This release comprises of the following compliance changes in September 2024.
Company 1.4 Template Amendment
iXBRL Submission in new Taxonomy
In accordance with the new taxonomies published by the Financial Reporting Council (FRC) and adopted by HMRC, Companies House, and Revenue, BrightAccountsProduction has implemented FRC 2023 taxonomies under company version 1.4. These taxonomies apply to HMRC and Companies House (UK Accounts) as well as Revenue (ROI Accounts) for periods commencing on or after January 1, 2023. This implementation facilitates the submission of iXBRL accounts to the relevant authorities.
Revenue has recommended adopting the FRS 102 Irish Extension 2019 for periods commencing on or after January 1, 2019, but before January 1, 2023. Therefore, Bright Accounts Production company version 1.3 should be selected to enable the submission of iXBRL accounts to the revenue authorities.
Company 1.3 & 1.4 Template Amendments
Directors' Report
For Group company, the term "the company" is now replaced with term "the group" under the Financial Results and Results and Dividends headings.
Show Adjusted Profit Computation in Produced Accounts
For FRS105
We have introduced a new Compliance Database option to show the Adjusted Profit Computation under Produce Accounts. To generate the Adjusted Profit Computation for FRS105 under Produce Accounts,
- Under Compliance Database > Legislation, Compliance and Disclosure > Accounting Options, select Follow FRS105.
- Select Show Adjusted Profit Computations under Produce Accounts? option under Compliance Database > Other Information > Adjusted Profit Computation > Add Backs.
The Produce Accounts section will display the Adjusted Profit Computation.
Accountant's Report
New International Standard on Related Services 4410 (Revised) references have been introduced in Accountant's report and same will take effect for Accountant's Reports issued on or after 1 June 2024 which means before 1st June 2024, previous Miscellaneous Technical Statement - M14 (Revised) will be applicable. This change is only applicable for Republic of Ireland entities.
The ICAI and CPA sections of the Accountant's Report is rephrased as per the introduction of the ISRS 4410 references. The Compliance Database option Audit exempt company? must be checked under Client Details > Key Information.
- Under Compliance Database > Client Details > Auditors/Accountants, select the Institute of Certified Public Accountants in Ireland from the Name of Professional Body drop-down list.
or,
- Under Compliance Database > Client Details > Auditors/Accountants, select the Institute of Chartered Accountants Ireland from the Name of Professional Body drop-down list.
The Produced Accounts will display the relevant rephrased CAI or CPA sections of the Accountant's Report.
LLP Template Amendments (ROI)
Non-audited Letters of Engagement and Representation in the Documentation Pack
We have introduced the non-audited versions of the letter of engagement and letter of representation in the Documentation Pack for the LLP template ROI region. The Compliance Database option Audit exempt company? must be checked under Client Details > Key Information.
- To view the non-audited versions of the letter of engagement in the Documentation Pack, select Show Engagement Letter? under Documentation Pack > Engagement Letter. You can modify all the sections of the letter as per requirement.
- To view the non-audited versions of the letter of representation in the Documentation Pack, select Show Representation Letter? under Documentation Pack > Representation Letter. You can modify all the sections of the letter as per requirement.
The Documentation Pack module will view the non-audited versions of the Engagement Letter and the Representation Letter.