Choosing your GAAP
The ASB’s “Policy Proposal: The Future of UK GAAP” proposes that, from 2012, almost everyone preparing statutory accounts in Ireland and the UK use International Financial Reporting Standards (IFRS) of one sort or another. Under the new proposals, publicly accountable entities such as listed companies and banks would use the full suite of IFRS without any amendment. Everyone else, other than small companies, will use a scaled down version of IFRS known as IFRS for SMEs, which was published on 9 July 2009.
We have produced a Deloitte guide summarising some of the more significant accounting changes that will arise from the transition from Irish GAAP to IFRS for SMEs, together with the associated tax consequences. The guide also raises questions as to whether moving to a new accounting regime will affect other areas of the business, including systems, internal reporting and banking covenants.
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