Tag Archives: FRS 102

Derby County Football Club Accounts

Continuing our soccer theme from last week, we look at a similar story about the topic of how intangible assets (football players) are treated. Derby County Football Club (DCFC) entered Administration in September 2021 and suffered a points deduction at the hands of the English Football League (EFL), as a result. The club is managed… Read More


Messi should appear on balance sheet for the first time!

Who says accountancy is boring? I am no PSG or Barcelona fan, but you must admit, that even at age 34, Messi is probably one of the best players in the world today. My pub quiz question for you – is a football player like Messi an accounting asset or not? The accounting profession has… Read More


Investment Property under FRS 105

What’s the difference in treatment of investment property between FRS 105 and FRS 102? Too many accountants rely on the computer software to produce the correct result, which can go badly wrong.  You can’t beat reading the standards themselves. In this case, the March 2018 version (as amended) of FRS 105 and more particularly Section… Read More


FRC Rent Concession May Impact Financial Reporting

In response to the continuing impact of Covid 19 the Financial Reporting Council (FRC) has extended the accounting requirements for special conditions for reporting rent and lease concessions/reductions under FRS 102 and 105 well into next year. The change will enable businesses to present a clearer picture of their performance in year-end accounts. Many entities… Read More


In excess of 100 companies registered at Dublin family home

A recent article by the Independent revealed that a Rathfarnham family home address had been used in the registration of over 100 companies. See the full article here. The article reports that two tenants resident at the address, had use the owner’s address without his knowledge.  This highlights a major weakness in the CRO’s procedures… Read More


Money Transfer Business Hit with Large AML Fine

Abiding by money laundering regulations is a serious business to say the least. Early last month a money service business (MSB), based in Luton, UK was fined £23.8 million by the UK HMRC (the supervisor for MSBs) for ‘significant breaches’ of AML legislation. There are no rights of appeal. The offences occurred between July 2017… Read More




New Procedures Manual to help with AML

We have just published an update to the AML Policies Controls & Procedures Manual last week, which is available to purchase now on our website. Our latest February 2020 edition includes the following updated items: Pronouncement by the FATF arising from their Public Consultation on FATF Draft Guidance on Digital Identity (discussed at the FATF plenary meeting… Read More


FSSU deadline highlights the inadequacies of the Education Act, 1998

Many accountants and auditors are working hard this week to assist primary and post-primary schools around Ireland meet the 28 February 2020 deadline set by the Financial Support Services Unit (FSSU) for the filing of schools’ annual financial statements. The Education Act, 1998 (the Act) is the relevant legislation that governs this area but it’s… Read More