Why Ireland for Islamic finance? - CIMA locations docs/Ireland... · 2012. 8. 17. · Case study - Greg Scanlon CGMA news CIMA Ireland board update ... business studies. ... KACE

Why Ireland for Islamic finance?Ireland and Islamic finance; what it means for you

CIMA leaders in business – Aongus Hegarty, Vice President at Dell Computers

2012 Ireland Global Business Challenge finalists

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NETWORK NEWS | Summer 20121

Message from CIMA Ireland Chair, Alan Flanagan

Leaders in business - Aongus Hegarty

Why Ireland for Islamic finance

Case study - Greg Scanlon

CGMA news

CIMA Ireland board update

Islamic finance news

Derek Henry on tax relief

CIMA Ireland Grapevine

CIMA Ireland and Irish Tax Institute Alliance

CIMA Ireland internship for students

Revision seminars

Blended learning

GBC 2012

CIMA events

Contents

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CIMA IRELAND5th Floor, Block E, Iveagh Court, Harcourt Road, Dublin 2, IrelandT. +353 1 6430400 | F. +353 1 6430401 | E. [email protected]

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Welcome

I am pleased to be writing to you as I take up the role of Chair of CIMA Ireland. CIMA is growing. We have 195,000 members and students in 176 countries. We are now truly global thanks to our pioneering partnership with AICPA. CIMA is the most respected, influential and relevant management accounting body in the world. We have ambitious plans for the future and the future of management accounting.

We live in a world that is changing rapidly. Emerging economies are shifting the focus of the global business landscape. The rise of social media and the demand for increased transparency is fundamentally transforming the way individuals and organisations communicate. The impact of GenY cannot be ignored. By 2025, an estimated 60% of the working population will have grown up in the digital age.

CIMA is perfectly positioned to address the needs of this changing business landscape, defining the management accounting principles that drive long term, sustainable, success and providing management accountancy skills and competencies that enable individuals to become financially qualified business leaders no matter the size or sector of business. The rise of integrated reporting will ensure an even greater demand for these skills with businesses demanding the right data, the right analysis and the right decision making at the right time.

There has never been a better time to be a management accountant, so let’s aim high. Our goal is to establish management accounting, represented by the CGMA designation, as the most valued profession in business worldwide. In doing so, we will redefine the accounting industry, creating a unique position for management accounting as the power behind decision making. There are four key pillars within the value chain model, those being acquire, deepen, retain and fulfil, under which all strategic initiatives and related activities are delivered.

In Ireland, our institute has gone through a period of transition through the creation of an all island regional board. This transition has been achieved against the back drop of a turbulent and challenging marketplace, throughout which our institute has performed strongly, continuing to grow market share. As I take over the role of Chair, I recognise the successes we have achieved, whilst at the same time, am conscious that after any major change comes a need for stabilisation and consolidation. For this reason, I have identified four core areas of focus and priority for the coming year, those being:

• Region strategy - our business strategy for the period 2009- 2012 has served us well, and we can say with confidence, that the strategy as developed has been effectively executed. We now need to re-calibrate our strategy to the period 2015, for the Ireland region, taking account of the macro economic conditions and building on the excellent platform we have in place, underpinned by key initiatives and activities, for example our Islamic finance qualification, to support the global strategic goals for membership growth.

• Market profile - in recent times we have implemented a very effective advertising and public relations campaign. This will continue to be a priority area of focus to build awareness and momentum for the institute across the all-Ireland market. Activity in this area will be underpinned through a series of thought leadership publications. The institute will focus on six overarching themes, including areas such as business ethics, performance management, governance and risk management, finance talent and data analytics.

• Network vibrancy - our network across the island of Ireland continues to be both active and vibrant, and we want to ensure that the process of change in creating our Ireland board continues to support the key activities that are required to take place on a day to day basis on the ground across our region. It is these activities that deliver our successful results.

• Employer relations - building on the employer programmes in place is another key priority. Ensuring employers are connected with high calibre CIMA students to drive business success is at the core of the Institute’s strategy.

As we progress through the year, I will update you on progress against these four priority areas of focus. In the meantime, I have one call to action for you. It is a straight forward request, but if actioned by our near 8,000 members and students in Ireland, would transform our institute regionally overnight. My call to action is ‘One for one’, and I ask that each member takes a little time to refer a new member to our institute. Please take a moment to consider the impact of this, and with whom you will engage.

In the meantime, I would like to hear from you, on any aspect of our business across the island of Ireland. Please send me an email to [email protected].

I look forward to meeting with you over the coming year.

Yours sincerely,Alan Flanagan FCMA, CGMACIMA Ireland Chair

Alan FlanaganCIMA Ireland Chair

A message from CIMA Ireland ChairAlan Flanagan FCMA, CGMA

NETWORK NEWS | Summer 2012 2


Aongus Hegarty, FCMA, CGMA President of Europe, Middle East and Africa (EMEA) at Dell, has always had a fascination with numbers and he advocates bringing this analytical approach to business strategy and management…

Interview by business journalist, Jim Aughney.

‘I’m analytical and I like numbers,’ he explains. ‘I have continually wanted to know ‘what do the numbers mean?’ But I’ve always been more interested in how the numbers help you understand and then drive the business strategy and operations. This analytical approach is one of the most important competencies in my career’.Hegarty began his extensive career in IT while a student at NIHE, now Limerick University, where he graduated with a degree in business studies. As part of his course in accounting and finance he started work experience in the hardware division of Digital in Clonmel and joined the company after graduation.

‘I wanted to work in industry and started in finance at Digital where I completed my CIMA qualification before moving into developing and implementing a procurement strategy in print and media,’ Aongus says.

After becoming a CIMA fellow, Hegarty was keen to broaden his experience - which he believes is a key element in good leadership.

After a number of years at Digital, he joined Modus Media International, the subsidiary of Chicago-based media replication company R&R Donnelley; becoming general manager for operations in Ireland at Dublin, Kildare and Limerick. His work with Modus Media in Ireland was followed by a year with R&R Donnelley in Amsterdam.

Aongus joined Dell in 2000, where he has since held a number of executive positions in sales and marketing; before taking on his current role of President of EMEA earlier this year. Previously, Aongus’ responsibilities at Dell have included: VP of consumer, small and medium business (CSMB) in EMEA; leading SMB in Ireland and the UK; country manager for BeneLux, as well as looking after pan-European marketing at Dell.

It’s about responding to customer needs and providing choice

‘I was always in the IT industry and admired the Dell Direct model. I’ve always picked a company to which I could bring my experience and add value; when I looked at the foundation of the company it was a solid go-to-market model,’ he explains.

‘One of Dell’s greatest strengths is that as a company we have listened and responded to the needs of our customers. We got direct feedback from customers which showed that more and more of them want to work with existing partners. Dell acted on that feedback. It’s about giving our customers choice; so today, Dell’s go-to-market approach also includes working directly with those partners,’ he continues.

