Bright Accounts Production comprises of the following compliance changes in December, 2022.
Ireland LLP Template Introduction
Bright Accounts Production has updated the Irish LLP template format in line with the legislative requirements of FRS 102.
The Irish LLP template format should ONLY be used to prepare the financial statements using the FRS 102 standard. The Abridged LLP accounts are also introduced under the FRS 102 standard.
Members’ Report
Auditors
Bright Accounts Production now provides you with an optional Compliance Database code to show the section reference in Auditor paragraph as 383(2) instead of 380 of the Companies Act 2014 in the Members' Report section of the produced accounts. To show the section reference in Auditor paragraph as 383(2) instead of 380 of the Companies Act 2014, select the Show the section reference in Auditor paragraph as 383(2) instead of 380 of the Companies Act 2014? option under Members’ Report > Report Information.
The Auditors section under Members’ Report in the produced accounts will show the section reference of 383(2) instead of 380 of the Companies Act 2014.
Statement on Relevant Audit Information
Bright Accounts Production now provides you with an optional Compliance Database code to show the Statement on Relevant Audit Information in the Members' Report section of the produced accounts. To show the Statement on Relevant Audit Information, select the Show the Statement on Relevant Audit Information in the Member Report. option under Members’ Report > Report Information.
The Members’ Report section in the produced accounts will show the Statement on Relevant Audit Information.
Compliance Statement
- Bright Accounts Production now provides you with an optional Compliance Database code to show the Members’ Compliance Statement as per the Companies Act 2014 in the Members' Report section of the produced accounts. To show the Members’ Compliance Statement as per the Companies Act 2014, select the Show the Members’ Compliance Statement in the Member Report as per the Companies Act 2014. option under Members’ Report > Report Information.
- Select the Text on Members’ Compliance Statement option under Members’ Report > Report Information in the Compliance Database to show the default Members’ Compliance Statement. You can modify the default text, if required.
The Members’ Report section in the produced accounts will show the Compliance Statement.
Accounting Records
Bright Accounts Production now provides you with a set of optional Compliance Database codes to show the Accounting Records in the Members' Report section of the produced accounts. To show the Accounting Records details, select the relevant Compliance Database codes and drop-down options under Books and Records. You can also modify the Text of Books of Account, if required.
The Members’ Report section in the produced accounts will show the Accounting Records.
Statement of Members' Responsibilities in Respect of the Members’ Report and the Financial Statements
A number of presentational changes have been made to the Statement of Members' Responsibilities section of the produced accounts.
- A new bullet point is added to the paragraph commencing “In preparing these financial statements”.
- The paragraph commencing “The members are responsible for keeping adequate accounting records” is modified.
Independent Auditor’s Report
Bright Accounts Production has introduced a new audit report in LLP Accounts 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. The changes are as follows:
Opinion
- The last part of the paragraph commencing “We have audited the financial statements” is modified.
- The last bullet point of the paragraph commencing “In our opinion, the financial statements:” is modified.
Basis for opinion
The region reference in the paragraph commencing “We conducted our audit in accordance with” is modified.
Auditor's responsibilities for the audit of the financial statements
The paragraph commencing “A further description of our responsibilities” is modified.
Use of this report
The first part of the paragraph of this section is modified.
Balance Sheet
Bright Accounts Production now provides you with an optional Compliance Database code to hide the second designated signatory from the produced accounts, in whichever sections applicable. To hide the second designated signatory from the produced accounts, select the Remove the 2nd designated members’ signing from the accounts? option under Presentation.
The produced accounts will show only one designated signatory, in whichever sections applicable.
Reconciliation of Members’ Interests
- Bright Accounts Production now provides you with an optional code to remove the in between space from the texts from the Reconciliation of Members’ Interest section of the produced accounts. To hide the in between space from the texts, select the Remove space from Reconciliation of Members’ Interests?’ option under Disclosure.
- The Reconciliation of Members’ Interest section in the produced accounts will show texts with the in between space removed.
