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ICAI eNews - 24th April 2009  
Institute News
Connect with members online with exclusive Linked In group
Members can now business network, share information, grow their profiles, join discussion groups and look up former colleagues or classmates through the Chartered Accountants Ireland group at www.linkedin.com.
 

ICAI / Ulster Society comments on UK Budget
Chancellor Alistair Darling's Budget was a difficult budget for difficult times, and will provide further efficiency challenges for the Northern Ireland Executive.
 

ICAI Tax comments on income levies receive press profile
ICAI Director of Taxation Brian Keegan's comments in last Monday's ICAI Tax News were picked up by the Irish Times.
 

Latest edition of GAA Accounting
China – The Emerging Green Dragon? is the cover story on the latest issue of GAA Accounting, the journal of the Global Accounting Alliance.
 

Annual Conference 2009 - are you Galway-bound?
It's still not too late to join your fellow professionals at this year's Annual Conference. With 11 structured CPD hours, this year it's more important than ever to learn how other members are tackling the downturn and advising clients.
 

Leading VAT expert shares his knowledge in new ICAI publication
Dermot O'Brien, one of Ireland's leading expert on VAT, has written a new book, VAT on Property: Law & Practice, which explains all the details and subtleties of the new VAT code as it applies to property transactions.
 

Young Professionals ‘Adapting for Change’ Friday 8th May Guinness Storehouse
From the ‘blind man who raced to the South Pole’ to the Chairman of one of Europe’s fastest growing media companies, the Young Professionals Annual Conference has it all including 7 hours CPD. Places are filling fast, book now.
 

ICAI Golden Pages ad -2010 - 04 directory deadline
The deadline for inclusion in the 04 Golden Pages under the ICAI banner is Friday, May 15th. Download the form and fax to 01-6680842 or if you have any further queries, please contact Joanna Szopinska or by phone 01-6377237.
 
Technical/Regulatory
APB issues a Bulletin setting out Revised Example Auditor's Reports on Financial Statements in the United Kingdom
The Auditing Practices Board (APB) has today published Bulletin 2009/2 entitled 'Auditor's Reports on Financial Statements in the United Kingdom'.The purpose of this Bulletin is to provide illustrative examples of both unmodified and modified auditor's reports on financial statements of companies incorporated in the United Kingdom for years ending on or after 5 April 2009.
 

APB issues Exposure Drafts of Clarified ISAs (UK and Ireland)
APB has this week issued for public comment exposure drafts of: 33 Clarified ISAs (UK and Ireland), Clarified International Standard on Quality Control (UK and Ireland) 1 (ISQC (UK and Ireland) 1), and a revised Statement of the Scope and Authority of APB Pronouncements.
 

IASB announces round-table discussions as part of comprehensive review of off balance sheet activities
The International Accounting Standards Board (IASB) announced this week details of round-table discussions on consolidation and the derecognition of financial instruments. The discussions will take place in June 2009 and will be held in Asia, Europe and North America.
 

FRC Confirms its Priorities and Budget for 2009/10
The Financial Reporting Council (FRC) has this week published its updated Regulatory Strategy and finalised Plan for 2009/10.
 

Ireland - ILCU warning on Credit Union dividends
Media speculation suggests a number of credit unions will not be able to pay a dividend this year because of the large fall in the value of investments.
 
Financial Services
Europe - EC launches consultation on legal framework for intermediated securities
The European Commission (EC) has launched a consultation on the harmonisation of the legal framework for securities holding and transactions.
 

US - PCAOB isues alert on auditor considerations for Fair Value Measurements & Disclosures
The Public Company Accounting Oversight Board (PCAOB) in the US has issued a Staff Audit Practice Alert to inform auditors of public companies about potential implications on reviews of interim financial information and annual audits of three recently-issued Financial Accounting Standards Board Staff Positions.
 

US - Bank of America earns $4.2b net income in Q1
The Bank of Americal (BOA) has published its results for Q1 2009, posting net income of $4.2b. Those results compared with net income of $1.2 billion during the same period last year.
 
Tax News
Revenue Annual Report
Annual reports from Government Departments tend to be wordy, selfcongratulatory tomes so there’s a lot to be said for the tabular, almost staccato approach of Revenue this year as they summarise their efforts for 2008. There’s little in it though which will be news to Chartered Accountants either in business or in practice.
 

