New GAAP | KPMG | IE

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  • All existing UK and Irish GAAP standards – SSAPs, FRSs and UITFs – have been withdrawn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!

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