The Irish Tax Institute (ITI) has officially launched it’s recruitment campaign for a new CEO since the announcement that Mark Redmond will leave the ITI take over as chief executive of the American Chamber of Commerce. PWC have been appointed as the recruitment consultants for the role, further details can be found here.
As of today 3 December 2012, the Insolvency Service of Ireland has announced that new bankruptcy legislation comes into effect.
What you need to know:
- All debts are written off
- You are discharged from bankruptcy after 3 years, previously 12 years
- There is a requirement to contribute towards your debts for up to 5 years
Accountant’s often get asked by clients where exactly their taxes go and on what services. Considering the income tax deadline of 14 November is fast approaching, maybe this was the appropriate time for www.publicpolicy.ie to publish their website with an online application detailing where your hard earned tax euros go.
Link to the online app is here
For accounting periods commencing from 1 October 2012, the format of the Irish audit report has changed. In summary, the revised ISA 700 enables auditors to produce shorter reports by bringing about changes to the “basis of opinion” section which will now be called Scope of the audit’’ and allows three alternatives. The report can:
- cross refer to a ‘‘Statement of the Scope of an Audit’’ that is maintained on the FRC’s web site or
- cross refer to a ‘‘Statement of the Scope of an Audit’’ that is included elsewhere within the Annual Report or
- include a prescribed description of the scope of an audit that is shorter than the previous basis of opinion.
Relevant literature can be found on the FRC website here.