- The term Members' Capital is now replaced with Members' Capital (Classified as equity).
- The term Members' Capital is now replaced with Members' Capital (Classified as debt).
- The term (EQUITY + DEBT) is added.
Notes to the Financial Statements
- Bright Accounts Production now provides you with an optional code to modify the General Information paragraph in the Notes to the Financial Statements section of the produced accounts, as per requirement. To modify the General Information, edit the text from the Text on General Information textbox from Other Note Information > General Information.
- Bright Accounts Production now provides you with an optional code to view the text on currency details separately and modify it as per requirement in the Notes to the Financial Statements section of the produced accounts. To show the text on currency details separately, select the Show the text on currency separately? option under Other Note Information > General Information. If you do not select this option, the text on currency details will be included in the General Information
- You can modify the text for the currency information details from the Text on currency textbox under Other Note Information > General Information.
The Notes to the Financial Statements section in the produced accounts will show the General Information and Currency details as per modification.
- Bright Accounts Production now provides you with two additional user-defined notes in the Other Note Information section of the produced accounts.
Accounting Policies
- The first part of the Basis of preparation paragraph is modified.
- Bright Accounts Production now provides you with two additional user-defined notes in the Accounting Policies section of the produced accounts.
School Template Amendments
A series of changes have been implemented to Bright Accounts Production in the School template. These changes are based on the FSSU guidelines and will be applicable for School Template 1.1.
Re-coding
When you upgrade the School template to version 1.1, the existing transactions with the existing nominal codes will also be updated. The existing nominal codes like 1401.01 are re-coded as per the FSSU Chart of Accounts. These codes are re-coded in the following manner:
| PROPOSED NEW CHART OF ACCOUNTS | EXISTING CHART OF ACCOUNTS | ||
| CODE | DESCRIPTION | CODE | DESCRIPTION |
| 1401 | Capital: Land and Buildings Additions | 1400.01 | Land and buildings additions at cost |
| 1411 | Depreciation: Land and Buildings Current Year | 1410.01 | Land and buildings depreciation charge for period |
| 1412 | Depreciation: Land and Buildings on Disposal | 1410.03 | Land and buildings depreciation elimination on disposal |
| 1421 | Capital: Fixtures, Fittings and Equipment Additions | 1420.01 | Fixtures, fittings and equipment additions at cost |
| 1422 | Capital: Fixtures, Fittings and Equipment Disposals | 1420.02 | Fixtures, fittings and equipment cost of disposals |
| 1431 | Depreciation: Fixtures, Fittings and Equipment Current Year | 1430.01 | Fixtures, fittings and equipment depreciation charge for period |
| 1432 | Depreciation: Fixtures, Fittings and Equipment Disposal | 1430.02 | Fixtures, fittings and equipment depreciation on disposals |
| 1441 | Capital: Motor Vehicles Additions | 1440.01 | Motor vehicles additions at cost |
| 1442 | Capital: Motor Vehicles Disposals | 1440.02 | Motor vehicles cost of disposals |
| 1451 | Depreciation: Motor Vehicles Current Year | 1450.01 | Motor vehicles depreciation charge for period |
| 1452 | Depreciation: Motor Vehicles Disposal | 1450.02 | Motor vehicles depreciation elimination on disposals |
| 1461 | Capital: ICT Additions | 1460.01 | Computer equipment additions at cost |
| 1462 | Capital: ICT Disposals | 1460.02 | Computer equipment assets cost of disposals |
| 1471 | Depreciation: ICT Current Year | 1470.01 | Computer equipment depreciation charge for period |
| 1472 | Depreciation: ICT Disposal | 1470.02 | Computer equipment depreciation on disposal |
| 1481 | Capital: Other Additions | 1480.01 | Other additions at cost |
| 1482 | Capital: Other Disposals | 1480.02 | Other cost of disposals |
| 1491 | Accumulated Depreciation Other Current Year | 1490.01 | Other depreciation charge for period |
| 1492 | Accumulated Depreciation Other Disposals | 1490.02 | Other depreciation elimination on disposal |
| 5111 | COVID Replacement Cleaner Hours Expense | 5113 | COVID Replacement Cleaner Hours Expense |
| 3288 | COVID Capitation for Cleaning and PPE Grant | 3281 | COVID Capitation PPE Grant |
New codes
As per the FSSU guidelines, 51 new nominal codes have been introduced in Bright Accounts Production. You can view the newly added nominal codes from Nominal Ledger > Trial Balance.
