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Financial Reporting Council Draft Plan 2017/18

The FRC have issued their Draft Plan & Budget and Levy Proposals for 2017/8 which outlines their proposed priorities for the future including updating the Corporate Governance Code and playing an active role with other regulators in addressing the challenges of Brexit. Please click here to down.....


My tax return was on my yacht…..

….which caught fire. It’s that time of year again readers. With the 2015-16 self-assessment deadline in just over two weeks, HMRC are highlighting the bizarre excuses it hears from taxpayers attempting to appeal a penalty for not filing their self-assessment return on time.  Anima.....


This week’s tax tidbits

Developments of interest this week are outlined Ireland Revenue has updated its guidance to reflect the changes introduced in Finance Bill 2016 in relation to the dwelling house exemption which came into effect on or after 25 December 2016. Revenue has updated Statement of Practice IT/3/07 which gi.....


IVSC publishes IVS 2017

The International Valuation Standards Council (IVSC) has issued the suite of new International Valuation Standards (IVSs) that make up the 2017 IVS. They are the result of exposure drafts published in April and June 2016.  IVS 2017 consist of five general standards and six asset standards. Fur.....


IASB publishes proposals for amendments under its annual improvements project (cycle 2015-2017)

The International Accounting Standards Board (IASB) has published an exposure draft 'Annual Im­prove­ments to IFRS Standards 2015–2017 Cycle'. It contains proposed amend­ments to three International Financial Reporting Standards (IFRSs) as a result of the IASB's annual im­prov.....


Recent sustainability and integrated reporting developments

The Global Reporting Ini­tia­tive (GRI) has announced the Corporate Lead­er­ship Group on in­te­grated reporting 2017 (CLGir 2017) and invites companies to apply to join the group. Co­or­di­nated by GRI and in col­lab­o­ra­tion with the Internatio.....


IASB article on putting IFRS 16 into practice

The IASB has published an article featuring four IASB members dis­cussing messages they have heard from stake­hold­ers about IFRS 16 im­ple­men­ta­tion over the last year and advice to companies im­ple­ment­ing the new standard. The article can be read in ful.....


EFRAG issues final endorsement advice on applying IFRS 9 with IFRS 4

The European Financial Reporting Advisory Group (EFRAG) has issued final en­dorse­ment advice 'Applying IFRS 9 'Financial In­stru­ments' with IFRS 4 'Insurance Contracts''. EFRAG assesses that, in the specific cir­cum­stances arising from the mis­align­ment of effect.....


Beware of wishful thinking. The UK Brexit Strategy sets a tough border agenda for Irish interests both North and South

                      The UK approach to Brexit which involves leaving the EU Single Market will redefine how we move and trade between Ireland and Northern Ireland, and Ireland and Great Britain according to Chartered Accountants Ireland. .....


National Parliaments object to CCCTB Proposal

A number of national parliaments in the EU have objected to the European Commission’s CCCTB (Common Consolidated Corporate Tax Base) proposals.  Ireland, Sweden, Denmark, Malta, Luxembourg along with two chambers of the Dutch Parliament objected to the plans.  The UK’s House o.....


Could you be affected by Customs changes post Brexit?

Chartered Accountants Ireland has identified possible Customs implications for businesses across the island of Ireland as the UK prepares to leave the EU.  It was reported this week that Revenue are making contingency preparations to manage a Customs border between North and South.  You c.....


Court rules that NPPR charge is deductible against rental income

In a case heard before the High Court in Ireland, it was determined that the Non-Principle Private Residence (NPPR) charge could be taken as a deduction against rental income for income tax purposes.  The NPPR charge, which has been abolished since 2013, was a €200 annual change on non-princip.....


Updated Guidance on Dwelling House Exemption

Revenue has updated its guidance to reflect the changes introduced in Finance Bill 2016 in relation to the dwelling house exemption which came into effect on or after 25 December 2016. In general, the exemption from capital acquisitions tax will now only apply to inheritances and not gifts unless t.....


Finance Bill 2016

Finance Bill 2016, which was signed by the President on 25 December 2016, is now available as Act No. 18 of 2016.....


Revised Revenue guidance – PAYE on non-Irish employments

Revenue has updated Statement of Practice IT/3/07 which gives guidance on the operation of PAYE where non-Irish employments are exercised in Ireland.  The guidance is based on Revenue’s interpretation of Article 15 of the OECD Model Tax Convention on Income and Capital which deals with s.....


