CPD Course Details
John Murphy – OmniPro
CPD Course Content
Part 1 – Financial Reporting Update
A Look to the Future – Review of Amendments made to FRS 102 and FRS 105 by the Triennial Review in March 2018
- What parts are mandatorily applicable now and what elements do not have to be early adopted
- Is it worthwhile to early adopt these? – it will be for some entities
Top FRS 102 Issues:
- Section 9 – Accounting for share for share transactions and share for undertaking transactions & the interaction with the reliefs in Company law.
- Section 10 – Exceptional items – how to disclose?
- Section 10 – The unwanted prior period adjustment – How to disclose and when to make
- Section 11 – Loans and transactions at non-market rates – the rules
- Section 11 – Loans and transactions at non-market rates – what happens when there is a change in cash flows/modifications?
- Section 11 – a recap on the get outs from discounting
- Section 11 – When to derecognise a liability – when to account for a loan write off
- Section 12 – A recap on complex financial instruments – how to identify? Where errors are made?
- Section 16 – Investment property – A recap and common errors noted
- Section 17 – The errors noted where the previous valuation of fair value as deemed cost
- Section 17 – A recap on the revaluation policy if applied
- Section 22 – Classification of shares/loan notes – debt versus equity –
- Section 23 – A refresher on accounting for construction contracts – Given the increase in construction activity
- Section 23 – Principal versus agent – A refresher
- FRS 102 SORP – Accounting for grants
- Section 27 – Impairment reviews – back to basics – What is or is not included
- Section 29 – The close company surcharge – Errors still being noted
- Section 29 – a recap on deferred tax
- Section 33 – Related party disclosures – a recap
- A practical review of consolidations
- When is it required – Review of the definition of control
- What are the changes as a result of the Companies (Accounting) Act 2017
- What’s the best approach when preparing a consolidation
- Provision of a detailed consolidation checklist to cover off audit and accounts files
- Section 9 – Review of consolidation procedures including accounting for investments where a golden share is held and accounting for non-controlling interest
- Section 19 – Accounting for business combinations
- Calculation of goodwill and determining fair value
- Is merger accounting an option?
Part 2 – Company Law Update
- Review of the new Bills to be issued which includes Companies (Corporate Enforcement Authority) Bill 2018 and Companies (Amendment) Bill 2019
- Directors duties and offences;
- A recap on the summary approval procedures in play and the way in which these can be utilised to effect corporate transactions/restructurings
- Practically preparing a SAP;
- File requirements for a Section 208 auditors report
- B1B’s – How to correct an incorrect B1 filed with the CRO. Change made by Companies (Statutory Audits) Act 2018;
- B1X – Defective financial Statements; – The process and items to be included in the notes and auditors report as applicable;
- AGM’s & directors Meetings – A reminder on the timings and documentation requirements for the AGM and any directors meetings including the requirements for a register
- Section 357 Guarantee; – The option to file the consolidated financial statements of the parent Company with the Subsidiary annual return as opposed to the subsidiary financial statements themselves – The rules the must be met in order to cover off this option. It includes precedents in relation to the wording to be filed with the CRO and the notes required in the consolidated financial statements
- Bonus issues; – A review of when a bonus issue would usually be utilized for small/medium business and the company secretarial requirements to allow it.
- Sub-division of shares; – A review of when a sub-division of shares would usually be utilized for small/medium business and the company secretarial requirements to allow it.
- A review of the age old question of how to loan money to another company not in a group where it is restricted under Section 239 CA 2014 as it is 10% or more the relevant net asset of the loaning company.
- Group re-organisations – A review of the options to create a group including the creation of a golden share, carrying out a share for share arrangement or share for undertaking arrangement and the Company secretarial issues to be considered. This will cover the tax aspects of these reconstructions and the financial reporting requirments.
- Redemption/buyback of shares – a high level review of the rule and when permitted and the resolutions etc. required to be passed. It will also deal with the taxation aspects & the financial reporting requirements.
CPD Course Facilitator
John Murphy: Tax, Corporate Restructuring and Practice Support, OmniPro
As a lead member of our technical support team, John relishes problem-solving to help accountants develop innovative client solutions and sharing his technical knowledge on tax, financial reporting and auditing.
He provides support, training and advice to OmniPro clients on financial reporting, auditing and company law matter and conducts company valuations. In addition, as a Chartered Tax Adviser, he advises on a range of issues from income tax, tax planning, restructuring and exit planning to Revenue audits.
A Chartered Accountant and Qualified Financial Adviser, John has over a decade’s Big 4 experience with EY and PwC, providing tax and audit services for a portfolio of clients, ranging in scale from SMEs to multinationals.