Companies (Accounting) Bill 2016 published

Negotiations

The long-awaited Companies (Accounting) Bill to transpose the EU Accounting Directive (Directive 2013/34/EU) has been published on 5 August 2016.

The Bill proposes to introduce a small companies regime and a micro companies regime which, when enacted, will allow for the use in Ireland of Section 1A of FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland by small companies and FRS 105 The Financial Reporting Standard applicable to the Micro-entites Regime by micro companies.

Non-listed companies have been primarily using full FRS 102 since its introduction for accounting years commencing 1 January 2015 onwards and this had meant additional disclosure for micro entities and smaller companies.

This bill means less extra work

This bill looks to avoid this extra work required in preparing financial statements for Read more

Posted on February 22, 2017 by Nigel Mayberry

5 Top Things Leaders Do At The Start Of The Year

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Let’s take a look at 5 top things successful business leaders will undertake at the start of each year:

1. Take a step back to review the big picture

It is crucial to take a step back and look at the direction your business is going, ask yourself if this is the right direction. Once you are happy with the direction, the next step is to communicate this direction to your team and put in place procedures to ensure they can implement it effectivity.

2. Ensure the culture is correct to retain and motivate your top talent

Leaders must ask themselves challenging questions to ensure they have created the right culture within the organisation – do your team know what is expected of them, do your team have the right tools, equipment and materials to do their work well, are the systems in place allowing your team to perform at their best, do your team know what they are doing well and want needs improving.

3. Ensure they, as a leader, are performer at their peak

Again, leader must ask themselves challenging questions to improve their own performance – do the same issues keep coming up again and again, am I responding with emotion or empathy and analytical consideration, what drives me to act as I do, what motivates me, as a leader.

4. Listen to the feedback being received from your customers and your team

As leader you should listen in an open, responsive and thoughtful fashion, stay calm while you are listening and be as specific as possible when looking for feedback.

5. Reaffirm their commitment to authenticity

This takes courage. Leaders must show their emotional honesty, accept their shortcomings, make mistakes and allow others to see them in their vulnerable moments, talk openly about failures and take accountability for them.

What questions do you have?

We are happy to help. Please post your comment below or call Nigel Mayberry, Director of Audit Services at Cooney Carey, on 01 677 9000.

To keep in touch, connect with our friendly team on LinkedIn.

If this article helped you, please share it with other leaders.

Posted on February 7, 2017 by Nigel Mayberry

How Can I Help My Accountant

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The year end is upon us!! While year end accounts is the last thing on most people’s minds at this time of year, it can be a good time to carry out some tasks which will help you to be more prepared for your accountant.

If, like most companies, you have a year end of 31st December, the following simple tasks can help to make the process smoother;

  1. If the company holds stock then a stocktake should be carried out at the year end. A detailed listing of the stock at the stocktake date should be kept for future reference. If your company is audited then arrangements should be made with the auditor for their attendance at the year end stocktake.
  2. A list of trade debtors at the year end should be printed and kept on file. There should also be a review carried out on this list to see if any of these debts are “bad” or “doubtful” debts.
  3. Bank statements for all bank accounts covering the year should be kept on file. Any missing statements should be requested.
  4. A list of trade creditors at the year end should be kept on file. Suppliers (high value, high volume and regular suppliers in particular) should be asked to provide supplier statements at the year end. These statements should be reviewed against the creditors listing and any differences should be reconciled.
  5. Contact your accountant to arrange a timeframe over which the accounts will be prepared. This should help to avoid missing deadlines or any unnecessary delays.

What questions do you have?

We are happy to help. Please post your comment below or contact Michael O’Halloran on 01 677 9000 or mohalloran@cooneycarey.ie.

To keep in touch, connect with us on LinkedIn.

If you found this article useful, please share it with other businesses. 

Posted on December 13, 2016 by Michael O'Halloran

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