Latest news with #IFAC
Agriland
a day ago
- Business
- Agriland
Paperwork pressure tops Irish farmers' concerns
Irish farmers are facing unprecedented levels of bureaucracy, with 60% naming rules and regulations as their biggest challenge, according to the IFAC Irish Farm Report 2025. This concern outranks even rising input costs (54%) and weather unpredictability (48%), highlighting the growing administrative burden on the sector. From Bord Bia Quality Assurance to Common Agricultural Policy (CAP) scheme requirements, farmers are expected to keep meticulous records on everything from animal remedies to feed purchases, herd movements, and farm safety checks. While these regulations are intended to maintain high standards and secure market access, the sheer volume of paperwork is eroding valuable on-farm time. In recent years, compliance demands have multiplied: Scheme participation: Each grant or payment from BISS (Basic Income Support for Sustainability) to TAMS (Targeted Agriculture Modernisation Schemes) comes with detailed documentation and strict deadlines. Bord Bia audits: Farmers must produce complete up-to-date records instantly during inspections. Farmers must produce complete up-to-date records instantly during inspections. Environmental requirements: Nitrates derogation limits, water quality measures, and climate action plans all require accurate logging of inputs and outputs. Without an organised system, these records can become scattered across paper files, notebooks, and spreadsheets, making audits a source of stress and, in some cases, financial penalties. Falling short on paperwork does not just mean a bit of extra hassle. It can delay scheme payments, lead to grant penalties, or even put a farm's quality assurance status at risk. For farmers relying on these payments to keep cashflow steady, a small oversight can turn into a major headache. That is why many are now looking for ways to bring all their records under one roof, preferably in a format that can be updated on the go, not just at the kitchen table after dark. This is where Herdwatch has been gaining ground. Instead of shuffling through binders and boxes of receipts, farmers can log their records on a phone, tablet, or computer as they go. Here is how it changes the game: No more backlogs: Treatments, feed purchases, calf registrations - enter them instantly while you are still in the yard Treatments, feed purchases, calf registrations - enter them instantly while you are still in the yard Audit in minutes, not hours : Generate a full report for an inspection at the click of a button, with no need to hunt for old files. : Generate a full report for an inspection at the click of a button, with no need to hunt for old files. One place for everything : From breeding records to safety checks, it is all stored securely in the cloud. : From breeding records to safety checks, it is all stored securely in the cloud. Works with farm tech: If you use EID readers or weigh heads, the data flows straight into Herdwatch without extra typing. Co. Galway suckler farmer Donal Canniffe. Source: Herdwatch For many Herdwatch users, the biggest benefit is simple - peace of mind. One of them is Co. Galway suckler farmer Donal Canniffe, who has found that the app takes much of the sting out of red tape and makes compliance far less of a headache. He said: 'Before Herdwatch, the thought of an audit was enough to cause serious stress. "Now, with Herdwatch, getting ready for an audit is the easiest part of the job.' That confidence is worth a lot in a sector where rules are tightening and inspections can be unannounced. The IFAC report makes it clear: Irish farming is battling a paperwork overload. But with the right tools, compliance does not have to be an energy drain. Herdwatch offers farmers a way to stay on top of regulations without sacrificing time, accuracy, or peace of mind. Join over 20,000 farmers across Ireland and the UK simplifying farm paperwork and improving farm performance.
