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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


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New Anti-Money Laundering (AML) Requirement and the Beneficial Ownership Register

With effect from 15 November, 2016, companies and other bodies corporate, registered in Ireland are obliged to collect and retain adequate, accurate and current information on the beneficial ownership of interests held in those entities. Entities and beneficial owners that breach the requirements face fines of €5,000 on summary conviction. This requirement was brought into… Read More



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Be Aware of the Audit Issues under FRS 102

The audit of the first financial statements prepared under FRS 102 is already complete, in some cases, and for the remainder, will be well under way in the near future. The standard was first published in March 2013, over 42 months ago, but took some time to bed down. It would be easy for complacency… Read More


First National AML Risk Assessment of Ireland

Anti-Money Laundering National Risk Assessment

‘The specialist nature of the knowledge and services provided by the accountancy service providers makes them vulnerable to being sought out and exploited by those who seek to launder the proceeds of crime or evade tax. It is recognised in international risk-based guidance that accountancy service providers may be sought to assist in the structure… Read More


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FRS 102 – potential transition pitfalls of new Irish GAAP – Part 2

In this second article on transition, we consider some practical tips for applying the requirements of Section 35 (the transition section) of FRS 102. The Financial Reporting Council issued a report called the Annual Review of Corporate Reporting 2015/2016 on 21 October 2016 encouraging smaller entities to ‘start their planning as soon as possible in… Read More


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FRS 102 – potential transition pitfalls of new Irish GAAP (Part 1)

  In this article, we consider practical tips for applying the requirements of Section 35 of FRS 102. The Financial Reporting Council issued a report called the Annual Review of Corporate Reporting 2015/2016 on 21 October 2016 encouraging smaller entities to ‘start their planning as soon as possible in order to ensure they are prepared… Read More


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Audit Issues under FRS 102

There are a number of key differences between previous Irish Generally Accepted Accounting Practice (GAAP) and FRS 102. Areas where the accounting treatment is substantially different from previous GAAP include, but are not limited to: financial instruments, especially long terms loans; investment properties; business combinations; deferred tax and defined benefit pension schemes. Which differences will… Read More