Financial Reporting Brief - April 2012
The most significant development for many in Q1 2012 is the publication of revised proposals by the ASB for the future of Irish and UK GAAP.
Various risk management and corporate governance matters were also under review.
The IASB published a revised work plan and is considering responses to its Future Agenda consultation. It continues its work with the FASB to develop solutions in a number of major areas, including accounting for financial instruments.
The Central Bank continued its strengthening of the regulatory and supervisory framework for financial services entities.
The EU has confirmed that ‘micro entities’ will be exempt from the Fourth Directive accounting requirements, and this is subject to enabling legislation in the Member States.