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May 2022

Sohini Chakraborty
  • Updated

Bright Accounts Production comprises of the following compliance changes in May, 2022.

iXBRL Submission in New Taxonomy for UK and Ireland

As per the new taxonomies published by the Financial Reporting Council (FRC) and adopted by HMRC, Companies House & Revenue, Bright Accounts Production has implemented FRC 2021 for HMRC & Companies House (UK Accounts) and FRC 2019 for Revenue (ROI Accounts) to enable the submission of iXBRL accounts with the relevant revenue authorities. The FRC has also declared that early adoption will be accepted only if both the accounts and iXBRL tagging are prepared in accordance with the new requirements.

Ireland Company Template Amendments

Industrial and Provident Fund Society Acts Reference Changes

A number of changes have been made to Bright Accounts Production in reference to the Industrial and Provident Fund Society Acts. These changes are applicable only for Company template 1.3 irrespective of any accounting period and are applicable for Irish entities.

Statement of Committee Responsibilities Changes

“Industrial and Provident Societies Acts 1893-2018” reference is now updated with the new reference “Industrial and Provident Societies Acts 1893-2021”.

Independent Auditor’s Report Changes

Report on the audit of the financial statements

“Industrial and Provident Societies Acts 1893-2018” reference is now updated with the new reference “Industrial and Provident Societies Acts 1893-2021”.

Opinions on other matters prescribed by the Industrial and Provident Societies Acts, 1893 to 2021

“Industrial and Provident Societies Acts 1893-2018” reference is now updated with the new reference “Industrial and Provident Societies Acts 1893-2021”.

The purpose of our audit work and to whom we owe our responsibilities

“Industrial and Provident Societies Acts 1893-2018” reference is now updated with the new reference “Industrial and Provident Societies Acts 1893-2021”.

Other Operating Expenses on the Face of the Profit and Loss Account

The Republic of Ireland based clients of Bright Accounts Production can now find the Other Operating Expenses as an individual element on the face of the Income statement. Clients in the Republic of Ireland with entity type as Company Limited by Shares can view their Other Operating Expenses if the Other Operating Expense Nominal Ledger accounts have postings. To show the Other Operating Expenses separately, select the Show Other Operating Expenses separately on face of Format 1 of Profit and Loss Account? option under Disclosure.

This results in the inclusion of Other operating expenses as an individual element on the face of the Profit and Loss Account.

Optional Code Introduced in Holdings in Related Undertaking for FRS 102 1A Accounts

Bright Accounts Production now provides you with an optional code for FRS102 1A standard for Company template1.3 version, where you can hide the “Holdings in Related Undertakings Note” even if the Parent or the Subsidiary option is checked in the Client Details section.

To hide the “Holdings in Related Undertakings Note”, select the Holdings in Related Undertakings Note option under Disclosure.

Independent Auditor’s Report

A number of changes have been made to Bright Accounts Production in different sections of the Independent Auditor’s Report and which is in accordance with the guideline issued by ‘’ The Irish Auditing and Accounting Supervisory Authority (IAASA)’’ in the Compendium of illustrative Auditor’s Reports. These changes are similar across all the templates and are applicable for Irish entities.

Independent Auditor’s Report Changes

Opinions on other matters prescribed by the Companies Act, 2014 Section

  • The term “solely” is removed as it is not specifically mentioned in the Compendium.
  • The term “with applicable legal requirements” is added to the paragraph commencing “the Directors’ report has been prepared in accordance”.
  • The last paragraph of the section is rephrased in a single sentence as “In our opinion the accounting records of the company were sufficient to permit the financial statements to be readily and properly audited and the financial statements are in agreement with the accounting records.”

Responsibilities of Directors for the Financial Statements

A page reference along with page number is inserted in the first paragraph of this section.

For UK-based clients
Responsibilities of directors for the financial statements

A page reference along with page number is inserted in the first paragraph of this section.

United Kingdom Company Template Amendments

Company Accounts Presentational Changes

A number of changes have been made to Bright Accounts Production in different sections of the UK-based produced accounts. These changes are similar across all the templates and throughout the accounts and are applicable for all UK entities.

Directors and Other Information

  • The term “Company Number” is now replaced with “Company Registration Number”.
  • The term “Auditor” is now replaced with “Independent Auditors”.

Statement of Directors’ Responsibilities

A set of new terms “Disclosure of Information to Auditor Each person who is a director at the date of approval of this report confirms that:” have been introduced in this section.

Statement of Financial Position

  • The term “Investment property” is now replaced with “Investment properties”.
  • The term “Income statement” is now replaced with “Retained earnings”.

