Accountingnet.ie News Feed

Email Alerts When an Auditors Registration Number is used at the CRO

Tue, 31 Jan 2012 10:58:14 PST

The CRO introduced email alerts to Auditors when their Auditor Registration Number (“ARD”) is included on a B1 Annual Return when filed at the CRO. Once a month the CRO issue an email to all Auditors whose ARN was used in the last month listing the companies that have used that ARN. Auditors can contact the CRO it they did not conduct an audit for any of the company’s on the list.

A Contingency Strategy for an Uncertain Year!

Tue, 31 Jan 2012 10:40:12 PST

At the start of 2012 we know that another difficult year will be ahead of us with many uncertainties! Few know what is exactly is going to happen in 2012 and taking into account the worst case scenario with the possible collapse of the Euro a very difficult time could lay in front of us. This could affect both well run export companies and local companies servicing the Irish market. So as owner / managers, HR managers & advisors we need to ask what actions do we need to take to be prepared for what might happen? What we need to what is a Contingency Strategy for the current climate. What themes should a Contingency Strategy contain? I will list a number of themes: -

The Future of Financial Reporting in the UK and Republic of Ireland

Tue, 31 Jan 2012 10:27:24 PST

The ASB has published three Financial Reporting Exposure Drafts (FREDs) setting out revised proposals for the future of financial reporting in the UK and Republic of Ireland:

The Road to Recovery

Tue, 31 Jan 2012 09:53:46 PST

Corporate restructuring need not be confined to companies who are facing difficulties and improved profitability is a key driver for restructuring in many businesses. Leading corporate recovery experts examine how restructuring can have a positive impact on improving a company’s overall output.

Credit Management - Excellent filing and document retrieval systems

Tue, 31 Jan 2012 09:36:09 PST

When we get caught up in complicated credit management systems structures, strategies and metrics. When we are looking at risk categorisation, collection methodology, smart provisioning and scorecard capabilities for loss prediction and the vast array of software packages that are available to deliver complex information intelligently and workable on a day to day basis, sometimes the simple basics are forgotten and cast aside as too simple or too mundane to deserve your attention as a busy manager or business owner.

IT budgets stagnant in 2012, according to survey

Tue, 31 Jan 2012 09:27:31 PST

IT investments are expected to be strongest among enterprises in Latin America, whose CIOs expected a 12.7% budget increase for 2012. CIOs in Europe (0.7% decrease) and North America (0.6% decrease) reported the weakest IT investment numbers.

Six ways social media technologies can accelerate large-scale change

Tue, 31 Jan 2012 09:19:49 PST

Facebook, Twitter, YouTube, instant messaging, video conferencing, web meetings: These and many other collaboration and social media platforms are now an everyday part of people’s lives around the world. They are also finding their way into enterprise communications and management strategies. But are these social media applications and technologies ready for an even greater challenge—helping companies and government agencies successfully navigate major business change programs?

P35 Return Filing - Importance of Recording the Correct PPS Number for Employees

Tue, 31 Jan 2012 09:05:01 PST

When filing the P35 Return for 2011, employers and agents are reminded of the importance of recording the correct PPS number for each employee on the return. This will ensure that an employee's details are updated correctly to the Revenue and Department of Social Protection (DSP) computer systems with the minimum of delay. The PPS number should match the PPS number on the most recent Tax Credit Certificate issued by Revenue to the employer.

Shareholders Agreements - Investment in Private Companies

Tue, 13 Dec 2011 09:33:37 PST

For the purposes of this article we will deal with investors who take a straight forward shareholding of ordinary voting shares in an Irish private limited company in return for their investment. There are many other types of investment instruments which an investor may seek to take advantage of, for example “Convertible Loan Notes”, which usually come with a set interest coupon and which can also be converted into shares at a later stage in the investment process.
The following briefly sets out certain issues which should be considered by promoters and investors in the context of third party investments:

Cessation of Office by an Auditor & Notifying IAASA

Tue, 13 Dec 2011 08:59:41 PST

An Auditor may cease to hold the office of Auditor of a Company in a number of ways. These may include:- Resignation from Office by the Auditor pursuant to Section 185 Companies Act 1990; Removal of the Auditor from office by the company (pursuant to Section 160 Companies Act 1963;Retirement by the Auditor at an Annual General Meeting and appointment of another Auditor.

