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.
Why make two moves, when one will do? Some reaction to our last blog piece – “Will FRS 102 have an impact on my clients given their small size?” Well the answer is Yes. For some reason the demise of the FRSSE has attracted very little attention in Ireland – perhaps it’s because there has… Read More
Nine Key Differences Between Current Irish/UK GAAP and FRS 102 Introduction The article examines the more common areas of difference between the existing Irish/UK GAAP i.e. the existing FRSs/SSAPs and UITF (Urgent Issues Task Force) pronouncements and new Irish GAAP. The new Irish/UK GAAP is called FRS 102 and it comes into force… Read More
Welcome to another of our regular blogs on topical issues for accountants in practice. Our last blog https://jmcc.ie/d7/node dealt with engagement letters in general and focused on audit and audit exempt engagement letters. This blog targets tax engagement letters specifically. Engagement letter fundamentals – an important line of defence Tightening the language used in… Read More
Welcome to the first of our regular blogs on topical issues for accountants in practice. Are your engagement letters up to date? Once upon a time it was possible to have the same client engagement letter in place for several years, without too much upset. However the pace of change in the various pieces of… Read More