Subsequent event reporting; what is it and why is it an important consideration in the preparation of your company’s financial statements? It is the responsibility of the Directors to consider if any significant events occurred after the balance sheet date and before the date of signing the financial statements. Where a significant event has occurred, [...]
Holidays and longer days mean our routine can get thrown during the summer months. Suddenly, September arrives and the income tax return deadline in October starts to creep up. Here are a few small tips to take the stress out of getting your income tax return completed: 1. Check list: Make a check list for [...]
As the preliminary income tax deadline for the 2018 year approaches, many business owners operating as sole traders may be facing large or increasing income tax liabilities. With a view to managing this liability, one possible solution could be to establish a company. Reduced Tax Rate of 12.5% on Profits The main attraction for business [...]
As the new school year commences for students around the country let’s take a moment to reflect on Summer 2018. The temperature rises While the temperatures rose across the country those operating in hospitality, food & beverage industry saw a boost to customer numbers and with it turnover. There was an increase in the number [...]
Recently, I discussed risk assessment in business, its importance and how to carry it out effectively. However, once a business has completed a risk assessment and risks have been identified, a plan is required to put controls in place to mitigate these risks. A strong control environment is vital to the long-term survival of a [...]
Assessing risk is an important component of any business regardless of size. This involves looking at micro and macro factors that may adversely affect a business. While it is necessary to take some risks in business, it is essential to identify and distinguish those that are likely to bring reward and the risks that require [...]
For many medium sized, family owned, entrepreneurial businesses the time invested by owners and management can be on the operational matters. The day to day challenges that come with running a successful business, building relationships with customers, securing reliable and efficient supply chain, fine tuning and stream lining operational processes can be very time consuming. [...]
The much-awaited Companies (Accounting) Act 2017 (CA 2017) was passed into law in June 2017, making FRS105 and FRS102 1A available to Irish companies for the first time. Companies can elect to early adopt FRS105 for accounting periods commencing on, or after 1 January 2017. A company qualifies as a micro entity where it falls [...]
The European Financial Forum was held in Dublin last week, with a top line up of speakers including senior executives such as Colm Kelleher President of Morgan Stanley, BlackRock’s Jim Barry and European Central Bank (ECB) board member Benoit Coeure. A broad range of topics were covered including rising interest rate, what is expected in [...]