The institute, which represents 15,000 chartered accountants, is in advanced negotiations for a site in the south inner city that will house a purpose-built headquarters as well as a new educational centre to bring the training of members and student accountants in-house.

A spokesman said the institute was hopeful of completing the deal in the next few months. He declined to reveal the value or size of the proposed property.

News of the accountants' plans follows the recent decision by the Law Society, the professional body for solicitors, to pay over �?�20m for a single acre of land at Dublin's Benburb Street, close to its headquarters in Blackhall Place.

While the Law Society is charging solicitors �?�950 a head to pay for the land purchase, the Institute of Chartered Accountants will not be tapping members to pay for its new premises, the spokesman said.

The institute's annual report, sent to members last week, shows that its finances have rebounded in recent years.

It made a surplus of �?�6.2m before tax last year compared with �?�2.1m in 2004 and a deficit of �?�200,000 as recently as 2001.

The financial position has been boosted by a �?�4m windfall from the landlord of the institute's current premises in Ballsbridge. The payment, half of which was booked in the 2005 results, is compensation for agreeing to the early surrender of the institute's lease on the building. That has helped to swell the institute's bank balance to �?�13.5m while it also has a share portfolio worth �?�3.3m.

Chief executive Pat Costello, who joined the institute in 2004, received �?�306,000 last year in pay, benefits and pension contributions.