one has the same learning style so it is important for students to determine how they learn best. It will make exam preparation and work much more navigable. It’s important to create a structured study plan. The best way is to break down study materials into manageable chunks and create a realistic study schedule. Allocate specific time slots for each topic, allowing for regular breaks to prevent overwhelm. Finding a body double can work wonders. That’s not someone who will pretend to be you and sit your exams! Rather, it is someone you check in with by sending them a message after an agreed amount of time to give them a rundown of what you have achieved. It keeps you accountable and helps those of us who need a deadline to succeed. Another effective way of studying is to utilise multisensory learning techniques by incorporating visual aids, auditory resources (podcasts or lecture recordings), and tactile learning tools into study sessions. Experiment with different study methods, such as mind mapping, flashcards, or mnemonic devices, to enhance retention and comprehension. You can also try active recall. Instead of passively reviewing notes, actively test your knowledge by practicing past exam questions or teaching concepts to a study partner. This active engagement promotes deeper understanding and memory recall. Coping with nerves Anxiety is an unpleasant comorbidity with neurodiversity and can be exacerbated when you’re faced with the additional stress exams can put you under. Like learning styles, you need to find your own way of managing it. Personally, I like to go and climb mountains, but that’s not usually possible or practical without some forward planning! A walk round the block or sitting in your local park are excellent alternatives, however. Also, focus on your breathing – some students find visualisation techniques, a warm bath or shower or exercise help to cultivate a positive mindset and boost confidence. However, if you find you’ve tried everything and are still struggling, do make an appointment with the GP – they can help signpost you to more comprehensive support. Self-advocacy In order to enjoy your studies, it is important to learn how to advocate for yourself. It need not be as daunting as it sounds. You need to familiarise yourself with the accommodations and support services available to neurodiverse students from the Institute. Understand your rights under disability legislation and advocate for reasonable adjustments, such as extended exam time or alternative formats for assessments. The most effective way to do this is to schedule a meeting with your lecturers or academic support staff to discuss your specific needs and accommodations. Clearly articulate how your neurodivergence may impact your learning and exam performance and propose practical solutions or adjustments that would facilitate your success. If required, provide relevant documentation, such as a diagnostic assessment or a medical report, to support your request. Highlight specific recommendations from professionals regarding necessary adjustments or support measures. Maintain open communication with your lecturers throughout the semester to address any concerns or challenges that may arise. Advocate for yourself by proactively seeking clarification on course materials, asking for additional support if needed, and updating lecturers on any changes to your circumstances. You’re not alone Navigating exams as a neurodivergent student may present unique challenges, but with the right strategies and self-advocacy skills, you can overcome obstacles and achieve academic success. By embracing their neurodiversity, developing tailored study techniques, and advocating for themselves with lecturers, students can empower themselves to excel in their studies and pursue their professional aspirations with confidence. Remember, you are not alone on this journey. Seek support from peers, mentors and academic advisors, and remember to prioritise selfcare and well-being throughout the exam season. With perseverance, determination and a proactive approach, you can conquer your exams and realise your full potential as a qualified Chartered Accountant.

While technical knowledge at FAE is undoubtedly required for exam success, sometimes particular techniques to use on exam day attracts less attention. Bryan Rankin, Head of Student Operations at Chartered Accountants Ireland and Paul Monahan, FAE Programme Co-ordinator, explain one small part of these techniques – managing your initial planning time. In the FAE Exam Guide 2023 the examiner stated that success in the FAE exam comes down to structure, so having a preprepared format will help both with exam performance and managing your stress. You will be aware that a distinct reading time is not provided in FAE exams; instead, time to read and plan is included in the total of four hours 30 minutes. By practising on the FAE sample exam papers and in FAE mock exams, you should aim to get the reading down to a maximum of 30 minutes. When it comes to the technique of reading the Core paper, an approach that has served FAE students well over the years is to break up reading the paper into three components. The first part involves a very quick skim reading of the main narrative. Your objective here should be to identify your (the exam candidate’s) role in the organisation, the type of company described, and the basic storyline in the case. Aim to have this initial part completed in three minutes. The second read will aid your recall and help you process more of the details to help you sift the indicators. This re-read should cover the narrative and also give a brief look at the appendices. Then the third reading is the detailed one, focusing in on the eight indicators: two from financial reporting, two strategic management and leadership, two DAAIETs and two risk management and sustainability. Here’s a six-step process to start breaking them down and to structure your treatment in each instance. This sorting of the indicators is going to take much of your planning effort. Step 1 Identify if there are any compound indicators. A compound indicator is when one indicator from one subject might have two or three sub-questions within it, so it might take longer to answer and be more complex. Spotting this early will help your time management. Step 2 Can you spot any blended indicators? A blended indicator is when knowledge from two different FAE Core subjects may be needed to answer one indicator. FAE examiners have stated their intention to include more