June Issue 2023
Accountancy Plus
The Official Journal of CPA Ireland
group of accountants posing for a group photo
Sustainability - European Reporting Standards in the Making
CPA Ireland logo
Accountancy Plus
June 2023
CPA Ireland

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Dublin 2, D02 W963

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T: +44 (0) 28 3025 2771
W: www.cpaireland.ie
E: cpa@cpaireland.ie

Patricia O’Neill

Chief Executive
Eamonn Siggins

Editorial Adviser
Róisín McEntee

Technical Adviser
Phyllis Willoughby

Ciara Durham
T: 086 852 3463
E: accountancyplus@gmail.com

Published by
Nine Rivers Media Ltd.
E: gary@ninerivers.ie

President’s Message
President’s Message
Welcome to the June 2023 edition of Accountancy Plus.
Headshot of Mark Gargan
It gives me great pleasure to be writing my first President’s Message for this edition of Accountancy Plus. It is an incredible honour to be elected as the 50th President of CPA Ireland. It is also a daunting challenge to follow not only in Aine’s footsteps but also in the footsteps of all the other men and women who have held this office before me but I am confident that I will represent CPA Members well nationally and internationally. I would like to thank Áine for all her work as President for the past two years.

My ambition as President of CPA Ireland is to continue to build on the great foundations laid before me and to serve CPA Ireland to the best of my ability.

group of accountants posing for a group photo
Front Cover Image: L-R: Michael Kavanagh, Vice President, CPA Ireland. Áine Collins, Outgoing President CPA Ireland, Mark Gargan, CPA Ireland President, Eamonn Siggins, CE CPA Ireland, Clodagh Henehan, Vice President, CPA Ireland

An Economic Review The Global Backdrop by Jim Power

Economic Overview
The Global Backdrop
By Jim Power

There is certainly a sense that anything that could go wrong for the global economy has gone wrong over the past three years. Economic and social life was disrupted to a dramatic extent during the Covid-19 crisis, but just as we were starting to see some light, the illegal Russian invasion of Ukraine on February 24th, 2022, threw everything up in the air again.

The Ukraine invasion had a dramatic economic impact, that was largely reflected in significant disruption to global energy, food, and industrial metals supply chains. These disruptions came on top of the pre-existing pandemic-related disruptions, resulting in significant supply chain disruptions and a consequent surge in inflation to the highest levels seen in four decades in many countries by October 2022.

It is also the case that after a decade of very low interest rates and significant growth in money supply due to Quantitative Easing (QE), the foundations had been laid for a spike in inflation.

Since peaking in October 2022, headline inflationary pressures have eased, but this is largely due to lower energy prices. Excluding energy, underlying inflationary pressures are still strong. These underlying price pressures include non-energy goods, food prices, the price of a diverse range of services, and wage pressures are building against a background of still-tight labour markets in most countries.

CPA Profile
Patrick Magner
CPA Profile
Pat Magner
Portrait headshot photograph of Pat Magner grinning

Title: Audit Partner
Company: Mazars
Qualifications: Fellow of Certified Public Accountants & Chartered Tax Advisor

Why did you decide to start out in a career in accountancy?

It was after my Junior Cert at St Munchin’s College secondary school in Limerick when I realised that accounting was one of my stronger subjects, and I decided I might be interested in studying Law and Accounting at the University of Limerick.

However, I did not end up getting the CAO points I needed at the time and did an alternative course – a Diploma in Business Studies (Marketing) at HSI Limerick Business School. Accountancy was still one of my stronger subjects in both my Leaving Cert and college and so began my journey in the world of accountancy.

Why did you choose CPA Ireland as your qualification route?

To be honest, I was receiving more exemptions and the timing of the exams suited my needs best.

I then researched the popularity of the CPA qualification compared to other qualifications and realised that the CPA was the primary qualification in the US and other countries, which were all on my bucket list for travel once I qualified. The timing and frequency of the exams also suited me better.

