Tips for SMEs: The impact of FRS 102

This week: The impact of FRS 102 on SMEs

Cormac Fitzgerald, president, Certified Public Accountants Ireland
Cormac Fitzgerald, president, Certified Public Accountants Ireland

FRS 102 The Financial Reporting Standard applicable in Britain and Ireland replaces all existing GAAP accounting standards in Ireland and Britain for accounting periods commencing on or after January 1, 2015.

The move marks a transition to an international framework for financial reporting intended to be cost-effective and proportionate to the needs of SMEs. Features include:

- A substantial reduction in disclosure requirements

- Simplified recognition and measurement ...