This release comprises of the following compliance change in November 2024.
UK - Charity - Updated iXBRL FRC Taxonomy
In accordance with the latest taxonomies released by the Financial Reporting Council (FRC) and adopted by HMRC and Companies House, BrightAccountsProduction has implemented the FRC 2024 taxonomies under Charity Version 1.1. These taxonomies are applicable to HMRC and Companies House, facilitating the submission of iXBRL accounts to the relevant authorities.
Republic of Ireland - Sole Trader - Accountant's Report
We have introduced a new Compliance Database option Show ISRS 4410 (Revised) Technical Statement Reference in the Accountant's Report?. This Compliance Database option will be available on or after January 1, 2023, and will allow users to view references to the International Standard on Related Services 4410 (Revised) in the Accountant’s Report for the ICAI or CAI professional bodies. This change is only applicable for the Republic of Ireland entities.
Prerequisites for enabling this Compliance Database option:
- Ensure the following options are unchecked under Client Details > Key Information:
- Audit required under Investment Intermediaries Act 1995?
- Audit report for unincorporated entities required?
- Navigate to Compliance Database > Client Details > Auditors/Accountants, and select one of the following from the Name of Professional Body drop-down list:
- Institute of Chartered Accountants in Ireland, or
- Chartered Accountants Ireland
- Go to Compliance Database > Dates and Disclosure Options > Accounts Disclosure Parameters, and select the Show ISRS 4410 (Revised) Technical Statement Reference in the Accountant's Report? option to enable the ISRS 4410 (Revised) references in the Accountant's Report for ICAI/CAI professional bodies.
For the CPA professional body, client accounts produced after January 1, 2023, will automatically display the ISRS 4410 (Revised) references by default.
The produced accounts will include the ISRS 4410 (Revised) references in the Accountant's Report sections for both CAI/ICAI and CPA.
Republic of Ireland - Farmer - Accountant's Report
We have introduced a new Compliance Database option Show ISRS 4410 (Revised) Technical Statement Reference in the Accountant's Report?. This Compliance Database option will be available on or after January 1, 2023, and will allow users to view references to the International Standard on Related Services 4410 (Revised) in the Accountant’s Report for the ICAI or CAI professional bodies. This change is only applicable for the Republic of Ireland entities.
Prerequisites for enabling this Compliance Database option:
- Ensure the following options are unchecked under Client Details > Key Information:
- Audit required under Investment Intermediaries Act 1995?
- Navigate to Compliance Database > Client Details > Auditors/Accountants, and select one of the following from the Name of Professional Body drop-down list:
- Institute of Chartered Accountants in Ireland, or
- Chartered Accountants Ireland
- Go to Compliance Database > Dates and Disclosure Options > Accounts Disclosure Parameters, and select the Show ISRS 4410 (Revised) Technical Statement Reference in the Accountant's Report? option to enable the ISRS 4410 (Revised) references in the Accountant's Report for ICAI/CAI professional bodies.
For the CPA professional body, client accounts produced after January 1, 2023, will automatically display the ISRS 4410 (Revised) references by default.
The produced accounts will include the ISRS 4410 (Revised) references in the Accountant's Report sections for both CAI/ICAI and CPA.
Presentational Changes
A series of presentational changes have been implemented to the Produced Accounts of the Farmer template which are listed below:
- The term Unaudited is added in the cover page of the produced accounts for unaudited accounts.
- A new Compliance Database option Show the word ‘Unaudited’ next to the Profit & Loss and Balance Sheet pages in the financial statement? is introduced under Disclosure and Dates > Accounts Disclosure Parameters to view the term Unaudited in the Balance Sheet and Profit and Loss Account.
- A new Compliance Database option Show Principal Activity? is introduced under Disclosure and Dates > Accounts Disclosure Parameters to view the Principal Activity section in the produced accounts. Once you select this option, you will be able to input the related text on Principal Activity in a text box below the option. This text can be added and modified as per your requirements.