CPA Profile
Elaine Reilly

CPA Profile
Elaine Reilly

Portrait headshot photograph of Elaine Reilly smiling

Title: Principal
Company: Elaine Reilly & Co.
Qualifications: FCPA, BA Finance

Why did you decide to start out in a career in accountancy?
Accountancy and Business were my favourite subjects in school so I was confident my career path would see me heading towards Finance or Accountancy. I chose to study finance in college which I really enjoyed, this also gave me a solid foundation to build on when I decided to pursue a career in accountancy.
Why did you choose CPA Ireland as your qualification route?
A CPA qualification is a highly respected and internationally recognised qualification providing endless opportunities. The flexible learning options were a big advantage, it allowed me to attend night classes at the local Institute of Technology whilst working full-time.

Financial Reporting News

Financial Reporting News

Two women are talking to each other as one of them with the brunette hair is facing away while the other woman with blonde hair is looking straight at the one in brunette hair
FRED 82 Draft amendments to FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland and other FRSs – Periodic Review
FRED 82 proposes a number of changes resulting from the second periodic review of FRS 102 and other Financial Reporting Standards. The proposals include: a new model of revenue recognition in FRS 102 and FRS 105; a new model of lease accounting in FRS 102; and various other incremental improvements and clarifications. The FRED is accompanied by a consultation stage impact assessment.

In developing FRED 82, the FRC has considered changes to IFRS Accounting Standards, the IASB’s proposed changes in developing the third edition of the IFRS for SMEs Accounting Standard, stakeholder feedback in response to the FRC’s 2021 request for views, and other developments in corporate reporting.

FRED 83 Draft amendments to FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland and FRS 101 Reduced Disclosure Framework – Pillar Two model rules
The OECD’s Pillar Two model rules introduce a global system of interlocking top-up taxes that aim to ensure that large multinational groups pay a minimum amount of income tax.

FRED 83 is based on similar proposals issued by the IASB. To make similar accounting relief and disclosure requirements available in the FRC’s financial reporting standards to a consistent timeframe the FRC in consulting now, rather than waiting for the IASB’s final amendments. However, the FRC intends to consider the IASB’s final amendments when finalising its own proposals.

Charities Regulator Targeted Compliance Programme by Sinead Spencer

Charities Regulator Targeted
Compliance Programme
by Sinead Spencer
The Charities Regulator is an independent authority, established under the Charities Act 2009 and is Ireland’s national statutory regulator for charitable organisations ensuring their compliance with the Charities Act. The Authority currently comprises of 13 members, appointed by the Minister for Justice and Equality and the Minister for Rural and Community Development.
Charities Regulator circular infographic chart with five core values surrounded nearby titled "Independence", "Fairness", "Respect", "Accountability", and "Proportionally" with each of those core values containing a description about them

Aligning with their core values of Independence, Fairness, Respect, Accountability and Proportionality, the Charities Regulator regulate the charity sector in the public interest to ensure compliance with charity law and support best practice in the governance and administration of charities.

Helen Martin, CEO of the Charity Regulator advises that they are “working to increase public trust and confidence in management and administration of charitable trust and charitable organisations” resulting in the following functions:

European sustainability reporting standards in the making – by Jona Basha
European sustainability reporting standards in the making – Where do we stand?
by Jona Basha
The Corporate Sustainability Reporting Directive (CSRD) entered into force on 5 January 2023. This was a fundamental step to support the EU Green Deal’s ambitions and transform Europe into the first climate neutral economy by 2050.
The CSRD supersedes the Non-financial Reporting Directive (NFRD) and aims to put sustainability reporting at an equal footing as financial reporting. Among others the CSRD:

  • expands the scope of the companies that fall under these rules;
  • introduces a phased-in approach to application, starting from 1 January 2024;
  • mandates providing sustainability information in a separate section of the management report;
Law & Regulation
Law & Regulation News
Law & Regulation News
Legislation and the Law of Unintended Consequences.
We’ve all been there. We decide to take on a DIY project at home because “it’s a simple job, 10 minutes max”. And then 4 hours later as you call the expert to fix the additional problems (plus the original problem) you have created, you ask yourself “why didn’t I just do this in the first place”!

