Tag Archives: FRS 105

Accounting for Deferred Tax

FRS 102.29 permits entities to discount the cash flow impact of deferred taxation as the liability to pay may not arise for many years into the future. True or False? Well the answer is ‘False’. The amortisation of deferred tax is not permitted under FRS 102 (‘an entity shall not discount current or deferred tax… 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


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


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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Implications of early adoption of the Companies (Accounting) Act, 2017

  The Companies (Accounting) Act, 2017 came into effect from 9 June 2017. It applies for accounting periods commencing on/after 1 January 2017 but early adoption of certain parts is allowed in Section 14 for accounting periods starting on/after 1 January 2015.  Early adoption of the relevant parts of the Companies (Accounting) Act, 2017 may… Read More


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Ireland adopts FRS 105 for the first time

  The Companies (Accounting) Act, 2017 (CAA 2017) came into effect from 9 June 2017. Among other matters, it allows certain types of company called ‘micro companies’ use FRS 105, the Financial Reporting Standard applicable to the Micro-Entities Regime as well as allowing use of Section 1A of FRS 102 for certain types of ‘small’… Read More


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Companies (Accounting) Act, 2017

Commencement date The Companies (Accounting) Act, 2017 was signed into law by the President on Wednesday 17 May 2017 as No 9 of 2017, but as of today Tuesday 23 May 2017, is not yet published as an Act on the Irish Statute Book website – operated by the Attorney General at http://www.irishstatutebook.ie/eli/acts.html. During the Dáil… 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


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Section 1A of FRS 102 Not Applicable – Suggested Solution

Section 1A of FRS 102 Not Applicable – Suggested Solution The unwary reader of the latest version of FRS 102 could be forgiven for not realising that Section 1A Small Entities inserted into FRS 102 in September 2015 to accommodate some exemptions for certain qualifying ‘small’ entities, does not yet apply in the Republic of… Read More