The Accounting Council of the FRC has issued FRSs 100, 101 and 102, which set out the choice of accounting framework applicable in the UK and Republic of Ireland, replacing existing GAAP standards. Our FRS 101 and FRS 102 Reporting Impact Assessments are a practical response to help you understand the potential effects of the new standards on your financial statements.
Three of the greatest challenges for Irish business with FRS102 (or Irish GAAP) are accounting for intercompany loans, pensions and derivatives. Applying FRS102 isn’t easy, and is much more time-consuming than may be expected, so our experts advise that it is best to plan early and involve valuation experts, tax advisors or other specialists.
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