IFRS for SMEs in your pocket
As the accounting standards setters look to replace current Irish GAAP, the IFRS for SMEs will become the core accounting framework for the majority of Irish companies. This publication provides a section-by-section guide on the IFRS for SMEs, providing key comparisons with the full IFRS standards and highlighting particular conversion issues for entities moving from Irish GAAP.
Deloitte Ireland strongly supports the move to international standards and believes the move to IFRS for SMEs provides an appropriate platform for the majority of Irish private companies. The simplified nature of IFRS for SMEs provides a stable and cost-efficient financial reporting basis contrasting with the escalating burden of financial reporting under Irish GAAP. In addition, as an open, export-led economy, comparability of financial statements across jurisdictions is an important element as Irish companies seek to build new markets and access new sources of finance.