Network News - CIMA locations docs... · comparatively recession-proof. In terms of general business confidence, significantly fewer expect their employers to impose freezes and cuts

IRELAND / SPRING 2012

Top tips for buying business insurance

MSc in Strategic Management Accounting applications open

Minister Bruton addresses CIMA

THE FOOD SECTOR

AND TAX Encouraging continued growth

Network News

CIMA IRELAND | 5th Floor | Block E | Iveagh Court | Harcourt Road | Dublin 2 | Ireland T. +353 1 6430400 | F. +353 1 6430401 | E. [email protected]

Contents

3 Introduction Patrick Barr, Chairman CIMA Ireland

4 Public sector performance report

Finance professionals confident despite economic climate

5 Richard Bruton addresses CIMA

6 Buying business insurance - top tips

8 The food sector and tax: encouraging continued growth

10 Members in Practice (MiPs)

11 New technical resources launch

13 Aileen Muldowney lecture theatre opening

William Walsh jubilations for 45 years

14 Inaugural CIMA Ireland dinner

CIMA offers students the opportunity to become the next global business leaders

15 Case study: Zara Mc Mullan, Finance Manager iON,

16 Student calendar

18 Amanie - CIMA Ireland half-day seminar

19 The CIMA Diploma in Islamic Finance

20 Inaugural student prize marks Open University strategic partnership

21 Global designation launched

22 Undergraduate prizewinners

23 Kingdom takes title at inaugural schools quiz

Welcome to the spring 2012 issue of Network News. As we approach the first anniversary of the establishment of CIMA Ireland I am pleased to report that the merger has been a great success. The new cohesive all island, strategic approach is working well and has allowed us to strengthen the understanding that CIMA business leaders are making a real and genuine impact on industry and commerce on this island.

It gives me particular pleasure, therefore, to announce that we are most honoured that the President of Ireland, Michael D Higgins has accepted our invitation to attend the inaugural CIMA Ireland annual dinner on 26 May in Belfast’s Titanic Quarter. This prestigious event will be held in collaboration with InterTrade Ireland and will be a unique opportunity to meet fellow members and to network with business leaders across the island.

This follows on from a very successful event, addressed by Richard Bruton T.D. Minister for Jobs, Enterprise and Innovation which addressed the topic of ‘Re-invention and rejuvenation of organisations and the Irish economy’. That event, co-hosted with UCD Michael Smurfit Graduate Business School, brought together the best of business education and leadership in Ireland. The success of the event demonstrates the strength of CIMA’s reach and the depth of its membership network throughout the country.

Despite the continued turbulence in the financial markets and the rollercoaster year that resulted, CIMA has seen some very positive outcomes and as a professional body experienced strong growth in 2011. The CIMA qualification is already recognised internationally and the establishment of the CGMA (Chartered

Global Management Accountant) designation through the joint venture between AICPA, the American Institute of Certified Public Accountants and CIMA, two of the world’s most prestigious accounting institutes, is to be welcomed. As a single global standard, it will open more doors, and present more global opportunities, than any other professional business qualification.

In Ireland, the environment in which we operate remains challenging, however business sentiment has definitely improved and recruitment agencies have noted a visible increase in demand and opportunities for CIMA qualified management accountants.

Our most recent salary survey indicates that members and students are more optimistic about business growth than two years previously and in a positive comment on future prospects, 84% of those planning to move jobs intend to remain in Ireland.

CIMA’s integrated, strategic approach aimed at maximising its presence and engagement with industry, education providers and other professional bodies and the introduction of increased and accessible study routes is delivering. Average results for CIMA’s 11 international offices show CIMA Ireland as one of the stronger performers whilst we continue to attract new members and student registrations at a level that is growing both in absolute and relative terms in a market that has itself contracted.

Among the ground breaking initiatives of 2011 was the introduction of the first year of the CIMA Diploma in Islamic Finance (CDIF). With a graduation event planned for April, the 2011 class saw

forty seven candidates participate in two separate strands, one representing executives from industries/sectors as diverse as aviation, accounting, advisory, banking, FDIs, legal, manufacturing, regulation and the public service. Eighteen solicitors were among those to participate in a second strand under the Law Society Finuas Network Scheme. This is just one of several significant relationships developed in recent years with other professional bodies such as Engineers Ireland, the Law Society of Ireland, the Irish Association of Corporate Treasurers (IACT) and the MBA Association of Ireland. In addition, Ireland’s first MSc in Strategic Management Accounting, established in 2010 through our close working relationship with the UCD Michael Smurfit Graduate Business School, is now entering its third year.

In terms of corporate development, CIMA Ireland continues to build strong relationships with companies throughout Ireland. We currently have 130 Training and Quality Partners and over 30 CIMA Development Partners. Our buddy network, comprised of CIMA graduate members working at senior level in business, has grown from its inception in 2009 to over 70 by the end of 2011.

Finally as I have pointed out previously the strength of an organisation is its membership and I would encourage each of you to take an active role within your branch whether it is simply attending some of the excellent events being organised by your local branch committee or indeed becoming more active at branch level.

Chairman’s message

Patrick Barr Chairman CIMA Ireland

NETWORK NEWS 3

4 NETWORK NEWS

A thought-provoking new report published by CIMA argues that public sector managers and policy makers are suffering from inadequate management information, and are not making best use of their finance function.

Public sector performance: a global perspective suggests that central government has too narrow a view of the role of the finance function, confining it to stewardship and reporting, and advocates the adoption of the best available accounting and financial management practices. The public sector also suffers from too many KPIs or targets and poor decision support, which makes it difficult to create a robust culture of evidence-based decision making.

This global report promotes the need for better performance management in the public sector and encourages decision and policy makers to demand the same level of information and support enjoyed by peers in the private sector.

Public sectors differ in different countries, but can still learn

from each other. They share common challenges that make performance management more complex, for example the lack of a predominant profit motive to simplify resource allocation; complicated delivery chains; and multiple stakeholders.

The report considers New Zealand’s role as an exemplar of public sector efficiency. In the early 1980s, the country was experiencing stagnant growth and a budget deficit of almost 10% of GDP. After initiating its reforms, the government’s net worth climbed to nearly 60% of GDP. New Zealand’s experiences are perhaps too dependent on the unique structure of its public sector to be universally applicable, but its initiative to adopt accruals accounting in the public sector led to demonstrable improvements in both external reporting and performance management.

