• The introduction of the FRC’s New GAAP framework is the biggest financial reporting change for most companies in a generation
• All existing UK and Irish GAAP standards – SSAPs, FRSs and UITFs – have been withdrawn
• A number of choices are open to Irish and UK entities who currently apply the outgoing standards – the choice you take will depend on your size, complexity and structure
• FRS 102 – a standard relatively similar to existing Irish and UK GAAP – will be the natural choice for the majority of entities but it is important to think about your options carefully
• Many entities will face increased measurement complexity – particularly as a result of increased use of fair value measurement for some items
• New disclosure requirements will provide challenges
• The transition will present a number of key commercial challenges which need to be considered and planned for, particularly in respect of multi-year commercial arrangements and tax planning considerations
• Transition is required for periods beginning on or after 1 January 2015 with restatement of comparative information
• Some key transition options are available and key choices to be made
• For many entities, there will be a lot to do. Transition should be executed in a considered way well in advance of your first reporting date under the New GAAP. The time to act is now!

FAQs

• What are my options?
• How should I evaluate my options?
• New Irish GAAP - what are the options for me?
• What other challenges should I consider?
• Additional guidance on key aspects of New Irish GAAP
• What happened to IFRS for SMEs?
• What are reduced disclosures and how do I qualify?
• Can I apply the FRSSE?
• What are the transition rules?
• How KPMG can help