Welcome to the April 2023 edition of Practice Plus. This month we bring you details of revisions made to the Solicitors Accounts Regulations which commence in July 2023. We also remind readers that filing certain documents with CRO will require a director’s PPS number from 23rd April 2023.
New Solicitors Accounts Regulations
The Law Society have published new Solicitors Accounts Regulations which will come into effect on the 1st July 2023.
The current regulations have been in force since 2014 and will remain in force in respect of any accounting period that has commenced before 1st July 2023, until such time as the solicitor has furnished the Law Society with a Reporting Accountants Report.
Pay and File Extension Date
Revenue have announced an extension to the ROS return filing and payment date for certain self-assessment Income Tax customers and for customers liable to Capital Acquisitions Tax (CAT).
PPS numbers and CRO filing
From 23 April 2023, when filing Forms A1, B1, B10 and B69, company directors will be required to provide their PPS numbers. The CRO have prepared an FAQ information point.
Sanctions Guidance for Insolvency Practitioners
Once a person or entity has been sanctioned under EU financial sanctions, there is a legal obligation not to transfer funds or make funds or economic resources available, directly, or indirectly, to that person or entity.
Ireland declares interest in hosting new EU AML Authority
The Minister for Finance Michael McGrath has today (Tuesday) announced Ireland’s intention to declare its interest in hosting the new EU Anti-Money Laundering Authority (“AMLA”).
ISQM – making the transition
Audit firms are reminded that with effect from 15th December 2022 they are required to replace their ISQC policies and procedures with the requirements of ISQM.
Charities Regulator Impose Sanctions
The Charities Regulator has imposed intermediate sanctions under Section 73 of the Charities Act 2009. The intermediate sanctions have been imposed due to the failure of Naas Care of the Aged Association to keep proper books of account as required by section 47 of the Charities Act 2009.
FRC issues FRED 83 draft amendments to FRS 102
The FRC has issued FRED 83 Draft amendments to FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland – International tax reform – Pillar Two model rules, which proposes to introduce a temporary exception to the accounting for deferred taxes arising from the implementation of the OECD’s Pillar Two model rules, alongside targeted disclosure requirements.
Making changes to your firm structure in 2023?
Are you planning to make changes to your firm in 2023, such as the retirement or addition of a partner, director, or shareholder? Or perhaps you have incorporated your practice and are now practising through a corporate entity.
CPA Clarified Audit Programmes - update now available
CPA Ireland’s Clarified Audit Procedures have been updated for revisions to ISA 315 and ISA 240 that apply to the audits of financial periods commencing on or after 15th December 2021. These revisions will apply to December 2022 year end audits.
Join CPA Ireland’s Quality Assurance Team
An opportunity has arisen to join CPA Ireland’s Professional Standards Team as a Quality Assurance Executive.
CPA Ireland Annual Report 2022
CPA Ireland has recently published its Annual Report for 2022.
Upcoming CPD Events
Join us for a host of CPD events in April and May 2023, including the Spring Audit Webinar Series and a webinar exploring the key issues identified in quality assurance reviews in 2022.