Bright Accounts Production comprises of the following compliance changes in March, 2023.

Charity Template Amendments

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

Reference and Administrative Information

• The term “Company Number” is now replaced with “Company Registration Number”.
• The term “Bankers” is now replaced with “Principal Bankers”.

Trustees' Annual Report

Financial Results

• The term "charity has assets" is now modified to "charity had gross assets".
• The term "liabilities" is now replaced with " gross liabilities".

Trustees Responsibilities Statement

• The paragraph commencing "The trustees, who are also directors" is modified.
• The bullet points listed under the paragraph commencing "In preparing these financial statements" are modified.

Independent Auditor's Report

A number of presentational changes have been made to the Independent Auditor's Report section of the produced accounts.

Opinion

• The term "('the Charity')" is added to the paragraph commencing "We have audited the financial statements".
• The second bullet point of the paragraph commencing "In our opinion the financial statements:" is modified.

Basis for opinion

The content of the paragraph under this section is modified and divided into three paragraphs.

Opinions on other matters prescribed by the Companies Act 2014

The content under this section is modified.

Matters on which we are required to report by exception

The term "company" located at the last line of the paragraph is now replaced with "charity".

Responsibilities of trustees for the financial statements

• The term "if applicable" is now replaced with "as applicable" in the paragraph commencing "In preparing the financial statements".
• The term "management" is now replaced with "they" in the paragraph commencing "In preparing the financial statements".
• The term "intends" is now replaced with "intend" in the paragraph commencing "In preparing the financial statements".
• The term "or has no realistic alternative" is now replaced with "or have no realistic alternative" in the paragraph commencing "In preparing the financial statements".

Auditor's responsibilities for the audit of the financial statements

• The term "aggregate " is now replaced with "the aggregate" in the paragraph commencing "Our objectives are to obtain ".
• A new paragraph is added to this section after the paragraph commencing "Our objectives are to obtain".
  

Statement of Financial Activities

• The term "Total <relevant accounts year>" is now replaced with "Total Funds <relevant accounts year>".
• The term "Total <relevant accounts year>" is now replaced with "Total Funds <relevant accounts year>".
• A space is inserted in-between "Net income/(expenditure)" and "Transfers between funds".
  
• The term "Balances brought forward at <relevant accounts date>" is now replaced with "Total funds beginning of the year".
• The term "Balances carried forward at <relevant accounts date>" is now replaced with "Total funds at the end of the year".
  

Balance Sheet

• The relevant note number is now inserted for the "Cash and cash equivalents" field.
• The term "Net Assets" is now replaced with "Total Net Assets".
• The term "Restricted trust funds" is now replaced with "Restricted funds".
• The term "Unrestricted designated funds" is now replaced with "Designated funds (Unrestricted)".
  

Statement of Cash Flows

• The term "Receipts from sales of tangible assets" is now replaced with "Receipts from disposal of tangible assets".
• The term "Cash and cash equivalents at <relevant accounts date>" is now replaced with "Cash and cash equivalents at the beginning of the year".
• The term "Cash and cash equivalents at <relevant accounts date>" is now replaced with "Cash and cash equivalents at the end of the year".
  

Notes to the Financial Statements

Bright Accounts Production now provides you with a set of new Compliance Database codes to view three additional set of notes applicable for State Funding 1 to State Funding 10. To view these additional notes, select Show note 1, Show note 2 and Show note 3 options under State Funds.

The Notes to the Financial Statements section of the produced accounts will show three additional notes.

Republic of Ireland Company 1.3 Template Amendments

A series of changes have been implemented to Bright Accounts Production in different sections of the of the Company 1.3 template. This changes are applicable only for the Republic of Ireland entities.

Directors' Responsibility Statements

Bright Accounts Production now provides you with an optional Compliance Database code to hide the  signatory details from the produced accounts, in the Directors' Responsibility Statements . To hide the signatory details from the produced accounts, select the Remove the signatory details from Directors' Responsibility Statements? option under Legislation, Compliance and Disclosure > Dates & Signing. This is only applicable for FRS 102.

The signatory details in the  Directors' Responsibility Statements section of the produced accounts will remain hidden.

Accountants' Report

Prerequisite

To view the Accountants' Report in the produced accounts, select Audit exempt company? option under  Client Details > Key Information in the Compliance Database.

• The term "the Compilation of" is added in the header section.
• The term "compiled" is added in the first paragraph of this section. 
• A page reference along with page number is inserted in the first paragraph of this section.
• The term "the related" is added in the first paragraph of this section.
• A new paragraph is added after the first paragraph of this section.
• The paragraph commencing "This report is made solely" is now modified.
• A company name reference is added in the paragraph commencing "This report is made solely".
• The set of terms "the Institute of" is added before the terms "Chartered Accountants" present in the first line of the paragraph commencing "We have carried out this engagement".
• The set of terms "the Institute of" is added before the terms "Chartered Accountants" present in the second line of the paragraph commencing "We have carried out this engagement".
• The term "in" is added after the terms "Chartered Accountants" present in the first line of the paragraph commencing "We have carried out this engagement".
• The term "in" is added after the terms "Chartered Accountants" present in the second line of the paragraph commencing "We have carried out this engagement".
• The set of terms "You have acknowledged on the balance sheet for the year ended <relevant date>" is added at the beginning of the paragraph after the paragraph commencing "We have carried out this engagement".
• The term "Chartered Accountants" is added in the signatory details.

Republic of Ireland Sole Trader Template Amendments

A series of changes have been implemented to Bright Accounts Production in the Accountants' Report of the of the Sole Trader template. This changes are applicable only for the Republic of Ireland entities.

Prerequisite

To view the Accountants' Report in the produced accounts, remove selection from  Audit required under Investment Intermediaries Act 1995? option under  Client Details > Key Information in the Compliance Database.

• The set of terms "the Institute of" is added before the terms "Chartered Accountants" present in the paragraph commencing "We have carried out this engagement".
• The term "in" is added after the terms "Chartered Accountants" present in the paragraph commencing "We have carried out this engagement".
• The set of terms "the Rules of Professional Conduct and the" is added in the paragraph commencing "We have carried out this engagement".