This release comprises of the following compliance changes in November 2023.

Ireland - Limited Liability Partnership (LLP) FRS105 format Introduction

We have introduced a new compliance format for LLP Micro-entity (FRS 105) to enable reporting for micro-entity accounts under the FRS 105 standard. These accounts are only required to make a limited number of disclosures within the notes.

To qualify as a Micro-entity and prepare accounts under FRS 105, Limited Liability Partnerships must satisfy at least TWO of the following conditions for two consecutive years:

• Turnover €700,000 or less
• Balance sheet total €350,000 or less
• Average Number of employees 10 or less

[See Companies Act 2014 Sections 280D and 280E for specific details].

To produce FRS 105 accounts, verify if the Country of Incorporation is selected as Republic of Ireland and the LLP Reporting Size is Small under Compliance Database > Client Details > Key Information. Then select the Follow FRS 105? option under Compliance Database > Legislation, Compliance and Disclosure > Accounting Options. 

Optional

To view the Members' Report in the FRS 105 based produced accounts, select Show the Members' Report in FRS 105 accounts? option under Compliance Database > Legislation, Compliance and Disclosure > Disclosure.

To view the Statement of Members' Responsibilities in respect of the Members’ Report and the Financial Statements in the FRS 105 based produced accounts, select Show the Members' responsibilities in FRS 105 accounts? option under Compliance Database > Legislation, Compliance and Disclosure > Disclosure.

The notes declared under Notes to the Accounts > Other Note Information can be customised as per requirements.

Charity 1.1 Template Amendment

We have introduced a change in the Notes to the Financial Statements section of the Charity 1.1 template, in the Abridged Accounts. This change is applicable only for Small-sized companies for both UK and Republic of Ireland entities.

Notes to the Abridged Financial Statements

We have introduced an optional Compliance Database code to show the cash and cash equivalents note in the Notes to the Abridged Financial Statements section of the produced Abridged accounts. To show the cash and cash equivalents note, select the Show the cash and cash equivalents note in abridged accounts? option under Compliance Database > Legislation, Compliance and Disclosure > Disclosure.

The Notes to the Abridged Financial Statements section of the produced Abridged accounts will show the cash and cash equivalents note.

Malta Template Introduction

The newly introduced “Malta” Company format in Bright Accounts Production will produce a set of accounts in accordance with the GAPSME law/regulations and standard accounting parameters.

Applicability of GAPSME for Company template

GAPSME applies to financial reporting periods commencing on or after 1 January 2016. It may be adopted by all small- and medium-sized entities, with the exception of Public Interest Entities (PIEs) as defined by the Accountancy Profession Act, as long as they satisfy two out of three of the following size criteria: