Moving to the IFRS for SMEs in Ireland
08 Nov 2009
Since 2005, listed groups in Ireland have been required to prepare their consolidated financial statements using IFRSs.
Almost all other groups have a choice. They can use IFRSs, Irish GAAP as developed by the Accounting Standards Board (ASB), and if they are small they have a further option of using the Financial Reporting Standard for Smaller Entities (FRSSE). But from 2012, the options are expected to change. Irish GAAP is expected to be replaced with the IFRS for Small and Medium-sized Entities. Deloitte (Ireland) has published Choosing Your GAAP: Planning for the Proposed Removal of Irish GAAP (PDF 4,132k) explaining the ASB's plan. The publication examines the choices, explains the key areas of accounting and tax impact, and provides guidance on planning for the change.
The entities directly affected by these plans include:
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