The Future of Irish GAAP

• Statutory Audit
• The Future of Irish GAAP
• IFRS Reporting
• Financial Accounting
• Corporate Reporting

The UK Accounting Standards Board (ASB)’s recent proposals mean that UK and Irish GAAP as we currently know it, would cease to exist and be replaced by the International Accounting Standards Board’s IFRS for SMEs known as the FRSME. The FRSME will be the required accounting framework for the majority of private entities. The proposals would also see Irish entities that are 'publicly accountable', such as banks and insurance companies that currently prepare Irish GAAP financial statements transitioning to IFRS. The proposals are set to apply to financial periods beginning on or after 1 July 2013.

Early planning will be critical to a smooth transition. Management teams need to take time now to understand the potential financial reporting and wider business impact of this impending change on their business. From technical accounting advice and transition management to providing systems advice, secondment support and training workshops we're here to help.