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Accountants were not quite on the front line during this pandemic, but they were essential to keeping that front line working. During the pandemic the Government recognised the essential service that accountants provided, and accountants were one of the few non-medical professionals that could continue essential travel for their work, even during the highest levels of Covid-19 restrictions. Now that we enter a new phase of the pandemic, the work of accountants becomes even more important. That work involves getting businesses open again, dealing with the compliance issues arising from the various state subsidies and payments, planning the business cash needs and sourcing the necessary cash to re-open businesses. Unfortunately, it also means assisting some businesses that will never reopen.

This newsletter is themed around the recovery of SME business and has contributions from experts in the area of business recovery. The newsletter also covers the technical issues arising at this time including some that are non-pandemic related. If you would like any additional information on any of the matters discussed in this newsletter please contact me at aidan.clifford@accaglobal.com

Accountants now Central to Developing Sustainable Business

Building sustainable businesses is now the most prominent issue for the profession. But it is not just about building a sustainable business, it is also about reporting on that sustainability and providing assurance over that reporting. New requirements from the EU to extend the number of entities required to make sustainable reports and an extension to the nature and scope of those reports have been published. ACCA invites Irish members to contribute to the debate.

Updates on the Small Business Assistance Scheme for Covid (SBASC), the Covid Restrictions Support Scheme (CRSS) and the Micro Enterprise Assistance Scheme

Some of the schemes have been relaunched and the number of businesses that can apply have been extended. See the details here.

Covid-19 Lending Supports

There is a suite of lending products available to support businesses affected by covid-19. A summary of the options is here.

ACCA Professional Insights

ACCA has produced a series of insightful research reports to assist SME and SMPs in their recovery from the pandemic and to assist in a more sustainable recovery.

Covid-19 Disclosure in Financial Statements

Example Covid-19 disclosures for financial statements and audit reports are available here.

Small Company Administrative Rescue Process

The Government has announced a new scheme for rescuing small companies that is modelled on Examinership but designed for small companies.

Insolvency and Business Closure for a Sole Trade

Ceasing an insolvent sole trade can be more difficult that ceasing a business conducted through a limited company. Philip Maher, Director, Financial Advisory with Mazars and Chairman to the ACCA Ireland Committee, looks at some of the issues.

Other Technical Developments

Read about changes to parental leave, anti-money laundering requirements including the new requirements for trusts, and sustainable reporting by large companies.

Money Laundering – New Procedures Required for Designated Persons

A checklist of additional procedures that need to be applied in accounting practices, company services providers and all other designated persons

Irish Accountancy Firms being Targeting Repeatedly by Cyber Criminals

A recent high-profile Irish data breach highlights that a data breach is happening every 39 seconds and it is not just large organisations that are being targeted. Ransom requests of between €10,000 to €30,000 are now quite normal.

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