http://www.charteredaccountants.ie/ The latest news from the Institute of Chartered Accountants in Ireland http://www.charteredaccountants.ie//General/News-and-Events/News1/2010/March/Budget-2010/ The UK Budget 2010 speech will be delivered by the Chancellor on Wednesday 24 March at 12.30pm. Full details of the announcements will be published on the HMRC website www.hmrc.gov.uk . 2010-03-12T12:13:08+00:00 http://www.charteredaccountants.ie//General/News-and-Events/News1/2010/March/New-taxpoint-2/ With a fresh new design and enhanced content, tax.point, the monthly tax bulletin from Chartered Accountants Ireland, is the essential tax resource for tax professionals and accountants. The new tax.point website is now live and the home page can be accessed here . tax.point can be subscribed to as a monhtly journal or as tax.point online, or as both. 2010-03-12T12:09:57+00:00 http://www.charteredaccountants.ie//General/News-and-Events/News1/2010/March/2009-RCT-35-Return---Extension-of-Time-Limit-for-Making-a-Disclosure/ The time limit for making a disclosure in relation to the 2009 RCT 35 return is extended by a further month to 15 April (or 23 April for ROS customers). If principals or their agents came across instances of payments incorrectly made gross, to a valid C2 holder without an RCT47 payments card, Revenue will not seek to impose the normal tax, interest or tax-geared penalties where the error is... 2010-03-12T12:05:30+00:00 http://www.charteredaccountants.ie//General/News-and-Events/News1/2010/March/Available-now--APB-Standards-and-Guidance-2010---Ireland-Edition/ Including the 'Clarified ISAs' This compendium includes a complete new suite of auditing standards ('the Clarified ISAs') applicable to audits of financial periods ending on or after 15 December 2010 which was issued during 2009 by the Auditing Practices Board (APB). Only these new auditing standards are included in the 2010 edition of APB Standards and Guidance. The auditing standards applicab... 2010-03-12T11:08:20+00:00 http://www.charteredaccountants.ie//General/News-and-Events/News1/2010/March/Published--Beating-the-Recession-The-7Cs-of-Business-Recovery/ After more than a year of the hardest hitting recession in living memory, a generation of business owners and managers are now compromised by the bust and ill-equipped to deal with the challenges they face. Presented in a clear and accessible style, this book provides a framework to help businesses successfully trade through the recession. The 'Seven Cs' are principles of business recovery... 2010-03-12T11:02:41+00:00 http://www.charteredaccountants.ie//General/News-and-Events/News1/2010/March/Forthcoming--Client-Science-by-Rachel-Killeen/ In five simple steps, Client Science provides professionals with practical marketing techniques to help attract more clients to their practices. It combines the author's broad experience in professional services marketing with insights gathered from numerous successful professionals including accountants, architects, medical and legal practitioners. Secure your copy here 2010-03-12T10:32:58+00:00 http://www.charteredaccountants.ie//General/News-and-Events/News1/2010/March/FEE-XBRL-Presentations-and-other-documents-from-the-roundtable-meeting-of-the-26-February-2010/ FEE (Federation of European Accountants) have now made available their presentations and other documents related to the XBRL Roundtable of 26 February 2010. The Roundtable focused on enhancement of awareness of accountants, auditors, and others about the use of XBRL in financial reporting, its benefits and its challenges and facilitating a debate about the next steps. Click here to download the... 2010-03-12T10:32:49+00:00 http://www.charteredaccountants.ie//General/News-and-Events/News1/2010/March/The-European-Parliament-votes-on-the-EC-proposal-to-exempt-micro-entities/ The European Parliament approved on 10 March a legislative resolution on the proposal for a directive of the European Parliament and of the Council amending Council Directive 78/660/EEC on the annual accounts of certain types of companies as regards micro-entities. This vote in first reading does not mean that the proposal is approved; it now requires approval by the Council of Ministers and wi... 2010-03-12T10:28:40+00:00 http://www.charteredaccountants.ie//General/News-and-Events/News1/2010/March/EU-Consultation-on-the-adoption-of-ISAs-broad-support-for-ISAs-adoption-in-Europe/ The European Commission received 89 responses to its public consultation on the adoption of the International Standards on Auditing (ISAs). A significant majority of the respondents support the application of the ISAs to the statutory audit of all companies, including small companies for which an audit is required. Responses and a summary of responses have been published this week and can be... 2010-03-12T10:08:30+00:00 http://www.charteredaccountants.ie//General/News-and-Events/News1/2010/March/IASB-and-FASB-publish-proposals-on-reporting-entity-concept/ The International Accounting Standards Board (IASB) and US Financial Accounting Standards Board (FASB) this week published for public comment an exposure draft on the reporting entity concept. The proposals form part of a joint project to develop a common and improved conceptual framework that provides the basis for developing future accounting standards. A discussion paper on the reporting... 