Notes to the Financial Statements

  • The “Intangible assets” section has been repositioned from the bottom of the Accounting Policy notes and is now placed above the “Tangible assets and depreciation” section.
  • The term “Intangible fixed assets” is now replaced with “Intangible assets”.
  • The term “Tangible fixed assets” is now replaced with “Tangible assets”.

Turnover Note

  • The introductory lines of this section are now changed to “The revenue for the financial year is analysed as follows:''
  • Two new headings are introduced namely “By Category” and “By Geographical Market”.

United Kingdom LLP Template Amendments

A series of changes have been implemented to Bright Accounts Production in different sections of the LLP template. These changes are applicable only for UK entities.

Contents

The term “Statement of Members' Responsibilities” is now replaced with “Statement of Members' Responsibilities in respect of the Members’ Report and the Financial Statements”.

This change is only applicable for small-sized LLP.

Members’ Report

The first line of the section is now rephrased as “The members present their report and the unaudited financial statements of the Limited Liability Partnership for the financial year ended as on…..”.

Auditors

  • The last part of the paragraph of this section is now removed.
  • The last part of the paragraph of this section is now removed.

Special provisions relating to small Limited Liability Partnerships

  • The term “modified” is now replaced with “applied to limited liability partnerships”.
  • The last part of the paragraph of this section is now removed.

Declaration

The declaration text for report approval is now replaced with “This report was approved by the members of the Limited Liability Partnership on ........... and signed on its behalf by:”

Statement of Members' Responsibilities in Respect of the Members’ Report and the Financial Statements

  • The term “the Members’ Report” is now added to the first line of this section.
  • The term “proper” is now replaced with “adequate” in the paragraph commencing “The members are responsible for keeping”.
  • The term “modified” is now replaced with “applied to limited liability partnerships” in the paragraph commencing “The members are responsible for keeping”.
  • The term “company’s” is now replaced with “limited liability partnership” in the paragraph commencing “The members are responsible for the maintenance and integrity”.

Declaration

The declaration text for report approval is now replaced with “Approved by the members on ..... and signed on behalf of the members”.

Independent Auditor’s Report

Report on the audit of the financial statements
Opinion

  • The term “Section 1A (Small Entities)” is now added to the first paragraph of this section.
  • The term “Section 1A (Small Entities)” located at the end of the paragraph is now replace with “and the Statement of Recommended Practice “Accounting by Limited Liability Partnerships” issued in December 2018 (SORP)”.
  • The term “the financial statements” is now added to the paragraph commencing “In our opinion”.
  • The term “limited liability partnerships” is now changed to all lower-case letters in the paragraph commencing “have been prepared in accordance with the requirements”.
  • The term “as amended” placed at the end of the paragraph commencing “have been prepared in accordance with the requirements is now removed”.

Matters on which I am required to report by exception

The term “Annual Report” is replaced by “member’s report”.

Responsibilities of members for the financial statements

  • A page reference along with page number is inserted in the first paragraph of this section.
  • In addition to the above point, the term “Statement of Members' Responsibilities” is now replaced with “Statement of Members' Responsibilities in respect of the Members’ Report and the Financial Statements” and is only applicable for small-sized LLP.
  • The term “members’” is now replaced with “members”.
  • The term “management” is now replaced with “members”.
  • The term “intends” is now replaced with “intend”.

Use of this report

The term “my” is replaced with “this” in the header of this section.

Similar modifications in the Independent Auditor’s Report have been made in the Abridged 
Accounts also.

Profit and Loss Account

The following amendments have been made in the Profit and Loss Account:

  • The term “Profit before taxation” is now removed from this section.
  • The term “Profit for the financial year before members' remuneration and profit shares” is now removed from this section.
  • The line “The results for the financial year have been calculated on the historical cost basis.” is now removed from the paragraph commencing “The Limited Liability Partnership has no recognised gains” placed at the bottom of the page.

Balance Sheet

  • The term “Tangible assets” is now replaced with “Tangible fixed assets”.
  • The term “Investment property” is now replaced with “Investment properties”.
  • The term “as amended” is added at the end of the paragraph commencing “These financial statements have been prepared”.
  • “LLP No. XXXXXXXX” relevant to the company is now added at the end of the Balance Sheet.
Similar modifications have been made on the Balance Sheet for Holding LLP also.

Reconciliation of Members’ Interests

  • The term “Total” representing the total amount of equity is now replaced with “Total Equity”.
  • The term “Total” representing the total amount of debt is now replaced with “Total Debt”.

Notes to the Financial Statements

Accounting Policy

The paragraph under Cash flow statement is now replaced with “The Limited Liability Partnership has availed of the exemption from preparing a cash flow statement under the terms of the small entities regime, Section 1A, FRS 102.”

 

 

 

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