Module
Financial Reporting & Tax Accounting
Financial Reporting & Tax Accounting
Educational material, not professional, tax or legal advice. Figures reflect Irish law as understood when written — check Revenue.ie or a qualified adviser before acting. Not affiliated with or endorsed by any professional body.
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- 01From transaction to financial report
- 02The scope is wider than profit
- 03One report, many questions
- 04Four statements, four views
- 05The five elements tell the story
- 06Who writes the reporting rules?
- 07Governance begins with responsibility
- 08Going concern and the accrual clock
- 09Material, consistent and cautious
- 10Every entry has a second face
- 11Cost, current value and economic substance
- 12Relevant and faithfully represented
- 13Make useful information usable
- 14Evidence enters before numbers move
- 15Follow the customer order
- 16Follow the supplier trail
- 17Keep the equation alive
- 18The ledger moved to the cloud, not beyond control
- 19Useful information has a deadline
- 20Know the account before the side
- 21From first record to journal
- 22Read the narrative, build the journal
- 23Balance, close and carry forward
- 24Record the sale and the purchase
- 25Returns reverse the route; tax follows the supply
- 26A discount is not always the same discount
- 27Cash needs a trail, even when it is small
- 28Inventory closes one period and opens the next
- 29Cost is not price; value is not hope
- 30FIFO lets the oldest cost leave first
- 31Periodic average waits for the period
- 32Continuous average changes after each receipt
- 33Capitalise the resource, expense the consumption
- 34Acquire at cost; remove the asset when control ends
- 35Disposal and part exchange need a bridge
- 36Revaluation changes more than one line
- 37A revalued asset still meets the disposal test
- 38The asset note is a movement story
- 39Depreciation allocates; it does not appraise
- 40Straight line makes time visible
- 41Reducing balance follows the carrying amount
- 42Two accounts show one carrying amount
- 43Revaluation resets the depreciation base
- 44A new estimate changes the road ahead
- 45Intangible does not mean imaginary
- 46Research searches; development builds
- 47Capitalise from the evidence date
- 48Amortisation follows finite useful life
- 49Provision, possible obligation, possible asset
- 50Classify the uncertainty before measuring it
- 51Update the provision, not the fear
- 52Capital has layers of risk and return
- 53Equity remembers owners and performance
- 54Issue shares at their full consideration
- 55A bonus issue rearranges equity
- 56A rights issue invites new cash
- 57Dividends distribute equity after approval
- 58Finance cost follows time and obligation
- 59Accrue what is used; prepay what is future
- 60Income also has a timing problem
- 61Adjust, then reverse without duplicating
- 62Timing adjustments reshape profit and net assets
- 63Credit creates sales and collection risk
- 64Write off the debt; recognise a real recovery
- 65The allowance estimates what remains uncertain
- 66Contra only what both parties genuinely owe
- 67Two bank records see different moments
- 68Update the ledger before reconciling
- 69Bridge corrected cash to the bank
- 70Derive the missing bank balance
- 71Payables control links totals to suppliers
- 72Reconcile supplier by supplier
- 73Correct the payable, then report the obligation
- 74The trial balance gathers the ledger
- 75Agreement can still hide a wrong story
- 76Name the error before correcting it
- 77Correct the accounts and follow the profit
- 78Suspense holds a difference, not an answer
- 79Clear suspense one explained difference at a time
- 80A journal needs a reason and an evidence trail
- 81Close nominal accounts without losing the story
- 82The statement of financial position balances concepts
- 83Build the position from adjusted balances
- 84Profit is a staircase, not one number
- 85Tax and disclosure complete the performance view
- 86Prepare profit and OCI from the adjusted trial balance
- 87Notes turn totals into understandable evidence
- 88The reporting date has an evidence window
- 89The adjusted trial balance feeds every statement
- 90Other comprehensive income is not a spare category
