Practice Plus November 2020

PLEASE NOTE

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

 


Welcome to November’s edition of Practice Plus. At this very busy time we bring you updates on important representations being made by CCAB-I. We also remind you to renew your registration on the Accountant’s Panel for the Abhaile Mortgage Forbearance Scheme.


Revenue to take Pragmatic Approach to Late Filing Surcharges

Revenue have stated in correspondence with CCAB – I that a pragmatic approach will be taken to late filing surcharges for 10 December income tax deadline.
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CCAB-I Representations on the CRSS

The COVID Restrictions Support Scheme is an important relief for businesses impacted by Government restrictions introduced for the purpose of preventing or reducing the risk of the spread of COVID-19.
Read more.


Mortgage Forbearance Scheme – Deadline for Renewal of Panel Registration

The Department of Employment Affairs and Social Protection have asked us to reconfirm the CPA panel members for the Abhaile scheme. If you want to renew your registration or be on the panel for the first time, please click "Read more" and provide your details. Applications will be open until 18 November 2020. Please note, you must hold a practising certificate to participate in the scheme.
Read more.


ROS Support for the 2020 Pay and File Period, Extended Opening Hours and More

In a recent e-brief, Revenue have advised of details for ROS Support for the 2020 Pay and File Period, Extended Opening Hours and Income Tax Warehousing.
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CPD for Statutory Auditors

CPA members, affiliated partners and responsible individuals who are authorised by CPA Ireland as statutory auditors are reminded of their requirements to maintain their competence in audit through CPD. This is a requirement of the Companies Act 2014.
Read more.


Learning Needs Analysis Survey

Each year CPA Ireland issue a Learning Needs Analysis (LNA) Survey to members in order to identify their skills and learning requirements.  The survey should take less than 10 minutes to complete and the deadline for completion is 20th November 2020.
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Anti-Money Laundering, The Basics: Instalment 2 – A Risk-Based Approach

This is the second instalment of a 6-month IFAC publication series titled Anti-Money Laundering, The Basics. The series provides professional accountants with a better understanding of how money laundering works, the risks they face, and what they can do to mitigate these risks and make a positive contribution to the public interest.
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The Charities Regulator - Deadline for Filing for Charities

The Charities Regulator has published a notice on its website regarding the deadline for filing for charities. The deadline for charities due to file between 12 March and 15 December has been extended to 16 December 2020.
Read more.


Financial Reporting Lab from the FRC

The FRC Financial Reporting Lab has released its third newsletter for 2020. This issue provides an update on the Lab’s ongoing projects and recent activities.
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IAASA and COVID

IAASA has published an Information Note highlighting the accounting treatment applied by companies impacted by COVID-19.
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IAASA Publishes Compendium of Auditors’ Reports

The Compendium provides illustrative examples of the most commonly used auditor’s reports for non-listed entities in Ireland, including private companies, private groups, micro companies and qualifying partnerships and it is intended to provide a useful reference tool for auditors.
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FRC Developments in Audit

The FRC has just published an insightful report into developments in Audit 2020.
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CPA Ireland Interview with The Irish Times

CPA Ireland President John Devaney spoke to the Irish Times recently about the current crisis and a shortage of accountants.
Read more.


Accounting For Now - A New Digital First Programme for Accountants

CPA Ireland Skillnet's brand new bespoke online programme, Accounting For Now, covers topics of particular relevance to both our members in industry and practice. This course was created specifically for online learning, and is comprised of highly effective strategies to help you upgrade your learning while staying up to date on relevant and engaging topics.
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CRO and Summary Approval Procedure SAP 207

Due to the global COVID-19 pandemic, CRO as per their website are introducing a new interim process to allow for the filing of Summary Approval Procedures (SAPs). These are manual documents that require wet signatures which are then normally delivered to the CRO by post.
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Deputy Governor of Central Bank on SME’s in the Irish Economy

The Deputy Governor of the Central Bank, Ed Sibley, recently spoke to the Small Firms Association about the vital role SME’s play in the Irish economy and how will be central to Ireland’s economic recovery.
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