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CPA Practice Plus

 

Welcome to the February edition of  Practice Plus and Spring is definitely in air. This month we bring news of IAASA adoption of a new auditing framework for Ireland and an update regarding the Companies (Accounting) Bill 2016 and the disclosure of directors' remuneration in financial statements. 

 


 


  • CPD for Practitioners

    Feb 20, 2017
    Don't miss the CPA Ireland Tax Conferences 2017 or the CPA Practical Days for Accountants - Reporting Standards and Company Secretarial. Join our experts for practical updates on key issues.
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  • Companies (Accounting) Bill 2016

    Feb 15, 2017
    The much awaited Companies (Accounting) Bill 2016 is currently making its way through Dáil procedure and has a number of stages to reach before it becomes effective legislation. When commenced it proposes to introduce a small companies regime and a micro companies regime which will fundamentally change the financial reporting requirements for small and micro entities.
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  • IAASA adoption of auditing framework

    Feb 15, 2017
    On 31 January 2017, IAASA announced the adoption of the Auditing Framework for Ireland (“the Standards”). The Standards – ISAs (Ireland), ISQC (Ireland) 1 and the Ethical Standard for Auditors (Ireland) are mandatory for use in auditing financial statements of periods commencing on or after 17 June 2016, for which opinions are issued on or after 1 February 2017.
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  • Cycle of Quality Assurance Reviews

    Feb 15, 2017
    Firms are reminded that the CPA Ireland cycle of Quality Assurance Reviews continues in accordance with SI 312 of 2016 and Bye Law 7 for 2017.
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  • Deadline Date 28th February 2017 for Annual Renewal of CPA Practising Certificates and Authorisations

    Feb 15, 2017
    A reminder that CPA Practising and Auditing Certificates and Investment Business Authorisations expire annually on the 31st March. Members, affiliated partners and responsible individuals are reminded that an application for renewal must be completed in full each year by 28th February in order to allow for the timely renewal of authorisations.
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  • Disclosure of Directors’ Remuneration in Financial Statements

    Feb 15, 2017
    Section 306 of the Companies Act 2014 expands the disclosure requirements for Directors’ Remuneration with regard to amounts paid to persons “connected” with a director. Connected persons are defined in section 220 and include a director’s spouse, civil partner, parent, sibling or child including in some cases a child of a civil partner. It also extends to persons acting as a trustee of a trust, the principal beneficiaries of which are those noted above as well as a body corporate controlled by the director
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  • Accountancy Europe

    Feb 15, 2017
    Accountancy Europe the representative body of Accountants, Auditors and Advisors in Europe (formerly known as FEE) recently published their January newsletter. To access the newsletter and find out more please click here.
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  • Code of practice for the Governance of State Bodies code

    Feb 15, 2017
    The Auditors of state bodies should take note that the Revised Code of Practice for the Governance of State Bodies, 2016 (the “2016 Code”) is effective from 1st September 2016.
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  • Irish Accountancy Awards 2017 – deadline for submission for CPA members, 6th March

    Feb 15, 2017
    CPA Ireland is delighted to once again support the Irish Accountancy Awards. CPA Ireland members can enter free of charge with the deadline extended to Friday, March 3rd. The awards seek entries from firms and individuals who have provided the highest quality of service and who can demonstrate they have added significant value and competitive advantage to their client organisations.
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  • Annual Renewal of CPA Practising Certificates and Authorisations for 2017

    Jan 12, 2017
    CPA Practising and Auditing Certificates and Investment Business Authorisations expire annually on the 31st March. Members, affiliated partners and responsible individuals are reminded that an application for renewal must be completed in full each year by 28th February in order to allow for the timely renewal of authorisations.
    Full story
  • New year, new legislation

    Jan 12, 2017
    There are a number of pieces of new legislation/regulations that we expect to see commenced in 2017 that will have an impact on CPA members. This short summary will help you plan for these forthcoming changes;
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  • Acting for insurance brokers

    Jan 12, 2017
    Members are reminded that clients who are authorised by the Central Bank, such as an insurance broker as outlined in Schedule 5 of the Companies Act 2014 are not eligible to file abridged financial statements with CRO. Section 350 (11) (b) of the Companies Act 2014 excludes a company from qualifying as a small or medium company if it falls into any provision of Schedule 5, thereby making them ineligible to file abridged financial statements.
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  • FRSSE

    Jan 12, 2017
    For financial periods beginning on or after 1st January 2016 the FRSSE is no longer available. Such companies must transition to an alternative financial reporting framework such as FRS 102.
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  • The end of the transition period

    Jan 12, 2017
    Members are reminded to note that the 18 month transition period provided in the 2014 Companies Act for companies to convert to a new company type ended on 30 November.
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  • Technical Alert Section 27B

    Jan 12, 2017
    Technical Alert 05/2016 has been issued “Update on prescribed enactments for the purposes of section 27B of the Central Bank Act 1997” to alert auditors to the notification by the Central Bank of Ireland (“the Central Bank”) in recent months of additional prescribed enactments in relation to which the auditor has duties to report to the Central Bank pursuant to section 27B of the Central Bank Act 1997 (“CBA 1997”).
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  • Technical Alert for auditors of Insurance Undertakings

    Jan 12, 2017
    A Technical Release 13/2016 “Guidance for Auditors of Insurance Undertakings in Ireland” recently issued. The Technical Release provides guidance to auditors engaged by an insurance undertaking to carry out an audit of the undertaking’s financial statements and, where applicable, to provide a reasonable assurance opinion in relation to the relevant elements of the Solvency and Financial Condition Report (SFCR) of that undertaking.
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  • UK tax authorities

    Jan 12, 2017
    Members who interact with HMRC should be aware of a new development implemented in the New Year. From January 1st, accountants, bankers, lawyers and other advisors who enable offshore tax evasion will face tough new sanctions from (1 January 2017).
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  • Companies (Accounting) Bill 2016 Update

    Dec 15, 2016
    The Companies (Accounting) Bill 2016 is currently making its way through Dail procedures and has a number of stages to reach before it becomes effective legislation. This will not happen before 2017. We are monitoring it’s progress closely and will keep you updated on any developments.
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  • Top Five articles read by our Members in 2016

    Dec 14, 2016
    As we reach the end of a busy 2016, we take a look back at the news items that's members were most interested in. Here are your top five items in terms of hits.
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  • Filing statutory duty confirmations reports to the Central Bank

    Dec 14, 2016
    Members are reminded to check the status of their Insurance broker and investment intermediary clients. Section 27B of the Central Bank Act 1997 (as inserted by the CBFSAI Act 2004) places a duty on auditors to make a written report to the Central Bank, within one month of the date of the auditor’s report on the financial service provider’s financial statements.
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