The future of Irish GAAP
Irish GAAP is about to undergo its most significant and wide ranging change in a generation. All entities or groups which are not required to use IFRSs will be affected by the change.
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.