New features in IRIS winter release revealed
The IRIS Accountancy Suite Winter release version 21.4.0 features a range of enhancements, including updates to the Audit Report and the highly requested changes to shared addresses.
Below we summarise some of the other product enhancements:
Shared Address Update
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.
Audit Report Update
In August 2021, the FRC issued a Bulletin for the Illustrative Auditor’s Report, that became effective for accounting periods commencing after 1 February 2020 with filing due after 31 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.
IRIS Auditor Update
As part of a request from a group of customers we have included a Consultation/ethics review checklist in section 2.2(ii).
IRIS Elements Financial Performance Review (FPR) – Improved Integration
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 five 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. Customers can gain access to this new report by speaking to their account manager.
IRIS 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.
MTD Data Mining
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.
We’ve updated the existing digital tax client list (Digital Tax |Digital Tax Client List) to allow users to query client data and 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).