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Irish & International Accountancy Standards - Question

  • 19-03-2013 5:43pm
    #1
    diamondtooth
    Registered Users Posts: 109 ✭✭


    Hi,

    Could someone post a summary of which groups/types of accountancy standards apply to companies of different sizes in Ireland? And also which apply to audit exempt companies?
    I find the difference between IAS, IFRS, FRS, SSAP etc. confusing.
    Is Irish GAAP still in effect or has it been replaced by international GAAP?
    Thank you!


Comments

  • #2
    bigmc23
    Registered Users Posts: 261 ✭✭bigmc23


    here's what i know - frs 100, 101, ans 102 are the new standards from the frc (they've taken over the role of the asb since july 2012). frs 102, which is broadly based on ifrs for sme's, will officially replace current irish and uk gaap from jan 2015. some company's may choose to adopt it earlier.SSAPs will be replaced as part of this. IFRS are the full international standards whereas frs's are the ones we have in the uk and ire (i think). It's seen as bringing the uk and ire a step closer to full ifrs and has been generally well recieved since current gaap isn't fit for purpose and is about 3000 pages long (compared to 350 of frs 102).


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