The study also highlights less obvious models worth considering: Vietnam and Singapore, which both have small and efficient public sectors. Singapore’s ‘good, cheap government’ is now the model for China’s public sector reforms.

Public sector performance report

Despite another rollercoaster year in 2011, finance professionals in Ireland have shown notable resilience to the ongoing turbulence of the global economy according to the latest members’ salary survey carried out by CIMA.

The majority of CIMA members in Ireland are feeling comparatively recession-proof. In terms of general business confidence, significantly fewer expect their employers to impose freezes and cuts than polled compared to two years ago. One third (30%) are expecting a salary increase in the next 12 months and just over two-fifths are considering alternative job opportunities in the next two years.

Globally, although salary is clearly important to members, quality of life is becoming more of a priority. In seven of the 14 countries surveyed, a good working environment, a challenging workload and a good work-life balance are also considered major motivators.

But long hours are becoming more common. In 13 of the 14 countries surveyed, two-thirds or more of respondents are working over 40 hours a week – and sometimes up to 50 hours. According to the survey, more than half (54%) of Irish respondents are currently working between 41 and 50 hours a week and 16% are working a 51 to 60 hour week.

The skills of CIMA members in Ireland are valued all around the world in a number of diverse sectors. Of the 42% of members planning to move jobs within the next two years, 16% plan to emigrate. The most popular destinations include: the UK, Canada and the USA.

Denis McCarthy, Director, CIMA Ireland commented: ‘The CIMA qualification remains highly valued by employers. The qualification provides opportunity and mobility to CIMA members. An impressive 91% said that their CIMA skills had opened up greater career opportunities and 75% said the qualification has given them greater access to other areas of business. In Ireland CIMA students can now choose from several routes to entry ranging from the CBA to the MSc in Strategic Management Accounting with the UCD Michael Smurfit Graduate Business School, the CIMA masters gateway as well as a wide choice of study options’. The salary survey is available on www.cimaglobal.com/myjobs

Finance professionals confident despite economic climate

www.cimaglobal.com/publicperformance

NETWORK NEWS 5

The MSc in Strategic Management Accounting (two years, part-time) at UCD Michael Smurfit Graduate School of Business in association with CIMA

The part-time MSc in Strategic Management Accounting (SMA) at UCD Michael Smurfit Graduate Business School is now entering its third year and will recommence in early September 2012 for the new intake of students.

To facilitate students’ regular work commitments while studying part-time, SMA classes are scheduled at the end of the week: Friday afternoons, 4.30-6.30pm, and Saturday mornings, 9.00am-1.30pm. The MSc in Strategic Management Accounting, which is closely aligned with the CIMA professional qualification has since its introduction, attracted participants from diverse employment backgrounds.

The MSc programme provides graduates with a distinct competitive edge that will stand to them throughout their business career as well as opening up opportunities. Specifically, it is designed to address issues of strategic importance to businesses in Ireland, with syllabus and content providing a framework allowing programme participants to analyse management accounting tools, techniques, ‘best practices’, and innovations within the context of the strategic management of their business, and with a view to adding tangible value for their employers.

Successful graduates of the programme will gain exemptions from the CIMA operational, management and strategic level exams and can progress directly to the institute’s final TOPCIMA exam.

Mr. Richard Bruton, T.D. Minister for Jobs, Enterprise and Innovation addressed members

and buddies of CIMA at an event yesterday evening co-hosted by Professor of Accounting

Anthony Brabazon ACMA, Associate Dean and Director at UCD Smurfit School. The

Minister spoke on the topic of ‘Re-invention and rejuvenation of organisations and the Irish

economy’. The event took place at UCD Business School which delivers an MSc in Strategic

Management Accounting that is closely aligned to the CIMA professional qualification.

For further details www.cimaireland.com/ucdmasters

6 NETWORK NEWS

You will be aware of the need to purchase insurance to protect your business against unforeseen circumstances. The purchase of inadequate insurance could have a potentially catastrophic affect on your business and perhaps ultimately place the business at risk of failure.

How do I identify what needs to be insured? Some risks to the business are obvious. Fires, floods, theft and injury to staff or third parties are issues that are easily identified as needing insurance.

Other risks to the business may be less obvious. For example, persons hacking into your web site (cyber risk insurance), contractual disputes (legal expenses insurance), a key supplier not been able to supply you due to a major fire at his premises (suppliers dependency insurance), directors personal exposure under corporate governance legislation (directors and officers insurance), the death of a key employee (key person assurance) are examples of risks that may not be immediately apparent to you but perhaps could be issues requiring insurance. Identifying risk is complex and needs considerable analysis. It is possible to insure almost anything – the key is to insure what is most necessary at a price that your business can bear.

How do I source appropriate insurance? You need an insurer or a panel of insurers that will provide competitive prices. You also need to be aware that not all insurers policy wordings are the same and you need to identify wordings that are appropriate to your business and do not contain problematic conditions or exclusions. Insurers will negotiate on their wordings and price particularly if they are keen on your business.

With over 50 insurers actively operating in Ireland sourcing the best deal is not an easy task. You need to ask yourself if you need professional advice. Importantly, if you need to claim,

you will want to be confident that you’re insurance has been correctly arranged and that you have access to the best advice through the claims process.

The two main ways of purchasing insurance are, directly from an insurer and via an insurance broker.

Do I buy directly from an insurer or use an insurance broker? An insurer will sell you his own insurance products and will not give you a wide prospective on the insurance market. Nor can insurers be deemed to be independent in the claims process.

The purchase directly from an insurer of on line personal insurance products such as home and private motor is increasing. While each insurers cover will differ, many private consumers purchase on price alone and thus are attracted to the convenience of an on line purchase. Other consumers place a greater emphasis on product differences and general advice, and take the view that they need the guidance of an insurance broker.

Given the complexity involved in assessing risk within a business and purchasing insurance, it is the norm for managers of businesses to use the services of an insurance broker. The broker should always ‘fact find’ to determine the insurance needs of your business and then price and negotiate your insurance program. The broker should then recommend to you an insurer or panel of insurers to carry your insurance risk and explain to you the policy covers and terms.

