Will Central Bank fine on Financial Services Entity have impact on Accountants

The Central Bank recently gave a wake-up call to the firms and entities it authorises and regulates for investment business and banking activities. Under its regulatory powers of the Criminal Justice (Money Laundering and Terrorist Financing) Act 2010 (CJA  2010) it levied a penalty of €65,000 on a regulated financial services provider for failures to meet the requirements of the CJA 2010.

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The Future of Financial Reporting

Since 2004 the ASB has been working on a new set of principles aimed at balancing the needs of preparers and users of accounts by simplifying current standards into a concise, coherent and updated form. The overall objective of the ASB is to enable users of accounts receive financial reporting information that is of high quality, readily understandable and proportionate to the size and complexity of the entity and user information needs.

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Employee Expenses in Revenue Reviews

There is no shortage of literature on the reimbursement of expenses to employees and yet this area is a constant source of problems in Revenue Reviews. Regardless of what scheme is being implemented – e.g. Country Money, Hauliers Scheme or some scheme based on the Civil Service model – there are clear guidelines as to how the schemes should be operated and what records must be kept.

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Property Services Regulatory Authority - Licence Renewal Applications

Casting our minds back to this time last year we can remember the issues that many accountants faced assisting clients in their licence applications to the Property Services Regulatory Authority. Now one year later all licence holders are required to submit their renewal applications to the Authority in advance of the upcoming renewal date.

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