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Irish CAs support IFRS for SMEs in place of FRSs

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  • IFRS for SMEs (mid blue) Image

17 Feb 2010

Chartered Accountants Ireland has announced its support for changes in accounting standards proposed by the Accounting Standards Board (ASB) that would see Irish and UK GAAP replaced by a three-tiered approach, whereby companies would apply one of the following:

  • EU-endorsed IFRSs - for 'publicly accountable' entities
  • IFRS for SMEs - for non-publicly accountable entities
  • Financial Reporting Standard for Smaller Entities (FRSSE) – optional for 'small' entities as defined in the Companies Acts

The proposal is contained in a Consultation Document issued by the ASB in August 2009. In announcing support for the IFRS for SMEs, Aidan Lambe, Chartered Accountants Ireland Director of Technical Policy, said: "The position whereby we have had differing accounting frameworks in use in Ireland since the adoption of IFRS was ultimately unsustainable in the long run. By producing this standard, the IASB has greatly facilitated the ASB in attempting to resolve this issue." Click for CAI Press Release (PDF 95k).

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