‘We continue to work closely with our customers to understand their changing needs. If a company specialises in financial services

I’m analytical and I like numbers.

Leaders in Business


we can now leverage the expertise we have built up with partners in financial services IT, as well as our own internal knowledge and expertise. It works well with our channel and partner strategy giving us more opportunities to grow our business,’ Hegarty added.

This evolution is a key milestone in Dell’s history and demonstrates that the focus on doing what’s right for customers and delivering what they want, when they need it, is still at the very heart of business-decision making. Twenty eight years on and Dell, now a $60 billion company, is still listening to what its customers want and delivering in a way that they prefer.

Dell has successfully executed a strategy to transform the company from primarily being an infrastructure and hardware provider to what it is now – a Solutions and Services company

This transformation of Dell is nowhere more visible than in Ireland where the group employs 2,300 people in Limerick and Cherrywood, in South County Dublin. Ireland is the largest European base for employees although only 5% of those based in Ireland support activities in the Irish market. The remaining 95% are involved in global supply chain operations, services and marketing, finance and other support services for the global and EMEA markets. The Ireland-based teams successfully use technology to lead teams and to support operational excellence across the globe.

It is an excellent example of how Dell has transformed, according to Hegarty; with over 1,000 employees in Limerick now involved in high-end global and EMEA roles.

‘Historically a PC company, Dell is now a Services and Solutions company. In addition to our consumer and small business focus, we have become an enterprise solutions company offering a growing range of technology solutions and services to governments and private companies across the globe. All with a common end in mind - to enable our customers, regardless of size, to succeed and grow. We have also continued to invest and to grow our capabilities, working with customers from the desk top all the way to the data centre,’ Aongus explains.

Dell continues to increase its core strengths and capabilities on behalf of customers

‘As well as growing organically and investing in developing the skills and IP of its existing team, Dell has also acquired more than a dozen companies in recent years; bringing in talent, technology and skills that complement the company’s existing activities and focus. Examples include Perot Systems, SecureWorks, KACE and Compellent - all helping Dell to increase our core strengths and capabilities on behalf of our customers.

‘We are constantly growing our specialist skills, while developing our team. The entire company is centred on the customer. We design products for different sectors and provide professional support services at the cross-over between consumer and commercial,’ he says.

It’s about providing flexibility and choice

From a product specific perspective, our latest notebook - the ultra-thin XPS 13, is a good example of how Dell is offering high-end, innovative technology.

‘The Cloud is the way many of our customers want to use technology and this will become even more apparent over the next year or two. But currently, as with all new technologies, there are some questions and concerns about security of data. This is why we are helping companies to decide if a private cloud, a public cloud or a hybrid is the most appropriate for them at this time.

‘Also many companies have invested heavily in technology at their own premises - so we are committed to helping them maximise the return on investment from what they have, to drive efficiencies in their organisations. In tandem, we are helping them to plan for the future - and some of these requirements can be met in the Cloud. Start-ups for example can use Cloud from day one - reducing the need for capital investments up front,’ he argues, pointing to the success of Salesforce.com as a company that sits on Cloud technology.

This transformation and acquisition strategy is adding up for Dell

‘We’ve done quite well in the European market and have taken share in the client and server spaces. There are challenges for sure and a lack of growth particularly in the EU from the consumer at one end to the state and public sector at the other end,’ Hegarty says.

In addition to its success in Europe Dell is number one in the Middle East in its sector. Hegarty points out that Dell has also done well in parts of Africa like Kenya and South Africa but has been hampered by political uncertainty in North Africa.

The emerging markets of Russia and Eastern Europe are also showing strong growth. ‘In Russia we have built up a very successful team and sales were up 200pc in Q4 and up 80% for the year. We

have introduced a new strategy and approach to Russia and it is a key market for investment,’ he says.

Hegarty tries to divide his time equally between meeting customers and meeting and working with his colleagues around Europe, Middle East and Africa. He also believes in measuring customer loyalty in order to ensure that Dell can constantly improve customer experience.

What do those customers that he is meeting think about Ireland and its recent difficulties?

‘I travel a lot and the conversations I have with people is that they recognise that we have been laying out a clear strategy for recovery and we are seen to be following through on our commitments. A lot of people I’ve met tell me that we seem to be handling the economic challenges well in Ireland,’ Hegarty says.

‘As a country, we became an expensive location. You need to provide higher value-add if your cost base is moving up. Basic sales activity is long gone. The type of work we do in the UK, France, Germany and Ireland is now very different to what it was. It is higher value-added work providing more complex services and solutions to our customers,’ he says.

As well as his role as EMEA President with Dell, Hegarty is active in CIMA and the American Chamber of Commerce for the EU. He particularly welcomes the designation of CIMA graduates as Chartered Global Management Accountants. ‘The name reflects the fact that business is global now. CIMA is no longer the cost guy sitting in the corner’.

‘The name reflects the fact that business is global now. CIMA is no longer the cost guy sitting in the corner’.


With over 1,000 international companies here, Ireland continues to be one of the most favoured global locations for investment. In 2010, Forbes ranked Ireland as the number one place to do business in Europe.

Ireland has one of the most favourable tax regimes in the world attracting hundreds of foreign companies to locate here. But it’s not just the lowest tax rate on the OECD of 12.5% that attracts companies to Ireland. Ireland’s pro-business environment and young well educated, skilled workforce are also key attractions.

Indeed the way in which Ireland has looked to develop its offering to the global Islamic finance industry is a prime example of this pro-business environment. The developments that have taken place have come about through the combined efforts of the government and civil authorities working closely with those working in the international financial services sector. In 2009 the Irish Tax Authorities clarified the tax treatment of Islamic funds, Ijara (leasing) arrangements and Takaful (insurance) arrangements. Enhancements to the tax regime for Islamic finance were introduced in the Irish Finance Acts in 2010 and again in 2012. The legislation extended the tax treatment applicable to conventional finance transactions to Islamic financial products which achieve the same economic result in substance as comparable conventional products. These transactions will be treated for all purposes of the Tax Acts in the same way as conventional financial products attracting interest.

The support from the Irish government for development of Ireland as a global hub for Islamic finance was confirmed by the Taoiseach in his speech to the Irish Funds Industry Association’s annual conference in 2011 where he commented that: ‘The government is looking to build upon the success of the IFSC, one area we are expanding into is Islamic finance. Ireland has recognised its importance in the global financial system through adapting our tax system and financial regulatory system to ensure a level playing field between Islamic finance and conventional measures. We are determined to ensure that the IFSC is a centre of excellence for Islamic finance and the changes in recent finance acts will support its development.’This commitment was carried forward into the Irish government’s strategy for the International Financial Services Industry 2011-2016 where the Irish government stated that ‘Ireland must be a credible business partner for investors from the Middle East investing in Europe. Potential activity areas include fund administration, distribution of UCITS funds, aircraft leasing, location of family offices, dual debt listing, issuance of sukuk and corporate treasury activity.’ Another notable development is the introduction of a professional qualification in Islamic finance to the Irish market by CIMA, the Chartered Institute of Management Accountants, which is the first professional accountancy body to do so.