It’s the unintended consequence of you believing that you have greater DIY skills than you actually have.

The same issue can occur when Legislation is being drafted, especially if that legislation is focused on one specific area rather than an issue as a whole.

In April 2023 the Minister of State for Trade Promotion, Digital and Company Regulation, Dara Callery TD, issued a public consultation on proposals to enhance the Companies Act 2014.
The Department of Enterprise, Trade and Employment will seek views on a proposed Companies (Corporate Governance, Enforcement and Regulatory Provisions) Bill which primarily focused on four areas of company law – corporate governance, enforcement, administration and insolvency.

Some of the issues on which views will be sought include:

Memo from the Registrar of the Central Register of Beneficial Ownership of Trusts
Anti-money laundering directives require each European Union (EU) Member State to establish a Central Register of Beneficial Ownership of Trusts (CRBOT).

The purpose of the CRBOT is to help prevent money laundering and terrorist financing by improving transparency on who ultimately owns and controls Irish trusts.

The terminology used in anti-money laundering to refer to persons who are obliged to implement measures under the Criminal Justice (Money Laundering and Terrorist Financing) Act 2010 is designated persons. This term includes auditors and external accountants.

Law & Regulation
Auto Enrolment Pension – What it means for CPA Members by Justin O’Gorman
Auto Enrolment Pension –
What it means for CPA Members
by Justin O’Gorman
Over the last number of years, there have been various attempts to introduce some form of mandatory pensions for workers in Ireland. Up until 2022, these attempts have never progressed past reports and recommendations. There has always been a reason for delaying the introduction of the scheme.
This situation has now changed with the commencement of an Auto-Enrolment arrangement pencilled in to start in the first quarter of 2024 (although there appears to be some slippage with this date). The Minister for Social Protection is aiming to have the necessary legislation in place this year with 2023 seeing the implementation of the necessary IT systems and organisation in place and the potential for the initial enrolments of members by early 2024.

This new Auto-Enrolment Pension will have implications for workers and employers alike and therefore, it is important that employers know what their responsibilities will be in the months ahead.

The new Auto Enrolment Pension will be overseen by a new body known as the Central Processing Authority or CPA – an “interesting” acronym when one takes into account the people reading this article! – for short. The CPA will be responsible for the operation, co-ordination, supervision and development of the system.

Finance & Management
Finance & Management News

Finance & Management News

New Initiative to help Brexit-impacted companies develop new markets

On 29th March 2023 the Minister for Enterprise, Trade and Employment welcomed a new initiative from Enterprise Ireland that will help Irish companies impacted by Brexit to explore international growth opportunities in new markets outside the UK.

Under the new offer – called the ‘Post-Brexit Market Growth and Diversification Grant’ – eligible Enterprise Ireland and Bord Bia client companies can access a fast-track strategic market development programme that will assist them to develop a strategy to enter and grow new markets outside of the UK.

AI talent is on the rise – new skills required to meet the demands of digital transformation
On 4th April 2023 IDA Ireland, in partnership with Microsoft and LinkedIn, published its latest Labour Market Pulse, which provides an overview of current insights and trends across the Irish labour market to help inform decision makers across business, academia and public policy.

This edition of the Labour Market Pulse highlights the rising importance of Artificial Intelligence (AI) skills among today’s workforces and takes a closer look at the growth of AI in Ireland. AI, and the skills related to it, are central to empowering businesses to digitally transform their organisations.

The growth of AI is anticipated to positively impact jobs and skills across multiple sectors and many businesses are currently in the early stages of identifying their potential use of AI.

