New Irish GAAP
Accounting for Financial Instruments
One of the biggest challenges for entities adopting FRS 102 for the first time is accounting for financial instruments. There are substantial changes, particularly for those entities transitioning from old Irish GAAP excluding FRS 26: Financial instruments: Recognition and measurement.
Assists entities adopting FRS 102 to appropriately classify basic/non-basic financial instruments and it also provides illustrative examples to assist these classifications.
Illustrates the range of issues arising on transition that could impact even the simplest of entities with regards to financial instruments.