Tax.point January edition

In the January issue of tax.point, the monthly tax journal from Chartered Accountants Ireland, Cróna Brady considers some tax reliefs that may be available for employees.  On the UK side, Paddy Harty of PKF-FPM Chartered Accountants looks at the potential tax consequences that many prop.....


In the media

In his regular column in the Sunday Business Post, Brian Keegan, Director of Public Policy and Taxation, discusses why he thinks a ‘hard’ Brexit is now inevitable and why this could trigger a Constitutional referendum in this country.  In a piece in the Irish Examiner, Brian argues that there .....


Brexit Developments, 16 January 2017

UK Prime Minister to deliver Brexit vision in speech tomorrow Theresa May’s spokesperson has told reporters that Ms. May will set out the UK’s negotiating approach to Brexit in a much anticipated address this coming Tuesday as she prepares to trigger Article 50. The confirmation of this address is .....


Spring Budget 2017 date confirmed

The Chancellor of the Exchequer, Philip Hammond, has announced that the Spring Budget will be on Wednesday 8 March 2017.     The Spring Budget sets out the government’s plans for the economy based on the latest forecasts from the Office for Budget Responsibility.  This will be .....


My tax return was on my yacht…..

….which caught fire. It’s that time of year again readers. With the 2015-16 self-assessment deadline in just over two weeks, HMRC are highlighting the bizarre excuses it hears from taxpayers attempting to appeal a penalty for not filing their self-assessment return on time.  Anima.....


HMRC services - don’t be caught out by planned downtime

Will you be using HMRC online services in the coming weeks?  Don’t be caught out by the planned downtime to some services.  HMRC are warning about the non-availability of specific services on the HMRC website, a range of services are impacted. Check the relevant page for i.....


December digital update

The December digital update from HMRC is outlined. The update refers to the Making Tax Digital consultations which Chartered Accountants Ireland contributed to. “Agent Services Beta service on PAYE Liabilities and Payments The trial of the Agent Services (AS) beta service for PAYE liabilities.....


This week’s UK tax tidbits

Developments of interest this week are outlined.     Draft forms relating to changes to the pension tax rules for qualifying overseas pension schemes and qualifying recognised overseas pension schemes have been published Guidance in relation to the changes to the conditions to be an &lsqu.....


This week's technical tidbits

Developments of interest this week are outlined.                Recent publications Chartered Accountants Ireland has issued Technical Alert 05/2016 “Update on prescribed enactments for the purposes of section 27B of the Cen.....


This week’s tax tidbits

Developments of interest this week are outlined. Ireland Revenue has published updated guidance on making a disclosure; reminding taxpayers that they have until 30th April 2017 to come forward with offshore tax irregularities before the restrictions introduced in Finance Bill 2016 for making a qual.....


Technical Alert 05/2016 'Update on prescribed enactments for the purposes of section 27B of the Central Bank Act 1997'

Chartered Accountants Ireland has issued Technical Alert 05/2016 “Update on prescribed enactments for the purposes of section 27B of the Central Bank Act 1997” to alert auditors to the notification by the Central Bank of Ireland (“the Central Bank”) in recent months of addit.....


Technical Release 13/2016 'Guidance for Auditors of Insurance Undertakings in Ireland'

Chartered Accountants Ireland has published Technical Release 13/2016 “Guidance for Auditors of Insurance Undertakings in Ireland”.  The Technical Release provides guidance to auditors engaged by an insurance undertaking to carry out an audit of the undertaking’s financial st.....


FRC Annual Report

The Financial Reporting Council’s (FRC) annual report, Developments in Corporate Governance and Stewardship 2016, has been published against a backdrop of falling public trust in business. High standards of governance are a direct driver of investment into UK companies and play an important p.....


EFRAG 2015 Review

Under the theme of "Moving Forward", the European Financial Reporting Authority Group’s (EFRAG) Annual Review provides an overview on how they contribute to enhancing Europe's influence in the development of IFRS.  The Review also includes a governance report and financial highlights. Pl.....


ESAs publish response to EC amendments

The European Supervisory Authorities (ESAs) have published their response to the European Commission on the amendments the Commission proposes to make to the draft regulatory technical standards (RTS) on key information documents (KIDs) for packaged retail and insurance-based in.....


IASB posts update on insurance webinars

In April and May 2016, the International Accounting Standards Board (IASB) posted a series of eight webinars on the forth­com­ing insurance contracts standard. Now a twenty minute update has been made available that reflects more recent decisions in the project. Please click here for furthe.....