There are significant opportunities for Islamic financial services institutions to establish European Union (EU) headquarters locations in Ireland. As is currently the case with conventional financial services products the majority of business activity associated with Islamic financial products can be ‘passported’ from Ireland into the EU in accordance with the relevant EU directives.

The success of the international funds industry in Ireland established under the EU’s UCITS directive is a good example of how the

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Why Ireland?for Islamic finance By Ken Owens, Partner, PwC Ireland Asset Managementand Yvonne Thompson, Partner, PwC Ireland Islamic Finance

Ken OwensPartner, PwC Ireland Asset Management


conventional financial services industry has availed of this ability to ‘passport’ from Ireland. Ireland stood out from the crowd in 2011 and experienced the highest net inflows into UCITS funds of all domiciles in 2011 attracting some €62 billion - almost €50bn more than the next most successful domicile. Over the past decade Ireland has been the fastest growing UCITS domicile in the world and is outpacing all other domiciles in terms of growth with growth in net assets of more than 500%. In 2011 Irish domiciled investment funds have reached a record high, passing the €1 trillion mark for the first time - up some 40% from the end of 2009.

What’s driving the growth? The global reputation of the EU’s UCITS brand means that more and more managers are establishing UCITS for distribution far beyond Europe. Indeed Irish UCITS are distributed in over 70 countries, in all four corners of the world. Recognising the benefits of the UCITS framework, a number of Islamic investment fund managers have already established UCITS funds as a means of increasing the global reach of their investment capability. A notable success for the funds industry in Ireland recently was the announcement by the Malaysian based asset management firm, CIMB-Principal Islamic Asset Management of the establishment of three Irish domiciled Shari’ah UCITS funds which they plan to distribute in a number of European countries.

Yvonne ThompsonPartner, PwC Ireland Islamic

Ken OwensPartner, PwC Ireland Asset Management

Islamic finance is growing as a source of finance for Islamic and other investors around the world. According to the UK Islamic Finance Secretariat the global market for Islamic financial services products as measured by Shari’ah compliant assets were projected to have reached US$1.2trn by 2011. With investors significantly reducing their risk appetite in light of the global financial crisis Islamic finance has the potential to become more attractive around the world and the initiatives which have been taken in Ireland to facilitate growth in Islamic financial services activity should auger well for the future growth of Islamic finance activity in Ireland.

There are significant opportunities for Islamic financial services institutions to establish European Union (EU) headquarters locations in Ireland.


At Pfizer, Greg Scanlon successfully combines a background in medicinal chemistry with his strong leaning towards business. A recent promotion has seen Greg move to New York where he is a senior manager with Pfizer’s Finance Portfolio Management and Optimisation Group.

The group is responsible for leading and executing finance wide transformation, acquisition and divestiture programs. Greg’s first assignment is a secondment as global business transformation lead for the newly established Decision Support Centre of Excellence (DS CoE).

Greg first realised his business ambitions while on a research internship at Harvard Medical School ‘My professor advised me to become a medical doctor or get into the business side of pharmaceuticals. R&D has always fascinated me, in particular the process of bringing a drug from discovery to market. In my final year of college I choose the business route, not knowing how I’d get there, but figured that consulting was a great starting point as it promised a broad fast track learning environment – it did not disappoint’, states Greg.

Why CIMA?Greg joined Deloitte’s graduate programme in 2005 straight from university, having just completed his primary Degree in Medicinal Chemistry. He soon realised that he needed to bolster his business education credentials. ‘Deloitte sponsored me to study a Diploma in Business Studies part time, with a view to signing up to for a professional accountancy qualification the following year. After researching the qualifications available to me, CIMA appealed to me most. I see myself as a key decision maker later in my career and CIMA provides that strategic, forward looking focus, to drive successful businesses. The CIMA qualification shifts your job prospects to the next level. A vast number of opportunities opened up to me upon qualifying and my career has gone from strength to strength. I firmly believe that the CIMA qualification is an international business passport. As soon as people hear that you are an ACMA they instantly associate that with credibility, quality and professionalism. The recent partnership with the AICPA could not have been more timely for my own personal situation. I work with a significant number of CPAs here in the States and it helps bridge the perception gap between qualifications’, states Greg.

How did you find studying for the CIMA exams?Studying CIMA has opened up opportunities in terms of the projects that Greg has undertaken. ‘I’ve worked on a broad variety of projects during my time at Deloitte and now at Pfizer. CIMA has dovetailed with that to develop and bolster my financial skills set. However CIMA goes way beyond what most people consider to be the typical skills of an accountant. CIMA has helped me develop my project management, people management, business case preparation and strategy formulation skills’ says Greg.

What does your role with Pfizer involve?Greg has used those skills to work on a number of key efficiency and effectiveness initiatives including the establishment of a pilot Manufacturing Finance Centre of Excellence and a project that identified how Pfizer could further leverage its current shared service’s footprint to support the commercial and manufacturing businesses.

‘There’s huge variety in the work I do. Today I’m responsible for overseeing the DS CoE’s key projects (ranging from systems rollouts; liaising with outsource providers; continuous improvement initiatives; process standardisation), the PMO work that comes with that; engaging with finance leaders across the business as well as operational and strategic planning alongside the DS CoE Vice President’.

How is Pfizer providing support for you to fulfill the CIMA professional development requirements?Greg believes CPD is a must in staying current and up-to-date with

changes in today’s business environment. ‘Continuous improvement

is big part of that, CIMA members are constantly working with

their teams to improve the way we work every day, identifying

efficiencies and helping to drive the business forward. Pfizer hold

the fundamental belief that their colleagues and their skills are one

of the most important assets. CPD is recognised as a key factor in

promoting optimal job performance and is viewed as extremely

important in preparing colleagues for future challenges and

opportunities that lie ahead for the company’ states Greg.

Concluding, Greg says ‘With CIMA I now have an international

business passport and a career path where I set the limits. I work

in a truly global business, its great meeting new people all the time

and the travel that comes with that. In my first year alone I visited

a number of commercial and manufacturing sites in places like

Montreal, Sweden, Paris, Madrid, Brussels, London and New York

where I am now based. When you add working alongside talented

people to that equation, it’s a great result’.

Case studyGreg Scanlon, ACMA, CGMABA Medicinal Chemistry, Trinity College Dublin

Senior Manager; Finance Portfolio Management and Optimisation, Pfizer (Global Financial Solutions)


With CIMA

I now have an

international

business passport

and a career path

where I set the

limits.

