Welcome to the April edition of Practice Plus. This month we showcase the software collaboration between CPA Ireland and MyWorkpapers with a free webinar and demo.
A general scheme of the Companies (Corporate Governance, Enforcement and Regulatory Provisions) Bill 2024 has been published proposing to amend Ireland’s audit exemption regime and we highlight important developments in Childcare funding applications and bring you updates from the FRC, IAASA, the CEA and the Charities Regulator.
 
MyWorkpapers and CPA Ireland - find out more - free webinar and demo!
CPA Ireland and MyWorkpapers have joined forces, bringing together CPA Ireland’s trusted audit and audit exempt working paper content with the capabilities of MyWorkPaper’s digital cloud-based platform, enabling firms to work in a new innovative way.
Read More

FRC revises accounting standards
The Financial Reporting Council (FRC) has issued comprehensive improvements to financial reporting standards applicable in the UK and Republic of Ireland. The amendments are designed to enhance the quality of UK financial reporting and help support the access to capital and growth of the businesses applying them.
Read More

Companies Bill published
The Minister of State for Trade Promotion, Digital and Company Regulation, Dara Calleary TD, has published the General Scheme of the Companies (Corporate Governance, Enforcement and Regulatory Provisions) Bill 2024.
Read More
 
Cost of Business Grant open for registration
As part of Budget 2024, the government signed off on a package of €257 million for the Increased Cost of Business (ICOB) grant as a vital measure for small and medium businesses. Local authorities, funded through the Department of Enterprise, Trade and Employment (DETE), will manage the rollout of the grant to qualifying businesses. 
Read More

Childcare Funding Applications
The Department of Children, Equality, Disability, Integration and Youth (the Department) has recently issued a document “Guidance Note for Core Funding Reporting Requirements Transitional Arrangements Year 1 and 2” (“the Department Guidance Note”) to entities providing childcare and early education services regarding the transitional arrangements for the application for funding under a new funding model called ‘Together for Better’. 
Read More
 
What is a charity? Updated guidance published
The Charities Regulator has published updated guidance which asks the fundamental question of what a charity is. It explains the charity test, the key requirements that organisations must meet by law to be registered and remain registered as a charity. 
Read More

CEA publish information note on company law disqualifications
The CEA has published an Information Note on disqualification under company law. The Information Note provides guidance on the purpose and effects of disqualification, and on the various ways in which persons can be disqualified.
Read More

CPA AML Thematic Review
In Quarter 1 2024, a sample of designated persons for Anti-money laundering (AML) purposes was selected by CPA Ireland's QA team, for an AML review in order to assess their compliance with the relevant legislation, which included but was not limited to the Criminal Justice (Money Laundering and Terrorist Financing) Act 2010, as amended. 
Read More
  

Navigating consolidation, transformation and strategic mergers
The landscape of accountancy practices is undergoing a significant transformation, with an increasing emphasis on strategic, digitally-driven approaches to foster growth.
Read More

Revised Solicitors Accounts Regulations 2023
Practitioners are reminded that revised Solicitors Accounts Regulations came into effect from 1st July 2023. The Solicitors Accounts Regulations 2014 continue to apply in relation to the filing of the reporting accountants report where the accounting period has commenced before 1 July 2023.
Read More

Preparing for your QA review and other CPD 
On the 29th April, the Professional Standards Team will deliver a two hour webinar covering the common weaknesses they encountered during quality assurance reviews and also how to best prepare for your QA review. 
Read More