Welcome to the May edition of Practice Plus, we hope you are all keeping well and safe during this time.
This month following CPA representations we bring you some Revenue clarifications on the payment of TWSS liabilities by employers, some important updates to AML legislation and details of the publication by IAASA of its Annual Audit Programme and Activity report. We also encourage members to take part in the 2021 Practice Comparison Survey.
CPA Ireland’s Practice Comparison Survey 2021 now open
CPA Ireland’s SMP/SME Committee have developed a comprehensive Practice Comparison Survey for 2021. The survey focuses on the key aspects of practice performance such as fee income, digitalisation, impact of COVID-19 and service offerings.
Clarifications on Payment of TWSS liabilities by Employers
Following a survey of CPA members and CCAB-I engagement, Revenue have issued an e-brief providing clarifications in relation to the concessional BIK treatment and TWSS debts.
Claiming CRSS “Restart Week” as Restrictions Ease
Revenue have confirmed that it will operate an enhancement to the Covid Restriction Support Scheme (CRSS), on an administrative basis pending the enactment of the necessary legislation, whereby eligible businesses resuming trading activities can claim a ‘Restart Week’ payment.
New Anti-Money Laundering Legislation Enacted
The Criminal Justice (Money Laundering and Terrorist Financing) (Amendment) Act 2021 (“Act”) was signed into law on 18 March 2021. A commencement order has now enacted all the provisions of the Act. Further, a second order enacted provisions for disclosure of beneficial ownership of trusts and a central register for beneficial ownership of trusts.
CDD - New Requirement to Check RBO
The enactment of the Criminal Justice (Money Laundering and Terrorist Financing) (Amendment) Act 2021 places additional requirements on accountancy firms when performing customer due diligence checks on new clients.
Reporting RBO Discrepancies
SI 110 of 2019 established the Register of Beneficial Ownership. Regulation 20(3)(b) obliges a designated person carrying out customer due diligence on an entity, to provide notice to the Registrar, if they are of the opinion that a discrepancy exists between the information in the RBO and the information the entity must hold in its internal register of beneficial ownership.
Charities Regulator Survey Results Report
The Charities Regulator asked charities to take part in a survey to gauge the current position of the sector and have recently published their survey results report.
Central Bank examines credit conditions for Irish households and SMEs
The Central Bank of Ireland has recently published an economic letter examining the impact of COVID-19 on the Irish credit market, and discusses policy interventions designed to support the supply of credit during the pandemic and as the economy re-opens.
Calling Female Members in Practice
The SMP/SME committee of the Institute is looking for female Members in Practice to join their active and engaging Committee. The committee assists in the implementation of the strategies and policies of the Institute in relation to small and medium sized practices and businesses by providing feedback and opinion on matters impacting the sector.
The FRC Audit Conference June 2021
The Financial Reporting Council (FRC) has announced that it will be holding an international conference (virtual) in June entitled ‘Audit Firm Culture: Challenge. Trust. Transformation’.
Going Concern and the Auditor
ISA (Ireland) 570, Going Concern, has been updated and is effective for the audits of financial statements for periods commencing on or after 15th December 2019. There are now additional requirements for auditors.
IAASA 2020 Annual Audit Programme and Activity Report
IAASA has published its 2020 Annual Audit Programme and Activity Report which provides a summary of the activities performed by IAASA during 2020 to oversee the audit profession in Ireland.
Forthcoming new VAT E-commerce Rules
Accountancy Europe has published an article on forthcoming VAT e-commerce rules.
Approved Housing Bodies Regulatory Authority - FAQs
The Approved Housing Bodies Regulatory Authority (AHBRA) was established earlier this year. The AHBRA has responsibility for overseeing the effective governance, financial management and performance of all voluntary and co-operative housing bodies, in accordance with the legal framework set out in the Housing (Regulation of Approved Housing Bodies) Act 2019.
Accountancy Europe Article - Corporate Sustainability Reporting Directive
Accountancy Europe has recently published a piece on the new directive regarding corporate sustainability reporting.
General Scheme for Small and Micro Business Administrative Rescue Process
The Minister for Trade Promotion, Digital and Company Regulation, Robert Troy TD, has announced government approval for the priority drafting of the Companies (Small Company Administrative Rescue Process and Miscellaneous Provisions) Bill 2021. The Bill amends the Companies Act 2014 to provide for a new dedicated rescue process for small and micro companies.