Despite more commitment to ethical performance, pressure to act unethically is on the rise, study by American Institute of CPAs and Chartered Institute of Management Accountants shows:

Four out of five businesses worldwide have committed to ethical performance, but rhetoric does not always match reality, according to a new report from the American Institute of CPAs (AICPA) and CIMA. The report found a weakened ‘tone from the top’ and more pressure on financial professionals - especially in emerging economies - to act unethically.

Managing responsible business, a global survey of almost 2,000 Chartered Global Management Accountants (CGMA) in nearly 80 countries, found that 80 percent of organisations provide a code of ethics to guide employees about ethical standards in their work, up from 72 percent in 2008.

However, only 36 percent collect ethics information such as the number of employees attending ethics training and actions taken on hotline reports. Since ethical performance can only be managed with the right information, this suggests ethical practice falls short of stated policy, according to the report.

What’s more, neither senior management nor boards of directors seem to be reviewing, analysing and monitoring ethics information at the level recorded four years ago. In 2008, 86 percent of senior management and 68 percent of boards reviewed ethics data, according to the report. In 2012, it was 78 percent and 56 percent, respectively. This ‘weakened tone from the top’ comes as more than a third of those surveyed, 35 percent, said they sometimes or always feel pressured to compromise their organisation’s standards of ethical conduct. This compares to 28 percent of respondents in 2008. The pressure is most pronounced in developing economies such as Malaysia, 54 percent, and India, 51 percent, and lowest in the U.K. and U.S., where 18 percent of those surveyed feel pressure.

‘Positive steps have been taken to build the architecture for ethics

through codes and policies, but pressure to act unethically persists

and companies across the globe continue to be faced with the

challenge of strengthening ethical culture from the top,’ said AICPA

President and CEO Barry Melancon, CPA, CGMA. ‘CGMAs can play

a key role in guiding companies in how to better collect and report

ethical information by drawing on their training and understanding of

professional ethics, as well as their skills in obtaining, analysing and

acting upon management information.’

The report is a follow up to one conducted by CIMA in 2008 and is the

first time responses from the U.S. have been included. Geography and

company size are key factors in the findings, with larger companies

from more developed economies generally having more advanced

ethics programs. U.S. companies, for instance, are most likely to

monitor or evaluate ethical standards, according to the report.

Other key findings from the report include:

• Ethical performance: More than half of companies, or 57 percent,

now provide training on ethical standards, 49 percent provide a

hotline for reporting conduct that violates the organisation’s

standards of ethics and 25 percent provide incentives for staff to

uphold the organisation’s standards of ethical conduct, according

to the report.

• CGMAs and ethical performance: The main ways CGMAs say

they contribute to management of ethical performance

are by upholding their professional code of ethics, 86 percent;

ensuring the integrity of management information, 83 percent;

leading by example, 80 percent.

• Pressures to act unethically: Asked how likely various situations

were to result in pressure to compromise standards of ethical

business conduct, those surveyed identified the top situations

as: working with colleagues from different functional areas

within the organisation; meeting reporting deadlines; compiling

management accounts; and dealing with customers.

• Business issues: When asked how relevant various ethical issues

were to their organisations, the top issues cited by respondents

were security of information , 91 percent, safety and security, 88

percent, bribery, 78 percent, discrimination, 75 percent, conflicts

of interest, 74 percent, environmental, 73 percent and supply

chain, 72 percent.

CGMA...report reveals gap in rhetoric, reality on business ethics

CGMAs can play a key role in guiding companies in how to better collect and report ethical information.



Alan Flanagan ACMA, CGMA, Chair

Louise Connaughton FCMA, CGMA, Deputy Chair

Sharon McCue FCMA, CGMA, CIMA Ireland’s CIMA Council Representative

Tom O’Connor FCMA, CGMA, CIMA Ireland’s CIMA Council Representative

Patrick Barr ACMA, CGMA, Past Chair

Denis McCarthy, Director Ireland

Sheila Lewis FCMA, CGMA, Student and Member Services group

Sean Molan ACMA, CGMA, Member in Practice and Technical group

Frank Nolan ACMA, CGMA, Northern region

Michelle O’Rourke ACMA, CGMA, Eastern region

Paul Cantwell FCMA, CGMA, Southern region

Susan Burke ACMA, CGMA, Southern region

Geraldine Furlong ACMA, CGMA, Western region

Brian Duffy FCMA, CGMA, Western region

CIMA Ireland Board

President Michael D Higgins guest of honour at CIMA Ireland event in Titanic buildingPresident Michael D Higgins was the guest of honour at the

inaugural CIMA Ireland annual dinner at Belfast’s Titanic building

on Saturday 26 May 2012. The all island dinner was also attended

by Dame Mary Peters, Lord Lieutenant of the City of Belfast.

The inaugural dinner, sponsored by Electric Ireland and held in

collaboration with InterTradeIreland, marked the first anniversary

of the merger of CIMA’s operations in Northern Ireland and the

Republic of Ireland to form CIMA Ireland. The Board of CIMA Ireland

are pictured with Michael D Higgins, his wife Sabina Higgins and

outgoing CIMA President, Harold Baird.

2012 CIMA IrelandAnnual Dinner quests

Patrick Barr, Past CIMA Ireland Chair, pictured with Alan Flanagan, CIMA Ireland Chair, and Louise Connaughton, Deputy Chair.

sponsored by

in collaboration with

The graduation of the first stream of students to undertake the CIMA Diploma in Islamic Finance (CDIF) in Ireland took place in April at CIMA Ireland head office and was attended by Minister of State with special responsibility for public service reform and the office of public works, Mr. Brian Hayes T.D.

Launched in 2011, the CDIF is the first global qualification of its kind to be created by a professional chartered accountancy institute. In fact the CDIF is very timely and indeed relevant as the Irish government is endeavouring to position the International Financial Services Centre (IFSC) as a Western hub for the delivery of wholesale Islamic finance service. Building on the success of the diploma, CIMA Ireland has now introduced the CIMA Advanced Diploma in Islamic Finance (CADIF) and it is anticipated that at year end, in excess of 100 will have completed either the diploma or the advanced diploma.

Shari’ah compliant finance, has demonstrated impressive growth rates - annual growth rates have been estimated at 15-20%, whilst the global Islamic finance industry is currently valued at approximately $1.3 trillion. It is also estimated that 20% of funds domiciled outside non Middle Eastern countries are located in Ireland. As Ireland competes for its share of the Islamic finance market, the CDIF provides an important opportunity for all stakeholders to up-skill in this area of strategic importance and growth for Ireland. That sense of opportunity was reflected in the broad cross section of organisations represented in CIMA Ireland’s first intake of CDIF participants in two separate strands, one from the Law Society of Ireland Finuas Network, under which 18 solicitors studied for the CDIF qualification, and the second tranche of 29 participants from the Irish business community, a grouping that includes many senior executives from industry sectors as diverse as aviation, accounting and taxation, advisory, banking, FDIs, legal, manufacturing and regulation.