2010-03-12T09:59:06+00:00 http://www.charteredaccountants.ie//General/News-and-Events/News1/2010/March/IASB-Presentation-of-items-in-OCI--status-update/ On 15 March and 19 March 2010 Stephen Cooper, Board member, Alan Teixeira, Director of Technical Activities and Henri Venter, Assistant Project Manager, will give a status update on the International Accounting Standards Board's deliberations about the presentation of items in Other Comprehensive Income (OCI) in a live webcast, followed by a question and answer session. For further details on h... 2010-03-12T09:56:57+00:00 http://www.charteredaccountants.ie//General/News-and-Events/News1/2010/March/IASB-Update-3rd-March-2010/ The International Accounting Standards Board have published their latest IASB Update of their meeting in London on 3 March 2010, when they discussed: Financial instruments: hedge accounting The IASB also met with the US Financial Accounting Standards Board, who participated via video conference, on 3 March. They discussed: Financial statement presentation Fair value measurement 2010-03-12T09:52:46+00:00 http://www.charteredaccountants.ie//General/News-and-Events/News1/2010/March/Finance-Bill--Report-Stage-Amendments/ The Report Stage amendments to the Finance Bill in the main are technical and minor.  Among the substantive changes is an extension to the Mid Shannon Tourism Infrastructure scheme. The Dail will debate five sets of Report Stage amendments tomorrow and Wednesday, 9 and 10 March, but without pre-empting the process, it is likely that only those amendments tabled by the Minister for Finance will... 2010-03-08T14:00:42+00:00 http://www.charteredaccountants.ie//General/News-and-Events/News1/2010/March/Menolly-Homes-Ltd--v--The-Appeal-Commissioners--Anor/ The High Court refused the taxpayer's claim to cross-examine a tax inspector in evidence on an appeal against a tax assessment brought before the Appeal Commissioners. The taxpayer contended that the tax inspector had "no reasons to believe" that tax was due in respect of the assessment raised and that the Appeal Commissioners had the authority to call the tax inspector for cross-examination. T... 2010-03-08T12:11:34+00:00 http://www.charteredaccountants.ie//General/News-and-Events/News1/2010/March/Cigarette-Pricing-Flawed-Says-ECJ1/ A ruling on Ireland's ability or otherwise to fix cigarette prices seems somewhat off the point, given the almost weekly announcements by Revenue of contraband cigarette seizures. Nevertheless, that's what we got this week following the ECJ's examination of Ireland's excise regime and competition law. There are few tax law principles amplified in the ruling of the ECJ in Case 221/08, available... 2010-03-08T11:55:24+00:00 http://www.charteredaccountants.ie//General/News-and-Events/News1/2010/March/Reclaiming-Tax---Note-the-Deadlines/ HMRC has issued a reminder about the change in time limits for tax refund claims. The limits have changed from six years to four. Consequently certain individuals with claims to make must do now or risk loosing their right to a refund. Agents with Self Assessment clients who have claims for the year 2004/05 must submit the claims before 31 March 2010. Claims for the 2005/06 tax year must be mad... 2010-03-08T11:51:42+00:00 http://www.charteredaccountants.ie//General/News-and-Events/News1/2010/March/National-Insurance-Contributions-New-Rules-for-Workers-Moving-Around-the-European-Union-/ European Union Regulations have been introduced in relation to national insurance contributions which will be of interest to employers with employees who move around the EU to work. HMRC have published preliminary guidance to help employers prepare for the new regulations. The new EU Regulations will apply to nationals of EU Member States and also to stateless persons and refugees residing in a... 2010-03-08T11:48:40+00:00 http://www.charteredaccountants.ie//General/News-and-Events/News1/2010/March/Publishing-details-of-deliberate-defaulters1/ Chartered Accountants involved with UK tax matters will be aware that the 2009 Finance Act 2009 authorises HMRC to publish the details of taxpayers where it is established that they have committed certain serious tax offences. HMRC have confirmed that the provisions of section 94 will apply for tax periods starting on or after 1 April 2010 and for offences which are committed on or after this... 2010-03-08T11:44:28+00:00 http://www.charteredaccountants.ie//General/News-and-Events/News1/2010/March/VAT-on-Property-Law-and-Practice/ Written by Dermot O'Brien, this new book explains all the details and subtleties of the new VAT code as it applies to property transactions, and is currently the only up-to-date commentary available to include the amendments made by the Finance Act (No. 2) Act 2008. Please click here for more information.   