blended indicators as this is more reflective of what happens in reality. Step 3 The third we call ‘seen before’. Do you recognise the type of indicator from one of the integrated case days, from the FAE Core sample papers or from the mocks? Can you identify and refer to a similar company, and can you relate that company’s successful approach in your recommendation? If it was the right answer in one of the suggested solutions you’ve already seen and you’re making a similar recommendation, it’s very likely going to be the correct solution and earn you marks. Step 4 Next, can you identify any links between the different indicators? You have been presented with a single scenario, just as a Chartered Accountant will in advising a client or their employer. Details provided in one of the indicators can often help you justify your recommendation to another indicator. Identifying links will also make for a more coherent, well-structured overall response and encourage the examiner to award marks for professional competence. Remember what’s to play for here: 20 marks out of 100 for each indicator. An approach, with a worked example, is available on the Learning Hub to assist here. Step 5 For each indicator, what theoretical business model can you reference in your recommendation? Students often reach for a SWOT analysis but you’ll need more than that! Prepare the change management models mentioned in SML, like Lewin, Kotter and McKinsey, or the STRONG model for entity transformation, to name just a few. The examiner will expect a fully rounded response to include references to models. Step 6 Finally, anticipate where marks will be awarded in each indicator. Again, in the 2023 FAE Exam Guide the examiner pointed out that students will be expected to perform three or four pieces of work per indicator. Assess where the marks are to be gained, based on the FAE Mock Examinations (available once the Mocks window has closed Monday 8 July 2024). You’ll also get a good steer from practising on the FAE sample papers. Find the hooks Final words once again from the FAE examiner, taken from the 2023 FAE Exam Guide. The examiner reminds us that there will be plenty of ‘hooks’ in the Core case upon which to frame the answer, so a skill is to determine which hooks to use. It’s undoubtedly a skill worth practising because it will earn marks and help you pass FAE Core. The FAE Mock exams may be attempted in a window from Saturday 29 June to Sunday 7 July. More information on the mock exams can be found on wwww.charteredaccountants.ie.

Knuckling down to study can be especially challenging in the warmer months, making a balanced approach to work, rest and play even more crucial, writes Becky Maye Studying during the summer is never easy. Trying to maintain work, study and enjoying some summer fun is a balancing act and one that can be challenging for many students to maintain as exams approach. There is an art to making sure that, when you’re being pulled in so many directions, you can still prioritise what is most important in the moment. Sometimes, trying to strike a balance between work, study and fun can feel overwhelming. Taking a step back and looking at how we approach work-life balance as students can help us to excel while also taking good care of ourselves. Taking control of your time We may need to be ruthless with our schedules and how we choose what to make time for. This can be difficult. My advice is to plan out your weekly schedules in advanced – a huge help! Taking a few minutes to plan your week in detail can allow for so much more time to be saved during the week. This time can then be used to do what matters most, be it study, work, time with family and friends or socialising and engaging with extracurricular activities. It is so important to maintain some level of engagement with activities outside study and work, so that you can avoid becoming too overwhelmed or burnt out during the chaos of exam preparation. Any study leave you can use in the lead-up to exams can also help lessen the burden – but it’s important to still prioritise how you schedule your time. It’s so easy to cancel plans or feel guilty whenever you do things for yourself outside study. We have all fallen into this trap and experienced the dilemma. Switching off While it may be necessary to take a step back from socialising, taking some time away from studying also must be a priority for students. Everyone needs time to switch off and recharge. You are entitled to have some fun and take a breather from the relentless study routine. During the summer, the days are longer and brighter and (sometimes!) the weather is a lot nicer. This means there are many more options for taking a break from study to have some fun. Don’t neglect getting in touch with your friends and making the most of the extra opportunities for getting outside and socialising the summer can bring. And it’s also important to remember that what’s “fun” for one person might not be viewed in the same way by another. Check in with your peers and make sure that when you are all taking time away from study together, it’s fun for everyone! Your support network Your support network will play a big part in helping you to maintain a healthy balance in the run-up to summer exams. Lean on your family and friends and let them help you, be it in the form of pushing you to study or pulling you away from study when a break is needed and deserved. It’s important to note that all this advice might not be easy to implement, so start small and focus on the little things you can change to help achieve a healthy balance between study, work and rest and relaxation. These small changes add up over time and can have a very positive impact as they become part of your routine. No one can change overnight. By building your way up and introducing good habits slowly, you will be well-placed to figure out what works best for you. There is also support available to you to help in doing this, some of which you may not know exists! For example, through the Education department or the Thrive Wellbeing Hub there are a multitude of student supports available. The CASSI committee members are also always on hand to help in any way possible if you would rather reach out to a fellow student first. Taking care of yourself and finding your balance between work, study and fun is so important and shouldn’t be neglected through the summer run-up to exams. Becky Maye is a Tax Associate with PwC and Public Relations Officer with the Chartered Accountants Student Society of Ireland.