CDIF graduation and launch of the CIMA Advanced Diploma in Islamic Finance


Pictured above at the CIMA Ireland CDIF graduation, from l-r, are: Brian Hayes, Minister of State, Dept of Finance; Yvonne Thompson, Partner, PwC Financial Services Tax Practice Ireland; Iskandar Tariq Alias, CDIF Graduate; John O’Connor, Solicitor, Vice-Chairman of the Law Society Finuas Network Steering Committee; Patrick Barr, outgoing CIMA Ireland Chair.

Pictured above at the CIMA Ireland CDIF graduation, from l-r, are: Brian Hayes, Minister of State, Dept of Finance; Yvonne Thompson, Partner, PwC Financial Services Tax Practice Ireland; Roman McGoldrick, CDIF Graduate from the Law Society cohort; John O’Connor, Solicitor, Vice-Chairman of the Law Society Finuas Network Steering Committee; Patrick Barr, outgoing CIMA Ireland Chair.

CIMA Ireland CDIF graduation

CIMA Ireland CDIF graduation

CIMA seminar on Sukuk(Islamic bond) issuance

Leading authorities on Islamic finance addressed the Amanie-CIMA seminar on Sukuk (Islamic bond) issuance at the IFSC. The global Sukuk market is worth €100bn. There are €2.5 billion of serviced Shari’ah compliant funds in Ireland with an estimated 20% of Islamic funds domiciled outside of the Middle East located in Ireland. The government is actively positioning the IFSC as a hub for Islamic finance. This was the second Islamic finance seminar to be organised by CIMA. It focused on the practical application of technical Islamic finance principles highlighting working examples of sovereign and corporate Sukuk issuances. Sukuk is an increasing part of the global financial landscape. Neil Ryan, Assistant Secretary to Department of Finance, provided an overview of the Islamic finance landscape from the Irish perspective. Pictured above at the seminar were: Dr. Mohd Daud

Bakar, Group Chairman, Amanie Advisors; Denis McCarthy, Director, CIMA Ireland; and Neil Ryan, Assistant Secretary to Department of Finance.

Pictured left at the seminar were: Baiza Bain, Islamic Capital Market Consultant, Amanie Advisors of Kuala Lumpar; Denis McCarthy, Director, CIMA Ireland; and Dr. Mohd Daud Bakar, Group Chairman, Amanie Advisors.


Sukuk issuance seminar

Sukuk issuance seminar

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Master Class – The Framework of Transfer Pricing

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[email protected] +353 (0)1 663 1700 www.taxinstitute.ie


Ireland’s R&D tax credit regime provides a 25% credit for expenditure incurred on qualifying activities. This means that companies can obtain an effective tax deduction of up to 37.5% with the possibility of the value of the R&D tax credit being refunded where there are insufficient levels of taxable profits within the company or group.

Consider how much money your business spends when trying to develop or improve its products or processes. Now imagine you could reduce that cost by a quarter!

Features of the R&D tax regimeCompanies are entitled to a credit of 25% on the incremental R&D expenditure incurred in excess of the base year spend. The base year is set at 2003. If a company commences R&D activities after 2003 then the base year spend will be nil.

The credit itself can be used to:• Reduce the company’s corporation tax liability of the period,• Reduce the corporation tax liability of the previous year, or• If unused, the credit can be refunded by the tax authorities, subject to certain restrictions.

The credit is in addition to the normal corporation tax deduction for the expenditure and the claim must be made within one year of the end of the accounting period in which the expenditure has been incurred.

Despite the obvious benefits of this regime, many companies are not actually aware that they are carrying out activities that may qualify for relief. R&D activities are not limited to those that occur in a traditional research lab. In fact most claims are for experimental development which often takes place right on the factory or shop floor or perhaps out on the construction site or the farm itself.

Is your company eligible?Ask yourself is your company:• Developing a new product or process?• Improving existing products, methods or processes?• Working to reduce the environmental impact of your manufacturing process?• Working on the next generation of your technology?

If you have answered yes to any or all of the above then there should be some food for thought!

How do you claim the relief?The claim preparation process involves:• Determining the eligible projects and the activities within them,• Preparing a technical report to describe the project,• Identifying the eligible costs that relate to the work, and• Completing and filing the tax forms and technical report.

Companies who make successful claims then have the ability to allocate further funding to research and development activities on an on-going basis.

Technical report preparation is a critical and a time-consuming part of any claim; in fact if reports are incomplete or unconvincing, the chance of making a successful claim is reduced significantly.

Business structures, transactions and complex legislation can significantly affect current and future claims. Along with the technical description, an organisation is required to ensure that the costs and the activities it is claiming for are in fact eligible for relief under the regime.

R&D relief is available across a broad spectrum of industry sectors.

We have found that R&D tax incentives are available across almost all industries, including:

• Manufacturing• Technology, software, gaming, hardware• Financial services• Medical device manufacture, biosciences, pharmaceuticals• Plastics, chemicals• Food production, processing, agri-business• Forest products, pulp and paper• Mining, oil and gas• Construction materials

ConclusionWe are finding that many companies are not actually aware that they are carrying out activities that may qualify for the R&D credit.

The financial and cash flow advantages that qualifying companies can obtain from the R&D regime can in certain instances provide a financial lifeline and in other cases facilitate increased investment in many aspects of the business. These benefits are obvious however, in our experience of dealing with the whole R&D process; we have seen a number of other more subtle advantages. For example, giving the technical staff a sense of their activities being valued and their contribution to the financial wellbeing of the company being recognised. Companies have also developed better systems to record the process thereby increasing the company’s learning and understanding of how to be innovative.

Based on our experience we find that companies are looking for guidance and assistance around the proof that the underlying claim is in fact related to qualifying activities as defined. Peer review at the engineer, developer or technical staff level is highly valued.

Accountants and tax consultants do not necessarily have the expertise to identify and write up the required technical reports and where a tax consultant led approach is adopted, you are likely to find that the engineers will have to be more involved in the write up process than they might otherwise like. However, assigning everything to the engineers is not ideal as an understanding of how the tax law interacts with the overall R&D regime and other parts of your business, together with experience dealing with Revenue Audits, are also key aspects of the claim process.

For more information please contact either Derek Henry at: [email protected] or call +353 (0)1 4700000.