UK: Budget 2009
The Chancellor of the Exchequer presented Budget 2009 on 22 April. The following are the key announcements:
 

EU: ECJ case
According to a recent European Court of Justice case, the universal postal service provided by the Royal Mail is exempt from VAT.
 
Chartered Accountants Regulatory Board
CARB Annual Report 2008
CARB recently published its 2008 Annual Report and is available from the above link.
 

Annual Declaration of Compliance with CPD Regulations (no link)
Members are reminded that their Annual Declaration of Compliance should be submitted to CARB by 30 April 2009. If you are unable to meet this timetable, please contact CARB at (from RoI) 048 90231541 / (from UK) 028 90231541 or email: cpdqueries@carb.ie.

 
General News
Minister Lenihan publishes 2009 Revised Estimates for Public Services
The Minister for Finance Brian Lenihan yesterday presented the 2009 Revised Estimates for Public Services to the Dáil. 2009 total gross voted expenditure will be €63.9 billion, a net percentage decrease of 3.9% overall. An additional €2.8 billion has been included to cover the surge in the Live Register.
 

NI Executive gives response to Darling's Budget
While welcoming some aspects of the budget Finance Minister, Nigel Dodds has expressed his disappointment with the Chancellor’s announcement today that existing funding available to the Northern Ireland Executive would be reduced by Ł123 million in 2010-11.
 

Q1 UK economy at its sharpest drop in 30 years
The UK economy experienced its sharpest drop in 30 years in the first quarter of 2009. Q1 GDP fell 1.9% from the previous quarter, the biggest fall since Q3 1979 and worse than economists' forecasts for a 1.5% drop. This weeks' UK budget earlier this week forecast a 3.5% contraction this year.
 

UK unemployment rate rises to 6.7% as inflation turns negative
UK's CPI annual inflation, the Government's target measure, was 2.9% in March, down from 3.2% in February. Meanwhile, figures released this week show UK unemployment at 6.7% for the three months to February 2009, up 0.6 points over the previous quarter and up 1.5 over the year. Redundancies for the three months to February 2009 were up 45,000 over the quarter to 270,000.
 
CPD: Lifelong Learning
6 great reasons to choose the ICAI Certificate in Directors Duties & Responsibilities
What makes the Certificate in Director's Duties and Responsibilities the best option for Chartered Accountants who hold Directorships?
 

Diploma in US GAAP - New structure, New price
The Diploma in US GAAP is now available over 6 modules, by classroom or distance study methods. The course is commencing in June and is enrolling now.
 

Insolvency Conference (NI) – 6th May – Belfast
These difficult economic times are putting new and differing pressures on companies and their directors. This course provides both a practical and current view of how companies might deal with these issues and provides insights into current trends in the market.
 

Short and Medium Term Forecasting and Re-Forecasting Using Excel 2007 – 28th April – Dublin
This course will explore the use of MS Excel 2007 in producing short term and medium forecasts. Participants will learn to link history with the future by loading an opening balance sheet and then preparing a forecast based on given criteria for a term of one year. Anyone who has to prepare and/or evaluate budgets and forecasts can gain new skills and techniques for rapid reforecasting and effectively using Driver Based Budgeting and Forecasting.
 

FRS and IFRS Review (NI) – 30th April – Belfast
The aim of this course is to provide delegates with a comprehensive review of accounting standards issued by the Accounting Standards Board over the past two years. The course is designed to be of practical benefit to both members in industry and those in practice who have to prepare financial statements in accordance with the Financial Reporting Standards. It will also be of benefit to users of accounts who will be better able to interpret the information published in statutory accounts if they can understand how those financial statements have been prepared.
 

Tax Appeals – 7th May – Dublin
A guide to the practice and procedural background to tax appeals which will focus on the conduct of the hearing before the Appeal Commissioners and it aims to be of assistance to those considering or preparing to run a tax appeal.
 

Automating Analysis Using Advanced Features of Excel (2003) – 7th May – Dublin
This course is intended for experienced Excel users seeking to advance their skills and find short-cuts and tips to get more from Excel. It will introduce participants to Excel’s automated techniques in both forecasting and historical analysis.
 
