Revised proposals on accounting for leases and insurance contracts
Read our July 2013 financial reporting brief for commentary on accounting and regulatory developments during the second quarter of 2013
The new Irish GAAP
Read our March 2013 special edition financial reporting brief to learn more about FRS 102 Ireland – The Financial Reporting Standard applicable in the UK and Republic of Ireland that will replace the current Irish GAAP
After many years of debate, consultations and exposure drafts, the FRC has published a finalised standard to replace Irish GAAP. For more information, read our March Financial Reporting Brief Special Edition.
The publication of FRS 102 is a major step forward to a unified and comprehensive financial reporting framework, for a majority of Irish entities. The new standard, published by the Financial Reporting Council, moves Irish GAAP reporting from a current unwieldy patchwork to a more simplified platform firmly based on IFRS but also retaining current accounting options and presentation. Effective in 2015, entities have an option to adopt earlier.
Download our March financial reporting brief to learn more about FRS 102 Ireland. (See attachment “IE A FRB Special edition…”.)