Following pressure from Europe the Financial Reporting Council (FRC) published a new standard, FRS 105 - The Financial Reporting Standard applicable to the Micro-entities Regime for use by those micro-entities choosing to adopt this simpler regime. This new standard is applicable for companies with accounting periods commencing on or after 1 January 2016 with the option for earlier adoption.Read More
Pearse Trust Blog
In the normal course of business, a company will be required to issue and execute many documents throughout its lifetime.
From 1 April 2014, changes to the financial reporting legislation for New Zealand companies means that most SMEs are no longer required to prepare General Purpose Financial Reports (“GPFRs”) for the Inland Revenue Department (“IRD”).
Requirement To Prepare Financial Statements
Under the current rules, all active small and medium-sized companies registered under the Companies Act 1993 in New Zealand, are required to prepare general purpose financial statements within five months of the end of each accounting period, in accordance with New Zealand Generally Accepted Accounting Principles. There is no requirement to file these financial statements at the Companies Office or with any other authority, provided that the company is neither a large company, a subsidiary of an overseas company or does not offer its shares to the public by prospectus.
This material is intended to give the reader an overview on the up-coming changes to the UK/IRL GAAP (Generally Accepted Accounting Principles).
This material is provided in order to give the reader a general update and reminder of the more important tax filing and payment deadlines under the Irish self-assessment tax system.
UK Business Secretary, Vince Cable, has announced that over 100,000 companies in the UK may save millions of pounds in administration and accountancy costs through a reduction in auditing and financial reporting requirements.
All Irish Companies are required to have their financial statements audited, except where they meet the criteria for, and actually claim, the audit exemption.