Research and development tax creditsa tax relief with broad applicationDerek Henry, Head of R&D Tax Services

Derek Henry


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Quoting ref RANEAS

61969_OU_CIMA_148.5x210.indd 1 24/07/2012 15:19

The CIMA Grapevine initiative, a specialist network to support career guidance counsellors in business, finance and related disciplines, both at second and third level was formally launched on 24 February 2012. The launch event was attended by CIMA advocates, CIMA SIG members, guidance counsellors and CIMA staff members.

The aim of the CIMA Grapevine initiative is to keep guidance counsellors, advocates, and lecturers up to date on the CIMA qualification and the career opportunities it opens for its members, in order to inform their students.

Specifically it will:

• Assist students to help them make an informed choice with regard to their future career and which PAB to undertake, once undergrad studies completed.

• Provide regular and relevant updates about the CIMA qualification.

• Give insights into the distinctive nature of the syllabus and routes to achieving the qualification.

• Foster closer linkages between the CIMA branches and the career guidance counsellors, for real insights in terms of diversity of career options that the qualification offers.

• Provide a network that acts as a platform to engage with stakeholders as a community, in a meaningful and supportive way.

A dedicated CIMA Grapevine webpage has been set up onwww.cimaglobal.com/grapevine

CIMA Grapevine

CIMA Ireland Grapevine launched!



As a shortage of suitable talent stifles global growth plans, a new report by CIMA and the American Institute of CPAs (AICPA), sponsored by recruitment experts Hays, highlights how finance professionals have never had a better opportunity to progress their careers and make a real mark on their organisation.

‘The fast track to leadership - the challenges, opportunities and action plan’ concludes that as organisations operate in an increasingly challenging climate, a board’s expectations of the finance function are becoming far more complex.

There is an increased demand for finance professionals to act as strategic business partners and help drive long-term sustainable success. This in turn places a greater demand on the skills and experience sought by organisations, especially in areas where management accountants can add real value and offer a competitive edge.

This report draws upon the personal experience of leading CFOs and finance directors to illustrate how management accountants can maximise these opportunities. They apply non-financial, qualitative information alongside the financial facts to inform decision making. Management accountants drive strong performance and are trusted to guide critical business decisions, bringing independence and objectivity.

CIMA and AICPA have formed a joint venture to establish the Chartered Global Management Accountant (CGMA) designation to further elevate the profession of management accounting.

Ana Barco, Report Author and Head of Innovation - Talent Management at CIMA, said, ‘In the more forward-looking organisations, finance is evolving from a focus on the transactional

and cost efficiency areas to a real strategic focus where it can make a massive impact. This evolution is influencing the capabilities that finance professionals now need to demonstrate and bring to an organisation. It also highlights the exciting opportunities for CGMAs and those wishing to enter the profession.’

‘Despite many organisations cutting investment in training, highlighted by the CGMA Q2 global economic forecast which showed that spending is predicted to decrease in the UK and Europe over the next 12 months, leading employers still recognise our ability to provide these capabilities and support business success. This is reflected by our new student growth, with over 26,000 joining last year.’

Paul Venables, Group Finance Director for Hays, said, ‘Organisations are recognising the critical role that the finance function plays in informing the strategic decisions that will define their success. Management accountants who can deliver technical financial expertise along with commercial awareness are in demand from employers and should take every opportunity to develop these skills in order to become the financial leaders of the future.’

The report is available at: www.cgma.org/Resources/Reports/Pages/fast-track-to-leadership

Finance professionals hold the key to business success in an uncertain and demanding age

In 2010 the UCD Michael Smurfit Graduate Business School introduced the first MSc in Strategic Management Accounting (two-years, part-time) in close association with CIMA.

Today we salute the class of 2012!The MSc has attracted participants from many diverse employment backgrounds and enterprises including: Aer Lingus; Allianz (Darta Savings); Allied Irish Banks; Certus; Connemara Seafoods; Deloitte; Delph Ltd; FFA, Chartered Accountants; Health Service Executive; Intel; Microsoft; Oracle; Pfizer; PwC; Procter & Gamble; Teleflex Medical Europe; and WDA, Chartered Accountants.

Here is what one of the participants has said:

‘The quality and standard of the modules means that I will be able to complete my final CIMA exam just two years after beginning the course. The course also provides opportunities to develop strategic skills and experience. I would highly recommend the

MSc SMA to anyone seeking to develop their financial leadership skills with the drive to complete an intensive yet rewarding course.’Fionn Collins - Class of 2012 and CIMA scholarFinance Manager, Procter & Gamble

The MSc programme assists businesses to develop and retain talented professionals within their organisations thus adding human capital value whilst also providing a competitive advantage. It is also a fast-track to achieving the CIMA professional qualification.

Applications are now being invited for the September 2012 intake for the part-time MSc with classes delivered on Friday afternoons, 4.30-6.30pm, and Saturday mornings, 9.00am-1.30pm.

UCD and CIMA congratulate the MSc in Strategic Management Accounting class of 2012

For further information visit www.smurfitschool.ie/smaor email [email protected]


The Chartered Institute of Management Accountants Ireland (CIMA) and the Irish Tax Institute have announced an alliance to facilitate CIMA qualified professionals who wish to develop their tax knowledge.

The alliance will work at a number of levels including joint CPD events, a tax information service for CIMA members and exemptions for tax qualification exams.

Commenting Alan Flanagan, Chair, CIMA Ireland said ‘This is a strategically important alliance for our Institute in Ireland and all of our members. The alliance is intended to meet the needs of CIMA members across industry and sectors, many of whom have pivotal roles in organisations where tax processes, risk and compliance management are essential considerations. Many of our members’ roles demand specific insights into aspects of taxation, whether it is VAT or payroll tax, corporate or capital tax issues. This alliance with the Irish Tax Institute will facilitate our members’ needs in aspects of critical importance to them and will support our members in career development and continuing professional development’.

Commenting Bernard Doherty, President, ITI said ‘The Irish Tax Institute is delighted to form this alliance with CIMA. There are tax implications every day for the thousands of business decisions made in Ireland from sales and investments in small businesses through to expansion plans by multinationals. It is important that the highest standards of tax expertise are available to everyone from individuals, to start-ups, to large companies so that they can make confident decisions for their future’. The Irish Tax Institute has been educating people in tax for thirty years.

A series of CPD events on the topic ‘Tax developments promoting growth of indigenous business and attracting foreign direct investment’ are scheduled for October in Dublin, Galway and Cork.

Check out www.taxinstitute.ie/cima for booking details.

Other initiatives will include access to topical tax information for those CIMA members entitled to become affiliates of the Irish Tax Institute.

Specifically affiliates will receive:

• TaxFax - the essential tax technical update every Friday

• Daily news summary - top tax media stories

• Technical bulletins on topical tax developments which typically issue every three weeks

• Details of upcoming tax events and networking opportunities

Affiliate membership costs €130 plus VAT and details on how to become an affiliate member can be found on www.taxinstitute.ie/cima

For those CIMA members wishing to add a tax qualification there is the opportunity to pursue the AITI Chartered Tax Adviser (CTA) qualification. CIMA members are entitled to exemptions from three out of four exam papers at Part 1 of the three-part qualification. CIMA members can obtain the AITI Chartered Tax Adviser (CTA) qualification in less than eighteen months.

