Welcome to the October edition of CPA Ireland’s Practice Plus.
This month we bring you an update from CRO on filing matters and feature an important campaign from IAASA which highlights the importance of choosing an accountant that is a member of a Prescribed Accountancy Body.
We also bring you updates on recent consultations launched by the UK’s Financial Reporting Council, outlining potential changes to the accounting standards in use in Ireland and update you on recent CCAB-I engagement with Revenue.
Important Filing Update from CRO
The CRO have provided an important update on current filing matters.
IAASA launch Prescribed Accountancy Body campaign
IAASA have launched a campaign to highlight to the public the importance of choosing an accountant that is regulated by a Prescribed Accountancy Body (PAB).
CPA Ireland launch sample financial statements
CPA Ireland have issued updated Sample Financial Statements to assist members and firms navigate disclosure and reporting requirements for their clients. The samples are also a useful tool to support the ongoing training of staff and the production of high quality financial statements.
IAASA publishes its annual observations paper and latest inspection insights
IAASA, has published its annual Observations paper highlighting matters that management, Audit Committees and auditors should consider when preparing, approving and auditing financial statements for 2023 year end dates.
It has also published key messages for auditors in the area of communication with those charged with governance.
Concern over tax treatment of GMS income
CCAB-I have recently written to the Taoiseach, Leo Varadkar T.D., and the Minister for Finance, Michael McGrath T.D., to express members’ concern about the tax treatment of General Medical Services (GMS) income of General Practitioners (GPs) which will change from 1 January 2024.
Update on FRC financial reporting consultations
The UK’s Financial Reporting Council have published FRED 84 Draft Amendments to FRS 102 – Supplier finance arrangements. Also recently published is a project update on the periodic review of FRS 102 and FRS 105.
IAASB approve auditing standard for less complex entities
The International Auditing and Assurance Standards Board have approved their standard for the audit of less complex entities. The standard is expected to issue following approval by the Public Interest Oversight Board of the IAASB’s due process, which is anticipated in December 2023.
Enhanced Reporting Requirements – Revenue online events
Revenue is currently holding free online events to give an overview of Enhanced Reporting Requirements (‘ERR’) for expenses/benefits paid to employees or directors.
Revisit of Continuity of Practice Agreements
Practitioners are reminded of the requirement to have in place a valid continuity of practice agreement. A sole practitioner or a member who is the only practising certificate holder or statutory auditor in a firm must have a continuity of practice agreement in place.
Upcoming CPD events
Plan your CPD for the coming months. We spotlight some key events covering vital topics such as AML, annual audit update and the Finance Bill.