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Careers 95 Flying high This issue, we look at life in the aircraft leasing industry. David Breen explains why this sector can be a rewarding stomping ground for Chartered Accountants seeking a challenging, fast-paced environment. Over the past number of years, Ireland has emerged as the epicentre for aircraft leasing firms, growing to become the leading jurisdiction globally for this profitable industry. Several reports have found that 50% of the world’s leased aircraft are managed from Ireland, with an Irish-leased aircraft taking-off every two seconds somewhere across the globe. The success of aircraft leasing in Ireland was founded on the establishment of Guinness Peat Aviation (GPA) in the 1980s. This led to the creation of a local hub of experienced and skilled global aviation professionals. More recently, the key success factors include: • Ireland’s corporation tax rate of 12.5%; • 0% VAT on international aircraft leasing; • A comprehensive double tax treaty network; and • Ireland is recognised as a centre of excellence in this sector. Where do accountants fit in? Despite Ireland being home to most of the world’s leading aircraft leasing firms, there appears to be an apparent lack of understanding as to how the industry operates and where accountants fit in the process of renting aircraft. Aircraft leasing operates in a similar way to other high-value asset investment businesses such as property development, hotel groups or renewable energy. While the assets in these other industries lack the unique ability to fly, the fundamental principles of the business process are very similar. The lessor raises funds to purchase an aircraft and subsequently derives an income from this asset by leasing it to airlines under a specific leasing agreement. While there may be numerous similarities, it is the differences that distinguish aircraft leasing from the industries mentioned above. The methods used to raise capital to purchase aircraft, the complexity of the leasing agreements and the fast-paced nature of multi-billion dollar dealmaking are just some of the factors that contribute to a dynamic, challenging and energetic environment. Shatter the glass ceiling The widespread global growth in the aircraft leasing industry, combined with Ireland’s status as a hub for lessors, has cultivated a variety of prime opportunities for ambitious accountants seeking to grow their career in a thriving business sector. The progressive pace and constantly changing landscape of the industry presents unique challenges, cultivating a culture of hard work, ambition and perseverance. The rapid speed at which the industry is growing has resulted in somewhat of an absence of a glass ceiling in terms of career progression. Opportunities are presented and given to those who are committed to, and passionate about, their work. Aircraft leasing is an exciting, dynamic and unique industry that can enable an ambitious accountant to realise their true potential and allow their career to truly take off. DAVID BREEN David Breen ACA is Head of Finance at Avolon, which will soon be the world’s third largest aircraft leasing firm. www.accountancyireland.ie
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VOLUME 49 NUMBER 2 APRIL 2017 Diver
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Comment 3 President’s comment Apr
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Contents 5 Spotlight 30 Pay gap, or
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News 7 Enhancing audit quality anch
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Est 1887 News 9 UCD and PwC promote
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When you fly Aer Lingus, you‘re c
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Annual Dinner 13 Gillian Doherty, C
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Comment 15 Brian Keegan An uncharit
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Comment 17 Write it down Des Peelo
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Comment 19 Emotion: the spoiler Ann
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Interview 21 Serving the public goo
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Retirement Planning... You have lot
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Diversity 25 Diversity... is it goo
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Diversity 27 fact that diversity an
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LONGBOAT ANALYTICS WINNER FINANCIAL
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Diversity 31 than half agreed that
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Mandatory Electronic Filing is fast
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Diversity 35 We’ve heard the soun
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Diversity 37 The road to inclusion
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Diversity 39 Sponsorships Organisat
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Diversity 41 Thoughts on diversity.
Page 43 and 44: Audit 43 insights for stakeholders
Page 45 and 46: TALK TO TOMORROW’S ACCOUNTANTS TO
Page 47 and 48: Financial Reporting 47 financial re
Page 49 and 50: LEADING PROFESSIONAL PUBLISHING
Page 51 and 52: Restructuring Trends 51 The 2016 re
Page 53 and 54: Restructuring Trends 53 insolvency
Page 55 and 56: Audit Quality 55 should be written
Page 57 and 58: Tax 57 BRASS TAX Current developmen
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Page 61 and 62: Tax 61 Furthermore there was no rea
Page 63 and 64: Tax 63 Tax deadlines David Fennell
Page 65 and 66: Professional Standards 65 Consent O
Page 67 and 68: Win a two-night stay at Clontarf Ca
Page 69 and 70: Membership 69 Quigley, Keith Rice,
Page 71 and 72: Innovation 71 The strategy of innov
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Page 75 and 76: Leadership & Management 75 UK acade
Page 77 and 78: Corporate Governance 77 Figure 1: P
Page 79 and 80: Leadership & Management 79 Whistlin
Page 81 and 82: Commercial Feature 81 www.liquidati
Page 83: Commercial Feature 83 the high leve
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Page 88 and 89: 88 Careers keystrokes and create ju
Page 90 and 91: 90 Careers The hard case for soft s
Page 92 and 93: 92 Careers job can add an entirely
Page 96 and 97: EXCELLENCE IN FINANCIAL RECRUITMENT
Page 98 and 99: 98 Member Profile A new orbit From
Page 100: NETWORK Building a strong network i
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