Finance & Management
Leadership Insight – The Factory by Brendan Dooley

Leadership Insight – The Factory
by Brendan Dooley
Please provide a brief history of how and why The Factory was founded.
The Factory, with a team of 12 employees, is a small family business based in the countryside near Birr in Co. Offaly. It was founded by my wife Gina and I in 2000. Our family had worked in the forestry sector, and we also published a number of related journals, notably Irish Timber & Forestry magazine and The Farm Forest; the latter produced in conjunction with Teagasc and the Forest Service. The Factory was setup to print those self-published items. However, in order to justify the investment in the construction of our building, and the purchase of the necessary printing equipment, the enterprise sought other commercial print jobs. The family’s involvement in forestry brought us into contact with a variety of forestry professionals, businesses and organisations at home, and also in Sweden and Finland where sustainability was a popular topic for discussion at that time. This environmental knowledge, while limited, nevertheless resulted in The Factory starting its journey on an eco-path. I believe that our enterprise was the first in Ireland to use plant-based inks and rainwater as part of the lithographic printing process. I should add that in 2004, we published the first issue of The Local Planet, a journal dedicated to sustainable living (localplanet.ie).

Finance & Management
Delivering Our Pledge To Do More by AIB

Delivering Our Pledge To Do More
by AIB
Helping to deliver a more sustainable future for all is at the heart of AIB’s agenda. As a recognised leader of sustainability in Ireland and through our Pledge to Do More, we are committed to building long-term resilience and sustainability for our business, economy and society. Our scale and reach confer upon us a responsibility and a duty of care towards our customers and the communities we serve. It challenges us to set the pace of a sustainable low-carbon transition, while bringing our customers and stakeholders with us, supporting social and economic inclusion.
Understanding AIB Financed Emissions
In a further demonstration of our commitment to lead the sustainability agenda in financial services in Ireland, AIB Group has set ambitious carbon reduction targets for c.€43.5 billion of its customer loans representing 75% of its lending portfolio. By setting these targets, AIB is aligning with global banking best practice and the most ambitious Paris Agreement target – to limit the global average temperature increase to 1.5ºC above pre-industrial levels.

AIB’s 2022 Sustainability Report discloses for the first time the extent to which AIB will significantly reduce carbon emissions on its residential mortgages, commercial real estate and corporate loan books by 2030. For example, the bank is aiming for a reduction in emissions intensity of 58% per square metre on homes funded by €29.4 billion of residential mortgages and 67% per square metre on commercial real estate funded by €5.6 billion of loans. AIB’s electricity generation portfolio is primarily comprised of renewable energy assets such as offshore wind and is already at a very low level of emissions intensity aligned to decarbonisation pathways that deliver a 1.5°C outcome. AIB has committed to maintaining this part of its loan book at these very low levels.

How Businesses Can Benefit from ESG by Sheila Stanley
How Businesses Can Benefit from ESG
by Sheila Stanley
In January 2023, the Corporate Sustainability Reporting Directive (CSRD) was enacted, making it mandatory for Member States to transpose into national regulations. Spearheaded by the Department of Enterprise, Trade and Employment, the transposition of the CSRD into Irish law is currently ongoing in Ireland.
The CSRD requires a broader spectrum of companies to provide disclosures on their Environmental, Social and Governance (ESG) matters based on the European Sustainability Reporting Standards (ESRS). Forming part of the sea change of new directives and regulations emanating from the European Green Deal and the Sustainable Finance Agenda, it is estimated that some 50,000 companies across the European Union (EU) will be required to comply with the regulation.

The European Green Deal has been the driving force in entrenching sustainability within the EU regulatory landscape. While industry leaders recognise that compliance is both critical and necessary, not all are aware of the benefits that lie in store for companies that embrace sustainability as an integral part of their business model.

Taxation News

Taxation News

PPS numbers for company directors when filing documents with Companies Registration Office.
Company directors are now required to provide their PPS numbers in order to file certain documents with the Companies Registration Office. One purpose of this important step is to reduce the incidence of companies being incorporated based on false director details. Failure to comply, without just cause, will be a criminal offence.
Tax Treatment of the Reimbursement of Expenses of Travel & Subsistence to Office Holders and Employees
The tax treatment of the reimbursement of expenses of travel and subsistence to office holders and employees has been updated. The main changes are as follows:
Enterprise Ireland reports record exports at €32.1 billion in 2022
Enterprise Ireland, the state agency of the Department of Enterprise, Trade and Employment responsible for helping Irish companies to enter and expand in international markets, saw exports by companies it supports increase by 19% to a record €32.1 billion in 2022.

