New Irish GAAP

FRS100, FRS101 & FRS102

The new Irish GAAP is set to bring about one of the biggest changes to Irish financial reporting standards for a generation. The new reporting standards (FRS 100, FRS 101 and FRS 102) will be mandatory for accounting periods commencing on or after 1 January 2015 and with early adoption being a possibility, now is the time to start preparing for the changes.

Sage Guide to New Irish GAAP

Find out more about the upcoming changes to Irish financial reporting standards, including key milestones, how it will impact and advice on how to prepare for the transition. Download our guide today to share with your clients or colleagues.

Watch our Irish GAAP Overview

New Irish GAAP: An Overview

The changes ahead...

Following a review of the current regime, the Financial Reporting Council (FRC) acknowledged the need for change, and in late 2012 and early 2013, published three new Financial Reporting Standards:

  • FRS 100 - This sets out the financial reporting framework and outlines which standards to apply. It also outlines the application of Standards of Recommended Practices (SORPs) and transitional arrangements from the current standards.
  • FRS 101 - This sets out a reduced disclosure framework which addresses reporting requirements and disclosure exemptions for subsidiaries and ultimate parents that would normally apply EU adopted International Financial Reporting Standards (IFRS).
  • FRS 102 - This is likely to be the standard applied by the majority of large and medium-sized Irish entities. It is a single standard that applies to entities not applying IFRS, FRS 101 or FRSSE. It is based on Irish company law and some additional accounting policy choices.

Preparing for new Irish GAAP

Preparing for New Irish GAAP

What impact will the changes have?

The impact of the changes will depend on the reporting standards which your clients currently apply:

If you are currently required to apply IFRS -

  • There are no changes

If you currently opt to apply IFRS -

  • You will have the option to continue to do so, or you may apply FRS 102

If you currently apply full Irish GAAP -

  • You will be required to transition to FRS 102

If you currently apply FRSSE 2008 -

  • This will be replaced with FRSSE 2015. At the moment there are very few differences in FRSSE but further updates are expected.

Downloads

We've put together a brief 1-page guide introducing SME's to FRS 102 - Download and share with your clients today.

What does FRS 102 mean for SME's?

Download our guide to FRS 102 for SME's to prepare yourself for the upcoming transition.

Download now

Supporting you through the transition

We know how complex it can be keeping up with legislation that continually changes. That’s why Sage is committed to supporting you every step of the way through your transition to the new reporting standards, just as we did with iXBRL and SEPA.

Our Sage Accounts Production Software is designed for accountants working in practice or industry, and offers several features to assist with changes in compliance:

  • Built-in compliance for easy transition
  • Full support from our customer service team
  • Access to user guides and white papers to keep you up to speed
  • Sage Assisted Tagging to increase efficiency
  • Updates for changes in legislation to future proof your software

To book a field visit or product demo of our Sage accounts production and see how we can help you adapt to the new Irish GAAP, call 1890 923 208.

Find out more about new Irish GAAP

Complete the form below and one of our team will be in touch shortly to discuss new Irish GAAP and how Sage can help you and your clients prepare for the transition.

Error