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EFRAG Comment Letter on ED/2015/15

The European Financial Reporting Advisory Group (EFRAG) has published its draft comment letter in response to the IASB´s Exposure Draft ED/2015/5 Remeasurement on a Plan Amendment, Curtailment or Settlement/Availability of a Refund from a Defined Benefit Plan and seeks constituents’ vie.....


IASB Investor Update issued

The IASB has issued the sixth edition of its newslet­ter IASB Investor Update to provide investors with quick access to in­for­ma­tion on current accounting and financial reporting issues. The newslet­ter aims to keep investors informed on new and changing guidance. This is.....


Chartered Accountants Ireland announce Higher Apprenticeship in Accountancy in the Republic of Ireland

The Institute is delighted to note the approval by the Apprenticeship Council of a new Higher Apprenticeship in Accountancy in the Republic which has been developed in conjunction with our sister body Accounting Technicians Ireland. The envisaged pilot will enable school leavers to progress all the.....


Have your say

Tax treatment of travel and subsistence expenses The Department of Finance launched last week a public consultation on the tax treatment of travel and subsistence expenses for employees and office-holders. The consultation will review the tax deduction for travel expenses and reimbursement of such .....


Tax tidbits

This week’s items cover a number of areas in Ireland and the UK.   Ireland If you are claiming relief under the Startup Relief for Entrepreneurs or SURE, new claim forms are published on the Revenue website.   The SURE is a relaunch of the existing Seed Capital Relief provided .....


Financial Reporting Council publishes Annual Report 2014/15

In its Annual Report for 2014/15 the Financial Reporting Council (FRC) outlines its achievements and the challenges it faced during the year. The Report outlines progress against the FRC’s 2013/16 strategic programme as well as continuing to focus on key issues such as culture and behaviour, The FR.....


IAASB Proposes Limited Changes to Auditing Standards

The International Auditing and Assurance Standards Board (IAASB) has released an Exposure Draft, Proposed Amendments to the IAASB’s International Standards—Responding to Non-Compliance or Suspected Non-Compliance with Laws and Regulations, The ED proposes a framework for profession.....


Joint ICAEW and IFRS Conference – September 2015

The joint ICAEW and IFRS Foundation third annual Financial Institutions Conference will be held on 15 September 2015 in London bringing together leaders in financial reporting from the financial services sector, regulatory bodies and members of the International Accounting Standards Board (IASB). T.....


Have your say – tax treatment of travel and subsistence expenses

The Department of Finance launched a public consultation on the tax treatment of expenses of travel and subsistence for employees and office holders.  The area of travel and subsistence expenses, and the allowable travel expenses for non-executive directors, was a focus of our discussions with.....


Startup Relief for Entrepreneurs

New forms for claiming relief under the Startup Relief for Entrepreneurs or SURE are published on the Revenue website.   The SURE is a relaunch of the existing Seed Capital Relief provided for in Part 16 of the Taxes Consolidation Act 1997.  The new forms SURE I (individuals) and SURE C (.....


VAT and pension funds

Following decisions by the Court of Justice of the European Union (CJEU) Revenue accepts that a defined contribution scheme may be treated as a specified investment fund where certain conditions are met. This means that the management of such schemes are exempt from VAT. The Revenue VAT Manual has .....


Tax department in the media

Brian Keegan, Director of Taxation, writes on the proposed minimum wage increase and the policy implications of the proposal in his column for the Sunday Business Post.  Brian also wrote in the Irish Examiner on inheritance tax and the family home on Saturday last.....


FAQs on the Common Reporting Standard

FAQs published by Revenue will be of interest if you are looking for information in relation to the implementation of the Standard for Automatic Exchange of Financial Account Information in Tax Matters (The Common Reporting Standard or CRS) in Ireland. The CRS requires financial institutions to obt.....


Summer Budget 2015 update

Following on from the Summer Budget a number of detailed policy papers and guidance have been published.   Summer Budget 2015: HM Revenue and Customs Pensions tapered annual allowance Summer Budget 2015: HM Revenue and Customs overview Direct effects of illustrative tax changes Draft legislati.....


New rules may expose some sports clubs to corporation tax

Guidance from HMRC is updated to take into account the new rules for community amateur sports clubs (CASCs) which came into effect on 1 April 2015. Sports clubs that are registered with HMRC as a CASC benefit from various tax advantages similar to those available charities, but with the added benef.....


UK consultations start moving again

All has been quiet on the UK tax consultation front for the last few months. But that will change in the coming months. Since the Summer Budget there have been several consultations of interest opened.    Tackling offshore evasion Response date: 8 October 2015 Announcing four new consulta.....


Office of Tax Simplification tackles tax complexity

In its first report under the new UK Government, the Office of Tax Simplification (OTS) has published a report on tax complexity, including lessons learned over the past five years. The report also sets out some lessons learned over the last 5 years. Four key principles have been identified for mak.....


This week’s UK tax tidbits

This week’s items cover a number of areas.    Draft legislation aimed at strengthening some existing hallmarks and to introduce a new hallmark describing certain Financial Products under the Disclosure of Tax Avoidance Regimes legislation has been published. Two draft DOTAS forms have als.....


Strategy 2020 – your involvement

Thank you to all members who attended the roadshows throughout the island. Members have been instrumental in developing Strategy 2020. I would like to continue to have a significant input from members as we move forward with implementation. The following taskforces (reporting directly to Council) a.....


Be ahead of the curve with FRS 102

Often it’s easier just to focus on the here and now, but with most companies adopting FRS 102 for accounting periods commencing on or after 1 January 2015, don’t put FRS 102 on the long finger.   To assist you with this, the two new toolkits issued by Chartered Accountants Ireland deal no.....


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