This is the highest ever level of growth for Enterprise Ireland-back companies in export value. Growth occurred across all overseas regions and in individual industry sectors.

Exports to the Eurozone increased by 28% in 2022, with the Eurozone now representing 25% of all exports by Enterprise Ireland back companies. Expansion in trade with the Eurozone has taken place in tandem with strong Irish exports to the UK post-Brexit.

Exports to the UK increased by 13% reaching €9.2 billion. The UK now accounts for 29% of all exports by Enterprise Ireland back companies.

Global Mobility in a Hybrid Working World by Gillian Moore
Global Mobility in a Hybrid Working World
by Gillian Moore
In the post-Covid world that we find ourselves in, we see a much-changed working environment where employees have come to expect flexibility and employers now have to adapt to this expectation to retain and attract talent.
This poses many challenges for employers as hybrid working has become the accepted norm where employees now place a higher value on achieving the sacred work-life balance. As a result, most employers have developed and implemented a remote working policy which aims to place these arrangements on a more formal footing while seeking to strike the right balance of encouraging staff to return to the office and providing the flexibility to work from home. However, caution is required where employees seek to work outside the jurisdiction of their employment as this can create unexpected consequences for both the employer and the employee.

Where employees are working in a different jurisdiction to the one in which they are employed, several factors must be considered. Could there be unintended corporate tax risks such as the creation of a permanent establishment in the remote working location? Are there immigration and employment law implications?, and what are the potential employer payroll reporting requirements and social security implications?, to name but a few. Often these factors are overlooked until such point as it becomes an issue for the employer or employee which can lead to increased compliance costs and potential penalties. As a result, many organisations have now modified their remote working policies to limit the number of days employees spend working in a foreign location to a number they feel more comfortable with to manage these risks. The focus of this article is the employment tax implications of these arrangements.

Tax Incentives available for a business by James McMahon and Conor Burke
Tax Incentives available for a business
by James McMahon and Conor Burke
Starting a business can be an exciting and challenging process. One of the many important aspects to consider is taxes. As a business owner, you should have an understanding of the tax incentives available to you throughout the company’s life cycle. These incentives can help you save money and re-invest it back into your business, helping it to grow and thrive.

In this article, we will explore the different tax incentives available for businesses throughout the various stages of a business’s life cycle.

Stage 1: Start-Up of the Business
Start-up companies in Ireland have access to a number of tax incentives and reliefs, including the Start-up Refunds for Entrepreneurs (“SURE”) relief and the Employment and Investment Incentive (“EII”) scheme. These incentives are designed to encourage entrepreneurship and investment in start-up companies.

1. SURE Relief

To qualify for SURE relief, various conditions are required to be satisfied. A sample of the conditions that are required to be satisfied are outlined below:

In Practice News
In Practice News
Man looking at dry erase board covered in diagrams
New Solicitors Accounts Regulations 2023
The Law Society of Ireland have published new Solicitors Accounts Regulations 2023 which shall come into operation on the 1st July 2023.

The current regulations have been in force since 2014, so this change is considered necessary and long overdue and follows several years of careful review and consideration.

The Society will continue to provide guidance on how to navigate the regulations in advance of them coming into force on 1 July 2023.

Key updates

New protections for client moneys have been added. In addition, the various provisions of the existing regulations which were considered inadequate or not sufficiently clear have been amended.

PSRA Licence Renewal Applications – Accountant’s Report
As part of the Property Service Provider licence renewal process, the PSRA requires that each company/business renewal licence application must be accompanied by an Accountant’s Report.