IAASA’s financial reporting enforcement activities 2016

IAASA has published summary information of its financial reporting enforcement activities undertaken during 2016. The primary function of its Financial Reporting Supervision Unit (FRSU) is to examine the compliance of financial reporting of those listed entities coming within its remit with applica.....


IAASA publishes compendium of financial reporting decisions

IAASA has recently published selected financial reporting decisions regarding the financial reporting treatments adopted by a number of issuers.    Please click here for a link to the document.  .....


Motivate Yourself in 2017

Returning to work after fun filled festivities may leave little to be inspired about and with 12 months ahead of us it may be timely to look at a fresh year with fresh eyes. So how can you put your best foot forward and keep that spring in your step for 2017? Here are some suggestions that might gi.....


January Blues

January, the month where we return to work after a Christmas break filled with food and drinks. No matter how content you may have been going into the festivities, and with the best of intentions you might start to question your role, your company and/or your future, particularly after impromptu ca.....


Autumn Statement 2016: salary sacrifice

The Chancellor announced at Autumn Statement 2016 that new rules are coming in on 6 April 2017 for Benefits in Kind (BiKs) where they are provided by salary sacrifice. Further details of the changes were announced on 5 December.  HMRC have asked us to make the below information available which.....


Major Change to Qualifying Disclosure Regime with effect from 1 May 2017

As reported by us previously, significant changes to the qualifying disclosure regime will take effect from 1 May 2017 following the amendments introduced in Finance Bill 2016.   Taxpayers have until 30th April 2017 to come forward with offshore tax irregularities before the restrictions .....


Finance Act 2016

Finance Act 2016 was signed into law by the President on 25 December. The signed Act has not yet been published.  We will update Members accordingly. .....


Colour me happy

Revenue and Customs Brief 17 (2016) outlines HMRC’s VAT treatment of colouring and dot-to-dot books.  As a result, VAT Notice 701/10 (zero-rating of books and other forms of printed matter) has been updated accordingly.  The brief sets out the policy in respect of the VAT treatment .....


Help to Buy Scheme – online portal now open

Revenue’s online portal for processing claims under the Help to Buy scheme opened last week.  Revenue issued a press release noting that by 1pm on the first day, 120 online applications had been received. The scheme allows a refund of income tax and DIRT paid over the previous four tax y.....


Public consultations on VAT reform in the European Union

The European Commission has launched three public consultations on VAT reform derived from issues identified in its 2016 Action Plan for VAT.  The first consultation deals with reform of VAT rates and seeks views on the following aspects: The need for EU action in the field of VAT rates; The p.....


It’s good to talk

The deadline for 2015-16 Self-Assessment tax returns is approaching fast. HMRC’s series of Digital Talking Points meetings, designed with Self-Assessment in mind, continue this week. So why not see if they can help you.    Subject – self-assessment tax returns: self-assessment.....


Updated VAT guidance on Finance Bill 2016 changes

Revenue has published some guidance on the VAT changes that were introduced in Finance Bill 2016. Included in the guide is a note on the apportionment of deductibility of dual-use inputs and some new restrictions of the flat-rate addition for farmers. Revenue eBrief No. 01/2017 contains further det.....


Over 1,300 relationships in place for automatic information exchange between tax authorities

The OECD recently announced the activation of a further 350 bilateral automatic exchange relationships between over 50 jurisdictions pursuant to the OECD Common Reporting Standard (CRS) starting in 2017. According to the OECD, there are now more than 1,300 bilateral relationships in place across th.....


End of year Exchequer Returns

The end of December 2016 exchequer records show the national deficit standing at €1,012 million.  This compares to a deficit of €64 million in the same period last year.  According to the information note issued by the Department of Finance, the €949 mil.....


A Busy time for the Office of Tax Simplification

The Office of Tax Simplification (“OTS”) has recently published an update on some of its recent work in addition to announcing new board members and a new director. In its response to HMRC's 'Off-payroll working in the public sector' consultation, the OTS supports the need for grea.....


Revenue publishes headline results for 2016

Revenue has published preliminary results for 2016 which include data on tax collected, compliance rates, outcomes from compliance and enforcement interventions, number of customer contacts and resources deployed. Revenue noted that timely voluntary compliance remains strong and it intends to expan.....


This week’s UK tax tidbits

Developments of interest this week are outlined.       Agent Update 57 is now available A special edition of the Agent Update has been published in view of the forthcoming self-assessment deadline Find out if your company or social enterprises' proposed investment could qualify, so i.....