How do I select an insurance broker?

In general, in selecting a broker you need to take cognisance of the following

The broker expertise. The broker ability to provide sound technical advice and claims support should always be paramount.

Buying business insurance - top tips for owners and managers

Norman Thompson, ACII

NETWORK NEWS 7

The broker’s regulatory status. A broker authorised by the Central Bank of Ireland as an authorised advisor is not tied to any one insurer. However authorised advisor status does not in itself indicate that the broker can obtain quotations from all insurers as he can only access quotations where he holds an agency.

The broker insurer access. If the broker does not have access to or have agencies in place with insurers who may be interested in your business then he is unlikely to be able to optimise market competition to your best advantage.

The broker reputation. Don’t be afraid to ask the broker for references from other business clients of the broker.

Broker membership of a recognised broker body. An IBA or PIAB broker will provide further comfort in relation to any broker proposition.

Should I tender my business to several insurance brokers?

You will wish to develop a close working relationship with your broker and you should therefore exercise care in the selection of a broker.

Your broker should tender your business annually in the insurance market or at the very least make informed decisions in advising you as to his recommended insurer or panel of insurers at each insurance renewal. Do not be afraid to ask him what work he has done on your behalf. If you have any doubt as to the level of service you are obtaining from your broker or feel he is complacent in seeking the best deal for you then you should speak to other brokers.

However you need to be careful in any broker tender process to:

• Select brokers that meet your selection criteria.

• Ask no more than three brokers to tender. Brokers will have

to put work into tendering for your business but may not put in sufficient effort if they feel they have little opportunity in securing your business. Insurers receive thousands of quotation requests from brokers monthly and have work in relation to each broker approach. If canvassed by too many brokers on your behalf they may show less interest in responding positively. It is a matter of quality over quantity.

• Remember that prices quoted may be at the expense of cover so ask about the policy small print.

• Always ensure that all tendering brokers are asked to provide quotations based upon like for like cover but ask each to make recommendations where they feel any of the covers are insufficient.

So if I have a cheaper quote from another broker, then should I switch?

Not necessarily. If you have a cheaper quotation but your current broker experience has been good then perhaps you will wish to ask your current broker why there are price differences.

If your current broker experience has not been good then perhaps the cheaper alternative only confirms your concerns.

Finally do not forget to also review your covers fully – you may have tendered your insurances prior to a full review of your expiring covers and, now that you have decided where you are renewing, these covers may need some updating.

And remember

Always ask questions to satisfy yourself that you have indeed a very good insurance deal.

Not all risks to business are obvious

An Bord Bia have estimated that the value of Irish food and drink exports increased by 12% in 2011 to reach €8.85 billion. This amounts to an increase of almost €1 billion and follows a similar rise in 2010. While the food sector is not immune to difficulties in the Eurozone, reduced consumer spending and the uncertain economic environment, there are few industry sectors in Ireland that can show similar results for 2011. Also, 69% of participants in this report stated that they had increased sales forecasts for 2012 based on 2011 levels, an indication of the level of optimism in this sector.

This article seeks to simplify and outline some of the key taxation issues facing traditional Irish food businesses when expanding their operations.

Revenue commissioners – managing cash-flow and audits

Unfortunately, there are still no set established norms for liaising with Revenue in agreeing the timing of tax payments where cash-flow difficulties arise. However, early negotiation with Revenue is critical and this will involve provision of a statement of affairs along with estimates of future income/expenditure.

The current focus of the Revenue on the food sector primarily relates to two areas:

• Whether PAYE/PRSI is being applies on all payments to employees and in particular, whether individuals not currently on PAYE could be regarded as employees.

• Whether the 0% VAT rate is being incorrectly applied.

The risk of tax liabilities arising in the event of a Revenue audit

is a key risk for all businesses seeking to expand. In addition to the tax underpaid, there is an exposure to interest (broadly 1% per month) and penalties (ranging from 3% to 100%). However, there are a number of alternatives available to businesses in order to reduce these cash-flow costs. For example:

• If the matter is corrected within 12 months of filing the relevant return and relates to tax of less than €6,000, it may be possible for no penalties to apply.

• Alternatively, where the matter is an innocent error (and the amount is less than €6,000) or is a technical matter, it may be possible to negotiate with the Revenue that penalties do not apply.

• There are a number of other benefits available under the newly revised 2011 Revenue Code of Practice for Revenue Audits.

Transfer of business operations to a corporate form

As food businesses expand beyond the entrepreneurial stage, transfer of operations from a sole trader to a company is of merit. The key benefit is to avail of the 12.5% rate of corporation tax on profits earned. Provided carefully structured, it should be possible to transfer any existing business without a charge to capital gains tax although stamp duty will require consideration.

Expansion abroad

Owners of traditional Irish food businesses can be faced with a multitude of tax decisions/registration requirements when they commence to operate abroad.

The export of product from Ireland to another EU location will only give rise to a requirement to register for VAT in the local EU country if the business develops a presence in the foreign country through local employees/office. However, if the business is simply exporting foods to the foreign location then such registrations are not required. Although general VAT principles apply to all countries in the EU, where a foreign VAT registration applies it will be necessary to review the VAT treatment in the

8 NETWORK NEWS

The food sector and tax: encouraging continued growthMary Nyhan, Tax partner

NETWORK NEWS 9

particular country in order to determine if it is the same as the Irish approach.

The presence of employees in the overseas country could result in a requirement to register for employer payroll taxes in that country. However, as a general rule, provided the individual spends less than 183 days in the foreign country and the business is not subject to tax in the foreign location, then no foreign obligation should arise. However, if this is not the case, then foreign payroll taxes will require consideration. In this year’s budget, the Minister announced an Irish income tax exemption to aid businesses seeking to expand into Brazil, Russia, India, China and South Africa where at least 60 days in the year is spent in these countries. This is a significant Irish income tax exemption and will act as a key means by which employers will be able to incentivise employees to spend time in these countries.

