For financial statements with years starting on or after 1st January 2015, FRS 102 becomes mandatory, but in respect of statements with the year ending 31st December 2015 the years ending 31st December 2013 and 2014 will provide the transitional adjustments and plans and programs need to be in place to handle this new accounting regime.
The old FRSSE and the new FRSSE (January 2015) for small entities will be disbanded, so small entities that are not micro-entities will be obliged to follow FRS 102 for years starting on or after 1st January 2016 albeit on a reduced scale. Other entities (medium and large) will need to follow FRS 102 in full for years starting on or after 1st January 2015 and there are likely to be an increasing number of changes to it before it becomes mandatory and thereafter as well. There will soon be legislation for micro-entities as well which must follow the FRSME.
In order to help our clients get used to the disclosure requirements of the new standard, there are reminders built into the Compliance Database of the types of entry that are required. Few more words here.
For example, for Investment Property there is a reminder of the requirements to disclose as relevant an explanation of how a fair value was determined, any security pledged and any undeveloped land not at fair value.
Relate Accounts Production iXBRL compliance is delivered through the automated tagging solution embedded in our software. Produce your final set of accounts with our 1 Click iXBRL solution.
The new legislation will usher in the most comprehensive overhaul of Irish company law in over 50 years and we will provide you with a detailed synopsis of the highlights and notable changes that are to be introduced.
ACIS, Corporate Law & Company Secretarial Practice
A concise guide to the practical measures that Accounting Firms need to take from a tax perspective in adhering to FRS102.This will link up and follow on smoothly from the earlier presentation on the Accounting implications of FRS 102 covered by previous speakers.
The Statement of Recommended Practice applies to Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and ROI (FRS 102) - effective date January 2015.