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What are the transition rules?
What are the transition rules?
Assets and liabilities are restated to reflect all requirements on a fully retrospective basis.
Assets and liabilities are restated to reflect all requirements.
The rebuttable position for most assets and liabilities on transition to EU IFRS, FRS 101 or FRS 102 is that they are restated to reflect all requirements on a fully retrospective basis. However, there are a number of available exemptions from this which provide practical reliefs from potentially tortuous analysis of past transactions. These include in particular:
- Exemptions from re-measuring past business combinations
- The ability to regard revalued amounts carried forward from previous GAAP or fair value at the date of transition as “deemed cost” and apply cost accounting going forward
- The ability to assess relevant facts and circumstances relating to arrangements potentially containing an embedded lease at the date of transition rather than at the inception of the arrangements
- The ability to elect to commence capitalising borrowing costs, as part of a qualifying asset, only from the date of transition.
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Tom McEvoy
Partner,
KPMG in Ireland,
Dublin
Tom has over 20 years experience in providing statutory audit and assurance services.
Emer McGrath
Head of Markets: Corporates, Government & Enterprise,
KPMG in Ireland,
Dublin
Emer has extensive experience advising both domestic and multinational clients.
Ian Nelson
Head of Banking & Capital Markets,
KPMG in Ireland,
Dublin
Ian works in Financial Services & provides regulatory, risk management and audit 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.
