The New Irish International Standards on Auditing were published by the Irish Auditing and Accounting Supervisory Authority (IAASA) on 31st of January 2017. IAASA has become responsible for the adoption of the auditing framework in Ireland under S.I. 312 of 2016 which came into effect on the 17th of June 2017. Previously the Financial Reporting […]

Companies (Accounting) Act 2017 Quick Guide The Companies (Accounting) Act 2017 was finally commenced on 9 June 2017. This Act transposes the EU Accounting directive 2013/34 into Irish Law which was expected to be enacted in mid July 2015. This Act allows accountants and companies to finally utilise Section 1A of FRS 102 and FRS […]

Overview The Companies (Accounting) Bill 2016 when enacted will introduce the concept of the Small Companies Regime which is contained in Section 280A-280C of the Companies Act 2014. This will allow companies to prepare financial statements under Section 1A of FRS 102 by applying the requirements of the small company’s regime in the Companies Act. […]

What is going on? As you well know the EU Directive 2013/34, in the form of the Companies (Accounting) Bill 2016 is late. It is not just a little bit late. It is really really really late! The EU Directive should have been transposed into Irish Law by 20th of July 2015. 20 months later […]

Section 35 deals with the exemptions available to first time adopters on transition to FRS 102 so as to make the transition easier on companies. What are the key points? An entity must determine the transition date and provide comparative information in respect of the prior period for all amounts presented in the financial statements. […]