- A new Compliance Database option General Information - Currency is introduced under Accounting Policies. Select the General Information - Currency option to modify the text on Currency. By default, a text will be provided which can be modified as per your requirements.
- A new piece of text is introduced for the Depreciation section of the produced accounts under Accounting Policies > Depreciation. By default, a text will be provided in the Further text on depreciation textbox, which can be modified as per your requirements.
- The note under the heading Approval of Accounts in the Notes to the Financial Statements of the produced accounts is now modified. To view the Approval of Accounts note, ensure to select the Compliance Database option Produce Notes to the Financial Statements? and uncheck Remove approval note from the financial statements? under Disclosure and Dates > Accounts Disclosure Parameters.
Ireland - School - Introduction of FSSU Standardized Nominal Codes
We have introduced a set of new nominal codes in the Chart of Accounts to match the latest FSSU standard for the School template.
| Nominal Code | Description |
| 3151 | Free Schoolbook Grant |
| 3152 | Free Schoolbook Admin Grant |
| 3289 | Once-Off Cost of Living Grant |
| 3511 | Bus Hire for Other Income |
| 4113 | Free Schoolbook Admin Salaries Expense |
| 4731 | Primary Free Schoolbook Grant Expense |
| 4929 | Other State Funding Expense |
| 2173 |
Other Capital Ringfenced Grants/Income Unspent |
Additionally, the descriptions of several existing Nominal Codes are now updated and listed below.
| Nominal Code | Description - Current | Description - Previous |
| 3021 | Early Start Programme Materials/Equipment/Parental Involvement Grant Income | Early Start Scheme Materials/Equipment/Parental Development Grant |
| 3150 | Book Grant Senior Cycle Income | Book Grant Income |
| 3296 | DSP School Meals Grant | DEASP School Meals Grant |
| 3335 | Classroom Books/Resources Income | Classroom Books Income |
| 3510 | Bus Hire for Games Income | Bus Income |
| 3580 | Discounts/Rebates | Discounts Given |
| 4311 | Early Start Programme Materials/Equipment/Parental Involvement Expenses | Early Start Scheme Materials/Equipment/Parental Development Expenses |
| 4671 | Bus Hire for Games Expense | Travel Games Expense |
| 4690 | Bus Hire Other Expense | Bus Hire Expense |
| 4815 | School Excellence Fund Expense | School Excellence Fund- Step up Project Expense |
| 1803 | DSP School Meal Bank Account | DEASP School Meal Bank Account |
| 2162 | Early Start Programme Materials/Equipment/Parental Involvement Grant Unspent | Early Start Scheme Materials/Equipment/Parental Development Unspent |
| 2171 | Other Non-Capital Ringfenced Grants Unspent | Other Ringfenced Grants Unspent |
| 2172 | Other Non-Capital Ringfenced Income Unspent | Other Ringfenced income Unspent |
| 3960 | Capital Land/Building Fundraising Expense | Capital Building Fund Raising Expense |
| 3995 | Land/Building Fund Account | Building Fund Account |
Northern Ireland - Club - Accounts Format Introduction
We are delighted to introduce a new Northern Ireland Club format designed to streamline the implementation of Clubs (Accounts) Regulations 2022 within the Club template. This update will classify accounts into three categories; small, medium, and large. Please note that this change applies exclusively to the entities in Northern Ireland. The table below outlines the key changes.
| Size of Club Entity | Exempt from Applying Accruals Accounts? | Subject to Independent Examination? | Audit Report Required? |
|---|---|---|---|
| Small Accounts | ✔ Receipts and Payments and Assets and Liabilities accounts generated | ✔ Subject to Independent Examination | Either Subject to Independent Examination or Audit Report Required |
| Medium Accounts | ✘ Receipts and Payments and Assets and Liabilities accounts generated | ✔ Subject to Independent Examination | Optional (Accountant’s Report or Audit Report) |
| Large Accounts | ✘ Receipts and Payments and Assets and Liabilities accounts generated | ✘ Subject to Independent Examination | ✔ Audit Report Required |