Each year the PSRA encounters ongoing issues with incomplete Accountant’s Reports, which impacts on the efficiency of the renewal process (both for your client and the PSRA), requiring additional engagement with the licensee or their representative in order to address the non-compliance matters contained in the Accountant’s Report.

By way of highlighting ongoing issues with incomplete Accountant’s Reports (PSRA/S35 Renewal ABC), the PSRA has complied the following guidance in relation to common issues encountered:

The Auditor’s Responsibilities Relating to Fraud by Phyllis Willoughby
The Auditor’s Responsibilities Relating to Fraud in an Audit of Financial Statements
by Phyllis Willoughby
Auditing is subject to continual change and when a standard is updated it has a ripple effect on many other audit processes such as planning, execution, completion and reporting stages of the audit. ISA (Ireland) 240 was updated in October 2022 and is effective for audits of financial statements for periods commencing on or after 15 December 2021, with early adoption permitted.
This article will provide an update on the most recent changes and current issues affecting the auditor’s responsibility relating to fraud in an audit of financial statements and how to apply practical steps for such changes within planning and execution of audits, particularly for accounting year ends 31 December 2022.

ISA 240 defines fraud as follows:

Fraud – An intentional act by one or more individuals among management, those charged with governance, employees, or third parties, involving the use of deception to obtain an unjust or illegal advantage.

Communications steps accounting firms can take by Ciara Flaherty
Communications steps accounting firms can take to recruit, retain and engage their staff
by Ciara Flaherty
Attracting and retaining the right talent is critical for business success. In today’s market, many firms are finding it harder than ever to grow and maintain their workforce.
In a post-pandemic world, employees are now seeking authenticity from the firms that they work for as opposed to focusing solely on financial benefits. In a study conducted by WTW in late 2022, they identified that over a third of Irish companies were expecting problems when it comes to attracting talent and over half were expecting difficulties retaining current employees.
Never has it been more crucial for businesses to stand out from the competition beyond financial incentives in order to become employers of choice. In 2022, the Irish government included Accountants, Auditors, and Tax professionals on the critical skills shortage list which highlights the pressure the industry is under when it comes to sourcing talent within the sector. But what steps can firms take to overcome this challenge? Strategically focused messaging and communications that put employee engagement first create more empowering work environments. The key word here is strategic. So what are the steps that must be taken for firms to recruit, retain and engage their staff?
Positive Psychology and professional performance by Jayson Moran
Positive Psychology and professional performance – a formula for happiness?
by Jayson Moran
Should we be happy at work? Surely work is about getting a job done – why should happiness matter? What is happiness? How can it improve professional performance, development and wellbeing? And, how can we increase our happiness? These are all questions explored by the science of Positive Psychology. This article will introduce positive psychology – the science of happiness and wellbeing – and explore strategies to get you happier and more effective as result.
Why Happiness Matters for Professional Performance and Development
In my role as a coaching psychologist working with leaders on their effectiveness and results, I tend to focus on three areas. I focus on gaining clarity. It’s difficult to move forward if you don’t know where that is. I focus on overcoming barriers to performance. The barriers I help with are more psychological in nature – such as confidence, motivation and behaviour change. And thirdly, I focus on happiness. The reason I focus on happiness is that we are more creative, motivated, resourceful, and persuasive when we are ‘in good form’.

In today’s fast-paced and demanding world, happiness is often overlooked as a crucial factor for professional performance and development. However, research in positive psychology has shown that cultivating happiness can significantly impact our success and productivity. For example, doctors in a positive mood have been shown to be 19% more effective in diagnosing patients. Optimistic salespeople outsell their pessimistic counterparts by 56%. Recent research has shown that overall happier people are 13% more productive.

Same fraud playbook by Rois Ni Thuama
Same fraud playbook
by Rois Ni Thuama
In a world brimming with shiny new tech and big promises, making important decisions about where to invest can be challenging.
If we only look to last year, we’ve seen three high profile corporate scandals with larger-than-life CEOs in the dock facing serious allegations and it is tech companies that are at the centre of all the action: Theranos, Wirecard, and Autonomy. All three CEO’s have been charged with fraud.

