CPD Course Overview

CPD Allocation

8 Hours

Fee

€210 (or 8 CPD Club points)

Time

Registration 09:00, start 09:15, finish 17:30


Venues & Dates:

Dublin 09/05/2017 Talbot Hotel, Stillorgan Book Now
Cork 16/05/2017 Clayton Hotel Silver Springs Book Now
Limerick 17/05/2017 Radisson Blu Hotel Book Now
Carlow 13/06/2017 Talbot Hotel Book Now

Course Content

The last two years has seen Irish Accountants deal with the biggest changes in the history of the profession. These changes came in the form of Companies Act 2014 which has been effective since 1st of June 2015 and FRS 102 which applies to all periods commencing after 1st of January 2015. It has been a rollercoaster ride of change. Now, on top of the ongoing challenge of FRS 102, we are also awaiting the introduction of FRS 105 and Section 1A FRS 102.

Companies Act 2014 and FRS 102 have conspired to change

  • our financial statements;
  • our audit approach;
  • our company secretarial compliance and procedures;
  • how and what we advise our clients

It has created opportunities, but it has also created pitfalls and challenges.

Opportunities like the use of the Summary Approval Procedure, broader Audit Exemption options, S.343 and extending the annual return dates to avoid losing the audit exemption, simplified financial reporting regime under S.1.A of FRS 102 and FRS105. Any additional work that we do for our clients and companies represents an opportunity.

Pitfalls and challenges include our new formats and disclosures in our statutory financial statements, increased disclosure requirements in our abridged financial statements, a tightening of company law requirements for directors all combined with a once in a lifetime transition process. These pitfalls and challenges need to be converted into an opportunity

This full day seminar is broken down into 2 parts. In the morning we will look at FRS 102 and in the afternoon we will look at the Companies Act. Our aim in this seminar is to distil the critical elements of these immense legislative changes into a digestible form that accountants can apply to their own companies and their own entities.

This fast paced 1 day seminar will address what accountants and companies need to know now. Des O’Neill who is facilitating the course, has a unique blend of expertise in the Irish market combining years of practical experience in company law, financial reporting, auditing, institute regulation and the challenges facing SME and their Accountants into the knowledge that he will impart on the day.

Whether you are a partner, a financial controller, a manager, a senior or a junior. If you are working with financial statements for Irish entities this is the one seminar in 2017 that you do not want to miss.


Session 1: FRS 102

We have worked with hundreds of firms over the last year and a half to deal with transition and some of the key concerns of accountants include:

  • The time taken to implement the changes
  • Integrating the new financial reporting framework into accounts production software
  • Documenting the transition process so that there is a basis for the audit opinion or compilation report
  • The confidence of staff to tackle and record the transition adjustments

This seminar focusses on the biggest challenges and what accountants and companies need to do to comfortably and competently get FRS 102 in place and get it right.

  • The small entities regime and S.1A of FRS 102
  • The micro entities regime and FRS 105
  • Dissecting the Transition to FRS 102 under S.35 including the transition process for small entities where there are no transition adjustments.
  • A detailed review of the 9 Key Transition Adjustments affecting Irish entities
  • A rapid review of the Technical and Practical Differences in the other 6 Most Commonly Applied Sections of FRS 102.
  • The 7 Most Critical Differences in the Presentation of Financial Statements under FRS 102 and Companies Act 2014

The notes pack for this part of the seminar will include among other things checklists, template financial statements, transition examples, the key practical transition adjustments broken down into debits and credits and FRS102 / FRS 105 transition letters of engagement that will become an essential reference pack for your desk and your firm for 2017 and beyond. 


Session 2: Company Law

1,448 sections of legislation were unleashed on the Irish Corporate world in the form of Companies Act 2014 in June 2015. Since then we have worked with hundreds of firms dealing with thousands of questions and transactions relating to Companies Act 2014. And soon we will have to deal with Companies Accounting Bill 2016.

At this stage many of the basic elements of Companies Act 2014 have been bedded down and implemented so in this seminar we are now focussing on the key questions and transactions that are emerging as both challenges and opportunities for Irish Companies. Our focus areas will include:

  • The impact of Companies Accounting Bill 2016 on financial statements and other matters
  • Utilising the S.343 Court Application process to extend annual return dates and protect the audit exemption.
  • A detailed review of the requirements and options in relation to the highly unpopular disclosures addressed in S.305 and S.312 and what this means for Directors Remuneration and Transactions
  • A review of the all new Summary Approval Procedure and how it is being implemented and applied by Irish Companies.
  • Identification and analysis of 9 of the Most Common Issues & Questions affecting Irish entities
  • The practical application of Part 20 – Re-registrations and the restrictions and options that we now have for changing company types.
  • The 7 Most Critical Sections of Part 6 Companies Act 2014

The notes pack for this part of the seminar will include among other things checklists, template abridged financial statements, the outline of a successful S.343 affidavit, sample minutes and resolutions, steps and the process for re-registration and the CA 2014 letter of engagement that all accountants should be issuing to their clients. As with all our seminars we aim to cram value into our notes pack so that it will become an essential reference pack for your desk and your firm for 2017 and beyond. 


CPD Speaker

Des O'Neill, OmniPro

Des co-founded OmniPro in 2005 and has been involved in all aspects of the company’s establishment and growth to its current status as the leading independent support to Irish Accountants. He speaks extensively to accountants about Practice Development, Auditing, Accounting, Company Law and Regulation, nationally and internationally. He is a former member of the Auditing Practices Board SME Audit Sub Committee. Des works with Irish and international practices to help them develop their practices to be more profitable and rewarding and also assists them with technical, regulatory and disciplinary issues. His current role within the OmniPro Group include Managing Director at OmniPro and developer and innovator for the Accountants Resource Centre, CompaniesAct2014.com, FRS102.com and FRS105.com. He is a regular contributor to the profession through a combination of seminars, publications, articles, tools and new processes and ways of solving problems that face the profession.