InsightsIFRS in your pocket 2013
Your popular guide to International Financial Reporting Standards (IFRS)
The future of Irish GAAP
Preparing for change
Developing a replacement to existing Irish GAAP has long been an objective of the Financial Reporting Council. For periods beginning on or after 1 January 2015, three new Financial Reporting Standards (FRS 100, 101 and 102) come into force, bringing with them a number of new options for all Irish entities and groups. With all of the new standards now published, companies should start to think about the impact that these will have on their financial reporting.
New reporting standards
Irish companies generally prepare their financial statements on one of two bases: full IFRSs or existing Irish standards. But this is about to change. Current Irish accounting standards are to be replaced with FRS 102, a new, much shorter standard, based on the IFRS for SMEs. In addition, a new option for some companies to follow the recognition and measurement bases of IFRSs, but with reduced disclosures, has been introduced by FRS 101.
How we can help
The challenges will vary from business to business depending on industry, structure and size. Listed companies will want to take the opportunity to re-evaluate the choice of accounting framework used to prepare their individual parent and subsidiary financial statements. Unlisted groups and entities will need to decide whether to move up to full IFRSs or transition to the replacement for current Irish GAAP, FRS 102, taking into account the wider implications of the options on offer. Deloitte has produced further publications including ‘Choosing your GAAP’, which looks at the broader implications of changing accounting frameworks.
Our integrated team of accounting and taxation specialists can assist you in assessing and understanding the various impacts of these new standards. If you would like further, more detailed information or advice, or to discuss how these changes could affect your business, please contact your usual Deloitte partner or one of the contacts listed to the right on next steps.