The former CEO of Theranos, Elizabeth Holmes has had her day in court, and has been found guilty of fraud. Late last year, a judge sentenced Holmes to 11 years in prison. More recently Holmes lost her bid to remain free during the appeal process and was ordered by a federal court to begin her sentence on April 27th.

Holmes touted Theranos as a health technology company, raised US$700 million, featured on Forbes and defrauded a catalogue of wealthy families, as well as a number of prominent statesmen.

Institute News

Institute News

2022 Annual Report Now Available
Annual Report and Financial Statements 2022
The Future of Accounting
The CPA Ireland 2022 Annual Report – The Future of Accounting, was published on the 5th of April.
Can you help us reignite the accountancy profession?
In the past few years there has been a steady decline globally in the number of the younger generation entering the accountancy profession. At CPA Ireland we want your help to change the perception of an Accountant and raise awareness of the diverse career opportunities available both nationally and internationally.
We have changed our bank account to Allied Irish Banks
Please note that our Ulster Bank account is now closed.

Please inform your employer if they are currently paying your fees and ensure your own records are updated.

Are your member contact details correct?
We would ask that you review and update correct contact details to ensure all communications are reaching you, especially email contact as this is our primary contact method.
Have you paid your Annual Subscriptions?
Thank you to all members and students who have already paid their annual subscriptions, as it greatly cuts down on administration and workload.

For those members who have not yet paid, please bring your account up to date as soon as possible, as subscriptions are now overdue.

It is also important to check for any outstanding invoices or anomalies with your account. View Cart is a good place to check. For Practice Firms, you should check any fees charged to firm.

CPD News

CPD News

Certified Tax Adviser – 10% Early Bird Discount before 30th June 2023
The Certified Tax Adviser (CTax) course offers a unique and exciting higher-level qualification in Tax for accounting and legal professionals.

The course recently had a full review to introduce new modules.

The new CTax course includes:

  • New modules
  • New content
  • Introduction of new bitesize web-based learnings to complement each module
  • New subject matter experts
  • A new Client Advice lecture will be dedicated to case studies and exam questions to help bring the course together in preparation for the assessments.
Attend in class in Dublin, online via live streaming or a mixture of both options.

We are delighted to offer a 10% Early Bird Discount off the cost of the course – enrol before 30th June 2023 to avail of this discount.

Key Details:

Dublin and Online via Live Streaming

CPD Credit:
50 hours (6 hours per module + 2 for VAT Webinar)

Cost: €1950

graphic box: "Deepen your Understanding of tax", update you button
“The CTax qualification covered all the important areas of tax and as a result I am now better able to serve my clients needs.”

– Lisa Leonard, ACCA CTax

Student News
Student News
Examination Notice

April 2023 Examinations

The CPA Ireland April 2023 Examination diet was completed using Cirrus online examination software and Proctorio Artificial Intelligence remote invigilation.

The results of these examinations were published on Friday 9 June 2023. Congratulations to all students who were successful in their examinations.

Application to Membership Notice
This year’s conferring ceremony will be held on Saturday 9 December, and the admission to membership process for 2023 is now underway.

Cohort 1

This Cohort includes all students who completed their final exams from 2020 up to and including the April 2023 exam sitting.

Invitations to apply for membership have been issued to Cohort 1 applicants and the closing date for Application to Membership for students in Cohort 1 will be 5 August 2023.

If you believe you are eligible to apply for membership in Cohort 1, but have not received a formal invitation, please contact the Institute (rniaonghusa@cpaireland.ie).

Cohort 2

This Cohort includes only students who complete their final exams in August 2023.

Invitations to apply for membership will be issued after the results in August 2023 have been released on 13 October 2023. Closing date for Application to Membership for students in Cohort 2 will be 3 November 2023.

Information & Disclaimer & Publication Notices
Information & Disclaimer
Accountancy Plus is the official journal of the Institute of Certified Public Accountants in Ireland.

