More on Parts of FRS 102 That Are Not Yet Applicable in the RoI Following on last week’s blog piece about Section 1A Small Entities FRS 102, which as you know, does not yet apply in the Republic of Ireland (RoI). There was an error in the blog which stated that charities that were formed… Read More
Section 1A of FRS 102 Not Applicable – Suggested Solution The unwary reader of the latest version of FRS 102 could be forgiven for not realising that Section 1A Small Entities inserted into FRS 102 in September 2015 to accommodate some exemptions for certain qualifying ‘small’ entities, does not yet apply in the Republic of… Read More
FRSSE and Companies Limited by Guarantee A query came in from a client recently about the application of the FRSSE to charities for 2015. It’s worth repeating here, as general knowledge about the application of the FRSSE. Here is the query ‘I read somewhere that charities in Ireland cannot apply FRSSE and must go to… Read More
The Consultative Committee of Accountancy Bodies (CCAB) in the UK has issued two new guides entitled ‘Accountants and Counter-Terrorist Financing and ‘Staying Safe within The Money Laundering Regulations’ for its accountant members. These latest updates act as a useful reminder of some 13 essential steps that every accounting entity and Money Laundering Reporting Officer (MLRO)… Read More
Bad Debts and FRS 102 – Specific Documentation Please Things were a lot simpler five hundred years ago in 1515 and that’s an understatement. Luca Pacioli, generally recognised as the father of modern accounting, had two years left to live and accounting for bad debts was much less complex then than under the new FRS… Read More
There are some unintended consequences arising from the ‘big bang’ method of implementation of the Companies Act 2014 which auditors, accountants and other professionals need to be aware. On 1 May 2015 the Irish Minister for Jobs, Enterprise and Innovation, Mr Richard Bruton signed the commencement order providing that the Companies Act 2014 (the “Act”)… Read More
Many accountants will probably be wondering how they broach the potentially sleep-inducing subject of implementing new accounting rules with their clients. Potentially this is the single biggest change to accounting rules ever. Why? Mainly because it affects all entities that are not listed (i.e. around 99% of companies) and many will, for the first time,… Read More
Groups, stand alone companies and company directors may have, in the past, relied on informal arrangements and verbal agreements. They may now wish, as a result of the rule changes in FRS 102, to introduce more formal documentation to ensure their intentions are reflected in the contractual terms and in the accounting, so as to… Read More
It would seem fair to assume that after eleven years the profession has got to grips with the anti-money laundering (AML) regulations. However they remain one of the key problem areas encountered on regulatory inspections. Perhaps the obvious reason for failing to focus on AML procedures is that firms can’t raise a fee note for… Read More
In the brief video attached I want to highlight some of the many tax implications that will arise for preparers of the first financial statements under the new Irish GAAP for the calendar year 2015.