Financial reporting brief - special edition January 2012
ASB publishes its revised proposals for the future of Irish financial reporting
The Accounting Standards Board (ASB) has issued its revised proposals for the future of reporting in the UK and Ireland, in the form of three draft Financial Reporting Standards. The vision is a cost-effective comprehensive replacement of current Irish GAAP with a single standard for those currently within its scope, plus reduced disclosure regimes for qualifying subsidiaries of parents that report under full IFRSs or Irish GAAP. This vision differs substantially to that envisaged back in 2010. It results in a Financial Reporting Standard (FRS 102), which is closer to current Irish GAAP (than the International Accounting Standards Board’s (IASB) IFRS for SMEs) but with improvements e.g. for financial instruments.
Our special edition of Financial Reporting Brief comments on the revised proposals.