Thirty important issues arising from transition to FRS 102 (new Irish GAAP). 


For further training, support and information on the changes, please visit

call 00 353 86 839 8360 or email

We hope your FRS 102 preparation plans are going well. In order to assist our readers with FRS 102 we have developed a two-part Checklist. Part 1 appears now and Part 2 will be published next week.

Don’t miss our next public course on FRS 102 – great value at €199 for all day course including all materials, tea/coffee and lunch. Here’s a what a recent delegate had to say : ‘I would recommend this course to colleagues as John presents an extremely important topic in an understandable light-hearted fashion with humour.’

For booking details via Eventbrite click here.






Preparing the firm


Has the firm developed a training plan for all individuals on the changes to Irish GAAP?




Does the training plan include changes to Charities, and Pension Schemes templates and does the plan envisage a strategy for the use of the FRSSE 2015?




Does the training plan also include training on accounting and taxation issues for tax staff?




Does the training plan include proper use of the firm’s accounts and tax software?




Is the implementation and effectiveness of the training plan under constant review?




Has the firm confirmed when its software and reference material will be FRS 102 compliant?




Has the firm considered the work flow pressures of transitioning client businesses of all types for periods commencing 1/1/15?




Reviewing the client base


Do any clients have external investors, long term loans or parent companies that will need to be contacted about the move to FRS 102?




Where clients have loan agreements, have these been reviewed to determine whether FRS 102 might cause a breach of loan covenants or other issues that should be communicated as soon as possible to the clients’ bankers? Are non-bank loan agreements in writing?




Has the firm discussed with clients what extra fees are expected to be charged in the year of transition to FRS 102, and on an ongoing basis?




Have the accounting policies applied by each client been reviewed to identify any need to obtain fair value measures, and has this been discussed with the clients concerned?




Is a plan in place to communicate to charities (and other specialist entities like pension schemes) the changes that are relevant to them?




Accounting issues (not a comprehensive list but an indication of key areas)


Have clients’ financial arrangements been reviewed to ensure no “other” financial instruments exist (which would need to be valued at fair value) under Section 12?




Do any clients have long term loans at an interest rate below the entity’s market rate of interest (If so this would trigger the need to adjust the loan using the present value at an effective market rate)?




For investment properties: has the client been warned that movements will now pass through the profit and loss account and attract a deferred tax liability?




For investment properties let to other group companies: has the client been warned they must be held at a valuation in the individual accounts (and so valuations will be needed at the transitional date, comparative year-end and first year-end under FRS 102)? 




For clients with goodwill in the balance sheet: can the useful economic life of that goodwill be estimated reliably, and if not how will the change be processed?




Have any clients recently acquired a business since transition date and so might have separate intangibles that must be recognised under FRS 102?




Where clients have any assets carried at a valuation, have they been warned that a deferred tax provision will now be necessary?




For clients with group defined benefit pension plans, has the client been advised that at least one entity in the group must recognise the surplus or deficit?




Has the firm considered whether clients’ systems will be able to identify the amount of short term employee benefits (untaken holiday pay) that should be accrued at each balance sheet date?




How John McCarthy Consulting Limited Can Help You


Training Courses

FRS 102 will have a major impact on your financial reporting, auditing and tax work. We’re running a wide range of courses on FRS 102 to help ensure your staff are up to date with the changes in relation to your accounts, audit and tax work.

  • In-House courses

Contact us for details of in-house courses on FRS 102 brought direct to your office. With an in-house course, we can tackle specific issues relevant to your firm. You and your staff save on travel costs and down time.

  • Transition Consulting Service

You provide us with a set of FRS 102 financial statements for the transition year 2014 and we will supply you with a written report containing a commentary with suggested adjustments and changes to accounting policies etc.

  • Public Course on Tuesday 19 April 2016

For online booking and more details of our next FRS 102 all day public course at the Camden Court Hotel, Dublin 2 click here.


How John McCarthy Consulting Limited Can Help You


  • Transition Checklist

We provide you with an FRS 102 Transition Checklist which helps quickly identify the issues you need to focus on. The Checklist retails for €100 plus VAT and comes with a free template letter to clients explaining the main changes to Irish GAAP and a free document listing the Main Differences Between Old Irish GAAP and FRS 102. Go to for details.

File Reviews 

With a file review, we can help ensure your audit teams are complying with the new FRS 102 rules. Our file review feedback time counts as a specifically structured CPD learning session for you and your staff.

We can provide:

  • Cold file reviews –  we review the file after it has been signed off and provide you with verbal feedback and guidance from our findings. We also provide you with a free written report on the day of your review.


  • Hot file reviews –  we review the file before it has been signed off, allowing you to make any necessary changes before you sign it off. We provide you with verbal feedback and guidance from our findings. We also provide you with a free written report on the day of your review.



Reviews may consist of a full audit or audit exempt file or the review may be confined to a specific issue on a file.

Reviews may be arranged on-site or we can also conduct postal/electronic reviews, provided we are given sufficient notice.


For details of all our FRS102 services

E-mail or call 086 839 8360