Common Errors in FRS 102 Accounting

Revaluation gains on tangible fixed assets go through the Profit & Loss Account. True or False? The answer is ‘False’. To find out where revaluation gains on tangible fixed assets are presented, see our webinar called ‘Common Errors in FRS 102 Accounting’ where you may download the slides and support materials, all for just €45.… Read More

Avoiding Negligence Claims

It doesn’t matter what is stated on your fee invoices. It’s more important what is in your working papers and correspondence files. True or False? The answer is ‘False’. The best advice is to make sure your fee notes match the scope of the engagement as embellishment could result in fraud risks. To find out… Read More

Audit Update

Tax advocacy is now banned for all audit clients. True or False?  The answer is ‘False’. To hear why this is false and find out what exactly are the rules surrounding an auditor helping an audit client argue a case with the Revenue Commissioners, go see our online webinar entitled Audit Update where you may… Read More

Audit of Insurance Brokers

The Statutory Duty Confirmation, prepared by the auditor, must be filed with the Central Bank within two months of the intermediary’s financial year end.   True or False? Well the answer is ‘False’. The audit of insurance brokers is a quite onerous assignment as such entities are treated as ‘large’ companies, no matter what their actual… Read More

Accounting for Impairments

Impairment of inventories is dealt with differently from the impairment of other assets within the scope of FRS 102.27.  True or False? Well the answer is ‘True’. For more knowledge and further challenging quiz questions and go see our online webinar on Accounting for Impairments, and download the slides and support materials, all for just… Read More

Accounting for Deferred Tax

FRS 102.29 permits entities to discount the cash flow impact of deferred taxation as the liability to pay may not arise for many years into the future. True or False? Well the answer is ‘False’. The amortisation of deferred tax is not permitted under FRS 102 (‘an entity shall not discount current or deferred tax… Read More

Audit Exemption – The New Rules

Is the following statement True or False? The exemption thresholds for audit exemption changed with effect from 21 September 2018 when the Companies (Statutory Audits) Act, 2018 came into effect. In our webinar entitled ‘Audit Exemption – What are the New Rules?’, we cover the main changes brought about since the advent of the Companies… Read More

Auditing of Charities

Charity audits are high risk, as has been shown in the recent news story about the disciplinary action against the auditors to the former charity Console. Auditors have always been expected to have relevant knowledge corresponding to the task in hand and it’s important to have a clear understanding of the key risks involved in… Read More

Preparing for an Audit Quality Review Visit

As estate agents will tell you, the three most important things to do with selling your property are ‘location, location, location.’ Well, the same applies to preparing for a Quality Review visit from your professional body. The three P’s to a successful Quality Review visit are Preparation, Preparation, Preparation. The main problem area that underpins… Read More

Where do you Post Non-Investment Property Gains & Losses under FRS 102?

Most gains/losses should normally pass through profit or loss (Income Statement), unless they are required or permitted to pass directly through reserves. Those items likely to be shown in Other Comprehensive Income or the separate Statement of Comprehensive Income include: unrealised surplus/deficit on revaluations, other than investment property; currency translation differences, other than trading transactions,… Read More