From a tax structure point of view, our advice always remains to keep it simple when expanding operations abroad. There is no immediate requirement for example to form a company in foreign locations as often this leads to unnecessary start-up costs. In order to obtain relief for Irish corporation tax purposes for start-up overseas losses, it is best to defer forming a foreign company until the overseas activity is at least in a break-even position. As operations expand and become profitable overseas, then there is merit in forming a company abroad so as to give greater scope to optimise the value of the 12.5% rate of corporation tax.

Incentivising employees and family

The cost of providing cash incentives to employees and family working in the business is now significant due to increased income tax rates. However, the issue of company shares to such individuals is effective not only from a tax perspective (where it is possible to significantly reduce the tax payable from the marginal rate of income tax) but also ensures that employees participate in the future growth of the business which they are responsible for growing. It is also possible to put protections in

place in the event that the preferences of the current owners change.

Maximising value for research and development expenditure

The value of tax relief for research and development expenditure (ie. in order to achieve scientific or technological advancement) tends to be significantly under-utilised by companies (not available to individuals) operating in the food and beverage sector. This relief allows for a tax credit equal to 25% of research and development expenditure incurred over and above the level of spend in 2003. This has become a more key relief given that it may now be possible to obtain a cash refund for such expenditure.

Future growth

There is no doubt that the food sector will experience growth in the coming years, whether that ultimately leads to expansion or sale. However, the challenge is to ensure that a financial strategy is in place so that growth from an entrepreneurial to an international business can take place. Tax should be part of this growth strategy by ensuring that tax risks are managed, tax procedures are developed as the business grows, cash-flow is improved by availing of tax reliefs available to expanding businesses and appropriate structures are in place for international operations.

Mary Nyhan is a tax partner in RSM Farrell Grant Sparks and advises businesses (Irish and international) on their taxation affairs. Over the years, she has worked with a number of Ireland’s indigenous businesses in particular, in relation to expanding abroad. She also has particular experience in relation to the tax aspects of share-based remuneration, succession planning and property. Mary also works closely with the firm’s corporate finance department, in advising on the taxation aspects of M&A activity. She is based in our Dublin office.

10 NETWORK NEWS

With MiPs going through something of a boom in demand, Network News caught up with several MiPs. According to Sean Molan, Chair of CIMA Members in Practice group, demand for MiPs from SMEs and increasingly businesses that have streamlined operations, is growing rapidly in the current economic climate. Traditionally MiPs have provided services to SMEs, however, they are now being seen as a cost effective means of supplementing internal or finite accounting resources particularly amongst those businesses that may have scaled back in recent years.

‘What we are seeing now is the emergence of a demand for an additional or part time resource in particular for special projects, new start ups and as a solution to temporary leaves of absence. In the current economic climate most businesses operate a very lean structure yet find, at certain times, their resources are too thinly spread. Quite often they need a bolt on resource to see a project through without committing to a new, full time, position. The critical issue for businesses is getting the right expertise to hit the ground running. This typically happens when a business is involved in a special project such as an acquisition or restructuring with the enterprise looking to alleviate a temporary or short term need. In addition, some businesses may have reduced head count whereby they can no longer justify a full time accounting function but have compliance requirements,’ states Sean Molan.

According to Sean, companies are also looking for smarter more efficient ways to deploy their resources. ‘For example, recently a distribution company with a second depot needed somebody to once a month close off the books. Given the logistics and time lost through travel it was more cost effective to engage an MiP on the ground rather than deploy a full time resource from head office ‘.

CIMA MiPs routinely act as the ‘in house’ accountant to several businesses in the SME sector on a part time basis and this is a growing area of their business. ‘The option of having a part time ‘in house’ accountant with the requisite expertise across areas such as compliance, risk management and financial planning can be a valuable resource to that business especially if in its infancy or when looking to scale up. Such a resource will also have the analytical skills and expertise to provide enterprise based solutions that fit with the company’s direction particularly with regard to funding and investment. In many cases we find our MIPs are effectively acting as mentors to businesses given their wide ranging experience’, states Sean Molan.

BMS Chartered Management Accountants based in Meath, for example, operates as part-time Financial Controller (FC) with SME’s in the area. MiP and BMS owner, Raymond Gibbons ACMA is involved in preparing strategic plans with company directors, business mentoring and the design and implementation of company procedures.

MiPs can also assist clients in transition according to Robin Robson, MD of Robson Associates Management Accounting Consultants. ‘This can happen in either direction of a business’s evolution. A client may be in expansion mode and will eventually need a full time financial

controller ‘but not yet’. The MiP can fill this gap on a flexible basis from both a time and cost viewpoint, acting as FD in the interim, setting up the systems and reporting structures etc. Finally the MiP can assist the CEO in recruiting and inducting a full time accountant. Similarly with a company reducing in size, the MiP can provide continuity between the loss of a full time accountant and the organisation completing its change phase. In these circumstances the MiP will often fill the role of FD in the longer term’, says Robin.

For some businesses the role of the MiP is to carry out an independent health check across their systems such as costings, departmental efficiency, departmental profitability etc. In these cases the MiP can cast a fresh and strategic financial lens across the business to produce an independent analysis. Where there are long established work practices that may no longer be appropriate to the business dynamic this can be a very useful tool to achieving change according to MiP, Sean Donnelly. ‘By getting an outsider to do an external review and handling these situations sensitively the CFO/FD can achieve real productivity gains and not have to deal with some staff taking personal issue with the FD/CFO’, he states.

In the current climate there is a lot of pressure on small businesses and their banking arrangements can become quite challenging and daunting according to Ronan Coburn of Bottom Line which specialises in banking relationships. ‘For small businesses negotiations with a bank on a non routine matter can be a deterrent in itself but pivotal to the future of the business. It is a demanding and time consuming task and a major distraction to the day to day running of

Members in Practice (MiPs) in demand as companies seek additional resources

the business. I apply forensic accounting techniques in the scrutiny and analysis of bank loan documentation, and in a wide spectrum of other banking-related undertakings.’

Understanding the underlying drivers and indeed the loss makers is essential to businesses but something that is not always as apparent according to Leonard Brown, Principal of Profit Analytics which focuses on ‘Customer profitability analysis’. ‘Having the skills to carry out such analysis is key to better understanding ‘how’, ‘where’, on ‘what’ and ‘why’, profits are earned and lost within their business - often, producing big surprises’, states Leonard.

