Tag Archives: FRS 102

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


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Be Aware of the Audit Issues under FRS 102

The audit of the first financial statements prepared under FRS 102 is already complete, in some cases, and for the remainder, will be well under way in the near future. The standard was first published in March 2013, over 42 months ago, but took some time to bed down. It would be easy for complacency… Read More


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FRS 102 – potential transition pitfalls of new Irish GAAP – Part 2

In this second article on transition, we consider some practical tips for applying the requirements of Section 35 (the transition section) of FRS 102. The Financial Reporting Council issued a report called the Annual Review of Corporate Reporting 2015/2016 on 21 October 2016 encouraging smaller entities to ‘start their planning as soon as possible in… Read More


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FRS 102 – potential transition pitfalls of new Irish GAAP (Part 1)

  In this article, we consider practical tips for applying the requirements of Section 35 of FRS 102. The Financial Reporting Council issued a report called the Annual Review of Corporate Reporting 2015/2016 on 21 October 2016 encouraging smaller entities to ‘start their planning as soon as possible in order to ensure they are prepared… Read More


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Insurance Brokers must now file fully unabridged financial statements with CRO

  Since the implementation of the new Companies Act, 2014 on 1 June 2015, the financial statements of regulated insurance intermediaries and investment brokers will no longer qualify for certain exemptions. Those affected are those carrying on business under the Insurance Act, 1989 or otherwise authorised by the Central Bank. The full list of entities… Read More


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The Proposed Companies (Accounting) Act 2016

The proposed Companies (Accounting), Act 2016 is expected to make some changes in Irish company law. These changes have been expected almost since the Companies Act 2014 became effective on 1 June 2015. Publication of this new company law has been delayed by the formation of the new Government. We understand that legislators are actively… Read More