It acts as a primary means of communication between the Institute and its Members, Student Members and Affiliates and a copy is sent automatically as part of their annual subscription. Accountancy Plus is published on a quarterly basis.

The Institute of Certified Public Accountants in Ireland, CPA Ireland is one of the main Irish accountancy bodies, with in excess of 5,000 members and students. The CPA designation is the most commonly used designation worldwide for professional accountants and the Institute’s qualification enjoys wide international recognition.

The Institute’s membership operates in public practice, industry, financial services and the public sector and CPAs work in over 40 countries around the world.

The Institute is active in the profession at national and international level, participating in the Consultative Committee of Accountancy Bodies – Ireland – CCAB (I) and together with other leading accountancy bodies, the Institute was a founding member of the International Federation of Accountants (IFAC) – the worldwide body. The Institute is also a member of Accountancy Europe, the representative body for the main accountancy bodies The Institute’s Offices are at 17 Harcourt Street, Dublin 2, D02 W963 and at Unit 3, The Old Gasworks, Kilmorey Street, Newry, BT34 2DH.

The views expressed in items published in Accountancy Plus are those of the contributors and are not necessarily endorsed by the Institute, its Council or Editor. No responsibility for loss occasioned to any person acting or refraining to act as a result of material contained in this publication can be accepted by the Institute of Certified Public Accountants in Ireland.

The information contained in this magazine is to be used as a guide. For further information you should speak to your CPA professional advisor. Neither the Institute of Certified Public Accountants in Ireland or contributors can be held liable for any error, or for the consequences of any action, or lack of action arising from this magazine.

Publication Notice
Appeal Tribunal

Case Ref: Invest/08/21

A Disciplinary Tribunal convened on 22 September 2022, found the following charges of misconduct proven against John G. O’Riordan (otherwise known as Sean O’Riordan) of O’Riordan & Associates, 3rd Floor, Centre Park House, Centre Park Road, Cork:

  1. Bye law 6.5.1(e) in that in the course of carrying out his professional duties, he provided or purported to provide financial services in connection with a matter in which he had been engaged by a client and it is alleged that those services were inadequate and were not of the quality that could reasonably be expected of him.
  2. Bye Law 6.5.1 (f) in that he performed his professional duties inefficiently or incompetently to such an extent, or on such a number of occasions, as to bring discredit to himself, the Institute and the Profession of accountancy.

These charges of misconduct are proven in relation to the following complaints:

That in the course of conducting a liquidation:

  1. He failed to conduct the liquidation process in a proper and professional manner.
  2. He failed to submit the forms E3 to the CRO in a timely fashion at the appropriate.
  3. He failed to supply the complainant, as director and elected member of the Committee of Inspection with information on progress or details as required to be submitted on form E3 returns to CRO.
  4. That the Copy of the Form E5 on the completion of the liquidation was not correctly supplied to the complainant. Computer printout of figures provided to the complainant did not contain a complete breakdown on what monies were collected or paid out by the liquidator and contained serious discrepancies.

Following an appeal against the Orders of the Disciplinary Tribunal, an Appeal Tribunal varied some of the Orders of the Disciplinary Tribunal and ordered the following to take effect from 22 February 2023:

  • Severe reprimand
  • Fine of €20,000 (the first €5,000 to be paid within 6 months and the balance to be paid within 3 years thereafter)
  • Contribution towards costs of €9,900 – payable within 12 months

In addition, Mr. O’Riordan is required to fully co-operate with facilitating a quality assurance review conducted by or on behalf of the Institute within 12 months.

The Tribunal noted an undertaking given by Mr. O’Riordan not to partake in insolvency work and it is a Condition of this Order that he comply with this undertaking for the remainder of his career.

Mr. O’Riordan agreed to give the Institute the file in respect of the only outstanding liquidation which he is acting qua liquidator in within two weeks of the date of this decision.

Failure to comply with the Orders above within the time periods specified shall result in a default Order being activated  forthwith such that Mr. O’Riordan’s  practicing certificate will be withdrawn.

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