Financial reporting brief - special edition March 2013
The New Irish GAAP
The publication of FRS 102 is a major step forward to a unified and comprehensive financial reporting framework, for a majority of Irish entities.
The new standard, published by the Financial Reporting Council, moves Irish GAAP reporting from a current unwieldy patchwork to a more simplified platform firmly based on IFRS but also retaining current accounting options and presentation.
Effective in 2015, entities have an option to adopt earlier.