Events & Member Services
Practice Networks event at the ICAI Annual Conference
Practice Consulting will host a networking event at the ICAI Annual Conference. This will provide an opportunity for Network Leaders and prospective network members to meet and for others to perhaps take the first steps to forming new networks.
 

XBRL Briefing: Mandatory Electronic Financial Reporting – Presentations Online
eXtensible Business Reporting Language (XBRL) is the language of electronic financial reporting. It is increasingly being used by Regulators around the world and it is coming to Ireland within the year. If you missed Wednesday’s briefing you can access presentations above.
 

London Society Presents: Communicate Your Way to Success – Tuesday 28th April
“To be, or not to be….” What type of communicator is it best to be? Communication is as natural to human beings as breathing. When things come naturally we spend less time consciously thinking it. Effective communication on the other hand, should be conscious and requires allowance for both parties’ needs and communication styles. Can you afford not to attend this seminar?
 

April Lunch at the Westbury Hotel, Guest speaker- Mr Paul Appleby, head of the Office of the Director of Corporate Enforcement
In a correction to previous alerts, venue is the Westbury Hotel, Dublin. Guest speaker is Paul Appleby, head of the Office of the Director of Corporate Enforcement.
 

Ladies Health & Well Being Evening - 7th May - Kilkenny
The Ladies Health & Well Being Evening will take place on Thursday, 7th May 2009 at The River Court Hotel, Kilkenny.
 

LSCA May Luncheon - 8th May - Commissioner Charlie McCreevy
Charlie McCreevy, European Commissioner Internal Market Services will address the members of the Leinster Society at The Shelbourne Hotel, Dublin on Friday, 8th May.
 

Internal Audit – Adding Value in a Recession: Workshop – May 19th
“The times they are a changing” The issue facing business now is the rapid speed at which this change has occurred. What additional risks have been brought to business as a result? How should Internal Audit react in order to best add value and be proactive to their customers needs?
 
Careers & Placement Service

Below please find details in relation to some of the roles for which we are currently recruiting. For details in relation to other opportunities please log on to Careers
 

Head of Internal Audit – Europe – Based in Germany REF 539
In this senior role you will have considerable influence on strengthening controls and business processes across all functions and thereby make a visible impact to the achievement of Group objectives. The position is an exciting entry point into this blue chip company, offering the possibility of a steep learning curve and leading to an international career in the Group in finance, operations or general management.
 

Internal Auditor – Copenhagen – REF 538- Relocation package and tax exempt salary
This is an excellent opportunity to join a world class organisation in a challenging and varied role. The position will provide you with good visibility and understanding of the day to day operations of the organisation as well as an opportunity to implement best practice. If you have already gained solid experience in the area of internal audit and you would like to build on this further in an international environment this role will be of interest to you.
 

Finance Director – China – Highly successful on line business
This role has arisen as a result of continued expansion in the group. Working as part of the senior management team you will play a pivotal role in the day to day management and future growth of the business.
 

Financial Accountant/SAP Implementation – Sth Dublin – Salary up to 65k plus package
Our Client a leading distribution company is seeking to recruit a Financial Accountant with solid experience in the area of SAP implementation to play an integral role in their SAP implementation team and project. Previous experience in a similar role including testing experience required for this opportunity.
 

Tax Manager – Industry – Dublin 2 – Telecommunications Company REF 530
This is a new role with a rapidly expanding organisation. The roles initial requirements will be to develop the strategic tax plan and then implement this through to an operational plan and managing its evolution over time as the company grows and develops in the Irish market.
 

Senior Audit Manager – Big 4 – Dublin
This role is ideal for a member with a solid track record at a senior manager level within a Top 10 firm where you have been responsible for a team whilst managing a portfolio of clients.
 
In This Issue
Institute News
Technical/Regulatory
Tax News
Chartered Accountants Regulatory Board
General
CPD: Lifelong Learning
Events & Member Services
Careers and Placement
Financial Services
Archive
ICAI eNews - 17th April 2009
ICAI eNews - 10th April 2009
ICAI eNews - 3rd April 2009
ICAI eNews - 27th March 2009
ICAI eNews - 20th March 2009
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