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Irish GAAP in your pocket – a guide to FRS 102

Published on: 31 Oct 2013

The Financial Reporting Council (FRC) published FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland earlier this year. It replaces all existing Irish FRSs, SSAPs and UITF Abstracts with one single comprehensive standard.

Replacing the patchwork of current Irish GAAP with one single comprehensive standard should certainly make life easier but it is a new challenge for the majority of Irish entities. Transition by 2015 will have to be confronted and careful forward planning is vital to avoid any unwelcome surprises. If not already begun, this should start now as for calendar year end reporters transition date is little more than a couple of months away.

This publication from Deloitte (Ireland) summarises the main requirements of FRS 102, highlighting key differences compared to both existing Irish GAAP and EU-endorsed IFRS.


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