An alternative to the AITI is the Tax Technician (TMITI) qualification which is a one year programme designed for those who want to acquire a broad knowledge of taxation compliance across all tax heads. Delivered at weekends only in locations in Ireland, the programme covers the following core modules in an extremely practical and commercially focussed manner:

• Income tax

• Business taxes

• Capital taxes

• Indirect taxes

CIMA members who have already completed it rate it very highly.To find out more check out www.taxinstitute.ie/cima

CIMA alliancewith the Irish Tax Institute

CIMA and the Irish Tax Institute (ITI) have announced a collaborative alliance to benefit members of both bodies. Alan Flanagan, CIMA Ireland Chair, Denis McCarthy, Director, CIMA Ireland; Mark Redmond, Chief Executive, ITI and Bernard Doherty, President, ITI.

CIMA and the Irish Tax Institute alliance


The international gold standard in tax

www.taxinstitute.ie [email protected] +353 1 6631748

Location: Dublin, Cork, Limerick and Athlone

Register: Online at www.taxinstitute.ie

Commencing: October 2012

Exemptions: *CIMAs are exempt from 3 out of 4 papers of AITI Fundamentals: Part 1. Those who have completed their Fundamental level exams are eligible for exemptions from our law & accountancy modules

Study options: Lectures take place at weekends only and students can select from 2 courses and 2 examination sittings per year

A World of OpportunityJoin over 27,000 Chartered Tax Advisers (CTA) working globally in tax

> The employment rate among recently qualified AITI Chartered Tax Advisers (CTA) is 97%

> Flexible course options allow participants to qualify at a pace that suits them – 18 months or longer*

> AITI Chartered Tax Advisers (CTA) hold key tax and financial positions in 30 of the top 50 companies in Ireland.

> A blended approach to tax learning including real life case-studies and professional skills workshops

The CIMA Ireland internship programmes provide employers, who are CIMA members; with a unique opportunity to access a pipeline of talented resources through Ireland’s leading business schools across the island. The CIMA Ireland internship programmes have been established in close collaboration with business schools strategically located across the island of Ireland including Cork IT, Dublin IT, DCU, NUI Galway, University College Cork, University of Ulster, University of Limerick, Limerick IT, and Waterford IT.

Business schools work with employers to select students for placement in line with the specific recruitment requirements of the individual employer so that they meet their particular business and human organisational needs. For details of the programme within your area please go to www.cimaglobal.com/internships

CIMA Ireland students have taken global honours in their professional exams. Olivia Naughton, who works with Ask.com, came first in world for P3 performance strategy whilst Belfast based Hilary Marshall came second in the world for P3.

Mark Mercer, who works with Certus, came second in the world for E2 enterprise management.

Commenting Fiona Arnold, Student Recruitment Manager, CIMA Ireland said ‘These are fantastic achievements and each is to be congratulated on their success. CIMA Ireland students are outperforming their global peers in many of the exams. I would also like to congratulate all our students who successfully passed the May 2012 exams’.

CIMA Ireland internship programmes

Stellar performancefrom CIMA Ireland students


Operational level revision seminarsVenue: Radisson Blu Hotel Belfast, The Gasworks, 3 Cromac Place, Ormeau Road, Belfast BT7 2JB

Strategic level revision seminarsVenue: Radisson Blu Hotel Belfast, The Gasworks, 3 Cromac Place, Ormeau Road, Belfast BT7 2JB

Master’s gateway revision seminars, DublinVenue: CIMA Ireland, 5th floor, Block E, Iveagh Court, Harcourt Road, Dublin 2

T4B revision seminarVenue: Limerick, venue TBC

ModuleE1 Enterprise operations

P1 Performance operations

F1 Financial operations

ModuleE3 Enterprise strategy

P3 Performance strategy

F3 Financial strategy

ModuleP2 Performance management

E2 Enterprise management

F2 Financial management

ModuleT4 part B

DateFriday 12 and Saturday 13 October 2012

Friday 19 and Saturday 20 October 2012


DateFriday 5 and Saturday 6 October 2012



DateMonday 24 September and Wednesday 17 October

Tuesday 25 September and Thursday 18 October

Wednesday 26 September and Friday 19 October

DateSaturday 27 and Sunday 28 October 2012

Time9.00am-5.00pm

9.00am-5.00pm

9.00am-5.00pm

Time9.00am-5.00pm

9.00am-5.00pm

9.00am-5.00pm

Time9.00am-5.00pm

9.00am-5.00pm

9.00am-5.00pm

Time9.00am-5.00pm

Lecturer Tom McStraw

Dean Coulter

Maurice Smyth

Lecturer Tony Wall

Tom McStraw

Tom McStraw

Lecturer Dave Capewell

Dave Capewell

Dave Capewell

Lecturer Chris Gain

Price€190 for the two day seminar

€190 for the two day seminar





Price€190 per subject or €500 for all three

€190 per subject or €500 for all three



Revision seminars for November 2012 exams


Master’s gateway revision seminars, CorkVenue: Cork IT

ModuleP2 Performance management

E2 Enterprise management

F2 Financial management

DateMonday 24 Septemberand Monday 22 October

Tuesday 25 Septemberand Tuesday 23 October

Wednesday 26 September and Wednesday 24 October

Time5.00-10.00pm

5.00-10.00pm

5.00-10.00pm

Lecturer Adrian Cronin

Adrian Cronin

Adrian Cronin

Price€190 per subject or €500 for all three



Blended learning courses will commence early September 2012, each tailored specifically to the CIMA syllabus. They will be delivered by lecturers experienced in the CIMA professional qualification and exam requirements.

The fee for the blended tuition package is €495 per CIMA subject, excluding the exam fee. For those who wish to attend all three strategic level courses only, the cost is €1,100 for the three.

Athlone Institute of TechnologyE3 enterprise strategy

P3 performance strategy

F3 financial strategy

Cork Institute of Technology E1 enterprise operations

P1 performance operations

F1 financial operations

E2 enterprise management

P2 performance management

F2 financial management

E3 enterprise strategy

Limerick Institute of TechnologyE1 enterprise operations



Waterford Institute of TechnologyE1 enterprise operations




Letterkenny Institute of TechnologyE1 enterprise operations




P2 performance management


P3 performance strategy

F3 financial strategy

Blended learning

RegisterTo register for any of the above revision seminars or courses, please contact the CIMA Ireland office at [email protected] or phone +353 (0)1 6430400.


