FRS 102

FRS 102 – potential transition pitfalls of new Irish GAAP – Part 2

In this second article on transition, we consider some practical tips for applying the requirements of Section 35 (the transition section) of FRS 102. The Financial Reporting Council issued a report called the Annual Review of Corporate Reporting 2015/2016 on 21 October 2016 encouraging smaller entities to ‘start their planning as soon as possible in… Read More


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FRS 102 – potential transition pitfalls of new Irish GAAP (Part 1)

  In this article, we consider practical tips for applying the requirements of Section 35 of FRS 102. The Financial Reporting Council issued a report called the Annual Review of Corporate Reporting 2015/2016 on 21 October 2016 encouraging smaller entities to ‘start their planning as soon as possible in order to ensure they are prepared… Read More


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Audit Issues under FRS 102

There are a number of key differences between previous Irish Generally Accepted Accounting Practice (GAAP) and FRS 102. Areas where the accounting treatment is substantially different from previous GAAP include, but are not limited to: financial instruments, especially long terms loans; investment properties; business combinations; deferred tax and defined benefit pension schemes. Which differences will… Read More




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New IES 8 for Audit Partners

On 1 July 2016 a new International Education Standard (IES) issued by the International Accounting Education Standards Board (IAESB), part of the International Federation of Accountants (IFAC) came into force. IES 8 sets new professional competence requirements for audit engagement partners. In addition, a new version of the International Standard on Quality Control 1 (ISQC… Read More




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Insurance Brokers must now file fully unabridged financial statements with CRO

  Since the implementation of the new Companies Act, 2014 on 1 June 2015, the financial statements of regulated insurance intermediaries and investment brokers will no longer qualify for certain exemptions. Those affected are those carrying on business under the Insurance Act, 1989 or otherwise authorised by the Central Bank. The full list of entities… Read More


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The Proposed Companies (Accounting) Act 2016

The proposed Companies (Accounting), Act 2016 is expected to make some changes in Irish company law. These changes have been expected almost since the Companies Act 2014 became effective on 1 June 2015. Publication of this new company law has been delayed by the formation of the new Government. We understand that legislators are actively… Read More