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CPA Practice Plus

 

Welcome to the November edition of  Practice Plus

Following a busy tax filing season, we bring you guidance on filing financial statements for certain companies, new regulation on beneficial ownership and the IAASA consultation process.

 


  • Complete the Practice and Audit Orientation course on-line

    Nov 16, 2016
    Looking to get your practising and auditing certificate requirements completed or simply achieve your CPD in a more flexible manner?
    Full story
  • Digital Certificates

    Nov 15, 2016
    From 16 November, CRO will commence issuing digital Certificates of Incorporation to companies who have filed N1, N2 and N3 forms to convert to a new company type or change their name under the transition provisions in the Companies Act 2014.
    Full story
  • Filing financial statements for investment intermediary clients

    Nov 15, 2016
    Members are reminded to check the status of Insurance broker and investment intermediary clients. Section 350 (1b) of the Companies Act 2014 excludes certain types of companies from qualifying as a small or medium company if the company falls into any provision of Schedule 5.
    Full story
  • Overview of proposed new regulation on beneficial ownership

    Nov 15, 2016
    The Department of Finance have introduced a regulation on beneficial ownership to transpose article 30(1) of the fourth Anti-Money Laundering Directive. A note from the Department of Finance provides an overview of the content of that regulation which will apply to the majority of corporate and legal entities in Ireland. The regulation will require those entities to hold adequate, accurate and current information on their beneficial ownership.
    Full story
  • IAASA consults on an audit framework for Ireland

    Nov 15, 2016
    The Irish Auditing and Accounting Authority (‘IAASA’) has recently published a consultation paper entitled ‘The future auditing framework for Ireland’. The need for IAASA to consult arises by virtue of a provision in Statutory Instrument No 312 of 2016 (‘SI 312’), which established IAASA’s responsibility for the adoption of auditing and ethical standards in Ireland. SI 312 transposed the EU Audit Regulation and Directive (‘ARD’) in Ireland and was signed into law in June.
    Full story
  • Annual Renewal of CPA Practising Certificates and Authorisations 2017

    Nov 15, 2016
    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
  • CPD Reminder – end of three year cycle

    Nov 15, 2016
    Members are reminded that 2016 is the end of a three year CPD cycle. Practising certificate holders and members working in professional offices are expected to attain a total of 120 hours CPD over a 3 year period, of which 75 hours are Structured CPD and 45 hours are Unstructured. The minimum requirement is 30 hours of CPD in any one year. Practising certificate holders are reminded that in order for them to be eligible to renew their certificates they must have met their CPD requirements for the 2014-2016 cycle.
    Full story
  • CRO conversion deadlines

    Nov 15, 2016
    Firms should be now aware of CRO’s conversion deadlines for converting client companies and adhere to them accordingly.
    Full story
  • IFAC Global SMP Survey

    Nov 15, 2016
    The IFAC Global SMP Survey opened in October and closes on the 30th November.
    Full story
  • Anti-Money Laundering Update

    Nov 15, 2016
    The Department of Justice and Equality has recently published the National Risk Assessment for Ireland on money laundering and terrorist financing. This is Ireland’s first National Risk Assessment and the aim of this process was to identify, understand and assess the money laundering and terrorist financing risks faced by Ireland.
    Full story
  • Online filing

    Nov 15, 2016
    Latest report according to the Irish Times 11th November, during this past tax season almost all returns were filed online through Revenue’s R.O.S system.
    Full story
  • Accountancy Regulations for the Charity Sector

    Oct 13, 2016
    The Charities Regulatory Authority has commenced a public consultative process on accountancy regulations and charitable fundraising.
    Full story
  • FRS 102 – Top Ten Hit Parade of FRS 102 Issues

    Oct 13, 2016
    Robert Kirk looks at the 10 most common adjustments companies have had to make under FRS 102.
    Full story
  • Directors and Intercompany Loans, FRS 102 and the Companies Act 2014

    Oct 13, 2016
    The treatment of directors’ loans and intercompany loans under FRS 102 has been the cause of much discussion since the standard was first issued.
    Full story
  • Credit Union Audit Season

    Oct 13, 2016
    As the credit union audit season for 2016 commences we remind you that our Credit Union Resource has been updated with a revised engagement letter, FRC Staff Education Note illustrating the possible impact of FRS 102 on financial statements and recent correspondence from the Registrar.
    Full story
  • Going into Practice? Complete the Practice and Audit Orientation Online Certificates

    Oct 13, 2016
    Looking to get your practising and auditing certificate requirements completed or simply achieve your CPD in a more flexible manner?
    Full story
  • Contact details for CRO during filing season

    Oct 13, 2016
    This year, in addition to dealing with the usual peak filing of annual returns in October/ November, the Carlow office will also be responsible for processing applications from companies to be converted to a new company type (LTD or DAC) before the 18 month transition period ends on 30 November.
    Full story
  • FRS 102 Let us know your views

    Oct 13, 2016
    The Financial Reporting Council (FRC) will shortly be carrying out its first triennial review of FRS 102. The Financial Reporting Standard applicable in the UK and Republic of Ireland and we now have an opportunity to comment on any aspect of FRS102 and its implementation which needs to be considered in this review.
    Full story
  • IFAC Global SMP Survey

    Oct 13, 2016
    IFAC is requesting your views on SMP’s, for more details and to participate in the survey please click here.
    Full story
  • Practice Matters 2016 – Companies Bill, FRS 102, practice management, topical tax and much more ........

    Sep 14, 2016
    This coming Friday and Saturday 16th & 17th September sees the flagship conference for members in Practice with a range of essential topics explored for the busy practitioner, reviewing in particular the potential impact of the Companies (Accounting) Bill 2016, transition to FRS 102, topical tax matters, practice management and the Charity sector.
    Full story

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