The lowdown: Change to SME accounting procedures

Nano Brennan is president of CPA Ireland

A complete set of financial statements must include a cashflow statement, regardless of the size of the entity Pic: iStock

For accounting periods commencing on or after January 1, 2015, a new accounting framework is in place for the SME sector in Ireland.

Under the former framework, small entities were given an exemption from preparing cashflow statements. As a result, many small companies chose not to prepare them. Currently, however, under the financial reporting standard FRS 102, a complete set of financial statements must include a cashflow statement, regardless of the size of ...