2010-03-08T11:38:00+00:00 http://www.charteredaccountants.ie//General/News-and-Events/News1/2010/March/Tax-always-prominent-at-Chartered-Accountants-Ireland-Annual-Conference-/ Never mind going along to conferences to hear what people might think, come along to our Annual Conference and hear what you need to know. With marginal rates of Income tax at 56%, property schemes going under water and a new Code of Practice for Revenue audits in the offing, our tax sessions focus on practical knowledge for your businesses and practices. For further information click here . We... 2010-03-08T11:35:26+00:00 http://www.charteredaccountants.ie//General/News-and-Events/News1/2010/March/New-taxpoint-1/ With a fresh new design and enhanced content, tax.point, the monthly tax bulletin from Chartered Accountants Ireland, is the essential tax resource for tax professionals and accountants. The new tax.point website is now live and the home page can be accessed here . tax.point can be subscribed to as a monhtly journal or as tax.point online, or as both. 2010-03-08T11:29:23+00:00 http://www.charteredaccountants.ie//General/News-and-Events/News1/2010/March/Remittance-Basis-of-Assessment---Treatment-of-UK-Sourced-Income-and-Gains/ Revenue has announced in eBrief 11/10 that they are prepared to examine claims for repayment of tax where it is claimed that a repayment would have been due had the remittance basis of assessment applied rather then the arising basis in respect of a taxpayers UK sourced income and capital gains. However, claims for repayment of tax will be examined on a case by case basis and subject to the... 2010-03-08T11:25:49+00:00 http://www.charteredaccountants.ie//General/News-and-Events/News1/2010/March/National-Pensions-Framework1/ The National Pensions Framework was published by the Department of Social and Family affairs on 3 March. The framework sets out the Government's intention for reform of the Irish pension system. The key proposals include a single 33% rate for tax relief on private pension contributions, extension of Approved Retirement Funds (ARFs) to all members of defined contribution schemes and a cap of... 2010-03-08T11:22:12+00:00 http://www.charteredaccountants.ie//General/News-and-Events/News1/2010/March/Irish-Stock-Exchange-publishes-the-Report-on-Compliance-with-the-Combined-Code/ The Irish Stock Exchange has today published the Report on Compliance with the Combined Code on Corporate Governance by Irish listed companies. The Report, commissioned by the Irish Stock Exchange and the Irish Association of Investment Managers: 1. Provides an objective assessment of the level of compliance by Irish listed companies with the Combined Code; 2. Presents a qualitative assessment ... 2010-03-05T14:22:12+00:00 http://www.charteredaccountants.ie//General/News-and-Events/News1/2010/March/Cigarette-Pricing-Flawed-Says-ECJ/ A ruling on Ireland's ability or otherwise to fix cigarette prices seems somewhat off the point, given the almost weekly announcements by Revenue of contraband cigarette seizures. Nevertheless, that's what we got this week following the ECJ's examination of Ireland's excise regime and competition law. There are few tax law principles amplified in the ruling of the ECJ in Case 221/08, available... 2010-03-05T11:40:45+00:00 http://www.charteredaccountants.ie//General/News-and-Events/News1/2010/March/Publishing-Details-of-Deliberate-Defaulters/ Chartered Accountants involved with UK tax matters will be aware that the 2009 Finance Act 2009 authorises HMRC to publish the details of taxpayers where it is established that they have committed certain serious tax offences. HMRC have confirmed that the provisions of S94 will apply for tax periods starting on or after 1 April 2010 and for offences which are committed on or after this date.... 2010-03-05T11:33:03+00:00 http://www.charteredaccountants.ie//General/News-and-Events/News1/2010/March/National-Pensions-Framework/ The National Pensions Framework was published by the Department of Social and Family affairs on 3 March. The framework sets out the Government's intention for reform of the Irish pension system. The key proposals include a single 33% rate for tax relief on private pension contributions, extension of Approved Retirement Funds (ARFs) to all members of defined contribution schemes and a cap of... 2010-03-05T11:26:20+00:00 http://www.charteredaccountants.ie//General/News-and-Events/News1/2010/March/Innovation-Briefing-Organisational-Culture---Chartered-Accountants-House---24th-March-2010-/ Chartered Accountants Ireland have partnered with Great Place to Work® Institute Ireland and The Irish Times Innovation Business Magazine to provide a free 'Innovation Briefing: Organisational Culture' in Chartered Accountants House, 24th March, 9-11.00am. Experts from some of Ireland’s leading companies in the area of organisational culture will explain how they have achieved superior business... 