by John McCarthy Consulting Ltd. | Jul 7, 2020 | Blog, News
Now is a good time to update your CPD over the summer months before the crazy busy tax season starts. Of course, nowadays there is no such thing as a quiet time, so it is best to plan your CPD time now. Why not set aside time on Friday afternoon this week to do a catch up. All our webinars come with a quiz to test your learning and an automatic CPD certificate is issued once you have viewed the material.
Some of the relevant topics on our website include the following webinars:
Accounting for Impairments
The webinar online video is 52 minutes in length, broken into two parts. It deals with many issues that are topical now under the Coronavirus (COVID-19)
• Inventories which are treated differently than other impaired assets;
• Impairment trigger points;
• Testing Goodwill for impairment;
• How to recognise an impairment loss;
• Disclosures;
• Small entities – what are the Section 1A disclosures?
FRS 102 The new Regime from 1 January 2019
• FRS 102 – the Triennial Review;
• Directors’ loans – ‘small’ entities, relaxation of some of the amortisation requirements;
• Intangibles in a business combination;
• Investment property rented within a group;may be v
• Classification of certain financial instruments;
• Definition of financial institution;
• Reconciliation of net debt in statement of cash flows; and
For a full list of all our webinar recordings, please got to our webinar site here. They may be viewed at any time for 12 months after the date of purchase.
We also have a complete set of complementary letters of representation, updated for the Coronavirus (COVID-19), and letters of engagement for immediate download here.
by John McCarthy Consulting Ltd. | Jun 29, 2020 | Blog, News
Does your ISQC1 Audit Quality Control Manual deal with:
• Root Cause Analysis(best practice developments following cold file reviews) and
• Section 934 I (3) of the Companies Act, 2014 – as introduced by the Companies (Statutory Audits) Act, 2018 from 21 September 2018, dealing with reporting systems within audit firms to allow audit personnel make reports of relevant contraventions under the Companies Act, 2014?
If not, then take a look at the latest June 2020 edition of our ISQC1 Audit Quality Control Manual for only €150+VAT. Available here for immediate download.
The Manual enables audit firms to comply with the latest audit quality control requirements and has a template to comply with the 2016 edition of the International Education Standard 8 (IES 8) – the standard that addresses the ongoing education (CPD requirements) of Responsible Individual auditors.’
Other up to date template letters of engagement/representation (including many dealing with COVID-19) are available at our online store
by John McCarthy Consulting Ltd. | Jun 23, 2020 | News
‘Going concern’ is not a simple binary or pass/fail concept. A company can be a going concern even when one or more material uncertainties exist. In such circumstances what becomes important is the disclosure about the uncertainties and management’s consideration of these.’ Quote from the recent Financial Reporting Lab’s guidance on ‘Going concern, risk and viability’ in the midst of the Coronavirus (COVID-19).
The Financial Reporting Lab of the Financial Reporting Council last week published two documents that give clear incisive guidance, with real life examples, dealing with:
The three key areas that need attention and disclosure relating to going concern are:
- Is the company a going concern?
- Has the assessment considered factors relevant to COVID-19?
- Is the disclosure sufficiently detailed?
Covid-19 disclosures
If you are wondering what Coronavirus (COVID-19) disclosures companies should be making in their financial statements, we have the answer. Our recently published survey of 22 public company financial statements focuses on their Coronavirus (COVID-19) disclosures.
Among the disclosures addressed in our report are topics such as:
- Emphasis of Matter
- Key Audit Matters in Audit Reports
- Going Concern/Viability
- Post Balance Sheet Events/Subsequent Events
This thirty-page report, is available on our website, and includes more detail of the types of disclosures that are prevalent at the moment and elaborates on the topics below. All this research is available to purchase for just €125+VAT, for immediate download.
For more on the Coronavirus (COVID-19) disclosures, please see our published report on our website here.
In our Publications Store, you will also find many complementary letters of representation templates that deal with the Coronavirus (COVID-19).
by John McCarthy Consulting Ltd. | Jun 15, 2020 | Blog
In May 2020, the EU Commission predicted that Irish GDP will contract by 7.9% in 2020, as a result of the Coronavirus (COVID-19). The good news is that it has predicted a bounce back of 6.1% in 2021.
In this climate, the provision of accurate financial information will be critical in getting Ireland back to health. Where can we find good, up to the minute guidance on this topic?
The hidden jewel in the crown of the Financial Reporting Council, the Financial Reporting Lab, has, once again, justified this title. On 15 June 2020, the Lab published two documents that give clear incisive guidance, with real life examples, dealing with:
- ‘Resources, actions and the future’ – practical advice to companies setting out the disclosures investors expect to see from companies during this time of uncertainty
- ‘Going concern, risk and viability’ – which gives guidance on going concern, risk and viability disclosures.
This week we focus on the Resources, actions and the future document that helps Directors and others with how to address three key topics in their annual reports:
- Resources – including the availability of cash.
- Actions – to manage short-term expenditure and ensure viability.
- The future – how the decisions taken now ensure the sustainability of the company and impact customers, suppliers and employees.
Covid-19 disclosures
If you would like to more examples of recent Coronavirus (COVID-19) disclosures in financial statements, see our recently published survey of 22 public company financial statements which highlight Coronavirus (COVID-19) disclosures.
The types of disclosures addressed in our report include topics such as:
- Emphasis of Matter
- Key Audit Matters in Audit Reports
- Going Concern/Viability
- Post Balance Sheet Events/Subsequent Events
This thirty-page report, is available on our website, and includes extracts from the types of disclosures that are prevalent at the moment. All this research, saving you time, is available to purchase for just €125+VAT, for immediate download.
For more on the Coronavirus (COVID-19) disclosures, please see our published report on our website here.
In our Publications Store, you will also find many complementary letters of representation templates that deal with the Coronavirus (COVID-19).
by John McCarthy Consulting Ltd. | Jun 8, 2020 | News
The Financial Conduct Authority in the UK said in March 2020 that all London listed companies are permitted two extra months to publish their audited financial results, giving them six months in total.
Meanwhile the Irish Companies Registration Office has further extended the filing deadline for all annual returns that are normally due for filing in the coming months. These will be deemed to have been filed on time if all elements of the annual return are completed and filed by 31st October 2020.
The filing arrangements for Industrial & Provident Societies, Friendly Societies and Trade Unions for filing with the Registry of Friendly Societies are extended to 31st December 2020.
Covid-19 disclosures.
Are you wondering what Coronavirus (COVID-19) disclosures companies should be making in the financial statements to achieve a true and fair view?
We have the answer. Our recently published survey of 22 public company financial statements focuses on their Coronavirus (COVID-19) disclosures.
Of the companies that included Coronavirus (COVID-19) somewhere in their annual reports, Coronavirus (COVID-19) was included in the audit reports of all four companies that had January year ends.
Other disclosures addressed in our report include topics such as:
• Emphasis of Matter
• Key Audit Matters in Audit Reports
• Going Concern/Viability
• Post Balance Sheet Events/Subsequent Events
This thirty-page report, is available on our website, and includes more detail of the types of disclosures that are prevalent at the moment and elaborates on the topics below. All this research is available to purchase for just €125+VAT, for immediate download.
For more on the Coronavirus (COVID-19) disclosures, please see our published report on our website here.
In our Publications Store, you will also find many complementary letters of representation
templates that deal with the Coronavirus (COVID-19).
