Summary Section 3 explains that the financial statements of an entity shall give a true and fair view, what a complete set of financial statements is and what compliance with FRS 102 requires. What is different? Under FRS 102 it gives a choice to call the primary statements a balance sheet or a statement of […]

Summary Section 2 describes the objective of financial statements, which is to provide useful information about the entity’s financial position, performance and cash flows, and establishes the concepts and underlying principles of preparation. What is different? FRS 102 has more qualitative characteristics than old GAAP. Although the wording may differ between old GAAP and FRS […]

Summary Section 1 deals with the scope of FRS 102 and the exemptions which can be claimed. What are the key points to note? FRS 102 is available for use by unlisted groups and listed or unlisted individual entities preparing financial statements that are intended to give a true and fair view. Qualifying entities[1] can […]

From 1st of January 2016 Irish accountants and their clients embrace the new financial reporting framework that now prevails. The old Statements of Standard Accounting Practice and Financial Reporting Standards that have served us well over 40 years give way to the new financial reporting framework set out by FRS 100. This change does not […]

1. Why register a business name? If a person, partnership or company trades under any other name than their own then they are obliged to register this business name with the Companies Registration Office. The purpose of this requirement is to ensure that there is transparency regarding the identities of those behind the business name. […]