2010-03-05T12:16:40+00:00 http://www.charteredaccountants.ie//General/News-and-Events/News1/2010/March/Property-Valuations-and-Going-Concern-Issues-for-Auditors-in-the-current-economic-environment/ Chartered Accountants Ireland has now issued Information Sheet 01/2010: Property Valuations and Going Concern Issues for Auditors in the current economic environment. This Information Sheet will be available on the next CHARIOT build. 2010-03-05T11:17:03+00:00 http://www.charteredaccountants.ie//General/News-and-Events/News1/2010/March/Forthcoming--The-Valuation-of-Businesses-and-Shares-by-Des-Peelo/ Chartered Accountants Ireland Publishing is pleased to announce the forthcoming publication of Des Peelo's new book, The Valuation of Businesses and Shares. This new book is not a theoretical text. Instead, it is a highly practical handbook, setting out guidelines, case histories, examples of valuations, and best practice for the busy practitioner in advising on valuations that may arise in man... 2010-03-05T10:54:27+00:00 http://www.charteredaccountants.ie//General/News-and-Events/News1/2010/March/IASC-2nd-batch-material-IFRS-SMEs/ The International Accounting Standards Committee (IASC) Foundation published this week the second batch of training material for the International Financial Reporting Standard for Small and Medium-sized Entities (IFRS for SMEs). The training material is designed to assist companies and accounting practitioners in applying the IFRS. It will also assist educators in teaching how to apply the IFRS... 2010-03-05T10:40:35+00:00 http://www.charteredaccountants.ie//General/News-and-Events/News1/2010/March/Clarification-provided-on-SI-450/ On 25th February 2010, the Tánaiste signed into law Statutory Instrument 83 of 2010, amending Statutory Instrument 450 ('European Communities (Directive 2006/46/EC) Regulations 2009') ('SI 450'). SI 450 gave effect to new financial reporting and corporate governance disclosure requirements as contained in a European Directive of the same name. SI 83 clarifies the effective dates of the various... 2010-03-03T14:08:40+00:00 http://www.charteredaccountants.ie//General/News-and-Events/News1/2010/March/Directors-Duties--Responsibilities/ Over recent years failures in the following areas have courted controversy in the application of effective corporate governance frameworks: 1. Disclosure of interests in Shares, Options and Debentures - Section 53, Companies Act 1990. There is an onus of responsibility on each director to disclose any interest in shares, options or debentures that they or, a connected party hold in the company ... 2010-03-02T11:36:38+00:00 http://www.charteredaccountants.ie//General/News-and-Events/News1/2010/March/Procedures-for-Quality-Audit/ An essential tool for auditors with clients in the Republic of Ireland or Northern Ireland, Procedures for Quality Audit (PQA) is a toolkit designed to assist in the planning, execution and documentation of audit work. It will assist users in the design and documentation of audit procedures in compliance with International Standards on Auditing (UK and Ireland). The PQAs are available in a... 2010-03-02T10:57:11+00:00 http://www.charteredaccountants.ie//General/News-and-Events/News1/2010/March/Networking-its-a-game-of-give-and-take/ Every social and business situation from conferences to hurling matches are an opportunity to discover someone who may be an excellent contact for you or who knows the right person for you to talk to. Successful networking enables great introductions and cooperation between individuals and organisations. Here are some tips to help you to make the most of these valuable situations. The Approach... 2010-03-02T08:39:31+00:00 http://www.charteredaccountants.ie//General/News-and-Events/News1/2010/March/Compensation-in-Examinations/ In order to pass each subject of the Institute's examination, a candidate must achieve a minimum of 50% and can no longer compensate. This issue of compensation in the exams and its impact on results was raised at a recent Education, Training and Life-long Learning Board. A decision was made to maintain the new credit system for now. The matter will be kept under review in the longer term. 2010-03-09T16:42:44+00:00 http://www.charteredaccountants.ie//General/News-and-Events/News1/2010/March/POB-and-audit-experience-requirements/ The Professional Oversight Board has asked us to seek practitioner input in what work experience should be recognised as appropriate for the audit qualification. At present this is defined as company audit work and other audit work. With the advent of rising audit thresholds some students are having difficulty in obtaining appropriate audit experience to meet the audit qualification and there i... 2010-03-09T16:42:50+00:00 http://www.charteredaccountants.ie//General/News-and-Events/News1/2010/March/Block-Releases/ The focus on competency based examinations at the new FAE is underpinned by a new teaching style. Classes have been designed to be more participative and interactive that the old FAE programme; using case studies to focus on the application of technical areas. In order to maximise the benefits of this teaching style, classes have been limited to 100 students for core technical areas, and limite... 