New online services for PAYE customers

Revenue has changed its online services for PAYE customers in order to make them quicker, easier and more convenient to manage tax.  Access to PAYE Anytime, Form 12 and the Jobs and Pensions service will be available from the new PAYE Services card in myAccount. PAYE Services allows taxpayers .....


OECD releases additional guidance on Action 4 of the BEPS Action Plan to curb international tax avoidance

The OECD recently published an updated version of the BEPS Action 4 Report (Limiting Base Erosion Involving Interest Deductions and Other Financial Payments), which includes further guidance on the design and operation of the group ratio rule, and approaches to deal with risks posed by the banking .....


Your last chance to join Chartered Tax Consultant 2017

This weekend Chartered Tax Consultant will start its seventh intake and we are taking final bookings now. This is the one full-spectrum tax qualification you can take inside one year, delivered by blended learning to offer you more flexibility.  See the full programme schedule and modules cove.....


In the media

In his regular column in the Sunday Business Post, Brian Keegan, Director of Public Policy and Taxation reflects on the end-of- year Exchequer figures noting that positivity should be met with some caution.  In a contribution to the Sunday Independent Business, Brian warns that Revenue’s.....


Brexit Developments, 9 January 2017

EU Commissioner calls for Ireland to look beyond its relationship with the UK EU Commissioner Phil Hogan has warned that Ireland should focus on cementing its relationship with European partners rather than the UK in terms of the Brexit talks. It is reported that Mr Hogan believes that Ireland may .....


This week's technical tidbits

Developments of interest this week are outlined.                ROI The Central Bank of Ireland has published the second edition of the 2016 Macro Financial Review which provides an overview of the current state of the macro.....


This week’s tax tidbits

Developments of interest this week are outlined. Ireland Finance Act 2016 was signed into law by the President on 25 December 2016 and is Act No. 18 of 2016. Taxpayers are reminded that the changes to USC rates and bands announced in Budget 2016 apply from 1 January 2017. Revenue has updated its ma.....


Clarification - Effective Date of the Code of Practice for the Governance of State Bodies (2016)

In August the Minister for Public Expenditure and Reform published a revised and updated Code of Practice for the Governance of State Bodies. A clarification note (below) was sent to Accounting Officers of Government Departments 19 December. The Code of Practice for the Governance of State Bod.....


Draft guidelines on MiFID II product governance requirements

The European Securities and Markets Authority paper recently issued is primarily of interest to competent authorities and firms that are subject to Directive 2014/65/EU of the European Parliament and of the Council1 (MiFID II). In particular, this paper is addressed to investment firms and credit i.....


FCA Future Mission

The Financial Conduct Authority recently launched ‘Our future Mission’, which outlines the key questions faced as a financial conduct regulator. They want to share some of the key themes from your feedback so far which will contribute directly to the development of their future Mission......


Central Bank Macro Financial Review 2016: II highlights risks

The Central Bank of Ireland has published the second edition of the 2016 Macro Financial Review. It provides an overview of the current state of the macro-financial environment in Ireland. Monitoring macro-financial developments and risks is an important task for the Central Bank. This Review aims .....


IAASB Reporting Page

The International Auditing and Assurance Standards Board (IAASB) Auditor Reporting page is a useful source for tools and resources to promote awareness, understanding and effective implementation of the new and revised Auditor Reporting standards. The new standards are designed to enhance auditor&r.....


Key Challenges for Assurance Engagements

The International Auditing and Assurance Standards Board (IAASB)’s Integrated Reporting Working Group has released a Discussion Paper, Supporting Credibility and Trust in Emerging Forms of External Reporting: Ten Key Challenges for Assurance Engagements. It is intended to facilitate an open d.....


Mandatory E-filing - 1st June 2017

Form B1 and financial statements are required to be filed online from June 1st 2017.  Over 87% of all annual returns in 2016 were filed online. Filing online increases speed, efficiency and means that companies are less likely to miss deadlines.Please click here for details.....


Recap of changes resulting from the application of IFRS 9 and IFRS 15

The IASB has published 'IFRS 9 and IFRS 15 — one year to go' on its website.  Basically, the recap offers a very general overview of the changes IFRS 9 Financial In­stru­ments and IFRS 15 Revenue from Contracts with Customers will bring about and then links to the IASB's IFRS 9 i.....


leading with integrity book coverRecommended Reading
Leading with Integrity: A Practical Guide to Business Ethics
by Ros O'Shea
This book equips business leaders and managers with the understanding and tools to set the right ‘tone at the top’, embedding a culture of integrity and compliance with ethical and organisational values.

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