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The Impact Of New Legislation On UK Financial Statements

With effect on financial statements commencing the 1st January 2016 onwards, statutory instrument 2015/980 is changing the format of UK accounts.

Let’s look at the main changes for small companies:

  • Small company accounting sizes have raised substantially. This also applies to audit exemption levels.
  • Small Company accounts disclosure requirements are simplified significantly.
  • Abbreviated accounts are abolished although small companies will be able to prepare ‘abridged’ accounts for shareholders and for filing at Companies House. There is no change to the exemptions previously existing for filing accounts in Companies House.

The new size limits for small companies are as follows:

  • Turnover less than £10.2m
  • Gross balance sheet total less than £5.1m
  • Less than 50 employees

Details of some of the disclosure requirements removed Read more

Posted on June 20, 2017 by Cooney Carey


Irish Transfer Pricing Rules

Ireland has to a large extent, a light touch transfer pricing regime.

Irish legislation governing transfer pricing is to be found in Sections 835A to 835H Taxes Consolidated Act 1997.

Under Irish legislation the following is excluded from transfer pricing regulation:

  1. Small and medium enterprises with staff of less than 250 and either has turnover under €50 Million or assets under €43 Million,
  2. Grand fathering arrangements put in place before 1 July 2010 and not changed since
  3. Arrangements between non-associated persons
  4. Non-trading activities

The Irish Revenue do not propose to Read more

Posted on June 14, 2017 by Cooney Carey


Fraud can happen to anyone!

fraud, forensic accounting

Many businesses understate the importance of fraud deterrence, prevention and detection. Don’t follow them. Prevent and detect fraud in your business by following these 5 tips:

  1. Establish a fraud risk management programme – include written policies,
  1. Exposure should be assessed periodically – identify any schemes apparent,
  1. Select, develop and implement prevention and detection techniques – reduce the impact,
  1. Establish a reporting process and approach to investigation – let employees know,
  1. Monitor risk management process and report results and improve process – not one and done exercise, need to be recesses periodically.

All businesses are subject to fraud risks. It can happen in large or small businesses across various industries. Making the company policy known to employees is one of the best ways to deter fraudulent behavior.

The cost of trying to prevent fraud is less expensive to a business than the cost of the fraud that gets committed.

What questions do you have?

We are happy to help. Please post your comment below or contact our friendly team on 01 677 9000 or by email: info@cooneycarey.ie.

Posted on May 2, 2017 by Cooney Carey


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