Welcome to our second of a two part series of blogs on preparing for FRS 102 transition. This is an area that is causing a lot of difficulty for firms at the moment while their clients are probably not very interested. Clients may become a lot more interested at some point in the future when third parties point out the inaccuracies in their financial statements. Use these checklists to be forearmed.

Learn more at our upcoming course on April 19, for more details click here.

Part 2 of 2 (see our earlier blog for Part 1 of 2)

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

For further training, support and information on the changes, please visit www.jmcc.ie call

00 353 86 839 8360 or email john@jmcc.ie


Small companies and FRSSE (‘Small’ as defined in the Companies Act, 2014)

1.       5.1

Has the firm identified those ‘small’ company audit clients where the optional ES PASE may be adopted and those where safeguards against a self-review threat are required?



2.      5.2

For firms using FRSSE 2015: are directors of ‘small’ companies able to reliably assess the useful economic life of goodwill?



3.      5.3

For firms using FRSSE 2015: are directors of ‘small’ companies able to confirm the completeness of all known related parties under the FRSSE 2015 definition?




Independence and other matters for auditors


Does the firm have an up to date audit programme that includes relevant questions about FRS 102 implementation and transition?




Does the firm audit any entities that are transitioning to FRS 102? If so, have any additional implications for independence been identified?




Has the firm considered the ethical independence risks of assisting clients with their accounting and has the firm implemented suitable safeguards?




Do all clients have the correct systems to produce the information required, or might the firm be asked to help improve those systems?




Where a client appoints an external valuer have the audit implications of assessing the reasonableness of that valuation been considered?




Is the firm confident that clients will be “informed management” for the purposes of FRS 102, or can the firm help them become informed?




Have the firm’s staff working on transitional issues been briefed as to the documentation required, if the work is to be relied upon by the audit team?



How John McCarthy Consulting 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.



  • 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 www.jmcc.ie 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 john@jmcc.ie or call 086 839 8360