On 14 March 2013 the Financial Reporting Council issued FRS 102 which is the Financial Reporting Standard applicable in the UK and Republic of Ireland. It is effective for periods beginning after 1 January 2015 (with early adoption permitted). This means that for a calendar year-end company currently preparing its financial statements in accordance with Irish GAAP, their financial statements would continue to be prepared in accordance with Irish GAAP up to and including their 2014 financial statements. The 2015 Financial Statements would then be prepared in accordance with the new framework, with the 2014 comparatives restated. The following is a brief summary of changes in FRS 102.
FRS 102 Summary
Who can adopt FRS 102?
Remember the effective date for adopting the new standard is only ten months away. Forward planning is vital for a successful transition so you should start planning now.
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