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AML Update

  AML legislation in Europe is primarily driven by the European Commission and on 26 June 2017 the Commission published a press release highlighting the urgency of the existing AML rules to be implemented in each Member State by adoption of the Fourth AML Directive. 26 June 2017 was the deadline for implementing this Directive… Read More


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Ireland adopts FRS 105 for the first time

  The Companies (Accounting) Act, 2017 (CAA 2017) came into effect from 9 June 2017. Among other matters, it allows certain types of company called ‘micro companies’ use FRS 105, the Financial Reporting Standard applicable to the Micro-Entities Regime as well as allowing use of Section 1A of FRS 102 for certain types of ‘small’… Read More


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First FRC review makes FRS 102 Investment Property Accounting Tougher

For more on FRS 102 (including the new Section 1A for ‘small’ entities) and the proposed changes in FRED 67 come to our next series of CPD courses in the Talbot Hotel, Stillorgan, County Dublin starting on Monday 27 November 2017. Other courses are also available at Ticket Tailor here. In its first review since… Read More



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FRED 67 Review of FRS 102

In this blog, we look at the proposed changes in FRED 67 on financial instruments, intangible assets and small entity directors’ loans. These changes were published in FRED 67 (by the Financial Reporting Council in March 2017) which the FRC propose to make effective from 1 January 2019.   For more on FRS 102, the proposed changes in FRED 67,… Read More



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Companies (Accounting) Act, 2017

Commencement date The Companies (Accounting) Act, 2017 was signed into law by the President on Wednesday 17 May 2017 as No 9 of 2017, but as of today Tuesday 23 May 2017, is not yet published as an Act on the Irish Statute Book website – operated by the Attorney General at http://www.irishstatutebook.ie/eli/acts.html. During the Dáil… Read More


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FRS 102 – Interim relief for Treatment of Directors’ Loans

FRS 102 – Interim relief for Treatment of Directors’ Loans by John McCarthy On Monday 8 May 2017, the Financial Reporting Council (FRC) issued a press release on director’s loan reporting for small companies. It has announced that it is withdrawing the requirement to find a market rate of interest where a loan is made… Read More


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How to Prepare for an Audit Quality Review

Top Tips for Preparing for an Audit Quality Review   – Over reliance on financial statements presentation software without verifying the disclosures are correct in accordance with the Companies Act 2014 and FRS 102. Chartered Accountants Ireland has some very useful toolkits to help check the financial statements disclosure references.  For more details see https://www.charteredaccountants.ie/en/Site/Shop/Publications/Practice-Toolkits/.  … Read More


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Letters of Engagement

  Under the code of ethics of the professional accountancy bodies, it is mandatory for accountancy practices, when signing up a new or existing client, to obtain a signed letter of engagement setting out the terms of the business agreement and contracted services. This blog provides tips and advice on writing effective engagement letters to… Read More