Tag Archives: FRS 105

New Procedures Manual to help with AML

We have just published an update to the AML Policies Controls & Procedures Manual last week, which is available to purchase now on our website. Our latest February 2020 edition includes the following updated items: Pronouncement by the FATF arising from their Public Consultation on FATF Draft Guidance on Digital Identity (discussed at the FATF plenary meeting… Read More


How to deal ethically with conflicts of interest

As we highlighted last week there is a newly revised and restructured Code of Ethics coming soon for accountants in Ireland, expected to be effective from the 1st of March 2020. Sometimes accountants realise they have a conflict of interest due to lack of foresight or pre-planning. An example could be trying to sort out… Read More


NOCLAR – One of the forthcoming changes to the Code of Ethics

As we highlighted last week there is a newly revised and restructured Code of Ethics coming soon for accountants in Ireland, expected to be effective from the 1st of March 2020.  As readers might know, the Code of Ethics used by accountants across the British Isles is based on the code issued by the International… Read More


The five fundamental principles of ethical behaviour

A reminder of what they are before the new Code of Ethics becomes effective The nature of accountancy and the complexity of the work that accountants, tax advisers, insolvency practitioners and auditors do, means that this work needs to be trusted, and demonstrate the highest standards of professional conduct.  The Code of Ethics and its… Read More


How do I account for a change in depreciation policy?

A question that I often get asked is: how are changes in depreciation policy accounted for?  The follow up question usually asked is whether such changes are accounted for prospectively or retrospectively under FRS 102?  The answer, however, depends on whether the change is a change in ‘estimate’ or a change in accounting ‘policy’. Change… Read More


Have you prepared your Business Risk Assessment?

A new requirement – to protect firms against the risk of money laundering – came into law last year, but many firms may not yet have prepared the relevant document. The Fourth Money Laundering Directive (2015/849/EC) was transposed into Irish legislation in November 2018 by way of the Criminal Justice (Money Laundering and Terrorist Financing),… Read More


Money laundering exposed by undercover journalists

Journalists at the London Times are to be congratulated for today, 4 December 2019, exposing a web of alleged money laundering centred on a company formations business based in London. Of course, the story was originally covered by Guardian journalist Oliver Bullough in 2016 and in his 2018 book ‘Moneyland’. The Times reported: ‘Leaked documents… Read More


Ethical matters: Change is coming to auditing standards in Ireland

In July, the Financial Reporting Council (FRC) in London issued a consultation on proposed changes to the UK’s Ethical and Auditing Standards. It closed on September 27, 2019. The consultation is expected to introduce revisions that will see tougher regulations on audit independence and the provision of non-audit services. Any changes that are approved will… Read More


Reporting money laundering offences

The Criminal Justice (Money Laundering and Terrorist Financing) Acts, 2010 to 2018 requires firms to report suspicious transactions based on the premise that a person ‘knows, suspects or has reasonable grounds to suspect, based on information obtained in the course of carrying on business as designated person’ that another person is involved in money laundering… Read More


Record keeping and the RBO

The Criminal Justice (Money Laundering and Terrorist Financing) Acts, 2010 to 2018 updates the 2010 legislation that was already in place. Among other things it is essential to arrange staff training with all members of your team to ensure they are up to date with the latest changes. It is also vital to have an… Read More