In today’s blog we will be discussing on the incremental improvements and clarifications of the FRS102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland which will impact the financial statements. – The Financial Reporting Council (FRC) conducts periodic review every four to five years to allow time for experience of the…
Read MoreAs 2023 comes to a close and we look towards 2024, it’s essential to get our financial affairs in order. This goes beyond reviewing past performances; it’s about strategically preparing for what lies ahead. Here, we discuss key strategies and tips for year-end financial preparation, focusing on the importance of comprehensive financial projections. 1.…
Read MoreCryptocurrencies relate to digital money and are also known as digital or virtual currencies. Cryptocurrency was invented in the 21st century and the use of cryptocurrency, Bitcoin, began in 2009. This has allowed the world to make transactions electronically in a similar way to standard currencies that use physical cash. When comparing cryptocurrency to standard…
Read MoreNon-current assets are measured in the financial statements at either cost or revalued amounts. FRS102 Section 27 Impairment of Assets requires an entity to measure the assets at no more than their recoverable amount (i.e., the higher of the fair value less cost to sell or value in use). The difference between the recoverable amount…
Read MoreIn today’s blog we are going to be discussing about artificial intelligence (AI) and its benefits and disadvantages in auditing. For this we will be looking at key points on how AI can enhance the audit process and the impact the use of AI has on the business world that surrounds us. . The use…
Read MoreWritten by : Aiman Roslan . Welcome back to our ‘What We Do’ series. This week, the topic we’re examining is Making Sense of Financial Ratios. We will be looking at how financial ratios assist businesses in forming well informed decisions and the importance for businesses to identify key risk areas using financial ratios. .…
Read MoreCooney Carey is an independent chartered accountancy, taxation and business advisory practice. When you need an advisor that always has your back and can bring clarity to even the most complex scenarios, Cooney Carey is here to help – both in business and as an individual – to make better decisions. Our partners and management…
Read MoreIn today’s blog we are going to be discussing about green audit and its benefits in the audit process. For this to be achieve we will be looking at key points on how green audit can be implemented and enhance an entity’s strategies and results. A green audit, often referred to as an environmental audit…
Read MoreThe difference between FRS102 and FRS 102 Section 1A, is that with FRS102 Section 1A there are fewer disclosures and primary statements are required compared to FRS 102. With FRS102 there are more tasks and additional items to be completed. The following are a few examples of the differences between the two: 1. Primary statement…
Read MoreWhat is deferred tax? Deferred tax relates to overpaid or owed tax due to temporary timing differences. This can result in an asset or a liability. There can only be either deferred tax liability or deferred tax asset included on a company’s balance sheet, there cannot be both. It depends on whether tax has been…
Read More