Practice Plus July 2021


Welcome to the July edition of Practice Plus, we hope you are all keeping well and safe during this time and enjoying the summer break. This month we bring you details of the ODCE’s Annual Report and revisions to the Ethical Standards for Auditors. We also bring you an IFAC report which highlights the role of SMPs during the Pandemic.

ODCE Publishes 2020 Annual Report

The Director of Corporate Enforcement has published the ODCE’s Annual Report in respect of 2020. The report outlines the enforcement activities of the ODCE during 2020.
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Revisions to Ethical Standards for Auditors Effective from July 2021 & Webinar

The Ethical Standard for Auditors (Ireland) 2020 becomes effective on the 15th July 2021. Firms may complete engagements relating to periods commencing before 15 July 2021, in accordance with existing ethical standards (Ethical Standard for Auditors (Ireland) 2017), putting in place any necessary changes in the subsequent engagement period.
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New VAT rules from 1st July 2021

Revenue reminded online shoppers of new VAT rules that come into effect on 1 July 2021 for goods arriving into Ireland from non-European Union (EU) countries.
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Phase 2 applications for SBACC closing shortly

The second round of applications for the Small Business Assistance Scheme (SBASC) is open to SMEs and microenterprises. The eligibility criteria have recently extended to include business operating from non-rateable premises.
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Amendments to FRS 102 and FRS 105

The Financial Reporting Council has recently issued Amendments to FRS 102 and FRS 105 – Covid-19 related rent concessions beyond 30 June 2021. These amendments extend the application of requirements that cover the accounting treatment of temporary rent concessions occurring as a direct consequence of the COVID-19 pandemic by one year.
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SMPs remain SMEs’ most trusted advisors through the pandemic

To gauge how the pandemic has altered the range of services SMPs have delivered, the ways SMPs have responded to the new dynamic and the most important issues facing firms everywhere, IFAC informally gathered perspectives from a diverse range of SMPs. The responses highlight the current state of SMPs and the critical role that they have played assisting and guiding SMEs through the Pandemic. 
For details please click here.

Guidance for Firms Reporting Breaches of the Ethical Standard
The revised Ethical Standard for Auditors effective from 15th July 2021, includes a new requirement for audit firms to make reports of breaches of the Ethical Standard to the relevant competent authority and now explicitly prescribes reporting of breaches to those charged with governance.
A Technical Release has issued, Reporting Breaches of Ethical Standard for Auditors (Ireland) 2020, to alert members to these new requirements and to provide an example of the report that may be submitted to the Recognised Accountancy Body and IAASA.
For details please click here.

CCAB-I Pre-Budget Submission 2022
CCAB-I have issued recommendations for Budget 2022 to all TDs and Senators of the Oireachtas.  Several important tax changes are recommended including a rewrite of tax law governing the eligibility of expenditure for the R&D tax credit, the reduction of the CGT and CAT tax rates, reform of the tax system to recognise the costs of remote working and the simplification of the capital allowance regime for energy efficient equipment. 
The CCAB-I’s Pre-Budget Submission 2022 also noted that moves to increase Employers PRSI will stifle job creation and certain tax measures should be considered to help developers manage the cost of building projects with the goal of increasing the supply of houses. 

CPA Ireland Annual Conference - 16 September 2021

CPA Ireland's Annual Conference 2021 takes place on Thursday 16 September. Join us for expert insights on sustainability, digitalisation, business transformation & more. Get ready to expand your horizon, grow your mindset & broaden your perspective!
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