The Star
2 days ago
- Business
- The Star
Experts meet in Kenya to combat money laundering, terrorism financing in Africa
NAIROBI, Aug. 19 (Xinhua) -- African financial experts kicked off a two-day meeting on Tuesday in Nairobi, the capital of Kenya, to seek ways of combating money laundering and countering the financing of terrorism in Africa. Convened by the International Federation of Accountants (IFAC) and co-hosted with the Pan African Federation of Accountants (PAFA) and the Institute of Certified Public Accountants of Kenya, the IFAC Connect Africa 2025 brought together more than 200 delegates, comprising financial experts, regulators and professional accountants from across Africa, to enhance transparency in the financial sector. IFAC's Chief Executive Officer (CEO) Lee White highlighted the critical role that accountants play in safeguarding financial integrity through strengthening regional collaboration. "By equipping professionals with the right skill sets, Africa can enhance the fight against money laundering and the financing of terrorism," White added. Boniface Barasa Makokha, Kenya's principal secretary of the State Department for Economic Planning, said Kenya has achieved progress in tackling money laundering and terrorism financing through strengthening its institutional frameworks. Makokha added that Africa countries are committed to improving information sharing to coordinate investigations and prosecution of transnational crimes such as money laundering. PAFA CEO Alta Prinsloo urged the continent to scale up investments in professional training and digital tools that detect suspicious financial transactions. Prinsloo noted that combating financial crimes is a priority in Africa because the continent loses an estimated 50 billion U.S. dollars every year through illicit financial flows, which undermines development.
Yahoo
2 days ago
- Business
- Yahoo
IFAC launches Connect Africa 2025
The International Federation of Accountants (IFAC) has launched IFAC Connect Africa 2025 in Nairobi, Kenya to improve accountancy standards in the continent. The IFAC is co-hosting the event with the Pan African Federation of Accountants (PAFA) and the Institute of Certified Public Accountants of Kenya (ICPAK). The initiative is the second in the IFAC Connect series, which is aimed at integrating international standards with local practices across the African continent. IFAC Connect Africa 2025 aims to serve as a forum for regional and international leaders to translate insights into actionable strategies, thereby enhancing institutional trust, according to the IFAC. IFAC CEO Lee White said: 'Regional professional accounting leadership is driving economic growth and resilience. 'With our valued members and partners in Africa, we are all striving for common goals of the use of global standards shaped within local and regional conditions in the public interest. 'I am privileged to work with many talented colleagues in Africa and we will continue to find opportunities to grow and shape our trusted profession. We are Better Together.' The role of the accountancy profession is crucial in supporting governance, promoting sustainability, developing talent, facilitating regional integration, and combating financial crime as Africa undergoes transformation, the accounting body said in its press release. The federation added that its partnership with PAFA is vital to its initiatives in Africa, highlighting a shared goal of enhancing the profession's ability to serve public interests and foster economic development. PAFA vice-president Prem Govender said: 'Africa's accountancy profession is stepping forward to shape the continent's future. 'This collaboration with IFAC and ICPAK reflects our shared vision of a profession that is inclusive, future-focused, and essential to Africa's sustainable development.' IFAC Connect Africa 2025 is the first of four IFAC Connect events this year, followed by MENA in Riyadh in October, Global 2025 in Mexico City in November, and ASIAPAC in Jakarta in December. "IFAC launches Connect Africa 2025" was originally created and published by The Accountant, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
Irish Examiner
14-08-2025
- Business
- Irish Examiner
IFAC on Apple tax: 'Spend it, save it or cut debt'
Briefings for the Fiscal Advisory Council (IFAC) chair ahead of an Oireachtas appearance flagged likely questions on the Apple tax windfall, the budget impact of migration, and poor value from money in health spending. Two Q&As were prepared for Séamus Coffey as he got ready to appear before a committee on budgetary oversight in early July. One section highlighted issues that were likely to be 'pertinent now' while another looked at questions that arose 'consistently.' On what to do with the €13.8bn Apple tax windfall, a suggested answer for Mr Coffey said to remember the government 'is not stuck for cash.' It said: '[The state] is stuck for its capacity to spend it on things we all want. There are three broad options – spend it, save it, [or] cut debt.' The Q&A said spending it on housing was easier said than done as the biggest issues were 'construction sector capacity and planning bottlenecks' not the availability of cash. If asked about the budgetary implications of migration, the briefing for Mr Coffey said there had been 'large increases' in numbers coming to Ireland in recent years. It said: 'This has meant the labour force and employment has been able to grow as rapidly as it has in recent years. '[Around] €2.1bn has been set aside for humanitarian assistance to refugees this year (€0.8bn of this is for Ukrainian refugees). In terms of future costs, these are uncertain.' The Q&A said that getting migrants integrated into employment and their own homes would reduce costs for the government. 