Financial reporting brief - special edition October 2012
Update on the Future of Irish GAAP
The new Financial Reporting Standards are awaited with keen interest, and the latest indications from the Financial Reporting Council (FRC) are that FRS 100 and FRS 101 will publish by the end of 2012 with FRS 102 to publish in early 2013. Mandatory implementation will be for accounting periods beginning on or after 1 January 2015 with earlier adoption possible. Changes to Irish company law are urgently required to enable companies that may wish to change their accounting framework to do so. Equivalent changes have already been made to UK company law.
Our special edition of Financial Reporting Brief comments on the future of Irish GAAP.