Overview
Financial reporting is continually changing. But for Irish GAAP reporters it’s changing in a big way, with a new accounting framework to consider. Companies preparing financial statements under Irish GAAP have until 31 December 2014 to complete the conversion to their newly-adopted accounting framework.
Potential issues
- New Irish GAAP or IFRS? For some companies the decision will be easy, but for others there will be a myriad of factors to consider. Navigating the options and business implications can be a minefield. After all, adopting a new GAAP means changing more than just the numbers.
- New Irish GAAP (FRS 102) is relatively similar to existing Irish GAAP. However, the guidance is more concise, with all accounting and disclosure requirements specified within a single standard. FRS 102 replaces all existing Irish standards (FRSs and SSAPs) and UITF abstracts.
- The reduced disclosure framework (FRS 101) allows groups reporting under IFRS to have their subsidiaries report using the same recognition and measurement principles, but without the effort involved in complying with exhaustive IFRS disclosure requirements. The reduced disclosure framework (RDF) option is equally useful for groups reporting under US GAAP.
How can we help?
Our team has experience in helping companies successfully complete the transition to new accounting standards. We can help you prepare for New Irish GAAP with:
- Project management support
- Technical and accounting advice and support tools
- Advice in relation to accounting and reporting in complex areas such as, financial instruments, employee benefits and share compensation schemes
- Training strategy and coaching support for the project management team
- Learning and change management support
- Business combinations – purchase price allocation
- Valuation and impairment testing
- Processes, data and systems.
We can also provide an impact assessment on your most recent Irish GAAP financial statements to focus your adaption efforts and help you plan ahead.
