Financial reporting brief - special edition November 2010
ASB consults on the future of Irish financial reporting
On 29 October 2010, the Accounting Standards Board (ASB) issued its Financial Reporting Exposure Draft (FRED) setting out its vision for the future of financial reporting in Ireland and the UK. This involves a tiered reporting structure with publicly accountable entities using full IFRSs, small private entities continuing to have the FRSSE available for use and those in between using something new called the Financial Reporting Standard for Medium-sized Entities (FRSME), which is based on IFRS for SMEs.
Within this broad structure, entities may opt to move to a higher tier and subsidiaries may benefit from reduced disclosure.
The FRED is open for comment until 30 April 2011.
Our special edition of Financial Reporting Brief comments on the new proposals.