Russell Brennan Keane and Bank of Ireland Business Banking came together last Wednesday 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.
Audit partner with Russell Brennan Keane, Cathal Melia, 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, Mr Melia 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.
Ms Sweeney welcomed the focus which the New Companies Act brings to private companies which represent 95 per cent of Irish companies and the legislation now more appropriately reflects this landscape.
In commenting on the proposed new ‘Knowledge Box’, Ms Murphy acknowledged that a new approach was required in order to incentivise innovation in the Irish economy.
Regional business manager for Bank of Ireland North West, Brian Carey, said, “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.
“CFOs 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.”
Speakers at the Russell Brennan Keane business event were L to R: Fiona Murphy, Taxation Director, Russell Brennan Keane; Cathal Melia, Audit Partner, Russell Brennan Keane; Michael Lauhoff, Head of Business Banking Growth, Bank of Ireland and Catherine Sweeney, Corporate Compliance Manager, Russell Brennan Keane.
Photo: Harrison Media