Following are the 51 newly added nominal codes in Bright Accounts Production.
| CODE | DESCRIPTION |
| 1425 | Capital: Covid Minor Works Fixtures, Fittings and Equipment Cost B/Fwd |
| 1426 | Capital: Covid Minor Works Fixtures, Fittings and Equipment Additions |
| 1427 | Capital: Covid Minor Works Fixtures, Fittings and Equipment Disposals |
| 1435 | Accumulated Depreciation: Covid Minor Works Fixtures, Fittings and Equipment B/Fwd |
| 1436 | Depreciation: Covid Minor Works Fixtures, Fittings and Equipment Current Year |
| 1437 | Depreciation: Covid Minor Works Fixtures, Fittings and Equipment Disposal |
| 1465 | Capital: Covid Minor Works ICT Cost B/Fwd |
| 1466 | Capital: Covid Minor Works ICT Additions |
| 1467 | Capital: Covid Minor Works ICT Disposals |
| 1475 | Accumulated Depreciation: Covid Minor Works ICT B/Fwd |
| 1476 | Depreciation: Covid Minor Works ICT Current Year |
| 1477 | Depreciation: Covid Minor Works ICT Disposals |
| 1705 | Debtors |
| 2161 | School Library Books Capital Grant Unspent |
| 2162 | Early Start Scheme Materials/Equipment/Parental Development Unspent |
| 2179 | Digital Divide Grant Unspent |
| 2186 | COVID Capitation for Cleaning and PPE Grant Unspent |
| 2240 | PRSA Control Account |
| 3021 | Early Start Scheme Materials/Equipment/Parental Development Grant |
| 3022 | Early Start Scheme Capitation |
| 3155 | School Library Books Capital Grant |
| 3171 | Irish and Bilingual School Grant |
| 3225 | Amortisation of DE Equipment Grants |
| 3226 | Amortisation of DE ICT Grants |
| 3227 | Amortisation of Other DE Grants |
| 3380 | Student Photocopying Income |
| 3395 | Practical Subjects Income |
| 3460 | Career Guidance Income |
| 3545 | Summer Camps Income |
| 3905 | Covid Minor Works Capital Grant Income |
| 3907 | Capital Donations Income |
| 3941 | Covid Minor Works Building Expense |
| 3992 | Capital Donations Building Expense |
| 4181 | Canteen Salaries Expense |
| 4191 | Summer Camps Salaries Expense |
| 4198 | Other Educational Salaries Expense |
| 4199 | HSE Funded Salaries Expense |
| 4311 | Early Start Scheme Materials/Equipment/Parental Development Expenses |
| 4315 | Student Photocopying Expenses |
| 4420 | Computer Maintenance & Support Expense |
| 4635 | Student Wellbeing Expense |
| 4641 | School Library Books Capital Grant Expense |
| 4908 | Other Summer Camps Expense |
| 4909 | Other Summer Provision Expense |
| 4927 | School Arts and Crafts Expense |
| 4928 | Other HSE Expense |
| 5175 | Other Cleaning and Sanitation Expense |
| 5553 | Rent of DE Funded Sports Hall Expenses (C&C only) |
| 5611 | Water Rates Expense |
| 5806 | COVID Capitation for Cleaning (Non Wages) and PPE Grant Expense |
| 6870 | Sports Complex DE Grant Transfer |
New Balance Sheet Page
A new Balance Sheet page is introduced in the School template 1.1 produced accounts as per the FSSU guidelines.