Speaker: Robert Kirk, University of Ulster
The IASB published a new standalone IFRS for Small and Medium Sized Enterprises in July 2009. Locally the Accounting Standards Board (ASB) is in the process of finalising a local standard to replace existing SSAPs and FRSs. FRED 43 and 44 were published in October 2010 with an amended FREd expected in January 2012. It is now likely to apply to all non listed companies as well as subsidiaries of listed companies from 1st January 2015 but comparatives will be required from 1st January 2014. This will result in major changes for over 90% of Irish companies in their financial reporting. This course is designed to provide delegates with a review of the main content of the FRS but also to ensure that differences between existing Irish Gaap and the FRS are clearly explained. Where applicable, illustrative examples will be used to explain the changes required.
KEY TOPICS:
- New titles to some of the primary statements e.g. statement of changes in equity, statement of comprehensive income , statement of income and retained earnings
- Amended formats to ensure that existing company law is “married” to the FRS
- Simplifications from full IFRS e.g. amortisation of goodwill
- Elimination of a number of options e.g. no proportionate consolidation
- Considerable reduction in disclosure from full IFRS
This new accounting standard is set to replace UK and Irish GAAP from 2015 for domestic Irish unquoted companies , although planning for the change should start much earlier. The course is relevant to all members working in a financial reporting environment and dealing with SME companies or large unquoted companies.