- 91Material accounting policy information explains judgement
- 92The tax line is a reconciliation, not a plug
- 93Choose the legal shell
- 94A sole trader and the owner are one legal person
- 95Partnership accounts separate shared profit from drawings
- 96A company owns its assets and owes its liabilities
- 97Directors prepare; auditors examine
- 98Choose the Irish reporting framework before the policy
- 99Micro and small regimes are eligibility tests
- 100A branch is not a subsidiary
- 101Control defines the accounting group
- 102Connected and associated are purpose-specific tax terms
- 103An entity chart is a tax-accounting control
- 104Profit can rise while cash runs out
- 105Cash flows answer where the money moved
- 106Indirect cash starts with profit and removes accrual effects
- 107Direct operating cash follows receipts and payments
- 108Investing builds capacity; financing funds it
- 109Assemble the cash-flow statement and make cash reconcile
- 110Incomplete records still obey the equation
- 111Cash summaries rebuild what the ledger forgot
- 112Markup and margin unlock missing sales
- 113Complete accounts preparation is a linked system
- 114Analysis turns statements into questions
- 115Profitability begins with margin and return
- 116Liquidity asks whether near-term claims can be met
- 117Efficiency measures how long resources wait
- 118Position ratios reveal financing pressure
- 119Ratios move in families
- 120Read trends, context and accounting choices
- 121Conclude for the user and show the evidence
- 122Accounting profit starts the tax bridge
- 123Irish corporation-tax rates follow the income source
- 124Permanent differences change the effective tax rate
- 125Depreciation and capital allowances use different rulebooks
- 126Repairs and capital additions need evidence
- 127Trading losses require an option map
- 128Chargeable gains enter corporation tax through a conversion
- 129Dividend accounting and dividend tax are separate
- 130Close-company surcharges need a distributable-income schedule
- 131Tax incentives need recognition and claim controls
- 132The current-tax provision uses the best period estimate
- 133Prior-year underprovisions belong in the reconciliation
- 134Tax journals follow the liability roll-forward
- 135The effective-tax-rate bridge tests completeness
- 136Deferred tax records the future tax consequence
- 137An asset tax base follows future deductions
- 138A liability tax base follows future deductions
- 139Taxable and deductible differences point in opposite directions
- 140Capital allowances create a common timing difference
- 141Loss assets need probable future taxable profit
- 142Revaluation tax follows the revaluation
- 143Business combinations can create deferred tax at acquisition
- 144Recognition exceptions require exact reading
- 145Measure deferred tax with enacted-period rates
- 146Present tax where the underlying transaction is presented
- 147Tax disclosures should reconcile numbers and uncertainty
- 148Accounting periods and tax periods must be mapped
- 149The CT1 and balance are due on a statutory clock
- 150Small and large companies pay preliminary tax differently
- 151iXBRL transmits accounts; it does not change them
- 152Test the iXBRL exclusion with all three measures
- 153The detailed profit and loss account supports tax
- 154VAT, PAYE and RCT need separate control accounts
- 155Third-party returns start in the ledger
- 156A tax pack should reproduce the return
- 157Evidence quality controls tax-accounting risk
- 158Finish with a return-to-ledger reconciliation
- 159FRS 102 Periodic Review 2024 is live in 2026
- 160FRS 102 revenue now follows five linked steps
- 161FRS 102 lessees bring most leases on balance sheet
- 162Transition needs an opening-balance bridge
- 163Climate facts can change ordinary accounting estimates
- 164Going concern uses at least twelve months from approval
- 165FRS 102 adapted-format amendments begin in 2027
- 166IFRS 18 replaces IAS 1 from 2027
- 167IFRS 19 offers eligible subsidiaries reduced disclosures
- 1682027 Irish tax figures need a re-check gate
- 169Ethics begins where estimates can move profit or tax
- 170AI can suggest a journal but cannot own it
- 171An integrated file ends with a dated conclusion
- 172Congratulations on completing the module