The umbrella group of the country's largest accountancy bodies has called for an early Budget to tackle the decline in the country's economic situation.
The Consultative Committee of Accountancy Bodies says last October's Budget is not appropriate to cope with current circumstances.
It says new measures need to take effect from next month, otherwise business will continue to stagnate and the public sector will find it increasingly difficult to pay its bills.
The accounting body says Ireland can no longer afford to operate on cost structures established during the time of economic prosperity.
Sheehy regrets AIB's bad loans
AIB Chief Executive Eugene Sheehy has said that he regrets the large amounts of money loaned, as the bank writes off €1.8bn of bad loans.
Mr Sheehy revealed AIB's profits fell by 68% to €885m last year.
'Decisions made under our sole control, particularly in relation to our exposure to the property and construction sectors, negatively impacted on our business,' he said.
'I regret some of the lending decisions we made.'
The bank has set aside €1.8bn for so-called impaired loans, up from €106m a year earlier.
Mr Sheehy also said he was disappointed after seeing the bank's share price lose 90% of its value last year and warned trading would remain extremely difficult.
'We expect the operating environment to remain extremely difficult through 2009 with deteriorating economic conditions in the markets in which we operate,' Mr Sheehy said.