Tax compliance and tax efficient structure is also a significant issue for SMEs and their owners. Many MiPs such as John Conlon, a partner in Conlon O’Sullivan & Co, are also qualified to provide tax consultancy. John, who is a registered tax consultant, offers tax advice to individuals and SME’s covering company re-organisations, incorporations, share options, employment taxes and residence issues.

Concluding Sean Molan, who also runs Molan Accounting Services/Cost Control & Management Services Ltd., said ‘For companies looking to create greater efficiencies, an MiP will often identify and achieve cost reductions of 10% plus across a range of expenses/overheads without inflicting pain on the organisation. Cost savings is just one example of multiple solutions that MiPs provide to businesses. As our members have demonstrated, it is about being able to bring an experienced, financial eye to a business and to look at it in a way that will add value and provide solutions that meet the demands of the operation whether its compliance and regulation, taxation, human capital resources, funding or creating efficiencies.

NETWORK NEWS 11

CIMA Ireland is delighted to announce the launch of a new technical resources section on the CIMA Ireland website in the members section. The aim is to provide CIMA members and students with technical information and updates on current developments across the key topic areas impacting members, including financial reporting, taxation, company law, and employment legislation.

This resource will be developed further over the coming months to include additional topics and issues affecting all members, whether working in industry or as an MIP. We would encourage all CIMA members to visit the new technical resources area on the website and would certainly welcome feedback.

Comments and suggestions for further topics that members would like to see included can be emailed to [email protected] – your feedback will be central to enhancing this resource.

In addition a news 2012 page is now also located in the members section of the website. This includes up to date general business related articles which should be of relevance to all CIMA members.

Scan for technical resources

Scan fornews 2012

New technical resources launch

12 NETWORK NEWS

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CIMA Network News 210x148.indd 1 16/03/2012 14:46:46

NETWORK NEWS 13

Jubilations for 45 yearsMr. William Walsh of Rosses Point Sligo who commemorated 45 years as a CIMA member pictured at the jubiliarians event with CIMA Ireland Chairman, Patrick Barr.

The Aileen Muldowney lecture theatre dedicated to the memory of the late Aileen was opened by her parents, David and Carmel, at the CIMA Ireland headquarters on 2 December 2011. In attendance were Aileen’s family pictured from l-r: Moya, David, Carmel, Orla and Claire Muldowney

Aileen Muldowney lecture theatre

14 NETWORK NEWS

CIMA offers students the opportunity to become the next global business leadersIreland’s top business students will have the opportunity to gain global exposure and learn valuable skills for the future courtesy of the CIMA Global Business Challenge (GBC). The Irish final will take place on Saturday 9 June at IT Tallaght. The GBC, now in its third year, attracts teams from the top business colleges across the country and has seen University College Cork take the title for two years in a row.

The 2012 CIMA GBC, which is being held in partnership with Barclays, is an international business management competition open to full time undergraduates of public and private colleges and universities who are ideally from a business or finance background. The competition is designed to bring out the best in potential young business leaders. It provides students with a great opportunity to test the depth of their financial knowledge and expand upon their competitive ability. In addition, it has previously led to internship opportunities from well-known organisations.

Each team will be expected to analyse, report and present on a CIMA case study. The winning team will be flown to the global final in Sri Lanka on 21 and 22 July 2012 to compete against 21 other regions for the title of global champions.

The teams taking part will come from Australia, Bangladesh, Mainland China, Ghana, Hong Kong, India, Indonesia, Malaysia, the Middle East, Nepal, New Zealand, Pakistan, the Philippines, Poland, Russia, Singapore, South Africa, Sri Lanka, the UK, Vietnam and Zambia.

Log on to the GBC 2012 Facebook page for regular updates and information on the teams.

Inaugural CIMA Ireland dinnerPresident Michael D Higgins will be the guest of honour at this

year’s CIMA Ireland annual dinner which take place on Saturday

26 May at Belfast’s Titanic Quarter. The annual dinner is being

held in collaboration with InterTradeIreland

(www.intertradeireland.com) the Irish and British inter-

governmental body with a mandate to create commercial

linkages between companies in the North of Ireland and the

Republic of Ireland. This is the first all-Island event , sponsored

by Electric Ireland, that CIMA will hold since the merger

last year of CIMA’s operations in the Republic of Ireland and

Northern Ireland.

The Titanic Quarter is one of Europe's largest waterfront

developments, representing an investment of £7bn and is

expected to create at least 25,000 new jobs over the next 15

years. This is a prestigious event and among the first key events

to be held in the Titanic Quarter. It will be attended by leaders

of industry and business from across the island.

Corporate tables and individual bookings

can be made by contacting Nicola Glynn at

[email protected] or +353 1 6430402.

Upcoming member eventsAll member events are updated and listed on the webpage www.cimaglobal.com/irelandevents. Be sure to keep an eye on these and see what is happening in your local branch.

If you have any queries regarding any CIMA Ireland events, please email [email protected]

In collaboration with

Sponsored by

NETWORK NEWS 15

Zara McMullan is finance manager with iON www.ionology.com which she describes as a vibrant, digital marketing company of ten people based in Belfast. Zara enjoys a very varied role with a number of responsibilities reporting directly to finance director, Garret McKeown.

‘On a monthly basis, I prepare and present our month end accounts to the board of directors, reporting particularly on variances from budgets and project profitability. On a day to day basis I manage the cash flow and credit control, process the monthly payroll, prepare VAT returns, keep a tight control on costs and ensure our commercial team are hitting their sales and billing targets and that they have enough resource capacity to ensure this can happen’ states Zara.

Working with an SME provides Zara with exposure to wide range of areas and she has gained a lot of experience since she first joined iON in 2007. ‘The finance function in an SME is a very diverse role and you must be integrated with every function within the business. I feel I have gained a lot of experience in different areas from working for a smaller firm. Not only do I report on the past, I get to plan for the future, which can be very empowering’.

Zara is studying with Northern Ireland based tuition provider the Richard Clarke Academy for her strategic level exams in May. ‘Studying for CIMA has had a direct impact on my career prospects and has resulted in my being promoted within the company. I found the performance pillar of the CIMA syllabus

extremely relevant to my role which varies from week to week and can involve revising a budget, performing an investment appraisal or managing working capital. CIMA also focuses heavily on risk and control strategies which is extremely relevant in the current economic climate’.

