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In late 2012 and early 2013 the Financial Reporting Council (FRC) revised financial reporting standards for the United Kingdom and Republic of Ireland. The revision fundamentally reformed financial reporting, replacing almost all extant standards with three Financial Reporting Standards.
The three new standards are:
- FRS 100 ‘Application of Financial Reporting Requirements’,
- FRS 101 ‘Reduced Disclosure Framework’ and
- FRS 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’.
These new standards apply to periods starting on or after 1 January 2015 and they can be adopted immediately. So there’s only 4 months away to mandatory implementation of these standards!
Current Irish GAAP will be withdrawn from 1 January 2015 and will no longer apply.
FRS 100 essentially provides direction and guidance on the application of the new standards
FRS 101 provides guidance on the ‘Reduced Disclosure Framework’ (RDF) which allows qualifying entities to avail of certain disclosure exemptions. The number of disclosures have been reduced based on the relevance of these disclosure to the readers and also the cost burden to entities where these costs are not justified by the benefits they provide.
For example, under FRS 101, a qualifying entity will not have to prepare a cash flow statement even if a cash flow statement is prepared in the parent company’s group accounts.
FRS 102 is a single standard document comprising 226 pages and organized by accounting topic – this is a lot briefer than previous Irish GAAP. It will apply to most Irish entities including for example those that are not constituted as companies and those that are not profit oriented.The reduced disclosure framework applies to qualifying entities applying FRS 102.
The Financial Reporting Standard for Smaller Entities (FRSSE) will continue to remain in existence for smaller entities.
Declan Moore is Audit Manager in OSK. Contact OSK Accountants Dublin for all your accounting and tax queries.
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