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March 2025

Shinjinee Sarkar
  • Updated

The March  2025 Compliance Release Notes have the below introductions:

UK - Company - Co-operative Societies 

We have recently introduced a new format specifically designed for UK businesses operating as Co-operative Societies. This format, available exclusively under the Company Template, ensures compliance with the Co-operative and Community Benefit Societies Act 2014 by automatically including appropriate section citations throughout the accounts where applicable.

This document outlines the prerequisites, configuration settings, and operational procedures for utilizing this new functionality.

Prerequisites

To utilize this format, the following prerequisites must be met:

  1. UK Business Requirement: This format is exclusively available for UK-based businesses.
  2. Company Template: The format is only available when using the Company Template within Bright Accounts Production.
  3. Financial Reporting Standard: It is strongly recommended to have either Follow FRS 102 or Follow FRS 102 Section A selected in the accounting options. You can navigate to the same through the path Compliance Database > Legislation, Compliance and Disclosure > Accounting Options

Activating the Co-operative Societies Format

To activate the Community Benefit Society format:

  1. Navigate to Compliance Database > Legislation, Compliance and Disclosure > Accounting Options
  2. Locate and check the option: Is this company a co-operative society?
  3. Once this option is checked, the Dates & Signing and Disclosure sections will become accessible

Customizing Signatories

Before producing the accounts, you can customize the list of positions and names required for signatures:

  1. Navigate to Compliance Database > Legislation, Compliance and Disclosure > Dates and Signing
  2. Edit the list of positions and names according to your requirements
  3. Important Requirement: The position of Company Secretary must be included in the list of signatories

Implementation

When properly configured, the system will automatically incorporate appropriate section representations throughout the accounts wherever applicable, ensuring compliance with the Co-operative and Community Benefit Societies Act 2014. This streamlines the account production process for UK Community Benefit Societies while maintaining regulatory compliance.

Ireland - Credit Union - Engagement Letter, Representation Letter, Bank Confirmation Letter and Solicitor's Confirmation Letter in the Documentation Pack

Prerequisites:

  1. Add at least one bank to generate a Bank Confirmation Letter.
  2. Add at least one solicitor to generate a Solicitor's Confirmation Letter (Balance Sheet and Documents of Title).

We have introduced the below letters for this template: 

  1. Engagement Letter: Select Show Audit Engagement Letter under Documentation Pack > Audit Engagement Letter. Modify sections as needed.
  2. Representation Letter: Select Show Audit Representation Letter under Documentation Pack > Audit Representation Letter. Modify sections as needed.
  3. Bank Confirmation Letter: Select Show Audit Bank Confirmation Letter under Documentation Pack > Audit Bank Confirmation Letter. Modify sections as needed.
  4. Solicitor's Confirmation Letter (Balance Sheet): Select Show Audit Letter to Solicitor's Re Balance Sheet under Documentation Pack > Audit Letter to Solicitor's Re Balance Sheet. Modify sections as needed.
  5. Solicitor's Confirmation Letter (Title Deeds): Select Show Audit Letter to Solicitor's Re Documents of Title under Documentation Pack > Audit Letter to Solicitor's Re Documents of Title. Modify sections as needed.

Ireland, UK and Northern Ireland - Company - Accounting & Disclosure Error Analysis Report

We have made additions to the Accounting Error Analysis Report, intended to assist you in addressing accounting and disclosure errors encountered during the preparation of accounts with ease and expertise. Upon completing the accounts, if you encounter any such errors, you will be able to access the Accounting Error Analysis Report in the Produced Accounts section. This report will provide comprehensive guidance, including detailed instructions, underlying equations, and validation rules, to help you resolve these errors effectively.

In the third phase of our release, we have identified and considered the following ten accounting errors. Each error has been thoroughly evaluated with proper formulas to ensure accuracy and reliability before the finalization of books of accounts.

Sl No Accounting & Disclosure Error Note Name  Section
1 Investment Income Notes Error Notes to the Accounts
2 Payables/ Creditors > 1-year Notes Error Notes to the Accounts
3 Deferred Income Notes Error Notes to the Accounts
4 Reserves Notes Error Notes to the Accounts
5 HP and Finance Leases Notes Error Notes to the Accounts

Ireland - Sole Trader - Audited (Engagement Letter, Representation Letter, Bank Confirmation Letter and Solicitor's Confirmation Letter in the Documentation Pack)

Audited Letters:

Prerequisites:

  1. Ensure the Audit required under the Investment Intermediaries Act 1995? and Audit Report for unincorporated entities required? boxes are checked under Compliance Database > Client Details > Key Information.
  2. Add at least one bank to generate a Bank Confirmation Letter.
  3. Add at least one solicitor to generate a Solicitor's Confirmation Letter (Balance Sheet and Documents of Title).

Viewing Audited Letters:

  1. Engagement Letter: Select Show Audit Engagement Letter under Documentation Pack > Audit Engagement Letter. Modify sections as needed.
  2. Representation Letter: Select Show Audit Representation Letter under Documentation Pack > Audit Representation Letter. Modify sections as needed.
  3. Bank Confirmation Letter: Select Show Audit Bank Confirmation Letter under Documentation Pack > Audit Bank Confirmation Letter. Modify sections as needed.
  4. Solicitor's Confirmation Letter (Balance Sheet): Select Show Audit Letter to Solicitor's Re Balance Sheet under Documentation Pack > Audit Letter to Solicitor's Re Balance Sheet. Modify sections as needed.
  5. Solicitor's Confirmation Letter (Documents of Title): Select Show Audit Letter to Solicitor's Re Documents of Title under Documentation Pack > Audit Letter to Solicitor's Re Documents of Title. Modify sections as needed.
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