Being part of a ten man operation requires flexibility for both employer and employee and has been key for Zara in pursuing her studies ‘Studying and working full time can be stressful. However I am fortunate to be working for a flexible employer and this has been key to my reaching strategic level. In addition, CIMA’s broad syllabus means I can relate it to the workplace particularly when I find myself working on non finance related issues, such as HR, and CIMA covers all of this’.

Since embarking on the CIMA qualification Zara believes she has become a more informed manager ‘Many people believe numbers are boring, however, they provide a great basis for reporting, learning from your mistakes, building on your successes and planning for the future. I am more effective at risk mitigation and more strategic in my thinking’ states Zara.

Concluding Zara said ‘I chose CIMA because I believed it was the best accountancy qualification to have whilst working in industry, your learning can be very easily applied to the workplace and it sets you up to be a great manager and decision maker. A CIMA qualification shows high levels of motivation and intelligence that can be applied easily to any industry and I have no doubt it will be key for me in building a successful career in the longer term, whether that entails working for an MNC or running my own business’.

Zara McMullan Finance Manager

CASE STUDY

16 NETWORK NEWS

Certificate level revision seminars

Venue: CIMA Ireland, 5th floor, Block E, Iveagh Court, Harcourt Road, Dublin 2

Module Date Time Tutor

C4 21 April 9.30am-5.00pm Pat O’Shea

C5 28 April 9.30am-5.00pm Fiona Mahon

C2 19 May 9.30am-5.00pm Leo Norris

C3 9 June 9.30am-5.00pm Jerry Murphy

C1 16 June 9.30am-5.00pm Ronan Flynn

Operational level revision seminars

Venue: Radisson Blu Hotel Belfast, The Gasworks, 3 Cromac Place, Ormeau Road, Belfast BT7 2JB

Module E1 Enterprise operations P1 Performance operations F1 Financial operations

Date Fri 4 and Sat 5 May Fri 11 and Sat 12 May Sun 29 and Mon 30 April

Time 9.00am-5.00pm 9.00am-5.00pm 9.00am-5.00pm

Lecturer Darren Hodgson Roger Bentley Dave Capewell

Price €190 for the two day seminar €190 for the two day seminar €190 for the two day seminar

Management level revision seminar

Venue: Radisson Blu Hotel Belfast, The Gasworks, 3 Cromac Place, Ormeau Road, Belfast BT7 2JB

Module F2 Financial management

Date Sat 28 and Sun 29 April

Time 9.00am-5.00pm

Lecturer Ken O’Sullivan

Price €190 for the two day seminar

Strategic level revision seminars

Venue: Radisson Blu Hotel Belfast, The Gasworks, 3 Cromac Place, Ormeau Road, Belfast BT7 2JB

Module E3 Enterprise strategy P3 Performance strategy F3 Financial strategy

Date Sun 6 and Mon 7 May Fri 27 and Sat 28 April Wed 9 and Thurs 10 May

Time 9.00am-5.00pm 9.00am-5.00pm 9.00am-5.00pm

Lecturer Chris Cain Andy Booth Roger Bentley

Price €190 for the two day seminar €190 for the two day seminar €190 for the two day seminar

STUDENT CALENDAR

16 NETWORK NEWS

NETWORK NEWS 17

Masters gateway, Dublin

Venue: CIMA Ireland, 5th floor, Block E, Iveagh Court, Harcourt Road, Dublin 2

Module P2 Performance management E2 Enterprise management F2 Finance management

Date Mon 26 March and Mon 23 April

Tues 27 March and Tues 24 April

Wed 28 March and Wed 25 April

Time 9.00am-5.00pm 9.00am-5.00pm 9.00am-5.00pm

Lecturer Dave Capewell Dave Capewell Dave Capewell

Price €190 per subject or €500 for all three

€190 per subject or €500 for all three

€190 per subject or €500 for all three

Masters gateway, Cork

Venue: Cork Institute of Technology, Bishopstown, Cork

Module P2 Performance management E2 Enterprise management F2 Finance management

Date Mon 26 March andMon 23 April

Tues 27 March andTues 24 April

Wed 28 March andWed 25 April

Time 5.00-10.00pm 5.00-10.00pm 5.00-10.00pm

Lecturer Adrian Cronin Adrian Cronin Adrian Cronin

Price €190 per subject or €500 for all three

€190 per subject or €500 for all three

€190 per subject or €500 for all three

T4 part b revision seminar, Limerick

Venue: Strand Hotel Limerick

Module F2 Financial management

Date Sat 12 andSun 13 May 2012

Time 9.00am-5.00pm

Lecturer Chris Cain

Price €220 for the two day seminar

Please contact [email protected] or phone +353 1 6430400 if you would like to book a place at any of these revision seminars.

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18 NETWORK NEWS

The seminar team will also include:

Dr. Mohd Daud Bakar President and CEO of the Amanie Finance

Centre in Dubai

Baiza Bain Islamic Capital Market Consultant

with Amanie Advisors of Kuala Lumpur

Mark Smyth Managing Director,

Amanie Advisors of Luxembourg

Neil Ryan Assistant Secretary to Department of Finance

Robert Jelly CIMA Executive Director of Education

John Willsdon CIMA Project Manager for Islamic Finance

Programme content:

• Overview of IF developments in Ireland• Principles of Islamic finance and standards• Sukuk: appeal of and challenges to sovereign issuance• Practical case study examples of sovereign and corporate Sukuk issuances• Education in Islamic finance

Booking details:

To book and for more information contact: E. [email protected] T. +353 (01) 643 0402

Seminar programme

9.00am Registration, tea and coffee

9.30am Introduction Robert Jelly, CIMA Executive Director of Education and John Willsdon, CIMA Islamic Finance Specialist

9.50am Overview of IF developments here in Ireland Neil Ryan, Assistant Secretary, Dept of Finance

10.10am Principles of Islamic finance and standard Dr Mohd Daud Bakar, Group Chairman, Amanie Advisors

10.30am Sukuk: Appeal of and challenges to sovereign Iisuance Dr Mohd Daud Bakar and Baiza Bain, Islamic Capital

