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The IRIS Accountancy Suite Autumn release version 21.4.171 includes some vital updates such as an update to the Audit Report and the highly requested enhancement to shared addresses, which means email addresses and telephone numbers are no longer automatically shared as part of the shared address.
In August 2021 the FRC issued a Bulletin for the Illustrative Auditor’s Report, that became effective for accounting periods commencing after 1st February 2020 with filing due after 31st December 2020.
To ensure you remain compliant in this area we have implemented the new prescribed wording for Detecting Irregularities Data Screen section of the Auditors’ Responsibilities for Audit of Financial Statements.
As part of a request from a group of customers we have included a Consultation/ethics review checklist in section 2.2(ii).
As part of this release, we have streamlined the workflow when generating an FPR report. Financial Performance Review or FPR for short is a new IRIS Elements powered report that allows trial balance information for up to 5 periods to be presented in a graphical view.
This latest update
allows the trial balance to flow seamlessly without the need for manually
exporting and uploading. The workflow is all contained within IRIS Accounts
Production to simplify and reduce the time take to view the report. To
gain access to this new report please speak to your account manager.
SmartTax is now
available for all users of IRIS Personal Tax. SmartTax is a live 'real-time'
calculation which will return instant results from the data entered for
the selected client without the need to run any additional reports.
In this release we have made performance improvements to provide results
even faster and resolved the issue of Employment income retrieved from
HMRC not being included in the calculation.
Although the mandation of MTD has been delayed to April 2024, this initiative will inevitably creep up on us and therefore preparation is the key to success.
Updates have been made to the existing digital tax client list (Digital Tax |Digital Tax Client List), to allow users to query client data, to identify which clients will fall within the MTD mandate first.
The new fields added
allow you to identify clients with income above the £10k threshold across
Trade, L&P and Foreign L&P (singularly or accumulatively).
With the release of v21.4, we are introducing changes to the Shared Address feature. When sharing an address between client profiles, only the postal address will be shared.
Telephone and email addresses associated with that address will no longer be shared and remain against the client record. This will only affect addresses shared after the update.