Russell Brennan Keane and Bank of Ireland Business Banking came together last Wednesday, 10th June to update senior executives in the Midlands business community on significant changes happening in the legal and banking landscape which will impact on all businesses.
Brian Carey, Regional Business Manager for Bank of Ireland North West commented "We are delighted to be involved in presentations such as this with RBK which provide Bank of Ireland with the opportunity to share our own insights with the accountancy community on what we see happening. CFO's and accountants play a key role in our interactions with customers and sharing with them that the Bank of Ireland is open for business, providing our perspective on transactions and showing some of the initiatives we are taking to better understand their business through our employment of Sectoral Experts is key to developing long term, value adding relationships with existing and prospective clients of the Bank."
Cathal Melia, Audit Partner with Russell Brennan Keane provided an update on the new Financial Reporting Standards, FRS102 and examined the key differences between old Irish / UK GAAP and FRS102. Addressing the audience, Cathal said "This was the single biggest change in how companies report financial performance for more than a generation and that now is the time to consider the impact on your business."
Catherine Sweeney and Fiona Murphy of Russell Brennan Keane provided updates on the impact of the New Companies Act 2014 and some topical tax incentives.
Catherine Sweeney welcomed the focus which the New Companies Act brings to private companies which represent 95% of Irish companies and the legislation now more appropriately reflects this landscape.
In commenting on the proposed new "Knowledge Box" Fiona Murphy acknowledged that a new approach was required in order to incentivise innovation in the Irish Economy.
With the impending changes happening within the next 12 - 18 months, we would urge you to consider how all this impacts your business and take action accordingly.