Market Consultant of Amanie Advisors

11.30am Coffee break

11.45am Practical case study examples of sovereign and corporate Sukuk issuances Baiza Bain and Mark Smyth, Amanie Advisors, Kuala Lumpur and Dubai

12.30pm Education in Islamic finance John Willsdon who will formally launch CIMA’s new Advanced Diploma in Islamic Finance

12.45pm Q and A session on critical success factors for establishing Islamic Financial Hub Dr Mohd Daud Bakar and Mark Smyth

1.00pm Buffet lunch

The Amanie-CIMA half day seminar on Sukuk (Islamic bond) issuance will take place on Friday 27 April 2012 at the Clarion Hotel in the IFSC, Dublin 1. This Islamic finance seminar is the second to be organised by CIMA and will be held in conjunction with Amanie Advisors, the leading advisory firm specialising in Islamic finance solutions. It will focus on the practical application of technical Islamic finance principles and will highlight working examples of sovereign and corporate Sukuk issuances. Sukuk is an increasing part of the global financial landscape. At the seminar, world leading authorities on Islamic finance will explore domestic and global banking and corporate finance opportunities and the latest developments in the Sukuk market. Neil Ryan, Assistant Secretary to Department of Finance, will provide an overview of the Islamic finance

landscape from the Irish perspective.

In tandem with the Irish government’s positioning of the IFSC as a Western hub for the provision of wholesale Islamic finance services, education is of critical importance. In this context, CIMA is leading the way with the launch on the Irish market of the CIMA Advanced Diploma in Islamic Finance which with its practical focus is designed to build upon CIMA’s existing Diploma in Islamic Finance.

This seminar will be led by Dr. Mohd Daud Bakar who is one of the world’s top Shari‘ah finance scholars. He is also the Founder and Group Chairman of Amanie Advisors with offices in Kuala Lumpur, Dubai, Luxembourg, Cairo and Almaty.

Amanie-CIMA Ireland half-day seminar on Sukuk (Islamic bond) issuance Friday 27 April 2012, Clarion Hotel, IFSC, Dublin 1 Islamic finance seminar to attract global experts and explore opportunities for Ireland Inc

NETWORK NEWS 19

Study schedule (four weeks study per certificate) Half day revision seminars

CDIF computer based assessment*

Certificate in Islamic Commercial Law 30 June 7 July

Certificate in Islamic Banking and Takaful 8 September 15 September

Certificate in Islamic Capital Markets and Instruments 13 October 20 October

Certificate in Accounting for Islamic Financial Institutions 24 November 1 December

*There are over 19 Pearson Vue exam centres throughout Ireland, north and south. All four assessments must be successfully completed to be awarded the CDIF.

For more details, please contact:

T. +353 (0) 1 6430400

E. [email protected]

Building on the success of the blended learning tuition offering of the CIMA Diploma in Islamic Finance (CDIF) which was launched in Ireland in 2011, CIMA is once again offering a blended learning tuition offering of the CDIF in 2012.

Each of the four individual certificates are delivered via CIMA’s blended tuition package. Upon completion of all four certificates you will be awarded the CIMA Diploma in Islamic Finance. The entire blended tuition offering is offered in collaboration with Dublin Business School and will be completed from late May 2012 to late November 2012, and will be structured as follows:

A ‘kick-start’ session chaired by John Willsdon, CIMA Project Manager for Islamic Finance, with input from James Browne and Gerry Fahy, Professional Accountancy Lecturers with Dublin Business School, both of whom will be providing the tutoring for

the face to face revision seminars. The session will also provide an overview of the on-line material, and the study schedule

CDIF content. The CDIF will be studied by participants over four one month certificate study periods, in line with the study schedule below. For each of the study periods CDIF participants will have hard copy guides and ongoing access to a web based, tutor monitored ‘CDIF discussion forum’, with tutor input.

Revision seminars. Four half day face to face revision seminars, with one seminar delivered at the end of each certificate study period and prior to each certificate assessment.

The half day ‘kick-start’ session will be held on Saturday 26 May 2012 and the study schedule is as follows:

The CIMA Diploma in Islamic Finance (CDIF) programme for 2012

20 NETWORK NEWS

Inaugural student prize marks Open University strategic partnershipMiss Suzanne Kerr received the inaugural Open University Ireland/CIMA Ireland student prize from Denis McCarthy and John D’Arcy. The award is made each year to the top performing student studying in Ireland on the University’s Professional Certificate in Accounting.

The Open University in Ireland and CIMA Ireland are developing a strategic partnership designed to enhance accountancy training and professional development throughout the island of Ireland, which will offer access to fully accredited accountancy qualifications at both undergraduate and postgraduate levels.

Students who successfully complete the Professional Certificate in Accounting at The Open University, gain exemption from all CIMA papers of the Certificate in Business Accounting (CBA), and are awarded the CBA qualification. The Certificate in Business Accounting is the foundation level of, and stepping stone to, the CIMA professional qualification.

Mr John D’Arcy, Director of The Open University in Ireland, said ‘I am delighted that CIMA and The Open University have forged such a strong relationship which will bring real benefits for training and professional development in accountancy across Ireland. This award is the first tangible outworking of this relationship and Suzanne is a worthy recipient of this award and a brilliant example of how flexible, part-time learning is helping her to enhance her career.’

Mr Denis McCarthy, Director CIMA Ireland said, ‘The alignment of CIMA exemptions with The Open University syllabus is a unique opportunity for undergraduate and postgraduates. The exemptions not only recognise the quality of curriculum being delivered but, in doing so, provide a fast track to achieving the CIMA professional qualification.’

Under the CIMA masters gateway initiative, OU MBA graduates and alumni who successful complete the gateway examination, are awarded the CIMA Advanced Diploma in Management Accounting and are also fast tracked through to the Strategic level of the CIMA Professional Qualification.

Miss Suzanne Kerr receives the inaugural Open University Ireland/CIMA Ireland student prize from Denis McCarthy (Director CIMA Ireland) John D’Arcy (National Director, OU Ireland) and Dr Brian Webb (Regional Manager, Open University Business School).

