Financial Reporting Brief - July 2011
Significant activity with publication of international standards was a highlight of the second quarter of 2011. It was also notable for some major movement with regard to the future of Irish and U.K. accounting, and the work of the Company Law Reform Group began to bear fruit.
The International Accounting Standards Board (IASB) saw the publication of eight new or substantially revised standards, which included accounting for consolidation of entities and the related disclosures, fair value measurement, employee benefits and presentation of financial statements.
The Accounting Standards Board (ASB) has tentatively decided to change direction regarding the future of GAAP, with the scope of application of full IFRS being confined to current legal requirements, and their intent to retain accounting options currently available.
The Company Law Review Group has published the draft of Pillar A of the proposed new Comapnies Act, which deals with private companies limited by shares.