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New GAAP
New GAAP
KPMG professionals can help your business adhere to the new Irish & UK GAAP framework, including FRS 102; contact us today to discuss.
KPMG professionals can help your business adhere to the new Irish & UK GAAP framework.
Summary
- 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- All existing UK and Irish GAAP standards – SSAPs, FRSs and UITFs – have been withdrawn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!
Connect with us
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Request for proposal
Contact us
Tom McEvoy
Partner,
KPMG in Ireland,
Dublin
Tom McEvoy has extensive experience providing global audit and advisory services.
Emer McGrath
Partner,
KPMG in Ireland,
Dublin
Emer has extensive experience advising both domestic and multinational clients.
Ian Nelson
Partner,
KPMG in Ireland,
Dublin
Ian works in the Financial Services sector providing audit, regulatory & risk services.
Colm O'Se
Partner,
KPMG in Ireland,
Dublin
Colm has over 18 years providing audit and advisory services to a wide range of clients.
