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Changeover to IFRS
The Accounting Standards Board has pushed back the date for the introduction of IFRS for SMEs. The new standard is now expected to apply for accounting periods beginning on or after 1 July 2013, although early adoption is permitted. Affected companies should consider the impact of moving to the new reporting standard and plan ahead for the upcoming change.
Breaches of data security
The Irish Data Protection Commissioner published a Personal Data Security Breach Code of Practice which sets out the reporting obligations of data controllers in relation to data breaches. The Code addresses situations where personal data has been put at risk of unauthorised disclosure, loss, destruction or alteration. For further information on the code, please click here.
UK Bribery Act 2010
This new legislation will come into effect in the UK early next year and has the potential to impact any of those companies located, organised or doing business in the UK. The Act replaces the existing common law offence of bribery and includes a new “corporate” offence for failure of a commercial organisation to prevent bribery. This means that an organisation would be criminally liable for bribery committed in connection with its business by those working for it or on its behalf, including agents, joint venture partners, sub-contractors and other third parties.