Tag Archives: FRS 102

Common Errors in FRS 102 Accounting

Revaluation gains on tangible fixed assets go through the Profit & Loss Account. True or False? The answer is ‘False’. To find out where revaluation gains on tangible fixed assets are presented, see our webinar called ‘Common Errors in FRS 102 Accounting’ where you may download the slides and support materials, all for just €45.… Read More


Audit Exemption – The New Rules

Is the following statement True or False? The exemption thresholds for audit exemption changed with effect from 21 September 2018 when the Companies (Statutory Audits) Act, 2018 came into effect. In our webinar entitled ‘Audit Exemption – What are the New Rules?’, we cover the main changes brought about since the advent of the Companies… Read More


Where do you Post Non-Investment Property Gains & Losses under FRS 102?

Most gains/losses should normally pass through profit or loss (Income Statement), unless they are required or permitted to pass directly through reserves. Those items likely to be shown in Other Comprehensive Income or the separate Statement of Comprehensive Income include: unrealised surplus/deficit on revaluations, other than investment property; currency translation differences, other than trading transactions,… Read More


The latest on the Solicitors Accounts Regulations 2014

Challenge your knowledge on the Solicitors Accounts) Regulations 2014 with this short quiz: ‘I received a cheque from a client on the balancing date, the client ledger card was updated to show receipt of the money, but the cheque was not lodged to the bank until two weeks later. The reporting accountant’s report may show… Read More


The latest on Investment Property Accounting under FRS 102

The latest on Investment Property Accounting under FRS 102 Challenge your knowledge on Investment Property Accounting under FRS 102. Some of the rules around the accounting for investment properties under FRS 102 have changed for accounting periods commencing 1 January 2019. Test your knowledge of these changes with this quick quiz. The changes to the… Read More


FRC Staff Factsheets on FRS 102

Suite of seven staff factsheets issued in December 2018 The Financial Reporting Council (FRC) has issued a suite of seven staff factsheets in December 2018 on aspects of FRS 102, including the 2017 triennial review. These become effective from 1 January 2019, with early adoption allowed under certain conditions. They are available here: Fact Sheet… Read More


Accounting Changes Bring Tricky Consequences

The new Companies (Accounting) Act, 2017 came into effect from 9 June 2017. It has brought with it, some strange consequences for micro-companies, in particular. The Act brings into law a new accounting standard for measurement and presentation called FRS 105. This essentially new accounting framework, among other things, will mean that certain qualifying ‘micro’ companies will not… Read More


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The Latest Charity Audit Guidance – Best Practice

The UK Charities Audit Practice Note (PN 11) is the nearest available guidance that charity auditors in Ireland have to professional best practice for external audit work on charities and non-profit entities. The latest version of PN 11 is currently out for consultation in a bid to improve the quality and effectiveness of the audit… Read More


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First FRC review makes FRS 102 Investment Property Accounting Tougher

For more on FRS 102 (including the new Section 1A for ‘small’ entities) and the proposed changes in FRED 67 come to our next series of CPD courses in the Talbot Hotel, Stillorgan, County Dublin starting on Monday 27 November 2017. Other courses are also available at Ticket Tailor here. In its first review since… Read More


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FRS 102 – Interim relief for Treatment of Directors’ Loans

FRS 102 – Interim relief for Treatment of Directors’ Loans by John McCarthy On Monday 8 May 2017, the Financial Reporting Council (FRC) issued a press release on director’s loan reporting for small companies. It has announced that it is withdrawing the requirement to find a market rate of interest where a loan is made… Read More