75% of CEOs admit there is room for improvement in the measurement of non-financial value as new global designation launched

In the wake of the financial crisis, three-quarters of the world’s CEOs say more emphasis should be placed on measuring the value of non-financial assets such as intellectual capital and customer relationships to drive long-term performance, according to research from the American Institute of CPAs (AICPA) and CIMA. But just 51% of nearly 300 CEOs surveyed in 21 countries say their organisations currently measure the value of non-financial assets well or very well. And only 12% now turn to their finance teams for help with the task.

These findings are contained in a report ‘Rebooting business: valuing the human dimension’ presented at the launch in Dublin of the Chartered Global Management Accountant (CGMA) designation. The report is based on a survey conducted by Oxford Economics for AICPA and CIMA and includes interviews with business leaders whose organisations collectively employ 2.1 million and have market capitalisation of $1 trillion.

Additional results from the research include:

Non-financial value. CEOs say that customers and employees contribute most to the value of the company. Approximately 85% say that customer

relationships contribute significantly and customers will be their most important stakeholders going forward. 81% say that knowledge and human capital contribute significantly to the overall value of the business. These should therefore be the primary areas of focus for developing measures of value and it is crucial that companies are able to report this value effectively.

‘Short-termism’. There is widespread feeling that investor and shareholder demands are inconsistent with growing a sustainable business, with 60% of CEOs agreeing to this statement. Furthermore, 76% agree that the current financial reporting system promotes excessive focus on financials and does not allow them to demonstrate the broader value of their business. More than two-thirds of CEOs, or 69%, think investors’ focus on short-term rewards makes it difficult to plan for the long term.

Greater transparency. According to 87% of respondents, transparency is an opportunity - but also a juggling act. Approximately 70% agree that it is difficult to find the right balance between being open and protecting commercially sensitive information.

Executive collaboration. Leading CEOs believe that new ways of working are required and expect new levels of collaboration between executive teams, external experts and other stakeholders. CEOs want help in pulling things together - connecting the dots - and are clear that they need the right people to help them do this.

Speaking at the launch Harold Baird, FCMA, CGMA President of CIMA said ‘Businesses are facing unprecedented challenges. One of the key struggles faced by CEOs is building sustainably for the future in the face of a fixation on financial, short-term gains. This research shows there is an unmet need in the measuring of non-financial information within organisations.’

Pictured at the CGMA launch were l-r :Harold Baird, CIMA President worldwide with Kevin Prendergast, ODCE and Conor Maloney, CIMA Dublin and District. A joint CIMA/AICPA report ‘Rebooting business: valuing the human dimension’ was presented at the launch. Kevin Prendergast ODCE also discussed corporate governance issues under the title ‘The ten most common corporate governance sins and how to avoid them’.

NETWORK NEWS 21

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UCC: Margaret Healy, UCC lecturer; Brid Brosnan, UCC student prizewinner; John Doran, UCC lecturer; Michele Kavanagh, CIMA; Kevin Moynihan, UCC student prizewinner; Peter Cleary, UCC lecturer.

T4B prizewinnersCongratulations to Heather Jackson from Belfast who was placed first in Northern Ireland in paper T4B. She achieved the highest overall mark in the combined sittings in Northern Ireland at the September 2011 pc exam, the November 2011 pc exam and the November 2011 paper based exam.

Congratulations also to Cathal Small from County Kildare who was placed first for the same exam sittings of T4B in Republic of Ireland.

IT Tallaght L-R: Mr. Padraic O’Neill, Chairman, Governing Body, IT Tallaght; Fiona Arnold, CIMA; Maria Lukjanov, IT Tallaght student prizewinner; Martin Nolan, Head of Accountancy and Professional Studies, IT Tallaght.

WIT : Paul Campion, WIT student prizewinner; Paul Cantwell, CIMA South East branch Chair.

WIT : Paul Cantwell, CIMA South East branch Chair; Christopher Stevenson, WIT student prizewinner.

Denis McCarthy, Director CIMA Ireland; Suzanne Kerr, Open University student prizewinner.

Undergraduate prizewinners

NETWORK NEWS 23

Third place: St. Kieran’s College St. Kieran’s College, Kilkenny took third place in the national finals of the CIMA/BSTAI schools junior certificate business quiz. Pictured are: Jenny Harrington, President of the BSTAI; teacher Neal Connolly with Jack Keoghan; Conor Aylward; Eoin Walsh; Vlazyslav Mezvensky; celebrity ‘The Apprentice’ star Brian Purcell and Denis McCarthy, Director CIMA Ireland.

Runners up: St. Mary’s Secondary School Mallow St. Mary’s Secondary School Mallow were runners up in the national finals of the CIMA/BSTAI schools junior certificate business quiz. Pictured are: Jenny Harrington, President of the BSTAI; teacher Nora O’Connor with students Helina Debebe; Joanne Moloney; Niamh O’Connell; and Sadhbh Murphy; celebrity ‘The Apprentice’ star Brian Purcell and Denis McCarthy, Director CIMA Ireland.

Winners: Mercy Mounthawk Secondary School Pictured with quiz master and celebrity ‘The Apprentice’ star Brian Purcell and class teacher Martina McAuliffe were students Enda Sugrue; Grace Egan; Kelly Brosnan and Diarmuid Egan, Denis McCarthy. Director, CIMA Ireland and Jenny Harrington, President of the BSTAI.

Kingdom takes title at inaugural schools quizJunior certificate students at Mercy Mounthawk Secondary School in Tralee won the national final of the CIMA/BSTAI schools junior certificate business quiz. Mercy Mounthawk competed against 24 other teams to take the overall title at the national finals held in LIT Thurles. The runners up were St. Mary’s in Mallow whilst St. Kieran’s in Kilkenny took third place. Celebrity ‘The Apprentice’ judge and TV personality Brian Purcell, who was part of Bill Cullen’s team on the highly popular TV3 series, took up the role of MC and quiz master for the national finals.

The quiz final followed a series of hotly contested regional finals that attracted the cream of junior certificate business students. Some 265 teams, representing 140 schools, competed across the country for 24 places at the national final, with each team comprising four junior certificate students.

In addition to the accolade of being national champion, each member of the winning team received an iPad. Each member of the runners up and third placed teams won prizes of €150 and €125 iTunes vouchers respectively.

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