ICAEW Set to Regulate Alternative Business Structures

Tue, 13 Dec 2011 08:54:43 PST

The Institute of Chartered Accountants in England and Wales has confirmed it is applying to become a licensing authority for alternative business structures. Talks are ongoing with the Legal Services Board (LSB) about putting together a formal application, which is likely to be made in 2012. Felicity Banks, head of business law at the institute, said its members were already experts in various aspects of probate work and would welcome the chance to provide a complete service. Solicitors could be brought into accountancy firms to create multidisciplinary practices under the new regulatory regime.

Creating a Just-in-Time Workforce

Tue, 13 Dec 2011 08:45:59 PST

To keep up with today’s fast-paced, constantly changing business environment, organizations need to ensure they have the skills when and where they need them. New solutions can help ensure organizations don’t skip a beat by enabling them to immediately locate skills based on demand.

Irish Jobs Data Weak But Not Entirely Unexpected

Tue, 13 Dec 2011 08:26:56 PST

Irish jobs data for the third quarter of 2011 were disappointing but not entirely surprising. On a seasonally adjusted basis, they show there were 20.5K fewer numbers at work, a drop of 1.1% compared to the previous quarter. This represents a significant deterioration compared to the decline of 4K (-0.2%) reported in the 2nd quarter.

Budget 2012: The KPMG View - Video Analysis

Tue, 13 Dec 2011 08:25:40 PST

In the aftermath of Budget 2012 on 6 December 2011, KPMG provides a perspective on the tax measures and their impact on Irish business.

IFAC Comments on European Commission Proposed Legislation

Tue, 13 Dec 2011 08:18:27 PST

IFAC supports initiatives to continually improve audit quality, enhance the role of audit, and safeguard auditor independence, and believes that innovation and evolution are essential for this vital service to maintain its relevance and meet the needs of investors and other stakeholders. As such, IFAC supports the following measures proposed by the EC, which we believe are consistent with views widely expressed in response to the Green Paper:

Temporary Agency Workers Directive

Tue, 13 Dec 2011 07:45:29 PST

End-user companies and Agencies should make the appropriate arrangements to ensure that the principles of equal treatment enshrined in the Temporary Agency Workers Directive (2008/104/EC) are put in place from 5th December, 2011 for all temporary agency workers, including those who are hired before or after 5th December, 2011.

Budget Report 2012 - Mazars

Tue, 06 Dec 2011 22:11:41 PST

We expected a budget of tax increases and we got it. The 2% VAT hike represents the main extra tax move and this will hit retailers hard. Increases in CAT and CGT rates were always on the cards and Minister Noonan did not disappoint, raising them to 30% from 25%. While delivering on the Programme for Government’s commitment not to increase income tax, a new household charge of €100 will be introduced and this will broaden the tax base in line with EU and IMF requirements. Proposals to remove the current relief of 50% of employer PRSI for pension contributions and an increase in DIRT from 27% to 30% are targeted to yield substantial extra taxes. Excise duties did not escape either, with 25 cents being added to a packet of 20 cigarettes, carbon tax increasing by €5 to €20 a tonne on fossil fuels, betting duty being extended to remote betting along with a betting intermediaries’ duty, and motor taxes increasing from January 2012. So if you don’t drive, smoke or bet, these particular measures won’t get you!

Budget 2012 - Moving in the right direction - Deloitte

Tue, 06 Dec 2011 21:46:43 PST

On a positive note, the Minister has once again re-iterated the Government’s commitment to maintaining the 12.5% corporation tax rate. In the context of the global economic downturn, and with recent corporate tax increases in countries such as France, it is very positive that the Irish Government continues to reiterate its commitment to maintaining the 12.5% corporate tax rate. The low corporate tax rate is the cornerstone of Ireland’s industrial policy and the Minister has once again provided reassurance to both indigenous companies and multinationals operating in Ireland in relation to the future rate of corporation tax.

Budget 2012 Partner Quotes - KPMG

Tue, 06 Dec 2011 21:17:12 PST

KPMG Budget 2012 Partner Quotes:
General business view – Shaun Murphy, Partner, KPMG
“Business will welcome the positive pro growth measures in the Budget and the commitment to consider further measures in the Finance Bill”.

Budget 2012 Review - PWC

Tue, 06 Dec 2011 20:58:30 PST

The measures announced in the Budget by the Minister for Finance had been signalled well in advance, and there were few surprises. The significant revenue generating measures are focused on the indirect tax side, mainly VAT and also Capital taxes, although the estimated tax take from the latter included in the documentation appears optimistic at a time when many taxpayers are nursing heavy losses.