'An increased supply of housing would mean some of the more expensive means of accommodation (hotels] may be replaced,' it said. On cost-of-living supports, which have been a major feature of recent budgets, the IFAC briefings said these cost increases were now 'likely permanent.' The Q&A said: 'There is probably less of a case for once-off measures this winter. Permanent increases in social welfare could be targeted at specific groups. However, the measures have seldom been targeted.' Mr Coffey was also briefed on employment in construction and whether we needed more people working in that sector. 'Just over six per cent of all employment is in the construction sector. Over the period 2005 to 2007, this reached over ten per cent. This may have been unsustainable, however.' The briefing added: 'Mention productivity, can we get more output from the same workforce?' A Q&A on broader questions highlighted the challenges in creating a wealth tax that would be fair, not become an administrative burden, and collect enough money to make it worthwhile. On how to fix repeated overruns in health spending, the briefing said that 'poor budgeting' was a problem but that there was also evidence of 'reduced productivity.' It also explained how Ireland's failure to meet its climate targets carried a very real 'fiscal risk.' The Q&A said the country had already foregone €500m from carbon credits it was entitled to sell and that costs of non-compliance were in the range of €8bn and €26bn. The document said: 'While several [EU] member states are projected to fall short, the potential costs are significantly higher for Ireland relative to the size of its economy.' Asked about the records, IFAC said they had no further comment to make.
Irish Post
14-08-2025
- Business
- Irish Post
Budget 2026 day set for October amid rising US tariff pressure and deficit uncertainty
BUDGET 2026 is set to be unveiled on Tuesday, 7 October, in Dublin against a backdrop of rising international uncertainty for the Irish economy. The Government has outlined a €9.4 billion package as part of the Summer Economic Statement, including €7.9 billion in additional public spending and €1.5 billion in tax cuts. However, this package was agreed upon before the recent introduction of 15% tariffs on exports to the United States. This new rate poses a serious threat to Irish trade, particularly in the pharmaceutical sector. US President Donald Trump has also hinted at even higher tariffs in the future, mainly due to the trade surplus between the two nations. Despite the ongoing uncertainty, the Government is maintaining its commitment to long-term investment and fiscal stability. Ministers Paschal Donohoe and Jack Chambers have ruled out one-off cost-of-living payments, insisting that Budget 2026 will prioritise sustainability over short-term relief. Their approach reflects caution in a fragile global environment, with the business lobby Ibec and other economic observers urging a measured and prudent strategy. The Summer Economic Statement stated that €5.9 billion of the increased expenditure will go to current spending, with €2 billion directed towards capital investment under the National Development Plan. However, the Irish Fiscal Advisory Council (IFAC) has raised concerns about the realism of these projections. It warns that spending overruns are likely in 2026, pointing to evidence that current spending this year has already exceeded budget targets by as much as €2 billion. IFAC also projects a budget deficit of nearly €11 billion next year which is about 3.2% of GNI, excluding corporate tax windfalls. It has criticised the government's signalling that the budget package could be reduced if the global trade environment worsens, arguing that this runs counter to standard economic practice, which recommends increased support during periods of downturn. Nevertheless, Ireland's tax revenues remain strong. Corporate tax receipts have already reached €16 billion this year, with further growth expected in 2026 due to changes in international tax rules. Income tax and VAT revenues are also holding steady, giving the government some room to manoeuvre despite looming deficits. All eyes will be on budget day on October 7th and the preceding weeks for any changes in the US President's tariff rates, which have an outsized impact on the very US-reliant Irish economy. See More: Economy, Irish Budget, Paschal Donohoe, US Tariffs