2010-03-09T16:42:56+00:00 http://www.charteredaccountants.ie//General/News-and-Events/News1/2010/March/Finance-Bill-Progress/ The Committee Stage of the Finance Bill concluded last Thursday, 25 February. As signalled in Tax eNews of last week, there were significant amendments made to the Bill by the Minister for Finance, not least in the area of mandatory reporting of tax avoidance arrangements. As is usually the case, amendments proposed by the Minister for Finance have been adopted. These will be reflected in the... 2010-03-01T13:27:03+00:00 http://www.charteredaccountants.ie//General/News-and-Events/News1/2010/March/EU-flexes-its-muscles-on-State-Aid-rules/ The preoccupation among EU Member States to comply with the State Aid rules in formulating tax legislation is understandable. Under the terms of the EU Treaty, where the State Aid rules are contravened, not only must the offending legislation be reversed, but any taxpayers who benefited have to be pursued to recover the tax reliefs they were granted. As if they didn't have enough economic and... 2010-03-01T13:03:32+00:00 http://www.charteredaccountants.ie//General/News-and-Events/News1/2010/March/Tax-information-exchange-agreement---San-Marino-/ A tax information exchange agreement with San Marino was signed on 16 February. The agreement which is not yet in force can be accessed here 2010-03-01T13:01:26+00:00 http://www.charteredaccountants.ie//General/News-and-Events/News1/2010/March/Capital-gains-for-group-companies--simplifying-legislation/ HMRC has issued a consultation document regarding the legislation which is proposed to simplify the rules applying to capital gains for group companies. As part of its Pre-Budget Report the Government announced plans to introduce changes to legislation which would simplify rules regarding the use of capital losses after a change in ownership, value shifting and depreciatory transactions, and... 2010-03-01T12:55:54+00:00 http://www.charteredaccountants.ie//General/News-and-Events/News1/2010/March/Disclosure-of-Stamp-Duty-Land-Tax-SDLT-Schemes/ Regulations implementing an extension of the Tax Avoidance Disclosure Regime to require the disclosure of certain Stamp Duty Land Tax transactions will come into effect on 1 April 2010. The regulations give effect to the announcement in the Pre Budget Report 2009 that the Tax Avoidance Disclosure Regime would be extended to Stamp Duty Land Tax transactions concerning residential property with a... 2010-03-01T12:53:09+00:00 http://www.charteredaccountants.ie//General/News-and-Events/News1/2010/March/VAT-cheque-payments-by-post/ HMRC has announced that from 1 April 2010 all cheque payments by post will be treated as being received on the date when cleared funds reach HMRC's bank account. The change is part of a move by HMRC to encourage taxpayers to make VAT payments electronically. As cheques can take three bank working days to clear (excluding Saturdays, Sundays and bank holidays) taxpayers must ensure that they allo... 2010-03-01T12:47:50+00:00 http://www.charteredaccountants.ie//General/News-and-Events/News1/2010/March/New-taxpoint-/ With a fresh new design and enhanced content, tax.point, the monthly tax bulletin from Chartered Accountants Ireland, is the essential tax resource for tax professionals and accountants. The new tax.point website is now live and the home page can be accessed by clicking here . tax.point can be subscribed to as a monhtly journal or as tax.point online, or as both.   2010-03-01T12:27:09+00:00 http://www.charteredaccountants.ie//General/News-and-Events/News1/2010/March/Email-Scams---Revenue-Warning/ Revenue are again warning of fraudulent emails purporting to come from Revenue seeking personal information from taxpayers in connection with a tax refund. Both Revenue and HMRC have previously issued warnings to customers not to disclose personal details in emails. As readers will be aware, Revenue never sends emails which require customers to send personal information via email or pop-up... 2010-03-01T12:23:43+00:00 http://www.charteredaccountants.ie//General/News-and-Events/News1/2010/March/Tax-Briefing-2-Finance-Bill---2010-VAT-Measures-Relating-to-Transitional-Properties/ A Committee Stage amendment proposes the introduction of a new subsection into section 4C of the VAT Act 1972. The new subsection will replace the existing subsection (10) and will provide that the "big-swing" rule in the Capital Goods Scheme (CGS) will apply to transitional properties. Revenue has published Tax Briefing 2 which sets out the situations in which the "big swing" rule will apply... 2010-03-01T12:19:12+00:00