GBC 2012...Queen’s University College Belfast won the Ireland final of the CIMA Global Business Challenge 2012. A total of nine teams took part in the Ireland final. The team went on to represent Ireland at the global final in Colombo, Sri Lanka, on 23 and 24 July competing against 22 other countries. The 2012 CIMA GBC is an international business management competition designed to bring out the very best in the next generation of business leaders by analysing a real life scenario and presenting innovative solutions.

Pictured from l-r are: Colin Stevenson, Lurgan; Owen McMeel, Moneyglass; Julie Niblock, Larne; David Galbraith, Belfast; Donnchadh Long, Middletown; with Alan Flanagan, Chair, CIMA Ireland.

UCC team members pictured are: Kevin Barry, Whitescross; Justin Schwering, Waterford; Stephen Daly, Cork City; Daragh Costelloe, Tipperary South; and Eimear Walsh, CIMA student representative.

Dun Laoghaire’s IADT was a runner up at the CIMA Ireland GBC finals. Pictured are team members Jan Schneider, Rathmines; Catriona Sherlock, Glenageary; Leigh Heritage, Dun Laoghaire; Mitzi D’Alton, Christchurch; with Fiona Arnold, Student Recruitment Manager, CIMA Ireland.

Pictured at the finals are: Athlone IT students Patricia

Jurkowska, Mullingar, Rebecca Murphy, Tullamore,

Lilija Kazlausliene, Edgeworthstown and Carol Mallen,

Tyrrellspass with Michele Kavanagh, CIMA Ireland.

Letterkenny IT team, also a runner up, from l-r: Christine Carr, Letterkenny; Caroline O’Sullivan, Shrove; Michael Hernon, Killybegs; and Mary Clisham, CIMA Ireland.

Pictured from IT Tallaght were: Joy De-Roiste; Paul Byrne; Emma Hoare and Juanita Skehan; with Nicola Glynn, CIMA Ireland.

CIMA Ireland staff on the day (l-r) Fiona Arnold, Jean O’Dwyer, Robert Cosgrave, Nicola Glynn and Michele Kavanagh

Limerick IT team members Rebekah Wiseman; Craig Muckell; Martha McNamara and David Rushe with Geraldine Furlong, CIMA Midwest branch.

Dublin Business School team pictured are: Axuehong Wang; Aneesha Shaikh; Xue Liming; and Monisha Andrushe.

Athlone ITDublin Business School

Queen’s University College

University College Cork

IADT

Letterkenny IT

IT TallaghtLimerick IT

Cork IT team pictured from are students: Chris O’Mahony, Castlelyons; Sandra Hayes Clonakilty; Sean Leahy, Lismore; and Eamon Kelly, Belgooly.

CIMA Ireland

Cork IT

Winners!

iXBRL – Time to prepare for changeby Brian Doyle

This November will see the release of an enhanced version of Revenue’s On-Line System(ROS) that will allow taxpayers and practitioners to submit financial statements to Revenue in iXBRL format. XBRL (eXtensible Business Reporting Language), a language that allows the presentation of financial information in a computer readable format, has been with us since the late 20th century. In recent years it has become the global standard for the presentation and exchange of accounting and financial data for both business and regulators, driven by awareness of the potential business benefits, increased availability of packages and software tools and more recently, the advent of iXBRL, the ‘inline’ version of the language which allows human-friendly presentation of XBRL documents.

November releaseThe November release marks the beginning of a transition to iXBRL usage for Revenue. Receiving financial statements in iXBRL will allow us to examine, in a very efficient way, the content of accounts and their relationship with the information presented on tax returns. This has the potential to shorten processing and turnaround times for matters such as repayment claims and also to enhance Revenue’ capacity to accurately assess and eliminate risks, potentially reducing the need for intrusive Revenue audits or other interventions for the great majority of compliant taxpayers.

Progressive transitionRevenue is adopting a progressive approach to the transition to the submission of accounts in iXBRL. An optional phase starts on 23 November this year when practitioners will have a valuable opportunity to ‘cut their teeth’ using iXBRL in advance of mandation. Cases that have already filed their 2011 returns in September can still submit accounts from November onwards if they wish to.

Similar to the approach to the roll-out of ROS, Revenue will mandate iXBRL initially for cases dealt with in Large Cases Division (LCD) before extending to other areas. The pace of overall mandation in will be determined in 2013 following a review of the experience of the initial optional phase. For LCD cases mandation begins on 1 October 2013, for all returns made on or after that date with respect to periods ending on or after 31 December 2012.

TaxonomiesAt the core of XBRL and iXBRL are the taxonomies that define the tags used to identify and exchange data. In consultation with XBRL Ireland, Revenue has opted to accept the UK GAAP taxonomy, supplemented by a short ‘Irish extension’ as the medium for Irish GAAP accounts. The extension addresses some of the areas where there are different disclosures required under Irish GAAP (see www.xbrl-org.ie for details of the extension). We are also using the UK IFRS taxonomy, which will, in the near future, also be supplemented with an extension to bridge differences with the Irish standard.

A co-operative approachWhile the process of migration will, in many cases, be very straightforward, Revenue recognises that, for some, this will be a big change. Throughout the transition we in Revenue will be providing help and support where it is needed. In particular, we are committed to a tolerant and supportive response where practitioners or taxpayers have genuine difficulties in meeting their iXBRL obligations in the early stages of the new approach. To date, the move to iXBRL has been hallmarked by excellent co-operation between Practitioner bodies and Revenue. Hopefully this spirit will continue to make the transition as smooth as possible for all of us.

In partnership with Business Reporting Ireland, Revenue will be holding a series of awareness events in September for practitioners. For details see right.

For further information please refer to Tax Briefing 04/2012 available on the Revenue website, telephone Martin Roche at (01) 6131800 or Pat Mulhall at (01) 6131850 or email us at [email protected].


XBRL road show

presented by Business ReportingIreland Ltd/Revenue

DublinFriday 31 August, 8.00-10.30am

SligoMonday 3 September, 4.00-6.30pm

GalwayTuesday 4 September, 8.00-10.30am

LimerickTuesday 4 September, 4.00-6.30pm

CorkWednesday 5 September, 9.00-11.30am

DundalkMonday 10 September, 4.00-6.30pm

KilkennyWednesday 12 September, 4.00-6.30pm.

Final date for booking for all venues is Monday 27 August 2012. Venue details will be emailed with confirmation of your booking.

If you are interested in attending, please register now by emailing [email protected] stipulating the location at which you wish to attend.

CIMA Ireland member eventsTo keep up to date with CIMA CPD events taking place around Ireland, please visit www.cimaglobal.com/irelandevents

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Why Ireland for Islamic finance? - CIMA locations docs/Ireland... · 2012. 8. 17. · Case study - Greg Scanlon CGMA news CIMA Ireland board update ... business studies. ... KACE