If a client losses a legal case, how should the award against them be shown in the Profit and Loss Account?

Question: I am preparing financial statements for a client who lost a legal case arising from his work during the financial year and there was an award of €XXXk against them. As the judgement is not being appealed I will need to accrue this amount in the balance sheet but how should I present it in […]

If a company breaches the small company threshold for one year, must it be audited?

No as the company must have breached the threshold for two consecutive years (bullet point 4 below). S.358 Companies Act 2014 sets out that a company qualifies for audit exemption if it fulfils at least two of the three qualifying conditions listed below as a small company under the Act: In relation to its first […]

If a company has already gone through a Section 343 Application can they apply again?

If a company is Irish incorporated but is centrally managed and controlled outside the state and is not Irish tax resident does it continue to have to file annual returns with the CRO?

Question Our client has engaged tax advisors in NZ, and they have advised us that the easiest way for them to progress in NZ is that we prepare financial statements up to December 2020 and file 2020 CT1 with Revenue here in respect of same. They are proposing that we keep the company status alive […]

If all companies with a group of companies will meet the annual return date (ARD) for the current financial year but all of the companies did not meet the ARD in preceding financial period, can the group claim small group audit exemption under S.359

No. The ARD date for all companies must have been met as required by S.343 Companies Act 2014 for the current financial year and the preceding financial year (S.364(2)(3)(4)).

If an audit committee has been set up under S.167 and the independent non-executive director appointed is a previous employee with a small shareholding, does this comply with the requirements of S.167?

Question We have a group which are required to have an Audit Committee under Section 167 of the Companies Act 2014. The Group decided to establish an Audit Committee. The group, in an attempt to fulfil Section 167 (4) – appointed a Non-Executive Director [Mr A] who was considered to be independent (all other members […]

If an audit committee has been set up under S.167 and the independent non-executive director appointed is a previous employee with a small shareholding, does this comply with the requirements of S.167?

Question We have a group which are required to have an Audit Committee under Section 167 of the Companies Act 2014. The Group decided to establish an Audit Committee. The group, in an attempt to fulfil Section 167 (4) – appointed a Non-Executive Director [Mr A] who was considered to be independent (all other members […]

If an EFA is filing B1 and financials is the ‘Overall Certificate For Financial Statements’ required if we have a wet ink signed copy of the financials? Can these be uploaded instead of a typed signature and director cert?

Question: If an EFA is filing B1 and financials is the ‘Overall Certificate For Financial Statements’ required if we have a wet ink signed copy of the financials? Can these be uploaded instead of a typed signature and director cert? Answer: Where you sign a B1 as an EFA, you need to file an overall […]

If an ULC has a limited subsidiary or an unlimited subsidiary, can you please advise on the necessary filings with the CRO?

Section 1274 of Companies Act 2014 states that for an ULC, other than a Designated ULC, the financial statements of the company do not need to be filed with the CRO. A ULC that is a parent of any an undertaking which was at that time limited is considered a designated ULC as stated by […]

If an ULC has a limited subsidiary or an unlimited subsidiary, can you please advise on the necessary filings with the CRO?

Section 1274 of Companies Act 2014 states that for an ULC, other than a Designated ULC, the financial statements of the company do not need to be filed with the CRO. A ULC that is a parent of any an undertaking which was at that time limited is considered a designated ULC as stated by […]

If an unlimited company (a ULC) is a wholly owned subsidiary of a limited company what must it file?

The below response relates to companies with periods beginning on or after 1 January 2017. From that date Companies (Accounting) Act 2017 is mandatorily applicable. Even if a company early adopts certain Sections as permitted in Section 14 of Companies (Accounting) Act 2017 the company is not required or permitted to early adopt the change […]

If an unlimited company (a ULC) is a wholly owned subsidiary of a limited company what must it file?

The below response relates to companies with periods beginning on or after 1 January 2017. From that date Companies (Accounting) Act 2017 is mandatorily applicable. Even if a company early adopts certain Sections as permitted in Section 14 of Companies (Accounting) Act 2017 the company is not required or permitted to early adopt the change […]

If an unlimited company (which is at least part owned by a natural person as opposed to a company) is audit exempt what does it file with the CRO?

The below response relates to companies with periods beginning on or after 1 January 2017. From that date Companies (Accounting) Act 2017 is mandatorily applicable. Even if a company early adopts certain Sections as permitted in Section 14 of Companies (Accounting) Act 2017 the company is not required or permitted to early adopt the change […]

If an unlimited company (which is at least part owned by a natural person as opposed to a company) is audit exempt what does it file with the CRO?

The below response relates to companies with periods beginning on or after 1 January 2017. From that date Companies (Accounting) Act 2017 is mandatorily applicable. Even if a company early adopts certain Sections as permitted in Section 14 of Companies (Accounting) Act 2017 the company is not required or permitted to early adopt the change […]

If an unlimited company (which is at least part owned by a natural person as opposed to a company) requires an audit what does it file with the CRO?

The below response relates to companies with periods beginning on or after 1 January 2017. From that date Companies (Accounting) Act 2017 is mandatorily applicable. Even if a company early adopts certain Sections as permitted in Section 14 of Companies (Accounting) Act 2017 the company is not required or permitted to early adopt the change […]

If an unlimited company (which is at least part owned by a natural person as opposed to a company) requires an audit what does it file with the CRO?

The below response relates to companies with periods beginning on or after 1 January 2017. From that date Companies (Accounting) Act 2017 is mandatorily applicable. Even if a company early adopts certain Sections as permitted in Section 14 of Companies (Accounting) Act 2017 the company is not required or permitted to early adopt the change […]