Practice Plus June 2019

Welcome to the June 2019 Edition of Practice Plus.




This month we bring you news of the launch of the Central Register of Beneficial Ownership and the filings that must be made before 22nd November 2019.

We also highlight newly published AML Guidance for accountancy firms.

If you are planning your CPD for 2019 we remind you that the Essential Practice Updates will take place in September in Dublin and Cork.

New AML Guidance Issued for Accountancy Firms

The Criminal Justice (Money Laundering and Terrorist Financing) Act 2010 was amended in November 2018 by the Criminal Justice (Money Laundering and Terrorist Financing) (Amendment) Act 2018, giving effect to certain provisions of the Fourth Money Laundering Directive. Technical Release 01/2019, Anti Money Laundering Guidance, has been prepared to help accountancy firms to fulfil their obligations under the updated Irish legislation to prevent, recognise and report money laundering.
Read more.

Central Register of Beneficial Ownership Go Live Date 22nd June

Statutory Instrument, No. 110 of 2019 which provides for the establishment of a Central Register of Beneficial Ownership of companies and societies comes into effect on the 22nd June 2019. Companies/societies will have five months in which to file their Beneficial Ownership details with the RBO.
Read more.

Amendments to FRS 102

The FRC have issued Amendments to FRS 102 – Multi-employer defined benefit plans. These narrow-scope amendments respond to a current financial reporting issue regarding where to present the impact of an employer’s transition from defined contribution accounting to defined benefit accounting; it shall be presented in other comprehensive income.
Read more.

GDPR Guidance for Insolvency Practitioners

CCAB-I have published a technical release which highlights features of the General Data Protection Regulation which are of particular importance to insolvency practitioners.
Read more.

Completing Property Services Regulatory Authority’s Accountants Reports

As part of the annual licence renewal process, verification by an accountant that client moneys are managed in accordance with PSRA Client Money Regulations by a licensee is paramount.
Read more.

Companies Registration Office Report 2018

The CRO’s latest Annual Report advises that at the end of 2018 there were 223,013 Irish companies in existence on the register resulting in over 505,000 submissions being filed in 2018.
Read more.


IAASA has responded to the IAASB consultation on its Proposed Strategy and Work Plan

IAASA has recently responded to the IAASB (International Auditing and Assurance Standards Board) consultation on its Proposed Strategy for 2020-2023 and Work Plan for 2020-2021.
Read more.

Summary Approval Procedure (SAP 203, 204, 205, 206, & E1 SAP) 

CRO have drawn attention to the filing of documents in relation to Summary Approval Procedures (SAPs) and have advised that full presenter details be provided on such documents filed with the CRO.
Read more.

Essential Practice Update

The Essential Practice Update event will run in Dublin on the 12th September 2019 and Cork on the 13th September 2019. The event is to cover the following topics - Automation & Accounting, AML, Governance & Ethics and Tax for Practitioners.
Read more.