Financial Reporting Brief - October 2011
Major standards on financial instruments, insurance, revenue recognition and leasing continue to be developed by the International Accounting Standards Board (IASB), with new exposure drafts to be expected. Disclosures and narrative reporting were also a focus of attention and the possible future direction towards integrated corporate reporting received some attention.
The Accounting Standards Board (ASB) continued to work on the future of Irish/UK GAAP – a new exposure draft (ED) is in the pipeline with significant changes expected to the ED issued in October 2010. Both the Irish Auditing & Accounting Supervisory Authority and the UK Financial Reporting Review Panel (FRRP) have published their annual reports.
The audit exemption thresholds have been increased in Ireland to the maximum amounts permitted under EU law – the implementation date has yet to be announced.