Practice Plus August 2020

PLEASE NOTE

THIS IS AN OLD EDITION OF PRACTICE PLUS. ARTICLES MAY NOT BE CURRENT OR UP TO DATE.

 


Welcome to the August edition of Practice Plus. This month we bring you details of the CCAB-I Pre Budget Submission 2021 and a reminder of the extension of the PSRA licensing period. We would also encourage you to take the time to complete the Digital Competency Maturity Model (DCMM™) survey to assess your firm's digital maturity and compare it to that of other accountancy firms.


Digital Competency Maturity Model (DCMM™) - Take the Survey

The Digital Competency Maturity Model (DCMM™) comprises a questionnaire that enables practices to rate their current level of maturity on digital competency, identify areas where competencies are strong or lacking and then develop a road map for achieving a higher level of maturity.
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CCAB-I Pre-Budget Submission 2021

CCAB-I have called for a number of tax measures to be implemented to support the economy in crisis and in recovery, in its Pre-Budget Submission 2021. As part of the tax measures called for, it has urgently requested a suspension of surcharges and interest for autumn tax compliance deadlines.
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Extension of PSRA Licensing Period

Members are reminded that the Property Services Regulatory Authority Licences extended licence expiry dates. They advised that PSRA licences with an expiry date between 7th May 2020 and 31st August 2020 were extended by a period of four (4) months where evidence is available to the PSRA of the required level of Professional Indemnity Insurance (PII) for the licence in question.
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Central Bank Publishes Report on Challenges for SME Market

The Central Bank of Ireland recently published its SME Market Report for 2020 with a special focus on the challenges to firms posed by COVID-19. The Report aims to provide a timely monitor of developments in the provision of credit to Irish Small and Medium Enterprises (SMEs) by financial intermediaries.
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How Small Firms Can Evolve in the COVID-19 Environment

The International Federation of Accountants (IFAC) have made available a webinar which focuses on the recently launched IFAC Practice Transformation Action Plan – A Roadmap to the Future. Participants will hear from members of the IFAC Small and Medium Practices Advisory Group (SMP AG) and prominent thought leaders from the accountancy profession.
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Cabinet Approves Publication of AML Bill

The Minister for Justice and Equality, Helen McEntee T.D., has received Cabinet approval for the publication of the Criminal Justice (Money Laundering and Terrorist Financing) (Amendment) Bill 2020.
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Accountancy Europe SME Publication

Accountancy Europe has recently published a second paper in their SME Risk Management series on SME’s and their role in sustainability for their clients, incorporating key principles of good risk management.
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Charities Regulatory Authority Annual Report

The Charities Regulatory Authority recently published its annual report for 2019 outlining its work in transparency and accountability in the sector.
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IAASA Profile of the Profession

IAASA has published its annual Profile of the Profession which contains statistical data regarding the eight Prescribed Accountancy Bodies within IAASA’s supervisory remit. The Profile, which was compiled with the assistance of the PABs, presents an overview of the PABs’ memberships, student numbers and profiles, as well as the nature and scale of their regulatory and monitoring activities.
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IAASA Opens ISA 315 Consultation

IAASA has published a Consultation Paper on its proposals to issue a revised version of ISA (Ireland) 315, Identifying and Assessing the Risks of Material Misstatement. The purpose of this consultation paper is to obtain the views of stakeholders with regard to IAASA’s proposals to issue revised standard and conforming amendments.
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Recent Revisions to the TWSS - Free Webinar for CPA Ireland Members

Revenue are presenting a webinar on the 21st August 2020, "Recent revisions to the TWSS". This webinar is free for CPA Ireland members.
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CRO Filing and Digital Transformation Plan

CRO (via its Twitter feed) indicated recently, that this year they will be streamlining the filing of Annual Returns in tandem with the roll out of their new IT system.
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FRC Exposure Drafts

The Financial Reporting Council (FRC) has issued two Exposure Drafts proposing amendments to UK and Ireland accounting standards. Both reflect topical issues.
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FRC Thematic Review of Company Reporting since COVID-19

The Financial Reporting Council (FRC) has completed its first thematic review of company reporting since the onset of COVID-19 pandemic. The review itself has information which members may find beneficial for forthcoming engagements.
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